First Trust North American Energy Infrastructure Fund (EMLP)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Shares  Description  Value
         
   Common Stocks — 63.1%     
   Construction & Engineering — 3.5%     
663,379  Quanta Services, Inc.  $92,030,569 
         
   Electric Utilities — 16.8%     
762,585  Alliant Energy Corp.   46,464,304 
780,557  American Electric Power Co., Inc.   76,931,698 
186,780  Constellation Energy Corp.   12,346,158 
14,327  Duke Energy Corp.   1,574,967 
41,327  Emera, Inc. (CAD)   1,959,285 
4,718,736  Enel S.p.A., ADR   23,390,774 
185,900  Eversource Energy   16,400,098 
403,203  Exelon Corp.   18,744,907 
49,352  Fortis, Inc. (CAD)   2,331,266 
537,789  Iberdrola S.A., ADR   22,987,791 
411,989  IDACORP, Inc.   46,027,411 
472,042  NextEra Energy, Inc.   39,882,829 
41,528  Orsted A/S, ADR   1,606,303 
1,306,589  PPL Corp.   37,995,608 
873,920  Southern (The) Co.   67,195,709 
339,553  Xcel Energy, Inc.   24,848,488 
       440,687,596 
         
   Energy Equipment & Services — 0.1%     
275,893  Archrock, Inc.   2,328,537 
         
   Gas Utilities — 7.6%     
2,841,948  AltaGas Ltd. (CAD)   63,317,150 
325,312  Atmos Energy Corp.   39,489,624 
11,839  Chesapeake Utilities Corp.   1,623,482 
351,643  National Fuel Gas Co.   25,437,855 
483,944  New Jersey Resources Corp.   22,353,373 
414,852  ONE Gas, Inc.   35,237,529 
290,316  UGI Corp.   12,530,038 
       199,989,051 
         
   Independent Power and Renewable Electricity Producers — 0.6%     
228,221  AES (The) Corp.   5,071,070 
231,107  Clearway Energy, Inc., Class A   7,980,125 
103,242  Northland Power, Inc. (CAD)   3,384,561 
       16,435,756 
         
   Multi-Utilities — 13.5%     
1,081,977  ATCO Ltd., Class I (CAD)   39,990,607 
78,956  Canadian Utilities Ltd., Class A (CAD)   2,555,719 
1,258,171  CenterPoint Energy, Inc.   39,871,439 
377,709  CMS Energy Corp.   25,959,940 
544,452  Dominion Energy, Inc.   44,634,175 
266,562  DTE Energy Co.   34,733,029 
1,042,644  Public Service Enterprise Group, Inc.   68,470,431 

 

Shares/Units  Description  Value
         
   Common Stocks (Continued)     
   Multi-Utilities (Continued)     
480,299  Sempra Energy  $79,633,574 
174,089  WEC Energy Group, Inc.   18,072,179 
       353,921,093 
         
   Oil, Gas & Consumable Fuels — 20.6%     
125,941  Archaea Energy, Inc. (a)   2,062,913 
664,603  Cheniere Energy, Inc.   99,411,317 
1,595,522  DT Midstream, Inc.   87,801,576 
949,069  Enbridge, Inc.   42,641,670 
2,019,303  Keyera Corp. (CAD)   52,337,407 
2,555,257  Kinder Morgan, Inc.   45,969,073 
771,880  ONEOK, Inc.   46,112,111 
170,862  Targa Resources Corp.   11,808,273 
1,693,868  TC Energy Corp.   90,317,042 
1,772,698  Williams (The) Cos., Inc.   60,431,275 
       538,892,657 
         
   Semiconductors & Semiconductor Equipment — 0.3%     
28,420  Enphase Energy, Inc. (a)   8,076,396 
         
   Water Utilities — 0.1%     
16,155  American Water Works Co., Inc.   2,511,133 
   Total Common Stocks — 63.1%   1,654,872,788 
   (Cost $1,252,095,476)     
         
   Master Limited Partnerships — 31.7%     
   Chemicals — 0.7%     
699,297  Westlake Chemical Partners, L.P.   17,713,193 
         
   Energy Equipment & Services — 0.1%     
150,484  USA Compression Partners, L.P.   2,666,577 
         
   Independent Power and Renewable Electricity Producers — 4.7%     
1,506,094  NextEra Energy Partners, L.P. (b)   124,614,218 
         
   Oil, Gas & Consumable Fuels — 26.2%     
908,975  Cheniere Energy Partners, L.P.   45,866,878 
662,447  DCP Midstream, L.P.   22,456,953 
11,166,419  Energy Transfer, L.P.   126,292,199 
6,878,125  Enterprise Products Partners, L.P.   183,852,281 
759,056  Hess Midstream, L.P., Class A (b)   23,090,484 
1,718,554  Holly Energy Partners, L.P.   29,146,676 
3,096,515  Magellan Midstream Partners, L.P.   159,470,523 
945,344  MPLX, L.P.   30,733,133 

 

 

First Trust North American Energy Infrastructure Fund (EMLP)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares/Units  Description  Value
         
   Master Limited Partnerships (Continued)     
   Oil, Gas & Consumable Fuels (Continued)     
6,027,117  Plains GP Holdings, L.P., Class A (b)  $67,443,439 
       688,352,566 
   Total Master Limited Partnerships — 31.7%   833,346,554 
   (Cost $613,710,301)     
         
   Money Market Funds — 4.3%     
111,640,432  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (c)   111,640,432 
   (Cost $111,640,432)     
         
   Total Investments — 99.1%   2,599,859,774 
   (Cost $1,977,446,209)     
   Net Other Assets and Liabilities — 0.9%   24,554,319 
   Net Assets — 100.0%  $2,624,414,093 

 

 

(a) Non-income producing security.
(b) This security is taxed as a “C” corporation for federal income tax purposes.
(c) Rate shown reflects yield as of July 31, 2022.

 

 

ADR - American Depositary Receipt

 

Currency Abbreviations:

 

CAD - Canadian Dollar

 

 

 

First Trust North American Energy Infrastructure Fund (EMLP)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

Valuation Inputs      
A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows (see Valuation Inputs in the Additional Information section):

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Common Stocks*   $1,654,872,788   $1,654,872,788   $—     $—   
Master Limited Partnerships*    833,346,554    833,346,554    —      —   
Money Market Funds    111,640,432    111,640,432    —      —   
Total Investments   $2,599,859,774   $2,599,859,774   $—     $—   
                     
* See Portfolio of Investments for industry breakout.

 

 

 

 

 

First Trust EIP Carbon Impact ETF (ECLN)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Shares  Description  Value
         
   Common Stocks — 78.8%     
   Construction & Engineering — 4.4%     
6,343  Quanta Services, Inc.  $879,964 
         
   Electric Utilities — 21.8%     
8,707  Alliant Energy Corp.   530,517 
6,364  American Electric Power Co., Inc.   627,236 
418  Edison International   28,328 
1,874  Emera, Inc. (CAD)   88,845 
35,752  Enel S.p.A., ADR   177,223 
1,527  Eversource Energy   134,712 
2,012  Fortis, Inc. (CAD)   95,042 
3,644  Hydro One Ltd. (CAD) (a) (b)   101,732 
6,099  Iberdrola S.A., ADR   260,702 
4,815  IDACORP, Inc.   537,932 
4,293  NextEra Energy, Inc.   362,715 
197  Orsted A/S (DKK) (a) (b) (c)   22,934 
14,699  PPL Corp.   427,447 
3,696  Southern (The) Co.   284,185 
8,788  Xcel Energy, Inc.   643,106 
       4,322,656 
         
   Gas Utilities — 10.2%     
25,356  AltaGas Ltd. (CAD)   564,919 
6,197  Atmos Energy Corp.   752,254 
1,415  Chesapeake Utilities Corp.   194,039 
3,205  New Jersey Resources Corp.   148,039 
4,414  ONE Gas, Inc.   374,925 
       2,034,176 
         
   Independent Power and Renewable Electricity Producers — 7.0%     
7,407  AES (The) Corp.   164,584 
2,228  Brookfield Renewable Corp., Class A (CAD)   87,168 
14,168  Clearway Energy, Inc., Class A   489,221 
16,062  EDP Renovaveis S.A. (EUR) (c)   417,759 
1,712  Encavis AG (EUR) (c)   37,463 
5,700  Northland Power, Inc. (CAD)   186,862 
       1,383,057 
         
   Mortgage Real Estate Investment Trusts — 1.6%     
8,673  Hannon Armstrong Sustainable Infrastructure Capital, Inc.   313,009 
         
   Multi-Utilities — 18.6%     
6,878  ATCO Ltd., Class I (CAD)   254,216 
14,742  CenterPoint Energy, Inc.   467,174 
5,173  CMS Energy Corp.   355,540 
4,415  Dominion Energy, Inc.   361,942 
3,765  DTE Energy Co.   490,579 
8,933  Public Service Enterprise Group, Inc.   586,630 
3,947  Sempra Energy   654,413 
4,971  WEC Energy Group, Inc.   516,039 
       3,686,533 
         

 

Shares/Units  Description  Value
         
   Common Stocks (Continued)     
   Oil, Gas & Consumable Fuels — 13.3%     
12,536  Archaea Energy, Inc. (d)  $205,340 
7,097  Cheniere Energy, Inc.   1,061,569 
17,929  DT Midstream, Inc.   986,633 
11,702  Williams (The) Cos., Inc.   398,921 
       2,652,463 
         
   Semiconductors & Semiconductor Equipment — 1.5%     
1,043  Enphase Energy, Inc. (d)   296,400 
         
   Water Utilities — 0.4%     
530  American Water Works Co., Inc.   82,383 
         
   Total Common Stocks — 78.8%   15,650,641 
   (Cost $13,336,337)     
         
   Master Limited Partnerships — 11.3%     
   Independent Power and Renewable Electricity Producers — 5.1%     
10,269  Brookfield Renewable Partners, L.P. (CAD)   387,648 
7,535  NextEra Energy Partners, L.P. (e)   623,446 
       1,011,094 
         
   Oil, Gas & Consumable Fuels — 6.2%     
16,719  Cheniere Energy Partners, L.P.   843,641 
11,350  DCP Midstream, L.P.   384,765 
       1,228,406 
   Total Master Limited Partnerships — 11.3%   2,239,500 
   (Cost $1,914,117)     
         
   Money Market Funds — 8.7%     
1,724,763  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (f)   1,724,763 
   (Cost $1,724,763)     
         
   Total Investments — 98.8%   19,614,904 
   (Cost $16,975,217)     
   Net Other Assets and Liabilities — 1.2%   228,743 
   Net Assets — 100.0%  $19,843,647 

 

 

First Trust EIP Carbon Impact ETF (ECLN)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

(a) 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. As such, it does not require the additional disclosure required of restricted securities.
(b) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(c) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940, as amended. At July 31, 2022, securities noted as such are valued at $478,156 or 2.4% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange (“NYSE”) close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded.
(d) Non-income producing security.
(e) This security is taxed as a “C” corporation for federal income tax purposes.
(f) Rate shown reflects yield as of July 31, 2022.

 

 

ADR - American Depositary Receipt

 

Currency Abbreviations:

 

CAD-Canadian Dollar
DKK-Danish Krone
EUR-Euro

 

 

 

First Trust EIP Carbon Impact ETF (ECLN)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

Valuation Inputs      
A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows (see Valuation Inputs in the Additional Information section):

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Common Stocks:                    
 Electric Utilities   $4,322,656   $4,299,722   $22,934   $—   
 Independent Power and Renewable Electricity Producers    1,383,057    927,835    455,222    —   
 Other Industry Categories*    9,944,928    9,944,928    —      —   
Master Limited Partnerships*    2,239,500    2,239,500    —      —   
Money Market Funds    1,724,763    1,724,763    —      —   
Total Investments   $19,614,904   $19,136,748   $478,156   $—   
                     
* See Portfolio of Investments for industry breakout.

 

 

 

 

Additional Information

 

First Trust Exchange-Traded Fund IV

July 31, 2022 (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:

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS — 83.5%   
    Aerospace & Defense — 0.2%           
$1,114,309  Peraton Corp., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.12%  02/01/28  $1,081,582 
 6,860,792  Transdigm, Inc., Tranche G Refinancing Term Loan, 1 Mo. LIBOR + 2.25%, 0.00% Floor   4.62%  08/22/24   6,714,246 
              7,795,828 
    Apparel, Accessories & Luxury Goods — 0.1%           
 2,237,654  Careismatic Brands/New Trojan, Inc. (fka Strategic Partners), Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.15% - 5.62%  01/06/28   1,980,324 
    Application Software — 15.6%           
 834,849  CCC Intelligent Solutions, Inc., Term Loan B, 3 Mo. LIBOR + 2.25%, 0.50% Floor   4.50%  09/21/28   809,286 
 15,316,672  ConnectWise LLC, Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50% Floor   5.75%  09/30/28   14,596,788 
 42,504,063  Epicor Software Corp., Term Loan C (First Lien), 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.62%  07/30/27   40,431,990 
 1,037,772  Flexera Software LLC, 2020 Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor   5.37%  01/26/28   1,002,373 
 31,040,834  Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor   6.25%  10/01/27   30,057,771 
 65,102,508  Greeneden U.S. Holdings II LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor   6.37%  12/01/27   63,439,790 
 18,023,272  Hyland Software, Inc., Term Loan (Second Lien), 1 Mo. LIBOR + 6.25%, 0.75% Floor   8.62%  07/10/25   17,426,341 
 68,456,903  Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor   5.87%  07/01/24   67,066,543 
 7,516,225  Imprivata, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor   6.12%  11/30/27   7,302,013 
 23,808,406  Internet Brands, Inc. (WebMD/MH Sub I LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor   6.12%  09/15/24   23,084,154 
 60,680,728  Internet Brands, Inc. (WebMD/MH Sub I LLC), Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  09/13/24   58,860,307 
 11,578,646  Internet Brands, Inc. (WebMD/MH Sub I LLC), Term Loan (Second Lien), 1 Mo. LIBOR + 6.25%, 0.00% Floor   8.62%  02/23/29   10,951,431 
 5,881,682  ION Trading Technologies Ltd., Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor   7.00%  04/01/28   5,631,710 
 30,916,344  LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor   6.91%  08/31/27   23,508,170 
 24,984,444  McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor   5.70%  02/28/29   23,808,177 
 247,071  Micro Focus International (MA Financeco LLC), Seattle Spinco Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor   5.12%  06/21/24   229,159 
 3,864,948  Micro Focus International (MA Financeco LLC), Term Loan B4, 3 Mo. LIBOR + 4.25%, 1.00% Floor   5.92%  06/05/25   3,391,492 
 14,335,603  RealPage, Inc., Term Loan (Second Lien), 1 Mo. LIBOR + 6.50%, 0.75% Floor   8.87%  04/22/29   13,753,291 
 52,797,725  RealPage, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor   4.67%  04/24/28   50,715,383 
 67,173,086  SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor   5.12%  02/05/24   65,804,770 
 6,335,515  Solera Holdings, Inc. (Polaris Newco), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.50% Floor   6.37%  06/04/28   6,007,272 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Application Software (Continued)           
$374,521  Tenable, Inc., Term Loan B, 3 Mo. LIBOR + 2.75%, 0.50% Floor   5.56%  07/07/28  $357,668 
 763,784  TIBCO Software, Inc., Term Loan B-3, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.13%  06/30/26   757,100 
 683,447  Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor   5.54%  05/03/26   661,556 
 3,963,452  Veeam Software Holdings Ltd. (VS Buyer LLC), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor   5.37%  02/28/27   3,859,411 
              533,513,946 
    Asset Management & Custody Banks — 1.4%           
 15,451,614  Edelman Financial Engines Center LLC, Term Loan (Second Lien), 1 Mo. LIBOR + 6.75%, 0.00% Floor   9.12%  07/20/26   14,124,475 
 35,792,003  Edelman Financial Engines Center LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor   5.87%  04/07/28   33,927,956 
              48,052,431 
    Auto Parts & Equipment — 0.3%           
 9,186,973  Clarios Global L.P. (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  04/30/26   8,824,455 
    Broadcasting — 2.5%           
 1,141,963  E.W. Scripps Co., Tranche B-3 Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor   5.12%  01/07/28   1,112,466 
 40,174,706  iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.62%  05/01/26   37,985,185 
 8,502,712  iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor   5.37%  05/01/26   8,024,435 
 17,735,579  Univision Communications, Inc., 2017 Replacement Repriced Term Loan C-5 (First Lien), 1 Mo. LIBOR + 2.75%, 1.00% Floor   5.12%  03/15/24   17,526,476 
 19,853,129  Univision Communications, Inc., 2021 Replacement New Term Loan (First Lien), 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.62%  03/15/26   19,344,492 
              83,993,054 
    Building Products — 0.1%           
 2,132,769  Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. SOFR + 3.50%, 0.50% Floor   4.84%  02/28/29   1,897,097 
 372,731  Quikrete Holdings, Inc., Term Loan B-1, 1 Mo. LIBOR + 3.00%, 0.00% Floor   5.37%  03/18/29   353,785 
              2,250,882 
    Cable & Satellite — 0.9%           
 11,281,436  Cablevision (aka CSC Holdings LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor   4.25%  07/17/25   10,853,644 
 22,274,072  Radiate Holdco LLC (Astound), Inc., Amendment No. 6 Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.62%  09/25/26   21,033,629 
              31,887,273 
    Casinos & Gaming — 2.7%           
 33,249,925  Caesars Resort Collection LLC, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor   5.12%  12/22/24   32,460,239 
 59,785,869  Golden Nugget, Inc. (Fertitta Entertainment LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor   6.33%  01/27/29   56,894,027 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Casinos & Gaming (Continued)           
$500,000  Light & Wonder (FKA Scientific Games International, Inc.), Term Loan B, 1 Mo. SOFR + 3.00%, 0.50% Floor   5.04%  04/07/29  $488,125 
 1,699,679  Scientific Games Holdings L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. SOFR + 3.50%, 0.50% Floor   5.62%  04/04/29   1,621,069 
              91,463,460 
    Communications Equipment — 0.1%           
 2,604,380  Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  04/06/26   2,448,117 
    Data Processing & Outsourced Services — 0.2%           
 8,175,072  Paysafe Holdings (US) Corp., Facility B1 Loan, 1 Mo. LIBOR + 2.75%, 0.50% Floor   5.12%  06/24/28   7,465,884 
    Diversified Chemicals — 0.1%           
 2,735,260  Ineos US Petrochem LLC (Ineos Quattro), Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor   5.12%  01/31/26   2,590,811 
    Education Services — 0.3%           
 11,917,360  Ascensus Holdings, Inc. (Mercury), Term Loan (First Lien), 3 Mo. LIBOR + 3.50%, 0.50% Floor   5.81%  08/02/28   11,351,285 
    Electric Utilities — 2.1%           
 74,747,108  PG&E Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor   5.38%  06/23/25   72,060,697 
    Electronic Equipment & Instruments — 1.3%           
 23,874,266  Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  11/03/28   22,183,251 
 24,432,408  Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor   5.52%  08/20/25   22,274,294 
              44,457,545 
    Environmental & Facilities Services — 0.8%           
 10,903,436  Allied Universal Holdco LLC, Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.50% Floor   6.12%  05/14/28   10,171,379 
 17,259,372  Packers Holdings LLC (PSSI), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.12%  03/15/28   16,184,976 
              26,356,355 
    Health Care Equipment — 0.0%           
 1,169,138  Embecta Corp., Initial Term Loan, 3 Mo. SOFR + 3.00%, 0.50% Floor   5.05%  03/31/29   1,136,741 
    Health Care Facilities — 0.5%           
 16,764,272  Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  08/24/28   15,795,130 
 2,482,740  WP CityMD Bidco. LLC (Summit Health), Second Amendment Refi Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor   5.50%  12/23/28   2,384,324 
              18,179,454 
    Health Care Services — 5.4%           
 33,243,774  ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 1 Mo. LIBOR + 3.38%, 0.50% Floor   5.75%  12/23/27   30,655,413 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Health Care Services (Continued)           
$12,573,535  ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  12/23/27  $11,698,669 
 7,362,269  Aveanna Healthcare LLC, 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor   5.91%  07/15/28   6,088,597 
 1,725,639  Aveanna Healthcare LLC, Delayed Draw Term Loan, 1 Mo. LIBOR + 3.75%, 0.50% Floor   6.11%  07/15/28   1,427,103 
 19,272,777  Brightspring Health (Phoenix Guarantor, Inc.), Incremental Term Loan B-3, 1 Mo. LIBOR + 3.50%, 0.00% Floor   5.76%  03/05/26   18,520,561 
 27,459,926  CHG Healthcare Services, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50% Floor   4.75%  09/30/28   26,591,918 
 23,112,199  Envision Healthcare Corp., Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  10/10/25   5,975,428 
 14,911,707  ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor   5.37%  10/29/28   14,411,121 
 10,522,339  Global Medical Response, Inc. (fka Air Medical), 2018 New Term Loan, 1 Mo. LIBOR + 4.25%, 1.00% Floor   6.62%  03/14/25   10,033,471 
 1,360,234  Global Medical Response, Inc. (fka Air Medical), 2021 Refinancing Term Loan, 1 Mo. LIBOR + 4.25%, 1.00% Floor   5.96%  10/02/25   1,296,901 
 649,029  Help at Home (HAH Group Holding Co. LLC), Delayed Draw Term Loan, 3 Mo. SOFR + 5.00%, 1.00% Floor   7.21%  10/29/27   610,088 
 5,129,324  Help at Home (HAH Group Holding Co. LLC), Initial Term Loan, 3 Mo. SOFR + 5.00%, 1.00% Floor   7.21%  10/29/27   4,821,565 
 8,645,365  Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.75% Floor   4.51%  11/30/27   8,304,219 
 2,930,452  Radnet Management, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor   5.31%  04/22/28   2,838,875 
 746,484  SCP Health (Onex TSG Intermediate Corp.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.75% Floor   7.12%  02/28/28   679,301 
 6,451,617  Sevita (National Mentor Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.13%  03/01/28   5,453,939 
 8,008,029  Sevita (National Mentor Holdings, Inc.), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.01%  03/01/28   6,769,667 
 476,007  Sevita (National Mentor Holdings, Inc.), Term Loan C, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.01%  03/01/28   402,397 
 3,067,079  Surgery Centers Holdings, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.11%  08/31/26   2,940,562 
 12,110,383  Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor   5.12%  02/06/24   10,783,691 
 15,606,225  U.S. Anesthesia Partners Intermediate Holdings, Inc., New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.50% Floor   5.96%  09/30/28   14,593,537 
              184,897,023 
    Health Care Supplies — 1.5%           
 54,857,495  Medline Borrower L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.62%  10/21/28   52,303,330 
    Health Care Technology — 10.3%           
 36,010,998  athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor   5.65%  02/15/29   34,255,462 
 69,632,453  Change Healthcare Holdings LLC, Closing Date Term Loan, 1 Mo. LIBOR + 2.50%, 1.00% Floor   4.87%  03/01/24   68,653,420 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Health Care Technology (Continued)           
$31,155,906  Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor   6.62%  12/16/25  $29,029,516 
 33,386,932  Ensemble RCM LLC (Ensemble Health), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.00% Floor   4.99%  08/01/26   32,566,281 
 25,991,315  Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.62%  03/10/28   24,789,216 
 13,267,837  Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor   6.37%  10/23/26   12,869,801 
 6,434,735  Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.12%  07/25/26   6,032,564 
 10,043,220  Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor   5.87%  07/25/26   9,402,965 
 74,012,222  Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor   6.37%  08/27/25   71,930,999 
 62,348,666  Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. LIBOR + 3.50%, 0.00% Floor   5.21%  09/30/26   60,627,220 
              350,157,444 
    Hotels, Resorts & Cruise Lines — 0.2%           
 7,420,552  Alterra Mountain Company, Term Loan B-2, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  08/17/28   7,148,440 
    Household Appliances — 0.1%           
 6,096,837  Weber-Stephen Products LLC, Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.62%  10/31/27   4,907,953 
    Human Resource & Employment Services — 0.0%           
 904,641  Alight, Inc. (fka Tempo Acq.), Extended Term Loan 2022, 1 Mo. SOFR + 3.00%, 0.50% Floor   5.33%  08/31/28   884,061 
    Industrial Machinery — 0.4%           
 9,818,663  Filtration Group Corp., 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  10/21/28   9,428,371 
 5,556,308  TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor   6.87%  07/31/27   5,357,670 
              14,786,041 
    Insurance Brokers — 8.2%           
 3,646,041  Alliant Holdings I LLC, 2019 New Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  05/10/25   3,519,086 
 57,918,797  Alliant Holdings I LLC, Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  05/09/25   55,928,128 
 11,633,165  Alliant Holdings I LLC, TLB-4 New Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.66%  11/06/27   11,216,930 
 1,451,458  AmWINS Group, Inc., Term Loan B, 1 Mo. LIBOR + 2.25%, 0.75% Floor   4.62%  02/28/28   1,404,126 
 12,888,124  AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  02/13/27   12,237,274 
 13,163,414  AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. SOFR + 3.50%, 0.50% Floor   5.83%  02/13/27   12,505,243 
 43,842,515  AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor   5.87%  02/12/27   41,650,389 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Insurance Brokers (Continued)           
$9,004,237  BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor   5.37%  01/27/27  $8,562,039 
 87,526  HUB International Ltd., Initial Term Loan B, 2 Mo. LIBOR + 3.00%, 0.00% Floor   5.55%  04/25/25   85,203 
 33,522,493  HUB International Ltd., Initial Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor   5.77%  04/25/25   32,632,805 
 118,971  HUB International Ltd., New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor   5.78%  04/25/25   116,220 
 46,755,505  HUB International Ltd., New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor   5.98%  04/25/25   45,674,518 
 56,566,226  USI, Inc. (fka Compass Investors, Inc.), Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor   5.25%  05/15/24   55,523,145 
              281,055,106 
    Integrated Telecommunication Services — 1.4%           
 2,793,138  Frontier Communications Corp., Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.06%  10/08/27   2,658,370 
 11,603,405  Numericable (Altice France S.A. or SFR), Term Loan B-11, 3 Mo. LIBOR + 2.75%, 0.00% Floor   5.56%  07/31/25   10,828,878 
 1,943,878  Numericable (Altice France S.A. or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor   6.20%  01/31/26   1,830,277 
 12,743,906  Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor   5.41%  08/14/26   12,087,595 
 9,587,705  Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. SOFR + 4.25%, 0.50% Floor   6.58%  03/09/27   9,046,383 
 11,827,769  Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor   5.37%  03/09/27   10,903,074 
              47,354,577 
    Managed Health Care — 1.0%           
 37,608,174  Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor   5.82%  08/31/28   34,777,030 
    Metal & Glass Containers — 0.3%           
 4,667,245  Altium Packaging LLC (FKA Consolidated Container), Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor   5.13%  02/03/28   4,419,695 
 6,722,385  PODS LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor   5.37%  03/31/28   6,436,683 
              10,856,378 
    Movies & Entertainment — 0.6%           
 1,848,603  Cineworld Group PLC (Crown), New Priority Term Loan, 6 Mo. LIBOR + 8.25%, 1.00% Floor   10.08%  05/23/24   1,927,168 
 3,461,819  Cineworld Group PLC (Crown), Priority Term Loan B-1, Fixed Rate at 15.25% (c)   15.25%  05/23/24   3,813,228 
 22,603,124  Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR + 2.50%, 1.00% Floor   4.00%  02/28/25   14,407,231 
              20,147,627 
    Office Services & Supplies — 0.6%           
 19,703,297  Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.55%  02/08/26   19,145,103 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Other Diversified Financial Services — 0.0%           
$958,852  AlixPartners, LLP, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor   5.12%  02/04/28  $936,377 
    Paper Packaging — 2.2%           
 30,114,235  Graham Packaging Company L.P., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor   5.37%  08/04/27   28,980,735 
 12,775,819  Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  02/05/26   12,365,971 
 33,173,558  Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  09/20/28   32,065,893 
              73,412,599 
    Pharmaceuticals — 5.0%           
 1,058,478  Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%, 1.00% Floor (d)   9.78%  09/30/25   1,012,615 
 13,889,604  Bausch Health Cos., Inc. (Valeant), Second Amendment Term Loan B, 1 Mo. SOFR + 5.25%, 0.50% Floor   6.55%  02/11/27   11,649,905 
 38,839,815  Endo LLC, 2021 Term Loan B, 1 Mo. LIBOR + 5.00%, 0.75% Floor  7.38%  03/27/28   31,222,939 
 31,492,866  Jazz Pharmaceuticals, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  05/05/28   30,718,771 
 8,394,768  Mallinckrodt International Finance S.A., 2017 Replacement Term Loan, 3 Mo. LIBOR + 5.25%, 0.75% Floor (e)   7.25%  09/30/27   6,946,671 
 42,843,872  Nestle Skin Health (Sunshine Lux VII S.A.R.L./Galderma), 2021 Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.00%  10/02/26   40,835,779 
 1,306,112  Padagis LLC, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.50% Floor   7.04%  07/06/28   1,234,276 
 49,301,903  Parexel International Corp. (Phoenix Newco), Term Loan (First Lien), 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.62%  11/15/28   47,930,817 
              171,551,773 
    Research & Consulting Services — 2.3%           
 50,072,359  Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor   5.37%  10/31/26   48,736,930 
 16,034,842  Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.88%  06/02/28   13,449,224 
 9,318,133  J.D. Power (Project Boost Purchaser LLC), 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor   5.87%  05/26/26   8,826,042 
 5,934,201  Veritext Corp. (VT TopCo, Inc.), Non-Fungible Term Loan (First Lien), 1 Mo. LIBOR + 3.75%, 0.75% Floor   5.42%  08/10/25   5,592,984 
              76,605,180 
    Restaurants — 3.1%           
 9,227,444  1011778 B.C. Unlimited Liability Co. (Restaurant Brands) (aka Burger King/Tim Horton’s), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  11/14/26   8,936,226 
 20,578,480  IRB Holding Corp. (Arby’s/Inspire Brands), New Term Loan B 2022, 1 Mo. SOFR + 3.15%, 0.75% Floor   4.84%  12/15/27   19,703,894 
 66,397,789  IRB Holding Corp. (Arby’s/Inspire Brands), Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor   5.12%  02/05/25   64,642,895 
 4,516,954  Portillo’s Holdings LLC, Term Loan B-3, 1 Mo. LIBOR + 5.50%, 1.00% Floor   7.87%  08/30/24   4,445,451 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Restaurants (Continued)           
$9,137,416  Whatabrands LLC, Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.62%  07/31/28  $8,683,835 
              106,412,301 
    Security & Alarm Services — 0.1%           
 4,629,846  Garda World Security Corp., Term Loan B, 1 Mo. LIBOR + 4.25%, 0.00% Floor   6.47%  10/30/26   4,369,417 
    Soft Drinks — 0.3%           
 22,525  Tropicana (Naked Juice LLC/Bengal Debt Merger Sub LLC), Term Loan (First Lien), 1 Mo. SOFR + 3.25%, 0.50% Floor   5.68%  01/24/29   21,472 
 8,987,375  Tropicana (Naked Juice LLC/Bengal Debt Merger Sub LLC), Term Loan (First Lien), 3 Mo. SOFR + 3.25%, 0.50% Floor   5.40%  01/24/29   8,567,215 
 1,318,011  Tropicana (Naked Juice LLC/Bengal Debt Merger Sub LLC), Term Loan (Second Lien), 3 Mo. SOFR + 6.00%, 0.50% Floor   8.15%  01/24/30   1,195,001 
              9,783,688 
    Specialized Consumer Services — 1.6%           
 6,075,360  Asurion LLC, New B-8 Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor   5.62%  12/23/26   5,698,202 
 12,979,453  Asurion LLC, Term Loan B-3 (Second Lien), 1 Mo. LIBOR + 5.25%, 0.00% Floor   7.62%  01/31/28   11,097,432 
 37,402,370  Asurion LLC, Term Loan B6, 1 Mo. LIBOR + 3.13%, 0.00% Floor   5.50%  11/03/23   36,714,541 
 311,560  Driven Holdings LLC, 2021 Term Loan B, 1 Yr. LIBOR + 3.25%, 0.50% Floor   3.77%  11/30/28   300,655 
              53,810,830 
    Specialized Finance — 0.9%           
 31,340,460  WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor   5.01%  01/08/27   30,504,610 
    Specialty Stores — 1.7%           
 1,606,769  Bass Pro Group LLC (Great Outdoors Group LLC) Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.12%  03/05/28   1,466,177 
 47,166,836  Petco Health and Wellness Co., Inc., Initial Term Loan B, 3 Mo. LIBOR + 3.25%, 0.75% Floor   5.50%  03/03/28   45,567,409 
 11,570,206  Petsmart, Inc., Initial Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.12%  02/12/28   11,131,464 
              58,165,050 
    Systems Software — 5.8%           
 66,868,726  Applied Systems, Inc., Term Loan (First Lien), 3 Mo. LIBOR + 3.00%, 0.50% Floor   5.25%  09/19/24   65,564,786 
 938,712  Applied Systems, Inc., Term Loan (First Lien), Prime Rate + 2.00%, 0.50% Floor   6.75%  09/19/24   920,407 
 8,629,642  Applied Systems, Inc., Term Loan (Second Lien), 3 Mo. LIBOR + 5.50%, 0.75% Floor   7.75%  09/19/25   8,379,987 
 6,287,705  BeyondTrust (Brave Parent Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor   6.37%  04/19/25   5,931,380 
 17,526,176  BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  10/02/25   16,841,954 
 2,747,579  Idera, Inc., Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor   5.47%  02/15/28   2,552,968 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (a)  Stated
Maturity (b)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Systems Software (Continued)           
$24,451,961  Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor   6.87%  06/13/24  $22,787,760 
 10,395,000  Proofpoint, Inc., Term Loan (Second Lien), 3 Mo. LIBOR + 6.25%, 0.50% Floor   7.82%  08/31/29   9,992,194 
 38,823,159  Proofpoint, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50% Floor   4.82%  08/31/28   37,227,139 
 22,703,020  Sophos Group PLC (Surf), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.00% Floor   5.17%  03/05/27   21,965,172 
 1,651,294  SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  04/16/25   1,610,788 
 1,340,499  SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  04/16/25   1,307,617 
 982,278  SUSE (Marcel Lux IV S.A.R.L.), Facility Term Loan B1 USD, 1 Mo. SOFR + 3.25%, 0.00% Floor   4.78%  03/15/26   955,266 
              196,037,418 
    Trading Companies & Distributors — 1.1%           
 39,152,660  SRS Distribution, Inc., 2021 Refinancing Term Loan, 3 Mo. LIBOR + 3.50%, 0.50% Floor   6.31%  06/04/28   37,243,968 
 838,233  SRS Distribution, Inc., 2022 Refinancing Term Loan, 3 Mo. SOFR + 3.50%, 0.50% Floor   6.18%  06/04/28   797,193 
              38,041,161 
    Trucking — 0.2%           
 5,343,252  Hertz (The) Corp., Exit Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.63%  06/30/28   5,121,187 
 1,001,689  Hertz (The) Corp., Exit Term Loan C, 1 Mo. LIBOR + 3.25%, 0.50% Floor   5.63%  06/30/28   960,059 
              6,081,246 
    Total Senior Floating-Rate Loan Interests          2,849,940,305 
    (Cost $2,995,346,709)           
                

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES — 9.8%
    Aerospace & Defense — 0.0%           
 1,082,000  TransDigm, Inc. (f)   6.25%  03/15/26   1,091,960 
    Alternative Carriers — 0.1%           
 2,760,000  Cogent Communications Group, Inc. (f)   3.50%  05/01/26   2,594,466 
    Application Software — 0.1%           
 763,000  Go Daddy Operating Co. LLC / GD Finance Co., Inc. (f)   5.25%  12/01/27   743,074 
 3,598,000  GoTo Group, Inc. (f)   5.50%  09/01/27   2,635,931 
              3,379,005 
    Broadcasting — 1.2%           
 2,148,000  Gray Television, Inc. (f)   5.88%  07/15/26   2,137,324 
 18,561,000  Nexstar Media, Inc. (f)   5.63%  07/15/27   18,590,976 
 18,444,000  Sirius XM Radio, Inc. (f)   3.13%  09/01/26   17,432,531 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Broadcasting (Continued)           
$1,905,000  Univision Communications, Inc. (f)   5.13%  02/15/25  $1,854,832 
              40,015,663 
    Cable & Satellite — 3.2%           
 57,771,000  CCO Holdings LLC / CCO Holdings Capital Corp. (f)   5.13%  05/01/27   56,749,609 
 53,853,000  CSC Holdings LLC (f)   7.50%  04/01/28   49,581,918 
 2,882,000  Radiate Holdco LLC / Radiate Finance, Inc. (f)   4.50%  09/15/26   2,658,069 
              108,989,596 
    Casinos & Gaming — 0.1%           
 2,020,000  VICI Properties L.P. / VICI Note Co., Inc. (f)   4.25%  12/01/26   1,899,903 
    Electric Utilities — 0.1%           
 2,000,000  PG&E Corp.   5.00%  07/01/28   1,834,670 
    Health Care Equipment — 0.2%           
 5,877,000  Baxter International, Inc.   1.32%  11/29/24   5,564,041 
    Health Care Facilities — 1.1%           
 4,014,000  Select Medical Corp. (f)   6.25%  08/15/26   4,024,938 
 10,264,000  Tenet Healthcare Corp. (f)   4.88%  01/01/26   10,190,818 
 2,015,000  Tenet Healthcare Corp. (f)   6.25%  02/01/27   2,041,880 
 16,407,000  Tenet Healthcare Corp. (f)   5.13%  11/01/27   16,201,010 
 3,607,000  Tenet Healthcare Corp. (f)   4.63%  06/15/28   3,408,950 
 1,430,000  Tenet Healthcare Corp. (f)   6.13%  10/01/28   1,395,916 
              37,263,512 
    Health Care Services — 0.7%           
 1,459,000  DaVita, Inc. (f)   4.63%  06/01/30   1,199,167 
 475,000  DaVita, Inc. (f)   3.75%  02/15/31   362,123 
 24,652,000  Global Medical Response, Inc. (f)   6.50%  10/01/25   22,929,811 
              24,491,101 
    Health Care Technology — 0.4%           
 15,476,000  Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. (f)   5.75%  03/01/25   15,419,281 
    Insurance Brokers — 0.9%           
 3,124,000  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (f)   4.25%  10/15/27   2,915,903 
 2,265,000  AmWINS Group, Inc. (f)   4.88%  06/30/29   2,064,593 
 9,728,000  AssuredPartners, Inc. (f)   7.00%  08/15/25   9,597,637 
 16,858,000  HUB International Ltd. (f)   7.00%  05/01/26   16,666,156 
              31,244,289 
    Integrated Telecommunication Services — 0.1%           
 4,564,000  Zayo Group Holdings, Inc. (f)   4.00%  03/01/27   3,986,073 
    Managed Health Care — 0.1%           
 5,000,000  UnitedHealth Group, Inc.   1.15%  05/15/26   4,653,639 
    Paper Packaging — 0.1%           
 4,535,000  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC (f)   4.00%  10/15/27   4,001,729 
    Pharmaceuticals — 0.1%           
 843,000  Horizon Therapeutics USA, Inc. (f)   5.50%  08/01/27   833,862 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Pharmaceuticals (Continued)           
$1,604,000  Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (f)   4.13%  04/30/28  $1,523,632 
              2,357,494 
    Research & Consulting Services — 0.0%           
 1,000,000  Clarivate Science Holdings Corp. (f)   3.88%  07/01/28   912,270 
    Restaurants — 0.1%           
 3,185,000  IRB Holding Corp. (f)   7.00%  06/15/25   3,261,424 
    Systems Software — 0.8%           
 18,749,000  SS&C Technologies, Inc. (f)   5.50%  09/30/27   18,516,606 
 7,748,000  VMware, Inc.   1.00%  08/15/24   7,294,677 
              25,811,283 
    Trucking — 0.3%           
 12,706,000  Hertz (The) Corp. (f)   4.63%  12/01/26   11,329,877 
    Wireless Telecommunication Services — 0.1%           
 4,796,000  T-Mobile USA, Inc.   2.25%  02/15/26   4,485,051 
    Total Corporate Bonds and Notes          334,586,327 
    (Cost $345,398,259)           
                
FOREIGN CORPORATE BONDS AND NOTES — 0.3%
    Data Processing & Outsourced Services — 0.3%           
 10,755,000  Paysafe Finance PLC / Paysafe Holdings US Corp. (f)   4.00%  06/15/29   8,253,763 
    Environmental & Facilities Services — 0.0%           
 1,323,000  GFL Environmental, Inc. (f)   4.00%  08/01/28   1,195,450 
    Pharmaceuticals — 0.0%           
 214,000  Jazz Securities DAC (f)   4.38%  01/15/29   206,527 
    Restaurants — 0.0%           
 1,310,000  1011778 BC ULC / New Red Finance, Inc. (f)   4.38%  01/15/28   1,216,211 
    Total Foreign Corporate Bonds and Notes          10,871,951 
    (Cost $12,624,782)           
                

 

Shares  Description  Value
 
COMMON STOCKS — 0.1%
          
    Pharmaceuticals — 0.1%     
 249,316  Akorn, Inc. (g) (h)    1,578,918 
    (Cost $2,858,880)     
 
WARRANTS — 0.0%
          
    Movies & Entertainment — 0.0%     
 972,355  Cineworld Group PLC, expiring 11/23/25 (g) (i)    189,462 
    (Cost $0)     

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
RIGHTS — 0.0%
          
    Electric Utilities — 0.0%     
 4,887  Vista Energy Corp., no expiration date (g) (i)   $6,475 
          
    Life Sciences Tools & Services — 0.0%     
 1  New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (g) (i) (j) (k)    0 
 1  New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (g) (i) (j) (k)    0 
        0 
    Total Rights    6,475 
    (Cost $8,491)     
          
MONEY MARKET FUNDS — 1.8%
 61,378,207  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (l)    61,378,207 
    (Cost $61,378,207)     
    Total Investments — 95.5%    3,258,551,645 
          
    (Cost $3,417,615,328)     
    Net Other Assets and Liabilities — 4.5%    153,148,521 
    Net Assets — 100.0%   $3,411,700,166 

  

 

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

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

(c) The issuer will pay interest on the loans in cash and in Payment-In-Kind (“PIK”) interest. Interest paid in cash will accrue at the rate of 7.00% per annum (“Cash Interest Rate”) and PIK interest will accrue on the loan at the rate of 8.25% per annum. For the fiscal year-to-date period (November 1, 2021 to July 31, 2022), the Fund received a portion of the interest in cash and PIK interest with a principal value of $207,851 for Cineworld Group PLC.
(d) The issuer may pay interest on the loans (1) entirely in cash or (2) in the event that both the PIK Toggle Condition has been satisfied and the issuer elects to exercise the PIK interest, 2.50% payable in cash and 7.00% payable as PIK interest. For the fiscal year-to-date period (November 1, 2021 to July 31, 2022), this security paid all of its interest in cash.
(e) On June 16, 2022, Mallinckrodt plc completed a Bankruptcy Plan of Reorganization. In connection with the Plan of Reorganization, the Fund received a new replacement term loan.
(f) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2022, securities noted as such amounted to $321,626,200 or 9.4% of net assets.
(g) Non-income producing security.
(h) Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers (see Restricted Securities table).

 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

(i) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(j) This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
(k)

This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s

Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940, as amended. At July 31, 2022, securities noted as such are valued at $0 or 0.0% of net assets.

(l) Rate shown reflects yield as of July 31, 2022.

 

 

 

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
 

       
Valuation Inputs

 

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

 

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

 

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Senior Floating-Rate Loan Interests*   $2,849,940,305   $—     $2,849,940,305   $—   
Corporate Bonds and Notes*    334,586,327    —      334,586,327    —   
Foreign Corporate Bonds and Notes*    10,871,951    —      10,871,951    —   
Common Stocks*    1,578,918    —      1,578,918    —   
Warrants*    189,462    —      189,462    —   
Rights:                    
 Electric Utilities    6,475    —      6,475    —   
 Life Sciences Tools & Services    —  **   —      —      —  **
Money Market Funds    61,378,207    61,378,207    —      —   
Total Investments   $3,258,551,645   $61,378,207   $3,197,173,438   $  —   **
                     

 

*See Portfolio of Investments for industry breakout.
**Investment is valued at $0.

                                 

 

Level 3 Rights are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. These values are based on unobservable and non-quantitative inputs.

 

 

 

First Trust Senior Loan Fund (FTSL)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

       

Unfunded Loan Commitments

As of July 31, 2022, the Fund had the following unfunded loan commitment:

 

Borrower  Principal
Value
  Commitment
Amount
  Value  Unrealized
Appreciation
(Depreciation)
                     
athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan  $6,103,559   $6,063,559   $5,806,011   $(257,548)
Veritext Corp. (VT TopCo, Inc.), Term Loan   395,319    394,547    374,565    (19,982)
        $6,458,106   $6,180,576   $(277,530)

 

 

       

Restricted Securities

As of July 31, 2022, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.

 

Security 

Acquisition

Date

  Shares 

Current

Price

 

Carrying

Cost

  Value 

% of Net

Assets

                            
Akorn, Inc.  10/15/2020   249,316   $6.33   $2,858,880   $1,578,918    0.05%

 

 

 

 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES — 81.8%   
    Aerospace & Defense — 0.7%           
$342,000  Booz Allen Hamilton, Inc. (a)   3.88%  09/01/28  $324,842 
 3,802,000  Science Applications International Corp. (a)   4.88%  04/01/28   3,621,356 
 1,333,000  Spirit AeroSystems, Inc. (a)   5.50%  01/15/25   1,333,707 
 2,333,000  Spirit AeroSystems, Inc. (a)   7.50%  04/15/25   2,334,143 
 3,412,000  TransDigm, Inc. (a)   6.25%  03/15/26   3,443,407 
              11,057,455 
    Agricultural Products — 0.0%           
 500,000  Lamb Weston Holdings, Inc. (a)   4.88%  05/15/28   487,555 
    Alternative Carriers — 0.2%           
 2,000,000  Level 3 Financing, Inc. (a)   4.25%  07/01/28   1,750,193 
 2,000,000  Level 3 Financing, Inc. (a)   3.63%  01/15/29   1,675,760 
              3,425,953 
    Apparel Retail — 0.6%           
 8,080,000  Nordstrom, Inc. (b)   4.00%  03/15/27   7,408,557 
 2,854,000  Nordstrom, Inc.   4.38%  04/01/30   2,398,767 
              9,807,324 
    Application Software — 1.8%           
 12,000,000  Condor Merger Sub, Inc. (a)   7.38%  02/15/30   10,566,000 
 5,289,000  Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) (b)   5.25%  12/01/27   5,150,880 
 13,254,000  GoTo Group, Inc. (a) (b)   5.50%  09/01/27   9,710,013 
 5,685,000  Open Text Holdings, Inc. (a)   4.13%  02/15/30   5,266,698 
              30,693,591 
    Automobile Manufacturers — 0.5%           
 6,631,000  Ford Motor Co. (b)   9.63%  04/22/30   7,933,461 
 500,000  Ford Motor Credit Co. LLC   5.13%  06/16/25   500,000 
 667,000  Penske Automotive Group, Inc.   3.50%  09/01/25   644,002 
              9,077,463 
    Automotive Retail — 0.3%           
 167,000  Group 1 Automotive, Inc. (a)   4.00%  08/15/28   149,629 
 5,339,000  IAA, Inc. (a)   5.50%  06/15/27   5,320,661 
 250,000  Lithia Motors, Inc. (a)   3.88%  06/01/29   223,486 
 100,000  Sonic Automotive, Inc. (a)   4.63%  11/15/29   84,853 
 100,000  Sonic Automotive, Inc. (a)   4.88%  11/15/31   81,655 
              5,860,284 
    Broadcasting — 11.1%           
 21,673,000  Diamond Sports Group LLC / Diamond Sports Finance Co. (a) (b)   6.63%  08/15/27   2,058,935 
 28,294,000  Gray Television, Inc. (a) (b)   5.88%  07/15/26   28,153,379 
 12,429,000  Gray Television, Inc. (a) (b)   7.00%  05/15/27   12,469,339 
 3,591,000  Gray Television, Inc. (a)   4.75%  10/15/30   3,094,471 
 30,936,000  iHeartCommunications, Inc. (b)   8.38%  05/01/27   28,026,469 
 11,927,000  iHeartCommunications, Inc. (a) (b)   5.25%  08/15/27   10,882,433 
 40,562,000  Nexstar Media, Inc. (a) (b)   5.63%  07/15/27   40,627,508 
 13,255,000  Nexstar Media, Inc. (a) (b)   4.75%  11/01/28   12,379,507 
 1,389,000  Scripps Escrow II, Inc. (a)   3.88%  01/15/29   1,248,107 
 8,355,000  Scripps Escrow, Inc. (a) (b)   5.88%  07/15/27   8,017,625 
 15,319,000  Sinclair Television Group, Inc. (a) (b)   5.13%  02/15/27   13,701,326 
 5,000,000  Sinclair Television Group, Inc. (a)   5.50%  03/01/30   4,023,821 
 1,000,000  Sinclair Television Group, Inc. (a)   4.13%  12/01/30   842,048 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Broadcasting (Continued)           
$5,509,000  Sirius XM Radio, Inc. (a)   3.13%  09/01/26  $5,206,886 
 857,000  Sirius XM Radio, Inc. (a)   5.50%  07/01/29   840,828 
 2,000,000  Sirius XM Radio, Inc. (a)   4.13%  07/01/30   1,802,300 
 9,676,000  Univision Communications, Inc. (a) (b)   5.13%  02/15/25   9,421,183 
 6,117,000  Univision Communications, Inc. (a) (b)   6.63%  06/01/27   6,140,703 
              188,936,868 
    Building Products — 0.5%           
 1,000,000  American Builders & Contractors Supply Co., Inc. (a)   4.00%  01/15/28   937,310 
 500,000  American Builders & Contractors Supply Co., Inc. (a)   3.88%  11/15/29   428,105 
 100,000  Beacon Roofing Supply, Inc. (a)   4.13%  05/15/29   88,619 
 100,000  Builders FirstSource, Inc. (a)   4.25%  02/01/32   85,824 
 1,392,000  Standard Industries, Inc. (a)   5.00%  02/15/27   1,341,102 
 1,426,000  Standard Industries, Inc. (a)   4.75%  01/15/28   1,358,351 
 2,492,000  Standard Industries, Inc. (a)   4.38%  07/15/30   2,180,350 
 1,000,000  Standard Industries, Inc. (a)   3.38%  01/15/31   815,325 
 1,000,000  TopBuild Corp. (a)   3.63%  03/15/29   905,025 
              8,140,011 
    Cable & Satellite — 7.6%           
 1,000,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   5.50%  05/01/26   1,008,520 
 2,828,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   5.13%  05/01/27   2,778,001 
 9,738,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   5.00%  02/01/28   9,414,991 
 23,466,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   5.38%  06/01/29   22,404,163 
 20,653,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   4.75%  03/01/30   18,823,041 
 9,707,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   4.50%  08/15/30   8,645,442 
 5,445,000  CCO Holdings LLC / CCO Holdings Capital Corp. (a)   4.25%  02/01/31   4,731,569 
 1,000,000  CCO Holdings LLC / CCO Holdings Capital Corp.   4.50%  05/01/32   877,170 
 819,000  CSC Holdings LLC (a)   5.50%  04/15/27   794,242 
 13,619,000  CSC Holdings LLC (a)   7.50%  04/01/28   12,538,877 
 42,608,000  CSC Holdings LLC (a) (b)   5.75%  01/15/30   34,594,500 
 4,167,000  CSC Holdings LLC (a)   4.63%  12/01/30   3,176,483 
 1,000,000  CSC Holdings LLC (a)   5.00%  11/15/31   745,573 
 357,000  DIRECTV Financing LLC / DIRECTV Financing Co., Inc. (a)   5.88%  08/15/27   334,147 
 2,851,000  Radiate Holdco LLC / Radiate Finance, Inc. (a)   4.50%  09/15/26   2,629,477 
 6,216,000  Radiate Holdco LLC / Radiate Finance, Inc. (a)   6.50%  09/15/28   4,959,529 
              128,455,725 
    Casinos & Gaming — 3.8%           
 500,000  Boyd Gaming Corp.   4.75%  12/01/27   481,705 
 6,062,000  Boyd Gaming Corp. (a)   4.75%  06/15/31   5,592,892 
 12,801,000  Caesars Entertainment, Inc. (a) (b)   8.13%  07/01/27   12,836,267 
 8,662,000  Caesars Entertainment, Inc. (a)   4.63%  10/15/29   7,363,956 
 179,000  CDI Escrow Issuer, Inc. (a)   5.75%  04/01/30   175,638 
 29,783,000  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. (a)   6.75%  01/15/30   24,421,167 
 430,000  MGM Resorts International   6.75%  05/01/25   432,582 
 2,440,000  MGM Resorts International   5.75%  06/15/25   2,421,700 
 716,000  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc. (a)   6.63%  03/01/30   644,167 
 3,903,000  Station Casinos LLC (a)   4.50%  02/15/28   3,508,387 
 4,924,000  Station Casinos LLC (a)   4.63%  12/01/31   4,303,404 
 2,338,000  VICI Properties L.P. / VICI Note Co., Inc. (a)   4.25%  12/01/26   2,198,996 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Casinos & Gaming (Continued)           
$100,000  VICI Properties L.P. / VICI Note Co., Inc. (a)   3.88%  02/15/29  $91,398 
              64,472,259 
    Communications Equipment — 1.4%           
 26,334,000  CommScope Technologies LLC (a) (b)   6.00%  06/15/25   24,388,971 
    Construction & Engineering — 0.7%           
 500,000  Atkore, Inc. (a)   4.25%  06/01/31   434,425 
 13,490,000  Pike Corp. (a) (b)   5.50%  09/01/28   11,619,544 
              12,053,969 
    Construction Materials — 0.4%           
 176,000  GYP Holdings III Corp. (a)   4.63%  05/01/29   142,948 
 4,282,000  New Enterprise Stone & Lime Co., Inc. (a)   5.25%  07/15/28   3,741,933 
 3,623,000  Summit Materials LLC / Summit Materials Finance Corp. (a)   5.25%  01/15/29   3,416,290 
              7,301,171 
    Consumer Finance — 0.2%           
 486,000  Black Knight InfoServ LLC (a)   3.63%  09/01/28   450,765 
 3,000,000  FirstCash, Inc. (a)   4.63%  09/01/28   2,688,903 
              3,139,668 
    Data Processing & Outsourced Services — 0.0%           
 500,000  Block, Inc.   2.75%  06/01/26   467,380 
 250,000  Block, Inc.   3.50%  06/01/31   216,827 
              684,207 
    Electric Utilities — 1.7%           
 19,077,000  PG&E Corp. (b)   5.00%  07/01/28   17,500,000 
 13,327,000  PG&E Corp. (b)   5.25%  07/01/30   11,993,567 
              29,493,567 
    Electrical Components & Equipment — 0.0%           
 667,000  Sensata Technologies, Inc. (a)   3.75%  02/15/31   580,463 
    Environmental & Facilities Services — 0.7%           
 6,495,000  Allied Universal Holdco LLC / Allied Universal Finance Corp. (a)   9.75%  07/15/27   5,975,108 
 8,342,000  Allied Universal Holdco LLC / Allied Universal Finance Corp. (a) (b)   6.00%  06/01/29   6,449,607 
              12,424,715 
    Fertilizers & Agricultural Chemicals — 0.1%           
 250,000  Scotts Miracle-Gro (The) Co.   4.50%  10/15/29   214,116 
 1,000,000  Scotts Miracle-Gro (The) Co.   4.00%  04/01/31   826,355 
              1,040,471 
    Financial Exchanges & Data — 0.0%           
 750,000  MSCI, Inc. (a)   4.00%  11/15/29   708,375 
    Food Distributors — 0.1%           
 1,397,000  US Foods, Inc. (a)   4.75%  02/15/29   1,306,988 
    Food Retail — 0.5%           
 3,700,000  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC (a)   4.63%  01/15/27   3,501,168 
 3,000,000  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC (a)   5.88%  02/15/28   2,914,890 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Food Retail (Continued)           
$2,210,000  Safeway, Inc.   7.25%  02/01/31  $2,175,602 
              8,591,660 
    Health Care Distributors — 0.3%           
 1,421,000  AdaptHealth LLC (a)   6.13%  08/01/28   1,346,748 
 3,000,000  AdaptHealth LLC (a)   4.63%  08/01/29   2,688,780 
 1,161,000  AdaptHealth LLC (a) (b)   5.13%  03/01/30   1,066,686 
 691,000  RP Escrow Issuer LLC (a)   5.25%  12/15/25   622,015 
              5,724,229 
    Health Care Equipment — 0.3%           
 3,471,000  Baxter International, Inc.   1.32%  11/29/24   3,286,164 
 1,435,000  Embecta Corp. (a)   5.00%  02/15/30   1,263,544 
 300,000  Teleflex, Inc. (a)   4.25%  06/01/28   283,241 
              4,832,949 
    Health Care Facilities — 5.9%           
 1,000,000  Acadia Healthcare Co., Inc. (a)   5.50%  07/01/28   986,150 
 1,290,000  Acadia Healthcare Co., Inc. (a)   5.00%  04/15/29   1,251,622 
 3,652,000  CHS/Community Health Systems, Inc. (a)   5.25%  05/15/30   3,077,467 
 2,284,000  Encompass Health Corp.   5.75%  09/15/25   2,291,832 
 1,300,000  Encompass Health Corp.   4.50%  02/01/28   1,205,763 
 6,080,000  Encompass Health Corp.   4.75%  02/01/30   5,620,382 
 500,000  Encompass Health Corp.   4.63%  04/01/31   449,478 
 28,017,000  Select Medical Corp. (a) (b)   6.25%  08/15/26   28,093,346 
 7,492,000  Tenet Healthcare Corp. (a)   4.88%  01/01/26   7,438,582 
 9,689,000  Tenet Healthcare Corp. (a) (b)   5.13%  11/01/27   9,567,355 
 4,850,000  Tenet Healthcare Corp. (a)   4.63%  06/15/28   4,583,701 
 35,865,000  Tenet Healthcare Corp. (a) (b)   6.13%  10/01/28   35,010,158 
              99,575,836 
    Health Care Services — 3.1%           
 24,415,000  DaVita, Inc. (a) (b)   4.63%  06/01/30   20,066,933 
 908,000  DaVita, Inc. (a)   3.75%  02/15/31   692,227 
 26,355,000  Global Medical Response, Inc. (a) (b)   6.50%  10/01/25   24,513,840 
 718,000  ModivCare Escrow Issuer, Inc. (a)   5.00%  10/01/29   657,842 
 1,951,000  ModivCare, Inc. (a)   5.88%  11/15/25   1,905,366 
 5,022,000  Pediatrix Medical Group, Inc. (a)   5.38%  02/15/30   4,640,479 
 100,000  Service Corp. International   3.38%  08/15/30   89,081 
              52,565,768 
    Health Care Supplies — 2.0%           
 200,000  180 Medical, Inc. (a)   3.88%  10/15/29   182,068 
 36,780,000  Medline Borrower L.P. (a) (b)   5.25%  10/01/29   33,145,032 
 770,000  Owens & Minor, Inc. (a)   4.50%  03/31/29   693,057 
              34,020,157 
    Health Care Technology — 4.4%           
 31,979,000  Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. (a) (b)   5.75%  03/01/25   31,861,797 
 4,503,000  HealthEquity, Inc. (a)   4.50%  10/01/29   4,199,453 
 18,855,000  Minerva Merger Sub, Inc. (a)   6.50%  02/15/30   17,087,344 
 22,267,000  Verscend Escrow Corp. (a) (b)   9.75%  08/15/26   22,428,881 
              75,577,475 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Hotels, Resorts & Cruise Lines — 0.4%           
$706,000  Boyne USA, Inc. (a)   4.75%  05/15/29  $661,896 
 4,898,000  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (a)   4.88%  05/01/29   4,475,743 
 711,000  Wyndham Hotels & Resorts, Inc. (a)   4.38%  08/15/28   654,314 
 125,000  XHR L.P. (a)   4.88%  06/01/29   112,909 
              5,904,862 
    Household Products — 0.2%           
 200,000  Central Garden & Pet Co.   4.13%  10/15/30   173,535 
 2,154,000  Energizer Holdings, Inc. (a)   6.50%  12/31/27   1,998,099 
 1,350,000  Energizer Holdings, Inc. (a)   4.38%  03/31/29   1,120,824 
              3,292,458 
    Independent Power Producers & Energy Traders — 1.5%          
 13,427,000  Calpine Corp. (a) (b)   5.13%  03/15/28   12,688,448 
 667,000  Calpine Corp. (a)   4.63%  02/01/29   602,741 
 167,000  Calpine Corp. (a)   5.00%  02/01/31   148,819 
 5,000,000  Vistra Operations Co. LLC (a)   5.63%  02/15/27   5,025,775 
 3,189,000  Vistra Operations Co. LLC (a)   5.00%  07/31/27   3,145,151 
 5,000,000  Vistra Operations Co. LLC (a)   4.38%  05/01/29   4,659,175 
              26,270,109 
    Industrial Machinery — 0.3%           
 5,573,000  Gates Global LLC / Gates Corp. (a)   6.25%  01/15/26   5,435,821 
 250,000  Roller Bearing Co. of America, Inc. (a)   4.38%  10/15/29   226,949 
              5,662,770 
    Insurance Brokers — 12.7%           
 38,556,000  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) (b)   6.75%  10/15/27   36,764,688 
 1,790,000  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a)   5.88%  11/01/29   1,567,573 
 54,652,000  AmWINS Group, Inc. (a) (b)   4.88%  06/30/29   49,816,391 
 25,001,000  AssuredPartners, Inc. (a) (b)   7.00%  08/15/25   24,665,966 
 36,774,000  AssuredPartners, Inc. (a) (b)   5.63%  01/15/29   32,777,218 
 8,120,000  BroadStreet Partners, Inc. (a) (b)   5.88%  04/15/29   6,953,317 
 3,761,000  GTCR AP Finance, Inc. (a)   8.00%  05/15/27   3,702,921 
 46,507,000  HUB International Ltd. (a) (b)   7.00%  05/01/26   45,977,750 
 14,730,000  HUB International Ltd. (a)   5.63%  12/01/29   13,069,020 
              215,294,844 
    Integrated Telecommunication Services — 1.7%           
 500,000  Ciena Corp. (a)   4.00%  01/31/30   458,145 
 4,413,000  Frontier Communications Holdings LLC (a) (b)   6.75%  05/01/29   3,937,786 
 1,429,000  Frontier Communications Holdings LLC (a)   6.00%  01/15/30   1,203,982 
 3,804,000  Zayo Group Holdings, Inc. (a)   4.00%  03/01/27   3,322,310 
 25,891,000  Zayo Group Holdings, Inc. (a) (b)   6.13%  03/01/28   20,133,489 
              29,055,712 
    Interactive Home Entertainment — 0.2%           
 4,601,000  Playtika Holding Corp. (a)   4.25%  03/15/29   4,132,825 
    Interactive Media & Services — 0.0%           
 500,000  Match Group Holdings II LLC (a)   4.63%  06/01/28   474,978 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Internet & Direct Marketing Retail — 1.1%           
$20,909,000  Cars.com, Inc. (a) (b)   6.38%  11/01/28  $18,169,607 
    IT Consulting & Other Services — 0.0%           
 250,000  Gartner, Inc. (a)   4.50%  07/01/28   240,730 
 250,000  Gartner, Inc. (a)   3.75%  10/01/30   230,181 
              470,911 
    Leisure Facilities — 0.1%           
 250,000  Cedar Fair L.P.   5.25%  07/15/29   239,435 
 850,000  Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op   5.38%  04/15/27   832,100 
 717,000  SeaWorld Parks & Entertainment, Inc. (a)   5.25%  08/15/29   643,766 
              1,715,301 
    Managed Health Care — 1.7%           
 100,000  Centene Corp.   4.25%  12/15/27   98,555 
 1,000,000  Molina Healthcare, Inc. (a)   4.38%  06/15/28   964,740 
 100,000  Molina Healthcare, Inc. (a)   3.88%  11/15/30   92,507 
 7,168,000  MPH Acquisition Holdings LLC (a) (b)   5.50%  09/01/28   6,683,300 
 24,388,000  MPH Acquisition Holdings LLC (a) (b)   5.75%  11/01/28   20,723,149 
              28,562,251 
    Metal & Glass Containers — 1.0%           
 3,641,000  Ball Corp.   2.88%  08/15/30   3,139,838 
 3,864,000  Berry Global, Inc. (a)   4.50%  02/15/26   3,723,312 
 6,050,000  Owens-Brockway Glass Container, Inc. (a) (b)   6.38%  08/15/25   5,790,167 
 512,000  Owens-Brockway Glass Container, Inc. (a)   6.63%  05/13/27   493,266 
 2,200,000  Silgan Holdings, Inc.   4.13%  02/01/28   2,065,635 
 1,000,000  TriMas Corp. (a)   4.13%  04/15/29   887,850 
              16,100,068 
    Movies & Entertainment — 0.7%           
 5,494,000  Live Nation Entertainment, Inc. (a)   5.63%  03/15/26   5,431,368 
 523,000  Live Nation Entertainment, Inc. (a)   6.50%  05/15/27   537,346 
 5,895,000  Live Nation Entertainment, Inc. (a)   4.75%  10/15/27   5,630,108 
 1,000,000  WMG Acquisition Corp. (a)   3.00%  02/15/31   870,660 
              12,469,482 
    Packaged Foods & Meats — 0.6%           
 2,190,000  B&G Foods, Inc.   5.25%  04/01/25   2,120,380 
 750,000  Performance Food Group, Inc. (a)   5.50%  10/15/27   740,783 
 2,116,000  Post Holdings, Inc. (a)   5.75%  03/01/27   2,113,217 
 4,434,000  Post Holdings, Inc. (a)   5.63%  01/15/28   4,373,276 
              9,347,656 
    Paper Packaging — 2.4%           
 30,696,000  Graham Packaging Co., Inc. (a) (b)   7.13%  08/15/28   25,891,266 
 2,000,000  Graphic Packaging International LLC (a)   3.50%  03/15/28   1,850,490 
 1,000,000  Graphic Packaging International LLC (a)   3.50%  03/01/29   902,671 
 11,095,000  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC (a)   4.00%  10/15/27   9,790,339 
 376,000  Sealed Air Corp. (a)   5.50%  09/15/25   384,052 
 1,434,000  Sealed Air Corp. (a)   5.00%  04/15/29   1,410,913 
              40,229,731 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Personal Products — 0.1%           
$250,000  Prestige Brands, Inc. (a)   5.13%  01/15/28  $241,624 
 750,000  Prestige Brands, Inc. (a)   3.75%  04/01/31   646,012 
              887,636 
    Pharmaceuticals — 1.3%           
 500,000  Catalent Pharma Solutions, Inc. (a)   5.00%  07/15/27   501,160 
 250,000  Catalent Pharma Solutions, Inc. (a)   3.13%  02/15/29   221,915 
 950,000  Charles River Laboratories International, Inc. (a)   4.25%  05/01/28   930,074 
 1,000,000  Charles River Laboratories International, Inc. (a)   3.75%  03/15/29   924,093 
 1,000,000  Charles River Laboratories International, Inc. (a)   4.00%  03/15/31   916,216 
 1,333,000  Emergent BioSolutions, Inc. (a)   3.88%  08/15/28   1,013,307 
 4,343,000  Horizon Therapeutics USA, Inc. (a) (b)   5.50%  08/01/27   4,295,922 
 800,000  IQVIA, Inc. (a)   5.00%  10/15/26   798,297 
 1,278,000  IQVIA, Inc. (a)   5.00%  05/15/27   1,281,566 
 2,804,000  Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (a)   5.13%  04/30/31   2,661,921 
 10,000,000  Par Pharmaceutical, Inc. (a) (b)   7.50%  04/01/27   8,043,000 
              21,587,471 
    Real Estate Services — 0.0%           
 290,000  Tri Pointe Homes, Inc.   5.25%  06/01/27   278,931 
 500,000  Tri Pointe Homes, Inc.   5.70%  06/15/28   479,027 
              757,958 
    Research & Consulting Services — 0.8%           
 325,000  Clarivate Science Holdings Corp. (a)   4.88%  07/01/29   288,281 
 12,324,000  CoreLogic, Inc. (a) (b)   4.50%  05/01/28   9,488,186 
 3,906,000  Nielsen Finance LLC / Nielsen Finance Co. (a)   5.63%  10/01/28   3,836,122 
              13,612,589 
    Restaurants — 0.6%           
 661,000  Brinker International, Inc. (a)   5.00%  10/01/24   632,025 
 9,310,000  IRB Holding Corp. (a) (b)   7.00%  06/15/25   9,533,394 
              10,165,419 
    Security & Alarm Services — 0.2%           
 1,200,000  Brink’s (The) Co. (a)   5.50%  07/15/25   1,207,638 
 2,061,000  Brink’s (The) Co. (a)   4.63%  10/15/27   1,888,740 
              3,096,378 
    Semiconductors — 0.1%           
 1,000,000  Qorvo, Inc. (a)   3.38%  04/01/31   823,160 
    Specialized Consumer Services — 0.3%           
 4,000,000  Aramark Services, Inc. (a)   6.38%  05/01/25   4,024,960 
 1,055,000  Aramark Services, Inc. (a)   5.00%  02/01/28   1,033,172 
 775,000  Carriage Services, Inc. (a)   4.25%  05/15/29   675,273 
              5,733,405 
    Specialized Finance — 0.2%           
 3,552,000  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer (a)   4.88%  05/15/29   3,274,980 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
CORPORATE BONDS AND NOTES (Continued)
    Specialty Chemicals — 0.3%           
$4,820,000  Avantor Funding, Inc. (a)   4.63%  07/15/28  $4,633,440 
 500,000  Axalta Coating Systems LLC (a)   3.38%  02/15/29   436,561 
 250,000  HB Fuller Co.   4.25%  10/15/28   223,779 
              5,293,780 
    Specialty Stores — 0.0%           
 350,000  PetSmart, Inc. / PetSmart Finance Corp. (a)   4.75%  02/15/28   332,614 
    Systems Software — 3.0%           
 8,407,000  Boxer Parent Co., Inc. (a) (b)   9.13%  03/01/26   8,051,901 
 2,500,000  Crowdstrike Holdings, Inc.   3.00%  02/15/29   2,287,300 
 250,000  PTC, Inc. (a)   3.63%  02/15/25   242,169 
 39,546,000  SS&C Technologies, Inc. (a) (b)   5.50%  09/30/27   39,055,827 
 1,600,000  VMware, Inc.   1.00%  08/15/24   1,506,387 
              51,143,584 
    Technology Distributors — 0.0%           
 750,000  CDW LLC / CDW Finance Corp.   3.25%  02/15/29   645,979 
    Trading Companies & Distributors — 0.7%           
 2,715,000  SRS Distribution, Inc. (a)   6.13%  07/01/29   2,445,984 
 9,816,000  SRS Distribution, Inc. (a) (b)   6.00%  12/01/29   8,513,682 
 127,000  United Rentals North America, Inc.   5.50%  05/15/27   129,261 
              11,088,927 
    Trucking — 0.7%           
 6,481,000  Hertz (The) Corp. (a)   4.63%  12/01/26   5,779,075 
 7,994,000  Hertz (The) Corp. (a)   5.00%  12/01/29   6,852,777 
              12,631,852 
    Wireless Telecommunication Services — 0.0%           
 500,000  SBA Communications Corp.   3.88%  02/15/27   477,650 
    Total Corporate Bonds and Notes          1,393,132,074 
    (Cost $1,517,051,623)           
                
FOREIGN CORPORATE BONDS AND NOTES — 7.5%
    Application Software — 0.3%           
 4,318,000  ION Trading Technologies S.A.R.L. (a)   5.75%  05/15/28   3,551,663 
 2,336,000  Open Text Corp. (a)   3.88%  02/15/28   2,157,894 
              5,709,557 
    Auto Parts & Equipment — 0.3%           
 4,432,000  Clarios Global L.P. / Clarios US Finance Co. (a)   8.50%  05/15/27   4,492,630 
    Building Products — 1.1%           
 15,022,000  Cemex SAB de C.V. (a) (b)   7.38%  06/05/27   15,268,361 
 1,304,000  Cemex SAB de C.V. (a)   5.45%  11/19/29   1,196,420 
 2,000,000  Cemex SAB de C.V. (a)   5.20%  09/17/30   1,804,380 
 1,000,000  Masonite International Corp. (a)   5.38%  02/01/28   978,980 
              19,248,141 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Cable & Satellite — 0.0%           
$250,000  Virgin Media Finance PLC (a)   5.00%  07/15/30  $212,345 
    Casinos & Gaming — 0.2%           
 3,000,000  International Game Technology PLC (a)   4.13%  04/15/26   2,866,860 
 500,000  International Game Technology PLC (a)   5.25%  01/15/29   483,545 
              3,350,405 
    Data Processing & Outsourced Services — 0.7%           
 15,159,000  Paysafe Finance PLC / Paysafe Holdings US Corp. (a) (b)   4.00%  06/15/29   11,633,547 
    Electrical Components & Equipment — 0.0%           
 500,000  Sensata Technologies B.V. (a)   4.00%  04/15/29   455,800 
    Environmental & Facilities Services — 0.7%           
 500,000  GFL Environmental, Inc. (a)   5.13%  12/15/26   504,128 
 9,173,000  GFL Environmental, Inc. (a) (b)   4.00%  08/01/28   8,288,631 
 1,784,000  GFL Environmental, Inc. (a)   4.75%  06/15/29   1,630,192 
 1,000,000  GFL Environmental, Inc. (a)   4.38%  08/15/29   886,140 
              11,309,091 
    Integrated Telecommunication Services — 1.1%           
 2,989,000  Altice France S.A. (a)   5.50%  01/15/28   2,634,908 
 500,000  Altice France S.A. (a)   5.13%  07/15/29   428,635 
 17,387,000  Altice France S.A. (a) (b)   5.50%  10/15/29   15,030,540 
              18,094,083 
    Life Sciences Tools & Services — 0.1%           
 2,604,000  Grifols Escrow Issuer S.A. (a)   4.75%  10/15/28   2,311,571 
    Metal & Glass Containers — 0.0%           
 200,000  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (a)   4.13%  08/15/26   176,541 
    Pharmaceuticals — 0.5%           
 169,000  Cheplapharm Arzneimittel GmbH (a)   5.50%  01/15/28   153,639 
 10,000,000  Endo Luxembourg Finance Co. I S.A.R.L / Endo U.S., Inc. (a) (b)   6.13%  04/01/29   8,052,250 
 286,000  Jazz Securities DAC (a)   4.38%  01/15/29   276,013 
              8,481,902 
    Research & Consulting Services — 0.2%           
 3,774,000  Camelot Finance S.A. (a)   4.50%  11/01/26   3,599,264 
    Restaurants — 1.3%           
 4,418,000  1011778 BC ULC / New Red Finance, Inc. (a)   4.38%  01/15/28   4,101,693 
 20,195,000  1011778 BC ULC / New Red Finance, Inc. (a)   4.00%  10/15/30   17,647,401 
              21,749,094 
    Specialized Finance — 0.0%           
 710,000  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC (a)   6.00%  06/15/27   731,335 
    Specialty Chemicals — 0.1%           
 1,000,000  Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (a)   4.75%  06/15/27   956,551 
    Trading Companies & Distributors — 0.9%           
 6,779,000  VistaJet Malta Finance PLC / XO Management Holding, Inc. (a)   7.88%  05/01/27   6,251,763 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated Coupon  Stated
Maturity
  Value
    
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Trading Companies & Distributors (Continued)           
$9,742,000  VistaJet Malta Finance PLC / XO Management Holding, Inc. (a)   6.38%  02/01/30  $8,521,717 
              14,773,480 
    Total Foreign Corporate Bonds and Notes          127,285,337 
    (Cost $138,907,372)           

 

Principal
Value
  Description  Rate (c)  Stated
Maturity (d)
  Value
    
SENIOR FLOATING-RATE LOAN INTERESTS — 25.3%
    Application Software — 11.9%           
 3,000,000  Epicor Software Corp., Term Loan (Second Lien), 1 Mo. LIBOR + 7.75%, 1.00% Floor   10.12%  07/30/28   2,949,000 
 21,394,715  Gainwell Acquisition Corp. (fka Milano), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor   6.25%  10/01/27   20,717,144 
 24,133,968  Greeneden U.S. Holdings II LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor   6.37%  12/01/27   23,517,586 
 15,752,668  Hyland Software, Inc., Term Loan (Second Lien), 1 Mo. LIBOR + 6.25%, 0.75% Floor   8.62%  07/10/25   15,230,940 
 14,786,770  Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor   5.87%  07/01/24   14,486,451 
 21,139,154  Internet Brands, Inc. (WebMD/MH Sub I LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor   6.12%  09/15/24   20,496,100 
 24,232,252  Internet Brands, Inc. (WebMD/MH Sub I LLC), Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  09/13/24   23,505,284 
 19,021,355  Internet Brands, Inc. (WebMD/MH Sub I LLC), Term Loan (Second Lien), 1 Mo. LIBOR + 6.25%, 0.00% Floor   8.62%  02/23/29   17,990,968 
 1,051,300  ION Trading Technologies, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor   7.00%  04/01/28   1,006,620 
 14,985,513  LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor   6.91%  08/31/27   11,394,685 
 8,944,728  RealPage, Inc., Term Loan (Second Lien), 1 Mo. LIBOR + 6.50%, 0.75% Floor   8.87%  04/22/29   8,581,393 
 40,446,866  SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor   5.12%  02/05/24   39,622,963 
 2,853,483  Solera Holdings, Inc. (Polaris Newco), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.50% Floor   6.37%  06/04/28   2,705,644 
              202,204,778 
    Asset Management & Custody Banks — 0.4%           
 7,000,000  Edelman Financial Engines Center, LLC, Term Loan (Second Lien), 1 Mo. LIBOR + 6.75%, 0.00% Floor   9.12%  07/20/26   6,398,770 
    Cable & Satellite — 0.2%           
 3,647,679  Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor   4.25%  07/17/25   3,509,359 
    Casinos & Gaming — 1.2%           
 21,263,280  Golden Nugget, Inc. (Fertitta Entertainment LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor   6.33%  01/27/29   20,234,775 
    Education Services — 0.0%           
 357,709  Ascensus Holdings, Inc. (Mercury), Term Loan (Second Lien), 3 Mo. LIBOR + 6.50%, 0.50% Floor   8.81%  08/02/29   322,385 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (c)  Stated
Maturity (d)
  Value
    
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Electronic Equipment & Instruments — 0.4%           
$7,496,753  Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor   5.52%  08/20/25  $6,834,565 
    Environmental & Facilities Services — 0.5%           
 9,130,692  Packers Holdings LLC (PSSI), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor   5.12%  03/15/28   8,562,307 
    Health Care Services — 2.0%           
 1,336,539  AccentCare (Pluto Acquisition I, Inc.), New Term Loan B, 6 Mo. LIBOR + 4.00%, 0.00% Floor   6.08%  06/20/26   1,095,962 
 12,486,160  Envision Healthcare Corp., Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  10/10/25   3,228,172 
 358,925  Help at Home (HAH Group Holding Co. LLC), Delayed Draw Term Loan, 3 Mo. SOFR + 5.00%, 1.00% Floor   7.21%  10/29/27   337,389 
 2,836,610  Help at Home (HAH Group Holding Co. LLC), Initial Term Loan, 3 Mo. SOFR + 5.00%, 1.00% Floor   7.21%  10/29/27   2,666,414 
 3,130,737  Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.00%  11/30/27   3,007,198 
 1,036,128  SCP Health (Onex TSG Intermediate Corp.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.75% Floor   7.12%  02/28/28   942,876 
 6,407,748  Sevita (National Mentor Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.13%  03/01/28   5,416,854 
 7,953,577  Sevita (National Mentor Holdings, Inc.), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.01%  03/01/28   6,723,636 
 456,766  Sevita (National Mentor Holdings, Inc.), Term Loan C, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.01%  03/01/28   386,132 
 7,755,108  Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor   5.12%  02/06/24   6,905,535 
 3,564,149  U.S. Anesthesia Partners Intermediate Holdings, Inc., New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.50% Floor   5.96%  09/30/28   3,332,871 
              34,043,039 
    Health Care Technology — 2.2%           
 8,082,194  Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor   6.62%  12/16/25   7,530,584 
 2,255,441  Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor   6.37%  10/23/26   2,187,778 
 1,336,584  Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor   6.12%  07/25/26   1,253,047 
 28,108,427  Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor   6.37%  08/27/25   27,318,018 
              38,289,427 
    Insurance Brokers — 0.2%           
 8,853  HUB International Ltd., New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor   5.78%  04/25/25   8,648 
 3,479,147  HUB International Ltd., New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor   5.98%  04/25/25   3,398,709 
              3,407,357 
    Integrated Telecommunication Services — 0.2%           
 3,266,801  Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor   5.41%  08/14/26   3,098,561 

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (c)  Stated
Maturity (d)
  Value
    
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Managed Health Care — 0.3%           
$4,962,500  Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor   5.82%  08/31/28  $4,588,923 
    Movies & Entertainment — 1.0%           
 1,572,827  Cineworld Group PLC (Crown), New Priority Term Loan, 6 Mo. LIBOR + 8.25%, 1.00% Floor   10.08%  05/23/24   1,639,672 
 2,950,205  Cineworld Group PLC (Crown), Priority Term Loan B-1, Fixed Rate at 15.25% (e)   15.25%  05/23/24   3,249,680 
 19,263,445  Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR + 2.50%, 1.00% Floor   4.00%  02/28/25   12,278,520 
              17,167,872 
    Pharmaceuticals — 1.9%           
 1,103,651  Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%, 1.00% Floor (f)   9.78%  09/30/25   1,055,830 
 5,530,000  Endo LLC, 2021 Term Loan B, 1 Mo. LIBOR + 5.00%, 0.75% Floor  7.38%  03/27/28   4,445,512 
 6,044,790  Mallinckrodt International Finance S.A., 2017 Replacement Term Loan, 3 Mo. LIBOR + 5.25%, 0.75% Floor (g)   7.25%  09/30/27   5,002,064 
 21,988,355  Nestle Skin Health (Sunshine Lux VII S.A.R.L./Galderma), 2021 Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor   6.00%  10/02/26   20,957,761 
 1,503,879  Padagis LLC, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.50% Floor   7.04%  07/06/28   1,421,165 
              32,882,332 
    Restaurants — 0.1%           
 1,887,511  Portillo’s Holdings LLC, Term Loan B-3, 1 Mo. LIBOR + 5.50%, 1.00% Floor   7.87%  08/30/24   1,857,632 
    Soft Drinks — 0.1%           
 1,033,595  Tropicana (Naked Juice LLC/Bengal Debt Merger Sub LLC), Term Loan (Second Lien), 3 Mo. SOFR + 6.00%, 0.50% Floor   8.15%  01/24/30   937,130 
    Specialized Consumer Services — 1.4%           
 28,517,063  Asurion LLC, Term Loan B-3 (Second Lien), 1 Mo. LIBOR + 5.25%, 0.00% Floor   7.62%  01/31/28   24,382,089 
    Specialized Finance — 0.4%           
 2,600,432  WCG Purchaser Corp. (WIRB- Copernicus Group), Term Loan B, 1 Mo. LIBOR + 4.00%, 1.00% Floor   6.37%  01/08/27   2,531,078 
 4,311,186  WCG Purchaser Corp. (WIRB- Copernicus Group), Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor   6.25%  01/08/27   4,196,207 
              6,727,285 
    Systems Software — 0.9%           
 1,221,902  Applied Systems, Inc., Term Loan (Second Lien), 3 Mo. LIBOR + 5.50%, 0.75% Floor   7.75%  09/19/25   1,186,553 
 5,966,147  BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor   6.12%  10/02/25   5,733,229 
 9,195,326  Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor   6.87%  06/13/24   8,569,492 
              15,489,274 
    Total Senior Floating-Rate Loan Interests          430,937,860 
    (Cost $467,708,810)           

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
COMMON STOCKS — 0.1%
    Pharmaceuticals — 0.1%     
 259,956  Akorn, Inc. (h) (i)   $1,646,301 
    (Cost $2,979,179)     
          
WARRANTS — 0.0%
    Movies & Entertainment — 0.0%     
 828,940  Cineworld Group PLC, expiring 11/23/25 (h) (j)    161,518 
    (Cost $0)     
          
RIGHTS — 0.0%
    Electric Utilities — 0.0%     
 1,629  Vista Energy Corp., no expiration date (h) (j)    2,158 
    (Cost $2,830)     
          
MONEY MARKET FUNDS — 0.3%
 4,539,239  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (k)    4,539,239 
    (Cost $4,539,239)     
    Total Investments — 115.0%    1,957,704,487 
    (Cost $2,131,189,053)     
          

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
    
U.S. TREASURY BILLS SOLD SHORT— (19.9)%
                
$(82,000,000)  U.S. Treasury Bill   (l)  08/04/22   (81,987,632)
 (85,000,000)  U.S. Treasury Bill   (l)  08/09/22   (84,962,005)
 (134,000,000)  U.S. Treasury Bill   (l)  08/18/22   (133,872,020)
 (39,000,000)  U.S. Treasury Bill   (l)  08/25/22   (38,947,311)
    Total U.S. Treasury Bills Sold Short          (339,768,968)
    (Proceeds $339,793,995)           
                
    Borrowings — (0.5)%          (8,508,878)
    Net Other Assets and Liabilities — 5.4%          92,449,179 
    Net Assets — 100.0%         $1,701,875,820 

 

 

(a) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (“First Trust” or the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2022, securities noted as such amounted to $1,408,258,659 or 82.7% of net assets.
(b) This security or a portion of this security is segregated as collateral for investments sold short.

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

(c) Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates.
(d) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.
(e) The issuer may pay interest on the loans in cash and in Payment-In-Kind (“PIK”) interest. Interest paid in cash will accrue at the rate of 7.00% per annum (“Cash Interest Rate”) and PIK interest will accrue on the loan at the rate of 8.25% per annum. For the fiscal year-to-date period (November 1, 2021 to July 31, 2022), the Fund received a portion of the interest in cash and PIK interest with a principal value of $177,133 for Cineworld Group PLC.
(f) The issuer may pay interest on the loans (1) entirely in cash or (2) in the event that both the PIK Toggle Condition has been satisfied and the issuer elects to exercise the PIK interest, 2.50% payable in cash and 7.00% payable as PIK interest. For the fiscal year-to-date period (November 1, 2021 to July 31, 2022), this security paid all of its interest in cash.
(g) On June 16, 2022, Mallinckrodt plc completed a Bankruptcy Plan of Reorganization. In connection with the Plan of Reorganization, the Fund received a new replacement term loan.
(h) Non-income producing security.
(i) Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers (see Restricted Securities table).
(j) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(k) Rate shown reflects yield as of July 31, 2022.
(l) Zero coupon security.

  

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate

 

 

First Trust Tactical High Yield ETF (HYLS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

   
             

Valuation Inputs

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

 

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

           

 

ASSETS TABLE
 
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
Corporate Bonds and Notes*   $1,393,132,074   $—     $1,393,132,074   $—   
Foreign Corporate Bonds and Notes *    127,285,337    —      127,285,337    —   
Senior Floating-Rate Loan Interests*    430,937,860    —      430,937,860    —   
Common Stocks*    1,646,301    —      1,646,301    —   
Warrants*    161,518    —      161,518    —   
Rights*    2,158    —      2,158    —   
Money Market Funds    4,539,239    4,539,239    —      —   
Total Investments   $1,957,704,487   $4,539,239   $1,953,165,248   $—   
                     
LIABILITIES TABLE
                     
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
U.S. Treasury Bills Sold Short   $(339,768,968)  $—     $(339,768,968)  $—   
                     
* See Portfolio of Investments for industry breakout.

  

 

           
   
Restricted Securities  

As of July 31, 2022, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.

 

Security  

Acquisition

Date

  Shares  

Current

Price

 

Carrying

Cost

  Value

% of Net

Assets

Akorn, Inc.                      
  10/15/2020   259,956   $   6.33     $   2,979,179     $   1,646,301       0.08%  
               
                                   

 

 

 

 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Annualized
Yield on
Date of
Purchase
  Stated
Maturity
  Value
 
COMMERCIAL PAPER — 37.1%   
   Aerospace/Defense — 0.7%   
$13,000,000  L3Harris Technologies, Inc.   2.33% - 2.43%  08/01/22  $13,000,000 
 7,300,000  L3Harris Technologies, Inc.   2.33%  08/05/22   7,298,133 
 10,000,000  L3Harris Technologies, Inc.   2.08%  08/09/22   9,995,438 
 10,000,000  L3Harris Technologies, Inc.   2.08%  08/11/22   9,994,298 
              40,287,869 
    Agriculture — 0.3%           
 15,000,000  BAT International Finance PLC   2.54%  08/19/22   14,981,234 
    Auto Manufacturers — 1.9%           
 15,000,000  American Honda Finance Corp.   2.66%  09/09/22   14,957,588 
 15,000,000  American Honda Finance Corp.   2.80%  09/22/22   14,940,389 
 10,000,000  General Motors Financial Co., Inc.   2.77%  08/01/22   10,000,000 
 10,000,000  General Motors Financial Co., Inc.   2.39%  08/10/22   9,994,117 
 10,000,000  General Motors Financial Co., Inc.   2.44%  08/12/22   9,992,651 
 10,000,000  General Motors Financial Co., Inc.   2.64%  08/22/22   9,984,818 
 10,000,000  General Motors Financial Co., Inc.   2.64%  08/24/22   9,983,375 
 15,000,000  Harley-Davidson Financial Services, Inc.   2.44%  08/09/22   14,991,989 
 15,000,000  Harley-Davidson Financial Services, Inc.   2.65%  08/11/22   14,988,958 
              109,833,885 
    Banks — 2.9%           
 25,000,000  Australia & New Zealand Banking Group Ltd., SOFR + 0.41% (a)   1.94%  12/19/22   25,000,000 
 15,000,000  Canadian Imperial Bank of Commerce   1.75%  11/03/22   14,932,869 
 10,000,000  Commonwealth Bank of Australia, SOFR + 0.42% (a)   1.20%  01/23/23   9,999,519 
 10,000,000  Macquarie Bank Ltd., SOFR + 0.60% (a)   2.13%  03/02/23   10,000,000 
 15,000,000  Royal Bank of Canada, Fed Funds + 0.45% (a)   2.78%  03/24/23   15,000,000 
 10,000,000  Royal Bank of Canada   3.91%  07/19/23   10,000,000 
 15,000,000  Skandinaviska Enskilda Banken AB, SOFR + 0.41% (a)   1.94%  11/21/22   15,000,000 
 10,000,000  Svenska Handelsbanken AB, SOFR + 0.40% (a)   1.92%  03/01/23   10,000,000 
 25,000,000  Toronto-Dominion Bank (The), SOFR + 0.40%   2.68%  11/21/22   25,000,000 
 10,000,000  Toronto-Dominion Bank (The), SOFR + 0.50%   2.78%  03/06/23   10,000,000 
 10,000,000  Toronto-Dominion Bank (The)   3.95%  07/19/23   10,000,000 
 10,000,000  UBS AG, SOFR + 0.52% (a)   2.28%  03/08/23   10,000,000 
              164,932,388 
    Beverages — 2.0%           
 6,000,000  Constellation Brands, Inc.   2.35%  08/02/22   5,999,614 
 20,880,000  Constellation Brands, Inc.   2.36% - 2.64%  08/05/22   20,874,430 
 15,000,000  Constellation Brands, Inc.   2.69%  08/11/22   14,988,948 
 10,000,000  Constellation Brands, Inc.   2.69%  08/12/22   9,991,896 
 10,000,000  Constellation Brands, Inc.   2.90%  08/19/22   9,985,742 
 10,000,000  Constellation Brands, Inc.   2.95%  08/23/22   9,982,271 
 24,000,000  Molson Coors Beverage Co.   2.49%  08/02/22   23,998,363 
 20,000,000  Molson Coors Beverage Co.   2.69%  08/05/22   19,994,107 
              115,815,371 
    Chemicals — 3.3%           
 20,000,000  FMC Corp.   2.79%  08/01/22   20,000,000 
 10,000,000  FMC Corp.   2.44%  08/02/22   9,999,332 
 10,000,000  FMC Corp.   2.44%  08/03/22   9,998,664 
 20,070,000  FMC Corp.   2.84% - 2.85%  08/17/22   20,044,998 
 10,000,000  International Flavors & Fragrances, Inc.   2.59%  08/05/22   9,997,163 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Annualized
Yield on
Date of
Purchase
  Stated
Maturity
  Value
 
COMMERCIAL PAPER (Continued)
    Chemicals (Continued)           
$14,000,000  International Flavors & Fragrances, Inc.   2.74%  08/16/22  $13,984,242 
 10,000,000  International Flavors & Fragrances, Inc.   3.15%  08/31/22   9,974,160 
 10,000,000  Nutrien Ltd.   2.17%  08/03/22   9,998,814 
 10,000,000  Nutrien Ltd.   2.13%  08/11/22   9,994,157 
 15,000,000  Nutrien Ltd.   2.13%  08/12/22   14,990,360 
 10,000,000  Nutrien Ltd.   2.14%  08/17/22   9,990,644 
 10,000,000  Nutrien Ltd.   2.49%  09/19/22   9,966,701 
 10,000,000  PPG Industries, Inc.   2.08%  08/08/22   9,996,008 
 10,000,000  PPG Industries, Inc.   2.13%  08/10/22   9,994,743 
 10,000,000  Sherwin-Williams (The) Co.   2.08%  08/05/22   9,997,719 
 10,000,000  Sherwin-Williams (The) Co.   2.39%  08/23/22   9,985,628 
              188,913,333 
    Diversified Financial Services — 0.7%           
 10,000,000  ABN AMRO Funding USA LLC   1.86%  10/25/22   9,956,879 
 10,000,000  Nasdaq, Inc.   2.14%  08/03/22   9,998,830 
 4,825,000  Nasdaq, Inc.   2.69%  09/01/22   4,813,986 
 15,000,000  Nasdaq, Inc.   2.82%  09/14/22   14,949,170 
              39,718,865 
    Electric — 4.1%           
 15,000,000  American Electric Power Co., Inc.   2.05%  08/01/22   15,000,000 
 10,000,000  American Electric Power Co., Inc.   2.08%  08/08/22   9,996,008 
 15,000,000  American Electric Power Co., Inc.   2.52%  08/17/22   14,983,453 
 10,000,000  Consolidated Edison Co. of New York, Inc.   2.13%  08/01/22   10,000,000 
 10,000,000  Consolidated Edison Co. of New York, Inc.   2.06%  08/04/22   9,998,292 
 10,000,000  Dominion Energy, Inc.   2.11%  08/02/22   9,999,421 
 10,000,000  Dominion Energy, Inc.   2.09%  08/04/22   9,998,281 
 10,000,000  Dominion Energy, Inc.   2.14%  08/08/22   9,995,892 
 11,000,000  Dominion Energy, Inc.   2.66%  08/25/22   10,980,780 
 15,600,000  Duke Energy Corp.   1.93%  08/03/22   15,598,352 
 15,000,000  Entergy Corp.   1.90%  09/01/22   14,975,778 
 10,000,000  Entergy Corp.   2.63%  09/08/22   9,972,743 
 18,000,000  Public Service Enterprise Group, Inc.   2.66%  08/25/22   17,968,548 
 22,750,000  Southern (The) Co.   2.13%  08/04/22   22,745,835 
 5,000,000  Southern California Edison Co.   2.64%  08/01/22   5,000,000 
 15,000,000  Southern California Edison Co.   2.69%  08/03/22   14,997,791 
 20,000,000  WEC Energy Group, Inc.   2.21%  08/01/22   20,000,000 
 10,000,000  WEC Energy Group, Inc.   2.49%  08/17/22   9,989,107 
              232,200,281 
    Electronics — 2.7%           
 10,000,000  Arrow Electronics, Inc.   2.74%  08/03/22   9,998,500 
 44,400,000  Arrow Electronics, Inc.   2.49% - 2.54%  08/04/22   44,390,805 
 5,700,000  Jabil, Inc.   3.05%  08/01/22   5,700,000 
 15,000,000  Jabil, Inc.   2.59%  08/02/22   14,998,935 
 10,000,000  Jabil, Inc.   3.14%  08/03/22   9,998,277 
 20,000,000  Jabil, Inc.   2.59%  08/12/22   19,984,395 
 20,000,000  Jabil, Inc.   2.79%  08/18/22   19,974,000 
 10,000,000  Jabil, Inc.   2.79%  08/19/22   9,986,237 
 20,000,000  Jabil, Inc.   2.80%  08/25/22   19,963,305 
              154,994,454 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Annualized
Yield on
Date of
Purchase
  Stated
Maturity
  Value
 
COMMERCIAL PAPER (Continued)
    Food — 1.2%           
$15,000,000  Campbell Soup Co.   2.39%  08/17/22  $14,984,286 
 5,000,000  Campbell Soup Co.   2.55%  09/07/22   4,987,122 
 10,000,000  Conagra Brands, Inc.   2.40%  08/02/22   9,999,333 
 15,000,000  Conagra Brands, Inc.   2.95%  08/18/22   14,979,452 
 15,000,000  McCormick & Co., Inc.   2.16%  08/22/22   14,981,407 
 5,985,000  McCormick & Co., Inc.   2.69%  08/25/22   5,974,424 
              65,906,024 
    Gas — 1.5%           
 15,000,000  CenterPoint Energy Resources Corp.   2.52%  08/18/22   14,982,418 
 20,000,000  CenterPoint Energy Resources Corp.   2.59%  08/23/22   19,968,809 
 10,000,000  CenterPoint Energy Resources Corp.   2.62%  08/24/22   9,983,508 
 19,400,000  NiSource, Inc.   2.29%  08/10/22   19,389,075 
 20,000,000  NiSource, Inc.   2.54%  08/19/22   19,974,983 
              84,298,793 
    Health Care Products — 0.5%           
 15,762,000  Baxter International, Inc.   2.29%  08/15/22   15,748,174 
 15,000,000  Baxter International, Inc.   2.67%  08/29/22   14,969,310 
              30,717,484 
    Health Care Services — 1.3%           
 20,000,000  Humana, Inc.   2.23% - 2.35%  08/08/22   19,991,220 
 10,000,000  Humana, Inc.   2.24%  08/10/22   9,994,492 
 10,000,000  Humana, Inc.   2.24%  08/11/22   9,993,879 
 10,000,000  Humana, Inc.   2.54%  08/18/22   9,988,184 
 11,350,000  Humana, Inc.   2.64%  08/23/22   11,331,957 
 10,000,000  Humana, Inc.   2.64%  08/24/22   9,983,382 
              71,283,114 
    Household Products/Wares — 0.2%           
 10,000,000  Reckitt Benckiser Treasury Services PLC   2.66%  08/31/22   9,978,162 
    Insurance — 0.3%           
 15,000,000  Aon Corp.   2.80%  09/15/22   14,948,394 
    Miscellaneous Manufacturing — 0.7%           
 6,900,000  Parker-Hannifin Corp.   2.42%  08/24/22   6,889,482 
 10,000,000  Parker-Hannifin Corp.   2.43%  09/08/22   9,974,813 
 10,000,000  Parker-Hannifin Corp.   2.51%  09/16/22   9,968,521 
 6,500,000  Parker-Hannifin Corp.   2.75%  09/21/22   6,475,126 
 5,000,000  Parker-Hannifin Corp.   2.91%  10/03/22   4,975,041 
              38,282,983 
    Oil & Gas — 1.2%           
 5,000,000  Suncor Energy, Inc.   2.13%  08/03/22   4,999,416 
 20,250,000  Suncor Energy, Inc.   2.18% - 2.23%  08/11/22   20,237,751 
 4,944,000  Suncor Energy, Inc.   2.24%  08/19/22   4,938,546 
 10,000,000  Suncor Energy, Inc.   2.41%  08/29/22   9,981,528 
 10,000,000  Suncor Energy, Inc.   2.37%  08/30/22   9,981,189 
 10,000,000  Suncor Energy, Inc.   2.44%  09/06/22   9,975,957 
 5,000,000  Suncor Energy, Inc.   2.55%  09/20/22   4,981,781 
              65,096,168 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Annualized
Yield on
Date of
Purchase
  Stated
Maturity
  Value
 
COMMERCIAL PAPER (Continued)
    Pharmaceuticals — 1.5%           
$5,000,000  AstraZeneca PLC   1.35%  09/07/22  $4,993,180 
 15,000,000  Becton Dickinson and Co.   2.54%  08/22/22   14,978,116 
 15,000,000  Becton Dickinson and Co.   2.54%  08/26/22   14,973,946 
 10,000,000  Cigna Corp.   2.14%  08/16/22   9,991,227 
 10,000,000  Viatris, Inc.   3.25%  08/12/22   9,990,216 
 10,000,000  Viatris, Inc.   3.25%  08/16/22   9,986,651 
 10,000,000  Viatris, Inc.   3.25%  08/17/22   9,985,764 
 10,000,000  Viatris, Inc.   3.25%  08/19/22   9,983,993 
              84,883,093 
    Pipelines — 5.0%           
 5,000,000  Enbridge US, Inc.   2.15%  08/09/22   4,997,641 
 10,000,000  Enbridge US, Inc.   2.15%  08/10/22   9,994,692 
 10,000,000  Enbridge US, Inc.   2.36%  08/17/22   9,989,664 
 16,000,000  Enbridge US, Inc.   2.69%  08/26/22   15,970,543 
 10,000,000  Enbridge US, Inc.   2.73%  09/07/22   9,972,433 
 10,000,000  Enbridge US, Inc.   2.73%  09/19/22   9,963,490 
 20,000,000  Kinder Morgan, Inc.   2.64%  08/01/22   20,000,000 
 10,000,000  ONEOK, Inc.   2.74%  08/01/22   10,000,000 
 15,127,000  ONEOK, Inc.   2.28%  08/02/22   15,126,053 
 20,000,000  ONEOK, Inc.   2.39%  08/05/22   19,994,772 
 25,000,000  ONEOK, Inc.   2.45%  08/08/22   24,988,090 
 15,000,000  ONEOK, Inc.   2.79%  08/17/22   14,981,647 
 10,000,000  TransCanada PipeLines Ltd.   1.50%  08/02/22   9,999,583 
 10,000,000  TransCanada PipeLines Ltd.   2.19%  08/16/22   9,991,017 
 12,000,000  TransCanada PipeLines Ltd.   2.24%  08/22/22   11,984,576 
 8,350,000  TransCanada PipeLines Ltd.   2.37%  08/25/22   8,336,997 
 10,000,000  TransCanada PipeLines Ltd.   2.82%  09/20/22   9,961,510 
 10,000,000  TransCanada PipeLines Ltd.   2.87%  09/23/22   9,958,461 
 10,000,000  Williams Cos., (The), Inc.   2.79%  08/18/22   9,987,009 
 15,000,000  Williams Cos., (The), Inc.   2.59%  08/24/22   14,975,545 
 15,000,000  Williams Cos., (The), Inc.   2.74%  08/29/22   14,968,486 
 15,000,000  Williams Cos., (The), Inc.   2.74%  08/31/22   14,966,235 
              281,108,444 
    Real Estate Investment Trusts — 1.1%           
 17,000,000  Crown Castle, Inc.   2.82% - 2.84%  08/09/22   16,989,475 
 14,000,000  Crown Castle, Inc.   3.00%  08/16/22   13,982,773 
 15,000,000  Crown Castle, Inc.   3.00%  08/18/22   14,979,082 
 15,000,000  Crown Castle, Inc.   3.15%  08/25/22   14,968,989 
              60,920,319 
    Retail — 0.2%           
 10,000,000  Dollar General Corp.   2.13%  08/23/22   9,987,199 
    Software — 1.3%           
 15,000,000  Fiserv, Inc.   2.05%  08/03/22   14,998,315 
 10,000,000  Fiserv, Inc.   2.28%  08/04/22   9,998,123 
 15,000,000  Fiserv, Inc.   2.39%  08/09/22   14,992,160 
 10,000,000  Fiserv, Inc.   2.41%  08/10/22   9,994,071 
 14,125,000  Fiserv, Inc.   2.34%  08/16/22   14,111,448 
 10,000,000  Fiserv, Inc.   2.69%  08/22/22   9,984,534 
              74,078,651 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Annualized
Yield on
Date of
Purchase
  Stated
Maturity
  Value
 
COMMERCIAL PAPER (Continued)
    Telecommunications — 2.3%           
$15,000,000  AT&T, Inc.   2.75%  09/13/22  $14,951,589 
 10,000,000  AT&T, Inc.   2.75%  09/14/22   9,966,982 
 15,000,000  AT&T, Inc.   2.70%  09/27/22   14,936,974 
 10,000,000  Bell Telephone Co. of Canada or Bell Canada (The)   2.18%  08/15/22   9,991,629 
 15,000,000  Bell Telephone Co. of Canada or Bell Canada (The)   2.44%  08/18/22   14,982,981 
 10,000,000  Verizon Communications, Inc.   2.10%  08/15/22   9,991,833 
 20,000,000  Verizon Communications, Inc.   2.01% - 2.10%  08/16/22   19,982,917 
 10,000,000  Verizon Communications, Inc.   2.19%  08/23/22   9,986,841 
 15,000,000  Verizon Communications, Inc.   2.71%  09/12/22   14,952,750 
 10,000,000  Verizon Communications, Inc.   2.60%  09/13/22   9,969,511 
              129,714,007 
    Transportation — 0.2%           
 10,000,000  Canadian Pacific Railway Co.   2.59%  08/09/22   9,994,331 
    Total Commercial Paper          2,092,874,846 
    (Cost $2,092,874,846)           
                

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES — 34.0%
    Aerospace/Defense — 1.3%           
 11,215,000  Boeing (The) Co.   2.20%  10/30/22   11,187,560 
 6,176,000  Boeing (The) Co.   1.17%  02/04/23   6,099,831 
 2,361,000  Boeing (The) Co.   4.51%  05/01/23   2,368,577 
 6,765,000  General Dynamics Corp.   3.38%  05/15/23   6,782,932 
 24,773,000  L3Harris Technologies, Inc.   3.85%  06/15/23   24,794,794 
 11,000,000  Northrop Grumman Corp.   3.25%  08/01/23   10,994,850 
 9,100,000  Teledyne Technologies, Inc.   0.65%  04/01/23   8,910,774 
              71,139,318 
    Agriculture — 0.8%           
 19,061,000  Altria Group, Inc.   2.85%  08/09/22   19,062,069 
 12,452,000  BAT Capital Corp., 3 Mo. LIBOR + 0.88% (a)   2.29%  08/15/22   12,448,267 
 11,271,000  BAT Capital Corp.   2.76%  08/15/22   11,268,705 
              42,779,041 
    Airlines — 0.3%           
 11,244,000  Southwest Airlines Co.   2.75%  11/16/22   11,204,420 
 7,300,000  Southwest Airlines Co.   4.75%  05/04/23   7,354,804 
              18,559,224 
    Auto Manufacturers — 3.0%           
 20,000,000  American Honda Finance Corp., Medium-Term Note, 3 Mo. LIBOR + 0.37% (a)   1.77%  05/10/23   19,940,297 
 4,000,000  BMW US Capital LLC (b)   3.80%  04/06/23   4,010,757 
 6,159,000  BMW US Capital LLC, SOFR Compounded Index + 0.53% (a) (b)   2.57%  04/01/24   6,104,401 
 21,203,000  Daimler Finance North America LLC (b)   2.55%  08/15/22   21,200,967 
 7,773,000  Daimler Finance North America LLC (b)   3.35%  02/22/23   7,765,931 
 4,000,000  Daimler Trucks Finance North America LLC (b)   1.13%  12/14/23   3,858,693 
 5,000,000  Daimler Trucks Finance North America LLC, SOFR + 0.60% (a) (b)   2.49%  12/14/23   4,970,287 
 7,000,000  General Motors Financial Co., Inc.   3.25%  01/05/23   6,975,654 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Auto Manufacturers (Continued)           
$3,900,000  General Motors Financial Co., Inc.   4.15%  06/19/23  $3,910,271 
 15,000,000  General Motors Financial Co., Inc., SOFR + 0.76% (a)   2.52%  03/08/24   14,642,929 
 9,690,000  Hyundai Capital America (b)   1.15%  11/10/22   9,625,641 
 12,600,000  Hyundai Capital America (b)   2.38%  02/10/23   12,490,434 
 7,000,000  Hyundai Capital America (b)   1.00%  09/17/24   6,537,689 
 1,000,000  Nissan Motor Acceptance Co. LLC (b)   2.60%  09/28/22   998,001 
 3,000,000  Nissan Motor Acceptance Co. LLC, 3 Mo. LIBOR + 0.64% (a) (b)   2.31%  03/08/24   2,951,643 
 1,000,000  Toyota Motor Credit Corp.   2.50%  03/22/24   990,094 
 10,000,000  Toyota Motor Credit Corp., Series B, SOFR + 0.29% (a)   2.10%  09/13/24   9,873,737 
 21,643,000  Volkswagen Group of America Finance LLC (b)   2.70%  09/26/22   21,627,292 
 1,868,000  Volkswagen Group of America Finance LLC (b)   0.75%  11/23/22   1,850,033 
 10,407,000  Volkswagen Group of America Finance LLC (b)   3.13%  05/12/23   10,343,352 
              170,668,103 
    Banks — 3.7%           
 9,720,000  Bank of America Corp. (c)   3.00%  12/20/23   9,695,501 
 13,036,000  Bank of America Corp. (c)   3.55%  03/05/24   13,015,737 
 10,000,000  Bank of America Corp., SOFR + 0.69% (a)   2.92%  04/22/25   9,791,561 
 1,000,000  Bank of America Corp., Medium-Term Note, 3 Mo. LIBOR + 0.79% (a)   2.40%  03/05/24   992,974 
 15,000,000  Bank of America Corp., Medium-Term Note, 3 Mo. Bloomberg Short Term Bank Yield + 0.43% (a)   1.94%  05/28/24   14,735,850 
 6,000,000  Bank of America Corp., Medium-Term Note (c)   3.86%  07/23/24   5,986,978 
 4,136,000  Citigroup, Inc. (c)   1.68%  05/15/24   4,071,418 
 4,300,000  Discover Bank   3.35%  02/06/23   4,294,226 
 10,588,000  Fifth Third Bancorp   1.63%  05/05/23   10,447,778 
 3,000,000  Fifth Third Bancorp   3.65%  01/25/24   2,999,298 
 3,000,000  Goldman Sachs Group, (The), Inc.   0.52%  03/08/23   2,949,713 
 3,000,000  Goldman Sachs Group, (The), Inc. (c)   0.63%  11/17/23   2,971,978 
 12,500,000  Goldman Sachs Group, (The), Inc., SOFR + 0.50% (a)   2.29%  09/10/24   12,256,206 
 4,000,000  Goldman Sachs Group, (The), Inc., SOFR + 0.49% (a)   2.69%  10/21/24   3,911,679 
 11,000,000  JPMorgan Chase & Co.   3.38%  05/01/23   11,023,743 
 12,000,000  JPMorgan Chase & Co., SOFR + 0.58% (a)   2.47%  03/16/24   11,888,882 
 17,762,000  JPMorgan Chase & Co. (c)   3.56%  04/23/24   17,735,089 
 8,867,000  JPMorgan Chase & Co. (c)   3.80%  07/23/24   8,851,731 
 10,000,000  JPMorgan Chase & Co., SOFR + 0.54% (a)   2.15%  06/01/25   9,758,621 
 2,000,000  Morgan Stanley (c)   0.73%  04/05/24   1,956,480 
 191,000  Morgan Stanley (c)   3.74%  04/24/24   190,698 
 5,540,000  Morgan Stanley, Global Medium-Term Note   3.13%  01/23/23   5,543,809 
 15,000,000  Morgan Stanley, Global Medium-Term Note (c)   0.79%  01/22/25   14,268,339 
 5,000,000  Morgan Stanley, Medium-Term Note   4.10%  05/22/23   5,021,140 
 9,507,000  Morgan Stanley, Medium-Term Note (c)   0.53%  01/25/24   9,354,843 
 3,000,000  Truist Bank, SOFR + 0.73% (a)   2.51%  03/09/23   2,996,814 
 12,000,000  Truist Financial Corp., Medium-Term Note, SOFR + 0.40% (a)   2.18%  06/09/25   11,638,782 
 2,401,000  Wells Fargo & Co., Medium-Term Note (c)   1.65%  06/02/24   2,356,829 
              210,706,697 
    Beverages — 0.0%           
 850,000  Constellation Brands, Inc.   3.60%  05/09/24   850,678 
    Biotechnology — 0.5%           
 10,000,000  Amgen, Inc.   2.25%  08/19/23   9,907,614 
 11,250,000  Gilead Sciences, Inc.   0.75%  09/29/23   10,933,275 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Biotechnology (Continued)           
$9,407,000  Illumina, Inc.   0.55%  03/23/23  $9,199,270 
              30,040,159 
    Building Materials — 0.1%           
 5,000,000  Martin Marietta Materials, Inc.   0.65%  07/15/23   4,861,174 
    Chemicals — 0.1%           
 3,140,000  Westlake Chemical Corp.   0.88%  08/15/24   3,006,205 
    Commercial Services — 0.8%           
 8,817,000  ERAC USA Finance LLC (b)   3.30%  10/15/22   8,815,174 
 2,554,000  Global Payments, Inc.   3.75%  06/01/23   2,554,339 
 3,000,000  Global Payments, Inc.   4.00%  06/01/23   3,000,838 
 7,164,000  Moody’s Corp.   2.63%  01/15/23   7,131,043 
 3,200,000  PayPal Holdings, Inc.   1.35%  06/01/23   3,148,206 
 21,482,000  Verisk Analytics, Inc.   4.13%  09/12/22   21,506,580 
              46,156,180 
    Computers — 0.0%           
 1,660,000  HP, Inc.   4.05%  09/15/22   1,662,522 
 1,221,000  NetApp, Inc.   3.25%  12/15/22   1,221,018 
              2,883,540 
    Cosmetics/Personal Care — 0.2%           
 7,000,000  GSK Consumer Healthcare Capital US LLC, SOFR + 0.89% (a) (b)   2.87%  03/24/24   6,977,207 
 3,000,000  GSK Consumer Healthcare Capital US LLC (b)   3.02%  03/24/24   2,965,139 
 4,000,000  Unilever Capital Corp.   3.13%  03/22/23   4,000,986 
              13,943,332 
    Diversified Financial Services — 0.8%           
 7,280,000  American Express Co.   3.70%  08/03/23   7,313,501 
 3,766,000  American Express Co.   3.38%  05/03/24   3,762,143 
 4,000,000  Capital One Financial Corp.   3.20%  01/30/23   3,998,262 
 8,000,000  Capital One Financial Corp., SOFR + 0.69% (a)   2.45%  12/06/24   7,722,641 
 25,204,000  Nasdaq, Inc.   0.45%  12/21/22   24,908,593 
              47,705,140 
    Electric — 3.5%           
 7,224,000  American Electric Power Co., Inc., Series A, 3 Mo. LIBOR + 0.48% (a)   3.26%  11/01/23   7,181,939 
 8,385,000  American Electric Power Co., Inc., Series F   2.95%  12/15/22   8,375,834 
 1,360,000  CenterPoint Energy Houston Electric LLC   2.25%  08/01/22   1,360,000 
 7,070,000  CenterPoint Energy, Inc., SOFR Compounded Index + 0.65% (a)   1.99%  05/13/24   6,915,270 
 10,000,000  Dominion Energy, Inc., Series B   2.75%  09/15/22   9,987,377 
 7,000,000  Dominion Energy, Inc., Series D, 3 Mo. LIBOR + 0.53% (a)   2.36%  09/15/23   6,964,105 
 8,000,000  DTE Energy Co.   2.25%  11/01/22   7,978,014 
 4,118,000  Duke Energy Corp.   2.40%  08/15/22   4,115,999 
 3,000,000  Duke Energy Corp., SOFR + 0.25% (a)   2.04%  06/10/23   2,978,881 
 13,220,000  Georgia Power Co., Series A   2.10%  07/30/23   13,043,639 
 21,651,000  NextEra Energy Capital Holdings, Inc.   0.65%  03/01/23   21,321,116 
 5,260,000  NextEra Energy Capital Holdings, Inc., SOFR Compounded Index + 0.54% (a)   2.16%  03/01/23   5,237,159 
 10,000,000  NextEra Energy Capital Holdings, Inc., SOFR Compounded Index + 0.40% (a)   2.68%  11/03/23   9,877,258 
 6,245,000  Northern States Power Co.   2.60%  05/15/23   6,209,538 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Electric (Continued)           
$15,000,000  Oklahoma Gas and Electric Co.   0.55%  05/26/23  $14,664,073 
 6,018,000  Pacific Gas and Electric Co., SOFR Compounded Index + 1.15% (a)   2.49%  11/14/22   6,004,583 
 4,200,000  PPL Electric Utilities Corp., SOFR + 0.33% (a)   2.31%  06/24/24   4,122,399 
 5,637,000  Public Service Electric and Gas Co., Medium-Term Note   2.38%  05/15/23   5,592,686 
 6,481,000  Public Service Enterprise Group, Inc.   2.65%  11/15/22   6,471,248 
 11,285,000  Public Service Enterprise Group, Inc.   0.84%  11/08/23   10,908,882 
 15,000,000  Southern California Edison Co., SOFR Compounded Index + 0.64% (a)   2.68%  04/03/23   14,946,133 
 4,000,000  Southern California Edison Co., Series J   0.70%  08/01/23   3,892,949 
 7,550,000  Southern (The) Co., Series 2021, SOFR + 0.37% (a)   1.65%  05/10/23   7,492,970 
 2,599,000  Virginia Electric and Power Co.   3.45%  02/15/24   2,602,225 
 8,764,000  Virginia Electric and Power Co., Series C   2.75%  03/15/23   8,724,413 
              196,968,690 
    Environmental Control — 0.8%           
 23,621,000  Republic Services, Inc.   4.75%  05/15/23   23,795,720 
 22,751,000  Waste Management, Inc.   2.40%  05/15/23   22,614,549 
              46,410,269 
    Food — 0.3%           
 7,086,000  ConAgra Brands, Inc.   3.20%  01/25/23   7,076,050 
 10,000,000  ConAgra Brands, Inc.   0.50%  08/11/23   9,703,611 
              16,779,661 
    Gas — 0.5%           
 15,033,000  CenterPoint Energy Resources Corp.   0.70%  03/02/23   14,858,666 
 5,864,000  CenterPoint Energy Resources Corp., 3 Mo. LIBOR + 0.50% (a)   2.11%  03/02/23   5,848,795 
 5,000,000  Southern California Gas Co., 3 Mo. LIBOR + 0.35% (a)   2.09%  09/14/23   4,972,134 
              25,679,595 
    Health Care Products — 1.4%           
 8,000,000  Baxter International, Inc.   0.87%  12/01/23   7,724,292 
 10,000,000  Baxter International, Inc., SOFR Compounded Index + 0.26% (a)   1.88%  12/01/23   9,834,388 
 10,000,000  Baxter International, Inc., SOFR Compounded Index + 0.44% (a)   2.01%  11/29/24   9,796,255 
 16,000,000  PerkinElmer, Inc.   0.55%  09/15/23   15,430,247 
 3,042,000  Stryker Corp.   0.60%  12/01/23   2,931,778 
 7,681,000  Thermo Fisher Scientific, Inc., SOFR Compounded Index + 0.35% (a)   2.51%  04/18/23   7,658,727 
 14,855,000  Thermo Fisher Scientific, Inc.   0.80%  10/18/23   14,449,625 
 10,000,000  Thermo Fisher Scientific, Inc., SOFR Compounded Index + 0.39% (a)   2.55%  10/18/23   9,925,745 
 1,000,000  Thermo Fisher Scientific, Inc., SOFR Compounded Index + 0.53% (a)   2.69%  10/18/24   982,768 
              78,733,825 
    Health Care Services — 1.7%           
 28,269,000  Aetna, Inc.   2.80%  06/15/23   28,119,317 
 16,500,000  Anthem, Inc.   2.95%  12/01/22   16,477,163 
 13,546,000  Anthem, Inc.   3.30%  01/15/23   13,548,075 
 13,446,000  Anthem, Inc.   0.45%  03/15/23   13,262,392 
 19,500,000  Humana, Inc.   0.65%  08/03/23   18,963,306 
 4,799,000  UnitedHealth Group, Inc.   3.50%  06/15/23   4,827,563 
              95,197,816 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Insurance — 1.9%           
$15,035,000  Allstate (The) Corp.   3.15%  06/15/23  $15,048,423 
 5,000,000  Athene Global Funding, SOFR Compounded Index + 0.70% (a) (b)   2.20%  05/24/24   4,885,684 
 3,000,000  Brighthouse Financial Global Funding, SOFR + 0.76% (a) (b)   2.87%  04/12/24   2,978,622 
 25,000,000  MET Tower Global Funding, SOFR + 0.55% (a) (b)   2.71%  01/17/23   24,984,812 
 2,000,000  Metropolitan Life Global Funding I, SOFR + 0.57% (a) (b)   2.71%  01/13/23   1,999,178 
 7,000,000  Metropolitan Life Global Funding I, SOFR + 0.30% (a) (b)   2.29%  09/27/24   6,884,614 
 25,000,000  New York Life Global Funding, 3 Mo. LIBOR + 0.28% (a) (b)   2.71%  01/10/23   24,933,337 
 5,000,000  New York Life Global Funding, SOFR Compounded Index + 0.43% (a) (b)   2.12%  06/06/24   4,977,232 
 13,054,000  Principal Life Global Funding II, SOFR + 0.45% (a) (b)   2.56%  04/12/24   12,867,617 
 5,000,000  Principal Life Global Funding II, SOFR + 0.38% (a) (b)   1.91%  08/23/24   4,899,648 
              104,459,167 
    Lodging — 0.2%           
 3,000,000  Hyatt Hotels Corp.   1.30%  10/01/23   2,908,537 
 7,000,000  Hyatt Hotels Corp., SOFR Compounded Index + 1.05% (a)   3.09%  10/01/23   6,920,855 
              9,829,392 
    Machinery-Diversified — 0.2%           
 10,000,000  Rockwell Automation, Inc.   0.35%  08/15/23   9,702,460 
    Media — 0.3%           
 11,612,000  Charter Communications Operating LLC / Charter Communications Operating Capital, 3 Mo. LIBOR + 1.65% (a)   4.43%  02/01/24   11,652,031 
 5,000,000  Walt Disney (The) Co., 3 Mo. LIBOR + 0.39% (a)   1.97%  09/01/22   4,997,652 
              16,649,683 
    Miscellaneous Manufacturing — 0.1%           
 5,300,000  Parker-Hannifin Corp.   3.65%  06/15/24   5,299,951 
    Oil & Gas — 0.3%           
 9,169,000  BP Capital Markets America, Inc., 3 Mo. LIBOR + 0.65% (a)   2.75%  09/19/22   9,163,294 
 5,250,000  BP Capital Markets America, Inc.   2.75%  05/10/23   5,252,050 
 3,165,000  Phillips 66   3.70%  04/06/23   3,173,182 
              17,588,526 
    Oil & Gas Services — 0.2%           
 8,764,000  Schlumberger Holdings Corp. (b)   3.63%  12/21/22   8,776,469 
    Pharmaceuticals — 3.7%           
 25,629,000  AbbVie, Inc.   2.90%  11/06/22   25,609,902 
 12,000,000  AbbVie, Inc., 3 Mo. LIBOR + 0.65% (a)   2.15%  11/21/22   11,989,797 
 18,017,000  AbbVie, Inc.   2.85%  05/14/23   17,963,233 
 13,641,000  AmerisourceBergen Corp.   0.74%  03/15/23   13,398,728 
 19,780,000  Astrazeneca Finance LLC   0.70%  05/28/24   18,876,389 
 17,825,000  Bayer US Finance II LLC (b)   3.88%  12/15/23   17,839,851 
 8,918,000  Bristol-Myers Squibb Co.   3.25%  11/01/23   8,959,026 
 5,500,000  Cigna Corp.   3.00%  07/15/23   5,477,565 
 25,811,000  Cigna Corp.   3.75%  07/15/23   25,867,485 
 7,900,000  CVS Health Corp.   2.75%  12/01/22   7,895,145 
 3,000,000  CVS Health Corp.   4.00%  12/05/23   3,019,948 
 16,514,000  McKesson Corp.   2.70%  12/15/22   16,480,125 
 10,263,000  Mylan, Inc. (b)   3.13%  01/15/23   10,200,551 
 26,713,000  Zoetis, Inc.   3.25%  02/01/23   26,695,864 
              210,273,609 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Pipelines — 2.3%           
$12,141,000  Energy Transfer, L.P.   3.45%  01/15/23  $12,113,934 
 20,135,000  Energy Transfer, L.P.   3.60%  02/01/23   20,087,029 
 13,656,000  Energy Transfer, L.P. / Regency Energy Finance Corp.   5.00%  10/01/22   13,667,864 
 25,546,000  Enterprise Products Operating LLC   3.35%  03/15/23   25,558,603 
 5,218,000  Enterprise Products Operating LLC   3.90%  02/15/24   5,232,553 
 19,549,000  Plains All American Pipeline, L.P. / PAA Finance Corp.   2.85%  01/31/23   19,422,502 
 12,685,000  Southern Natural Gas Co. LLC (b)   0.63%  04/28/23   12,343,625 
 20,314,000  Williams Cos., (The), Inc.   3.70%  01/15/23   20,295,195 
              128,721,305 
    Real Estate Investment Trusts — 0.3%           
 15,190,000  Public Storage, SOFR + 0.47% (a)   2.69%  04/23/24   15,118,504 
    Retail — 0.5%           
 4,399,000  AutoZone, Inc.   2.88%  01/15/23   4,391,555 
 3,000,000  AutoZone, Inc.   3.13%  07/15/23   2,984,871 
 1,000,000  Dollar General Corp.   3.25%  04/15/23   998,205 
 5,920,000  O’Reilly Automotive, Inc.   3.80%  09/01/22   5,925,408 
 11,553,000  O’Reilly Automotive, Inc.   3.85%  06/15/23   11,569,227 
              25,869,266 
    Semiconductors — 1.0%           
 9,955,000  Marvell Technology, Inc.   4.20%  06/22/23   9,980,396 
 16,156,000  Microchip Technology, Inc.   4.33%  06/01/23   16,224,260 
 5,820,000  Microchip Technology, Inc.   0.98%  09/01/24   5,461,719 
 1,727,000  Qorvo, Inc. (b)   1.75%  12/15/24   1,621,437 
 25,108,000  Skyworks Solutions, Inc.   0.90%  06/01/23   24,417,409 
              57,705,221 
    Software — 1.5%           
 22,233,000  Autodesk, Inc.   3.60%  12/15/22   22,238,713 
 4,192,000  Cadence Design Systems, Inc.   4.38%  10/15/24   4,261,411 
 19,467,000  Infor, Inc. (b)   1.45%  07/15/23   18,940,192 
 4,207,000  Oracle Corp.   2.50%  10/15/22   4,201,783 
 1,575,000  Oracle Corp.   2.63%  02/15/23   1,567,940 
 9,290,000  Roper Technologies, Inc.   0.45%  08/15/22   9,279,759 
 7,986,000  Roper Technologies, Inc.   3.13%  11/15/22   7,985,601 
 12,900,000  VMware, Inc.   0.60%  08/15/23   12,495,451 
 3,000,000  VMware, Inc.   1.00%  08/15/24   2,824,475 
              83,795,325 
    Telecommunications — 0.5%           
 9,936,000  AT&T, Inc., SOFR Compounded Index + 0.64% (a)   2.63%  03/25/24   9,819,401 
 10,000,000  AT&T, Inc., 3 Mo. LIBOR + 1.18% (a)   2.90%  06/12/24   9,973,888 
 11,421,000  Verizon Communications, Inc., SOFR Compounded Index + 0.50% (a)   2.45%  03/22/24   11,302,767 
              31,096,056 
    Transportation — 1.1%           
 15,626,000  Norfolk Southern Corp.   2.90%  02/15/23   15,583,885 
 20,227,000  Ryder System, Inc., Medium-Term Note   2.50%  09/01/22   20,220,655 
 3,254,000  Union Pacific Corp.   2.75%  04/15/23   3,238,714 
 22,265,000  Union Pacific Corp.   3.50%  06/08/23   22,352,607 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Transportation (Continued)           
$3,000,000  United Parcel Service, Inc.   2.50%  04/01/23  $2,990,476 
              64,386,337 
    Trucking & Leasing — 0.1%           
 5,108,000  Penske Truck Leasing Co., L.P. / PTL Finance Corp. (b)   4.25%  01/17/23   5,120,871 
    Total Corporate Bonds and Notes          1,917,460,789 
    (Cost $1,936,655,569)           
                
FOREIGN CORPORATE BONDS AND NOTES — 10.0%
    Auto Manufacturers — 0.2%           
 5,500,000  BMW Finance N.V., 3 Mo. LIBOR + 0.79% (a) (b)   2.19%  08/12/22   5,498,877 
 4,225,000  BMW Finance N.V. (b)   2.25%  08/12/22   4,224,949 
              9,723,826 
    Banks — 7.4%           
 4,000,000  Australia & New Zealand Banking Group Ltd., 3 Mo. LIBOR + 0.49% (a) (b)   1.99%  11/21/22   3,999,187 
 10,000,000  Bank of Montreal, Medium-Term Note, SOFR Compounded Index + 0.32% (a)   2.43%  07/09/24   9,833,209 
 25,000,000  Bank of Nova Scotia (The), SOFR Compounded Index + 0.45% (a)   2.60%  04/15/24   24,724,061 
 8,000,000  Bank of Nova Scotia (The), SOFR + 0.38% (a)   2.65%  07/31/24   7,871,166 
 5,000,000  Banque Federative du Credit Mutuel S.A., SOFR Compounded Index + 0.41% (a) (b)   1.59%  02/04/25   4,896,349 
 15,623,000  Barclays PLC (c)   4.34%  05/16/24   15,613,781 
 17,625,000  Canadian Imperial Bank of Commerce, SOFR + 0.80% (a)   2.74%  03/17/23   17,622,031 
 8,500,000  Canadian Imperial Bank of Commerce, SOFR + 0.34% (a)   2.29%  06/22/23   8,436,476 
 18,275,000  Cooperatieve Rabobank UA (b)   3.88%  09/26/23   18,366,735 
 5,000,000  Credit Suisse AG/New York NY   0.52%  08/09/23   4,838,875 
 15,000,000  Credit Suisse AG/New York NY, SOFR Compounded Index + 0.38% (a)   1.62%  08/09/23   14,897,657 
 5,000,000  Credit Suisse Group AG (b) (c)   3.00%  12/14/23   4,972,092 
 17,901,000  Credit Suisse Group Funding Guernsey Ltd.   3.80%  09/15/22   17,889,125 
 1,044,000  Danske Bank A/S (b) (c)   1.17%  12/08/23   1,031,923 
 5,000,000  Danske Bank A/S (b) (c)   0.98%  09/10/25   4,635,477 
 4,014,000  Deutsche Bank AG/New York NY   3.30%  11/16/22   4,008,303 
 4,992,000  Deutsche Bank AG/New York NY   3.95%  02/27/23   4,990,142 
 10,000,000  Deutsche Bank AG/New York NY, Series E, SOFR + 0.50% (a)   1.73%  11/08/23   9,888,271 
 6,000,000  DNB Bank ASA, 3 Mo. LIBOR + 0.62% (a) (b)   2.23%  12/02/22   5,996,550 
 6,200,000  Federation des Caisses Desjardins du Quebec, SOFR + 0.43% (a) (b)   1.91%  05/21/24   6,085,089 
 6,000,000  ING Groep N.V., 3 Mo. LIBOR + 1.00% (a)   3.29%  10/02/23   5,984,213 
 5,259,000  Lloyds Bank PLC (USD)   2.25%  08/14/22   5,258,037 
 22,570,000  Lloyds Banking Group PLC (c)   2.91%  11/07/23   22,483,989 
 10,000,000  Macquarie Group Ltd. (b) (c)   3.19%  11/28/23   9,977,209 
 5,000,000  Macquarie Group Ltd., SOFR + 0.71% (a) (b)   2.87%  10/14/25   4,891,418 
 10,991,000  Mitsubishi UFJ Financial Group, Inc., 3 Mo. LIBOR + 0.74% (a)   2.35%  03/02/23   11,003,541 
 3,306,000  Mizuho Financial Group, Inc. (c)   0.85%  09/08/24   3,189,032 
 3,945,000  National Australia Bank Ltd., 3 Mo. LIBOR + 0.41% (a) (b)   2.13%  12/13/22   3,942,743 
 21,542,000  National Bank of Canada (c)   0.90%  08/15/23   21,517,015 
 5,000,000  National Bank of Canada, SOFR + 0.49% (a)   1.71%  08/06/24   4,937,660 
 7,615,000  NatWest Group PLC (c)   2.36%  05/22/24   7,493,782 
 6,015,000  NatWest Markets PLC (b)   3.63%  09/29/22   6,017,200 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Banks (Continued)           
$2,175,000  NatWest Markets PLC, SOFR + 1.66% (a) (b)   3.69%  09/29/22  $2,177,071 
 14,885,000  NatWest Markets PLC, SOFR + 0.53% (a) (b)   1.85%  08/12/24   14,632,931 
 13,890,000  Nordea Bank Abp (b)   4.25%  09/21/22   13,889,399 
 8,000,000  Royal Bank of Canada, SOFR Compounded Index + 0.36% (a)   2.63%  07/29/24   7,859,791 
 18,454,000  Royal Bank of Canada, Global Medium-Term Note, SOFR Compounded Index + 0.30% (a)   2.47%  01/19/24   18,232,227 
 4,000,000  Skandinaviska Enskilda Banken AB, 3 Mo. LIBOR + 0.65% (a) (b)   2.37%  12/12/22   3,999,295 
 4,607,000  Sumitomo Mitsui Financial Group, Inc.   3.10%  01/17/23   4,605,192 
 10,000,000  Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.44% (a) (b)   2.28%  09/16/24   9,838,171 
 3,000,000  Toronto-Dominion Bank (The), Medium-Term Note   2.35%  03/08/24   2,951,725 
 10,000,000  Toronto-Dominion Bank (The), Medium-Term Note, SOFR + 0.91% (a)   2.67%  03/08/24   9,985,567 
 5,000,000  UBS AG/London, SOFR + 0.45% (a) (b)   1.69%  08/09/24   4,963,795 
 15,715,000  UBS Group AG (b) (c)   2.86%  08/15/23   15,710,896 
 2,315,000  UBS Group AG (b) (c)   1.01%  07/30/24   2,249,497 
 8,000,000  Westpac Banking Corp., 3 Mo. LIBOR + 0.39% (a)   2.85%  01/13/23   7,996,179 
              416,384,074 
    Beverages — 0.2%           
 4,263,000  Heineken N.V. (b)   2.75%  04/01/23   4,233,471 
 11,000,000  JDE Peet’s N.V. (b)   0.80%  09/24/24   10,222,293 
              14,455,764 
    Chemicals — 0.3%           
 17,605,000  Nutrien Ltd.   1.90%  05/13/23   17,392,660 
    Health Care Products — 0.5%           
 28,626,000  DH Europe Finance II Sarl   2.05%  11/15/22   28,531,130 
    Media — 0.0%           
 2,102,000  Sky Ltd. (b)   3.13%  11/26/22   2,101,274 
    Mining — 0.2%           
 11,264,000  Glencore Finance Canada Ltd. (b)   4.25%  10/25/22   11,278,136 
    Oil & Gas — 0.3%           
 15,082,000  Canadian Natural Resources Ltd.   2.95%  01/15/23   15,049,392 
    Pharmaceuticals — 0.3%           
 7,000,000  AstraZeneca PLC   3.50%  08/17/23   7,028,355 
 5,000,000  Shire Acquisitions Investments Ireland DAC   2.88%  09/23/23   4,953,934 
 4,000,000  Takeda Pharmaceutical Co. Ltd.   4.40%  11/26/23   4,035,762 
              16,018,051 
    Pipelines — 0.4%           
 2,000,000  Enbridge, Inc., SOFR + 0.40% (a)   1.79%  02/17/23   1,992,811 
 5,442,000  Enbridge, Inc.   0.55%  10/04/23   5,252,863 
 3,000,000  Enbridge, Inc., SOFR Compounded Index + 0.63% (a)   1.99%  02/16/24   2,960,789 
 13,845,000  Transcanada Pipelines Ltd.   2.50%  08/01/22   13,845,000 
              24,051,463 
    Semiconductors — 0.1%           
 3,636,000  Broadcom Corp. / Broadcom Cayman Finance Ltd.   2.65%  01/15/23   3,615,917 
    Transportation — 0.1%           
 3,706,000  Canadian Pacific Railway Co.   4.45%  03/15/23   3,716,819 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Transportation — (Continued)           
$5,000,000  Canadian Pacific Railway Co.   1.35%  12/02/24  $4,750,079 
              8,466,898 
    Total Foreign Corporate Bonds and Notes          567,068,585 
    (Cost $573,594,343)           
                
U.S. GOVERNMENT NOTES — 8.4%
                
 54,600,000  U.S. Treasury Note   1.88%  10/31/22   54,531,106 
 70,000,000  U.S. Treasury Note   1.63%  11/15/22   69,798,658 
 93,000,000  U.S. Treasury Note   0.13%  11/30/22   92,209,558 
 45,000,000  U.S. Treasury Note   2.00%  02/15/23   44,786,736 
 60,000,000  U.S. Treasury Note   2.50%  03/31/23   59,821,486 
 10,000,000  U.S. Treasury Note   2.75%  04/30/23   9,981,616 
 60,000,000  U.S. Treasury Note   1.75%  05/15/23   59,435,116 
 55,000,000  U.S. Treasury Note   2.50%  08/15/23   54,738,526 
 25,000,000  U.S. Treasury Note   2.88%  10/31/23   24,988,281 
    Total U.S. Government Bonds and Notes          470,291,083 
    (Cost $471,977,044)           
                
ASSET-BACKED SECURITIES — 4.3%
    American Credit Acceptance Receivables Trust           
 1,492,633  Series 2021-3, Class A (b)   0.33%  06/13/25   1,487,596 
 4,397,461  Series 2021-4, Class A (b)   0.45%  09/15/25   4,344,724 
 7,571,285  Series 2022-1, Class A (b)   0.99%  12/15/25   7,444,393 
    Avis Budget Rental Car Funding AESOP LLC           
 16,805,000  Series 2017-2A, Class A (b)   2.97%  03/20/24   16,741,467 
    BMW Vehicle Owner Trust           
 15,647,000  Series 2022-A, Class A2A   2.52%  12/26/24   15,547,031 
    Carvana Auto Receivables Trust           
 1,966,986  Series 2021-P2, Class A2   0.30%  07/10/24   1,960,266 
    Countrywide Asset-Backed Certificates           
 34,018  Series 2004-SD4, Class M1, 1 Mo. LIBOR + 1.13% (a) (b)   3.38%  12/25/34   34,024 
    Drive Auto Receivables Trust           
 5,984,225  Series 2021-3, Class A2   0.52%  01/15/25   5,951,753 
    DT Auto Owner Trust           
 5,448,336  Series 2021-4A, Class A (b)   0.56%  09/15/25   5,345,162 
 8,388,038  Series 2022-1A, Class A (b)   1.58%  04/15/26   8,270,650 
    Exeter Automobile Receivables Trust           
 6,852,297  Series 2020-3A, Class C   1.32%  07/15/25   6,781,416 
 284,933  Series 2021-4A, Class A2   0.40%  04/15/24   284,578 
 7,818,490  Series 2022-1A, Class A2   1.15%  06/17/24   7,784,257 
    First Investors Auto Owner Trust           
 3,256,399  Series 2021-1A, Class A (b)   0.45%  03/16/26   3,204,494 
    Flagship Credit Auto Trust           
 4,058,053  Series 2020-4, Class A (b)   0.53%  04/15/25   4,037,865 
 7,269,449  Series 2021-3, Class A (b)   0.36%  07/15/27   7,048,355 
    Ford Credit Auto Owner Trust           
 5,750,000  Series 2022-B, Class A2A   3.44%  02/15/25   5,744,947 
    Foursight Capital Automobile Receivables Trust           
 3,304,615  Series 2021-2, Class A2 (b)   0.40%  04/15/25   3,280,954 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
ASSET-BACKED SECURITIES (Continued)
    Foursight Capital Automobile Receivables Trust (Continued)           
$3,643,289  Series 2022-1, Class A2 (b)   1.15%  09/15/25  $3,575,902 
    GLS Auto Receivables Issuer Trust           
 6,318,634  Series 2021-3A, Class A (b)   0.42%  01/15/25   6,242,241 
 5,838,790  Series 2021-4A, Class A (b)   0.84%  07/15/25   5,739,413 
    GLS Auto Receivables Trust           
 2,094,955  Series 2021-2A, Class A (b)   0.31%  11/15/24   2,085,986 
 4,591,843  Series 2022-1A, Class A (b)   1.98%  08/15/25   4,534,827 
    GM Financial Consumer Automobile Receivables Trust           
 7,000,000  Series 2022-2, Class A2   2.52%  05/16/25   6,943,571 
    GSAA Home Equity Trust           
 24,635  Series 2005-MTR1, Class A4, 1 Mo. LIBOR + 0.74% (a)   3.00%  10/25/35   24,637 
    Hyundai Auto Receivables Trust           
 6,300,000  Series 2022-A, Class A2A   1.81%  02/18/25   6,238,247 
    MVW Owner Trust           
 1,846,828  Series 2018-1A, Class A (b)   3.45%  01/21/36   1,818,712 
    OSCAR US Funding Trust IX LLC           
 2,305,861  Series 2018-2A, Class A4 (b)   3.63%  09/10/25   2,316,919 
    OSCAR US Funding Trust VII LLC           
 150,146  Series 2017-2A, Class A4 (b)   2.76%  12/10/24   150,335 
    OSCAR US Funding Trust VIII LLC           
 715,683  Series 2018-1A, Class A4 (b)   3.50%  05/12/25   715,368 
    OSCAR US Funding XI LLC           
 334,400  Series 2019-2A, Class A3 (b)   2.59%  09/11/23   334,807 
    OSCAR US Funding XIII LLC           
 11,311,080  Series 2021-2A, Class A2 (b)   0.39%  08/12/24   11,135,419 
    OSCAR US Funding XIV LLC           
 10,750,000  Series 2022-1A, Class A2 (b)   1.60%  03/10/25   10,571,715 
    Santander Consumer Auto Receivables Trust           
 150,991  Series 2020-AA, Class A (b)   1.37%  10/15/24   150,700 
 1,889,603  Series 2020-BA, Class A3 (b)   0.46%  08/15/24   1,884,594 
    Santander Drive Auto Receivables Trust           
 2,460,903  Series 2021-4, Class A2   0.37%  08/15/24   2,456,200 
    Santander Retail Auto Lease Trust           
 3,578,606  Series 2021-B, Class A2 (b)   0.31%  01/22/24   3,549,988 
    Sierra Timeshare Receivables Funding LLC           
 4,787,497  Series 2018-2A, Class A (b)   3.50%  06/20/35   4,738,124 
    Tricolor Auto Securitization Trust           
 2,571,386  Series 2021-1A, Class A (b)   0.74%  04/15/24   2,558,758 
    Verizon Master Trust           
 3,000,000  Series 2022-1, Class A (d)   1.04%  01/20/27   2,929,006 
 20,000,000  Series 2022-3, Class A, steps up to 3.76% on 11/20/23 (d)   3.01%  05/20/27   19,863,544 
    Westlake Automobile Receivables Trust           
 6,984,486  Series 2021-2A, Class A2A (b)   0.32%  04/15/25   6,900,108 
 10,790,866  Series 2021-3A, Class A2 (b)   0.57%  09/16/24   10,676,159 
 6,000,000  Series 2022-1A, Class A3 (b)   2.42%  07/15/25   5,868,398 
    World Omni Auto Receivables Trust           
 15,000,000  Series 2022-B, Class A2A   2.77%  10/15/25   14,888,013 
    Total Asset-Backed Securities          244,185,623 
    (Cost $247,345,199)           
                

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CERTIFICATES OF DEPOSIT — 2.0%
    Banks — 2.0%           
$7,000,000  Bank of Montreal, SOFR + 0.25% (a)   2.52%  12/02/22  $6,994,264 
 10,000,000  Bank of Montreal, SOFR + 0.52% (a)   2.79%  03/03/23   10,018,000 
 15,000,000  Bank of Montreal, SOFR + 0.65% (a)   2.92%  07/03/23   14,991,115 
 15,000,000  Barclays Bank PLC, SOFR + 0.45% (a)   2.72%  12/01/22   14,997,212 
 10,000,000  Nordea Bank Abp, SOFR + 0.42% (a)   2.69%  12/07/22   9,998,979 
 15,000,000  Royal Bank of Canada, SOFR + 0.50% (a)   2.77%  03/16/23   14,990,396 
 10,000,000  Svenska Handelsbanken, SOFR + 0.48% (a)   2.75%  01/27/23   9,995,830 
 15,000,000  Toronto-Dominion Bank (The), SOFR + 0.49%   2.02%  02/27/23   14,990,379 
 15,000,000  Westpac Banking Corp.   0.30%  10/26/22   14,911,912 
    Total Certificates of Deposit          111,888,087 
    (Cost $111,941,429)           
                
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.8%
    Collateralized Mortgage Obligations — 0.3%           
    Federal Home Loan Mortgage Corporation           
 251,221  Series 2003-2723, Class KN   5.00%  12/15/23   252,046 
 436,689  Series 2004-2783, Class YB   5.00%  04/15/24   438,263 
 248,124  Series 2014-4387, Class DE   2.00%  01/15/32   246,533 
 6,387,881  Series 2017-4671, Class CA   3.50%  08/15/43   6,410,978 
    Federal National Mortgage Association           
 997  Series 2009-14, Class EB   4.50%  03/25/24   996 
 599  Series 2009-52, Class AJ   4.00%  07/25/24   599 
 3  Series 2011-15, Class HT   5.50%  03/25/26   3 
 351,424  Series 2013-74, Class EL   3.00%  04/25/41   350,901 
 2,500,742  Series 2014-20, Class NA   3.00%  06/25/33   2,484,449 
 2,339,573  Series 2015-28, Class GC   2.50%  06/25/34   2,301,108 
 4,238,910  Series 2017-18, Class VB   3.00%  05/25/40   4,221,297 
              16,707,173 
    Commercial Mortgage-Backed Securities — 1.5%
    Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates           
 9,274,797  Series 2013-K027, Class A2   2.64%  01/25/23   9,253,251 
 25,000,000  Series 2013-K031, Class A2   3.30%  04/25/23   24,946,530 
 1,090,375  Series 2013-K032, Class A1   3.02%  02/25/23   1,089,189 
 749,813  Series 2013-K034, Class A1   2.67%  02/25/23   748,541 
 25,000,000  Series 2013-K034, Class A2   3.53%  07/25/23   24,994,670 
 14,221,387  Series 2013-K035, Class A2   3.46%  08/25/23   14,222,931 
 1,490,794  Series 2013-KSMC, Class A1   1.95%  01/25/23   1,485,945 
 2,052,481  Series 2014-K036, Class A1   2.78%  04/25/23   2,050,437 
 4,789,109  Series 2017-KJ12, Class A2   3.04%  08/25/24   4,754,893 
              83,546,387 
    Pass-through Securities — 0.0%           
    Federal Home Loan Mortgage Corporation           
 7  Pool G13204   6.00%  11/01/22   7 
 3,725  Pool G15435   5.00%  11/01/24   3,845 
 3,168  Pool G15821   5.00%  07/01/25   3,269 
 7,273  Pool G15874   5.00%  06/01/26   7,507 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal National Mortgage Association           
$1,114  Pool 890403   6.00%  05/01/23  $1,115 
 12,119  Pool 962078   4.50%  03/01/23   12,482 
 44  Pool AE0237   5.50%  11/01/23   44 
 4,581  Pool AE0812   5.00%  07/01/25   4,725 
 14,754  Pool AL5764   5.00%  09/01/25   15,217 
 3,035  Pool AL5812   5.50%  05/01/25   3,037 
 4,736  Pool AL6212   4.50%  01/01/27   4,878 
 13,870  Pool AL6798   5.00%  09/01/25   14,305 
 34  Pool AL8539   4.50%  01/01/27   35 
 115,250  Pool BM1299   5.00%  03/01/27   118,863 
    Government National Mortgage Association           
 4,902  Pool 783524   5.00%  09/15/24   5,046 
              194,375 
    Total U.S. Government Agency Mortgage-Backed Securities    100,447,935 
    (Cost $100,690,346)           
                
MORTGAGE-BACKED SECURITIES — 1.4%
    Collateralized Mortgage Obligations — 0.9%           
    BRAVO Residential Funding Trust           
 7,364,890  Series 2021-NQM1, Class A1 (b)   0.94%  02/25/49   6,907,586 
    CIM Trust           
 1,521,696  Series 2019-INV1, Class A2, 1 Mo. LIBOR + 1.00% (a) (b)   3.26%  02/25/49   1,514,854 
 747,818  Series 2019-INV2, Class A11, 1 Mo. LIBOR + 0.95% (a) (b)   2.57%  05/25/49   732,839 
 5,189,783  Series 2019-INV3, Class A11, 1 Mo. LIBOR + 1.00% (a) (b)   2.57%  08/25/49   5,060,880 
    COLT Mortgage Loan Trust           
 3,620,596  Series 2020-2R, Class A1 (b)   1.33%  10/26/65   3,420,732 
    Credit Suisse Mortgage Trust           
 5,264,617  Series 2019-AFC1, Class A1, steps up to 3.57% on 08/26/23 (b) (d)   2.57%  07/25/49   5,057,842 
 5,736,705  Series 2020-NQM1, Class A1, steps up to 2.21% on 09/26/24 (b) (d)   1.21%  05/25/65   5,456,980 
    GCAT Trust           
 3,078,325  Series 2020-NQM1, Class A1, steps up to 3.25% on 02/26/24 (b) (d)   2.25%  01/25/60   2,996,398 
    JP Morgan Mortgage Trust           
 3,553,942  Series 2019-7, Class A11, 1 Mo. LIBOR + 0.90% (a) (b)   3.16%  02/25/50   3,413,503 
 216,127  Series 2019-8, Class A11, 1 Mo. LIBOR + 0.85% (a) (b)   2.47%  03/25/50   207,920 
 3,422,476  Series 2019-INV1, Class A11, 1 Mo. LIBOR + 0.95% (a) (b)   3.21%  10/25/49   3,381,032 
 366,191  Series 2019-LTV2, Class A11, 1 Mo. LIBOR + 0.90% (a) (b)   3.16%  12/25/49   365,434 
 392,504  Series 2019-LTV3, Class A11, 1 Mo. LIBOR + 0.85% (a) (b)   2.47%  03/25/50   390,174 
 3,979,738  Series 2020-2, Class A11, 1 Mo. LIBOR + 0.80% (a) (b)   2.42%  07/25/50   3,764,052 
 625,835  Series 2020-LTV1, Class A11, 1 Mo. LIBOR + 1.00% (a) (b)   2.62%  06/25/50   620,570 
    OBX Trust           
 3,298  Series 2020-EXP1, Class 2A1A, 1 Mo. LIBOR + 0.75% (a) (b)   3.01%  02/25/60   3,302 
 1,972,871  Series 2020-INV1, Class A11, 1 Mo. LIBOR + 0.90% (a) (b)   2.52%  12/25/49   1,913,527 
    Residential Mortgage Loan Trust           
 492,217  Series 2019-3, Class A2 (b)   2.94%  09/25/59   482,720 
    Starwood Mortgage Residential Trust           
 1,363,748  Series 2020-1, Class A1 (b)   2.28%  02/25/50   1,358,549 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Verus Securitization Trust           
$1,601,876  Series 2019-4, Class A2, steps up to 3.85% on 10/26/23 (b) (d)   2.85%  11/25/59  $1,593,552 
 1,101,660  Series 2019-INV2, Class A2, steps up to 3.95% on 08/25/23 (b) (d)   3.12%  07/25/59   1,099,132 
 1,065,144  Series 2020-4, Class A2 , steps up to 2.91% on 07/26/24 (b) (d)   1.91%  05/25/65   1,019,308 
              50,760,886 
    Commercial Mortgage-Backed Securities — 0.5%           
    COMM Mortgage Trust           
 2,315,604  Series 2013-CR9, Class ASB   3.83%  07/10/45   2,315,455 
    GS Mortgage Securities Corp II           
 2,400,000  Series 2012-TMSQ, Class A (b)   3.01%  12/10/30   2,396,904 
 3,803,000  Series 2013-GC10, Class A5   2.94%  02/10/46   3,780,358 
    KNDL Mortgage Trust           
 4,100,000  Series 2019-KNSQ, Class A, 1 Mo. LIBOR + 0.80% (a) (b)   2.80%  05/15/36   4,044,221 
    Morgan Stanley Capital Trust           
 10,743,000  Series 2017-CLS, Class A, 1 Mo. LIBOR + 0.70% (a) (b)   2.70%  11/15/34   10,659,524 
    VNDO Mortgage Trust           
 4,028,082  Series 2012-6AVE, Class A (b)   3.00%  11/15/30   4,021,211 
              27,217,673 
    Total Mortgage-Backed Securities          77,978,559 
    (Cost $80,698,289)           
                
MUNICIPAL BONDS — 0.4%
    Arizona — 0.3%           
 18,000,000  Mizuho Floater/Residual Trust (b)   2.74%  09/01/26   18,000,000 
    Other — 0.1%           
 8,000,000  Mizuho Floater/Residual Trust (b)   2.74%  09/01/27   8,000,000 
    Total Municipal Bonds          26,000,000 
    (Cost $26,000,000)           
                
    Total Investments — 99.4%          5,608,195,507 
    (Cost $5,641,777,065)           
    Net Other Assets and Liabilities — 0.6%          32,620,948 
    Net Assets — 100.0%         $5,640,816,455 

 

1

 

(a) Floating or variable rate security.
(b) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2022, securities noted as such amounted to $721,849,311 or 12.8% of net assets.
(c) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.

 

 

 

First Trust Enhanced Short Maturity ETF (FTSM)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

(d) Step-up security. A security where the coupon increases or steps up at a predetermined date.

 

 

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate

  

       
Valuation Inputs      

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Commercial Paper*   $2,092,874,846   $—     $2,092,874,846   $—   
Corporate Bonds and Notes*    1,917,460,789    —      1,917,460,789    —   
Foreign Corporate Bonds and Notes*    567,068,585    —      567,068,585    —   
U.S. Government Notes    470,291,083    —      470,291,083    —   
Asset-Backed Securities    244,185,623    —      244,185,623    —   
Certificates of Deposit*    111,888,087    —      111,888,087    —   
U.S. Government Agency Mortgage-Backed Securities    100,447,935    —      100,447,935    —   
Mortgage-Backed Securities    77,978,559    —      77,978,559    —   
Municipal Bonds**    26,000,000    —      26,000,000    —   
Total Investments   $5,608,195,507   $—     $5,608,195,507   $—   
                     

*See Portfolio of Investments for industry breakout.
**See Portfolio of Investments for state breakout.

 

 

 

 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 89.3%   
   Collateralized Mortgage Obligations — 30.5%   
    Federal Home Loan Mortgage Corporation           
$1,769  Series 1993-1498, Class I, 1 Mo. LIBOR + 1.15% (a)   3.15%  04/15/23  $1,773 
 1,835  Series 1993-1552, Class I, 10 Yr. Constant Maturity Treasury Rate - 0.65% (a)   2.71%  08/15/23   1,826 
 18,011  Series 1993-1579, Class PM   6.70%  09/15/23   18,188 
 19,413  Series 1993-1630, Class PK   6.00%  11/15/23   19,660 
 825  Series 1993-1643, Class PK   6.50%  12/15/23   831 
 52,330  Series 1994-1710, Class G, 1 Mo. LIBOR + 1.50% (a)   3.50%  04/15/24   52,736 
 1,049  Series 1998-2089, Class PJ, IO   7.00%  10/15/28   91 
 4,262  Series 1998-2102, Class Z   6.00%  12/15/28   4,495 
 12,875  Series 2002-2405, Class BF   7.00%  03/25/24   13,021 
 150,747  Series 2002-2410, Class OG   6.38%  02/15/32   168,190 
 88,397  Series 2002-2427, Class GE   6.00%  03/15/32   96,001 
 135,955  Series 2002-2437, Class SA, IO, 1 Mo. LIBOR × -1 + 7.90% (b)   5.90%  01/15/29   10,352 
 182,357  Series 2003-2557, Class HL   5.30%  01/15/33   193,396 
 100,583  Series 2003-2564, Class AC   5.50%  02/15/33   106,433 
 261,605  Series 2003-2574, Class PE   5.50%  02/15/33   280,581 
 110,041  Series 2003-2577, Class LI, IO   5.50%  02/15/33   14,789 
 931,000  Series 2003-2581, Class LL   5.25%  03/15/33   983,429 
 30,569  Series 2003-2586, Class TG   5.50%  03/15/23   30,621 
 30,088  Series 2003-2597, Class AE   5.50%  04/15/33   30,954 
 1,172,000  Series 2003-2613, Class LL   5.00%  05/15/33   1,231,273 
 259,136  Series 2003-2626, Class ZW   5.00%  06/15/33   245,958 
 564,917  Series 2003-2626, Class ZX   5.00%  06/15/33   567,464 
 402,572  Series 2004-2771, Class NL   6.00%  03/15/34   431,301 
 334,336  Series 2004-2793, Class PE   5.00%  05/15/34   354,571 
 798,857  Series 2004-2801, Class SE, IO, 1 Mo. LIBOR × -1 + 7.05% (b)   5.05%  07/15/32   75,151 
 128,578  Series 2004-2835, Class QY, IO, 1 Mo. LIBOR × -1 + 7.90% (b)   5.90%  12/15/32   14,858 
 100,546  Series 2004-2890, Class ZA   5.00%  11/15/34   105,961 
 628,636  Series 2004-2891, Class ZA   6.50%  11/15/34   778,139 
 365,452  Series 2004-2907, Class DZ   4.00%  12/15/34   369,031 
 1,069,272  Series 2005-233, Class 12, IO, STRIPS   5.00%  09/15/35   150,069 
 768,100  Series 2005-234, Class IO, IO, STRIPS   4.50%  10/01/35   109,426 
 785,000  Series 2005-2973, Class GE   5.50%  05/15/35   876,626 
 113,198  Series 2005-3031, Class BI, IO, 1 Mo. LIBOR × -1 + 6.69% (b)   4.69%  08/15/35   15,325 
 2,217,260  Series 2005-3054, Class ZW   6.00%  10/15/35   2,331,191 
 22,461  Series 2005-3074, Class ZH   5.50%  11/15/35   26,199 
 234,746  Series 2006-238, Class 8, IO, STRIPS   5.00%  04/15/36   39,770 
 213,727  Series 2006-243, Class 11, IO, STRIPS (c)   7.00%  08/15/36   37,484 
 68,933  Series 2006-3117, Class ZU   6.00%  02/15/36   84,119 
 23,613  Series 2006-3150, Class DZ   5.50%  05/15/36   25,530 
 1,130,420  Series 2006-3174, Class LF, 1 Mo. LIBOR + 0.35% (a)   2.35%  05/15/36   1,127,957 
 2,806,088  Series 2006-3196, Class ZK   6.50%  04/15/32   3,308,340 
 1,246,896  Series 2006-3210, Class SA, IO, 1 Mo. LIBOR × -1 + 6.60% (b)   4.60%  09/15/36   150,547 
 371,737  Series 2006-3223, Class FC, 1 Mo. LIBOR + 0.55% (a)   1.87%  04/15/32   373,633 
 770,200  Series 2007-3262, Class KS, IO, 1 Mo. LIBOR × -1 + 6.41% (b)   4.41%  01/15/37   48,951 
 35,918  Series 2007-3274, Class B   6.00%  02/15/37   38,168 
 192,892  Series 2007-3322, Class NF, 1 Mo. LIBOR × 2,566.67 - 16,683.33%, 0.00% Floor (a)   0.00%  05/15/37   185,728 
 34,349  Series 2007-3340, Class PF, 1 Mo. LIBOR + 0.30% (a)   2.30%  07/15/37   34,062 
 41,909  Series 2007-3349, Class MY   5.50%  07/15/37   45,420 
 70,844  Series 2007-3360, Class CB   5.50%  08/15/37   75,560 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal Home Loan Mortgage Corporation (Continued)           
$1,018,953  Series 2007-3370, Class FM, 1 Mo. LIBOR + 0.62% (a)   2.62%  10/15/47  $1,028,666 
 71,073  Series 2007-3380, Class FS, 1 Mo. LIBOR + 0.35% (a)   2.35%  11/15/36   69,648 
 159,204  Series 2008-3406, Class B   6.00%  01/15/38   168,901 
 101,793  Series 2008-3413, Class B   5.50%  04/15/37   107,349 
 233,857  Series 2008-3420, Class AZ   5.50%  02/15/38   250,506 
 165,875  Series 2008-3448, Class SA, IO, 1 Mo. LIBOR × -1 + 6.05% (b)   4.05%  05/15/38   3,074 
 2,268,619  Series 2009-3522, Class SE, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   4.10%  04/15/39   224,375 
 28,224  Series 2009-3523, Class SD, 1 Mo. LIBOR × -2.75 + 19.66% (b)   14.16%  06/15/36   29,956 
 1,251,343  Series 2009-3542, Class ZP   5.00%  06/15/39   1,338,366 
 177,000  Series 2009-3550, Class LL   4.50%  07/15/39   182,657 
 762,007  Series 2009-3563, Class ZP   5.00%  08/15/39   839,929 
 1,451,398  Series 2009-3572, Class JS, IO, 1 Mo. LIBOR × -1 + 6.80% (b)   4.80%  09/15/39   114,222 
 34,002  Series 2009-3585, Class QZ   5.00%  08/15/39   34,053 
 118,765  Series 2009-3587, Class FX, 1 Mo. LIBOR + 0.00% (a)   2.00%  12/15/37   109,262 
 450,259  Series 2009-3593, Class F, 1 Mo. LIBOR + 0.50% (a)   1.56%  03/15/36   448,573 
 1,231,505  Series 2009-3605, Class NC   5.50%  06/15/37   1,316,193 
 500,000  Series 2010-3622, Class PB   5.00%  01/15/40   522,175 
 393,352  Series 2010-3632, Class BS, 1 Mo. LIBOR × -3.33 + 17.50% (b)   10.84%  02/15/40   448,626 
 107,000  Series 2010-3645, Class WD   4.50%  02/15/40   104,017 
 524,618  Series 2010-3667, Class PL   5.00%  05/15/40   540,603 
 60,595  Series 2010-3699, Class FD, 1 Mo. LIBOR + 0.60% (a)   2.60%  07/15/40   60,883 
 597,950  Series 2010-3704, Class ED   4.00%  12/15/36   599,638 
 400,000  Series 2010-3714, Class PB   4.75%  08/15/40   430,465 
 370,468  Series 2010-3735, Class IK, IO   3.50%  10/15/25   12,406 
 72,315  Series 2010-3735, Class JI, IO   4.50%  10/15/30   7,299 
 214,502  Series 2010-3740, Class SC, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  10/15/40   32,890 
 151,424  Series 2010-3770, Class GZ   4.50%  10/15/40   156,905 
 22,224  Series 2011-3795, Class ED   3.00%  10/15/39   22,145 
 600,000  Series 2011-3796, Class PB   5.00%  01/15/41   637,752 
 196,347  Series 2011-3819, Class ZQ   6.00%  04/15/36   216,744 
 300,000  Series 2011-3820, Class NC   4.50%  03/15/41   318,227 
 153,801  Series 2011-3828, Class SY, 1 Mo. LIBOR × -3 + 13.20% (b)   7.20%  02/15/41   152,314 
 103,547  Series 2011-3842, Class BS, 1 Mo. LIBOR × -5 + 22.75% (b)   14.18%  04/15/41   133,378 
 300,000  Series 2011-3844, Class PC   5.00%  04/15/41   328,867 
 473,302  Series 2011-3852, Class SW, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  05/15/41   60,008 
 525,000  Series 2011-3890, Class ME   5.00%  07/15/41   568,672 
 1,387,000  Series 2011-3895, Class PW   4.50%  07/15/41   1,445,537 
 1,857,417  Series 2011-3925, Class ZD   4.50%  09/15/41   2,010,036 
 9,234,715  Series 2011-3954, Class GS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  11/15/41   1,351,845 
 336,621  Series 2012-267, Class S5, IO, STRIPS, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  08/15/42   38,821 
 6,982,753  Series 2012-276, Class S5, IO, STRIPS, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  09/15/42   911,204 
 396,532  Series 2012-3999, Class WA (c)   5.55%  08/15/40   424,095 
 1,878,000  Series 2012-4000, Class PY   4.50%  02/15/42   1,866,246 
 40,247  Series 2012-4012, Class GC   3.50%  06/15/40   40,439 
 24,947  Series 2012-4015, Class KB   1.75%  05/15/41   23,921 
 330,737  Series 2012-4021, Class IP, IO   3.00%  03/15/27   14,737 
 1,137,999  Series 2012-4026, Class GZ   4.50%  04/15/42   1,247,205 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal Home Loan Mortgage Corporation (Continued)           
$560,122  Series 2012-4030, Class IL, IO   3.50%  04/15/27  $27,486 
 593,672  Series 2012-4048, Class FJ, 1 Mo. LIBOR + 0.40% (a)   2.11%  07/15/37   589,314 
 1,065,520  Series 2012-4054, Class AI, IO   3.00%  04/15/27   43,285 
 1,034,088  Series 2012-4077, Class TS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  05/15/41   140,282 
 664,127  Series 2012-4090, Class YZ   4.50%  08/15/42   690,585 
 26,218  Series 2012-4097, Class ES, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   4.10%  08/15/42   3,934 
 2,622,295  Series 2012-4097, Class SA, IO, 1 Mo. LIBOR × -1 + 6.05% (b)   4.05%  08/15/42   404,788 
 2,447,000  Series 2012-4098, Class PE   4.00%  08/15/42   2,382,074 
 268,652  Series 2012-4103, Class HI, IO   3.00%  09/15/27   13,490 
 31,419  Series 2012-4116, Class AS, IO, 1 Mo. LIBOR × -1 + 6.15% (b)   4.15%  10/15/42   4,973 
 1,055,872  Series 2012-4121, Class HI, IO   3.50%  10/15/27   55,704 
 1,275,102  Series 2012-4132, Class AI, IO   4.00%  10/15/42   211,752 
 304,142  Series 2012-4136, Class TU, IO, 1 Mo. LIBOR × -22.50 + 139.50%, 4.50% Cap (b)   4.50%  08/15/42   53,219 
 344,708  Series 2012-4145, Class YI, IO   3.00%  12/15/27   18,160 
 231,098  Series 2013-299, Class S1, IO, STRIPS, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  01/15/43   36,643 
 315,686  Series 2013-303, Class C2, IO, STRIPS   3.50%  01/15/28   17,734 
 5,730,137  Series 2013-303, Class C12, IO, STRIPS   4.00%  12/15/32   597,125 
 12,681,315  Series 2013-303, Class C33, IO, STRIPS   4.50%  01/15/43   2,351,251 
 3,266,637  Series 2013-304, Class C19, IO, STRIPS   5.00%  06/15/42   774,642 
 236,516  Series 2013-304, Class C37, IO, STRIPS   3.50%  12/15/27   10,480 
 1,043,080  Series 2013-304, Class C40, IO, STRIPS   3.50%  09/15/26   42,752 
 972,830  Series 2013-4151, Class DI, IO   3.50%  11/15/31   35,945 
 2,823,705  Series 2013-4154, Class IB, IO   3.50%  01/15/28   153,382 
 7,940,686  Series 2013-4170, Class CO, PO   (d)  11/15/32   6,922,260 
 905,000  Series 2013-4176, Class HE   4.00%  03/15/43   928,679 
 732,650  Series 2013-4177, Class GL   3.00%  03/15/33   720,326 
 3,549,683  Series 2013-4193, Class AI, IO   3.00%  04/15/28   200,815 
 826,035  Series 2013-4193, Class PB   4.00%  04/15/43   837,688 
 1,205,693  Series 2013-4203, Class US, 1 Mo. LIBOR × -1.50 + 6.00% (b)   3.00%  05/15/33   1,000,381 
 500,000  Series 2013-4211, Class PB   3.00%  05/15/43   481,777 
 11,838  Series 2013-4226, Class NS, 1 Mo. LIBOR × -3 + 10.50% (b)   5.36%  01/15/43   10,908 
 1,450,000  Series 2013-4247, Class AY   4.50%  09/15/43   1,556,860 
 670,272  Series 2013-4261, Class GS, 1 Mo. LIBOR × -2.75 + 10.98% (b)   5.49%  01/15/41   659,508 
 324,533  Series 2013-4265, Class IB, IO   4.50%  12/15/24   10,009 
 26,649  Series 2014-4300, Class IM, IO (e)   3.00%  03/15/37   226 
 772,111  Series 2014-4314, Class CI, IO   6.00%  03/15/44   175,924 
 2,428,132  Series 2014-4316, Class XZ   4.50%  03/15/44   2,539,661 
 3,789,616  Series 2014-4347, Class YT   3.50%  06/15/44   3,636,860 
 24,206,867  Series 2014-4358, Class Z   3.00%  06/15/44   23,205,693 
 16,242,754  Series 2014-4375, Class MZ   3.50%  08/15/44   16,271,734 
 3,001,916  Series 2014-4387, Class IE, IO   2.50%  11/15/28   136,121 
 650,172  Series 2015-4503, Class MI, IO   5.00%  08/15/45   118,163 
 542,756  Series 2015-4512, Class W (c) (f)   5.34%  05/15/38   575,633 
 82,805  Series 2015-4520, Class AI, IO   3.50%  10/15/35   8,827 
 215,248  Series 2015-4522, Class JZ   2.00%  01/15/45   213,115 
 276,657  Series 2016-4546, Class PZ   4.00%  12/15/45   259,448 
 468,311  Series 2016-4546, Class ZT   4.00%  01/15/46   438,332 
 6,496,588  Series 2016-4559, Class LI, IO   2.50%  03/15/31   434,622 
 143,751  Series 2016-4568, Class MZ   4.00%  04/15/46   131,896 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal Home Loan Mortgage Corporation (Continued)           
$11,415,988  Series 2016-4570, Class ST, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  04/15/46  $1,701,431 
 4,326,353  Series 2016-4572, Class LI, IO   4.00%  08/15/45   669,274 
 14,646,566  Series 2016-4582, Class GZ   3.75%  03/15/52   14,416,971 
 21,273,840  Series 2016-4585, Class DS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   4.00%  05/15/46   3,194,499 
 7,045,524  Series 2016-4587, Class ZH   4.00%  03/15/44   7,178,353 
 1,348,092  Series 2016-4591, Class GI, IO   4.00%  12/15/44   193,107 
 867,076  Series 2016-4596, Class FL, 1 Mo. LIBOR + 0.50% (a)   1.56%  11/15/41   861,155 
 771,702  Series 2016-4600, Class WT   3.50%  07/15/36   776,771 
 136,619  Series 2016-4605, Class KS, 1 Mo. LIBOR × -1.57 + 4.71% (b)   3.04%  08/15/43   105,892 
 228,184  Series 2016-4609, Class YI, IO   4.00%  04/15/54   13,613 
 306,882  Series 2016-4613, Class AF, 1 Mo. LIBOR + 1.10% (a)   3.10%  11/15/37   308,953 
 841,519  Series 2016-4615, Class GT, 1 Mo. LIBOR × -4 + 16.00%, 4.00% Cap (b)   4.00%  10/15/42   685,326 
 2,030,676  Series 2016-4641, Class DI, IO   5.00%  05/15/41   274,490 
 1,173,000  Series 2017-4650, Class JH   3.00%  01/15/47   1,022,213 
 10,302,441  Series 2017-4660, Class PO, PO   (d)  01/15/33   7,629,943 
 17,968,502  Series 2017-4680, Class GZ   3.50%  03/15/47   17,747,617 
 600,000  Series 2017-4681, Class JY   2.50%  05/15/47   543,657 
 3,049,555  Series 2018-4774, Class SL, IO, 1 Mo. LIBOR × -1 + 6.20% (b)   4.20%  04/15/48   470,940 
 28,545  Series 2018-4780, Class VA   4.00%  05/15/29   28,501 
 2,579,065  Series 2018-4790, Class IO, IO   4.50%  05/15/48   447,330 
 5,609,410  Series 2018-4826, Class ME   3.50%  09/15/48   5,591,151 
 2,904,686  Series 2018-4833, Class PY   4.00%  10/15/48   2,946,596 
 3,231,198  Series 2019-4872, Class BZ   4.00%  04/15/49   3,209,934 
 6,588,807  Series 2019-4910, Class SA, IO, 1 Mo. LIBOR × -1 + 6.05% (b)   4.05%  06/15/49   1,373,605 
 9,039,237  Series 2019-4938, Class BS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.74%  12/25/49   1,395,668 
 18,024,293  Series 2019-4941, Class YZ   3.00%  12/25/49   17,608,362 
 9,757,414  Series 2019-4943, Class NS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.74%  01/25/50   2,230,599 
 2,515,155  Series 2020-4974, Class IA, IO   3.50%  12/25/49   700,751 
 6,101,031  Series 2020-4988, Class IJ, IO   4.50%  12/15/47   990,749 
 8,383,531  Series 2020-5013, Class HI, IO   5.00%  03/25/40   1,379,165 
 5,848,726  Series 2020-5013, Class IQ, IO   3.50%  09/25/50   972,846 
 16,389,627  Series 2020-5034, Class IO, IO (c)   1.45%  10/15/45   712,180 
 18,011,301  Series 2020-5050, Class MI, IO   3.50%  10/25/50   2,865,913 
 30,065,864  Series 2020-5051, Class CI, IO   4.00%  12/25/35   3,462,710 
 25,191,634  Series 2021-5086, Class MI, IO   2.50%  03/25/51   3,583,601 
 8,815,818  Series 2021-5178, Class HL   2.00%  01/25/52   7,019,912 
 17,699,484  Series 2022-5200, Class TZ   2.50%  11/25/49   14,245,791 
 11,485,035  Series 2022-5208, Class HZ   3.50%  03/25/52   11,013,989 
 13,495,963  Series 2022-5208, Class Z   3.00%  04/25/52   11,886,757 
 11,931,047  Series 2022-5220, Class KZ   4.00%  02/25/51   11,994,280 
 4,913,693  Series 2022-5222, Class BZ   3.50%  05/25/37   4,931,382 
 18,521,389  Series 2022-5223, Class GZ   3.00%  08/25/51   15,327,794 
 29,705,095  Series 2022-5224, Class DZ   4.00%  04/25/52   29,974,377 
 10,463,314  Series 2022-5225, Class HZ   4.00%  08/25/51   10,615,446 
 13,931,581  Series 2022-5225, Class NZ   4.00%  05/25/52   14,217,112 
 8,108,703  Series 2022-5228, Class DZ   4.50%  06/25/52   8,710,685 
 9,012,259  Series 2022-5232, Class GO, PO   (d)  08/25/51   5,795,824 
    Federal National Mortgage Association           
 79  Series 1992-185, Class ZB   7.00%  10/25/22   79 
 28  Series 1993-3, Class K   7.00%  02/25/23   28 
 1,184  Series 1993-39, Class Z   7.50%  04/25/23   1,193 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal National Mortgage Association (Continued)           
$115  Series 1993-46, Class FH, 7 Yr. Constant Maturity Treasury Rate - 0.20% (a)   3.05%  04/25/23  $115 
 27,203  Series 1993-169, Class L   6.50%  09/25/23   27,548 
 8,402  Series 1993-171, Class SB, 10 Yr. Constant Maturity Treasury Rate × -2.17 + 21.99% (b)   15.12%  09/25/23   8,618 
 3,479  Series 1993-214, Class 2, IO, STRIPS (e)   7.50%  03/25/23   60 
 55,325  Series 1993-222, Class 2, IO, STRIPS   7.00%  06/25/23   1,234 
 4,711  Series 1993-230, Class FA, 1 Mo. LIBOR + 0.60% (a)   2.22%  12/25/23   4,721 
 38,379  Series 1994-61, Class FG, 1 Mo. LIBOR + 1.50% (a)   3.12%  04/25/24   38,638 
 21,712  Series 1996-51, Class AY, IO   7.00%  12/18/26   1,823 
 23,128  Series 1998-37, Class VZ   6.00%  06/17/28   23,428 
 272,377  Series 2000-45, Class SD, IO, 1 Mo. LIBOR × -1 + 7.95% (b)   5.79%  12/18/30   13,830 
 31,918  Series 2001-34, Class SR, IO, 1 Mo. LIBOR × -1 + 8.10% (b)   5.94%  08/18/31   1,982 
 1,747  Series 2001-42, Class SB, 1 Mo. LIBOR × -16 + 128.00%, 8.50% Cap (b)   8.50%  09/25/31   1,778 
 84,163  Series 2001-46, Class F, 1 Mo. LIBOR + 0.40% (a)   2.56%  09/18/31   84,263 
 6,270  Series 2002-22, Class G   6.50%  04/25/32   6,895 
 64,150  Series 2002-30, Class Z   6.00%  05/25/32   69,565 
 72,841  Series 2002-80, Class CZ   4.50%  09/25/32   76,356 
 73,522  Series 2002-320, Class 2, IO, STRIPS   7.00%  04/25/32   14,932 
 65,408  Series 2002-323, Class 6, IO, STRIPS   6.00%  01/25/32   9,829 
 186,425  Series 2002-324, Class 2, IO, STRIPS   6.50%  07/25/32   27,704 
 15,776  Series 2003-14, Class AT   4.00%  03/25/33   15,787 
 47,297  Series 2003-21, Class OA   4.00%  03/25/33   47,866 
 74,109  Series 2003-32, Class UI, IO   6.00%  05/25/33   13,286 
 326,680  Series 2003-45, Class JB   5.50%  06/25/33   350,428 
 13,166  Series 2003-63, Class F1, 1 Mo. LIBOR + 0.30% (a)   2.56%  11/25/27   13,161 
 1,089,730  Series 2003-63, Class IP, IO   6.00%  07/25/33   175,639 
 355,000  Series 2003-71, Class NH   4.29%  08/25/33   374,086 
 157,865  Series 2003-109, Class YB   6.00%  11/25/33   169,762 
 208,941  Series 2003-343, Class 2, IO, STRIPS   4.50%  10/25/33   29,776 
 200,120  Series 2003-345, Class 14, IO, STRIPS   6.00%  03/25/34   33,160 
 42,038  Series 2003-348, Class 17, IO, STRIPS   7.50%  12/25/33   6,838 
 60,187  Series 2003-348, Class 18, IO, STRIPS (c)   7.50%  12/25/33   10,526 
 187,466  Series 2004-10, Class ZB   6.00%  02/25/34   202,414 
 582,658  Series 2004-18, Class EZ   6.00%  04/25/34   640,007 
 223,816  Series 2004-25, Class LC   5.50%  04/25/34   242,109 
 244,127  Series 2004-25, Class UC   5.50%  04/25/34   264,081 
 43,556  Series 2004-28, Class ZH   5.50%  05/25/34   48,782 
 610,039  Series 2004-60, Class AC   5.50%  04/25/34   632,751 
 1,623,656  Series 2005-2, Class S, IO, 1 Mo. LIBOR × -1 + 6.60% (b)   4.34%  02/25/35   174,325 
 286,020  Series 2005-2, Class TB, IO, 1 Mo. LIBOR × -1 + 5.90%, 0.40% Cap (b)   0.40%  07/25/33   2,570 
 59,367  Series 2005-29, Class ZT   5.00%  04/25/35   63,665 
 71,889  Series 2005-40, Class SA, IO, 1 Mo. LIBOR × -1 + 6.70% (b)   4.44%  05/25/35   8,314 
 304,293  Series 2005-52, Class TZ   6.50%  06/25/35   380,847 
 1,100,318  Series 2005-57, Class KZ   6.00%  07/25/35   1,250,579 
 8,536  Series 2005-67, Class SC, 1 Mo. LIBOR × -2.15 + 14.41% (b)   9.55%  08/25/35   9,061 
 38,304  Series 2005-79, Class NS, IO, 1 Mo. LIBOR × -1 + 6.09% (b)   3.83%  09/25/35   3,960 
 3,889,030  Series 2005-86, Class WZ   5.50%  10/25/35   4,095,957 
 13,201  Series 2005-87, Class SC, 1 Mo. LIBOR × -1.67 + 13.83% (b)   10.07%  10/25/35   15,098 
 18,400  Series 2005-90, Class ES, 1 Mo. LIBOR × -2.50 + 16.88% (b)   11.23%  10/25/35   21,039 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal National Mortgage Association (Continued)           
$57,226  Series 2005-95, Class WZ   6.00%  11/25/35  $71,228 
 19,633  Series 2005-102, Class DS, 1 Mo. LIBOR × -2.75 + 19.80% (b)   13.59%  11/25/35   19,531 
 497,822  Series 2005-104, Class UE   5.50%  12/25/35   533,687 
 318,174  Series 2005-359, Class 12, IO, STRIPS   5.50%  10/25/35   59,485 
 105,818  Series 2005-359, Class 6, IO, STRIPS   5.00%  11/25/35   15,620 
 92,446  Series 2005-362, Class 13, IO, STRIPS   6.00%  08/25/35   16,838 
 44,578  Series 2006-5, Class 2A2 (a)   2.46%  02/25/35   44,993 
 20,126,460  Series 2006-5, Class N2, IO (f)   0.00%  02/25/35   12,579 
 46,233  Series 2006-15, Class IS, IO, 1 Mo. LIBOR × -1 + 6.58% (b)   4.32%  03/25/36   6,507 
 876,812  Series 2006-20, Class PI, IO, 1 Mo. LIBOR × -1 + 6.68% (b)   4.42%  11/25/30   38,369 
 26,447  Series 2006-31, Class PZ   6.00%  05/25/36   32,827 
 40,031  Series 2006-42, Class CF, 1 Mo. LIBOR + 0.45% (a)   2.71%  06/25/36   39,935 
 1,245,073  Series 2006-42, Class EI, IO, 1 Mo. LIBOR × -1 + 6.55% (b)   4.29%  06/25/36   169,901 
 329,939  Series 2006-59, Class SL, IO, 1 Mo. LIBOR × -1 + 6.57% (b)   4.31%  07/25/36   44,170 
 432,110  Series 2006-80, Class PH   6.00%  08/25/36   478,416 
 44,874  Series 2006-85, Class MZ   6.50%  09/25/36   49,870 
 1,543,494  Series 2006-110, Class PI, IO   5.50%  11/25/36   298,344 
 1,782,665  Series 2006-116, Class ES, IO, 1 Mo. LIBOR × -1 + 6.65% (b)   4.39%  12/25/36   238,624 
 176,363  Series 2006-117, Class GF, 1 Mo. LIBOR + 0.35% (a)   2.61%  12/25/36   175,248 
 1,643,604  Series 2006-118, Class A1, 1 Mo. LIBOR + 0.06% (a)   1.68%  12/25/36   1,632,487 
 313,274  Series 2007-7, Class KA   5.75%  08/25/36   347,977 
 20,729  Series 2007-25, Class FB, 1 Mo. LIBOR + 0.33% (a)   2.59%  04/25/37   20,581 
 511,593  Series 2007-28, Class ZA   6.00%  04/25/37   550,321 
 855,154  Series 2007-57, Class ZG   4.75%  06/25/37   915,465 
 556,002  Series 2007-60, Class ZS   4.75%  07/25/37   620,055 
 505,051  Series 2007-68, Class AE   6.50%  07/25/37   568,218 
 308,725  Series 2007-116, Class PB   5.50%  08/25/35   333,401 
 89,734  Series 2007-117, Class MD   5.50%  07/25/37   91,834 
 3,046,992  Series 2007-W10, Class 3A (f)   2.42%  06/25/47   3,129,745 
 121,676  Series 2008-3, Class FZ, 1 Mo. LIBOR + 0.55% (a)   2.81%  02/25/38   121,848 
 20,616  Series 2008-8, Class ZA   5.00%  02/25/38   21,840 
 8,943  Series 2008-17, Class IP, IO   6.50%  02/25/38   777 
 649,779  Series 2008-389, Class 4, IO, STRIPS   6.00%  03/25/38   115,785 
 2,460  Series 2009-10, Class AB   5.00%  03/25/24   2,464 
 671,162  Series 2009-11, Class PI, IO   5.50%  03/25/36   113,090 
 662  Series 2009-14, Class BS, IO, 1 Mo. LIBOR × -1 + 6.25% (b) (e)   3.99%  03/25/24   8 
 1,379,478  Series 2009-37, Class NZ   5.71%  02/25/37   1,536,530 
 4,400,000  Series 2009-50, Class GX   5.00%  07/25/39   4,774,372 
 2,825,091  Series 2009-85, Class J   4.50%  10/25/39   2,976,924 
 191,015  Series 2009-91, Class HL   5.00%  11/25/39   205,270 
 97,000  Series 2009-92, Class DB   5.00%  11/25/39   105,000 
 813,142  Series 2009-103, Class PZ   6.00%  12/25/39   1,012,970 
 193,068  Series 2009-106, Class SN, IO, 1 Mo. LIBOR × -1 + 6.25% (b)   3.99%  01/25/40   21,051 
 275,294  Series 2009-109, Class PZ   4.50%  01/25/40   287,330 
 55,219  Series 2009-115, Class HZ   5.00%  01/25/40   59,371 
 925,087  Series 2009-397, Class 2, IO, STRIPS   5.00%  09/25/39   161,707 
 113,724  Series 2009-398, Class C13, IO, STRIPS   4.00%  06/25/24   2,615 
 1,254,009  Series 2010-2, Class LC   5.00%  02/25/40   1,340,657 
 198,112  Series 2010-3, Class DZ   4.50%  02/25/40   208,227 
 150,138  Series 2010-21, Class KO, PO   (d)  03/25/40   132,845 
 500,000  Series 2010-35, Class EP   5.50%  04/25/40   559,244 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal National Mortgage Association (Continued)           
$327,014  Series 2010-35, Class SJ, 1 Mo. LIBOR × -3.33 + 17.67% (b)   10.14%  04/25/40  $350,840 
 308,883  Series 2010-38, Class KC   4.50%  04/25/40   321,856 
 324,420  Series 2010-45, Class WB   5.00%  05/25/40   343,835 
 25,016  Series 2010-49, Class SC, 1 Mo. LIBOR × -2 + 12.66% (b)   8.14%  03/25/40   27,515 
 371,955  Series 2010-68, Class BI, IO   5.50%  07/25/50   72,139 
 34,580  Series 2010-75, Class MT (f)   1.60%  12/25/39   33,837 
 91,346  Series 2010-110, Class KI, IO   5.50%  10/25/25   1,410 
 88,683  Series 2010-115, Class PO, PO   (d)  04/25/40   78,845 
 236,893  Series 2010-129, Class SM, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.74%  11/25/40   11,424 
 2,821,000  Series 2010-142, Class DL   4.00%  12/25/40   2,935,678 
 1,555,146  Series 2010-147, Class KS, IO, 1 Mo. LIBOR × -1 + 5.95% (b)   3.69%  01/25/41   72,628 
 161,017  Series 2011-9, Class AZ   5.00%  05/25/40   166,342 
 1,507,000  Series 2011-10, Class AY   6.00%  02/25/41   1,806,782 
 115,340  Series 2011-30, Class LS, IO (c)   1.02%  04/25/41   6,154 
 132,023  Series 2011-30, Class ZB   5.00%  04/25/41   144,231 
 334,162  Series 2011-52, Class GB   5.00%  06/25/41   354,407 
 1,214,208  Series 2011-73, Class PI, IO   4.50%  05/25/41   67,232 
 207,577  Series 2011-74, Class TQ, IO, 1 Mo. LIBOR × -6.43 + 55.93%, 4.50% Cap (b)   4.50%  12/25/33   24,849 
 1,223,671  Series 2011-87, Class YI, IO   5.00%  09/25/41   221,763 
 1,947,483  Series 2011-101, Class EI, IO   3.50%  10/25/26   66,174 
 750,000  Series 2011-105, Class MB   4.00%  10/25/41   749,697 
 1,776,264  Series 2011-111, Class PZ   4.50%  11/25/41   1,913,158 
 4,705,618  Series 2011-123, Class JS, IO, 1 Mo. LIBOR × -1 + 6.65% (b)   4.39%  03/25/41   361,311 
 13,230,230  Series 2011-123, Class ZP   4.50%  12/25/41   14,064,349 
 1,401,167  Series 2012-28, Class PT   4.00%  03/25/42   1,409,908 
 776,952  Series 2012-39, Class PB   4.25%  04/25/42   814,158 
 347,837  Series 2012-52, Class BZ   4.00%  05/25/42   327,310 
 548,639  Series 2012-65, Class IO, IO   5.50%  07/25/40   93,764 
 129,584  Series 2012-66, Class DI, IO   3.50%  06/25/27   6,589 
 3,155,017  Series 2012-101, Class AI, IO   3.00%  06/25/27   94,154 
 3,226,477  Series 2012-103, Class HI, IO   3.00%  09/25/27   141,472 
 231,256  Series 2012-111, Class B   7.00%  10/25/42   259,644 
 148,822  Series 2012-118, Class IB, IO   3.50%  11/25/42   23,855 
 7,698,824  Series 2012-122, Class SD, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.84%  11/25/42   1,084,733 
 435,138  Series 2012-133, Class KO, PO   (d)  12/25/42   241,217 
 535,551  Series 2012-138, Class MA   1.00%  12/25/42   483,434 
 1,334,127  Series 2012-146, Class QA   1.00%  01/25/43   1,202,634 
 291,429  Series 2012-409, Class 49, IO, STRIPS (c)   3.50%  11/25/41   44,508 
 326,150  Series 2012-409, Class 53, IO, STRIPS (c)   3.50%  04/25/42   49,567 
 690,000  Series 2013-10, Class HQ   2.50%  02/25/43   547,247 
 379,635  Series 2013-13, Class IK, IO   2.50%  03/25/28   18,232 
 54,877  Series 2013-22, Class TS, 1 Mo. LIBOR × -1.50 + 6.08% (b)   3.51%  03/25/43   41,472 
 50,387  Series 2013-23, Class ZB   3.00%  03/25/43   42,631 
 750,000  Series 2013-41, Class DB   3.00%  05/25/43   678,661 
 1,170,985  Series 2013-43, Class IX, IO   4.00%  05/25/43   241,102 
 382,384  Series 2013-51, Class PI, IO   3.00%  11/25/32   36,879 
 366,239  Series 2013-52, Class MD   1.25%  06/25/43   335,203 
 6,035,865  Series 2013-54, Class LI, IO   7.00%  11/25/34   1,115,666 
 580,932  Series 2013-55, Class AI, IO   3.00%  06/25/33   62,729 
 3,586,493  Series 2013-67, Class IL, IO   6.50%  07/25/43   656,858 
 131,279  Series 2013-70, Class JZ   3.00%  07/25/43   125,513 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal National Mortgage Association (Continued)           
$100,338  Series 2013-75, Class FC, 1 Mo. LIBOR + 0.25% (a)   2.51%  07/25/42  $100,205 
 379,979  Series 2013-105, Class BN   4.00%  05/25/43   379,558 
 192,199  Series 2013-105, Class KO, PO   (d)  10/25/43   174,796 
 195,852  Series 2013-106, Class KN   3.00%  10/25/43   175,421 
 1,003,000  Series 2013-130, Class QY   4.50%  06/25/41   1,069,278 
 1,779,731  Series 2013-417, Class C21, IO, STRIPS   4.00%  12/25/42   271,303 
 4,039,825  Series 2013-418, Class C1, IO, STRIPS   3.50%  08/25/43   584,723 
 60,099  Series 2014-29, Class GI, IO   3.00%  05/25/29   3,065 
 2,406,824  Series 2014-44, Class NI, IO   4.50%  08/25/29   85,611 
 88,329  Series 2014-46, Class KA (c)   27.48%  08/25/44   178,077 
 96,890  Series 2014-68, Class GI, IO   4.50%  10/25/43   9,024 
 596,029  Series 2014-82, Class GZ   4.00%  12/25/44   576,465 
 641,732  Series 2014-84, Class LI, IO   3.50%  12/25/26   22,633 
 875,000  Series 2015-16, Class MY   3.50%  04/25/45   852,491 
 8,000,000  Series 2015-19, Class JB   3.50%  04/25/45   7,984,066 
 21,825  Series 2015-38, Class GI, IO   3.00%  09/25/43   197 
 10,097,724  Series 2015-40, Class AI, IO   6.00%  05/25/37   1,900,059 
 359,815  Series 2015-76, Class BI, IO   4.00%  10/25/39   22,787 
 61,376  Series 2015-93, Class KI, IO   3.00%  09/25/44   3,592 
 724,432  Series 2015-97, Class AI, IO   4.00%  09/25/41   6,999 
 4,863,763  Series 2016-2, Class EZ   2.50%  02/25/46   4,600,165 
 8,774,460  Series 2016-37, Class PY   3.00%  06/25/46   8,102,891 
 18,014,665  Series 2016-40, Class MS, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.74%  07/25/46   3,195,872 
 12,369,285  Series 2016-44, Class Z   3.50%  07/25/46   12,388,685 
 11,510,000  Series 2016-50, Class GY   3.00%  08/25/46   10,564,086 
 7,752,768  Series 2016-62, Class SB, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.84%  09/25/46   792,306 
 876,722  Series 2016-71, Class NI, IO   3.50%  04/25/46   103,227 
 3,060,736  Series 2016-73, Class PI, IO   3.00%  08/25/46   510,820 
 391,218  Series 2016-74, Class HI, IO   3.50%  10/25/46   65,630 
 319,608  Series 2016-84, Class DF, 1 Mo. LIBOR + 0.42% (a)   1.48%  11/25/46   317,380 
 821,306  Series 2016-87, Class AF, 1 Mo. LIBOR + 0.40% (a)   1.46%  11/25/46   813,378 
 8,472,132  Series 2017-18, Class AS, IO, 1 Mo. LIBOR × -1 + 6.05% (b)   3.79%  03/25/47   1,526,371 
 597,364  Series 2017-46, Class BY   3.00%  06/25/47   517,781 
 9,187,999  Series 2017-49, Class ZJ   4.00%  07/25/57   9,410,439 
 12,170,902  Series 2017-50, Class BZ   3.00%  07/25/47   11,674,304 
 5,955,131  Series 2017-65, Class SA, IO, 1 Mo. LIBOR × -1 + 5.90%, 5.00% Cap (b)   3.64%  09/25/47   807,732 
 4,025,688  Series 2017-84, Class ZK   3.50%  10/25/57   4,017,956 
 3,509,680  Series 2017-87, Class GI, IO   4.00%  06/25/44   555,275 
 2,142,593  Series 2017-87, Class ZA   4.00%  11/25/57   2,072,304 
 2,575,537  Series 2018-17, Class Z   3.50%  03/25/48   2,485,385 
 30,811,390  Series 2018-76, Class ZL   4.00%  10/25/58   31,230,286 
 5,417,875  Series 2018-86, Class DL   3.50%  12/25/48   5,429,182 
 3,087,420  Series 2018-92, Class DB   3.50%  01/25/49   3,086,157 
 6,101,339  Series 2018-94, Class AZ   4.00%  01/25/49   6,152,837 
 8,513,436  Series 2019-8, Class DY   3.50%  03/25/49   8,497,218 
 8,216,841  Series 2019-17, Class GZ   4.00%  11/25/56   8,518,618 
 10,585,937  Series 2019-26, Class GA   3.50%  06/25/49   10,625,293 
 4,520,278  Series 2019-27, Class HA   3.00%  06/25/49   4,428,295 
 7,312,572  Series 2019-29, Class HT   3.00%  06/25/49   7,234,102 
 6,129,218  Series 2019-34, Class JA   3.00%  07/25/49   6,066,389 
 15,333,841  Series 2019-34, Class LA   3.00%  07/25/49   15,138,246 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Federal National Mortgage Association (Continued)           
$4,169,494  Series 2019-37, Class A   3.00%  07/25/49  $4,120,232 
 13,930,130  Series 2019-41, Class SN, IO, 1 Mo. LIBOR × -1 + 6.05% (b)   3.79%  08/25/49   2,092,877 
 10,618,806  Series 2019-57, Class JA   2.50%  10/25/49   10,193,183 
 4,522,569  Series 2019-59, Class PT   2.50%  10/25/49   4,371,389 
 11,419,945  Series 2019-66, Class C   3.00%  11/25/49   11,174,900 
 39,314,948  Series 2019-68, Class KP   2.50%  11/25/49   37,755,120 
 24,165,305  Series 2019-70, Class WA, PO   (d)  11/25/42   20,789,192 
 32,268,831  Series 2020-5, Class BZ   3.00%  02/25/50   31,348,927 
 14,997,566  Series 2020-9, Class SJ, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.74%  02/25/50   2,742,966 
 11,969,763  Series 2020-20, Class KI, IO   4.00%  03/25/50   4,154,562 
 33,092,946  Series 2020-34, Class AI, IO   3.50%  06/25/35   2,883,130 
 12,528,572  Series 2020-37, Class QI, IO   4.50%  06/25/50   2,430,829 
 4,901,026  Series 2020-66, Class IC, IO   6.00%  10/25/47   1,050,105 
 43,028,409  Series 2020-74, Class IQ, IO   6.00%  10/25/50   8,809,344 
 33,453,120  Series 2020-77, Class DI, IO   4.00%  11/25/35   3,777,449 
 14,929,929  Series 2020-93, Class NI, IO   3.00%  01/25/51   1,568,611 
 15,704,192  Series 2021-1, Class IB, IO   3.50%  02/25/61   3,344,707 
 47,806,781  Series 2021-66, Class CI, IO   4.00%  10/25/36   6,268,263 
 10,100,376  Series 2022-15, Class ZH   3.00%  04/25/52   8,122,434 
 53,839,988  Series 2022-18, Class DZ   3.50%  04/25/52   49,108,578 
 8,220,607  Series 2022-18, Class Z   3.50%  04/25/52   7,651,935 
 16,571,626  Series 2022-23, Class EZ   3.00%  03/25/52   13,352,568 
 26,345,358  Series 2022-29, Class JZ   1.50%  06/25/42   20,269,128 
    Federal National Mortgage Association Grantor Trust           
 1,994,154  Series 2005-T1, Class A1, 1 Mo. LIBOR + 0.40% (a)   2.66%  05/25/35   1,991,875 
    Government National Mortgage Association           
 20,613  Series 2001-60, Class PZ   6.00%  12/20/31   20,590 
 193,706  Series 2002-72, Class ZB   6.00%  10/20/32   193,603 
 166,111  Series 2003-4, Class MZ   5.50%  01/20/33   168,337 
 300,016  Series 2003-18, Class PG   5.50%  03/20/33   303,293 
 1,508,450  Series 2003-35, Class TZ   5.75%  04/16/33   1,506,501 
 127,647  Series 2003-62, Class MZ   5.50%  07/20/33   136,105 
 182,193  Series 2003-84, Class Z   5.50%  10/20/33   189,941 
 100,755  Series 2004-37, Class B   6.00%  04/17/34   106,412 
 543,559  Series 2004-49, Class MZ   6.00%  06/20/34   578,714 
 40,920  Series 2004-68, Class ZC   6.00%  08/20/34   43,481 
 49,083  Series 2004-71, Class ST, 1 Mo. LIBOR × -6.25 + 44.50%, 7.00% Cap (b)   7.00%  09/20/34   50,308 
 88,537  Series 2004-83, Class AK, 1 Mo. LIBOR × -3 + 16.49% (b)   10.03%  10/16/34   87,468 
 360,693  Series 2004-88, Class SM, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.94%  10/16/34   23,503 
 36,518  Series 2004-92, Class AK, 1 Mo. LIBOR × -3 + 16.50% (b)   10.03%  11/16/34   38,195 
 1,396,914  Series 2004-92, Class BZ   5.50%  11/16/34   1,478,902 
 240,450  Series 2004-105, Class JZ   5.00%  12/20/34   246,480 
 219,825  Series 2004-105, Class KA   5.00%  12/16/34   224,393 
 239,452  Series 2005-3, Class JZ   5.00%  01/16/35   236,349 
 239,452  Series 2005-3, Class KZ   5.00%  01/16/35   243,214 
 17,792  Series 2005-7, Class AJ, 1 Mo. LIBOR × -4 + 22.00% (b)   13.38%  02/16/35   19,683 
 822  Series 2005-7, Class KA, 1 Mo. LIBOR × -2.81 + 18.95% (b)   12.90%  12/17/34   823 
 146,682  Series 2005-7, Class MA, 1 Mo. LIBOR × -2.81 + 18.95% (b)   12.90%  12/17/34   147,165 
 134,150  Series 2005-33, Class AY   5.50%  04/16/35   139,532 
 115,668  Series 2005-41, Class PA   4.00%  05/20/35   117,982 
 264,643  Series 2005-44, Class IO, IO   5.50%  07/20/35   22,977 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Government National Mortgage Association (Continued)           
$2,340,039  Series 2005-78, Class ZA   5.00%  10/16/35  $2,436,761 
 201,234  Series 2005-93, Class PO, PO   (d)  06/20/35   185,862 
 394,562  Series 2006-17, Class TW   6.00%  04/20/36   424,631 
 500,000  Series 2006-38, Class OH   6.50%  08/20/36   528,342 
 192,297  Series 2006-61, Class ZA   5.00%  11/20/36   196,545 
 453,777  Series 2007-16, Class OZ   6.00%  04/20/37   492,507 
 130,198  Series 2007-27, Class SD, IO, 1 Mo. LIBOR × -1 + 6.20% (b)   4.07%  05/20/37   8,312 
 103,436  Series 2007-41, Class OL, PO   (d)  07/20/37   94,572 
 184,250  Series 2007-42, Class SB, IO, 1 Mo. LIBOR × -1 + 6.75% (b)   4.62%  07/20/37   13,392 
 553,414  Series 2007-71, Class ZD   6.00%  11/20/37   577,631 
 150,900  Series 2007-81, Class FZ, 1 Mo. LIBOR + 0.35% (a)   2.48%  12/20/37   150,998 
 79,870  Series 2008-33, Class XS, IO, 1 Mo. LIBOR × -1 + 7.70% (b)   5.54%  04/16/38   7,915 
 496,452  Series 2008-47, Class ML   5.25%  06/16/38   523,172 
 149,602  Series 2008-54, Class PE   5.00%  06/20/38   157,143 
 400,829  Series 2008-71, Class JI, IO   6.00%  04/20/38   31,563 
 11,587  Series 2009-10, Class PA   4.50%  12/20/38   11,594 
 108,790  Series 2009-14, Class KI, IO   6.50%  03/20/39   16,358 
 35,697  Series 2009-14, Class KS, IO, 1 Mo. LIBOR × -1 + 6.30% (b)   4.17%  03/20/39   2,113 
 84,721  Series 2009-25, Class SE, IO, 1 Mo. LIBOR × -1 + 7.60% (b)   5.47%  09/20/38   6,912 
 2,796,164  Series 2009-29, Class PC   7.00%  05/20/39   3,113,585 
 412,274  Series 2009-32, Class SZ   5.50%  05/16/39   446,659 
 283,951  Series 2009-42, Class BI, IO   6.00%  06/20/39   32,565 
 3,732,468  Series 2009-57, Class VB   5.00%  06/16/39   3,875,813 
 278,124  Series 2009-61, Class PZ   7.50%  08/20/39   334,101 
 9,112,750  Series 2009-61, Class WQ, IO, 1 Mo. LIBOR × -1 + 6.25% (b)   4.09%  11/16/35   999,674 
 1,067,441  Series 2009-69, Class ZB   6.00%  08/20/39   1,100,399 
 706,203  Series 2009-72, Class SM, IO, 1 Mo. LIBOR × -1 + 6.25% (b)   4.09%  08/16/39   67,528 
 455,000  Series 2009-75, Class JN   5.50%  09/16/39   501,819 
 618,815  Series 2009-78, Class KZ   5.50%  09/16/39   701,391 
 104,912  Series 2009-79, Class OK, PO   (d)  11/16/37   94,739 
 145,603  Series 2009-81, Class TZ   5.50%  09/20/39   162,173 
 633,043  Series 2009-87, Class EI, IO   5.50%  08/20/39   58,917 
 69,000  Series 2009-94, Class AL   5.00%  10/20/39   73,158 
 294,567  Series 2009-106, Class DZ   5.50%  11/20/39   330,231 
 3,918,906  Series 2009-106, Class SL, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.97%  04/20/36   295,579 
 50,096  Series 2009-106, Class WZ   5.50%  11/16/39   56,501 
 732,000  Series 2009-126, Class LB   5.00%  12/20/39   791,451 
 25,176  Series 2010-4, Class WA   3.00%  01/16/40   25,011 
 1,014,116  Series 2010-14, Class BV, IO, 1 Mo. LIBOR × -1 + 6.25% (b)   4.09%  02/16/40   68,098 
 87,136  Series 2010-42, Class CO, PO   (d)  06/16/39   85,463 
 1,545,149  Series 2010-46, Class FC, 1 Mo. LIBOR + 0.80% (a)   2.93%  03/20/35   1,558,593 
 924,223  Series 2010-59, Class ZD   6.50%  05/20/40   1,130,532 
 1,190,788  Series 2010-85, Class SL, IO, 1 Mo. LIBOR × -1 + 6.60% (b)   4.47%  07/20/37   66,199 
 89,000  Series 2010-116, Class BM   4.50%  09/16/40   95,641 
 1,437,243  Series 2010-116, Class JB   5.00%  06/16/40   1,513,631 
 609,155  Series 2010-157, Class OP, PO   (d)  12/20/40   537,296 
 63,911  Series 2010-166, Class DI, IO   4.50%  02/20/39   1,215 
 154,425  Series 2011-4, Class PZ   5.00%  01/20/41   164,746 
 771,202  Series 2011-35, Class BP   4.50%  03/16/41   813,173 
 219,381  Series 2011-48, Class LI, IO   5.50%  01/16/41   29,570 
 5,995,747  Series 2011-61, Class WS, IO, 1 Mo. LIBOR × -1 + 6.47% (b)   4.34%  02/20/38   464,063 
 44,737  Series 2011-63, Class BI, IO   6.00%  02/20/38   3,255 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Government National Mortgage Association (Continued)           
$606,523  Series 2011-71, Class ZC   5.50%  07/16/34  $634,481 
 1,517,199  Series 2011-81, Class IC, IO, 1 Mo. LIBOR × -1 + 6.72%, 0.62% Cap (b)   0.62%  07/20/35   19,118 
 343,758  Series 2011-112, Class IP, IO   0.50%  08/16/26   9 
 239,265  Series 2011-129, Class CL   5.00%  03/20/41   248,174 
 3,962  Series 2011-136, Class GB   2.50%  05/20/40   3,936 
 234,721  Series 2011-146, Class EI, IO   5.00%  11/16/41   40,901 
 38,294  Series 2011-151, Class TB, IO, 1 Mo. LIBOR × -70 + 465.50%, 3.50% Cap (b)   3.50%  04/20/41   3,166 
 196,913  Series 2012-10, Class LI, IO   3.50%  07/20/40   1,206 
 2,088,169  Series 2012-18, Class IA, IO, 1 Mo. LIBOR × -1 + 6.68%, 0.58% Cap (b)   0.58%  07/20/39   18,157 
 1,041,963  Series 2012-48, Class MI, IO   5.00%  04/16/42   177,331 
 7,907,815  Series 2012-84, Class QS, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.94%  07/16/42   664,960 
 6,711,842  Series 2012-84, Class SJ, 1 Mo. LIBOR × -0.57 + 2.51% (b)   1.28%  07/16/42   4,858,895 
 251,623  Series 2012-108, Class KB   2.75%  09/16/42   232,514 
 3,868,583  Series 2012-143, Class TI, IO   3.00%  12/16/27   191,073 
 1,733,389  Series 2012-149, Class PC (c)   6.33%  12/20/42   1,891,082 
 13,612,184  Series 2013-4, Class IC, IO   4.00%  09/20/42   2,341,445 
 79,873  Series 2013-5, Class IA, IO   3.50%  10/16/42   10,527 
 560,658  Series 2013-10, Class DI, IO   3.50%  09/20/42   45,434 
 2,223,000  Series 2013-20, Class QM   2.63%  02/16/43   2,018,993 
 1,510,262  Series 2013-22, Class IO, IO   3.00%  02/20/43   185,901 
 3,612,163  Series 2013-23, Class IP, IO   3.50%  08/20/42   463,872 
 1,623,880  Series 2013-53, Class OI, IO   3.50%  04/20/43   171,915 
 1,623,923  Series 2013-69, Class AI, IO   3.50%  05/20/43   251,619 
 185,496  Series 2013-69, Class PI, IO   5.00%  05/20/43   19,381 
 953,680  Series 2013-70, Class PM   2.50%  05/20/43   857,182 
 2,245,851  Series 2013-91, Class PB   3.50%  09/20/42   2,249,793 
 837,873  Series 2013-130, Class WS, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.97%  09/20/43   133,177 
 3,063,081  Series 2013-170, Class IG, IO   5.50%  11/16/43   267,043 
 688,000  Series 2013-183, Class PB   4.50%  12/20/43   702,973 
 2,112,828  Series 2014-6, Class IJ, IO   4.50%  06/16/43   132,335 
 12,430,482  Series 2014-30, Class EA (c)   1.75%  02/16/44   11,535,957 
 5,439,872  Series 2014-43, Class Z   4.00%  03/20/44   5,774,119 
 2,358,569  Series 2014-44, Class IC, IO   3.00%  04/20/28   121,200 
 5,903,268  Series 2014-44, Class ID, IO (c) (f)   0.33%  03/16/44   55,746 
 21,489  Series 2014-91, Class JI, IO   4.50%  01/20/40   1,258 
 585,472  Series 2014-94, Class Z   4.50%  01/20/44   659,408 
 2,786,268  Series 2014-99, Class HI, IO   4.50%  06/20/44   399,233 
 2,656,953  Series 2014-115, Class QI, IO   3.00%  03/20/29   74,693 
 2,845,283  Series 2014-116, Class SB, IO, 1 Mo. LIBOR × -1 + 5.60% (b)   3.47%  08/20/44   388,639 
 1,639,218  Series 2014-118, Class TV, IO, 1 Mo. LIBOR × -1 + 6.25% (b)   4.12%  05/20/44   183,632 
 7,312,585  Series 2015-3, Class ZD   4.00%  01/20/45   7,722,712 
 9,574,052  Series 2015-40, Class IO, IO   4.00%  03/20/45   1,573,033 
 5,193,603  Series 2015-66, Class LI, IO   5.00%  05/16/45   496,836 
 34,323  Series 2015-95, Class IK, IO (c)   1.55%  05/16/37   690 
 11,133,273  Series 2015-99, Class EI, IO   5.50%  07/16/45   1,877,546 
 5,460,793  Series 2015-124, Class DI, IO   3.50%  01/20/38   175,455 
 279,469  Series 2015-137, Class WA (c) (f)   5.55%  01/20/38   304,097 
 383,290  Series 2015-138, Class MI, IO   4.50%  08/20/44   41,231 
 86,310  Series 2015-151, Class KW (c)   5.30%  04/20/34   88,772 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Government National Mortgage Association (Continued)           
$3,728,315  Series 2015-162, Class ZG   4.00%  11/20/45  $3,973,726 
 4,025,562  Series 2015-168, Class GI, IO   5.50%  02/16/33   288,942 
 193,918  Series 2016-16, Class KZ   3.00%  02/16/46   172,182 
 7,179,000  Series 2016-37, Class AF, 1 Mo. LIBOR + 0.47% (a)   2.18%  11/20/43   7,128,865 
 141,044  Series 2016-55, Class PB (c)   5.54%  03/20/31   145,703 
 946,080  Series 2016-69, Class WI, IO   4.50%  05/20/46   225,555 
 2,778,551  Series 2016-75, Class SA, IO, 1 Mo. LIBOR × -1 + 6.00% (b)   3.87%  05/20/40   285,663 
 480,747  Series 2016-78, Class UI, IO   4.00%  06/20/46   52,516 
 2,641,243  Series 2016-89, Class HI, IO   3.50%  07/20/46   452,909 
 321,393  Series 2016-99, Class JA (c)   5.52%  11/20/45   346,897 
 1,021,893  Series 2016-109, Class ZM   3.50%  08/20/36   998,922 
 6,687,474  Series 2016-111, Class PI, IO   3.50%  06/20/45   635,719 
 703,806  Series 2016-118, Class GI, IO   4.50%  02/16/40   97,528 
 7,817,221  Series 2016-120, Class AS, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.97%  09/20/46   1,271,211 
 464,000  Series 2016-141, Class PC   5.00%  10/20/46   524,179 
 326,703  Series 2016-145, Class LZ   3.00%  10/20/46   276,249 
 538,875  Series 2016-154, Class WF, 1 Mo. LIBOR + 0.40% (a)   2.11%  11/20/45   533,540 
 7,396,731  Series 2016-156, Class ZM   3.50%  11/20/46   7,065,393 
 303,000  Series 2016-160, Class LE   2.50%  11/20/46   257,064 
 209,315  Series 2016-167, Class KI, IO   6.00%  12/16/46   30,435 
 2,211,937  Series 2017-12, Class SD, IO, 1 Mo. LIBOR × -1 + 6.10% (b)   3.97%  01/20/47   349,157 
 949,444  Series 2017-17, Class KZ   4.50%  02/20/47   1,045,152 
 4,178,657  Series 2017-32, Class DI, IO   5.50%  05/20/35   683,414 
 2,455,466  Series 2017-32, Class IB, IO   5.00%  02/16/47   241,924 
 6,091,013  Series 2017-33, Class PZ   3.00%  02/20/47   5,970,824 
 4,571,563  Series 2017-56, Class BI, IO   6.00%  04/16/47   741,587 
 8,197,460  Series 2017-57, Class IO, IO   5.00%  04/20/47   1,503,145 
 3,062,988  Series 2017-113, Class IE, IO   5.50%  07/20/47   476,626 
 8,486,254  Series 2017-117, Class ZN   3.00%  08/20/47   7,818,314 
 12,459,709  Series 2017-122, Class CZ   3.00%  08/20/47   11,323,625 
 3,906,336  Series 2017-123, Class IO, IO   5.00%  08/16/47   900,369 
 5,159,756  Series 2017-130, Class LS, IO, 1 Mo. LIBOR × -1 + 6.20% (b)   4.04%  08/16/47   556,111 
 4,974,843  Series 2017-133, Class JI, IO   7.00%  06/20/41   709,720 
 11,628,644  Series 2017-134, Class AZ   3.00%  09/20/47   10,655,652 
 4,851,717  Series 2017-177, Class DI, IO   4.50%  11/16/47   858,008 
 13,741,711  Series 2017-179, Class IN, IO   5.00%  07/20/44   3,124,126 
 3,625,157  Series 2017-186, Class TI, IO, 1 Mo. LIBOR × -1 + 6.50%, 0.50% Cap (b)   0.50%  05/20/40   44,700 
 909,435  Series 2018-44, Class Z   2.50%  09/20/47   765,438 
 5,414,682  Series 2018-79, Class IO, IO   5.00%  06/20/48   715,001 
 13,172,554  Series 2018-97, Class DZ   3.50%  07/20/48   13,331,486 
 6,332,422  Series 2018-131, Class IA, IO   5.00%  04/20/44   691,041 
 10,000,000  Series 2018-134, Class KB   3.50%  10/20/48   9,991,271 
 8,103,321  Series 2018-155, Class KD   4.00%  11/20/48   8,309,562 
 5,823,161  Series 2018-160, Class GY   4.50%  11/20/48   5,920,913 
 5,372,716  Series 2018-78I, Class EZ   3.00%  04/20/48   5,214,472 
 3,304,056  Series 2019-6, Class EI, IO   5.00%  09/20/39   431,479 
 8,237,762  Series 2019-15, Class MZ   4.50%  02/20/49   8,434,122 
 12,488,006  Series 2019-18, Class TP   3.50%  02/20/49   12,508,706 
 1,098,435  Series 2019-27, Class DI, IO   5.50%  01/20/40   169,680 
 3,499,540  Series 2019-35, Class BZ   3.50%  03/20/49   3,325,511 
 5,518,271  Series 2019-45, Class ZB   3.50%  04/20/49   5,294,213 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Government National Mortgage Association (Continued)           
$35,902,854  Series 2019-128, Class EF, 1 Mo. LIBOR + 0.57% (a)   2.70%  10/20/49  $34,914,559 
 19,143,033  Series 2020-31, Class IO, IO   6.50%  03/20/50   2,535,525 
 13,528,646  Series 2020-62, Class IA, IO   5.50%  05/20/50   2,562,535 
 3,000,000  Series 2020-62, Class IC, IO   2.50%  01/20/50   735,122 
 14,014,801  Series 2020-62, Class WI, IO   2.50%  08/20/49   3,200,704 
 7,097,422  Series 2020-84, Class IM, IO   2.50%  05/20/50   1,806,704 
 19,759,118  Series 2020-84, Class IO, IO   2.50%  04/20/50   5,217,850 
 28,563,903  Series 2020-104, Class AI, IO   3.00%  07/20/50   4,461,407 
 25,010,663  Series 2020-129, Class IO, IO   2.50%  09/20/50   3,024,112 
 85,677,140  Series 2020-129, Class IU, IO   2.50%  09/20/50   10,430,806 
 17,593,371  Series 2020-144, Class IK, IO   2.50%  09/20/50   2,124,232 
 53,946,639  Series 2020-146, Class CI, IO   2.50%  10/20/50   6,855,005 
 40,566,802  Series 2020-162, Class NI, IO   2.50%  10/20/50   5,011,217 
 11,061,175  Series 2020-188, Class IW, IO   2.50%  12/20/50   1,516,216 
 21,429,684  Series 2020-189, Class IV, IO   3.00%  12/20/50   2,896,783 
 19,620,642  Series 2021-8, Class DI, IO   3.50%  01/20/51   2,074,797 
 16,122,740  Series 2021-15, Class JI, IO   2.50%  01/20/51   1,783,251 
 101,682,845  Series 2021-24, Class XI, IO   2.00%  02/20/51   11,239,056 
 49,549,850  Series 2021-27, Class IO, IO   2.50%  02/20/51   6,610,262 
 38,114,311  Series 2021-27, Class PI, IO   2.00%  02/20/51   3,703,537 
 34,079,809  Series 2021-32, Class AI, IO   2.00%  02/20/51   3,750,640 
 7,324,510  Series 2021-46, Class IL, IO   3.00%  03/20/51   1,039,426 
 12,481,872  Series 2021-46, Class LI, IO   3.00%  03/20/51   1,767,717 
 10,158,775  Series 2021-69, Class IX, IO   3.00%  04/20/51   1,520,643 
 25,266,399  Series 2021-91, Class IB, IO   3.00%  05/20/51   3,276,026 
 100,023,378  Series 2021-97, Class NI, IO   2.50%  08/20/49   9,660,788 
 31,121,172  Series 2021-159, Class QE   2.00%  09/20/51   28,938,485 
 38,115,048  Series 2021-188, Class PA   2.00%  10/20/51   35,613,550 
 17,014,000  Series 2022-46, Class LY   3.00%  03/20/52   15,365,505 
 5,578,841  Series 2022-60, Class CZ   3.00%  03/20/52   4,480,239 
 32,118,908  Series 2022-63, Class AZ   3.00%  08/20/51   29,210,287 
 16,449,023  Series 2022-63, Class BZ   3.50%  11/20/46   15,792,415 
 19,285,130  Series 2022-63, Class HZ   2.50%  11/20/51   16,255,559 
 11,009,372  Series 2022-63, Class MZ   3.00%  05/20/51   9,804,723 
 7,043,702  Series 2022-68, Class DZ   3.50%  04/20/52   6,670,245 
 12,276,798  Series 2022-68, Class MZ   3.50%  04/20/52   11,081,670 
 49,271,348  Series 2022-68, Class XA   3.50%  02/20/49   49,663,573 
 12,673,247  Series 2022-68, Class Z   3.50%  04/20/52   11,646,717 
 17,039,395  Series 2022-68, Class ZC   3.50%  04/20/52   15,673,979 
 12,991,946  Series 2022-69, Class QL   3.00%  04/20/52   12,119,017 
 10,917,513  Series 2022-78, Class AM   3.50%  04/20/52   10,223,969 
 13,922,352  Series 2022-90, Class KZ   3.00%  04/20/51   12,135,539 
 8,660,619  Series 2022-90, Class ZG   1.50%  02/20/52   5,412,791 
    Seasoned Credit Risk Transfer Trust           
 15,000,000  Series 2022-1, Class MBU   3.25%  11/25/61   13,546,463 
    Seasoned Loans Structured Transaction Trust           
 4,065,021  Series 2019-3, Class A1C   2.75%  11/25/29   3,948,815 
 10,000,000  Series 2022-1, Class A2   3.50%  05/25/32   9,782,561 
    Vendee Mortgage Trust           
 1,677,497  Series 2003-2, Class Z   5.00%  05/15/33   1,742,141 
 5,963,742  Series 2010-1, Class DZ   4.25%  04/15/40   6,011,411 
 9,619,614  Series 2011-1, Class DZ   3.75%  09/15/46   9,316,788 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Vendee Mortgage Trust (Continued)           
$19,314,928  Series 2011-2, Class DZ   3.75%  10/15/41  $18,985,132 
              1,598,647,158 
    Commercial Mortgage-Backed Securities — 13.3%           
    Federal Home Loan Mortgage Corporation Multiclass Certificates           
 50,000,000  Series 2020-RR06, Class BX, IO (c)   1.84%  05/27/33   6,604,320 
 37,600,000  Series 2020-RR09, Class AX, IO (c)   2.63%  11/27/28   4,999,213 
 47,500,000  Series 2020-RR09, Class BX, IO (c)   2.20%  02/27/29   5,586,423 
 96,907,000  Series 2020-RR10, Class X, IO (c)   2.01%  12/27/27   8,078,885 
 112,919,000  Series 2020-RR11, Class AX, IO (c)   2.84%  01/27/29   15,760,308 
 44,200,500  Series 2020-RR11, Class BX, IO (c)   2.44%  12/27/28   4,493,299 
 39,281,843  Series 2021-P009, Class X, IO (f)   1.46%  01/25/31   2,670,906 
 4,360,287  Series 2021-P011, Class X1, IO (f)   1.84%  09/25/45   612,507 
 112,345,000  Series 2021-RR15, Class X, IO (f)   1.56%  10/27/34   14,502,290 
 100,924,000  Series 2021-RR18, Class X, IO (f) (g) (h)   1.90%  10/27/28   9,343,342 
 55,000,000  Series 2021-RR20, Class X, IO (f)   1.85%  04/25/33   8,542,056 
    Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates           
 8,861,271  Series 2013-K027, Class A2   2.64%  01/25/23   8,840,685 
 112,254,371  Series 2013-K030, Class X1, IO (f)   0.15%  04/25/23   91,903 
 21,186,000  Series 2013-K031, Class A2   3.30%  04/25/23   21,140,687 
 74,705,412  Series 2014-K036, Class X1, IO (f)   0.70%  10/25/23   534,779 
 1,064,503  Series 2015-K721, Class X1, IO (f)   0.51%  08/25/22   39 
 12,017,000  Series 2016-K152, Class A2   3.08%  01/25/31   11,928,018 
 288,445,757  Series 2016-KIR1, Class X, IO (f)   1.04%  03/25/26   9,375,237 
 12,000,000  Series 2018-K156, Class A3   3.70%  06/25/33   12,294,266 
 39,271,200  Series 2018-K157, Class A2   3.99%  05/25/33   41,199,604 
 7,101,000  Series 2018-K159, Class A3   3.95%  11/25/33   7,339,261 
 1,090,000  Series 2019-1512, Class A2   2.99%  05/25/31   1,069,171 
 3,000,000  Series 2019-1513, Class A2   2.73%  12/25/31   2,892,203 
 57,722,085  Series 2019-K099, Class X1, IO (f)   0.88%  09/25/29   3,004,792 
 57,790,000  Series 2019-K099, Class XAM, IO (f)   1.14%  09/25/29   4,074,484 
 69,591,395  Series 2019-K101, Class X1, IO (c)   0.84%  10/25/29   3,458,859 
 64,993,000  Series 2019-K102, Class XAM, IO (c)   1.09%  10/25/29   4,397,101 
 59,029,000  Series 2019-K103, Class XAM, IO (f)   0.90%  11/25/29   3,402,136 
 28,608,465  Series 2019-K1510, Class X1, IO (f)   0.48%  01/25/34   1,184,030 
 158,255,434  Series 2019-K1512, Class X1, IO (f)   0.91%  04/25/34   11,676,672 
 56,970,788  Series 2019-K1513, Class X1, IO (f)   0.86%  08/25/34   3,984,041 
 103,108,261  Series 2019-K734, Class X1, IO (f)   0.65%  02/25/26   1,940,240 
 68,018,000  Series 2019-K734, Class XAM, IO (f)   0.42%  02/25/26   1,031,493 
 42,271,273  Series 2019-K735, Class X1, IO (f)   0.96%  05/25/26   1,280,224 
 57,281,114  Series 2019-K736, Class X1, IO (f)   1.31%  07/25/26   2,280,338 
 18,674,000  Series 2020-K109, Class XAM, IO (f)   1.80%  04/25/30   2,172,797 
 108,629,167  Series 2020-K110, Class X1, IO (f)   1.70%  04/25/30   11,076,645 
 29,090,000  Series 2020-K112, Class XAM, IO (f)   1.66%  05/25/30   3,182,388 
 82,019,000  Series 2020-K113, Class XAM, IO (f)   1.59%  06/25/30   8,612,069 
 53,100,000  Series 2020-K114, Class XAM, IO (f)   1.34%  06/25/30   4,678,705 
 50,686,375  Series 2020-K115, Class X1, IO (f)   1.33%  06/25/30   4,256,535 
 55,537,412  Series 2020-K115, Class XAM, IO (f)   1.55%  07/25/30   5,705,664 
 16,446,605  Series 2020-K116, Class X1, IO (f)   1.43%  07/25/30   1,458,105 
 55,500,000  Series 2020-K116, Class XAM, IO (f)   1.60%  08/25/30   5,972,039 
 63,500,000  Series 2020-K117, Class XAM, IO (f)   1.43%  09/25/30   6,149,677 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Commercial Mortgage-Backed Securities (Continued)           
    Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates (Continued)           
$34,868,584  Series 2020-K118, Class X1, IO (f)   0.96%  09/25/30  $2,171,040 
 37,051,661  Series 2020-K118, Class XAM, IO (f)   1.17%  09/25/30   2,965,911 
 51,000,000  Series 2020-K119, Class XAM, IO (f)   1.13%  10/25/30   3,975,756 
 75,535,017  Series 2020-K120, Class XAM, IO (f)   1.21%  10/25/30   6,279,317 
 21,236,000  Series 2020-K121, Class XAM, IO (f)   1.19%  11/25/30   1,758,332 
 29,929,105  Series 2020-K122, Class X1, IO (f)   0.88%  11/25/30   1,729,169 
 35,210,000  Series 2020-K122, Class XAM, IO (f)   1.08%  11/25/30   2,656,954 
 90,000,592  Series 2020-K1515, Class X1, IO (f)   1.51%  02/25/35   11,969,215 
 86,901,438  Series 2020-K1516, Class X1, IO (f)   1.51%  05/25/35   12,229,344 
 94,327,930  Series 2020-K1517, Class X1, IO (f)   1.33%  07/25/35   11,737,922 
 52,929,985  Series 2020-KG04, Class X1, IO (f)   0.85%  11/25/30   2,956,965 
 75,453,819  Series 2020-K737, Class X1, IO (c)   0.64%  10/25/26   1,624,717 
 38,559,000  Series 2020-K738, Class XAM, IO (c)   1.37%  03/25/27   2,152,764 
 131,647,347  Series 2020-K739, Class X1, IO (f)   1.22%  09/25/27   6,427,985 
 40,072,531  Series 2020-K739, Class XAM, IO (f)   1.57%  09/25/27   2,775,295 
 33,000,000  Series 2020-K740, Class XAM (f)   1.11%  10/25/27   1,660,025 
 49,625,000  Series 2021-K123, Class XAM, IO (a)   0.98%  12/25/30   3,400,633 
 26,688,000  Series 2021-K124, Class XAM, IO (f)   0.94%  01/25/31   1,751,125 
 41,267,000  Series 2021-K125, Class XAM, IO (f)   0.78%  01/25/31   2,322,709 
 33,900,000  Series 2021-K128, Class XAM, IO (f)   0.73%  03/25/31   1,819,854 
 27,836,000  Series 2021-K129, Class XAM, IO (f)   1.22%  05/25/31   2,478,890 
 41,565,013  Series 2021-K130, Class XAM, IO (f)   1.21%  07/25/31   3,749,518 
 44,491,000  Series 2021-K132, Class XAM, IO (f)   0.86%  09/25/31   2,894,335 
 149,766,507  Series 2021-K1520, Class X1, IO (f)   0.47%  02/25/36   6,829,667 
 143,990,000  Series 2021-KG05, Class X1, IO (f)   0.31%  01/25/31   3,259,602 
 64,476,612  Series 2021-KG06, Class X1, IO (f)   0.53%  10/25/31   2,512,544 
 107,703,000  Series 2021-K741, Class XAM, IO (f)   0.95%  12/25/27   4,899,948 
 107,111,356  Series 2021-K744, Class X1, IO (f)   0.86%  07/25/28   4,637,258 
 7,500,000  Series 2022-K143, Class A2   2.35%  04/25/55   6,921,862 
    FREMF Mortgage Trust           
 5,373,000  Series 2013-K24, Class B (f) (i)   3.49%  11/25/45   5,362,717 
 4,763,000  Series 2013-K25, Class B (f) (i)   3.59%  11/25/45   4,753,951 
 14,800,000  Series 2013-K26, Class B (f) (i)   3.57%  12/25/45   14,768,705 
 1,300,000  Series 2013-K27, Class B (f) (i)   3.49%  01/25/46   1,293,534 
 6,203,000  Series 2013-K28, Class B (f) (i)   3.49%  06/25/46   6,166,970 
 8,700,000  Series 2013-K29, Class B (f) (i)   3.47%  05/25/46   8,642,416 
 11,943,000  Series 2013-K32, Class B (f) (i)   3.53%  10/25/46   11,898,190 
 27,855,000  Series 2013-K35, Class B (f) (i)   3.93%  12/25/46   27,806,257 
 16,266,829  Series 2015-K721, Class B (f) (i)   3.77%  11/25/47   16,229,109 
    Government National Mortgage Association           
 3,558,483  Series 2011-31, Class Z (c)   3.58%  09/16/52   3,383,135 
 18,771,269  Series 2012-120, Class Z (c)   2.46%  01/16/55   15,566,030 
 97,430  Series 2013-74, Class AG (f)   2.60%  12/16/53   87,829 
 6,025  Series 2013-194, Class AE (c)   2.75%  11/16/44   5,842 
 16,175,092  Series 2015-30, Class DZ   2.95%  05/16/55   14,962,377 
 27,479,234  Series 2015-30, Class IO, IO (c)   0.68%  07/16/56   842,579 
 7,660,040  Series 2015-70, Class IO, IO (c)   0.59%  12/16/49   170,135 
 4,483,396  Series 2015-125, Class VA (c)   2.70%  05/16/35   4,308,890 
 16,942,946  Series 2016-2, Class IO, IO (c)   0.55%  04/16/57   404,516 
 16,119,785  Series 2016-11, Class IO, IO (c)   0.78%  01/16/56   638,555 
 9,051,884  Series 2016-26, Class IO, IO (c)   0.68%  02/16/58   269,605 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Commercial Mortgage-Backed Securities (Continued)           
    Government National Mortgage Association (Continued)           
$24,741,916  Series 2016-34, Class IO, IO (c)   0.91%  01/16/58  $1,055,762 
 8,963,996  Series 2016-36, Class IO, IO (c)   0.71%  08/16/57   285,864 
 12,854,967  Series 2016-52, Class IO, IO (c)   0.75%  03/16/58   471,007 
 3,954,204  Series 2016-110, Class VA   2.10%  01/16/38   3,620,596 
 14,734,301  Series 2016-113, Class IO, IO (c)   1.09%  02/16/58   840,695 
 9,993,985  Series 2016-127, Class IO, IO (c)   0.86%  05/16/58   452,472 
 32,633,288  Series 2016-166, Class IO, IO (c)   0.93%  04/16/58   1,504,094 
 3,165,682  Series 2017-23, Class Z   2.50%  05/16/59   2,520,076 
 4,119,012  Series 2017-35, Class Z (c)   2.50%  05/16/59   3,340,942 
 7,020,000  Series 2017-76, Class B   2.60%  12/16/56   6,145,146 
 3,212,443  Series 2017-106, Class AE   2.60%  12/16/56   2,960,075 
 2,616,932  Series 2017-146, Class Z   2.60%  09/16/57   2,155,127 
 4,306,976  Series 2018-4, Class Z   2.50%  10/16/59   3,386,114 
 13,696,340  Series 2018-98, Class C (c)   3.00%  08/16/60   11,844,272 
 17,224,628  Series 2018-123, Class Z   2.50%  06/16/60   14,511,835 
 24,635,185  Series 2018-170, Class Z   2.50%  11/16/60   21,722,619 
 18,200,827  Series 2019-7, Class Z   2.50%  01/16/61   15,119,239 
 1,869,715  Series 2019-104, Class Z   2.80%  05/16/61   1,473,348 
 10,200,000  Series 2020-143, Class B   2.00%  03/16/62   7,234,627 
 6,700,000  Series 2020-161, Class B   2.00%  08/16/62   4,890,765 
 8,760,724  Series 2020-169, Class Z   1.83%  06/16/62   5,398,840 
 22,485,522  Series 2022-43, Class Z   2.00%  09/16/61   16,511,153 
 19,141,200  Series 2022-106, Class Z   2.00%  05/16/63   14,808,494 
              695,241,596 
    Pass-through Securities — 45.5%           
    Federal Home Loan Mortgage Corporation           
 1,031,931  Pool 760043, 5 Yr. Constant Maturity Treasury Rate + 1.39% (a)   2.95%  12/01/48   1,049,839 
 4,442,135  Pool 840359, 12 Mo. LIBOR + 1.64% (a)   2.35%  06/01/46   4,517,444 
 90,234  Pool A19763   5.00%  04/01/34   94,072 
 381,372  Pool A47828   3.50%  08/01/35   381,836 
 161,278  Pool A47937   5.50%  08/01/35   172,965 
 61,933  Pool A48972   5.50%  05/01/36   66,417 
 67,208  Pool A54675   5.50%  01/01/36   72,325 
 145,061  Pool A65324   5.50%  09/01/37   152,045 
 83,841  Pool A97294   4.00%  02/01/41   86,516 
 704,438  Pool B70791   4.00%  06/01/39   718,643 
 3,132  Pool C01310   6.50%  03/01/32   3,406 
 10,534  Pool C03458   5.00%  02/01/40   11,211 
 39,282  Pool C03949   3.50%  05/01/42   39,794 
 91,490  Pool C04269   3.00%  10/01/42   90,267 
 16,383  Pool C91482   3.50%  07/01/32   16,869 
 12,685  Pool E02883   4.00%  04/01/26   12,960 
 14,489  Pool G01443   6.50%  08/01/32   15,542 
 229,089  Pool G02017   5.00%  12/01/35   243,720 
 244,017  Pool G04593   5.50%  01/01/37   262,591 
 107,766  Pool G04814   5.50%  10/01/38   115,975 
 21,124  Pool G05173   4.50%  11/01/31   21,834 
 231,010  Pool G05275   5.50%  02/01/39   248,384 
 59,363  Pool G05449   4.50%  05/01/39   62,019 
 180,777  Pool G06583   5.00%  06/01/41   192,316 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal Home Loan Mortgage Corporation (Continued)           
$431,863  Pool G07100   5.50%  07/01/40  $464,764 
 43,014  Pool G07266   4.00%  12/01/42   44,161 
 328,518  Pool G07329   4.00%  01/01/43   338,993 
 324,783  Pool G07683   4.00%  03/01/44   334,145 
 1,649  Pool G08113   6.50%  02/01/36   1,797 
 853,370  Pool G08854   5.00%  12/01/48   891,803 
 606  Pool G12959   6.50%  10/01/22   607 
 42  Pool G12978   5.50%  12/01/22   42 
 5,270  Pool G13625   5.50%  01/01/24   5,292 
 29,082  Pool G13733   5.00%  11/01/24   30,017 
 26,130  Pool G14088   4.00%  02/01/26   26,667 
 21,136  Pool G14106   6.00%  10/01/24   21,206 
 6,020  Pool G14167   5.50%  07/01/23   6,041 
 760  Pool G14233   6.00%  01/01/24   761 
 284,412  Pool G14348   4.00%  10/01/26   289,930 
 8,723  Pool G14376   4.00%  09/01/25   8,893 
 12,009  Pool G14995   5.50%  12/01/24   12,035 
 864  Pool G15821   5.00%  07/01/25   892 
 63,649  Pool G15949   4.00%  01/01/29   64,884 
 6,640  Pool G15957   5.50%  12/01/24   6,651 
 39,207  Pool G18264   5.00%  07/01/23   40,467 
 55,259  Pool G18287   5.50%  12/01/23   55,563 
 9,259  Pool G60020   4.50%  12/01/43   9,514 
 381,669  Pool G60114   5.50%  06/01/41   410,717 
 573,090  Pool G60168   4.50%  07/01/45   598,065 
 206,189  Pool G60194   3.50%  08/01/45   208,083 
 211,313  Pool G60808   3.00%  10/01/46   207,172 
 1,876,541  Pool G60921   4.50%  02/01/47   1,941,938 
 7,677,152  Pool G60940   4.00%  09/01/46   7,894,390 
 2,671,597  Pool G61160   4.50%  11/01/45   2,786,583 
 4,554  Pool H09034   5.50%  05/01/37   4,749 
 165  Pool J05364   6.00%  08/01/22   165 
 49,024  Pool J09465   4.00%  04/01/24   49,976 
 30,393  Pool J09504   4.00%  04/01/24   30,983 
 7,677  Pool J09798   4.00%  05/01/24   7,826 
 13,214  Pool J10623   4.00%  09/01/24   13,470 
 133,455  Pool N70075   5.00%  01/01/35   134,791 
 270,187  Pool N70081   5.50%  07/01/38   279,521 
 54,556  Pool Q07189   4.00%  04/01/42   56,297 
 18,350  Pool Q07479   3.50%  04/01/42   18,587 
 76,692  Pool Q11791   3.50%  10/01/42   77,649 
 54,398  Pool Q11836   3.50%  10/01/42   55,306 
 387,577  Pool Q14034   3.50%  12/01/42   398,333 
 1,741,481  Pool Q50564   4.50%  09/01/47   1,788,333 
 6,068,927  Pool Q53219   4.50%  12/01/47   6,362,266 
 463,205  Pool Q54651   4.50%  03/01/48   481,507 
 760,512  Pool Q55037   4.50%  04/01/48   795,344 
 5,045,436  Pool Q55152   4.50%  04/01/48   5,255,659 
 2,153,531  Pool Q56260   5.00%  05/01/48   2,289,538 
 2,496,845  Pool Q58363   5.00%  09/01/48   2,607,347 
 1,363,078  Pool Q58483   4.50%  09/01/48   1,400,836 
 1,994,749  Pool Q61217   4.00%  01/01/49   2,035,613 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal Home Loan Mortgage Corporation (Continued)           
$3,047,712  Pool QA4774   4.00%  11/01/49  $3,117,347 
 11,905,029  Pool QE0773   4.00%  04/01/52   12,173,569 
 13,836,698  Pool QE1612   4.00%  05/01/52   14,191,612 
 15,579,678  Pool QE3312   4.50%  06/01/52   16,223,253 
 8,306,814  Pool QK1195   2.50%  11/01/41   7,899,121 
 13,536,852  Pool QK1203   2.50%  11/01/41   12,872,788 
 23,622,707  Pool SD0927   3.50%  04/01/52   23,869,237 
 24,229,983  Pool SD0959   3.50%  04/01/52   24,361,870 
 5,803,315  Pool SD1289   3.00%  10/01/50   5,674,476 
 328,648  Pool U50165   4.00%  05/01/32   334,836 
 2,205,875  Pool U59020   4.00%  06/01/35   2,247,502 
 970,636  Pool U64762   4.50%  10/01/45   1,004,716 
 4,989,352  Pool U69020   5.00%  07/01/44   5,241,474 
 3,272,285  Pool U69041   5.00%  11/01/43   3,454,193 
 92,767  Pool U80068   3.50%  10/01/32   94,682 
 56,654  Pool U80212   3.50%  02/01/33   57,803 
 78,054  Pool U90245   3.50%  10/01/42   78,708 
 798,840  Pool U90690   3.50%  06/01/42   805,553 
 11,600  Pool U90932   3.00%  02/01/43   11,406 
 29,897  Pool U92272   4.50%  12/01/43   30,957 
 91,487  Pool U99045   3.50%  03/01/43   92,678 
 102,374  Pool U99084   4.50%  02/01/44   107,322 
 44,839  Pool U99091   4.50%  03/01/44   46,429 
 134,435  Pool U99096   4.50%  05/01/44   139,596 
 1,419,278  Pool ZS2492   6.50%  04/01/35   1,558,886 
    Federal National Mortgage Association           
 39,144  Pool 190371   6.50%  07/01/36   42,453 
 23,841  Pool 255190   5.50%  05/01/34   25,568 
 10,655  Pool 255984   4.50%  11/01/25   10,993 
 76,594  Pool 256181   5.50%  03/01/36   79,671 
 290,976  Pool 256576   5.50%  01/01/37   306,647 
 6,675  Pool 256808   5.50%  07/01/37   6,710 
 45,230  Pool 256936   6.00%  10/01/37   47,473 
 49,139  Pool 545759   6.50%  07/01/32   53,643 
 11,035  Pool 555851   6.50%  01/01/33   11,735 
 159,907  Pool 683246   5.50%  02/01/33   168,007 
 156,198  Pool 725014   5.50%  12/01/33   167,411 
 324,918  Pool 735415   6.50%  12/01/32   348,748 
 2,970  Pool 745875   6.50%  09/01/36   3,200 
 39,790  Pool 747097   6.00%  10/01/29   41,033 
 275,456  Pool 788149   5.50%  05/01/33   290,477 
 138,961  Pool 812741   5.50%  02/01/35   144,461 
 169,869  Pool 827948   5.50%  05/01/35   176,593 
 242,378  Pool 850000   5.50%  01/01/36   260,967 
 34,824  Pool 871039   5.50%  02/01/37   35,897 
 893,164  Pool 879015   4.00%  10/01/35   919,604 
 106,581  Pool 888001   5.50%  10/01/36   114,598 
 90,494  Pool 888163   7.00%  12/01/33   98,823 
 292,472  Pool 889610   5.50%  06/01/38   314,488 
 10,456  Pool 890149   6.50%  10/01/38   11,550 
 15,135  Pool 890231   5.00%  07/01/25   15,610 
 1,202  Pool 890314   5.50%  12/01/22   1,201 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal National Mortgage Association (Continued)           
$2,191  Pool 890378   6.00%  05/01/24  $2,200 
 724,757  Pool 890556   4.50%  10/01/43   750,589 
 136,072  Pool 905917   5.50%  01/01/37   146,307 
 65,673  Pool 922386   5.50%  01/01/37   66,445 
 10,254  Pool 930562   5.00%  02/01/39   10,903 
 77,013  Pool 931808   5.50%  08/01/39   82,812 
 128,508  Pool 953115   5.50%  11/01/38   133,595 
 11,786  Pool 962556   5.00%  04/01/23   12,155 
 4,732  Pool 973561   5.00%  03/01/23   4,881 
 40,382  Pool 976871   6.50%  08/01/36   43,410 
 13,859  Pool 995097   6.50%  10/01/37   15,327 
 72,447  Pool 995149   6.50%  10/01/38   79,013 
 35,022  Pool 995228   6.50%  11/01/38   39,190 
 17,058  Pool 995252   5.00%  12/01/23   17,592 
 8,555  Pool 995259   6.50%  11/01/23   8,588 
 96,194  Pool AA3303   5.50%  06/01/38   100,211 
 426,843  Pool AB0460   5.50%  02/01/37   450,582 
 139,495  Pool AB0731   4.00%  06/01/39   143,811 
 36,318  Pool AB2092   4.00%  01/01/41   37,445 
 13,971  Pool AB2133   4.00%  01/01/26   14,231 
 862,930  Pool AB2506   5.00%  03/01/41   915,931 
 991,919  Pool AB2959   4.50%  07/01/40   1,003,948 
 72,118  Pool AB5174   3.50%  05/01/42   73,000 
 146,529  Pool AB7859   3.50%  02/01/43   148,322 
 434,910  Pool AB8676   3.50%  05/01/42   420,191 
 15,904  Pool AC1232   5.00%  07/01/24   16,403 
 165,317  Pool AC3267   5.50%  09/01/39   177,766 
 33,871  Pool AD0889   6.00%  09/01/24   34,068 
 212,706  Pool AD4317   4.00%  04/01/40   218,777 
 8,235  Pool AD5222   4.50%  05/01/30   8,553 
 55,178  Pool AD7137   5.50%  07/01/40   59,070 
 178,305  Pool AE0137   4.50%  03/01/36   185,885 
 59,008  Pool AE4476   4.00%  03/01/41   60,831 
 79,046  Pool AE7005   4.00%  10/01/40   81,496 
 2,845,145  Pool AE7733   5.00%  11/01/40   3,015,824 
 20,542  Pool AE9284   4.00%  11/01/40   21,179 
 488,712  Pool AE9959   5.00%  03/01/41   511,807 
 210,302  Pool AH0979   3.50%  01/01/41   208,353 
 151,726  Pool AH1089   4.00%  11/01/40   156,247 
 88,562  Pool AH1141   4.50%  12/01/40   92,337 
 58,942  Pool AH4404   4.00%  01/01/41   60,772 
 55,326  Pool AH7204   4.00%  03/01/41   57,047 
 137,231  Pool AI6093   4.50%  06/01/31   141,364 
 22,085  Pool AI6581   4.50%  07/01/41   23,030 
 100,587  Pool AI8779   4.00%  11/01/41   103,704 
 327,060  Pool AI9114   4.00%  06/01/42   336,645 
 1,504,002  Pool AI9124   4.00%  08/01/42   1,548,464 
 933,736  Pool AI9158   6.50%  01/01/41   1,050,901 
 637,340  Pool AK0765   4.00%  03/01/42   653,589 
 103,126  Pool AK5555   4.00%  04/01/42   106,319 
 68,503  Pool AL0212   5.50%  02/01/38   73,513 
 174,816  Pool AL0241   4.00%  04/01/41   180,248 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal National Mortgage Association (Continued)           
$2,557  Pool AL0399   6.00%  08/01/24  $2,567 
 908  Pool AL0446   6.00%  05/01/24   911 
 3,652  Pool AL1195   6.00%  09/01/23   3,666 
 373,326  Pool AL1850   5.50%  07/01/40   401,403 
 66,473  Pool AL2142   6.50%  09/01/38   72,251 
 323,753  Pool AL2551   3.50%  10/01/42   327,713 
 4,688  Pool AL2589   5.50%  05/01/25   4,692 
 67,373  Pool AL2892   3.50%  12/01/42   68,156 
 418,201  Pool AL3093   3.50%  02/01/43   424,835 
 971,290  Pool AL4703   3.50%  12/01/28   971,193 
 3,734  Pool AL4962   6.00%  05/01/24   3,750 
 510,319  Pool AL5890   4.50%  03/01/43   532,114 
 870  Pool AL6057   6.00%  08/01/24   871 
 1,874,408  Pool AL6513   5.00%  07/01/44   1,971,611 
 44,677  Pool AL6948   5.00%  09/01/25   46,077 
 180,744  Pool AL7231   3.50%  08/01/45   182,946 
 493,053  Pool AL7637   5.00%  01/01/42   506,946 
 1,716,864  Pool AL7905   4.50%  03/01/34   1,784,375 
 56,177  Pool AL8353   3.50%  08/01/44   56,864 
 2,212,634  Pool AL8652   5.00%  07/01/44   2,374,648 
 324,563  Pool AL9143   3.50%  09/01/36   333,905 
 108,377  Pool AL9226   5.50%  12/01/41   117,684 
 836,978  Pool AL9777   4.50%  01/01/47   869,886 
 187,446  Pool AP1197   3.50%  09/01/42   189,633 
 113,754  Pool AP7963   4.00%  09/01/42   116,549 
 1,568,850  Pool AQ0411   3.50%  10/01/42   1,587,074 
 418,328  Pool AQ1534   3.50%  10/01/32   426,649 
 342,991  Pool AQ1607   3.50%  11/01/32   349,783 
 42,607  Pool AQ9715   3.00%  01/01/43   41,860 
 252,620  Pool AQ9999   3.00%  02/01/43   248,195 
 848,312  Pool AR7582   3.50%  03/01/33   861,536 
 174,504  Pool AR7961   3.50%  03/01/33   177,968 
 2,361,413  Pool AS1719   5.00%  02/01/44   2,499,664 
 321,731  Pool AS5236   4.00%  05/01/45   320,243 
 548,823  Pool AS5515   3.50%  06/01/30   556,833 
 181,405  Pool AS7211   3.00%  04/01/46   175,806 
 4,561,037  Pool AS8548   3.50%  12/01/46   4,612,768 
 201,748  Pool AS9990   4.50%  07/01/47   207,082 
 68,189  Pool AT0332   3.00%  04/01/43   65,417 
 190,495  Pool AT4180   3.50%  05/01/33   194,266 
 63,621  Pool AY0013   4.50%  01/01/45   65,060 
 6,842,438  Pool BD6438   3.00%  10/01/46   6,701,202 
 259,114  Pool BE3631   4.50%  05/01/47   267,746 
 16,052  Pool BH9428   4.50%  09/01/47   16,575 
 45,888  Pool BJ6232   5.00%  04/01/48   47,237 
 759,918  Pool BJ9100   4.50%  02/01/48   793,031 
 454,067  Pool BJ9111   4.50%  03/01/48   471,017 
 1,086,010  Pool BJ9124   4.50%  04/01/48   1,134,449 
 236,955  Pool BK4769   5.00%  08/01/48   247,092 
 79,365  Pool BK4851   5.00%  05/01/48   81,681 
 3,191,171  Pool BK8883   5.00%  09/01/48   3,389,665 
 1,390,157  Pool BK9563   4.50%  12/01/48   1,433,210 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal National Mortgage Association (Continued)           
$2,970,742  Pool BK9599   5.00%  08/01/48  $3,102,677 
 11,422,620  Pool BM4122   7.48%  01/01/40   12,691,464 
 5,376,112  Pool BM4785   4.50%  10/01/38   5,684,449 
 5,825,278  Pool BM5671   4.50%  01/01/49   6,056,359 
 5,683,796  Pool BM6018   5.00%  05/01/49   5,803,389 
 419,942  Pool BN1027   5.50%  03/01/49   442,574 
 16,394,757  Pool BN3925   4.50%  01/01/49   17,114,109 
 1,124,653  Pool BN4059   4.00%  12/01/48   1,130,696 
 2,892,546  Pool BN4328   5.00%  01/01/49   3,033,916 
 5,370,311  Pool BO5426   4.00%  10/01/49   5,507,885 
 1,705,964  Pool BP8797   3.00%  07/01/50   1,676,503 
 4,727,440  Pool BQ3099   3.00%  10/01/50   4,666,288 
 11,196,497  Pool BR1090   2.50%  06/01/41   10,688,328 
 5,639,943  Pool BT7849   5.00%  07/01/52   6,009,076 
 10,326,711  Pool BT9396   2.50%  11/01/41   9,820,098 
 6,751,940  Pool BT9397   2.50%  11/01/41   6,420,540 
 10,571,745  Pool BU8953   4.00%  04/01/52   10,810,213 
 6,295,479  Pool CA1576   5.00%  01/01/48   6,574,348 
 2,015,150  Pool CA2520   4.00%  10/01/33   2,074,030 
 3,808,506  Pool CA2947   4.00%  12/01/48   3,886,955 
 26,056,347  Pool CA5569   4.00%  04/01/50   26,544,203 
 49,551,173  Pool CB3507   4.00%  04/01/52   50,730,193 
 14,494,023  Pool CB3540   3.00%  05/01/42   14,207,419 
 42,157,790  Pool CB3631   4.50%  05/01/52   44,010,341 
 1,892,977  Pool FM1284   3.50%  02/01/46   1,915,003 
 1,736,752  Pool FM1285   4.00%  10/01/43   1,790,491 
 8,119,744  Pool FM2001   5.00%  09/01/49   8,471,393 
 5,498,831  Pool FM2450   3.50%  12/01/39   5,698,849 
 47,947,800  Pool FM3047   4.00%  04/01/45   49,512,950 
 7,140,821  Pool FM8218   4.00%  04/01/48   7,334,696 
 33,348,793  Pool FM8927   4.00%  10/01/49   34,348,248 
 12,133,133  Pool FM8953   5.00%  11/01/43   12,894,134 
 18,907,391  Pool FM9224   4.00%  10/01/51   19,105,452 
 42,778,247  Pool FM9263   2.00%  10/01/41   39,656,776 
 5,240,481  Pool FM9408   4.50%  06/01/46   5,410,254 
 53,164,841  Pool FS0697   2.50%  02/01/42   50,787,944 
 35,490,929  Pool FS1267   4.00%  04/01/52   36,157,036 
 48,829,620  Pool FS1268   4.00%  04/01/52   49,931,091 
 61,006,325  Pool FS1524   2.50%  04/01/42   58,200,386 
 16,364,604  Pool FS1540   3.00%  04/01/42   16,122,791 
 29,710,071  Pool FS1541   3.00%  04/01/42   29,196,084 
 26,710,164  Pool FS1573   2.50%  11/01/41   25,481,671 
 10,994,483  Pool FS1639   4.00%  04/01/52   11,276,493 
 25,336,717  Pool FS1670   4.00%  04/01/52   25,939,607 
 24,629,083  Pool FS1671   4.00%  05/01/52   25,184,664 
 24,692,195  Pool FS1672   4.00%  05/01/52   25,155,630 
 62,446,084  Pool FS1780   2.50%  04/01/42   59,573,943 
 10,222,090  Pool FS1884   4.00%  05/01/42   10,494,885 
 39,640,479  Pool FS1972   2.00%  04/01/42   36,735,619 
 25,516,707  Pool FS1973   2.00%  02/01/42   23,646,749 
 13,030,330  Pool FS2067   4.50%  06/01/52   13,648,204 
 18,883,128  Pool FS2164   3.00%  05/01/42   18,791,007 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Federal National Mortgage Association (Continued)           
$10,544,980  Pool FS2310   5.00%  09/01/48  $11,047,048 
 79,515  Pool MA0096   4.50%  06/01/29   82,578 
 1,952  Pool MA0293   4.50%  01/01/30   2,028 
 31,298  Pool MA0295   5.00%  01/01/30   32,518 
 27,588  Pool MA0353   4.50%  03/01/30   28,653 
 16,488  Pool MA0444   5.00%  06/01/40   17,399 
 96,213  Pool MA0633   5.00%  01/01/41   99,937 
 3,292  Pool MA0777   5.00%  06/01/31   3,420 
 29,144  Pool MA1222   4.00%  10/01/32   30,206 
 48,098  Pool MA1228   3.00%  09/01/42   47,267 
 4,665,530  Pool MA1373   3.50%  03/01/43   4,700,924 
 149,052  Pool MA2024   4.00%  07/01/29   152,950 
 610,937  Pool MA2099   3.50%  11/01/29   619,813 
 245,967  Pool MA2454   3.50%  09/01/30   249,330 
 2,096  Pool MA2509   3.00%  01/01/46   2,011 
 1,130,382  Pool MA2916   4.00%  02/01/47   1,158,644 
 173,844  Pool MA3101   4.50%  08/01/47   179,568 
 115,378  Pool MA3123   5.00%  08/01/47   120,668 
 10,000,000  Pool TBA   2.00%  10/15/37   9,509,623 
 50,000,000  Pool TBA   2.50%  09/15/52   46,641,883 
 44,000,000  Pool TBA (j)   1.50%  09/15/52   37,962,031 
 68,000,000  Pool TBA (j)   4.50%  09/15/52   69,115,388 
 310,000,000  Pool TBA (j)   5.00%  09/15/52   317,954,073 
 254,000,000  Pool TBA (j)   2.50%  10/15/52   236,790,161 
 175,000,000  Pool TBA (j)   4.50%  10/15/52   177,639,159 
 175,000,000  Pool TBA (j)   5.00%  10/15/52   179,168,405 
    Government National Mortgage Association           
 56,049  Pool 3149   6.00%  10/20/31   59,844 
 36,914  Pool 3172   6.00%  12/20/31   40,378 
 39,115  Pool 3227   6.00%  04/20/32   41,706 
 7,792  Pool 3474   6.00%  11/20/33   8,397 
 65,350  Pool 4251   5.50%  10/20/23   65,619 
 47,446  Pool 455986   5.25%  07/15/25   46,360 
 77,342  Pool 487108   6.00%  04/15/29   82,468 
 32,164  Pool 553144   5.50%  04/15/33   34,746 
 101,595  Pool 604338   5.00%  05/15/33   107,492 
 83,318  Pool 604897   5.00%  12/15/33   87,931 
 100,074  Pool 605389   5.00%  04/15/34   105,826 
 237,568  Pool 615403   4.50%  08/15/33   249,148 
 8,674  Pool 627123   5.50%  03/15/34   9,341 
 70,167  Pool 638704   5.50%  11/15/36   74,578 
 151,893  Pool 653143   4.90%  04/15/36   159,137 
 242,015  Pool 658324   5.50%  03/15/37   254,320 
 118,468  Pool 677190   5.00%  06/15/38   125,334 
 15,650  Pool 687833   6.00%  08/15/38   17,145 
 41,505  Pool 706840   4.50%  05/15/40   43,601 
 189,098  Pool 706855   4.50%  09/15/40   198,644 
 245,016  Pool 711483   4.00%  01/15/40   254,921 
 110,551  Pool 711543   4.00%  11/15/40   115,019 
 735,855  Pool 711563   4.50%  03/15/41   773,032 
 4,522,075  Pool 720225   4.50%  07/15/39   4,749,415 
 235,277  Pool 723216   4.50%  08/15/40   246,812 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Government National Mortgage Association (Continued)           
$63,327  Pool 723248   5.00%  10/15/39  $66,996 
 239,745  Pool 724230   5.00%  08/15/39   253,063 
 62,498  Pool 724267   5.00%  09/15/39   65,976 
 142,094  Pool 724340   4.50%  09/15/39   147,698 
 80,692  Pool 725272   4.50%  11/15/39   83,630 
 41,385  Pool 726394   4.50%  10/15/39   43,487 
 15,400  Pool 728921   4.50%  12/15/24   15,864 
 192,465  Pool 733595   4.50%  04/15/40   202,176 
 68,451  Pool 733733   5.00%  06/15/40   71,871 
 497,014  Pool 736317   4.25%  06/20/36   511,758 
 101,783  Pool 736617   4.00%  12/15/35   105,761 
 764,302  Pool 737673   4.50%  11/15/40   802,133 
 167,624  Pool 737996   4.00%  02/15/41   173,488 
 242,018  Pool 739341   3.50%  10/15/41   247,258 
 146,242  Pool 743673   4.50%  07/15/40   154,752 
 254,061  Pool 745478   5.00%  08/20/40   267,969 
 544,689  Pool 748939   4.00%  09/20/40   557,749 
 77,369  Pool 754384   4.50%  03/20/42   82,301 
 283,641  Pool 762905   4.50%  04/15/41   297,188 
 1,013,399  Pool 769102   4.50%  07/20/41   1,044,666 
 296,526  Pool 781623   5.00%  06/15/33   309,070 
 46,823  Pool 781697   6.00%  11/15/33   51,335 
 238,928  Pool 781824   5.50%  11/15/34   260,718 
 9,602  Pool 781862   5.50%  01/15/35   10,477 
 29,331  Pool 782070   7.00%  06/15/32   30,961 
 49,100  Pool 782810   4.50%  11/15/39   51,941 
 73,161  Pool 783091   5.50%  06/15/40   79,773 
 14,408  Pool 783220   5.50%  09/15/24   14,561 
 125,264  Pool 783375   5.00%  08/15/41   131,981 
 7,667,333  Pool 783590   4.50%  06/20/41   8,057,537 
 194,525  Pool 783760   5.00%  02/15/42   205,984 
 2,863,760  Pool 784063   5.00%  09/20/45   3,000,006 
 428,954  Pool 784343   5.00%  02/15/41   454,957 
 3,736,727  Pool 784752   4.00%  03/15/45   3,887,913 
 2,202,076  Pool 785020   3.00%  05/20/50   2,135,856 
 1,964,093  Pool AC0197   4.00%  12/20/42   2,033,016 
 400,937  Pool AD0026   3.50%  06/20/33   408,836 
 78,296  Pool AD0856   3.75%  08/20/33   80,699 
 36,041  Pool AG8899   4.00%  12/20/43   36,988 
 666,036  Pool AI6317   4.50%  06/20/44   686,008 
 406,247  Pool AK2389   4.50%  11/20/44   416,577 
 110,214  Pool AN4469   5.00%  12/15/40   114,427 
 231,121  Pool AR8421   5.00%  10/20/41   238,605 
 924,668  Pool BB1216   4.50%  06/20/47   970,498 
 427,753  Pool BB4731   4.00%  07/20/47   436,365 
 299,576  Pool BB4757   4.00%  08/20/47   307,352 
 165,856  Pool BB4769   4.00%  08/20/47   168,606 
 430,769  Pool BD0483   4.50%  11/20/47   448,514 
 447,356  Pool BF0415   5.00%  06/20/35   461,687 
 273,902  Pool BL6909   5.00%  03/20/49   281,524 
 5,185,107  Pool BU8989   5.50%  06/20/40   5,530,908 
 850,480  Pool BX7975   5.50%  09/20/39   907,732 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Pass-through Securities (Continued)           
    Government National Mortgage Association (Continued)           
$1,445,613  Pool CB3161   5.50%  03/20/50  $1,542,680 
 1,441,531  Pool CB8275   5.50%  09/20/39   1,524,493 
 2,281,022  Pool CC3552   5.50%  08/20/40   2,433,855 
 1,523,032  Pool CC3563   5.50%  09/20/35   1,619,737 
 1,883,332  Pool CC3564   6.00%  09/20/39   2,029,835 
 808,611  Pool CC3565   6.50%  01/20/39   902,293 
 4,671,887  Pool CC3583   5.50%  09/20/35   4,995,369 
 1,919,454  Pool CC8859   5.50%  10/20/35   2,041,322 
 4,094,070  Pool CC8868   5.50%  06/20/40   4,367,087 
 3,483,700  Pool CD4286   6.00%  11/20/39   3,755,646 
 589,049  Pool CD6819   6.50%  01/20/39   625,697 
 1,394,954  Pool CE1292   6.00%  01/20/39   1,503,458 
 722,722  Pool CE1819   5.50%  12/20/39   768,705 
 2,998,672  Pool CE6488   6.00%  09/20/39   3,232,921 
 1,716,673  Pool CE6489   6.50%  12/20/38   1,846,671 
 4,895,092  Pool CE6491   6.00%  07/20/36   5,277,399 
 572,235  Pool CE6626   6.00%  12/20/38   614,723 
 1,515,837  Pool CE7158   5.50%  05/20/40   1,612,289 
 1,236,465  Pool CE9078   5.50%  01/20/39   1,300,657 
 132,285  Pool MA1017   6.00%  05/20/43   143,658 
 93,786  Pool MA1162   6.00%  07/20/43   101,852 
 11,745  Pool MA2215   3.50%  09/20/44   11,645 
 87,695  Pool MA2683   6.00%  03/20/45   95,234 
 88,357  Pool MA2759   6.00%  01/20/45   96,021 
 39,778  Pool MA2897   6.00%  03/20/45   43,229 
 171,214  Pool MA2966   6.00%  09/20/39   186,000 
 175,781  Pool MA3249   6.00%  04/20/40   190,894 
 387,245  Pool MA3459   6.00%  08/20/39   420,783 
 332,654  Pool MA4076   7.00%  01/20/39   363,938 
 2,694,079  Pool MA5714   6.00%  01/20/49   2,910,805 
              2,387,547,054 
    Total U.S. Government Agency Mortgage-Backed Securities    4,681,435,808 
    (Cost $4,827,111,960)           
 
MORTGAGE-BACKED SECURITIES — 12.0%
    Collateralized Mortgage Obligations — 8.0%           
    Angel Oak Mortgage Trust           
 7,300,929  Series 2021-5, Class A1 (i)   0.95%  07/25/66   6,539,201 
    Arroyo Mortgage Trust           
 9,000,000  Series 2019-2, Class M1 (i)   4.76%  04/25/49   8,431,778 
 3,081,813  Series 2019-3, Class A3 (i)   3.42%  10/25/48   2,975,795 
 2,995,284  Series 2021-1R, Class A2 (i)   1.48%  10/25/48   2,694,621 
 4,135,288  Series 2021-1R, Class A3 (i)   1.64%  10/25/48   3,732,797 
    Barclays Mortgage Loan Trust           
 5,956,149  Series 2021-NQM1, Class A1 (i)   1.75%  09/25/51   5,559,035 
    BRAVO Residential Funding Trust           
 2,078,288  Series 2021-NQM1, Class A2 (i)   1.26%  02/25/49   1,955,186 
 5,195,721  Series 2021-NQM1, Class A3 (i)   1.33%  02/25/49   4,886,186 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    BRAVO Residential Funding Trust (Continued)           
$3,696,502  Series 2021-NQM2, Class A1 (i)   0.97%  03/25/60  $3,555,163 
    Chase Home Lending Mortgage Trust           
 3,036,415  Series 2019-1, Class A11, 1 Mo. LIBOR + 0.85% (a) (i)   3.11%  03/25/50   2,908,755 
 224,536  Series 2019-ATR2, Class A11, 1 Mo. LIBOR + 0.90% (a) (i)   3.16%  07/25/49   216,019 
    CHL Mortgage Pass-Through Trust           
 30,014  Series 2004-8, Class 2A1   4.50%  06/25/19   30,246 
    CIM Trust           
 532,420  Series 2017-7, Class A (i)   3.00%  04/25/57   531,473 
 2,135,634  Series 2018-J1, Class A22 (i)   3.50%  03/25/48   2,041,766 
 1,860,457  Series 2019-INV1, Class A11 (i)   4.00%  02/25/49   1,834,942 
 3,346,290  Series 2019-INV3, Class A11, 1 Mo. LIBOR + 1.00% (a) (i)   2.57%  08/25/49   3,263,175 
    Citigroup Global Markets Mortgage Securities VII, Inc.           
 239  Series 2003-UP2, Class PO1, PO   (d)  12/25/18   210 
    COLT Mortgage Loan Trust           
 11,907,181  Series 2022-5, Class A1 (i)   4.55%  04/25/67   11,677,325 
    Connecticut Avenue Securities Trust           
 2,481,536  Series 2019-R01, Class 2M2, 1 Mo. LIBOR + 2.45% (a) (i)   4.71%  07/25/31   2,480,896 
 1,046,535  Series 2019-R02, Class 1M2, 1 Mo. LIBOR + 2.30% (a) (i)   4.56%  08/25/31   1,045,511 
 579,332  Series 2019-R03, Class 1M2, 1 Mo. LIBOR + 2.15% (a) (i)   4.41%  09/25/31   579,124 
 1,456,035  Series 2019-R06, Class 2M2, 1 Mo. LIBOR + 2.10% (a) (i)   4.36%  09/25/39   1,456,249 
 2,950,000  Series 2022-R02, Class 2M2, 30 Day Average SOFR + 3.00% (a) (i)   4.51%  01/25/42   2,807,988 
 6,000,000  Series 2022-R03, Class 1M2, 30 Day Average SOFR + 3.50% (a) (i)   5.01%  03/25/42   5,966,809 
 4,251,000  Series 2022-R04, Class 1M2, 30 Day Average SOFR + 3.10% (a) (i)   4.61%  03/25/42   4,133,550 
 8,807,135  Series 2022-R07, Class 1M1, 30 Day Average SOFR + 2.95% (a) (i)   4.47%  06/25/42   8,910,695 
    Ellington Financial Mortgage Trust           
 6,065,042  Series 2022-2, Class A1 (i)   4.30%  04/25/67   5,930,882 
    Federal Home Loan Mortgage Corporation STACR Debt Notes           
 13,087,403  Series 2020-HQA5, Class M2, 30 Day Average SOFR + 2.60% (a) (i)   4.11%  11/25/50   13,057,933 
 5,500,000  Series 2022-DNA2, Class M1B, 30 Day Average SOFR + 2.40% (a) (i)   3.91%  02/25/42   5,208,087 
    Federal Home Loan Mortgage Corporation STACR REMIC Trust           
 1,399,007  Series 2020-DNA1, Class M2, 1 Mo. LIBOR + 1.70% (a) (i)   3.96%  01/25/50   1,387,035 
 1,467,153  Series 2020-HQA2, Class M2, 1 Mo. LIBOR + 3.10% (a) (i)   5.36%  03/25/50   1,470,607 
 5,722,387  Series 2021-DNA5, Class M2, 30 Day Average SOFR
+ 1.65% (a) (i)
  3.16%  01/25/34   5,619,693 
 4,000,000  Series 2022-DNA3, Class M1B, 30 Day Average SOFR + 2.90% (a) (i)   4.41%  04/25/42   3,889,033 
    Federal Home Loan Mortgage Corporation STACR Trust           
 4,326,280  Series 2019-HQA3, Class M2, 1 Mo. LIBOR + 1.85% (a) (i)   4.11%  09/25/49   4,303,155 
    Federal National Mortgage Association Connecticut Avenue Securities           
 9,952,835  Series 2018-C06, Class 1M2, 1 Mo. LIBOR + 2.00% (a)   4.26%  03/25/31   9,950,331 
    Flagstar Mortgage Trust           
 462,555  Series 2018-2, Class A4 (i)   3.50%  04/25/48   457,866 
 2,466,580  Series 2018-4, Class B1 (f) (i)   4.25%  07/25/48   2,296,167 
 1,693,074  Series 2019-2, Class A11 (i)   3.50%  12/25/49   1,625,639 
 3,108,147  Series 2020-1INV, Class A11, 1 Mo. LIBOR + 0.85% (a) (i)   3.11%  03/25/50   2,944,919 
 17,721,361  Series 2021-9INV, Class A1 (i)   2.50%  09/25/41   16,457,565 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    GMACM Mortgage Loan Trust           
$892  Series 2003-J10, Class A1   4.75%  01/25/19  $870 
    GS Mortgage-Backed Securities Corp. Trust           
 769,483  Series 2019-PJ3, Class A1 (i)   3.50%  03/25/50   754,717 
    JP Morgan Mortgage Trust           
 5,750  Series 2004-S2, Class 5A1   5.50%  12/25/19   5,308 
 1,162  Series 2014-IVR3, Class 2A1 (f) (i)   2.27%  09/25/44   1,157 
 3,916,523  Series 2015-IVR2, Class A5 (f) (i)   2.64%  01/25/45   3,842,971 
 800,109  Series 2018-5, Class A1 (i)   3.50%  10/25/48   764,107 
 1,221,744  Series 2018-5, Class A13 (i)   3.50%  10/25/48   1,149,801 
 1,620,380  Series 2018-8, Class A7 (i)   4.00%  01/25/49   1,597,147 
 5,167,632  Series 2018-7FRB, Class A2, 1 Mo. LIBOR + 0.75% (a) (i)   3.01%  04/25/46   5,072,919 
 2,100,464  Series 2019-1, Class A5 (i)   4.00%  05/25/49   2,071,926 
 633,311  Series 2019-5, Class A15 (i)   4.00%  11/25/49   623,843 
 731,644  Series 2019-8, Class A15 (i)   3.50%  03/25/50   703,020 
 1,052,004  Series 2019-9, Class A11, 1 Mo. LIBOR + 0.90% (a) (i)   2.52%  05/25/50   1,004,101 
 1,301,708  Series 2019-INV2, Class A15 (i)   3.50%  02/25/50   1,261,535 
 6,372  Series 2019-LTV2, Class A11, 1 Mo. LIBOR + 0.90% (a) (i)   3.16%  12/25/49   6,359 
 218,058  Series 2019-LTV3, Class A15 (i)   3.50%  03/25/50   215,155 
 4,704,110  Series 2020-INV1, Class A15 (i)   3.50%  08/25/50   4,526,248 
 7,631,220  Series 2021-3, Class A11, 30 Day Average SOFR
+ 0.60% (a) (i)
  1.53%  07/25/51   7,004,495 
 9,019,897  Series 2021-INV4, Class A2 (i)   3.00%  01/25/52   8,333,352 
 8,873,640  Series 2021-INV6, Class A2 (i)   3.00%  04/25/52   8,177,642 
    JP Morgan Wealth Management           
 10,000,000  Series 2020-ATR1, Class A5 (i)   3.00%  02/25/50   9,067,753 
    MASTR Seasoned Securitization Trust           
 1,003  Series 2005-2, Class 3A1   6.00%  11/25/17   982 
    Mello Mortgage Capital Acceptance           
 4,595,630  Series 2018-MTG2, Class A9 (i)   4.35%  10/25/48   4,545,482 
    MetLife Securitization Trust           
 4,030,304  Series 2018-1A, Class A (i)   3.75%  03/25/57   3,940,121 
    MFA Trust           
 6,610,210  Series 2021-NQM2, Class A1 (i)   1.03%  11/25/64   5,954,474 
 9,658,538  Series 2022-INV1, Class A1, steps up to 4.91% on 03/25/26 (i) (k)   3.91%  04/25/66   9,287,404 
    Mill City Mortgage Loan Trust           
 1,319,867  Series 2018-1, Class A1 (i)   3.25%  05/25/62   1,300,688 
 1,658,955  Series 2018-2, Class A1 (f) (i)   3.50%  05/25/58   1,643,661 
 4,960,605  Series 2018-4, Class A1B (i)   3.49%  04/25/66   4,857,572 
    New Residential Mortgage Loan Trust           
 5,683,031  Series 2015-2A, Class B1 (i)   4.50%  08/25/55   5,610,864 
 4,256,777  Series 2016-1A, Class A1 (i)   3.75%  03/25/56   4,139,426 
 2,722,133  Series 2018-4A, Class A1M, 1 Mo. LIBOR + 0.90% (a) (i)   3.16%  01/25/48   2,662,388 
 19,859,439  Series 2018-4A, Class A1S, 1 Mo. LIBOR + 0.75% (a) (i)   3.01%  01/25/48   19,422,732 
 5,040,721  Series 2019-NQM5, Class A1 (i)   2.71%  11/25/59   4,794,060 
    OBX Trust           
 1,551,921  Series 2018-EXP1, Class 1A3 (i)   4.00%  04/25/48   1,500,520 
 1,402,880  Series 2018-EXP1, Class 2A1, 1 Mo. LIBOR + 0.85% (a) (i)   3.11%  04/25/48   1,395,242 
    PRKCM Trust           
 8,544,985  Series 2021-AFC1, Class A1 (i)   1.51%  08/25/56   7,567,879 
                

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
MORTGAGE-BACKED SECURITIES (Continued)
    Collateralized Mortgage Obligations (Continued)           
    Provident Funding Mortgage Trust           
$1,375,184  Series 2019-1, Class A5 (i)   3.00%  12/25/49  $1,240,126 
 2,098,884  Series 2020-1, Class A5 (i)   3.00%  02/25/50   1,882,583 
    PSMC Trust           
 3,331,362  Series 2020-3, Class A1 (i)   3.00%  11/25/50   3,175,187 
    RUN Trust           
 9,622,114  Series 2022-NQM1, Class A1 (i)   4.00%  03/25/67   9,416,257 
    Seasoned Credit Risk Transfer Trust           
 7,399,000  Series 2017-2, Class M1 (i)   4.00%  08/25/56   7,276,982 
    Sequoia Mortgage Trust           
 1,937,174  Series 2017-2, Class A19 (i)   3.50%  02/25/47   1,832,017 
 597,100  Series 2017-CH1, Class A13 (i)   4.00%  08/25/47   587,425 
 5,360,080  Series 2018-CH1, Class B1B (i)   4.46%  03/25/48   4,989,316 
 3,524,324  Series 2020-1, Class A19 (i)   3.50%  02/25/50   3,383,162 
 10,946,136  Series 2020-1, Class A7 (i)   3.50%  02/25/50   10,302,522 
    Starwood Mortgage Residential Trust 2022-3           
 8,690,473  Series 2022-3, Class A1 (i)   4.16%  03/25/67   8,332,171 
    TIAA Bank Mortgage Loan Trust           
 338,498  Series 2018-3, Class A1 (i)   4.00%  11/25/48   333,076 
    Towd Point Mortgage Trust           
 45,353  Series 2015-3, Class A4B (i)   3.50%  03/25/54   45,229 
 3,792,260  Series 2018-2, Class A1 (i)   3.25%  03/25/58   3,721,570 
 6,140,924  Series 2018-3, Class A1 (i)   3.75%  05/25/58   6,032,962 
 2,740,337  Series 2019-1, Class A1 (i)   3.67%  03/25/58   2,692,985 
    Verus Securitization Trust           
 3,223,297  Series 2019-INV3, Class A2 (i)   2.95%  11/25/59   3,147,941 
 6,255,000  Series 2020-INV1, Class A3, steps up to 4.89% on 05/26/24 (i) (k)   3.89%  03/25/60   6,190,438 
 5,031,111  Series 2021-1, Class A1 (i)   0.82%  01/25/66   4,614,661 
 6,123,740  Series 2022-4, Class A1, steps up to 5.47% on 04/25/26 (i) (k)   4.47%  04/25/67   6,017,737 
 9,932,001  Series 2022-5, Class A1, steps up to 4.80% on 06/25/26 (i) (k)   3.80%  04/25/67   9,607,770 
    Vista Point Securitization Trust           
 4,200,000  Series 2020-1, Class M1 (i)   4.15%  03/25/65   4,114,121 
    Wells Fargo Mortgage Backed Securities Trust           
 476,663  Series 2019-1, Class A1 (i)   3.95%  11/25/48   470,871 
 227,790  Series 2019-3, Class A1 (i)   3.50%  07/25/49   220,518 
 13,727,033  Series 2021-INV2, Class A2 (i)   2.50%  09/25/51   12,182,819 
    WinWater Mortgage Loan Trust           
 1,251,397  Series 2016-1, Class 1A18 (i)   3.50%  01/20/46   1,199,335 
 544,893  Series 2016-1, Class 2A3 (i)   3.00%  12/20/30   521,710 
 3,871,766  Series 2016-1, Class B1 (f) (i)   3.78%  01/20/46   3,703,599 
              416,856,418 
    Commercial Mortgage-Backed Securities — 4.0%           
    Austin Fairmont Hotel Trust           
 5,000,000  Series 2019-FAIR, Class A, 1 Mo. LIBOR + 1.05% (a) (i)   3.05%  09/15/32   4,910,220 
    BAMLL Commercial Mortgage Securities Trust           
 7,000,000  Series 2013-WBRK, Class A (f) (i)   3.53%  03/10/37   6,621,534 
    BBCMS Mortgage Trust           
 12,000,000  Series 2017-DELC, Class A, 1 Mo. LIBOR + 0.85% (a) (i)   2.85%  08/15/36   11,851,356 
 8,394,000  Series 2018-TALL, Class A, 1 Mo. LIBOR + 0.72% (a) (i)   2.72%  03/15/37   7,964,867 
                

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
MORTGAGE-BACKED SECURITIES (Continued)
    Commercial Mortgage-Backed Securities (Continued)           
    BPR Trust           
$4,837,959  Series 2021-WILL, Class A, 1 Mo. LIBOR + 1.75% (a) (i)   3.75%  06/15/38  $4,706,819 
 10,000,000  Series 2022-OANA, Class A, 1 Mo. CME Term SOFR + 1.90% (a) (i)   3.86%  04/15/37   9,808,156 
    BX Commercial Mortgage Trust           
 10,000,000  Series 2019-IMC, Class A, 1 Mo. LIBOR + 1.00% (a) (i)   3.00%  04/15/34   9,758,058 
    Citigroup Commercial Mortgage Trust           
 2,915,000  Series 2014-GC23, Class B   4.18%  07/10/47   2,852,167 
 90,231,840  Series 2016-P4, Class XA, IO (f)   1.90%  07/10/49   5,143,079 
    COMM Mortgage Trust           
 7,450,000  Series 2012-CR3, Class AM (i)   3.42%  10/15/45   7,432,306 
 10,000,000  Series 2013-CR13, Class AM   4.45%  11/10/46   9,959,968 
 11,300,000  Series 2014-CR15, Class AM   4.43%  02/10/47   11,252,271 
 6,850,000  Series 2014-CR21, Class AM   3.99%  12/10/47   6,717,633 
    DBWF Mortgage Trust           
 10,844,968  Series 2018-GLKS, Class A, 1 Mo. LIBOR + 1.03% (a) (i)   3.15%  12/19/30   10,571,439 
    Fontainebleau Miami Beach Trust           
 5,000,000  Series 2019-FBLU, Class C (i)   3.75%  12/10/36   4,802,328 
    GS Mortgage Securities Trust           
 3,985,930  Series 2014-GC18, Class A3   3.80%  01/10/47   3,956,564 
    Hawaii Hotel Trust           
 9,290,000  Series 2019-MAUI, Class A, 1 Mo. LIBOR + 1.15% (a) (i)   3.15%  05/15/38   9,061,083 
    J.P. Morgan Chase Commercial Mortgage Securities Trust           
 9,690,857  Series 2018-PHH, Class A, 1 Mo. LIBOR + 1.21%, 2.71% Floor (a) (i)   3.21%  06/15/35   9,445,294 
    MHC Commercial Mortgage Trust           
 6,335,000  Series 2021-MHC, Class A, 1 Mo. LIBOR + 0.80% (a) (i)   2.80%  04/15/38   6,146,998 
    Morgan Stanley Bank of America Merrill Lynch Trust           
 8,015,000  Series 2014-C15, Class AS   4.26%  04/15/47   7,943,878 
    RBS Commercial Funding, Inc. Trust           
 7,045,000  Series 2013-GSP, Class A (f) (i)   3.83%  01/15/32   6,930,312 
    Ready Capital Mortgage Financing LLC           
 9,797,645  Series 2021-FL6, Class A, 1 Mo. LIBOR + 0.95% (a) (i)   3.21%  07/25/36   9,466,578 
    RIAL 2022-FL8 Issuer Ltd           
 4,428,000  Series 2022-FL8, Class A, 1 Mo. CME Term SOFR
+2.25% (a) (i)
  4.41%  01/19/37   4,367,046 
    UBS-Barclays Commercial Mortgage Trust           
 11,628,508  Series 2013-C5, Class A4   3.18%  03/10/46   11,570,455 
    VMC Finance LLC           
 3,932,999  Series 2021-HT1, Class A, 1 Mo. LIBOR + 1.65% (a) (i)   3.81%  01/18/37   3,916,491 
    Wells Fargo Commercial Mortgage Trust           
 4,059,964  Series 2015-LC22, Class ASB   3.57%  09/15/58   4,033,801 
 7,500,000  Series 2015-NXS2, Class B (f)   4.28%  07/15/58   7,317,778 
 67,119,431  Series 2016-C37, Class XA, IO (f)   0.81%  12/15/49   1,753,945 
 5,450,000  Series 2020-SDAL, Class C, 1 Mo. LIBOR + 1.74% (a) (i)   3.74%  02/15/37   5,243,537 
    WFRBS Commercial Mortgage Trust           
 4,260,254  Series 2013-C18, Class A4   3.90%  12/15/46   4,224,574 
              209,730,535 
    Total Mortgage-Backed Securities          626,586,953 
    (Cost $657,047,074)           

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
ASSET-BACKED SECURITIES — 4.3%
    Affirm Asset Securitization Trust           
$8,160,000  Series 2021-A, Class A (i)   0.88%  08/15/25  $8,077,847 
    American Credit Acceptance Receivables Trust           
 9,464,107  Series 2022-1, Class A (i)   0.99%  12/15/25   9,305,491 
 9,000,000  Series 2022-1, Class B (i)   1.68%  09/14/26   8,671,002 
 5,187,911  Series 2022-2, Class A (i)   2.66%  02/13/26   5,140,736 
    AMSR Trust           
 2,500,000  Series 2020-SFR2, Class A (i)   1.63%  07/17/37   2,365,287 
 6,393,000  Series 2020-SFR5, Class A (i)   1.38%  11/17/37   5,955,981 
    CFMT LLC           
 4,052,000  Series 2021-EBO1, Class M1 (i)   1.65%  11/25/50   3,687,403 
    CIG Auto Receivables Trust           
 5,284,910  Series 2021-1A, Class A (i)   0.69%  04/14/25   5,178,691 
    Corevest American Finance Trust           
 12,437,636  Series 2020-3, Class A (i)   1.36%  08/15/53   11,360,841 
 6,209,156  Series 2020-4, Class A (i)   1.17%  12/15/52   5,680,721 
    CWABS, Inc. Asset-Backed Certificates Trust           
 2,364,593  Series 2004-5, Class M1, 1 Mo. LIBOR + 0.86% (a)   3.11%  08/25/34   2,325,686 
    Diamond Resorts Owner Trust           
 6,140,430  Series 2021-1A, Class A (i)   1.51%  11/21/33   5,784,868 
    DT Auto Owner Trust           
 4,558,812  Series 2021-4A, Class A (i)   0.56%  09/15/25   4,472,482 
    FCI Funding LLC           
 2,842,808  Series 2019-1A, Class A (i)   3.63%  02/18/31   2,840,511 
    Flagship Credit Auto Trust           
 18,608,175  Series 2021-4, Class A (i)   0.81%  07/17/26   18,191,131 
 12,005,671  Series 2022-1, Class A (i)   1.79%  10/15/26   11,681,140 
    FNA VI LLC           
 8,327,873  Series 2021-1A, Class A (i)   1.35%  01/10/32   7,806,626 
    Foursight Capital Automobile Receivables Trust           
 14,009,257  Series 2022-1, Class A2 (i)   1.15%  09/15/25   13,750,137 
    GLS Auto Receivables Issuer Trust           
 17,516,370  Series 2021-4A, Class A (i)   0.84%  07/15/25   17,218,238 
    GSAMP Trust           
 5,597,916  Series 2006-SEA1, Class M2, 1 Mo. LIBOR + 1.65% (a) (i)   3.91%  05/25/36   5,531,333 
    M360 Ltd.           
 5,000,000  Series 2021-CRE3, Class A, 1 Mo. LIBOR + 1.50% (a) (i)   3.71%  11/22/38   4,889,452 
    MF1 Ltd.           
 4,000,000  Series 2021-FL7, Class A, 1 Mo. LIBOR + 1.08% (a) (i)   3.24%  10/16/36   3,862,500 
    Oscar US Funding XIV LLC           
 10,750,000  Series 2022-1A, Class A2 (i)   1.60%  03/10/25   10,571,715 
    Santander Drive Auto Receivables Trust           
 10,115,000  Series 2021-4, Class A3   0.51%  08/15/25   9,973,907 
 9,500,000  Series 2022-1, Class A3   1.94%  11/17/25   9,289,874 
    Sierra Timeshare Receivables Funding LLC           
 2,242,059  Series 2019-1A, Class A (i)   3.20%  01/20/36   2,200,347 
 4,908,771  Series 2020-2A, Class A (i)   1.33%  07/20/37   4,666,423 
    United Auto Credit Securitization Trust           
 5,447,640  Series 2022-1, Class A (i)   1.11%  07/10/24   5,404,676 
    Westlake Automobile Receivables Trust           
 10,750,000  Series 2021-3A, Class A3 (i)   0.95%  06/16/25   10,452,683 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
ASSET-BACKED SECURITIES (Continued)
    Westlake Automobile Receivables Trust (Continued)           
$10,000,000  Series 2022-1A, Class A3 (i)   2.42%  07/15/25  $9,780,663 
    Total Asset-Backed Securities          226,118,392 
    (Cost $233,052,723)           
 
U.S. GOVERNMENT BONDS AND NOTES — 0.6%
 21,714,525  U.S. Treasury Inflation Indexed Bond (l)   0.75%  02/15/45   21,205,377 
 11,356,800  U.S. Treasury Inflation Indexed Note (l)   0.13%  01/15/30   11,380,891 
    Total U.S. Government Bonds and Notes          32,586,268 
    (Cost $30,752,677)           
                

 

Shares  Description  Value
    
EXCHANGE-TRADED FUNDS — 0.0%
   Capital Markets — 0.0%     
29,359  First Trust Long Duration Opportunities ETF (m)    710,488 
   (Cost $805,933)     
 
MONEY MARKET FUNDS — 0.7%
18,740,113  BlackRock Treasury Trust Fund - Institutional Shares - 1.50% (n)    18,740,113 
18,740,112  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Shares - 1.75% (n)    18,740,112 
   Total Money Market Funds    37,480,225 
   (Cost $37,480,225)     
   Total Investments — 106.9%    5,604,918,134 
   (Cost $5,786,250,592)     

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
 
PUT OPTIONS PURCHASED — 0.0%
 300  U.S. 10-Year Treasury Futures Put   $36,342,186   $119.00   08/26/22   84,375 
 250  U.S. 5-Year Treasury Futures Put    28,431,640    110.00   08/26/22   5,859 
 200  U.S. 5-Year Treasury Futures Put    22,745,312    110.25   08/26/22   6,250 
    Total Put Options Purchased                 96,484 
    (Cost $658,974)                  

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (26.1)%   
    Federal National Mortgage Association           
$(251,374,911)  Pool TBA (j)   1.50%  09/15/37   (233,490,310)
 (160,000,000)  Pool TBA (j)   2.00%  09/15/37   (152,310,211)
 (50,000,000)  Pool TBA (j)   2.00%  09/15/52   (45,027,344)
 (86,000,000)  Pool TBA (j)   4.00%  09/15/52   (86,402,736)
 (54,000,000)  Pool TBA (j)   2.00%  10/15/52   (48,625,910)

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
       
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT (Continued)
    Federal National Mortgage Association (Continued)           
$(265,000,000)  Pool TBA (j)   3.00%  10/15/52  $(255,259,392)
 (265,000,000)  Pool TBA (j)   3.50%  10/15/52   (261,699,038)
 (285,000,000)  Pool TBA (j)   4.00%  10/15/52   (286,144,780)
    Total U.S. Government Agency Mortgage-Backed Securities Sold Short    (1,368,959,721)
    (Proceeds $1,351,824,567)           

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
 
WRITTEN OPTIONS — (0.2)%   
 
CALL OPTIONS WRITTEN — (0.2)%
 (450)  U.S. 5-Year Treasury Futures Call   $(51,176,952)  $112.00   08/26/22   (840,235)
 (900)  U.S. 10-Year Treasury Futures Call    (109,026,558)   117.00   08/26/22   (3,782,812)
 (150)  U.S. Treasury Long Bond Futures Call    (21,600,000)   140.00   08/26/22   (693,750)
 (1,125)  U.S. Treasury Long Bond Futures Call    (162,000,000)   142.00   08/26/22   (3,585,938)
    Total Call Options Written                 (8,902,735)
    (Premiums received $3,309,608)                  
 
PUT OPTIONS WRITTEN — (0.0)%
 (700)  U.S. 5-Year Treasury Futures Put    (79,608,592)   111.50   08/26/22   (60,157)
 (50)  U.S. 10-Year Treasury Futures Put    (6,057,031)   116.00   08/26/22   (1,562)
 (450)  U.S. Treasury Long Bond Futures Put    (64,800,000)   133.00   08/26/22   (28,125)
 (150)  U.S. Treasury Long Bond Futures Put    (21,600,000)   136.00   08/26/22   (21,094)
 (20)  U.S. Treasury Long Bond Futures Put    (3,166,250)   152.00   08/26/22   (16,563)
 (170)  U.S. Treasury Long Bond Futures Put    (24,395,000)   136.00   09/23/22   (100,937)
 (650)  U.S. 10-Year Treasury Futures Put    (78,741,403)   117.00   10/21/22   (284,375)
 (50)  U.S. Treasury Long Bond Futures Put    (7,175,000)   134.00   10/21/22   (32,812)
    Total Put Options Written                 (545,625)
    (Premiums received $2,003,261)                  
                       
    Total Written Options                 (9,448,360)
    (Premiums received $5,312,869)                  
    Net Other Assets and Liabilities — 19.4%            1,017,604,958 
    Net Assets — 100.0%                $5,244,211,495 
                       

 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

Futures Contracts at July 31, 2022:

 

Futures Contracts  Position  Number of Contracts  Expiration Date  Notional
Value
  Unrealized
Appreciation
(Depreciation)/
Value
                
U.S. 2-Year Treasury Notes  Short   925   Sep-2022  $(194,676,368)  $(41,846)
U.S. 5-Year Treasury Notes  Short   5,495   Sep-2022   (624,927,464)   (10,062,640)
U.S. 10-Year Treasury Notes  Short   2,004   Sep-2022   (242,765,812)   (6,222,053)
Ultra 10-Year U.S. Treasury Notes  Short   6,762   Sep-2022   (887,512,500)   (14,659,857)
U.S. Treasury Long Bond Futures  Short   641   Sep-2022   (92,304,000)   (2,468,439)
Ultra U.S. Treasury Bond Futures  Short   44   Sep-2022   (6,965,750)   (173,053)
              $(2,049,151,894)  $(33,627,888)

 

 

 

(a) Floating or variable rate security.
(b) Inverse floating rate security.
(c) Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have different coupons. The coupon may change in any period.
(d) Zero coupon security.
(e) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P. (the “Advisor”).
(f) Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The interest rate resets periodically.
(g) This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
(h) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940, as amended. At July 31, 2022, securities noted as such are valued at $9,343,342 or 0.2% of net assets.
(i) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security-specific factors and assumptions, which require subjective judgment. At July 31, 2022, securities noted as such amounted to $841,323,667 or 16.0% of net assets.
(j) All or a portion of this security is part of a mortgage dollar roll agreement.
(k) Step-up security. A security where the coupon increases or steps up at a predetermined date.
(l) Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is calculated on the basis of the current adjusted principal value.
(m) Investment in an affiliated fund.
(n) Rate shown reflects yield as of July 31, 2022.

  

 

IO - Interest-Only Security - Principal amount shown represents par value on which interest payments are based
LIBOR - London Interbank Offered Rate
PO - Principal-Only Security
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate
STRIPS - Separate Trading of Registered Interest and Principal of Securities
TBA - To-Be-Announced Security
 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

 

   

 

 

Valuation Inputs

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

           

 

ASSETS TABLE
 
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
U.S. Government Agency Mortgage-Backed Securities   $4,681,435,808   $—     $4,672,092,466   $9,343,342 
Mortgage-Backed Securities    626,586,953    —      626,586,953    —   
Asset-Backed Securities    226,118,392    —      226,118,392    —   
U.S. Government Bonds and Notes    32,586,268    —      32,586,268    —   
Exchange-Traded Funds*    710,488    710,488    —      —   
Money Market Funds    37,480,225    37,480,225    —      —   
Total Investments   $5,604,918,134   $38,190,713   $5,557,384,079   $9,343,342 
Put Options Purchased    96,484    96,484    —      —   
Total   $5,605,014,618   $38,287,197   $5,557,384,079   $9,343,342 
                     
LIABILITIES TABLE
                     
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
U.S. Government Agency Mortgage-Backed Securities Sold Short   $(1,368,959,721)  $—     $(1,368,959,721)  $—   
Call Options Written    (8,902,735)   (8,902,735)   —      —   
Put Options Written    (545,625)   (545,625)   —      —   
Futures Contracts    (33,627,888)   (33,627,888)   —      —   
Total   $(1,412,035,969)  $(43,076,248)  $(1,368,959,721)  $—   

  

 

* See Portfolio of Investments for industry breakout.

  

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

 

 

 

First Trust Low Duration Opportunities ETF (LMBS)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

   

 

Affiliated Transactions

Amounts relating to investments in affiliated funds at July 31, 2022 and for the fiscal year-to-date period (November 1, 2021 to July 31, 2022) are as follows:

                   

 

 

 

Security Name

 

 

Shares at 7/31/2022

 

 

Value at 10/31/2021

 

 

 

Purchases

 

 

 

Sales

  Change in
Unrealized
Appreciation
(Depreciation)
 

 

Realized Gain (Loss)

 

 

Value at 7/31/2022

 

 

Dividend Income

First Trust Long Duration Opportunities ETF   29,359   $813,538   $—     $—     $(103,050)  $—     $710,488   $8,952 

 

 

 

 

 

 

First Trust Long Duration Opportunities ETF (LGOV)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 53.6%   
   Collateralized Mortgage Obligations — 21.9%   
    Federal Home Loan Mortgage Corporation           
$134,959  Series 2003-2649, Class IM, IO   7.00%  07/15/33  $29,427 
 264,000  Series 2010-3653, Class UJ   5.00%  04/15/40   287,921 
 119,629  Series 2013-4255, Class SN, 1 Mo. LIBOR × -2.67 + 12.27% (a)   7.70%  05/15/35   125,547 
 320,122  Series 2020-4980, Class ZU   3.00%  06/25/50   250,498 
    Federal National Mortgage Association           
 92,819  Series 2005-69, Class JI, IO   6.00%  08/25/35   17,517 
 928,974  Series 2005-74, Class NZ   6.00%  09/25/35   1,137,458 
 738,129  Series 2005-113, Class AI, IO, 1 Mo. LIBOR × -1 + 7.23% (a)   4.97%  01/25/36   88,113 
 98,043  Series 2008-94, Class JS, 1 Mo. LIBOR × -6 + 30.00% (a)   16.45%  04/25/36   119,628 
 8,539  Series 2015-34, Class OK, PO   (b)  03/25/44   8,361 
 298,685  Series 2016-23, Class PL   3.00%  11/25/45   276,185 
 700,479  Series 2016-101, Class ZP   3.50%  01/25/47   628,880 
 395,045  Series 2018-9, Class PL   3.50%  02/25/48   391,028 
 179,718  Series 2018-94, Class KZ   4.50%  01/25/49   181,963 
 95,145  Series 2018-94, Class LZ   4.50%  01/25/49   96,342 
 710,669  Series 2020-17, Class L   2.50%  03/25/50   553,039 
    Government National Mortgage Association           
 297,907  Series 2009-32, Class ZA   5.50%  05/20/39   322,582 
 1,292,000  Series 2010-61, Class KE   5.00%  05/16/40   1,465,700 
 432,575  Series 2015-168, Class GI, IO   5.50%  02/16/33   31,049 
 403,000  Series 2018-112, Class CG   3.50%  08/20/48   386,724 
 449,912  Series 2018-125, Class KZ   3.50%  09/20/48   416,236 
 355,067  Series 2019-132, Class NZ   3.50%  10/20/49   336,797 
 343,000  Series 2020-83, Class KY   3.00%  06/20/50   292,171 
              7,443,166 
    Commercial Mortgage-Backed Securities — 28.7%           
    Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates           
 7,470,541  Series 2014-K036, Class X1, IO (c)   0.70%  10/25/23   53,478 
 570,000  Series 2018-K157, Class A3   3.99%  08/25/33   592,587 
 1,000,000  Series 2018-K159, Class A3   3.95%  11/25/33   1,033,553 
 4,645,000  Series 2019-K093, Class XAM, IO (c)   1.19%  05/25/29   328,912 
 1,936,000  Series 2019-K095, Class XAM, IO (c)   1.24%  06/25/29   144,143 
 4,870,000  Series 2020-K109, Class XAM, IO (c)   1.80%  04/25/30   566,645 
 6,850,000  Series 2020-K120, Class XAM, IO (c)   1.21%  10/25/30   569,449 
 1,992,596  Series 2020-K1515, Class X1, IO (c)   1.51%  02/25/35   264,996 
 2,636,392  Series 2020-K1516, Class X1, IO (c)   1.51%  05/25/35   371,010 
 3,493,627  Series 2020-K1517, Class X1, IO (c)   1.33%  07/25/35   434,738 
 8,375,000  Series 2021-K123, Class XAM, IO (d)   0.98%  12/25/30   573,910 
 8,690,000  Series 2021-K124, Class XAM, IO (c)   0.94%  01/25/31   570,192 
 10,125,000  Series 2021-K125, Class XAM, IO (c)   0.78%  01/25/31   569,885 
 1,000,000  Series 2021-K1521, Class A2   2.18%  08/25/36   833,022 
 1,000,000  Series 2021-K1522, Class A2   2.36%  10/25/36   849,003 
    Government National Mortgage Association           
 768,760  Series 2020-145, Class BD (e)   2.30%  03/16/63   511,470 
 867,505  Series 2020-159, Class Z (e)   2.50%  10/16/62   583,662 
 480,151  Series 2020-197, Class Z (c)   2.25%  10/16/62   295,492 
 208,390  Series 2021-4, Class Z (c)   2.00%  09/16/62   114,642 

 

 

First Trust Long Duration Opportunities ETF (LGOV)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
    Commercial Mortgage-Backed Securities (Continued)           
    Government National Mortgage Association (Continued)           
$896,434  Series 2021-28, Class Z (c)   2.00%  10/16/62  $516,718 
              9,777,507 
    Pass-through Securities — 3.0%           
    Federal National Mortgage Association           
 1,000,000  Pool TBA   5.00%  08/15/52   1,028,002 
    Total U.S. Government Agency Mortgage-Backed Securities    18,248,675 
    (Cost $20,371,159)           
                
U.S. GOVERNMENT BONDS AND NOTES — 5.3%
                
 1,000,000  U.S. Treasury Bond   1.13%  05/15/40   721,074 
 1,000,000  U.S. Treasury Bond   1.13%  08/15/40   716,660 
 372,249  U.S. Treasury Inflation Indexed Bond (f)   0.75%  02/15/45   363,521 
    Total U.S. Government Bonds and Notes          1,801,255 
    (Cost $1,883,710)           

 

Shares  Description  Value
 
MONEY MARKET FUNDS — 42.4%
14,449,450  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (g)    14,449,450 
   (Cost $14,449,450)     
   Total Investments — 101.3%    34,499,380 
   (Cost $36,704,319)     

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
    
PUT OPTIONS PURCHASED — 0.3%
                    
10  U.S. 5-Year Treasury Futures Put   $1,137,266  $111.50  08/26/22   859 
20  U.S. 5-Year Treasury Futures Put    2,274,531   112.00  08/26/22   2,812 
20  U.S. 5-Year Treasury Futures Put    2,274,531   113.25  08/26/22   9,062 
10  U.S. 5-Year Treasury Futures Put    1,137,266   113.50  08/26/22   5,547 
20  U.S. 5-Year Treasury Futures Put    2,274,531   113.75  08/26/22   13,438 
10  U.S. 5-Year Treasury Futures Put    1,137,891   111.00  09/23/22   1,875 
10  U.S. 5-Year Treasury Futures Put    1,137,891   113.25  09/23/22   7,422 
20  U.S. 10-Year Treasury Futures Put    2,422,812   117.50  08/26/22   1,875 
10  U.S. 10-Year Treasury Futures Put    1,211,406   117.50  09/23/22   3,281 
10  U.S. 10-Year Treasury Futures Put    1,211,406   119.50  09/23/22   7,813 
15  U.S. 10-Year Treasury Futures Put    1,817,109   119.00  11/25/22   17,344 
10  U.S. 10-Year Treasury Futures Put    1,211,406   120.00  11/25/22   15,156 
20  U.S. Treasury Long Bond Futures Put    2,880,000   134.00  08/26/22   1,563 
10  U.S. Treasury Long Bond Futures Put    1,440,000   136.00  08/26/22   1,406 

 

 

First Trust Long Duration Opportunities ETF (LGOV)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
    
PUT OPTIONS PURCHASED (Continued)
                    
5  U.S. Treasury Long Bond Futures Put   $720,000  $137.00  08/26/22  $1,094 
   Total Put Options Purchased               90,547 
   (Cost $190,831)                
   Net Other Assets and Liabilities — (1.6)%         (531,744)
   Net Assets — 100.0%              $34,058,183 

 

Futures Contracts at July 31, 2022:
 
Futures Contracts  Position   Number of Contracts   Expiration Date   Notional
Value
    Unrealized
Appreciation
(Depreciation)/
Value
 
                      
U.S. Treasury Long Bond Futures  Long    5    Sep-2022  $720,000   $6,706 
Ultra U.S. Treasury Bond Futures  Long    69    Sep-2022   10,923,563    194,567 
U.S. 2-Year Treasury Notes  Short    4    Sep-2022   (841,844)   60 
U.S. 5-Year Treasury Notes  Short    25    Sep-2022   (2,843,164)   (34,342)
U.S. 10-Year Treasury Notes  Short    27    Sep-2022   (3,270,797)   (43,990)
Ultra U.S. 10-Year Treasury Notes  Short    26    Sep-2022   (3,412,500)   (79,143)
                $1,275,258   $43,858 

 

 

(a) Inverse floating rate security.
(b) Zero coupon security.
(c) Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The interest rate resets periodically.
(d) Floating or variable rate security.
(e) Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have different coupons. The coupon may change in any period.
(f) Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is calculated on the basis of the current adjusted principal value.
(g) Rate shown reflects yield as of July 31, 2022.

 

 

IO - Interest-Only Security - Principal amount shown represents par value on which interest payments are based  
LIBOR - London Interbank Offered Rate  
PO - Principal-Only Security  
TBA - To-Be-Announced Security  
 

 

 

 

 

First Trust Long Duration Opportunities ETF (LGOV)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

   

 

 

Valuation Inputs

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

 

ASSETS TABLE
 
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
U.S. Government Agency Mortgage-Backed Securities   $18,248,675   $—     $18,248,675   $—   
U.S. Government Bonds and Notes    1,801,255    —      1,801,255    —   
Money Market Funds    14,449,450    14,449,450    —      —   
Total Investments    34,499,380    14,449,450    20,049,930    —   
Put Options Purchased    90,547    90,547    —      —   
Futures Contracts    201,333    201,333    —      —   
Total   $34,791,260   $14,741,330   $20,049,930   $—   
                     
LIABILITIES TABLE
                     
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
Futures Contracts   $(157,475)  $(157,475)  $—     $—   

 

 

 

 

 

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
COMMON STOCKS — 100.1%
         
   Aerospace & Defense — 1.6%     
35,913  General Dynamics Corp. (a)   $8,140,400 
         
   Air Freight & Logistics — 1.6%     
76,945  Expeditors International of Washington, Inc. (a)    8,175,406 
         
   Beverages — 4.7%     
109,303  Brown-Forman Corp., Class B    8,112,469 
126,393  Coca-Cola (The) Co. (a)    8,110,639 
45,897  PepsiCo, Inc. (a)    8,030,139 
       24,253,247 
         
   Biotechnology — 1.5%     
52,432  AbbVie, Inc. (a)    7,524,516 
         
   Building Products — 1.6%     
131,942  A.O. Smith Corp. (a)    8,347,970 
         
   Capital Markets — 4.8%     
307,691  Franklin Resources, Inc. (a)    8,446,118 
21,508  S&P Global, Inc. (a)    8,107,010 
64,293  T. Rowe Price Group, Inc. (a)    7,938,257 
       24,491,385 
         
   Chemicals — 9.3%     
33,188  Air Products and Chemicals, Inc. (a)    8,238,257 
35,151  Albemarle Corp. (a)    8,587,741 
47,761  Ecolab, Inc. (a)    7,888,685 
27,263  Linde PLC (a)    8,233,426 
60,946  PPG Industries, Inc. (a)    7,879,708 
30,055  Sherwin-Williams (The) Co. (a)    7,271,507 
       48,099,324 
         
   Commercial Services & Supplies — 1.6%     
19,622  Cintas Corp. (a)    8,348,965 
         
   Containers & Packaging — 1.6%     
617,823  Amcor PLC (a)    8,000,808 
         
   Distributors — 1.6%     
53,876  Genuine Parts Co. (a)    8,236,024 
         
   Electric Utilities — 1.6%     
97,004  NextEra Energy, Inc. (a)    8,195,868 
         
   Electrical Equipment — 1.6%     
93,677  Emerson Electric Co. (a)    8,437,488 
         
   Equity Real Estate Investment Trusts — 4.7%     
28,431  Essex Property Trust, Inc. (a)    8,146,334 
75,829  Federal Realty Investment Trust (a)    8,008,301 
109,104  Realty Income Corp. (a)    8,072,605 
       24,227,240 

 

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
COMMON STOCKS (Continued)
         
   Food & Staples Retailing — 4.5%     
89,622  Sysco Corp. (a)   $7,608,908 
201,360  Walgreens Boots Alliance, Inc. (a)    7,977,883 
58,880  Walmart, Inc. (a)    7,775,104 
       23,361,895 
         
   Food Products — 4.8%     
105,425  Archer-Daniels-Midland Co. (a)    8,726,027 
163,576  Hormel Foods Corp. (a)    8,070,840 
92,552  McCormick & Co., Inc. (a)    8,084,417 
       24,881,284 
         
   Gas Utilities — 1.6%     
68,677  Atmos Energy Corp. (a)    8,336,701 
         
   Health Care Equipment & Supplies — 4.6%     
71,287  Abbott Laboratories (a)    7,758,877 
32,150  Becton, Dickinson and Co. (a)    7,854,566 
85,809  Medtronic PLC (a)    7,939,049 
       23,552,492 
         
   Health Care Providers & Services — 1.6%     
136,595  Cardinal Health, Inc. (a)    8,135,598 
         
   Hotels, Restaurants & Leisure — 1.6%     
30,649  McDonald’s Corp. (a)    8,072,027 
         
   Household Products — 7.4%     
82,762  Church & Dwight Co., Inc. (a)    7,280,573 
52,652  Clorox (The) Co. (a)    7,468,160 
100,485  Colgate-Palmolive Co. (a)    7,912,189 
58,796  Kimberly-Clark Corp. (a)    7,748,725 
54,430  Procter & Gamble (The) Co. (a)    7,560,871 
       37,970,518 
         
   Industrial Conglomerates — 1.6%     
58,042  3M Co. (a)    8,313,936 
         
   Insurance — 6.0%     
140,821  Aflac, Inc. (a)    8,069,043 
125,618  Brown & Brown, Inc. (a)    8,177,732 
42,278  Chubb Ltd. (a)    7,975,322 
70,239  Cincinnati Financial Corp. (a)    6,837,064 
       31,059,161 
         
   IT Services — 3.2%     
35,330  Automatic Data Processing, Inc. (a)    8,518,770 
60,698  International Business Machines Corp. (a)    7,938,691 
       16,457,461 

 

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
COMMON STOCKS (Continued)
         
   Life Sciences Tools & Services — 1.7%     
24,820  West Pharmaceutical Services, Inc. (a)   $8,527,159 
         
   Machinery — 7.7%     
43,582  Caterpillar, Inc. (a)    8,640,131 
60,514  Dover Corp. (a)    8,089,512 
40,638  Illinois Tool Works, Inc. (a)    8,442,951 
165,665  Pentair PLC (a)    8,099,362 
67,282  Stanley Black & Decker, Inc. (a)    6,548,557 
       39,820,513 
         
   Metals & Mining — 1.7%     
64,947  Nucor Corp. (a)    8,819,803 
         
   Multiline Retail — 1.6%     
49,351  Target Corp. (a)    8,062,966 
         
   Multi-Utilities — 1.6%     
84,212  Consolidated Edison, Inc. (a)    8,359,725 
         
   Oil, Gas & Consumable Fuels — 3.4%     
53,988  Chevron Corp. (a)    8,842,155 
89,396  Exxon Mobil Corp. (a)    8,665,154 
       17,507,309 
         
   Pharmaceuticals — 1.5%     
45,228  Johnson & Johnson (a)    7,893,191 
         
   Software — 1.6%     
18,944  Roper Technologies, Inc. (a)    8,272,277 
         
   Specialty Retail — 1.5%     
39,803  Lowe’s Cos., Inc. (a)    7,623,469 
         
   Textiles, Apparel & Luxury Goods — 1.4%     
164,024  VF Corp. (a)    7,328,592 
         
   Trading Companies & Distributors — 1.7%     
16,427  W.W. Grainger, Inc. (a)    8,928,567 
   Total Common Stocks    515,763,285 
   (Cost $502,055,601)     
         
MONEY MARKET FUNDS — 0.2%
         
1,184,963  Dreyfus Government Cash Management Fund, Institutional Shares - 1.83% (b)    1,184,963 
   (Cost $1,184,963)     
   Total Investments — 100.3%    516,948,248 
   (Cost $503,240,564)     

 

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
 
CALL OPTIONS WRITTEN — (0.4)%
                     
(32)  3M Co.   $(458,368)  $130.00  08/19/22  $(43,040)
(41)  A.O. Smith Corp.    (259,407)   55.00  08/19/22   (35,875)
(50)  Abbott Laboratories    (544,200)   110.00  08/19/22   (8,250)
(37)  AbbVie, Inc.    (530,987)   155.00  08/19/22   (1,221)
(96)  Aflac, Inc.    (550,080)   55.00  08/19/22   (27,840)
(13)  Air Products and Chemicals, Inc.    (322,699)   220.00  08/19/22   (38,090)
(11)  Albemarle Corp.    (268,741)   200.00  08/19/22   (50,017)
(251)  Amcor PLC    (325,045)   12.00  08/19/22   (50,200)
(45)  Archer-Daniels-Midland Co.    (372,465)   72.50  08/19/22   (46,800)
(68)  Atmos Energy Corp.    (825,452)   110.00  08/19/22   (80,240)
(15)  Automatic Data Processing, Inc.    (361,680)   210.00  08/19/22   (47,475)
(19)  Becton, Dickinson and Co.    (464,189)   240.00  08/19/22   (17,765)
(295)  Brown & Brown, Inc.    (1,920,450)   60.00  08/19/22   (143,075)
(60)  Cardinal Health, Inc.    (357,360)   55.00  08/19/22   (29,160)
(19)  Caterpillar, Inc.    (376,675)   175.00  08/19/22   (47,975)
(17)  Chevron Corp.    (278,426)   135.00  08/19/22   (47,906)
(24)  Chubb Ltd.    (452,736)   185.00  08/19/22   (13,968)
(47)  Church & Dwight Co., Inc.    (413,459)   95.00  08/19/22   (1,645)
(23)  Cincinnati Financial Corp.    (223,882)   110.00  08/19/22   (230)
(14)  Cintas Corp.    (595,686)   390.00  08/19/22   (53,130)
(29)  Clorox (The) Co.    (411,336)   150.00  08/19/22   (6,090)
(86)  Coca-Cola (The) Co.    (551,862)   62.50  08/19/22   (19,178)
(62)  Colgate-Palmolive Co.    (488,188)   77.50  08/19/22   (14,384)
(51)  Consolidated Edison, Inc.    (506,277)   92.50  08/19/22   (37,995)
(27)  Dover Corp.    (360,936)   120.00  08/19/22   (38,745)
(24)  Ecolab, Inc.    (396,408)   155.00  08/19/22   (26,280)
(52)  Emerson Electric Co.    (468,364)   80.00  08/19/22   (54,600)
(13)  Essex Property Trust, Inc.    (372,489)   260.00  08/19/22   (36,140)
(31)  Expeditors International of Washington, Inc.    (329,375)   95.00  08/19/22   (38,440)
(42)  Exxon Mobil Corp.    (407,106)   85.00  08/19/22   (50,610)
(45)  Federal Realty Investment Trust    (475,245)   95.00  08/19/22   (53,100)
(167)  Franklin Resources, Inc.    (458,415)   25.00  08/19/22   (49,265)
(17)  General Dynamics Corp.    (385,339)   210.00  08/19/22   (29,580)
(41)  Genuine Parts Co.    (626,767)   140.00  08/19/22   (47,765)
(129)  Hormel Foods Corp.    (636,486)   48.00  08/19/22   (23,543)
(22)  Illinois Tool Works, Inc.    (457,072)   180.00  08/19/22   (63,250)
(35)  International Business Machines Corp.    (457,765)   140.00  08/19/22   (315)
(48)  Johnson & Johnson    (837,696)   180.00  08/19/22   (3,312)
(39)  Kimberly-Clark Corp.    (513,981)   135.00  08/19/22   (4,095)
(16)  Linde PLC    (483,200)   280.00  08/19/22   (37,280)
(19)  Lowe’s Cos., Inc.    (363,907)   185.00  08/19/22   (20,995)
(36)  McCormick & Co., Inc.    (314,460)   80.00  08/19/22   (27,936)
(15)  McDonald’s Corp.    (395,055)   250.00  08/19/22   (22,350)
(60)  Medtronic PLC    (555,120)   90.00  08/19/22   (23,100)

 

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Number of
Contracts
  Description  Notional
Amount
  Exercise
Price
  Expiration
Date
  Value
 
CALL OPTIONS WRITTEN (Continued)
                     
(45)  NextEra Energy, Inc.   $(380,205)  $77.50  08/19/22  $(36,000)
(15)  Nucor Corp.    (203,700)   110.00  08/19/22   (33,300)
(57)  Pentair PLC    (278,673)   45.00  08/19/22   (24,225)
(33)  PepsiCo, Inc.    (577,368)   170.00  08/19/22   (21,120)
(25)  PPG Industries, Inc.    (323,225)   115.00  08/19/22   (36,125)
(37)  Procter & Gamble (The) Co.    (513,967)   145.00  08/19/22   (2,886)
(74)  Realty Income Corp.    (547,526)   70.00  08/19/22   (33,226)
(10)  Roper Technologies, Inc.    (436,670)   390.00  08/19/22   (49,000)
(12)  S&P Global, Inc.    (452,316)   350.00  08/19/22   (35,280)
(19)  Sherwin-Williams (The) Co.    (459,686)   250.00  08/19/22   (7,790)
(18)  Stanley Black & Decker, Inc.    (175,194)   105.00  08/19/22   (1,530)
(32)  Sysco Corp.    (271,680)   85.00  08/19/22   (8,320)
(24)  T. Rowe Price Group, Inc.    (296,328)   115.00  08/19/22   (24,120)
(11)  Target Corp.    (179,718)   145.00  08/19/22   (20,735)
(50)  VF Corp.    (223,400)   45.00  08/19/22   (7,250)
(9)  W.W. Grainger, Inc.    (489,177)   460.00  08/19/22   (75,600)
(83)  Walgreens Boots Alliance, Inc.    (328,846)   37.50  08/19/22   (19,588)
(33)  Walmart, Inc.    (435,765)   130.00  08/19/22   (14,520)
(10)  West Pharmaceutical Services, Inc.    (343,560)   300.00  08/19/22   (44,900)
   Total Call Options Written                (2,007,765)
   (Premiums received $903,213)                 
   Net Other Assets and Liabilities — 0.1%           309,002 
   Net Assets — 100.0%               $515,249,485 

 

(a) All or a portion of this security is held as collateral for the options written. At July 31, 2022, the value of these securities amount to $28,071,840 or 5.4% of net assets
(b) Rate shown reflects yield as of July 31, 2022.

  

 

FT Cboe Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

   

 

 

Valuation Inputs

 

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

 

ASSETS TABLE
 
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
Common Stocks*   $515,763,285   $515,763,285   $—     $—   
Money Market Funds    1,184,963    1,184,963    —      —   
Total Investments   $516,948,248   $516,948,248   $—     $—   
                     
                     
LIABILITIES TABLE
                     
    Total
Value at
7/31/2022
    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
 
Call Options Written   $(2,007,765)  $(2,007,765)  $—     $—   

 

 

* See Portfolio of Investments for industry breakout.

 

 

 

 

 

 

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
 
Portfolio of Investments
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES — 70.7%   
   Banks — 18.4%   
$50,000  Bank of America Corp. (a)   3.84%  04/25/25  $49,914 
 100,000  Bank of America Corp. (a)   3.37%  01/23/26   97,762 
 100,000  Bank of America Corp., Medium-Term Note   4.13%  01/22/24   101,481 
 125,000  Bank of America Corp., Medium-Term Note   3.88%  08/01/25   126,290 
 50,000  Bank of America Corp., Medium-Term Note (a)   3.38%  04/02/26   48,885 
 50,000  Bank of New York Mellon (The) Corp. (a)   4.41%  07/24/26   50,884 
 50,000  Bank of New York Mellon (The) Corp., Medium-Term Note (a)   3.43%  06/13/25   49,889 
 350,000  Goldman Sachs Group (The), Inc.   3.00%  03/15/24   346,946 
 35,000  Goldman Sachs Group (The), Inc.   3.85%  01/26/27   35,036 
 50,000  Goldman Sachs Group (The), Inc. (a)   1.54%  09/10/27   44,760 
 75,000  JPMorgan Chase & Co.   3.90%  07/15/25   75,969 
 100,000  JPMorgan Chase & Co. (a)   2.30%  10/15/25   96,017 
 125,000  JPMorgan Chase & Co.   3.30%  04/01/26   123,627 
 35,000  JPMorgan Chase & Co. (a)   4.08%  04/26/26   35,006 
 100,000  JPMorgan Chase & Co. (a)   1.58%  04/22/27   90,884 
 100,000  Morgan Stanley (a)   3.62%  04/17/25   99,144 
 85,000  Morgan Stanley   5.00%  11/24/25   87,683 
 25,000  Morgan Stanley (a)   4.21%  04/20/28   25,017 
 225,000  Morgan Stanley, Medium-Term Note (a)   2.72%  07/22/25   219,192 
 125,000  Wells Fargo & Co., Medium-Term Note (a)   2.41%  10/30/25   120,401 
              1,924,787 
    Commercial Services — 1.1%           
 125,000  Global Payments, Inc.   1.50%  11/15/24   117,629 
    Diversified Financial Services — 1.9%           
 200,000  American Express Co.   3.95%  08/01/25   201,746 
    Electric — 3.1%           
 150,000  FirstEnergy Transmission LLC (b)   4.35%  01/15/25   149,157 
 125,000  Pacific Gas and Electric Co.   3.25%  02/16/24   122,106 
 25,000  Pacific Gas and Electric Co.   4.95%  06/08/25   24,741 
 25,000  Pacific Gas and Electric Co.   5.45%  06/15/27   24,826 
              320,830 
    Environmental Control — 1.2%           
 125,000  Republic Services, Inc.   2.90%  07/01/26   121,697 
    Health Care Products — 3.9%           
 135,000  Alcon Finance Corp. (b)   2.75%  09/23/26   128,259 
 300,000  Baxter International, Inc.   1.32%  11/29/24   284,025 
              412,284 
    Health Care Services — 5.3%           
 150,000  Centene Corp.   4.25%  12/15/27   147,833 
 250,000  Elevance Health, Inc.   3.35%  12/01/24   248,466 
 100,000  HCA, Inc.,   5.38%  02/01/25   102,172 
 50,000  UnitedHealth Group, Inc.   3.70%  05/15/27   51,092 
              549,563 
    Internet — 2.0%           
 200,000  Expedia Group, Inc. (b)   6.25%  05/01/25   207,612 

 

 

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
CORPORATE BONDS AND NOTES (Continued)
    Lodging — 2.0%           
$50,000  Hilton Domestic Operating Co., Inc. (b)   5.38%  05/01/25  $50,125 
 150,000  Hyatt Hotels Corp.   5.63%  04/23/25   153,091 
              203,216 
    Media — 3.4%           
 350,000  Comcast Corp.   3.95%  10/15/25   356,258 
    Miscellaneous Manufacturing — 0.7%           
 75,000  Parker-Hannifin Corp.   3.65%  06/15/24   74,999 
    Pharmaceuticals — 12.2%           
 125,000  AbbVie, Inc.   2.60%  11/21/24   122,497 
 75,000  AbbVie, Inc.   3.20%  05/14/26   74,346 
 200,000  Bayer US Finance II LLC (b)   3.88%  12/15/23   200,166 
 200,000  Cigna Corp.   4.13%  11/15/25   203,149 
 300,000  CVS Health Corp.   3.88%  07/20/25   303,963 
 75,000  Utah Acquisition Sub, Inc.   3.95%  06/15/26   71,021 
 50,000  Viatris, Inc.   1.65%  06/22/25   45,854 
 250,000  Zoetis, Inc.   4.50%  11/13/25   256,774 
              1,277,770 
    Pipelines — 2.5%           
 135,000  Energy Transfer, L.P.   2.90%  05/15/25   129,818 
 135,000  Plains All American Pipeline, L.P. / PAA Finance Corp.   4.65%  10/15/25   135,347 
              265,165 
    Real Estate Investment Trusts — 1.1%           
 50,000  VICI Properties, L.P. / VICI Note Co., Inc. (b)   4.63%  06/15/25   48,804 
 75,000  VICI Properties, L.P. / VICI Note Co., Inc. (b)   4.25%  12/01/26   70,541 
              119,345 
    Retail — 1.0%           
 109,000  Nordstrom, Inc.   2.30%  04/08/24   103,447 
    Semiconductors — 0.7%           
 75,000  Marvell Technology, Inc.   1.65%  04/15/26   68,860 
    Software — 8.1%           
 100,000  Autodesk, Inc.   4.38%  06/15/25   102,133 
 100,000  Fidelity National Information Services, Inc.   4.50%  07/15/25   101,504 
 200,000  Infor, Inc. (b)   1.75%  07/15/25   187,597 
 65,000  Oracle Corp.   2.50%  04/01/25   62,755 
 175,000  PTC, Inc. (b)   3.63%  02/15/25   169,519 
 90,000  SS&C Technologies, Inc. (b)   5.50%  09/30/27   88,885 
 135,000  VMware, Inc.   4.50%  05/15/25   136,584 
              848,977 
    Telecommunications — 2.1%           
 225,000  T-Mobile USA, Inc.   3.50%  04/15/25   222,470 
    Total Corporate Bonds and Notes          7,396,655 
    (Cost $7,540,383)           
                

 

 

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Stated
Coupon
  Stated
Maturity
  Value
 
FOREIGN CORPORATE BONDS AND NOTES — 14.3%
    Banks — 4.4%           
$50,000  Cooperatieve Rabobank UA   4.38%  08/04/25  $50,199 
 65,000  Lloyds Banking Group PLC (a)   2.44%  02/05/26   61,956 
 150,000  Royal Bank of Canada   3.38%  04/14/25   149,064 
 125,000  Toronto-Dominion Bank (The)   3.77%  06/06/25   125,651 
 35,000  UBS Group AG (b)   4.13%  04/15/26   34,904 
 50,000  UBS Group AG (a) (b)   1.49%  08/10/27   44,426 
              466,200 
    Cosmetics/Personal Care — 1.4%           
 150,000  GSK Consumer Healthcare Capital UK PLC (b)   3.13%  03/24/25   148,135 
    Health Care Products — 2.8%           
 300,000  DH Europe Finance II Sarl   2.20%  11/15/24   290,678 
    Pharmaceuticals — 4.3%           
 300,000  AstraZeneca PLC   3.38%  11/16/25   300,295 
 150,000  Takeda Pharmaceutical Co., Ltd.   4.40%  11/26/23   151,341 
              451,636 
    Transportation — 1.4%           
 150,000  Canadian Pacific Railway Co.   1.35%  12/02/24   142,502 
    Total Foreign Corporate Bonds and Notes          1,499,151 
    (Cost $1,514,464)           
                

 

Principal
Value
  Description  Rate (c)  Stated
Maturity (d)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS — 9.1%
    Electric — 1.2%           
 123,953  Vistra Operations Co. LLC (TEX/TXU), 2018 Incremental Term Loan B3, 1 Mo. LIBOR + 1.75%, 0.00% Floor   3.91% - 4.12%  12/31/25   121,428 
    Insurance — 0.9%           
 94,501  Asurion LLC, Term Loan B6, 1 Mo. LIBOR + 3.13%, 0.00% Floor   5.50%  11/03/23   92,763 
    Internet — 1.2%           
 123,691  Go Daddy Operating Co. LLC, Term Loan B2, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  02/15/24   122,145 
    Lodging — 0.7%           
 73,711  Wyndham Hotels & Resorts, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  05/30/25   72,621 
    Media — 2.4%           
 258,285  Charter Communications Operating LLC, Term Loan B1, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.13%  04/30/25   253,258 
    Pharmaceuticals — 1.9%           
 200,000  Change Healthcare Holdings LLC, Closing Date Term Loan, 1 Mo. LIBOR + 2.50%, 1.00% Floor   4.87%  03/01/24   197,188 

 

 

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Principal
Value
  Description  Rate (c)  Stated
Maturity (d)
  Value
 
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Software — 0.8%           
$89,508  SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. LIBOR + 1.75%, 0.00% Floor   4.12%  04/16/25  $87,345 
    Total Senior Floating-Rate Loan Interests          946,748 
    (Cost $957,400)           
                

 

Shares  Description  Value
 
MONEY MARKET FUNDS — 7.1%
747,285  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 1.75% (e)    747,285 
   (Cost $747,285)     
         
   Total Investments — 101.2%    10,589,839 
   (Cost $10,759,532)     
   Net Other Assets and Liabilities — (1.2)%    (129,986)
   Net Assets — 100.0%   $10,459,853 

 

1

 

(a) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(b) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2022, securities noted as such amounted to $1,528,130 or 14.6% of net assets.
(c) Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates.
(d) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.
(e) Rate shown reflects yield as of July 31, 2022.

  

 

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate

 

 

First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

   

 

 

 

 

Valuation Inputs  

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:                  

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*   $7,396,655   $—     $7,396,655   $—   
Foreign Corporate Bonds and Notes*    1,499,151    —      1,499,151    —   
Senior Floating-Rate Loan Interests*    946,748    —      946,748    —   
Money Market Funds    747,285    747,285    —      —   
Total Investments   $10,589,839   $747,285   $9,842,554   $—   
                     
* See Portfolio of Investments for industry breakout.

 

 

 

 

 

 

First Trust High Income Strategic Focus ETF (HISF)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

Shares  Description  Value
 
   Exchange-Traded Funds — 99.9%     
   Capital Markets — 99.9%     
46,292  First Trust Emerging Markets Local Currency Bond ETF (a)  $1,215,628 
83,007  First Trust Enhanced Short Maturity ETF (a)   4,931,446 
139,048  First Trust Institutional Preferred Securities and Income ETF (a)   2,554,312 
204,303  First Trust Low Duration Opportunities ETF (a)   9,912,781 
316,662  First Trust Tactical High Yield ETF (a)   13,201,639 
212,614  First Trust TCW Opportunistic Fixed Income ETF (a)   10,107,669 
178,081  iShares 0-5 Year Investment Grade Corporate Bond ETF   8,738,435 
         
   Total Investments — 99.9%   50,661,910 
   (Cost $53,131,807)     
   Net Other Assets and Liabilities — 0.1%   38,661 
   Net Assets — 100.0%  $50,700,571 

  

 

(a) Investment in an affiliated fund.

 

 

   

 

Valuation Inputs

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

Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
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.)
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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2022 is as follows:

 

   Total
Value at
7/31/2022
  Level 1
Quoted
Prices
  Level 2
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds*   $50,661,910   $50,661,910   $—     $—   
                     
* See Portfolio of Investments for industry breakout.

 

 

First Trust High Income Strategic Focus ETF (HISF)
 
Portfolio of Investments (Continued)
July 31, 2022 (Unaudited)

 

   

 

 

Affiliated Transactions

Amounts relating to investments in affiliated funds at July 31, 2022, and for the fiscal year-to-date period (November 1, 2021 to July 31, 2022) are as follows:

 

 

Security Name  Shares at 7/31/2022  Value at 10/31/2021  Purchases  Sales 

Change in

Unrealized

Appreciation

(Depreciation)

 

Realized

Gain (Loss)

  Value at 7/31/2022  Dividend Income
 First Trust Emerging Markets Local Currency Bond ETF   46,292   $6,342,663   $3,717,580   $(7,878,911)  $513,316   $(1,479,020)  $1,215,628   $183,391 
 First Trust Enhanced Short Maturity ETF   83,007    —      5,377,037    (447,930)   2,490    (151)   4,931,446    6,890 
 First Trust Institutional Preferred Securities and Income ETF   139,048    2,140,432    2,655,360    (1,932,114)   (288,092)   (21,274)   2,554,312    90,070 
 First Trust Low Duration Opportunities ETF   204,303    4,096,540    10,909,762    (4,823,741)   (216,911)   (52,869)   9,912,781    108,235 
 First Trust Preferred Securities and Income ETF   —      6,433,669    6,003,771    (11,952,349)   (145,646)   (339,445)   —      108,432 
 First Trust Senior Loan Fund   —      13,753,384    12,620,819    (25,745,135)   42,775    (671,843)   —      268,027 
 First Trust Tactical High Yield ETF   316,662    —      18,218,387    (4,250,971)   (787,648)   21,871    13,201,639    311,420 
 First Trust TCW Opportunistic Fixed Income ETF   212,614    —      29,028,825    (17,817,920)   (741,980)   (361,256)   10,107,669    102,039 
Total Investments in Affiliates       $32,766,688   $88,531,541   $(74,849,071)  $(1,621,696)  $(2,903,987)  $41,923,475   $1,178,504