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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22717

First Trust Exchange-Traded Fund VI
(Exact name of registrant as specified in charter)

 

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices)

 

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

 

Registrant’s telephone number, including area code: (630) 765-8000

Date of fiscal year end: September 30

Date of reporting period: September 30, 2022

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

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

 
 

Item 1. Report to Stockholders.

The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

 

First Trust Exchange-Traded Fund VI

Book 1

 

First Trust NASDAQ Technology Dividend Index Fund (TDIV)

Multi-Asset Diversified Income Index Fund (MDIV)

First Trust S&P International Dividend Aristocrats ETF (FID)

First Trust BuyWrite Income ETF (FTHI)

First Trust Nasdaq BuyWrite Income ETF (FTQI)
(formerlyFirst Trust Hedged BuyWrite Income ETF (FTLB))

First Trust Rising Dividend Achievers ETF (RDVY)

First Trust Dorsey Wright Focus 5 ETF (FV)

First Trust RBA American Industrial Renaissance® ETF (AIRR)

First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)

First Trust Dorsey Wright International Focus 5 ETF (IFV)

First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)

First Trust Indxx Innovative Transaction & Process ETF (LEGR)

First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)

First Trust International Developed Capital Strength ETF (FICS)

Annual Report
For the Year Ended
September 30, 2022

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
September 30, 2022

2

3
Fund Performance Overview

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32

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36

37
Portfolio of Investments

39

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50

56

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Table of Contents
Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund VI (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s web page at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.
Page 1

Table of Contents
Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
September 30, 2022
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended September 30, 2022.
It is times like these that really test the mettle of investors. Are you someone that is implementing an investment plan with a long time horizon, a trader by nature, or do you fall somewhere in between? Frankly, the current climate is challenging for just about any strategy. While most investors are accustomed to dealing with high levels of volatility in the stock market, some of the daily swings we have witnessed lately have not only been uncharacteristically sharp but have occasionally seemed nearly inexplicable, in my opinion.
In case you have not noticed, volatility is also elevated in the fixed-income market. Bond valuations are down big in 2022. Year-to-date through October 31, 2022, the ICE BofA 15+ Year U.S. Treasury Index experienced a price decline of 33.51%, according to Bloomberg. It was down 31.87% on a total return basis, which includes reinvested interest. To put this into perspective, over the past 40 years, the worst annual showing by the U.S. Long-Term Government Bond Index (20-Year) tracked by Morningstar was the -14.90% total return posted in 2009 (think 2008-2009 global financial crisis). For those who may be unaware, investors benefitted from a trend of declining bond yields from September 1981 through August 2020. While that is an incredible run, nothing lasts forever. Suffice it to say, a lot of pain has been endured by investors in the markets this year and we believe there could be more to come in the near-term. The aggressive interest rate hikes by the Federal Reserve (the “Fed”) are a signal to the markets that it is behind the inflation curve. Moving forward, the Fed will be looking to lower inflation while simultaneously engineering a soft landing in the economy. That will be easier said than done, in my opinion.
There are far more headwinds challenging the securities markets than tailwinds. Here are just a few of those headwinds: stubbornly high inflation; additional rate hikes expected from the Fed from their November and December 2022 meetings, which could potentially push bond yields higher; the ongoing war between Russia and Ukraine, which is impacting the supply and prices of crude oil and natural gas; China enforcing a zero-tolerance policy to combat the spread of the coronavirus by locking down entire cities to its own economic detriment; and the potential for food and energy shortages this coming winter. With the housing market looking like it is finally cooling off, due largely to a huge spike in mortgage rates this year, which were up more than double the rate at the start of the year, the last big tailwind standing may just be the strong U.S. labor market. If the job market can hang in there, the Fed’s goal of a soft landing for the economy may be attainable. I think we will have a clearer picture of things at the start of 2023.
Year-to-date through October 31, 2022, the S&P 500® Index (the “Index”) posted a total return of -17.70%, according to Bloomberg, which puts the Index in bear market territory. A bear market is defined as a 20% or greater decline in the price of a security or index from its most recent peak. While the 17.70% decline in the Index would technically qualify as a stock market correction, investors should continue to view the current downturn as a bear market, in my opinion. Keep in mind, since World War II, there have been 12 bear markets in the Index, excluding the current bear market, according to Yardeni Research. The average price decline of those 12 bear markets was 33.6%. The average price gain over the 12-months following the trough reached during those bear markets was 40.8%, according to Bloomberg. Bear markets come and go. You can’t catch the turn if you are not in the market when the turn comes.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
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Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report
September 30, 2022
Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service, and Registered Rep.
State of the Global Economy
The International Monetary Fund (“IMF”) reported in its October 2022 release that global gross domestic product (“GDP”) growth is expected to come in at 3.2% in 2022 and 2.7% in 2023, down from 6.0% in 2021. The IMF sees the U.S. economy growing 1.6% in 2022 and 1.0% in 2023, down from 5.7% in 2021. With respect to all Advanced Economies, the IMF is projecting GDP growth of 2.4% in 2022 and 1.1% in 2023, down from 5.2% in 2021. Lastly, it sees Emerging Markets and Developing Economies growing 3.7% in 2022 and 3.7% again in 2023, down from 6.6% in 2021. From 1970 to 2021, the average global GDP growth rate was 3.6%, according to the IMF. Looking ahead, the IMF notes that the global economy must navigate three key pressures: the war in Ukraine, world-wide inflation and continued economic headwinds in the U.S., Europe and China.
Russia’s war with Ukraine continues to destabilize the global economy, increasing the cost of living and impeding economic growth. European natural gas prices have spiked four-fold since 2021, according to the IMF. Russia has decreased natural gas deliveries to Europe by over 80% of their 2021 total, greatly increasing the likelihood of an energy shortage. Worldwide inflationary pressures continue to fester, with global inflation forecast to surge to 8.8% in 2022, up from 4.7% in 2021. Central banks have rapidly tightened monetary policy in response, and will likely have to continue to do so, in our opinion. These tighter financial conditions have produced significant headwinds to growth among most major economies and are likely to have at least some impact in 2023.
Performance of Global Stocks and Bonds
U.S. equities have turned negative over the past year. The S&P 500® (the “Index”), S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of -15.47%, -15.25% and -18.83%, respectively, for the 12-month period ended September 30, 2022, according to Bloomberg. Value stocks outperformed growth stocks over the period. The S&P 500® Value Index posted a total return of -9.63% versus -21.11% for the S&P 500® Growth Index; an indication that investors may be anticipating slower growth over the near-term and are opting for companies that are trading at more attractive valuations. Nine of the eleven sectors that comprise the Index were down on a total return basis, with Energy and Utilities posting the only positive returns. The top-performer was Energy, up 45.70%, while the worst showing came from Communication Services, down 39.05%.
A Bloomberg survey of 23 equity strategists found that the average 2022 year-end price target for the Index was 4,346 as of September 15, 2022, down from 4,376 on August 16, 2022, according to its own release. Heading into 2022 (December 16, 2021), strategists had an average target of 4,950. The highest and lowest estimates on September 15, 2022, were 5,100 and 3,400, respectively. On September 15, 2022, the Index closed at 3,901.35, which was 18.66% below its all-time closing high of 4,796.56 on January 3, 2022. As of September 30, 2022, Bloomberg’s 2022, 2023 and 2024 consensus earnings growth rate estimates for the Index stood at 9.61%, 6.14% and 8.44%, respectively.
The performance of foreign equities continues to lag that of major U.S. stock indices. Over the past 12 months, the MSCI World ex USA and MSCI Emerging Markets equity indices posted total returns of -23.91% (USD) and -28.11% (USD), respectively, according to Bloomberg. Major foreign bond indices were also in negative territory. The Bloomberg Global Aggregate Index of higher quality debt posted a total return of -20.43% (USD), while the EM Hard Currency Aggregate Index of emerging markets debt fell by 23.01% (USD), according to Bloomberg. Over that same period, the U.S. dollar surged by 18.98% against a basket of major currencies, as measured by the U.S. Dollar Index (DXY), pressuring the returns on unhedged foreign securities held by U.S. investors.
U.S. bond indices have not been immune to the aggressive tightening of monetary policy by central banks, particularly the U.S. Federal Reserve. The best performing index we track was the U.S. Treasury: Intermediate Index, which posted a total return of -9.23% for the 12-month period ended September 30, 2022. The worst performer was the U.S. Corporate Investment Grade Index which posted a total return of -18.53% for the same period. The yield on the benchmark 10-Year Treasury Note (“T-Note”) rose by 234 basis points (a 157.47% increase over the period) to close at 3.83% on September 30, 2022, according to Bloomberg. For comparative purposes, the average yield on the 10-Year T-Note was 2.10% for the 10-year period ended September 30, 2022.
Page 3

Table of Contents
Fund Performance Overview (Unaudited)
First Trust NASDAQ Technology Dividend Index Fund (TDIV)
The First Trust NASDAQ Technology Dividend Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Technology Dividend IndexTM (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “TDIV.” The Fund normally invests at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index.
The Index includes up to 100 technology and telecommunications companies that pay a regular or common dividend. To be selected for the Index, a company must be classified as a technology or telecommunications company under the Industry Classification Benchmark and have a minimum market capitalization of $500 million. The Index may include U.S.-listed securities of non-U.S. companies, including companies located in emerging market countries.
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
10 Years
Ended
9/30/22
Inception
(8/13/12)
to 9/30/22
  5 Years
Ended
9/30/22
10 Years
Ended
9/30/22
Inception
(8/13/12)
to 9/30/22
Fund Performance                
NAV -20.93% 8.61% 10.97% 10.74%   51.16% 183.23% 181.19%
Market Price -20.90% 8.63% 10.97% 10.74%   51.23% 183.12% 181.22%
Index Performance                
Nasdaq Technology Dividend IndexTM -20.54% 9.30% 11.68% 11.45%   55.98% 201.83% 199.88%
S&P 500® Index -15.47% 9.24% 11.70% 11.86%   55.55% 202.44% 211.22%
S&P 500® Information Technology Index -20.00% 16.74% 17.09% 17.13%   116.78% 384.27% 396.21%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a net asset value (“NAV”) return of -20.93% during the 12-month period covered by this report. During the same period, the S&P 500® Information Technology Index (the Benchmark”) generated a return of -20.00%. Two industries comprised 99% of the Fund’s investments during the period: 83.3% was allocated to the Information Technology sector, which contributed -16.4% to the Fund’s return, and 15.7% was allocated to the Communication Services sector, which contributed -3.7% to the Fund’s return.

Nasdaq® and Nasdaq Technology Dividend IndexTM are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 4

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust NASDAQ Technology Dividend Index Fund (TDIV) (Continued)
Sector Allocation % of Total
Investments
Information Technology 85.4%
Communication Services 14.1
Industrials 0.5
Total 100.0%
Top Ten Holdings % of Total
Investments
International Business Machines Corp. 8.5%
Microsoft Corp. 8.1
Broadcom, Inc. 8.1
Apple, Inc. 8.0
Intel Corp. 7.4
Texas Instruments, Inc. 4.3
QUALCOMM, Inc. 3.9
Oracle Corp. 3.8
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2.9
Analog Devices, Inc. 2.4
Total 57.4%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Multi-Asset Diversified Income Index Fund (MDIV)
The Multi-Asset Diversified Income Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq US Multi-Asset Diversified Income IndexSM (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “MDIV.” The Fund normally invests at least 90% of its net assets (including investment borrowings) in the common stocks and/or depositary receipts, real estate investment trusts (“REITs”), preferred securities, master limited partnerships (“MLPs”) and exchange-traded fund (“ETF”) that comprise the Index. The Index allocates 20% of its weight to the equity securities segment, 20% of its weight to the REIT segment, 20% of its weight to the preferred securities segment, 20% of its weight to the MLP segment and 20% of its weight to an ETF that invests in high yield corporate debt securities. The ETF in which the Fund invests may be advised by First Trust Advisors L.P.
The Index is designed to provide exposure to five asset segments, each selected to result in a consistent and high yield for the Index. The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public.
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
10 Years
Ended
9/30/22
Inception
(8/13/12)
to 9/30/22
  5 Years
Ended
9/30/22
10 Years
Ended
9/30/22
Inception
(8/13/12)
to 9/30/22
Fund Performance                
NAV -6.25% 0.30% 2.71% 2.79%   1.52% 30.59% 32.14%
Market Price -6.25% 0.35% 2.71% 2.80%   1.75% 30.62% 32.23%
Index Performance                
Nasdaq US Multi-Asset Diversified Income IndexSM -5.80% 0.84% 3.34% 3.43%   4.29% 38.87% 40.71%
S&P 500® Index -15.47% 9.24% 11.70% 11.86%   55.55% 202.44% 211.22%
Dow Jones U.S. Select DividendTM Index* -3.10% 6.89% 10.53% 10.53%   39.56% 172.03% 175.69%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -6.25% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The Fund seeks to invest approximately 20% of its assets in each of five categories: Equities, Real Estate Investment Trusts (“REITs”), Preferred Securities, Master Limited Partnerships (“MLPs”), and a high-yield corporate debt exchange-traded fund. During the period covered by this report, the most significant positive contribution came from the allocation to MLPs, which contributed 2.7% to the Fund’s overall return. During that same period, the most significant negative contribution to the Fund’s return came from the allocation to REITs, which caused a -5.2% return for the Fund.

* The Dow Jones U.S. Select DividendTM Index represents 100 of the United States’ leading stocks by dividend yield.
Nasdaq® and Nasdaq US Multi-Asset Diversified Income IndexSM are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Multi-Asset Diversified Income Index Fund (MDIV) (Continued)
Sector Allocation % of Total
Investments
Financials 31.3%
Other* 20.7
Energy 19.8
Real Estate 11.8
Communication Services 3.4
Industrials 3.3
Consumer Staples 2.9
Utilities 2.4
Materials 1.6
Information Technology 1.1
Consumer Discretionary 1.0
Health Care 0.7
Total 100.0%
    
* Exchange-traded fund with holdings representing multiple sectors.
Top Ten Holdings % of Total
Investments
First Trust Tactical High Yield ETF 20.7%
Icahn Enterprises, L.P. 1.5
SL Green Realty Corp. 1.4
Old Republic International Corp. 1.2
USA Compression Partners, L.P. 1.2
WESCO International, Inc., Series A 1.2
Ready Capital Corp. 1.1
KNOT Offshore Partners, L.P. 1.1
Broadmark Realty Capital, Inc. 1.1
Two Harbors Investment Corp. 1.0
Total 31.5%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust S&P International Dividend Aristocrats ETF (FID)
The First Trust S&P International Dividend Aristocrats ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the S&P International Dividend Aristocrats Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FID.” The Fund normally invests at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Index measures the performance of high dividend yielding companies that have followed a managed-dividends policy of increasing or maintaining dividends for at least ten consecutive years.
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(8/22/13)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(8/22/13)
to 9/30/22
Fund Performance            
NAV -18.39% -1.73% 0.53%   -8.34% 4.93%
Market Price -18.15% -1.80% 0.54%   -8.69% 4.99%
Index Performance            
S&P International Dividend Aristocrats Index(1) -17.19% N/A N/A   N/A N/A
Dow Jones EPAC Select DividendTM Index(2) -20.66% -1.91% 0.95%   -9.21% 8.95%
MSCI World ex USA Index -23.91% -0.39% 2.33%   -1.96% 23.34%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -18.39% during the 12-month period covered by this report. During the same period, the MSCI World ex USA Index (the “Benchmark”) generated a return of -23.91%. Japan received the greatest allocation of any country in the Fund during the period. With an allocation of 20.1%, investments in Japan contributed -2.6% to the Fund’s return, which was the most negative contribution to the Fund’s return of any country in the Fund. The only positive contribution came from investments in Mexico with a contribution to the Fund’s return of 0.3%.  The Fund’s currency exposure caused -10.4% of underperformance during the period covered by this report.

(1) On August 30, 2018, the Fund’s underlying index changed from the Nasdaq International Multi-Asset Diversified Income IndexSM to the S&P International Dividend Aristocrats Index (the “Index”). Therefore, the Fund’s performance and historical returns shown for the periods prior to August 30, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of April 30, 2018, it was not in existence for all of the periods disclosed. The old index was terminated on November 23, 2018, so performance data does not exist for these time periods.
(2) The Dow Jones EPAC Select DividendTM Index measures the performance of a selected group of companies, from non-U.S. developed markets (Europe, Pacific Asia, and Canada), that have provided relatively high dividend yields on a consistent basis over time.
S&P International Dividend Aristocrats Index (“Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Index.
Page 8

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust S&P International Dividend Aristocrats ETF (FID) (Continued)
Sector Allocation % of Total
Investments
Financials 24.9%
Utilities 24.0
Real Estate 16.4
Industrials 7.9
Energy 7.8
Communication Services 6.9
Materials 4.6
Consumer Staples 4.2
Health Care 3.3
Total 100.0%
    
Country Allocation % of Total
Investments
Canada 25.3%
Japan 17.4
Hong Kong 14.8
Switzerland 10.5
United Kingdom 6.1
France 3.3
Germany 2.8
Spain 2.2
South Korea 2.2
Mexico 2.0
Finland 2.0
Australia 1.8
Bermuda 1.6
Norway 1.4
Singapore 1.4
Portugal 1.3
Belgium 1.2
Cayman Islands 1.0
Sweden 0.9
Netherlands 0.8
Total 100.0%
Top Ten Holdings % of Total
Investments
Sino Land Co., Ltd. 2.3%
Capital Power Corp. 2.3
Enagas S.A. 2.2
Keyera Corp. 2.2
KT&G Corp. 2.2
Electric Power Development Co., Ltd. 2.1
Takeda Pharmaceutical Co., Ltd. 2.0
Arca Continental S.A.B. de C.V. 2.0
New World Development Co., Ltd. 1.9
Sun Hung Kai Properties Ltd. 1.9
Total 21.1%
Page 9

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust S&P International Dividend Aristocrats ETF (FID) (Continued)
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 10

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust BuyWrite Income ETF (FTHI)
The First Trust BuyWrite Income ETF (the “Fund”) is an actively managed exchange-traded fund. The Fund’s primary investment objective is to provide current income. The Fund’s secondary investment objective is to provide capital appreciation. Under normal market conditions, the Fund invests primarily in equity securities listed on U.S. exchanges. The Fund also employs an “option strategy” in which it will write (sell) U.S. exchange-traded covered call options on the S&P 500® Index (the “Index”) to seek additional cash flow in the form of premiums on the options that may be distributed to shareholders on a monthly basis. The equity securities held by the Fund are selected using a mathematical optimization process which attempts to favor higher dividend paying common stocks for the Fund’s portfolio. The shares of the Fund are listed and trade on the Nasdaq Stock Market LLC under the ticker symbol “FTHI.”
Portfolio management decisions are made under the direction of the following Portfolio Managers:
John Gambla, CFA, FRM, PRM, Senior Portfolio Manager of First Trust
Rob A. Guttschow, CFA, Senior Portfolio Manager of First Trust
Overall Market Recap
U.S. economic growth was mixed during the fiscal period from October 1, 2021 through September 30, 2022. The first quarter of the fiscal period was strong, with quarter-over-quarter annualized gross domestic product (“GDP”) growth of 7.0%. However, as 2022 began, growth turned negative for the first half of 2022 with GDP declining by 1.9% on an annualized basis for the semi-annual period. Third quarter annualized growth is expected to be positive at 2.3%. Despite two quarters of negative growth, the economy does not appear to be in a recession as the unemployment rate is very low at 3.5%, down from 4.7% one year ago. Job growth has been positive each and every month of the fiscal period with 5.69 million new jobs (BLS Non-Farm Payrolls) created during the same period.
Good news on the jobs front is being partially offset by bad news on the inflation and earnings front. After years of declining and/or low inflation, numbers as measured by the Consumer Price Index (“CPI”) show that inflation continued its surge from the pandemic lows of 0.1% year-over-year (“YOY”) in May of 2020. After jumping to 5.4% YOY at this time last year, it continued to surge higher, reaching a cycle high of 9.1% YOY in June of 2022. Subsequently, with a decline in energy prices, the CPI has fallen back to “only” 8.2% as of the September 2022 reading. Inflation is pernicious as it gradually eats away at the purchase power of the dollar and earnings, with a resultant decline in real living standards. As a measure of its impact, on the surface, earnings growth looks attractive for 2022, with average hourly earnings up 5.0% for the fiscal period. However, after accounting for inflation, U.S. real average weekly earnings declined by 3.8% during the fiscal period, meaning that on average, U.S. workers took a big pay cut in 2022.
The Federal Reserve (the “Fed”), reacting to the high inflation rates, has begun to aggressively hike interest rates. The Fed raised its benchmark short term interest rate by 0.25% in March 2022, 0.50% in May 2022, and then by 0.75% in June, July, and September 2022. Current expectations are for another 0.75% increase in November 2022. With the increasing Fed benchmark rate, interest rates for U.S. consumers have also risen. One common and very impactful rate, the 30-year mortgage rate as measured by Freddie Mac, increased from 3.01% one year ago to 6.70% as of September 30, 2022. Higher short term interest rates have increased the attractiveness of the U.S. Dollar, with the U.S. Dollar Index rising by 18.98% during the fiscal period.
The U.S. equity market, as represented by the Index, sold off during the fiscal period, down 15.47%, as higher inflation, higher interest rates, and a strong U.S. Dollar are all potential drags on future earnings. Riskier, smaller capitalization stocks, as represented by the Russell 2000® Index, performed poorly during the fiscal period, declining by 23.50%. With rising interest rates, bond investments also were hard hit during the fiscal period with the broad-based Bloomberg U.S. Aggregate Bond Index down 14.60% for the fiscal period.
Page 11

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust BuyWrite Income ETF (FTHI) (Continued)
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
Fund Performance            
NAV -7.60% 1.07% 3.97%   5.49% 40.53%
Market Price -7.40% 1.11% 4.01%   5.67% 40.90%
Index Performance            
CBOE S&P 500 BuyWrite Monthly Index(1) -11.21% 1.94% 4.28%   10.11% 44.16%
S&P 500® Index -15.47% 9.24% 10.12%   55.55% 131.98%
(See Notes to Fund Performance Overview on page 36.)
Performance Review
The Fund returned -7.40% on a market price basis and -7.60% on a net asset value (“NAV”) basis for the 12-month period ended September 30, 2022. The Fund’s benchmark, the CBOE S&P 500 BuyWrite Monthly Index (the “Benchmark”) returned -11.21% during the same period. During the fiscal period, the Fund paid a distribution in each month, with a total distribution for the fiscal period of $1.580 per share. The distribution per share as of September 30, 2022 was $0.150 per share.
The Fund tilts its equity holdings toward higher paying dividend stocks and attempts to limit the amount of overlap between the equity holdings and the Index. By limiting the overlap between the equity holdings and the Index, the Fund seeks to maintain the favorable tax treatment for any gains/losses from the Index options held in the portfolio. Additionally, during this performance period where possible, the portfolio managers favored companies that were generating enough free cash flow to pay dividends, execute stock buybacks, and/or pay-down debt. The portfolio managers believe that a portfolio tilted toward higher dividend paying companies with solid cash flow fundamentals will, over time, offer investors attractive risk-adjusted total returns relative to the Index.
The Fund’s equity holdings during the 12-month period ended September 30, 2022 outperformed the Benchmark equity holdings. Overall, the Fund’s tilt toward higher dividend paying, cash flow generating companies was rewarded with solid relative returns during the period, however; a declining market dragged absolute returns into the negative territory. Relative returns for the same period were positively affected by the Fund’s conservative positioning within the Information Technology sector, the largest sector by weight within the Benchmark. The Fund, on average, held 16.95% of its portfolio in Information Technology stocks versus the Benchmark’s weight of 27.83%. Additionally, the Fund was helped by its overweight to the Materials and Energy sectors, which were both outperforming sectors during the same period. Offsetting some of the positive relative performance from the Information Technology, Materials, and Energy sector allocations was the Fund’s stock selections within the Health Care and Financial sectors, where the portfolio managers’ selections over the period underperformed the Benchmark’s holdings. Finally, poor selection in companies in the Industrials and Communication Services sectors detracted from relative returns throughout the period.
For the fiscal period, the Fund’s “option strategy” of selling Index call options underperformed the Benchmark’s option strategy. Both option strategies added value during the fiscal period, but the Fund’s smaller structural over-write, capped at 75% of the Fund’s NAV, reduced the overall positive benefit relative to the overwrite of the Benchmark.
Market and Fund Outlook
Today, we believe the Fund is well positioned to achieve its primary and secondary investment objectives of providing current income and seeking capital appreciation. The Fund is invested in a broad array of U.S. equity securities with a market cap-weighted dividend yield of 2.83% versus the Index’s dividend yield of 2.30%. As of the end of the fiscal period, the Fund’s option strategy was overwriting 69.7% of the Fund’s assets with an average time to expiration of 27 days. The combination of our dividend tilted equity holdings plus our options strategy provide a strong base that we believe will allow the Fund to generate attractive risk-adjusted total returns going forward and will be supportive of the Fund’s primary objective of providing current income.

(1) The CBOE S&P 500 BuyWrite Monthly Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500® Index.
Page 12

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust BuyWrite Income ETF (FTHI) (Continued)
Sector Allocation % of Total
Investments
Information Technology 25.2%
Health Care 14.1
Energy 10.2
Consumer Discretionary 10.1
Consumer Staples 9.3
Communication Services 8.1
Financials 8.0
Industrials 4.7
Utilities 3.9
Real Estate 3.2
Materials 3.2
Total 100.0%
    
Fund Allocation % of Net Assets
Common Stocks 94.9%
Real Estate Investment Trusts 3.2
Master Limited Partnerships 0.5
Call Options Written (0.1)
Net Other Assets and Liabilities 1.5
Total 100.0%
Top Ten Holdings % of Total
Investments
Apple, Inc. 7.2%
Microsoft Corp. 6.0
Amazon.com, Inc. 3.4
Tesla, Inc. 2.2
Alphabet, Inc., Class A 2.1
Alphabet, Inc., Class C 1.9
Berkshire Hathaway, Inc., Class B 1.7
Johnson & Johnson 1.7
Lantheus Holdings, Inc. 1.5
UnitedHealth Group, Inc. 1.5
Total 29.2%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq BuyWrite Income ETF (FTQI)
The First Trust Nasdaq BuyWrite Income ETF (the “Fund”), formerly the First Trust Hedged BuyWrite Income ETF, is an actively managed exchange-traded fund. The Fund’s investment objective is to provide current income. Under normal market conditions, the Fund will pursue its investment objective by investing primarily in equity securities listed on U.S. exchanges and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100 Index®. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the components of the Nasdaq Composite Index. The Fund will employ an option strategy in which it will write U.S. exchange-traded call options on the Nasdaq-100 Index® in order to seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. In exchange for the premiums received in connection with its written U.S. exchange-traded call options on the Nasdaq-100 Index®, the Fund forfeits any upside potential of the Nasdaq-100 Index® above the strike price of the written call options. It is expected that the Fund will distribute premiums to shareholders on a monthly basis. The premiums received from the sale of call options are expected to be the Fund’s primary source of income. Under normal market conditions, the Fund will seek to distribute the majority of the option premiums collected. The Fund does not target a specific income level, but seeks to provide investors with current income primarily from options premiums through writing calls with a notional value of 50-100% of the Fund’s assets. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTQI.”
Portfolio Management Team
Portfolio management decisions are made under the direction of the following Portfolio Managers:
John Gambla, CFA, FRM, PRM, Senior Portfolio Manager of First Trust
Rob A. Guttschow, CFA, Senior Portfolio Manager of First Trust
Overall Market Recap
U.S. economic growth was mixed during the fiscal period from October 1, 2021 through September 30, 2022. The first quarter of the fiscal period was strong, with quarter-over-quarter annualized gross domestic product (“GDP”) growth of 7.0%. However, as 2022 began, growth turned negative for the first half of 2022 with GDP declining by 1.9% on an annualized basis for the semi-annual period. Third quarter annualized growth is expected to be positive at 2.3%. Despite two quarters of negative growth, the economy does not appear to be in a recession as the unemployment rate is very low at 3.5%, down from 4.7% one year ago. Job growth has been positive each and every month of the fiscal period with 5.69 million new jobs (BLS Non-Farm Payrolls) created during the same period.
Good news on the jobs front is being partially offset by bad news on the inflation and earnings front. After years of declining and/or low inflation, numbers as measured by the Consumer Price Index (“CPI”) show that inflation continued its surge from the pandemic lows of 0.1% year-over-year (“YOY”) in May of 2020. After jumping to 5.4% YOY at this time last year, it continued to surge higher, reaching a cycle high of 9.1% YOY in June of 2022. Subsequently, with a decline in energy prices, the CPI has fallen back to “only” 8.2% as of the September 2022 reading. Inflation is pernicious as it gradually eats away at the purchase power of dollar and earnings, with a resultant decline in real living standards. As a measure of its impact, on the surface, earnings growth looks attractive for 2022, with average hourly earnings up 5.0% for the fiscal period. However, after accounting for inflation, U.S. real average weekly earnings declined by 3.8% during the fiscal period, meaning that on average, U.S. workers took a big pay cut in 2022.
The Federal Reserve (the “Fed”), reacting to the high inflation rates, has begun to aggressively hike interest rates. The Fed raised its benchmark short term interest rate by 0.25% in March 2022, 0.50% in May 2022, and then by 0.75% in June, July, and September 2022. Current expectations are for another 0.75% increase in November 2022. With the increasing Fed benchmark rate, interest rates for U.S. consumers have also risen. One common and very impactful rate, the 30-year mortgage rate as measured by Freddie Mac, increased from 3.01% one year ago to 6.70% as of September 30, 2022. Higher short term interest rates have increased the attractiveness of the U.S. Dollar, with the U.S. Dollar Index rising by 18.98% during the fiscal period.
The U.S. equity market, as represented by the S&P 500® Index, sold off during the fiscal period, down 15.47%, as higher inflation, higher interest rates, and a strong U.S. Dollar are all potential drags on future earnings. Riskier, smaller capitalization stocks, as represented by the Russell 2000® Index, performed poorly during the fiscal period, declining by 23.50%. With rising interest rates, bond investments also were hard hit during the fiscal period with the broad-based Bloomberg U.S. Aggregate Bond Index down 14.60% for the fiscal period.
Page 14

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq BuyWrite Income ETF (FTQI) (Continued)
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
Fund Performance            
NAV -9.00% -0.44% 2.45%   -2.16% 23.53%
Market Price -8.89% -0.47% 2.47%   -2.31% 23.76%
Index Performance            
CBOE S&P 500 95-110 Collar IndexSM(1) -10.92% 9.69% 7.82%   58.82% 93.06%
S&P 500® Index -15.47% 9.24% 10.12%   55.55% 131.98%
CBOE Nasdaq-100 Buywrite IndexSM(2) -18.19% 2.40% 4.91%   12.61% 52.02%
Nasdaq-100 Index®(3) -24.72% 13.95% 15.09%   92.16% 241.03%
(See Notes to Fund Performance Overview on page 36.)
Performance Review
On May 11, 2022, the Fund changed its investment strategy. The Fund adopted an amended investment strategy that involves investing primarily in equity securities listed on U.S. exchanges and utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100 Index®. The Fund also changed its primary index to the Nasdaq-100 Index® and its secondary benchmark to the Cboe Nasdaq-100 BuyWrite IndexSM (the “BXN Index”). Performance comparisons for this report will compare the performance for the 12-month period ended September 30, 2022 versus the Nasdaq-100 Index® and BXN Index.
The Fund returned -8.89% on a market price basis and -9.00% on a net asset value (“NAV”) basis for the 12-month period ended September 30, 2022. The Fund’s benchmark, the Nasdaq-100 Index®, returned -24.72% during the same period. During the period, the Fund paid a distribution in each month, with a total distribution for the period of $1.41 per share. The distribution per share as of September 30, 2022 was $0.20 per share.
The Fund seeks to earn a return that is reasonably correlated to the underlying indices over a full market cycle by purchasing equity securities based upon a several factors such as liquidity, market capitalization, price level, sector classification, and contribution to risk and return. At the same time, the Fund seeks to limit the direct overlap with the underlying equity indices. By limiting the overlap between the equity holdings and the Index, the Fund seeks to maintain the favorable tax treatment for any gains/losses from the Index options held in the portfolio. For the period from September 30, 2021 to May 10, 2022, the underlying equity index was the S&P 500® Index. From May 11, 2022 to September 30, 2022, the underlying equity index was the Nasdaq-100 Index®.
The Fund’s equity holdings outperformed the benchmark equity holdings from October 1, 2021 through May 10, 2022. The Fund benefitted from a relative overweight to the Energy and Materials sectors prior to the investment strategy change during the same period. During that period, stocks in the Energy and Materials sectors, as measured by S&P 500® sector returns, were positive at 50.71% and 3.85%, respectively. The Nasdaq-100 Index® was down -15.59% during the time period prior to the investment strategy change while the broader S&P 500® Index was down -6.36% for the same period. Hurting relative performance during the same period was the Fund’s underweight to the Consumer Staples and Utilities sectors, which returned positive 12.74% and 12.51%, respectively, prior to the investment strategy change. Stock selection helped relative performance in the Information Technology sector while it hurt relative performance in the Health Care, Financials, and Consumer Staples sectors. After the investment strategy change on May 11, 2022, the Fund’s equity holdings outperformed the new underlying equity index with the Fund’s underweight in the Information Technology and Communication Services sectors contributing to relative outperformance for the period from May 11, 2022 through September 30, 2022. Stock selection was a positive contributor to relative performance in the Health Care sector after the investment strategy change, while stock selection in the Information Technology and Communication Services sectors hurt relative performance for the same period.

(1) The CBOE S&P 500 95-110 Collar IndexSM is designed to protect an investment in S&P 500® stocks against market declines. The passive collar strategy reflected by the index entails: holding the stocks in the S&P 500® Index; buying three-month S&P 500® put options to protect this S&P 500® portfolio from market decreases; and selling one-month S&P 500® call options to help finance the cost of the put options.
(2) The Cboe Nasdaq-100 BuyWrite IndexSM is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the Nasdaq-100 Index®. The index is a passive total return index based on (1) buying the Nasdaq-100 Index® stock index portfolio, and (2) “writing” (or selling) the near-term Nasdaq-100 Index® “covered” call option.
(3) On May 11, 2022, the Fund’s primary benchmark changed from the S&P 500® Index to the Nasdaq-100 Index®, because the Advisor believes that the Nasdaq-100 Index® better reflects the investment strategies of the Fund.
Page 15

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq BuyWrite Income ETF (FTQI) (Continued)
For the 12-month period ended September 30, 2022, the Fund’s option strategy of selling Index call options outperformed the benchmark’s option strategy. Prior to the investment strategy change, the Fund’s option strategy added to the absolute and relative returns of the Fund as the premiums received from the written call options helped offset some of the losses of the underlying equity portfolio in the down market. The Collar Index strategy sells call options 10% out-of-the-money and thus received less call option premium to protect the indices downside. After the investment strategy change, the Fund’s written call options also added to relative and absolute returns for the Fund while the BXN Index option strategy detracted from absolute returns. The Fund’s strategy of writing one, two, and three month call options slightly out-of-the-money was better able to navigate the extreme market rally and subsequent sell-off from June 16, 2022 to August 15, 2022 (the Nasdaq-100 Index® was up 22.97% during that period) and then from August 15, 2022 to September 30, 2022 (the Nadaq-100 Index® was down 19.63% during that period).
Market and Fund Outlook
Today, we believe the Fund is well positioned to achieve its investment objective of providing current income to its shareholders. The Fund is invested in a broad array of U.S. equity securities with a market cap-weighted dividend yield of 1.71% versus the Nasdaq-100 Index® dividend yield of 1.58%. As of the end of the fiscal period, the Fund’s option strategy was overwriting 75.51% of the Fund’s assets with an average time to expiration of 27 days. The combination of the dividend yield of the underlying equities plus our options strategy provide a strong base that we believe will allow the Fund to generate attractive risk-adjusted total returns going forward and will be supportive of the Fund’s objective of providing current income.
Page 16

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq BuyWrite Income ETF (FTQI) (Continued)
Sector Allocation % of Total
Investments
Information Technology 42.1%
Communication Services 15.1
Financials 11.6
Consumer Discretionary 9.8
Health Care 7.2
Consumer Staples 6.1
Utilities 4.8
Industrials 3.0
Real Estate 0.3
Total 100.0%
    
Fund Allocation % of Net Assets
Common Stocks 97.6%
Call Options Written (0.4)
Net Other Assets and Liabilities 2.8
Total 100.0%
Top Ten Holdings % of Total
Investments
Apple, Inc. 12.4%
Microsoft Corp. 9.8
Tesla, Inc. 4.6
Amazon.com, Inc. 4.3
NVIDIA Corp. 2.5
Meta Platforms, Inc., Class A 2.4
Costco Wholesale Corp. 2.3
Alphabet, Inc., Class C 2.2
Alphabet, Inc., Class A 2.2
PepsiCo, Inc. 2.2
Total 44.9%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 17

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Rising Dividend Achievers ETF (RDVY)
The First Trust Rising Dividend Achievers ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called Nasdaq US Rising Dividend AchieversTM Index (the “Index”). The Fund normally invests at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index includes 50 U.S. exchange-traded equity securities, including securities issued by non-U.S. companies that trade on U.S. securities exchanges in the form of depositary receipts. The Index is designed to provide access to a diversified portfolio of small, mid and large capitalization companies with a history of raising their dividends while exhibiting the characteristics to continue to do so in the future by including companies with strong cash balances, low debt and increasing earnings. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RDVY.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(1/6/14)
to 9/30/22
Fund Performance            
NAV -16.76% 8.61% 9.86%   51.12% 127.27%
Market Price -16.72% 8.59% 9.86%   51.00% 127.32%
Index Performance            
Nasdaq US Rising Dividend AchieversTM Index -16.41% 9.18% 10.44%   55.16% 137.99%
Dow Jones U.S. Select DividendTM Index* -3.10% 6.89% 9.07%   39.56% 113.38%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -16.76% during the 12-month period covered by this report. During the same period, the Dow Jones U.S. Select Dividend™ Index (the “Benchmark”) generated a return of -3.10%. During the period covered by this report, the Fund allocated 34.2% to the Financials sector, which was the largest allocation during the period. This sector was also the largest detracting sector with a -7.3% contribution to the Fund’s return. The 2.1% allocation to the Consumer Staples sector contributed 0.6% to the Fund’s return, the greatest contribution of any sector during the period covered by this report.

* The Dow Jones U.S. Select DividendTM Index represents 100 of the United States’ leading stocks by dividend yield.
Nasdaq® and Nasdaq US Rising Dividend AchieversTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 18

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Rising Dividend Achievers ETF (RDVY) (Continued)
Sector Allocation % of Total
Investments
Financials 35.4%
Information Technology 25.8
Health Care 10.4
Materials 8.2
Consumer Discretionary 5.9
Industrials 4.1
Communication Services 4.1
Energy 4.0
Consumer Staples 2.1
Total 100.0%
Top Ten Holdings % of Total
Investments
Johnson & Johnson 2.1%
Louisiana-Pacific Corp. 2.1
Humana, Inc. 2.1
UnitedHealth Group, Inc. 2.1
Cummins, Inc. 2.1
Allstate (The) Corp. 2.1
Huntsman Corp. 2.1
PulteGroup, Inc. 2.1
Microsoft Corp. 2.1
Pfizer, Inc. 2.1
Total 21.0%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 19

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Focus 5 ETF (FV)
The First Trust Dorsey Wright Focus 5 ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Focus FiveTM Index (the “Index”). The Fund normally invests at least 90% of its net assets (including investment borrowings) in the exchange-traded funds (“ETFs”) that comprise the Index. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P. (“First Trust”), the Fund’s investment advisor. The Index is constructed pursuant to Dorsey, Wright & Associates, LLC’s (the “Index Provider”) proprietary methodology, which takes into account the performance of each of the First Trust sector-based ETFs relative to one another. The Index is designed to provide targeted exposure to the five First Trust sector-based ETFs that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe and that satisfy certain trading volume and liquidity requirements. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FV.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(3/5/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(3/5/14)
to 9/30/22
Fund Performance            
NAV -9.32% 9.95% 9.23%   60.71% 113.19%
Market Price -9.32% 9.94% 9.22%   60.59% 113.03%
Index Performance            
Dorsey Wright Focus FiveTM Index -8.95% 10.27% 9.61%   63.01% 119.57%
S&P 500® Index -15.47% 9.24% 9.94%   55.55% 125.34%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -9.32% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The Energy sector received the greatest allocation of any sector during the period covered by this report. With an average weight in the Fund of 27.7% and a contribution to the Fund’s return of 5.0%, representing the greatest positive contribution to the Fund’s return. The Materials sector received an allocation of 12.7% and contributed -4.1% to the Fund’s return, representing the worst performance of any sector during the period covered by this report.

Nasdaq® and Dorsey Wright Focus FiveTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 20

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Focus 5 ETF (FV) (Continued)
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 21

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust RBA American Industrial Renaissance® ETF (AIRR)
The First Trust RBA American Industrial Renaissance® ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Richard Bernstein Advisors American Industrial Renaissance® Index (the “Index”). The Fund normally invests at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Index is designed to measure the performance of small- and mid-cap U.S. companies in the industrial and community banking sectors. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “AIRR.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(3/10/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(3/10/14)
to 9/30/22
Fund Performance            
NAV -6.41% 8.16% 8.12%   48.01% 95.10%
Market Price -6.38% 8.18% 8.14%   48.15% 95.36%
Index Performance            
Richard Bernstein Advisors American Industrial Renaissance® Index -5.74% 8.93% 8.94%   53.34% 108.12%
S&P 500® Index -15.47% 9.24% 9.93%   55.55% 124.86%
S&P 500® Industrials Index -13.87% 4.87% 7.32%   26.87% 83.13%
Russell 2500® Index -21.11% 5.45% 6.46%   30.40% 70.93%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -6.41% during the 12-month period covered by this report. During the same period, the S&P 500® Industrials Index (the “Benchmark”) generated a return of -13.87%. Investments in the Construction & Engineering industry received an allocation of 40.7%, more than any other industry during the period covered by this report. Investments in this industry contributed -2.0% to the Fund’s overall return. Investments in the Machinery industry received an allocation of 30.8% and caused a -6.2% contribution to the Fund’s return, the most negative contribution of any industry. The most positive source of return came from investments in the Commercial Services & Supplies industry. Investments in this industry caused a 2.2% contribution to the Fund’s return for the period covered by this report.

Richard Bernstein Advisors and Richard Bernstein Advisors American Industrial Renaissance® Index (“Index”) are trademarks and trade names of Richard Bernstein Advisors (“RBA”). The Fund is not sponsored, endorsed, sold or promoted by RBA and RBA makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of trading in the Fund. RBA’s only relationship to First Trust is the licensing of certain trademarks and trade names of RBA and of the Index, which is determined, composed and calculated by RBA without regard to First Trust or the Fund. RBA has no obligation to take the needs of First Trust or the owners of the Fund into consideration in determining, composing or calculating the Index. RBA is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be listed or in the determination or calculation of the equation by which the Fund is to be converted into cash. RBA has no obligation or liability in connection with the administration, marketing or trading of the Fund.
Page 22

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust RBA American Industrial Renaissance® ETF (AIRR) (Continued)
Sector Allocation % of Total
Investments
Industrials 89.7%
Financials 10.3
Total 100.0%
Top Ten Holdings % of Total
Investments
Clean Harbors, Inc. 3.9%
Arcosa, Inc. 3.8
Hubbell, Inc. 3.6
Comfort Systems USA, Inc. 3.4
EMCOR Group, Inc. 3.4
Wabash National Corp. 3.3
NV5 Global, Inc. 3.2
Federal Signal Corp. 3.2
SPX Technologies, Inc. 3.2
RBC Bearings, Inc. 3.1
Total 34.1%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 23

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
The First Trust Dorsey Wright Momentum & Dividend ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Dividend YieldTM Index (the “Index”). Under normal conditions, the Fund invests at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Index is a rules-based equity index designed to track the overall performance of the 50 stocks with the highest dividend yield comprising the Nasdaq US Large Mid Index™ that still maintain high levels of “relative strength.” A relative strength analysis is a momentum-based investment strategy that emphasizes a security’s forward price momentum in the security selection process. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “DDIV.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(3/10/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(3/10/14)
to 9/30/22
Fund Performance            
NAV -11.08% 4.76% 6.34%   26.17% 69.30%
Market Price -11.02% 4.73% 6.35%   26.02% 69.38%
Index Performance            
Dorsey Wright Momentum Plus Dividend YieldTM Index(1) -10.57% N/A N/A   N/A N/A
Dow Jones U.S. Select DividendTM Index(2) -3.10% 6.89% 8.91%   39.56% 107.69%
S&P 500® Index -15.47% 9.24% 9.93%   55.55% 124.86%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -11.08% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. An allocation of 32.8% was given to the Financials sector, the most of any sector in the Fund during the period covered by this report. The second largest allocation was the 32.4% allocation to the Real Estate sector. The investments in the Financials sector contributed -5.8% to the Fund’s overall return, the worst contribution of any sector, while the Real Estate sector contributed a -3.2% return. The most positive contribution to the Fund’s return during the period covered by this report came from the 17.3% allocation in the Energy sector, which contributed 1.3% to the Fund’s return.

(1) On September 6, 2018, the Fund’s underlying index changed from the Richard Bernstein Advisors Quality Income Index to the Dorsey Wright Momentum Plus Dividend YieldTM Index (the “Index”). Therefore, the Fund’s performance and historical returns shown for the periods prior to September 6, 2018, are not necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Index had an inception date of July 2, 2018, it was not in existence for all of the periods disclosed.
(2) The Dow Jones U.S. Select DividendTM Index represents 100 of the United States’ leading stocks by dividend yield.
Nasdaq® and Dorsey Wright Momentum Plus Dividend YieldTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 24

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) (Continued)
Sector Allocation % of Total
Investments
Financials 30.6%
Real Estate 30.3
Energy 15.7
Utilities 5.4
Materials 4.8
Consumer Discretionary 4.1
Information Technology 4.0
Health Care 3.4
Industrials 1.7
Total 100.0%
Top Ten Holdings % of Total
Investments
Rithm Capital Corp. 4.4%
Starwood Property Trust, Inc. 4.2
Blackstone Mortgage Trust, Inc., Class A 4.1
Kinder Morgan, Inc. 3.7
ONEOK, Inc. 3.4
Spirit Realty Capital, Inc. 3.3
DT Midstream, Inc. 3.1
Williams (The) Cos., Inc. 2.9
Lamar Advertising Co., Class A 2.8
VICI Properties, Inc. 2.7
Total 34.6%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 25

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright International Focus 5 ETF (IFV)
The First Trust Dorsey Wright International Focus 5 ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright International Focus FiveTM Index (the “Index”). The Fund normally invests at least 90% of its net assets (including investment borrowings) in the exchange-traded funds (“ETFs”) that comprise the Index. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P. (“First Trust”), the Fund’s investment advisor. The Index is constructed pursuant to Dorsey, Wright & Associates, LLC’s (the “Index Provider”) proprietary methodology, which takes into account the performance of certain First Trust international ETFs relative to one another. The Index is designed to provide targeted exposure to the five First Trust country/region-based ETFs that the Index Provider believes offer the greatest potential to outperform the other ETFs in the selection universe. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “IFV.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(7/22/14)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(7/22/14)
to 9/30/22
Fund Performance            
NAV -26.89% -3.39% -0.93%   -15.85% -7.38%
Market Price -26.81% -3.38% -0.92%   -15.79% -7.31%
Index Performance            
Dorsey Wright International Focus FiveTM Index -26.69% -2.91% -0.52%   -13.72% -4.16%
MSCI ACWI ex USA Index -25.17% -0.81% 0.49%   -4.00% 4.10%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -26.89% during the 12-month period covered by this report. During the same period, the MSCI ACWI ex USA Index (the “Benchmark”) generated a return of -25.17%. The Fund’s exposure to India was greater than that of any other country during the period covered by this report. Indian investments received an allocation of 22.3% but contributed only -0.6% to the Fund’s overall return. The most negative contribution to the Fund’s return came from investments in the United Kingdom. This country received an allocation of 17.4% and caused a -5.0% contribution to the Fund’s overall return. The total currency impact to the Fund over the period covered by this report was -9.7%.

Nasdaq® and Dorsey Wright International Focus FiveTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 26

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright International Focus 5 ETF (IFV) (Continued)
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 27

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)
The First Trust Dorsey Wright Dynamic Focus 5 ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Dynamic Focus FiveTM Index (the “Index”). The Fund normally invests at least 80% of its net assets (including investment borrowings) in the exchange-traded funds (“ETFs”) that comprise the Index, including the First Trust Enhanced Short Maturity ETF (“FTSM”), an ultra-short duration ETF. The ETFs comprising the Index selection universe are advised by First Trust Advisors L.P. (“First Trust”), the Fund’s investment advisor. The Index is constructed pursuant to Dorsey, Wright & Associates, LLC’s (the “Index Provider”) proprietary methodology, which takes into account the performance of each of the First Trust sector and industry-based ETFs relative to one another. The Index is designed to provide targeted exposure to the five First Trust sector and industry-based ETFs that the Index Provider determines offer the greatest potential to outperform the other First Trust sector and industry-based ETFs and that satisfy certain trading volume and liquidity requirements. In addition to the First Trust sector and industry-based ETFs, the Index may select FTSM. FTSM is also evaluated and its inclusion and weight in the Index is adjusted based upon its rank relative to the selection universe of sector and industry-based ETFs chosen by the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FVC.”
Performance
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
9/30/22
5 Years
Ended
9/30/22
Inception
(3/17/16)
to 9/30/22
  5 Years
Ended
9/30/22
Inception
(3/17/16)
to 9/30/22
Fund Performance            
NAV -4.18% 7.11% 8.76%   40.98% 73.15%
Market Price -4.01% 7.13% 8.78%   41.13% 73.41%
Index Performance            
Dorsey Wright Dynamic Focus FiveTM Index -3.74% 7.44% 9.11%   43.15% 76.82%
S&P 500® Index -15.47% 9.24% 11.03%   55.55% 98.24%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -4.18% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The greatest allocation to the Fund was the 20.7% allocated to the Energy sector. Investments in this sector contributed 7.2% to the Fund’s return, the greatest of any sector during the period covered by this report. The most negative contribution to the Fund’s return for the period came from investments in the Consumer Discretionary sector. These investments received an allocation of 11.5% and contributed -2.4% to the Fund’s overall return.

Nasdaq® and Dorsey Wright Dynamic Focus FiveTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 28

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC) (Continued)
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 29

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
The First Trust Indxx Innovative Transaction & Process ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Indxx Blockchain Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is designed to track the performance of companies that are either actively using, investing in, developing, or have products that are poised to benefit from blockchain technology and/or the potential for increased efficiency that it provides to various business processes. The Index seeks to include only companies that have devoted material resources to the use of blockchain technologies. The shares of the Fund are listed and traded on The Nasdaq Stock Market LLC, under the ticker symbol “LEGR.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (1/24/18)
to 9/30/22
Inception (1/24/18)
to 9/30/22
Fund Performance      
NAV -25.55% 2.14% 10.42%
Market Price -25.97% 2.08% 10.09%
Index Performance      
Indxx Blockchain Index -25.03% 3.11% 15.40%
S&P 500® Index -15.47% 7.01% 37.31%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -25.55% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The Fund allocated 37.8% to the Financials sector, a greater allocation to the Fund than any other sector. Investments in this sector contributed -7.2% to the Fund’s return for the period covered by this report. The most significant contribution to the Fund’s return for the period was the -10.4% from the 31.8% allocation to the Information Technology sector. No invested sector had a significant positive contribution to the Fund’s return for the period. The total currency impact to the Fund during the period covered by his report was -4.8%.

Indxx and Indxx Blockchain Index (“Index”) are trademarks of Indxx Inc. (“Indxx”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Indxx and Indxx makes no representation regarding the advisability of trading in such product. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.
Page 30

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Indxx Innovative Transaction & Process ETF (LEGR) (Continued)
Sector Allocation % of Total
Long-Term
Investments
Financials 36.0%
Information Technology 31.7
Communication Services 9.5
Consumer Discretionary 8.5
Industrials 5.7
Utilities 2.9
Materials 1.8
Consumer Staples 1.7
Health Care 1.3
Energy 0.9
Total 100.0%
Top Ten Holdings % of Total
Long-Term
Investments
Emirates Telecommunications Group Co., PJSC 1.4%
SAP SE 1.4
Industrial & Commercial Bank of China Ltd., Class H 1.4
Softbank Corp. 1.3
Zoetis, Inc. 1.3
China CITIC Bank Corp., Ltd., Class H 1.3
Swisscom AG 1.3
International Business Machines Corp. 1.3
Tata Consultancy Services Ltd. 1.3
Nordea Bank Abp 1.3
Total 13.3%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 31

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
The First Trust Nasdaq Artificial Intelligence and Robotics ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq CTA Artificial Intelligence and Robotics IndexSM (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is designed to track the performance of companies engaged in the artificial intelligence and robotics segments of the technology, industrial and other economic sectors. The shares of the Fund are listed and traded on The Nasdaq Stock Market LLC, under the ticker symbol “ROBT.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (2/21/18)
to 9/30/22
Inception (2/21/18)
to 9/30/22
Fund Performance      
NAV -36.76% 2.87% 13.93%
Market Price -36.85% 2.86% 13.86%
Index Performance      
Nasdaq CTA Artificial Intelligence and Robotics IndexSM -36.54% 3.58% 17.56%
S&P 500® Index -15.47% 8.24% 43.97%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -36.76% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The greatest allocation in the Fund for the period was the 33.4% allocated to the Software industry. Investments in this industry contributed -11.8% to the Fund’s overall return, which was by far the worst contribution to the Fund’s return of any industry during the period covered by this report. The best contribution to the Fund’s return came from the Aerospace & Defense industry which had an average weight of 6.9% and contributed 0.7% to the Fund’s overall return for the period. The total currency impact to the Fund over the period covered by this report was -6.2%.

Nasdaq® and Nasdaq CTA Artificial Intelligence and Robotics IndexSM are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 32

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT) (Continued)
Sector Allocation % of Total
Long-Term
Investments
Information Technology 60.6%
Industrials 22.3
Consumer Discretionary 8.9
Health Care 5.4
Communication Services 2.3
Real Estate 0.3
Consumer Staples 0.2
Total 100.0%
Top Ten Holdings % of Total
Long-Term
Investments
PROS Holdings, Inc. 2.6%
AVEVA Group PLC 2.3
Illumina, Inc. 2.1
Cadence Design Systems, Inc. 2.1
AeroVironment, Inc. 2.1
Halma PLC 2.1
Dynatrace, Inc. 2.0
Hexagon AB, Class B 2.0
QinetiQ Group PLC 2.0
ANSYS, Inc. 2.0
Total 21.3%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust International Developed Capital Strength ETF (FICS)
The First Trust International Developed Capital Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called The International Developed Capital Strength IndexSM (the “Index”). The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 90% of its net assets (including investment borrowings) in the common stocks and real estate investment trusts that comprise the Index. The Index seeks to provide exposure to well-capitalized companies in the developed markets outside of the U.S. with strong market positions that have the potential to provide a greater degree of stability and performance over time. The shares of the Fund are listed and traded on The Nasdaq Stock Market LLC, under the ticker symbol “FICS.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (12/15/20)
to 9/30/22
Inception (12/15/20)
to 9/30/22
Fund Performance      
NAV -22.50% -6.56% -11.45%
Market Price -22.33% -6.34% -11.08%
Index Performance      
The International Developed Capital Strength IndexSM -21.93% -5.38% -9.43%
MSCI World ex USA Index -23.91% -8.86% -15.32%
(See Notes to Fund Performance Overview on page 36.)
The Fund generated a NAV return of -22.50% during the 12-month period covered by this report. During the same period, the MSCI World ex USA Index (the “Benchmark”) generated a return of -23.91%. The Fund was most heavily weighted towards the Industrials sector during the period covered by this report. This sector received an allocation of 31.7% and contributed -7.8% to the Fund’s overall return, which was the most negative contribution of any sector. No sector contributed positively to the Fund’s total return for the period. The Fund’s currency exposure caused -12.5% of underperformance during the period covered by this report.

Nasdaq® and The International Developed Capital Strength IndexSM are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust International Developed Capital Strength ETF (FICS) (Continued)
Sector Allocation % of Total
Investments
Industrials 31.6%
Consumer Staples 17.1
Financials 16.3
Health Care 13.7
Information Technology 10.5
Materials 3.3
Consumer Discretionary 2.1
Communication Services 2.1
Energy 1.8
Real Estate 1.5
Total 100.0%
Top Ten Holdings % of Total
Investments
Unilever PLC 2.5%
Intact Financial Corp. 2.4
Thomson Reuters Corp. 2.4
CGI, Inc. 2.3
CSL Ltd. 2.3
Obic Co., Ltd. 2.3
Wolters Kluwer N.V. 2.3
Deutsche Boerse AG 2.3
Heineken N.V. 2.3
Alimentation Couche-Tard, Inc. 2.3
Total 23.4%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
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Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
September 30, 2022 (Unaudited)
As a shareholder of First Trust NASDAQ Technology Dividend Index Fund, Multi-Asset Diversified Income Index Fund, First Trust S&P International Dividend Aristocrats ETF, First Trust BuyWrite Income ETF, First Trust Nasdaq BuyWrite Income ETF, First Trust Rising Dividend Achievers ETF, First Trust Dorsey Wright Focus 5 ETF, First Trust RBA American Industrial Renaissance® ETF, First Trust Dorsey Wright Momentum & Dividend ETF, First Trust Dorsey Wright International Focus 5 ETF, First Trust Dorsey Wright Dynamic Focus 5 ETF, First Trust Indxx Innovative Transaction & Process ETF, First Trust Nasdaq Artificial Intelligence and Robotics ETF, or First Trust International Developed Capital Strength ETF (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs (in U.S. dollars) of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended September 30, 2022.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
April 1, 2022
Ending
Account Value
September 30, 2022
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust NASDAQ Technology Dividend Index Fund (TDIV)
Actual $1,000.00 $750.00 0.50% $2.19
Hypothetical (5% return before expenses) $1,000.00 $1,022.56 0.50% $2.54
Multi-Asset Diversified Income Index Fund (MDIV) (b)
Actual $1,000.00 $885.30 0.49% $2.32
Hypothetical (5% return before expenses) $1,000.00 $1,022.61 0.49% $2.48
First Trust S&P International Dividend Aristocrats ETF (FID)
Actual $1,000.00 $799.80 0.60% $2.71
Hypothetical (5% return before expenses) $1,000.00 $1,022.06 0.60% $3.04
First Trust BuyWrite Income ETF (FTHI)
Actual $1,000.00 $841.30 0.85% $3.92
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
First Trust Nasdaq BuyWrite Income ETF (FTQI)
Actual $1,000.00 $837.40 0.85% $3.92
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
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Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses (Continued)
September 30, 2022 (Unaudited)
  Beginning
Account Value
April 1, 2022
Ending
Account Value
September 30, 2022
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust Rising Dividend Achievers ETF (RDVY)
Actual $1,000.00 $802.00 0.50% $2.26
Hypothetical (5% return before expenses) $1,000.00 $1,022.56 0.50% $2.54
First Trust Dorsey Wright Focus 5 ETF (FV) (b)
Actual $1,000.00 $867.70 0.30% $1.40
Hypothetical (5% return before expenses) $1,000.00 $1,023.56 0.30% $1.52
First Trust RBA American Industrial Renaissance® ETF (AIRR)
Actual $1,000.00 $903.90 0.70% $3.34
Hypothetical (5% return before expenses) $1,000.00 $1,021.56 0.70% $3.55
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
Actual $1,000.00 $813.80 0.60% $2.73
Hypothetical (5% return before expenses) $1,000.00 $1,022.06 0.60% $3.04
First Trust Dorsey Wright International Focus 5 ETF (IFV) (b)
Actual $1,000.00 $784.10 0.30% $1.34
Hypothetical (5% return before expenses) $1,000.00 $1,023.56 0.30% $1.52
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC) (b)
Actual $1,000.00 $916.70 0.30% $1.44
Hypothetical (5% return before expenses) $1,000.00 $1,023.56 0.30% $1.52
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
Actual $1,000.00 $772.10 0.65% $2.89
Hypothetical (5% return before expenses) $1,000.00 $1,021.81 0.65% $3.29
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
Actual $1,000.00 $714.00 0.65% $2.79
Hypothetical (5% return before expenses) $1,000.00 $1,021.81 0.65% $3.29
First Trust International Developed Capital Strength ETF (FICS)
Actual $1,000.00 $798.60 0.70% $3.16
Hypothetical (5% return before expenses) $1,000.00 $1,021.56 0.70% $3.55
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (April 1, 2022 through September 30, 2022), multiplied by 183/365 (to reflect the six-month period).
(b) Annualized expense ratio and expenses paid during the six-month period do not include fees and expenses of the underlying funds in which the Fund invests.
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Table of Contents
First Trust NASDAQ Technology Dividend Index Fund (TDIV)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.8%
    Communications Equipment – 5.9%    
67,424   ADTRAN Holdings, Inc.   $1,320,162
28,100   AudioCodes Ltd.   612,861
729,895   Cisco Systems, Inc.   29,195,800
523,303   Juniper Networks, Inc.   13,668,674
118,718   Motorola Solutions, Inc.   26,589,271
428,335   Nokia Oyj, ADR   1,828,990
634,465   Telefonaktiebolaget LM Ericsson, ADR   3,641,829
26,269   Ubiquiti, Inc.   7,711,528
        84,569,115
    Diversified Telecommunication
Services – 9.4%
   
12,860   ATN International, Inc.   496,010
677,197   BCE, Inc.   28,401,642
90,892   Chunghwa Telecom Co., Ltd., ADR   3,229,393
170,832   Cogent Communications Holdings, Inc.   8,910,597
332,068   KT Corp., ADR   4,057,871
3,277,195   Lumen Technologies, Inc.   23,857,980
588,470   Telefonica Brasil S.A., ADR   4,425,294
80,903   Telkom Indonesia Persero Tbk PT, ADR   2,334,052
1,449,417   TELUS Corp.   28,785,422
780,694   Verizon Communications, Inc.   29,642,951
        134,141,212
    Electronic Equipment,
Instruments & Components – 4.2%
   
150,387   Amphenol Corp., Class A   10,069,913
53,821   Avnet, Inc.   1,944,015
21,097   Benchmark Electronics, Inc.   522,784
37,563   CDW Corp.   5,862,833
626,905   Corning, Inc.   18,192,783
18,214   Jabil, Inc.   1,051,130
12,695   Methode Electronics, Inc.   471,619
91,347   National Instruments Corp.   3,447,436
27,324   TD SYNNEX Corp.   2,218,436
130,264   TE Connectivity Ltd.   14,375,935
65,485   Vishay Intertechnology, Inc.   1,164,978
        59,321,862
    Interactive Media & Services – 0.2%    
97,365   JOYY, Inc., ADR   2,531,490
14,580   Shutterstock, Inc.   731,479
        3,262,969
    IT Services – 10.4%    
53,768   Amdocs Ltd.   4,271,868
208,625   Cognizant Technology Solutions Corp., Class A   11,983,420
Shares   Description   Value
    IT Services (Continued)    
10,324   Concentrix Corp.   $1,152,468
14,253   CSG Systems International, Inc.   753,699
16,172   Hackett Group (The), Inc.   286,568
328,964   Infosys Ltd., ADR   5,582,519
1,016,455   International Business Machines Corp.   120,765,019
86,738   SS&C Technologies Holdings, Inc.   4,141,739
49,130   Wipro Ltd., ADR   231,402
        149,168,702
    Media – 2.0%    
3,203   Cable One, Inc.   2,732,319
901,928   Comcast Corp., Class A   26,453,548
        29,185,867
    Professional Services – 0.6%    
33,044   KBR, Inc.   1,428,162
51,618   Leidos Holdings, Inc.   4,515,026
22,581   Science Applications International Corp.   1,996,838
        7,940,026
    Semiconductors &
Semiconductor Equipment – 37.4%
   
57,667   Amkor Technology, Inc.   983,222
245,629   Analog Devices, Inc.   34,225,945
223,644   Applied Materials, Inc.   18,323,153
522,495   ASE Technology Holding Co., Ltd., ADR   2,607,250
26,233   ASML Holding N.V.   10,895,877
261,592   Broadcom, Inc.   116,149,464
531,270   Himax Technologies, Inc., ADR   2,571,347
4,090,337   Intel Corp.   105,407,984
43,186   KLA Corp.   13,069,379
22,405   Kulicke & Soffa Industries, Inc.   863,265
46,836   Lam Research Corp.   17,141,976
206,956   Microchip Technology, Inc.   12,630,525
202,083   Micron Technology, Inc.   10,124,358
6,954   Monolithic Power Systems, Inc.   2,527,084
112,077   NXP Semiconductors N.V.   16,532,478
12,766   Power Integrations, Inc.   821,109
493,548   QUALCOMM, Inc.   55,761,053
91,003   Skyworks Solutions, Inc.   7,759,826
12,128   STMicroelectronics N.V.   375,240
613,354   Taiwan Semiconductor Manufacturing Co., Ltd., ADR   42,051,550
395,144   Texas Instruments, Inc.   61,160,388
224,943   United Microelectronics Corp., ADR   1,252,933
10,549   Universal Display Corp.   995,298
        534,230,704
    Software – 14.7%    
20,514   A10 Networks, Inc.   272,221
 
See Notes to Financial Statements
Page 39

Table of Contents
First Trust NASDAQ Technology Dividend Index Fund (TDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Software (Continued)    
23,617   American Software, Inc., Class A   $361,812
20,356   Dolby Laboratories, Inc., Class A   1,326,193
8,889   Ebix, Inc.   168,624
46,537   InterDigital, Inc.   1,881,026
44,339   Intuit, Inc.   17,173,381
499,346   Microsoft Corp.   116,297,683
315,572   NortonLifeLock, Inc.   6,355,620
188,983   Open Text Corp.   4,996,711
880,399   Oracle Corp.   53,765,967
15,774   Progress Software Corp.   671,184
15,920   Roper Technologies, Inc.   5,725,469
29,201   Sapiens International Corp., N.V.   560,075
32,684   Xperi Holding Corp.   462,152
        210,018,118
    Technology Hardware,
Storage & Peripherals – 12.6%
   
830,450   Apple, Inc.   114,768,190
114,278   Dell Technologies, Inc., Class C   3,904,879
1,144,332   Hewlett Packard Enterprise Co.   13,709,097
848,312   HP, Inc.   21,139,935
76,513   Logitech International S.A.   3,519,598
150,394   NetApp, Inc.   9,301,869
215,495   Seagate Technology Holdings PLC   11,470,799
233,574   Xerox Holdings Corp.   3,055,148
        180,869,515
    Wireless Telecommunication
Services – 2.4%
   
1,324,111   Mobile TeleSystems PJSC, ADR (a) (b) (c)   182,304
56,108   PLDT, Inc., ADR   1,419,532
758,034   Rogers Communications, Inc., Class B   29,214,630
261,351   Telephone & Data Systems, Inc.   3,632,779
        34,449,245
    Total Investments – 99.8%   1,427,157,335
    (Cost $1,601,923,830)    
    Net Other Assets and Liabilities – 0.2%   3,453,622
    Net Assets – 100.0%   $1,430,610,957
    
(a) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2022, securities noted as such are valued at $182,304 or 0.0% of net assets.
(b) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors, L.P., the Fund’s Advisor.
(c) This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements).
    
ADR American Depositary Receipt

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Wireless Telecommunication Services $34,449,245 $34,266,941 $ $182,304
Other Industry Categories* 1,392,708,090 1,392,708,090
Total Investments $1,427,157,335 $1,426,975,031 $ $182,304
    
* See Portfolio of Investments for industry breakout.
Level 3 Common Stocks are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. The Level 3 Common Stocks values are based on unobservable and non-quantitative inputs.
 
Page 40
See Notes to Financial Statements

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments
September 30, 2022
Shares/
Units
  Description   Value
MASTER LIMITED PARTNERSHIPS – 20.2%
    Energy Equipment & Services – 1.2%    
302,427  
USA Compression Partners, L.P.

  $5,262,230
    Industrial Conglomerates – 1.5%    
133,447  
Icahn Enterprises, L.P.

  6,628,312
    Oil, Gas & Consumable Fuels – 17.5%    
251,368  
Black Stone Minerals, L.P.

  3,933,909
62,324  
Cheniere Energy Partners, L.P.

  3,325,609
163,844  
Crestwood Equity Partners, L.P.

  4,549,948
208,406  
CrossAmerica Partners, L.P.

  3,895,108
57,227  
DCP Midstream, L.P.

  2,150,018
52,426  
Delek Logistics Partners, L.P.

  2,670,581
160,184  
Dorchester Minerals, L.P.

  4,001,396
263,607  
Energy Transfer, L.P.

  2,907,585
199,635  
EnLink Midstream, LLC (a)

  1,774,755
121,532  
Enterprise Products Partners, L.P.

  2,890,031
135,213  
Global Partners, L.P.

  3,346,522
214,221  
Holly Energy Partners, L.P.

  3,515,367
256,583  
Kimbell Royalty Partners, L.P. (a)

  4,356,779
342,361  
KNOT Offshore Partners, L.P. (a)

  4,786,207
71,941  
Magellan Midstream Partners, L.P.

  3,417,917
147,560  
MPLX, L.P.

  4,428,276
62,993  
Natural Resource Partners, L.P.

  2,787,440
305,395  
NuStar Energy, L.P.

  4,122,833
282,470  
Plains All American Pipeline, L.P.

  2,971,584
273,312  
Plains GP Holdings, L.P., Class A (a)

  2,981,834
92,726  
Sunoco, L.P.

  3,613,532
114,461  
Viper Energy Partners, L.P. (a)

  3,280,452
100,987  
Western Midstream Partners, L.P.

  2,540,833
        78,248,516
   
Total Master Limited Partnerships

  90,139,058
    (Cost $74,218,615)    
COMMON STOCKS – 19.7%
    Banks – 4.5%    
76,544  
Associated Banc-Corp.

  1,537,004
31,044  
Citigroup, Inc.

  1,293,604
73,553  
First Financial Bancorp

  1,550,497
61,164  
First Hawaiian, Inc.

  1,506,469
38,509  
First Interstate BancSystem, Inc., Class A

  1,553,838
129,769  
FNB Corp.

  1,505,320
133,112  
Huntington Bancshares, Inc.

  1,754,416
92,873  
KeyCorp

  1,487,826
152,414  
Northwest Bancshares, Inc.

  2,059,113
46,157  
Pacific Premier Bancorp, Inc.

  1,429,021
31,947  
Truist Financial Corp.

  1,390,972
32,951  
US Bancorp

  1,328,584
44,263  
WesBanco, Inc.

  1,477,056
        19,873,720
    Biotechnology – 0.7%    
11,042  
AbbVie, Inc.

  1,481,947
29,281  
Gilead Sciences, Inc.

  1,806,345
        3,288,292
See Notes to Financial Statements
Page 41

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares/
Units
  Description   Value
COMMON STOCKS (Continued)
    Capital Markets – 1.4%    
53,761  
Lazard Ltd., Class A

  $1,711,213
97,337  
Moelis & Co., Class A

  3,290,964
69,069  
Virtu Financial, Inc., Class A

  1,434,563
        6,436,740
    Chemicals – 1.3%    
39,778  
Dow, Inc.

  1,747,447
51,271  
LyondellBasell Industries N.V., Class A

  3,859,681
        5,607,128
    Containers & Packaging – 0.3%    
40,051  
International Paper Co.

  1,269,617
    Diversified Telecommunication Services – 1.1%    
186,628  
AT&T, Inc.

  2,862,874
51,083  
Verizon Communications, Inc.

  1,939,621
        4,802,495
    Electric Utilities – 1.2%    
27,065  
ALLETE, Inc.

  1,354,603
23,198  
Edison International

  1,312,543
37,967  
OGE Energy Corp.

  1,384,277
23,680  
Pinnacle West Capital Corp.

  1,527,597
        5,579,020
    Food & Staples Retailing – 0.4%    
53,062  
Walgreens Boots Alliance, Inc.

  1,666,147
    Food Products – 0.3%    
44,783  
Kraft Heinz (The) Co.

  1,493,513
    Household Durables – 0.3%    
43,247  
Leggett & Platt, Inc.

  1,436,665
    Household Products – 0.3%    
55,744  
Energizer Holdings, Inc.

  1,401,404
    Industrial Conglomerates – 0.3%    
12,870  
3M Co.

  1,422,135
    Insurance – 2.6%    
42,420  
Fidelity National Financial, Inc.

  1,535,604
258,624  
Old Republic International Corp.

  5,413,000
19,633  
Principal Financial Group, Inc.

  1,416,521
19,121  
Prudential Financial, Inc.

  1,640,199
17,798  
Safety Insurance Group, Inc.

  1,451,605
        11,456,929
    IT Services – 0.8%    
15,108  
International Business Machines Corp.

  1,794,981
143,647  
Western Union (The) Co.

  1,939,235
        3,734,216
    Leisure Products – 0.4%    
31,248  
Sturm Ruger & Co., Inc.

  1,587,086
    Media – 0.3%    
23,109  
Omnicom Group, Inc.

  1,457,947
Page 42
See Notes to Financial Statements

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares/
Units
  Description   Value
COMMON STOCKS (Continued)
    Multi-Utilities – 0.4%    
32,801  
NorthWestern Corp.

  $1,616,433
    Semiconductors & Semiconductor Equipment – 0.3%    
47,960  
Intel Corp.

  1,235,929
    Textiles, Apparel & Luxury Goods – 0.3%    
41,415  
VF Corp.

  1,238,723
    Thrifts & Mortgage Finance – 0.8%    
252,107  
New York Community Bancorp, Inc.

  2,150,473
65,380  
Provident Financial Services, Inc.

  1,274,910
        3,425,383
    Tobacco – 1.1%    
70,127  
Altria Group, Inc.

  2,831,728
42,287  
Universal Corp.

  1,946,894
        4,778,622
    Trading Companies & Distributors – 0.3%    
25,440  
Triton International Ltd.

  1,392,331
    Wireless Telecommunication Services – 0.3%    
106,389  
Telephone & Data Systems, Inc.

  1,478,807
   
Total Common Stocks

  87,679,282
    (Cost $100,203,318)    
REAL ESTATE INVESTMENT TRUSTS – 17.9%
    Diversified REITs – 1.2%    
101,445  
Essential Properties Realty Trust, Inc.

  1,973,105
104,779  
STORE Capital Corp.

  3,282,726
        5,255,831
    Health Care REITs – 0.6%    
241,104  
Medical Properties Trust, Inc.

  2,859,494
    Mortgage REITs – 8.9%    
264,072  
Annaly Capital Management, Inc.

  4,531,476
320,945  
Arbor Realty Trust, Inc.

  3,690,867
147,183  
Blackstone Mortgage Trust, Inc., Class A

  3,435,251
523,667  
BrightSpire Capital, Inc.

  3,304,339
913,978  
Broadmark Realty Capital, Inc.

  4,670,428
244,084  
KKR Real Estate Finance Trust, Inc.

  3,966,365
332,436  
Ladder Capital Corp.

  2,978,627
491,117  
Ready Capital Corp.

  4,979,926
188,836  
Starwood Property Trust, Inc.

  3,440,592
1,388,179  
Two Harbors Investment Corp.

  4,608,754
        39,606,625
    Office REITs – 2.5%    
28,826  
Boston Properties, Inc.

  2,161,085
276,044  
Piedmont Office Realty Trust, Inc., Class A

  2,915,025
151,998  
SL Green Realty Corp.

  6,104,240
        11,180,350
    Retail REITs – 2.1%    
100,019  
Brixmor Property Group, Inc.

  1,847,351
97,777  
Getty Realty Corp.

  2,629,223
See Notes to Financial Statements
Page 43

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares/
Units
  Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Retail REITs (Continued)    
53,330  
National Retail Properties, Inc.

  $2,125,734
31,264  
Simon Property Group, Inc.

  2,805,944
        9,408,252
    Specialized REITs – 2.6%    
89,118  
Four Corners Property Trust, Inc.

  2,155,764
63,148  
Gaming and Leisure Properties, Inc.

  2,793,667
26,934  
Lamar Advertising Co., Class A

  2,221,786
341,379  
Uniti Group, Inc.

  2,372,584
68,002  
VICI Properties, Inc.

  2,029,860
        11,573,661
   
Total Real Estate Investment Trusts

  79,884,213
    (Cost $99,101,171)    
    
Shares   Description   Stated
Rate
  Stated
Maturity
  Value
$25 PAR PREFERRED SECURITIES – 20.8%
    Banks – 4.0%            
128,745  
Citigroup Capital XIII, 3 Mo. LIBOR + 6.37% (b)

  9.18%   10/30/40   3,591,986
146,052  
Citigroup, Inc., Series J (c)

  7.13%   (d)   3,743,313
141,116  
Citigroup, Inc., Series K (c)

  6.88%   (d)   3,616,803
130,701  
PNC Financial Services Group (The), Inc., Series P, 3 Mo. LIBOR + 4.07% (b)

  6.85%   (d)   3,317,191
141,435  
Wells Fargo & Co., Series R (c)

  6.63%   (d)   3,585,377
        17,854,670
    Capital Markets – 1.7%            
148,292  
Morgan Stanley, Series E (c)

  7.13%   (d)   3,787,378
143,737  
Morgan Stanley, Series F (c)

  6.88%   (d)   3,604,924
        7,392,302
    Diversified Financial Services – 1.5%            
144,200  
Apollo Asset Management, Inc., Class A

  6.38%   (d)   3,492,524
140,753  
Apollo Asset Management, Inc., Series B

  6.38%   (d)   3,335,846
        6,828,370
    Diversified Telecommunication Services – 1.7%            
162,185  
Qwest Corp.

  6.50%   09/01/56   3,675,112
164,937  
Qwest Corp.

  6.75%   06/15/57   3,793,551
        7,468,663
    Food Products – 0.8%            
140,544  
CHS, Inc., Series 1

  7.88%   (d)   3,644,306
    Insurance – 1.5%            
150,095  
Axis Capital Holdings Ltd., Series E

  5.50%   (d)   3,164,002
136,559  
Reinsurance Group of America, Inc., 3 Mo. LIBOR + 4.37% (b)

  7.66%   09/15/42   3,444,018
        6,608,020
    Mortgage Real Estate Investment Trusts – 4.2%            
165,611  
AGNC Investment Corp., Series C (c)

  7.00%   (d)   3,858,736
180,591  
AGNC Investment Corp., Series E (c)

  6.50%   (d)   3,720,175
178,895  
AGNC Investment Corp., Series F (c)

  6.13%   (d)   3,445,518
229,162  
Chimera Investment Corp., Series B (c)

  8.00%   (d)   4,033,251
Page 44
See Notes to Financial Statements

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Stated
Rate
  Stated
Maturity
  Value
$25 PAR PREFERRED SECURITIES (Continued)
    Mortgage Real Estate Investment Trusts (Continued)            
221,814  
Two Harbors Investment Corp., Series B (c)

  7.63%   (d)   $3,912,799
        18,970,479
    Multi-Utilities – 0.7%            
134,545  
NiSource, Inc., Series B (c)

  6.50%   (d)   3,320,571
    Oil, Gas & Consumable Fuels – 0.9%            
161,100  
NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (b)

  9.25%   01/15/43   3,932,451
    Real Estate Management & Development – 2.7%            
174,640  
DigitalBridge Group, Inc., Class H

  7.13%   (d)   3,917,175
177,214  
DigitalBridge Group, Inc., Series I

  7.15%   (d)   3,962,505
176,656  
DigitalBridge Group, Inc., Series J

  7.13%   (d)   4,003,025
        11,882,705
    Trading Companies & Distributors – 1.1%            
189,556  
WESCO International, Inc., Series A (c)

  10.63%   (d)   5,108,534
   
Total $25 Par Preferred Securities

  93,011,071
    (Cost $100,261,602)            
    
Shares   Description   Value
EXCHANGE-TRADED FUNDS – 20.6%
2,396,347  
First Trust Tactical High Yield ETF (e)

  91,828,017
    (Cost $113,970,109)    
   
Total Investments – 99.2%

  442,541,641
    (Cost $487,754,815)    
   
Net Other Assets and Liabilities – 0.8%

  3,559,303
   
Net Assets – 100.0%

  $446,100,944
    
(a) This security is taxed as a “C” corporation for federal income tax purposes.
(b) Floating rate security.
(c) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at September 30, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(d) Perpetual maturity.
(e) Investment in an affiliated fund.
    
LIBOR London Interbank Offered Rate
See Notes to Financial Statements
Page 45

Table of Contents
Multi-Asset Diversified Income Index Fund (MDIV)
Portfolio of Investments (Continued)
September 30, 2022

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Master Limited Partnerships*

$90,139,058 $90,139,058 $ $
Common Stocks*

87,679,282 87,679,282
Real Estate Investment Trusts*

79,884,213 79,884,213
$25 Par Preferred Securities*

93,011,071 93,011,071
Exchange-Traded Funds

91,828,017 91,828,017
Total Investments

$442,541,641 $442,541,641 $ $
    
* See Portfolio of Investments for industry breakout.
Page 46
See Notes to Financial Statements

Table of Contents
First Trust S&P International Dividend Aristocrats ETF (FID)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 91.3%
    Aerospace & Defense – 3.3%    
93,234   BAE Systems PLC (a)   $819,193
249,600   Singapore Technologies Engineering Ltd. (a)   620,120
        1,439,313
    Banks – 7.4%    
3,988   Bank of Montreal   349,533
7,304   Bank of Nova Scotia (The)   347,394
7,859   Banque Cantonale Vaudoise (a)   743,524
8,035   Canadian Imperial Bank of Commerce   351,682
33,300   Fukuoka Financial Group, Inc. (a)   593,046
96,200   Mitsubishi UFJ Financial Group, Inc. (a)   435,798
15,100   Sumitomo Mitsui Trust Holdings, Inc. (a)   429,440
        3,250,417
    Beverages – 2.0%    
121,539   Arca Continental S.A.B. de C.V.   875,115
    Capital Markets – 3.8%    
192,277   Ashmore Group PLC (a)   419,859
60,017   IG Group Holdings PLC (a)   508,630
15,505   IGM Financial, Inc.   386,348
19,600   SBI Holdings, Inc. (a)   351,723
        1,666,560
    Chemicals – 2.0%    
12,093   BASF SE (a)   464,110
19,500   Denka Co., Ltd. (a)   428,790
        892,900
    Commercial Services &
Supplies – 0.9%
   
31,494   Intrum AB (a)   395,839
    Construction & Engineering – 1.5%    
25,558   Bouygues S.A. (a)   668,559
    Diversified Telecommunication
Services – 5.7%
   
16,182   BCE, Inc.   678,511
1,301   Swisscom AG (a)   609,182
68,216   Telenor ASA (a)   624,321
29,707   TELUS Corp.   589,903
        2,501,917
    Electric Utilities – 7.9%    
137,084   CK Infrastructure Holdings Ltd. (a)   699,173
68,212   CLP Holdings, Ltd. (a)   515,528
129,413   EDP - Energias de Portugal S.A. (a)   561,654
Shares   Description   Value
    Electric Utilities (Continued)    
14,125   Emera, Inc.   $571,504
25,042   Fortum Oyj (a)   336,491
161,084   Power Assets Holdings Ltd. (a)   807,478
        3,491,828
    Gas Utilities – 7.0%    
124,767   APA Group (a)   767,685
204,004   Beijing Enterprises Holdings Ltd. (a)   571,734
62,978   Enagas S.A. (a)   974,833
36,656   Rubis SCA (a)   762,818
        3,077,070
    Independent Power &
Renewable Electricity Producers – 4.4%
   
28,887   Capital Power Corp.   980,780
65,800   Electric Power Development Co., Ltd. (a)   930,510
        1,911,290
    Insurance – 13.5%    
14,775   Ageas S.A./N.V. (a)   538,869
2,337   Allianz SE (a)   368,158
3,190   Baloise Holding AG (a)   407,601
19,985   Great-West Lifeco, Inc.   431,428
4,786   Helvetia Holding AG (a)   448,475
188,783   Legal & General Group PLC (a)   450,621
27,001   Manulife Financial Corp.   423,775
17,500   MS&AD Insurance Group Holdings, Inc. (a)   463,448
1,573   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)   378,654
16,926   Power Corp. of Canada   381,443
7,838   Sun Life Financial, Inc.   311,682
754   Swiss Life Holding AG (a)   333,126
24,900   Tokio Marine Holdings, Inc. (a)   442,551
1,339   Zurich Insurance Group AG (a)   533,793
        5,913,624
    Machinery – 1.0%    
7,908   Sulzer AG (a)   454,925
    Media – 1.1%    
26,062   Quebecor, Inc., Class B   480,544
    Metals & Mining – 1.3%    
41,400   Asahi Holdings, Inc. (a)   581,464
    Multi-Utilities – 3.0%    
20,593   ATCO Ltd., Class I   632,840
26,925   Canadian Utilities Ltd., Class A   700,340
        1,333,180
 
See Notes to Financial Statements
Page 47

Table of Contents
First Trust S&P International Dividend Aristocrats ETF (FID)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Oil, Gas & Consumable Fuels – 7.8%    
13,315   Canadian Natural Resources Ltd.   $619,796
220,300   ENEOS Holdings, Inc. (a)   710,501
47,248   Keyera Corp.   972,768
19,658   Koninklijke Vopak N.V. (a)   357,671
18,546   TC Energy Corp.   747,022
        3,407,758
    Paper & Forest Products – 1.2%    
16,743   UPM-Kymmene Oyj (a)   531,330
    Pharmaceuticals – 3.3%    
7,275   Novartis AG (a)   554,624
34,100   Takeda Pharmaceutical Co., Ltd. (a)   885,502
        1,440,126
    Professional Services – 1.1%    
17,191   Adecco Group AG (a)   474,464
    Real Estate Management &
Development – 8.5%
   
215,914   Henderson Land Development Co., Ltd. (a)   604,605
153,082   Longfor Group Holdings Ltd. (a) (b) (c)   438,817
292,914   New World Development Co., Ltd. (a)   831,902
774,146   Sino Land Co., Ltd. (a)   1,018,256
74,269   Sun Hung Kai Properties Ltd. (a)   819,653
        3,713,233
    Tobacco – 2.2%    
15,929   KT&G Corp. (a)   961,793
    Water Utilities – 1.4%    
789,839   Guangdong Investment Ltd. (a)   630,939
    Total Common Stocks   40,094,188
    (Cost $49,981,207)    
REAL ESTATE INVESTMENT TRUSTS – 7.8%
    Equity Real Estate Investment
Trusts – 7.8%
   
17,441   Allied Properties Real Estate Investment Trust   345,449
122   Daiwa Office Investment Corp. (a)   567,495
992   Japan Metropolitan Fund Investment Corp. (a)   744,807
88,806   Link REIT (a)   619,911
358,827   Primary Health Properties PLC (a)   454,674
Shares   Description   Value
    Equity Real Estate Investment
Trusts (Continued)
   
36,623   SmartCentres Real Estate Investment Trust   $687,999
    Total Real Estate Investment Trusts   3,420,335
    (Cost $4,523,237)    
    Total Investments – 99.1%   43,514,523
    (Cost $54,504,444)    
    Net Other Assets and Liabilities – 0.9%   396,995
    Net Assets – 100.0%   $43,911,518
    
(a) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2022, securities noted as such are valued at $31,648,667 or 72.1% 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 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.
(b) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(c) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
    
Currency Exposure
Diversification
% of Total
Investments
Canadian Dollar 25.2%
Japanese Yen 17.4
Hong Kong Dollar 17.4
Euro 13.7
Swiss Franc 10.5
British Pound Sterling 6.1
South Korean Won 2.2
Mexican Peso 2.0
Australian Dollar 1.8
Norwegian Krone 1.4
Singapore Dollar 1.4
Swedish Krona 0.9
Total 100.0%
 
Page 48
See Notes to Financial Statements

Table of Contents
First Trust S&P International Dividend Aristocrats ETF (FID)
Portfolio of Investments (Continued)
September 30, 2022

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Banks $3,250,417 $1,048,609 $2,201,808 $
Beverages 875,115 875,115
Capital Markets 1,666,560 386,348 1,280,212
Diversified Telecommunication Services 2,501,917 1,268,414 1,233,503
Electric Utilities 3,491,828 571,504 2,920,324
Independent Power & Renewable Electricity Producers 1,911,290 980,780 930,510
Insurance 5,913,624 1,548,328 4,365,296
Media 480,544 480,544
Multi-Utilities 1,333,180 1,333,180
Oil, Gas & Consumable Fuels 3,407,758 2,339,586 1,068,172
Other Industry Categories* 15,261,955 15,261,955
Real Estate Investment Trusts* 3,420,335 1,033,448 2,386,887
Total Investments $43,514,523 $11,865,856 $31,648,667 $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 49

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 94.9%
    Aerospace & Defense – 0.8%    
1,627  
Boeing (The) Co. (a)

  $196,997
616  
Lockheed Martin Corp.

  237,955
3,384  
Raytheon Technologies Corp.

  277,014
        711,966
    Air Freight & Logistics – 0.3%    
1,645  
United Parcel Service, Inc., Class B

  265,733
    Automobiles – 2.8%    
44,320  
Stellantis N.V.

  524,749
7,335  
Tesla, Inc. (a) (b)

  1,945,609
        2,470,358
    Banks – 3.2%    
23,239  
Bank of America Corp.

  701,818
5,112  
Citigroup, Inc.

  213,017
4,232  
HDFC Bank, Ltd., ADR

  247,233
9,741  
JPMorgan Chase & Co. (b)

  1,017,935
3,466  
Royal Bank of Canada

  312,079
8,679  
Wells Fargo & Co. (b)

  349,069
        2,841,151
    Beverages – 3.1%    
9,961  
Coca-Cola (The) Co.

  558,015
31,096  
Coca-Cola European Partners PLC (b)

  1,325,312
2,998  
MGP Ingredients, Inc.

  318,268
3,567  
PepsiCo, Inc.

  582,348
        2,783,943
    Biotechnology – 1.0%    
4,733  
AbbVie, Inc. (b)

  635,216
1,230  
Amgen, Inc.

  277,242
        912,458
    Building Products – 0.2%    
2,741  
UFP Industries, Inc.

  197,791
    Capital Markets – 2.7%    
17,351  
Artisan Partners Asset Management, Inc., Class A

  467,262
571  
BlackRock, Inc.

  314,210
3,607  
Charles Schwab (The) Corp.

  259,235
791  
Goldman Sachs Group (The), Inc.

  231,803
10,166  
Moelis & Co., Class A

  343,712
5,401  
Morgan Stanley

  426,733
1,323  
S&P Global, Inc.

  403,978
        2,446,933
    Chemicals – 1.1%    
6,443  
Chemours (The) Co.

  158,820
1,169  
Linde PLC

  315,151
8,832  
Valvoline, Inc.

  223,803
3,373  
Westlake Corp.

  293,046
        990,820
    Communications Equipment – 0.9%    
13,826  
Cisco Systems, Inc.

  553,040
Page 50
See Notes to Financial Statements

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Communications Equipment (Continued)    
35,661  
Telefonaktiebolaget LM Ericsson, ADR

  $204,694
        757,734
    Consumer Finance – 0.3%    
1,920  
American Express Co.

  259,027
    Containers & Packaging – 1.2%    
18,919  
Sonoco Products Co. (b)

  1,073,275
    Diversified Financial Services – 1.7%    
5,777  
Berkshire Hathaway, Inc., Class B (a) (b)

  1,542,574
    Diversified Telecommunication Services – 0.9%    
15,622  
AT&T, Inc. (b)

  239,641
15,632  
Verizon Communications, Inc.

  593,547
        833,188
    Electric Utilities – 2.4%    
20,190  
Avangrid, Inc.

  841,923
7,306  
IDACORP, Inc.

  723,367
4,749  
NextEra Energy, Inc.

  372,369
3,697  
Otter Tail Corp.

  227,440
        2,165,099
    Electrical Equipment – 0.4%    
13,808  
ABB, Ltd., ADR

  354,313
    Entertainment – 0.9%    
1,107  
Netflix, Inc. (a)

  260,632
6,118  
Walt Disney (The) Co. (a)

  577,111
        837,743
    Food & Staples Retailing – 1.5%    
1,142  
Costco Wholesale Corp.

  539,332
6,465  
Grocery Outlet Holding Corp. (a)

  215,220
4,832  
Walmart, Inc.

  626,711
        1,381,263
    Food Products – 2.6%    
22,811  
Cal-Maine Foods, Inc. (b)

  1,268,064
32,331  
Flowers Foods, Inc.

  798,252
4,174  
Mondelez International, Inc., Class A

  228,860
        2,295,176
    Health Care Equipment & Supplies – 3.1%    
6,408  
Abbott Laboratories

  620,038
1,634  
Intuitive Surgical, Inc. (a)

  306,277
14,486  
Koninklijke Philips N.V.

  222,940
19,072  
Lantheus Holdings, Inc. (a) (b)

  1,341,334
2,986  
Medtronic PLC

  241,119
        2,731,708
    Health Care Providers & Services – 2.9%    
944  
Cigna Corp.

  261,932
3,026  
CVS Health Corp. (b)

  288,590
560  
Elevance Health, Inc.

  254,374
20,410  
Patterson Cos., Inc.

  490,248
See Notes to Financial Statements
Page 51

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Health Care Providers & Services (Continued)    
2,635  
UnitedHealth Group, Inc. (b)

  $1,330,780
        2,625,924
    Hotels, Restaurants & Leisure – 0.9%    
1,809  
McDonald’s Corp.

  417,409
4,477  
Starbucks Corp.

  377,232
        794,641
    Household Durables – 0.3%    
4,766  
Sony Group Corp., ADR

  305,262
    Household Products – 1.1%    
7,933  
Procter & Gamble (The) Co. (b)

  1,001,541
    Independent Power & Renewable Electricity Producers – 1.0%    
15,766  
Atlantica Sustainable Infrastructure PLC

  414,646
6,564  
Clearway Energy, Inc., Class C

  209,063
10,570  
Vistra Corp.

  221,970
        845,679
    Industrial Conglomerates – 0.8%    
2,537  
3M Co.

  280,339
2,558  
Honeywell International, Inc.

  427,109
        707,448
    Interactive Media & Services – 5.2%    
19,324  
Alphabet, Inc., Class A (a) (b)

  1,848,341
17,785  
Alphabet, Inc., Class C (a) (b)

  1,710,028
7,764  
Meta Platforms, Inc., Class A (a) (b)

  1,053,419
        4,611,788
    Internet & Direct Marketing Retail – 3.3%    
26,473  
Amazon.com, Inc. (a) (b)

  2,991,449
    IT Services – 3.7%    
1,569  
Accenture PLC, Class A

  403,704
1,048  
Automatic Data Processing, Inc.

  237,047
13,632  
Infosys Ltd., ADR

  231,335
1,965  
International Business Machines Corp.

  233,462
2,866  
Mastercard, Inc., Class A

  814,918
4,684  
PayPal Holdings, Inc. (a)

  403,152
5,520  
Visa, Inc., Class A (b)

  980,628
        3,304,246
    Life Sciences Tools & Services – 1.4%    
2,314  
Danaher Corp.

  597,683
1,309  
Thermo Fisher Scientific, Inc. (b)

  663,912
        1,261,595
    Machinery – 0.5%    
1,382  
Caterpillar, Inc.

  226,758
746  
Deere & Co.

  249,082
        475,840
    Media – 0.6%    
16,857  
Comcast Corp., Class A

  494,416
Page 52
See Notes to Financial Statements

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Metals & Mining – 0.8%    
2,846  
Reliance Steel & Aluminum Co.

  $496,371
3,213  
Steel Dynamics, Inc.

  227,962
        724,333
    Multi-Utilities – 0.5%    
12,080  
Avista Corp.

  447,564
    Oil, Gas & Consumable Fuels – 9.6%    
39,481  
Antero Midstream Corp.

  362,436
6,542  
Antero Resources Corp. (a)

  199,727
10,258  
Archaea Energy, Inc. (a)

  184,747
10,637  
Chesapeake Energy Corp. (b)

  1,002,112
5,164  
Chevron Corp.

  741,912
58,129  
Comstock Resources, Inc. (a) (b)

  1,005,050
2,654  
ConocoPhillips

  271,610
17,634  
CVR Energy, Inc.

  511,033
14,423  
Delek US Holdings, Inc.

  391,440
13,027  
EQT Corp.

  530,850
11,234  
Exxon Mobil Corp. (b)

  980,841
11,401  
Magnolia Oil & Gas Corp., Class A

  225,854
8,369  
Murphy Oil Corp.

  294,338
6,333  
New Fortress Energy, Inc.

  276,815
10,601  
Ovintiv, Inc.

  487,646
7,622  
PBF Energy, Inc., Class A (a)

  267,990
7,548  
PDC Energy, Inc.

  436,199
7,923  
Range Resources Corp.

  200,135
26,037  
SFL Corp., Ltd.

  237,197
        8,607,932
    Personal Products – 0.5%    
9,495  
Unilever PLC, ADR

  416,261
    Pharmaceuticals – 5.5%    
4,984  
Bristol-Myers Squibb Co.

  354,313
2,012  
Eli Lilly & Co.

  650,580
9,241  
Johnson & Johnson (b)

  1,509,610
6,361  
Merck & Co., Inc.

  547,809
10,932  
Novartis AG, ADR

  830,942
15,082  
Pfizer, Inc.

  659,988
9,418  
Royalty Pharma PLC, Class A

  378,415
        4,931,657
    Professional Services – 0.2%    
3,316  
TransUnion

  197,269
    Road & Rail – 0.3%    
1,382  
Union Pacific Corp.

  269,241
    Semiconductors & Semiconductor Equipment – 3.8%    
3,817  
Advanced Micro Devices, Inc. (a)

  241,845
1,589  
Analog Devices, Inc.

  221,411
3,694  
Applied Materials, Inc.

  302,650
1,039  
Broadcom, Inc.

  461,326
11,434  
Intel Corp.

  294,654
6,414  
NVIDIA Corp. (b)

  778,596
2,648  
QUALCOMM, Inc.

  299,171
5,632  
Taiwan Semiconductor Manufacturing Co., Ltd., ADR

  386,130
See Notes to Financial Statements
Page 53

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Semiconductors & Semiconductor Equipment (Continued)    
2,842  
Texas Instruments, Inc.

  $439,885
        3,425,668
    Software – 9.4%    
1,810  
Adobe, Inc. (a)

  498,112
1,091  
Intuit, Inc.

  422,566
22,682  
Microsoft Corp. (b)

  5,282,638
1,401  
Nice Ltd., ADR (a)

  263,724
6,086  
Oracle Corp.

  371,672
3,705  
salesforce.com, Inc. (a)

  532,927
8,797  
SAP SE, ADR

  714,756
816  
ServiceNow, Inc. (a)

  308,130
        8,394,525
    Specialty Retail – 2.2%    
11,839  
Buckle (The), Inc.

  374,823
2,695  
Home Depot (The), Inc. (b)

  743,658
1,431  
Lowe’s Cos., Inc.

  268,756
2,054  
Murphy USA, Inc.

  564,665
        1,951,902
    Technology Hardware, Storage & Peripherals – 7.1%    
46,018  
Apple, Inc. (b)

  6,359,688
    Textiles, Apparel & Luxury Goods – 0.5%    
4,807  
NIKE, Inc., Class B

  399,558
    Tobacco – 0.3%    
3,591  
Philip Morris International, Inc.

  298,089
    Trading Companies & Distributors – 1.0%    
1,574  
Veritiv Corp (a)

  153,890
3,024  
Watsco, Inc.

  778,559
        932,449
    Wireless Telecommunication Services – 0.4%    
2,536  
T-Mobile US, Inc. (a)

  340,255
   
Total Common Stocks

  84,968,473
    (Cost $93,396,209)    
REAL ESTATE INVESTMENT TRUSTS – 3.2%
    Equity Real Estate Investment Trusts – 3.2%    
1,829  
American Tower Corp.

  392,686
47,409  
Apartment Investment and Management Co., Class A

  346,086
8,943  
EPR Properties

  320,696
23,074  
Equity Commonwealth

  562,083
13,921  
Omega Healthcare Investors, Inc.

  410,530
1,986  
Prologis, Inc.

  201,778
20,550  
VICI Properties, Inc.

  613,417
   
Total Real Estate Investment Trusts

  2,847,276
    (Cost $3,255,596)    
Page 54
See Notes to Financial Statements

Table of Contents
First Trust BuyWrite Income ETF (FTHI)
Portfolio of Investments (Continued)
September 30, 2022
Units   Description   Value
MASTER LIMITED PARTNERSHIPS – 0.5%
    Oil, Gas & Consumable Fuels – 0.5%    
15,020  
Viper Energy Partners, L.P. (c)

  $430,473
    (Cost $446,751)    
   
Total Investments – 98.6%

  88,246,222
    (Cost $97,098,556)    
    
Number of Contracts   Description   Notional Amount   Exercise Price   Expiration Date   Value
CALL OPTIONS WRITTEN – (0.1)%
(16)  
S&P 500® Index

  $(5,736,992)   $3,950.00   10/21/22   (6,912)
(13)  
S&P 500® Index

  (4,661,306)   4,050.00   10/21/22   (2,041)
(50)  
S&P 500® Index

  (17,928,100)   4,100.00   10/21/22   (4,750)
(18)  
S&P 500® Index

  (6,454,116)   4,300.00   10/21/22   (360)
(38)  
S&P 500® Index

  (13,625,356)   4,325.00   10/21/22   (855)
(16)  
S&P 500® Index

  (5,736,992)   3,975.00   11/18/22   (29,008)
(23)  
S&P 500® Index

  (8,246,926)   4,000.00   11/18/22   (35,420)
   
Total Call Options Written

  (79,346)
    (Premiums received $1,911,411)                
 
Net Other Assets and Liabilities – 1.5%

  1,360,012
 
Net Assets – 100.0%

  $89,526,888
    
(a) Non-income producing security.
(b) All or a portion of this security is pledged to cover options written.
(c) This security is taxed as a “C” corporation for federal income tax purposes.
    
ADR American Depositary Receipt

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
ASSETS TABLE
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*

$84,968,473 $84,968,473 $ $
Real Estate Investment Trusts*

2,847,276 2,847,276
Master Limited Partnerships*

430,473 430,473
Total Investments

$88,246,222 $88,246,222 $ $
 
LIABILITIES TABLE
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Call Options Written

$(79,346) $(78,491) $(855) $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 55

Table of Contents
First Trust Nasdaq BuyWrite Income ETF (FTQI)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 97.6%
    Aerospace & Defense – 0.5%    
635  
AeroVironment, Inc. (a)

  $52,934
9,973  
Rocket Lab USA, Inc. (a)

  40,590
        93,524
    Auto Components – 0.2%    
5,059  
Luminar Technologies, Inc. (a)

  36,855
    Automobiles – 4.5%    
3,217  
Tesla, Inc. (a) (b)

  853,309
    Banks – 3.4%    
2,588  
ConnectOne Bancorp, Inc.

  59,679
690  
Independent Bank Group, Inc.

  42,359
2,184  
Lakeland Financial Corp.

  159,017
1,492  
Live Oak Bancshares, Inc.

  45,655
1,030  
Triumph Bancorp, Inc. (a)

  55,981
1,327  
UMB Financial Corp.

  111,853
4,540  
Valley National Bancorp

  49,032
2,080  
Veritex Holdings, Inc.

  55,307
1,154  
Zions Bancorp N.A.

  58,693
        637,576
    Beverages – 2.4%    
899  
Coca-Cola (The) Co.

  50,362
2,431  
PepsiCo, Inc. (b)

  396,885
        447,247
    Biotechnology – 3.7%    
2,351  
Ascendis Pharma A.S., ADR (a)

  242,764
4,410  
Avidity Biosciences, Inc. (a)

  72,015
1,805  
Legend Biotech Corp., ADR (a)

  73,644
2,435  
Prometheus Biosciences, Inc. (a)

  143,690
5,056  
Relay Therapeutics, Inc. (a)

  113,103
2,285  
Xencor, Inc. (a)

  59,364
        704,580
    Capital Markets – 5.1%    
37,754  
BGC Partners, Inc., Class A

  118,547
1,129  
Coinbase Global, Inc., Class A (a)

  72,809
877  
MarketAxess Holdings, Inc.

  195,124
928  
Morningstar, Inc.

  197,033
2,103  
Northern Trust Corp.

  179,933
19,113  
Perella Weinberg Partners

  120,985
3,825  
Victory Capital Holdings, Inc., Class A

  89,161
        973,592
    Communications Equipment – 1.5%    
6,998  
Cisco Systems, Inc. (b)

  279,920
    Consumer Finance – 0.3%    
13,521  
SoFi Technologies, Inc. (a)

  65,983
    Diversified Telecommunication Services – 0.3%    
1,387  
Anterix, Inc. (a)

  49,544
    Electric Utilities – 3.1%    
3,712  
Alliant Energy Corp. (b)

  196,699
2,727  
MGE Energy, Inc. (b)

  178,973
Page 56
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq BuyWrite Income ETF (FTQI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Electric Utilities (Continued)    
3,401  
Otter Tail Corp. (b)

  $209,229
        584,901
    Electrical Equipment – 0.5%    
4,932  
Enovix Corp. (a)

  90,428
    Financial Services – 1.2%    
23,126  
FTAC Hera Acquisition Corp., Class A (a) (b)

  229,526
    Food & Staples Retailing – 2.2%    
884  
Costco Wholesale Corp. (b)

  417,487
    Health Care Equipment & Supplies – 1.6%    
440  
Insulet Corp. (a)

  100,936
4,242  
OrthoPediatrics Corp. (a)

  195,726
        296,662
    Health Care Providers & Services – 0.9%    
3,233  
Premier, Inc., Class A

  109,728
106  
UnitedHealth Group, Inc.

  53,534
        163,262
    Household Products – 1.4%    
5,248  
Central Garden & Pet Co., Class A (a)

  179,272
709  
Procter & Gamble (The) Co.

  89,511
        268,783
    Independent Power & Renewable Electricity Producers – 0.6%    
6,473  
Montauk Renewables, Inc. (a)

  112,889
    Interactive Media & Services – 6.8%    
4,152  
Alphabet, Inc., Class A (a) (b)

  397,139
4,155  
Alphabet, Inc., Class C (a) (b)

  399,503
3,196  
Kanzhun Ltd., ADR (a)

  53,948
3,239  
Meta Platforms, Inc., Class A (a) (b)

  439,468
        1,290,058
    Internet & Direct Marketing Retail – 4.2%    
6,948  
Amazon.com, Inc. (a) (b)

  785,124
    IT Services – 0.7%    
2,329  
GDS Holdings Ltd., ADR (a)

  41,130
165  
Mastercard, Inc., Class A

  46,916
272  
Visa, Inc., Class A

  48,321
        136,367
    Leisure Products – 0.3%    
3,861  
Clarus Corp.

  52,008
    Life Sciences Tools & Services – 0.5%    
194  
Danaher Corp.

  50,108
101  
Thermo Fisher Scientific, Inc.

  51,226
        101,334
    Machinery – 0.2%    
18,043  
Sarcos Technology and Robotics Corp. (a)

  40,055
    Media – 5.0%    
9,153  
Comcast Corp., Class A (b)

  268,457
See Notes to Financial Statements
Page 57

Table of Contents
First Trust Nasdaq BuyWrite Income ETF (FTQI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Media (Continued)    
6,993  
Fox Corp, Class B (b)

  $199,301
2,058  
Liberty Broadband Corp., Class A (a)

  153,527
1,976  
Liberty Broadband Corp., Class C (a)

  145,829
12,008  
News Corp., Class B

  185,163
        952,277
    Pharmaceuticals – 0.3%    
394  
Zoetis, Inc.

  58,426
    Real Estate Management & Development – 0.3%    
1,684  
Zillow Group, Inc., Class C (a)

  48,179
    Road & Rail – 0.7%    
3,782  
Werner Enterprises, Inc.

  142,203
    Semiconductors & Semiconductor Equipment – 10.7%    
2,914  
Advanced Micro Devices, Inc. (a) (b)

  184,631
717  
Broadcom, Inc. (b)

  318,355
1,915  
Canadian Solar, Inc. (a)

  71,334
9,550  
indie Semiconductor, Inc., Class A (a)

  69,906
7,581  
Intel Corp. (b)

  195,362
6,933  
Navitas Semiconductor Corp. (a)

  33,625
2,291  
Nova, Ltd. (a)

  195,422
3,842  
NVIDIA Corp. (b)

  466,381
1,908  
QUALCOMM, Inc. (b)

  215,566
1,741  
Texas Instruments, Inc. (b)

  269,472
        2,020,054
    Software – 16.2%    
6,467  
ACI Worldwide, Inc. (a)

  135,160
864  
Adobe, Inc. (a) (b)

  237,773
1,805  
Check Point Software Technologies Ltd. (a) (b)

  202,196
818  
Intuit, Inc.

  316,828
7,754  
Microsoft Corp. (b)

  1,805,907
273  
MicroStrategy, Inc., Class A (a)

  57,947
2,579  
Paycor HCM, Inc. (a)

  76,235
530  
Paylocity Holding Corp. (a)

  128,037
341  
salesforce.com, Inc. (a)

  49,050
122  
ServiceNow, Inc. (a)

  46,068
        3,055,201
    Specialty Retail – 0.2%    
7,544  
Brilliant Earth Group, Inc., Class A (a)

  43,227
    Technology Hardware, Storage & Peripherals – 12.1%    
16,504  
Apple, Inc. (b)

  2,280,853
    Textiles, Apparel & Luxury Goods – 0.2%    
502  
NIKE, Inc., Class B

  41,726
    Thrifts & Mortgage Finance – 1.2%    
10,096  
Enact Holdings, Inc. (b)

  223,828
    Trading Companies & Distributors – 1.0%    
4,180  
Rush Enterprises, Inc., Class A

  183,335
    Water Utilities – 1.0%    
2,494  
Middlesex Water Co. (b)

  192,537
Page 58
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq BuyWrite Income ETF (FTQI)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Wireless Telecommunication Services – 2.6%    
3,466  
Shenandoah Telecommunications Co.

  $58,991
2,293  
T-Mobile US, Inc. (a)

  307,652
10,692  
Vodafone Group PLC, ADR

  121,141
        487,784
   
Total Investments – 97.6%

  18,440,644
    (Cost $20,994,169)    
    
Number of Contracts   Description   Notional Amount   Exercise Price   Expiration Date   Value
CALL OPTIONS WRITTEN – (0.4)%
(2)  
Nasdaq-100 Index®

  $(2,194,244)   $11,500.00   10/21/22   (30,200)
(2)  
Nasdaq-100 Index®

  (2,194,244)   12,000.00   10/21/22   (9,460)
(2)  
Nasdaq-100 Index®

  (2,194,244)   12,500.00   10/21/22   (3,780)
(2)  
Nasdaq-100 Index®

  (2,194,244)   13,000.00   10/21/22   (612)
(2)  
Nasdaq-100 Index®

  (2,194,244)   13,250.00   10/21/22   (360)
(2)  
Nasdaq-100 Index®

  (2,194,244)   12,250.00   11/18/22   (22,260)
(1)  
Nasdaq-100 Index®

  (1,097,122)   12,500.00   11/18/22   (6,835)
   
Total Call Options Written

  (73,507)
    (Premiums received $454,504)                
 
Net Other Assets and Liabilities – 2.8%

  520,425
 
Net Assets – 100.0%

  $18,887,562
    
(a) Non-income producing security.
(b) All or a portion of this security is pledged to cover options written.
    
ADR American Depositary Receipt

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
ASSETS TABLE
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*

$18,440,644 $18,440,644 $ $
 
LIABILITIES TABLE
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Call Options Written

$(73,507) $(50,887) $(22,620) $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 59

Table of Contents
First Trust Rising Dividend Achievers ETF (RDVY)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.8%
    Banks – 11.7%    
4,626,764   Bank of America Corp.   $139,728,273
4,281,665   Citizens Financial Group, Inc.   147,118,009
1,348,355   JPMorgan Chase & Co.   140,903,097
8,918,932   KeyCorp   142,881,291
7,198,559   Regions Financial Corp.   144,475,079
3,441,546   US Bancorp   138,763,135
        853,868,884
    Capital Markets – 5.8%    
483,930   Goldman Sachs Group (The), Inc.   141,815,686
4,807,068   Jefferies Financial Group, Inc.   141,808,506
1,805,605   Morgan Stanley   142,660,851
        426,285,043
    Chemicals – 4.1%    
2,573,201   Corteva, Inc.   147,058,437
6,147,339   Huntsman Corp.   150,855,699
        297,914,136
    Communications Equipment – 2.0%    
3,645,831   Cisco Systems, Inc.   145,833,240
    Consumer Finance – 7.7%    
1,031,230   American Express Co.   139,123,239
1,552,580   Capital One Financial Corp.   143,101,299
1,564,368   Discover Financial Services   142,232,338
4,855,816   Synchrony Financial   136,885,453
        561,342,329
    Food Products – 2.1%    
1,862,277   Archer-Daniels-Midland Co.   149,820,185
    Health Care Providers &
Services – 6.2%
   
328,698   Elevance Health, Inc.   149,307,779
315,866   Humana, Inc.   153,255,025
302,971   UnitedHealth Group, Inc.   153,012,474
        455,575,278
    Household Durables – 2.1%    
4,010,823   PulteGroup, Inc.   150,405,862
    Insurance – 10.1%    
2,653,153   Aflac, Inc.   149,107,199
1,219,793   Allstate (The) Corp.   151,900,822
1,620,649   Cincinnati Financial Corp.   145,161,531
3,933,789   Fidelity National Financial, Inc.   142,403,162
1,717,431   Prudential Financial, Inc.   147,321,231
        735,893,945
    IT Services – 5.9%    
2,537,999   Cognizant Technology Solutions Corp., Class A   145,782,663
500,975   Mastercard, Inc., Class A   142,447,231
Shares   Description   Value
    IT Services (Continued)    
816,712   Visa, Inc., Class A   $145,088,887
        433,318,781
    Machinery – 4.1%    
747,503   Cummins, Inc.   152,124,336
732,686   Snap-on, Inc.   147,526,326
        299,650,662
    Media – 4.1%    
5,782,568   Interpublic Group of (The) Cos., Inc.   148,033,741
2,356,535   Omnicom Group, Inc.   148,673,793
        296,707,534
    Metals & Mining – 2.0%    
5,382,337   Freeport-McMoRan, Inc.   147,099,270
    Oil, Gas & Consumable Fuels – 3.9%    
1,299,844   EOG Resources, Inc.   145,231,570
659,115   Pioneer Natural Resources Co.   142,718,171
        287,949,741
    Paper & Forest Products – 2.1%    
3,005,826   Louisiana-Pacific Corp.   153,868,233
    Pharmaceuticals – 4.2%    
941,908   Johnson & Johnson   153,870,091
3,429,651   Pfizer, Inc.   150,081,528
        303,951,619
    Semiconductors &
Semiconductor Equipment – 13.8%
   
1,776,350   Applied Materials, Inc.   145,536,356
5,398,942   Intel Corp.   139,130,735
470,510   KLA Corp.   142,390,441
385,747   Lam Research Corp.   141,183,402
1,196,083   NVIDIA Corp.   145,192,515
1,263,461   QUALCOMM, Inc.   142,745,824
955,270   Texas Instruments, Inc.   147,856,691
        1,004,035,964
    Software – 2.1%    
645,012   Microsoft Corp.   150,223,295
    Specialty Retail – 3.8%    
2,173,535   Best Buy Co., Inc.   137,671,707
1,175,121   Williams-Sonoma, Inc.   138,488,010
        276,159,717
 
Page 60
See Notes to Financial Statements

Table of Contents
First Trust Rising Dividend Achievers ETF (RDVY)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Technology Hardware,
Storage & Peripherals – 2.0%
   
1,047,546   Apple, Inc.   $144,770,857
    Total Investments – 99.8%   7,274,674,575
    (Cost $8,974,782,477)    
    Net Other Assets and Liabilities – 0.2%   16,100,204
    Net Assets – 100.0%   $7,290,774,779

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $7,274,674,575 $7,274,674,575 $ $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 61

Table of Contents
First Trust Dorsey Wright Focus 5 ETF (FV)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
EXCHANGE-TRADED FUNDS – 99.8%
    Capital Markets (a) – 99.8%    
37,233,368   First Trust Energy AlphaDEX® Fund   $581,212,875
11,002,143   First Trust Industrials/Producer Durables AlphaDEX® Fund   505,548,471
8,230,205   First Trust Materials AlphaDEX® Fund   426,900,733
21,438,168   First Trust Nasdaq Food & Beverage ETF   532,524,093
22,047,884   First Trust Nasdaq Oil & Gas ETF   541,275,552
    Total Investments – 99.8%   2,587,461,724
    (Cost $2,786,423,151)    
    Net Other Assets and Liabilities – 0.2%   5,343,666
    Net Assets – 100.0%   $2,592,805,390
    
(a) Represents investments in affiliated funds.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds* $2,587,461,724 $2,587,461,724 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 62
See Notes to Financial Statements

Table of Contents
First Trust RBA American Industrial Renaissance® ETF (AIRR)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.9%
    Banks – 10.2%    
19,220   1st Source Corp.   $889,886
48,647   Associated Banc-Corp.   976,832
27,076   First Business Financial Services, Inc.   874,825
79,375   First Commonwealth Financial Corp.   1,019,175
47,134   First Financial Bancorp   993,585
21,695   First Financial Corp.   980,397
23,412   First Merchants Corp.   905,576
122,247   FNB Corp.   1,418,065
69,762   Fulton Financial Corp.   1,102,240
24,346   German American Bancorp, Inc.   869,396
23,905   Heartland Financial USA, Inc.   1,036,521
12,530   Lakeland Financial Corp.   912,309
26,307   Mercantile Bank Corp.   781,581
65,218   Old National Bancorp   1,074,140
7,018   Park National Corp.   873,601
37,100   Peoples Bancorp, Inc.   1,073,303
15,587   QCR Holdings, Inc.   794,002
10,550   Wintrust Financial Corp.   860,352
        17,435,786
    Commercial Services &
Supplies – 6.2%
   
123,368   Aris Water Solution, Inc., Class A   1,574,176
59,722   Clean Harbors, Inc. (a)   6,568,225
78,939   Heritage-Crystal Clean, Inc. (a)   2,334,226
        10,476,627
    Construction & Engineering – 43.2%    
333,806   APi Group Corp. (a)   4,429,606
113,394   Arcosa, Inc.   6,483,869
100,769   Argan, Inc.   3,241,739
60,187   Comfort Systems USA, Inc.   5,858,001
193,665   Construction Partners, Inc., Class A (a)   5,079,833
45,803   Dycom Industries, Inc. (a)   4,375,560
50,524   EMCOR Group, Inc.   5,834,511
203,029   Infrastructure and Energy Alternatives, Inc. (a)   2,749,013
71,624   MasTec, Inc. (a)   4,548,124
190,656   MDU Resources Group, Inc.   5,214,442
59,877   MYR Group, Inc. (a)   5,073,378
42,253   Northwest Pipe Co. (a)   1,187,309
43,950   NV5 Global, Inc. (a)   5,441,889
240,408   Primoris Services Corp.   3,906,630
39,961   Quanta Services, Inc.   5,090,632
165,865   Sterling Infrastructure, Inc. (a)   3,561,121
234,804   Tutor Perini Corp. (a)   1,296,118
        73,371,775
    Electrical Equipment – 10.5%    
102,089   Array Technologies, Inc. (a)   1,692,636
Shares   Description   Value
    Electrical
Equipment (Continued)
   
47,902   Atkore, Inc. (a)   $3,727,255
43,053   Encore Wire Corp.   4,974,343
27,586   Hubbell, Inc.   6,151,678
64,245   Shoals Technologies Group, Inc., Class A (a)   1,384,480
        17,930,392
    Machinery – 29.8%    
101,095   Astec Industries, Inc.   3,153,153
114,090   Blue Bird Corp. (a)   952,651
83,686   Douglas Dynamics, Inc.   2,344,882
155,087   Evoqua Water Technologies Corp. (a)   5,128,727
143,974   Federal Signal Corp.   5,373,110
438,854   Mueller Water Products, Inc., Class A   4,507,031
63,409   Oshkosh Corp.   4,457,019
92,844   Proto Labs, Inc. (a)   3,382,307
25,700   RBC Bearings, Inc. (a)   5,340,717
249,254   Shyft Group (The), Inc.   5,092,259
96,939   SPX Technologies, Inc. (a)   5,352,971
359,680   Wabash National Corp.   5,596,621
        50,681,448
    Total Investments – 99.9%   169,896,028
    (Cost $189,361,048)    
    Net Other Assets and Liabilities – 0.1%   88,189
    Net Assets – 100.0%   $169,984,217
    
(a) Non-income producing security.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $169,896,028 $169,896,028 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 63

Table of Contents
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 56.7%
    Banks – 8.8%    
15,394   Comerica, Inc.   $1,094,513
4,054   M&T Bank Corp.   714,801
58,053   Regions Financial Corp.   1,165,124
33,615   Synovus Financial Corp.   1,260,899
46,346   United Bankshares, Inc.   1,656,870
        5,892,207
    Biotechnology – 1.7%    
8,507   AbbVie, Inc.   1,141,725
    Chemicals – 3.6%    
9,121   Eastman Chemical Co.   648,047
23,610   LyondellBasell Industries N.V., Class A   1,777,361
        2,425,408
    Communications Equipment – 2.1%    
22,038   Cisco Systems, Inc.   881,520
20,665   Juniper Networks, Inc.   539,770
        1,421,290
    Containers & Packaging – 1.2%    
6,977   Packaging Corp. of America   783,447
    Electric Utilities – 4.6%    
45,613   FirstEnergy Corp.   1,687,681
35,700   NRG Energy, Inc.   1,366,239
        3,053,920
    Gas Utilities – 0.8%    
8,878   National Fuel Gas Co.   546,441
    Household Durables – 2.2%    
10,725   Whirlpool Corp.   1,445,837
    Insurance – 9.0%    
12,276   Axis Capital Holdings Ltd.   603,365
11,899   MetLife, Inc.   723,221
21,791   Principal Financial Group, Inc.   1,572,221
20,306   Prudential Financial, Inc.   1,741,849
36,358   Unum Group   1,410,690
        6,051,346
    Oil, Gas & Consumable Fuels – 15.6%    
40,292   DT Midstream, Inc.   2,090,752
19,389   Exxon Mobil Corp.   1,692,854
148,228   Kinder Morgan, Inc.   2,466,514
44,581   ONEOK, Inc.   2,284,330
68,151   Williams (The) Cos., Inc.   1,951,163
        10,485,613
    Pharmaceuticals – 1.7%    
25,923   Organon & Co.   606,598
Shares   Description   Value
    Pharmaceuticals (Continued)    
11,716   Pfizer, Inc.   $512,692
        1,119,290
    Semiconductors &
Semiconductor Equipment – 1.1%
   
1,606   Broadcom, Inc.   713,080
    Specialty Retail – 1.0%    
4,210   Advance Auto Parts, Inc.   658,191
    Technology Hardware,
Storage & Peripherals – 0.8%
   
22,863   HP, Inc.   569,746
    Textiles, Apparel & Luxury
Goods – 0.9%
   
21,969   Tapestry, Inc.   624,579
    Trading Companies &
Distributors – 1.6%
   
4,290   Watsco, Inc.   1,104,503
    Total Common Stocks   38,036,623
    (Cost $41,560,086)    
REAL ESTATE INVESTMENT TRUSTS – 42.7%
    Equity Real Estate Investment
Trusts – 30.1%
   
41,438   Apartment Income REIT Corp.   1,600,336
91,710   Brixmor Property Group, Inc.   1,693,884
5,168   Crown Castle, Inc.   747,034
37,147   CubeSmart   1,488,109
5,310   Extra Space Storage, Inc.   917,090
40,584   Iron Mountain, Inc.   1,784,479
75,980   Kimco Realty Corp.   1,398,792
22,361   Lamar Advertising Co., Class A   1,844,559
12,215   Life Storage, Inc.   1,352,933
17,753   Rayonier, Inc.   532,057
27,931   Regency Centers Corp.   1,504,084
61,721   Spirit Realty Capital, Inc.   2,231,831
20,193   Ventas, Inc.   811,153
59,850   VICI Properties, Inc.   1,786,523
7,448   Welltower, Inc.   479,055
        20,171,919
    Mortgage Real Estate
Investment Trusts – 12.6%
   
116,931   Blackstone Mortgage Trust, Inc., Class A   2,729,170
400,220   Rithm Capital Corp.   2,929,610
 
Page 64
See Notes to Financial Statements

Table of Contents
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Mortgage Real Estate
Investment Trusts (Continued)
   
153,673   Starwood Property Trust, Inc.   $2,799,922
        8,458,702
    Total Real Estate Investment Trusts   28,630,621
    (Cost $35,762,373)    
    Total Investments – 99.4%   66,667,244
    (Cost $77,322,459)    
    Net Other Assets and Liabilities – 0.6%   432,947
    Net Assets – 100.0%   $67,100,191

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $38,036,623 $38,036,623 $ $
Real Estate Investment Trusts* 28,630,621 28,630,621
Total Investments $66,667,244 $66,667,244 $ $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 65

Table of Contents
First Trust Dorsey Wright International Focus 5 ETF (IFV)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
EXCHANGE-TRADED FUNDS – 99.9%
    Capital Markets (a) – 99.9%    
1,148,699   First Trust BICK Index Fund   $27,247,140
788,140   First Trust Chindia ETF   27,506,086
1,455,665   First Trust Dow Jones Global Select Dividend Index Fund   26,988,029
691,061   First Trust India NIFTY 50 Equal Weight ETF   29,598,143
1,765,963   First Trust Latin America AlphaDEX® Fund   27,672,640
    Total Investments – 99.9%   139,012,038
    (Cost $161,210,119)    
    Net Other Assets and Liabilities – 0.1%   199,485
    Net Assets – 100.0%   $139,211,523
    
(a) Represents investments in affiliated funds.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds* $139,012,038 $139,012,038 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 66
See Notes to Financial Statements

Table of Contents
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
EXCHANGE-TRADED FUNDS – 100.0%
    Capital Markets (a) – 100.0%    
2,000,658   First Trust Energy AlphaDEX® Fund   $31,230,271
1,539,755   First Trust Enhanced Short Maturity ETF   91,338,267
591,177   First Trust Industrials/Producer Durables AlphaDEX® Fund   27,164,583
442,231   First Trust Materials AlphaDEX® Fund   22,938,522
1,151,936   First Trust Nasdaq Food & Beverage ETF   28,614,090
1,184,694   First Trust Nasdaq Oil & Gas ETF   29,084,238
    Total Investments – 100.0%   230,369,971
    (Cost $239,271,421)    
    Net Other Assets and Liabilities – 0.0%   109,700
    Net Assets – 100.0%   $230,479,671
    
(a) Represents investments in affiliated funds.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds* $230,369,971 $230,369,971 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 67

Table of Contents
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.7%
    Aerospace & Defense – 2.4%    
9,461   Airbus SE (a)   $815,542
5,747   Boeing (The) Co. (b)   695,847
2,161   Lockheed Martin Corp.   834,772
        2,346,161
    Automobiles – 3.2%    
12,487   Bayerische Motoren Werke AG (a)   846,338
58,627   Ford Motor Co.   656,622
16,547   Mercedes-Benz Group AG (a)   836,733
3,135   Tesla, Inc. (b)   831,559
        3,171,252
    Banks – 24.5%    
58,778   Australia & New Zealand Banking Group Ltd. (a)   860,440
92,726   Axis Bank Ltd. (a)   829,104
196,954   Banco Bilbao Vizcaya Argentaria S.A. (a)   883,505
371,725   Banco Santander S.A. (a)   864,967
26,174   Bank of America Corp.   790,455
2,636,718   Bank of China Ltd., Class H (a)   861,140
1,618,151   Bank of Communications Co., Ltd., Class H (a)   853,051
474,803   Barclays PLC (a)   755,476
19,201   BNP Paribas S.A. (a)   811,036
270,920   BOC Hong Kong Holdings Ltd. (a)   901,003
3,323,803   China CITIC Bank Corp., Ltd., Class H (a)   1,319,034
187,413   China Merchants Bank Co., Ltd., Class H (a)   867,321
18,175   Citigroup, Inc.   757,352
38,700   DBS Group Holdings Ltd. (a)   895,261
181,048   First Abu Dhabi Bank PJSC (a)   878,167
14,083   HDFC Bank, Ltd., ADR   822,729
150,220   HSBC Holdings PLC (a)   777,818
61,676   ICICI Bank, Ltd., ADR   1,293,346
2,884,790   Industrial & Commercial Bank of China Ltd., Class H (a)   1,353,273
102,019   ING Groep N.V., ADR   867,162
7,647   JPMorgan Chase & Co.   799,112
37,462   Kotak Mahindra Bank Ltd. (a)   831,450
442,414   Lloyds Banking Group PLC, ADR   791,921
152,430   Nordea Bank Abp (a)   1,302,632
1,534,098   Postal Savings Bank of China Co., Ltd., Class H (a) (c) (d)   901,689
9,478   Royal Bank of Canada   853,353
447,328   Sberbank of Russia PJSC (a) (b) (e) (f)   537
63,581   Westpac Banking Corp. (a)   841,177
        24,563,511
Shares   Description   Value
    Capital Markets – 6.4%    
20,698   Bank of New York Mellon (The) Corp.   $797,287
4,491   CME Group, Inc.   795,491
5,366   Deutsche Boerse AG (a)   879,631
2,704   Goldman Sachs Group (The), Inc.   792,407
9,863   London Stock Exchange Group PLC (a)   832,919
933   Partners Group Holding AG (a)   750,864
2,470   S&P Global, Inc.   754,215
56,773   UBS Group AG (a)   823,661
        6,426,475
    Communications Equipment – 2.7%    
19,990   Cisco Systems, Inc.   799,600
181,390   Nokia Oyj, ADR   774,535
194,744   Telefonaktiebolaget LM Ericsson, Class B (a)   1,138,367
        2,712,502
    Diversified Telecommunication
Services – 6.2%
   
84,589   AT&T, Inc.   1,297,595
75,689   Deutsche Telekom AG (a)   1,288,353
223,051   Emirates Telecommunications Group Co., PJSC (a)   1,417,714
2,807   Swisscom AG (a)   1,314,353
21,950   Verizon Communications, Inc.   833,442
        6,151,457
    Electric Utilities – 1.6%    
84,697   Iberdrola S.A. (a)   789,730
9,676   Verbund AG (a)   826,112
        1,615,842
    Electronic Equipment,
Instruments & Components – 0.8%
   
2,194   Samsung SDI Co., Ltd. (a)   825,259
    Food & Staples Retailing – 1.7%    
18,754   Kroger (The) Co.   820,487
6,648   Walmart, Inc.   862,246
        1,682,733
    Household Durables – 0.8%    
12,225   Sony Group Corp., ADR   783,011
    Industrial Conglomerates – 2.1%    
7,553   Honeywell International, Inc.   1,261,124
8,833   Siemens AG (a)   863,363
        2,124,487
 
Page 68
See Notes to Financial Statements

Table of Contents
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Insurance – 4.9%    
98,861   AIA Group Ltd. (a)   $823,107
5,436   Allianz SE (a)   856,357
16,694   American International Group, Inc.   792,631
37,363   AXA S.A. (a)   815,743
13,573   MetLife, Inc.   824,967
157,902   Ping An Insurance Group Co. of China Ltd., Class H (a)   787,741
        4,900,546
    Interactive Media & Services – 2.0%    
10,441   Baidu, Inc., ADR (b)   1,226,713
23,540   Tencent Holdings Ltd. (a)   795,095
        2,021,808
    Internet & Direct Marketing
Retail – 3.7%
   
15,847   Alibaba Group Holding Ltd., ADR (b)   1,267,602
10,928   Amazon.com, Inc. (b)   1,234,864
23,678   JD.com, Inc., ADR   1,191,003
        3,693,469
    IT Services – 12.3%    
4,926   Accenture PLC, Class A   1,267,460
8,116   Capgemini SE (a)   1,299,376
22,044   Cognizant Technology Solutions Corp., Class A   1,266,208
76,555   Infosys Ltd., ADR   1,299,138
11,042   International Business Machines Corp.   1,311,900
4,298   Mastercard, Inc., Class A   1,222,093
14,750   PayPal Holdings, Inc. (b)   1,269,533
35,678   Tata Consultancy Services Ltd. (a)   1,307,559
4,519   Visa, Inc., Class A   802,800
276,523   Wipro Ltd., ADR   1,302,423
        12,348,490
    Marine – 1.2%    
655   AP Moller - Maersk A.S., Class B (a)   1,190,285
    Metals & Mining – 1.8%    
36,458   BHP Group Ltd. (a)   906,278
16,388   Rio Tinto PLC, ADR (g)   902,323
        1,808,601
    Multi-Utilities – 1.3%    
111,676   Engie S.A. (a)   1,285,378
    Oil, Gas & Consumable Fuels – 0.9%    
224,508   Gazprom PJSC, ADR (a) (b) (e) (f)   13,812
Shares   Description   Value
    Oil, Gas & Consumable
Fuels (Continued)
   
17,388   Shell PLC, ADR   $865,227
        879,039
    Pharmaceuticals – 1.3%    
8,951   Zoetis, Inc.   1,327,344
    Semiconductors &
Semiconductor Equipment – 7.3%
   
17,137   Advanced Micro Devices, Inc. (b)   1,085,800
57,648   Infineon Technologies AG (a)   1,261,571
46,132   Intel Corp.   1,188,822
25,611   Micron Technology, Inc.   1,283,111
10,140   NVIDIA Corp.   1,230,895
17,679   Taiwan Semiconductor Manufacturing Co., Ltd., ADR   1,212,072
        7,262,271
    Software – 7.2%    
5,487   Microsoft Corp.   1,277,922
19,002   Oracle Corp.   1,160,452
9,041   salesforce.com, Inc. (b)   1,300,458
16,670   SAP SE (a)   1,358,524
12,127   VMware, Inc., Class A   1,291,040
5,412   Workday, Inc., Class A (b)   823,815
        7,212,211
    Specialty Retail – 0.8%    
3,024   Home Depot (The), Inc.   834,443
    Technology Hardware,
Storage & Peripherals – 1.3%
   
35,228   Samsung Electronics Co., Ltd. (a)   1,293,546
    Wireless Telecommunication
Services – 1.3%
   
133,900   Softbank Corp. (a)   1,337,116
    Total Common Stocks   99,797,237
    (Cost $125,410,085)    
MONEY MARKET FUNDS – 0.8%
805,392   Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class - 2.77% (h) (i)   805,392
    (Cost $805,392)    
    Total Investments – 100.5%   100,602,629
    (Cost $126,215,477)    
    Net Other Assets and Liabilities – (0.5)%   (472,900)
    Net Assets – 100.0%   $100,129,729
    
 
See Notes to Financial Statements
Page 69

Table of Contents
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
Portfolio of Investments (Continued)
September 30, 2022
(a) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2022, securities noted as such are valued at $47,168,508 or 47.1% 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 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.
(b) Non-income producing security.
(c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(e) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor.
(f) This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements).
(g) All or a portion of this security is on loan (See Note 2G - Securities Lending in the Notes to Financial Statements). The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. The aggregate value of such securities is $517,564 and the total value of the collateral held by the Fund is $805,392.
(h) Rate shown reflects yield as of September 30, 2022.
(i) This security serves as collateral for securities on loan.
    
ADR American Depositary Receipt

Offsetting Assets and Liabilities

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2F – Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement  
Total gross amount presented on the Statements of Assets and Liabilities (1) $517,564
Non-cash Collateral (2) (517,564)
Net Amount $
    
(1) The amount presented on the Statements of Assets and Liabilities, which is included in “Investments, at value,” is not offset and is shown on a gross basis.
(2) At September 30, 2022, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
    
Currency Exposure
Diversification
% of Total
Investments
United States Dollar 52.3%
Euro 17.8
Hong Kong Dollar 9.4
Indian Rupee 2.9
Swiss Franc 2.9
Australian Dollar 2.6
British Pound Sterling 2.4
United Arab Emirates Dirham 2.3
South Korean Won 2.1
Japanese Yen 1.3
Danish Krone 1.2
Swedish Krona 1.1
Singapore Dollar 0.9
Canadian Dollar 0.8
Total 100.0%
 
Page 70
See Notes to Financial Statements

Table of Contents
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
Portfolio of Investments (Continued)
September 30, 2022

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Aerospace & Defense

$2,346,161 $1,530,619 $815,542 $
Automobiles

3,171,252 1,488,181 1,683,071
Banks

24,563,511 6,975,430 17,587,544 537
Capital Markets

6,426,475 3,139,400 3,287,075
Communications Equipment

2,712,502 1,574,135 1,138,367
Diversified Telecommunication Services

6,151,457 2,131,037 4,020,420
Food & Staples Retailing

1,682,733 1,682,733
Household Durables

783,011 783,011
Industrial Conglomerates

2,124,487 1,261,124 863,363
Insurance

4,900,546 1,617,598 3,282,948
Interactive Media & Services

2,021,808 1,226,713 795,095
Internet & Direct Marketing Retail

3,693,469 3,693,469
IT Services

12,348,490 9,741,555 2,606,935
Metals & Mining

1,808,601 902,323 906,278
Oil, Gas & Consumable Fuels

879,039 865,227 13,812
Pharmaceuticals

1,327,344 1,327,344
Semiconductors & Semiconductor Equipment

7,262,271 6,000,700 1,261,571
Software

7,212,211 5,853,687 1,358,524
Specialty Retail

834,443 834,443
Other industry categories*

7,547,426 7,547,426
Money Market Funds

805,392 805,392
Total Investments

$100,602,629 $53,434,121 $47,154,159 $14,349
    
* See Portfolio of Investments for industry breakout.
Level 3 Common Stocks are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. The Level 3 Common Stocks values are based on unobservable and non-quantitative inputs.
See Notes to Financial Statements
Page 71

Table of Contents
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.1%
    Aerospace & Defense – 6.4%    
43,040   AeroVironment, Inc. (a)   $3,587,814
17,843   Elbit Systems Ltd. (b)   3,378,271
1,439   Northrop Grumman Corp.   676,791
941,165   QinetiQ Group PLC (b)   3,434,514
        11,077,390
    Air Freight & Logistics – 0.3%    
15,495   GXO Logistics, Inc. (a)   543,255
    Auto Components – 6.8%    
7,360   Aptiv PLC (a)   575,626
11,898   Continental AG (b)   527,954
12,500   Denso Corp. (b)   571,540
139,812   Gentex Corp.   3,333,118
442,629   Luminar Technologies, Inc. (a) (c)   3,224,552
11,912   Magna International, Inc.   564,867
198,245   Valeo (b)   2,995,453
        11,793,110
    Automobiles – 0.7%    
34,539   NIO, Inc., ADR (a)   544,680
2,495   Tesla, Inc. (a)   661,799
        1,206,479
    Communications Equipment – 1.8%    
75,196   Ciena Corp. (a)   3,040,174
    Electrical Equipment – 3.5%    
48,199   ABB Ltd. (b)   1,244,471
8,413   Emerson Electric Co.   616,000
67,200   Mitsubishi Electric Corp. (b)   608,029
19,800   Nidec Corp. (b)   1,108,328
5,622   Rockwell Automation, Inc.   1,209,348
11,152   Schneider Electric SE (b)   1,259,627
        6,045,803
    Electronic Equipment,
Instruments & Components – 13.2%
   
31,631   Cognex Corp.   1,311,105
154,152   Delta Electronics, Inc. (b)   1,224,449
39,701   FARO Technologies, Inc. (a)   1,089,395
158,025   Halma PLC (b)   3,554,356
370,679   Hexagon AB, Class B (b)   3,461,821
3,500   Keyence Corp. (b)   1,156,962
33,500   National Instruments Corp.   1,264,290
25,000   Omron Corp. (b)   1,145,432
278,700   Topcon Corp. (b)   3,108,210
60,323   Trimble, Inc. (a)   3,273,729
75,500   Yokogawa Electric Corp. (b)   1,189,439
4,416   Zebra Technologies Corp., Class A (a)   1,157,036
        22,936,224
Shares   Description   Value
    Entertainment – 0.4%    
50,000   DeNA Co., Ltd. (b)   $633,533
    Food & Staples Retailing – 0.2%    
81,403   Ocado Group PLC (a) (b)   422,439
    Health Care Equipment &
Supplies – 1.8%
   
6,474   Intuitive Surgical, Inc. (a)   1,213,487
7,822   Medtronic PLC   631,626
6,723   Omnicell, Inc. (a)   585,103
3,351   Stryker Corp.   678,711
        3,108,927
    Health Care Technology – 0.3%    
22,140   Teladoc Health, Inc. (a)   561,249
    Household Durables – 0.3%    
8,600   Sony Group Corp. (b)   553,964
    Industrial Conglomerates – 0.4%    
6,766   Siemens AG (b)   661,328
    Interactive Media & Services – 1.6%    
6,354   Alphabet, Inc., Class A (a)   607,760
4,777   Baidu, Inc., ADR (a)   561,250
12,531   Kakao Corp. (b)   493,088
3,832   NAVER Corp. (b)   510,484
16,506   Tencent Holdings Ltd. (b)   557,512
        2,730,094
    Internet & Direct Marketing
Retail – 1.0%
   
7,208   Alibaba Group Holding Ltd., ADR (a)   576,568
5,424   Amazon.com, Inc. (a)   612,912
10,831   JD.com, Inc., ADR   544,799
        1,734,279
    IT Services – 2.8%    
7,617   Akamai Technologies, Inc. (a)   611,797
375,127   Atos SE (a) (b)   2,965,514
6,809   Endava PLC, ADR (a)   549,010
5,354   International Business Machines Corp.   636,109
        4,762,430
    Life Sciences Tools &
Services – 2.8%
   
18,922   Illumina, Inc. (a)   3,610,129
3,601   Tecan Group AG (b)   1,235,302
        4,845,431
    Machinery – 11.1%    
131,488   3D Systems Corp. (a)   1,049,274
 
Page 72
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Machinery (Continued)    
28,809   ANDRITZ AG (b)   $1,219,191
43,479   ATS Automation Tooling Systems, Inc. (a)   1,147,605
2,868,579   AutoStore Holdings Ltd. (a) (b) (d) (e)   3,149,995
39,005   Cargotec OYJ, Class B (b)   1,178,033
22,500   Daifuku Co., Ltd. (b)   1,058,334
1,883   Deere & Co.   628,715
60,320   Duerr AG (b)   1,254,283
8,200   FANUC Corp. (b)   1,151,398
12,899   John Bean Technologies Corp.   1,109,314
35,100   Kawasaki Heavy Industries, Ltd. (b)   532,400
34,687   Proto Labs, Inc. (a)   1,263,647
43,348   SFA Engineering Corp. (b)   1,141,264
60,100   Shibaura Machine Co., Ltd. (b)   1,196,055
52,357   Valmet Oyj (b)   1,058,461
40,300   Yaskawa Electric Corp. (b)   1,159,758
        19,297,727
    Pharmaceuticals – 0.4%    
4,262   Johnson & Johnson   696,240
    Road & Rail – 0.4%    
95,643   TuSimple Holdings, Inc., Class A (a) (c)   726,887
    Semiconductors &
Semiconductor Equipment – 7.8%
   
8,103   Advanced Micro Devices, Inc. (a)   513,406
56,209   Ambarella, Inc. (a)   3,157,822
21,544   Intel Corp.   555,189
3,870   KLA Corp.   1,171,178
23,562   Micron Technology, Inc.   1,180,456
8,825   NVIDIA Corp.   1,071,267
8,093   NXP Semiconductors N.V.   1,193,798
10,070   QUALCOMM, Inc.   1,137,709
139,500   Renesas Electronics Corp. (a) (b)   1,169,462
15,981   Taiwan Semiconductor Manufacturing Co., Ltd., ADR   1,095,657
15,737   Teradyne, Inc.   1,182,636
        13,428,580
    Software – 34.1%    
15,366   ANSYS, Inc. (a)   3,406,642
81,353   Appian Corp., Class A (a)   3,321,643
3,409   Autodesk, Inc. (a)   636,801
117,108   AVEVA Group PLC (b)   4,040,490
642,334   BlackBerry Ltd. (a)   3,018,970
2,056,010   BrainChip Holdings Ltd. (a) (b) (c)   1,123,014
211,970   C3.ai, Inc., Class A (a)   2,649,625
21,957   Cadence Design Systems, Inc. (a)   3,588,432
Shares   Description   Value
    Software (Continued)    
98,364   Dassault Systemes SE (b)   $3,396,024
99,934   Dynatrace, Inc. (a)   3,478,703
2,630   Microsoft Corp.   612,527
16,820   Netcompany Group A.S. (a) (b) (d) (e)   562,349
17,882   Nice Ltd., ADR (a)   3,366,108
20,557   Palo Alto Networks, Inc. (a)   3,367,031
104,219   Pegasystems, Inc.   3,349,599
261,200   PKSHA Technology, Inc. (a) (b) (c)   3,397,785
182,996   PROS Holdings, Inc. (a)   4,520,001
5,986   PTC, Inc. (a)   626,136
8,779   ServiceNow, Inc. (a)   3,315,038
11,027   Synopsys, Inc. (a)   3,368,859
231,943   UiPath, Inc., Class A (a)   2,924,801
181,221   Veritone, Inc. (a) (c)   1,020,274
        59,090,852
    Technology Hardware,
Storage & Peripherals – 0.7%
   
15,407   Samsung Electronics Co., Ltd. (b)   565,734
43,400   Seiko Epson Corp. (b)   592,603
        1,158,337
    Wireless Telecommunication
Services – 0.3%
   
17,100   SoftBank Group Corp. (b)   579,538
    Total Common Stocks   171,634,270
    (Cost $242,954,349)    
REAL ESTATE INVESTMENT TRUSTS – 0.3%
    Equity Real Estate Investment
Trusts – 0.3%
   
1,046   Equinix, Inc.   595,007
    (Cost $736,105)    
MONEY MARKET FUNDS – 3.6%
6,153,553   Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class - 2.77% (f) (g)   6,153,553
    (Cost $6,153,553)    
    Total Investments – 103.0%   178,382,830
    (Cost $249,844,007)    
    Net Other Assets and Liabilities – (3.0)%   (5,134,956)
    Net Assets – 100.0%   $173,247,874
    
(a) Non-income producing security.
 
See Notes to Financial Statements
Page 73

Table of Contents
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
Portfolio of Investments (Continued)
September 30, 2022
(b) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2022, securities noted as such are valued at $67,528,191 or 39.0% 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 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.
(c) All or a portion of this security is on loan (See Note 2G - Securities Lending in the Notes to Financial Statements). The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. The aggregate value of such securities is $5,825,907 and the total value of the collateral held by the Fund is $6,153,553.
(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(e) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(f) Rate shown reflects yield as of September 30, 2022.
(g) This security serves as collateral for securities on loan.
    
ADR American Depositary Receipt

Offsetting Assets and Liabilities

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2F – Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement  
Total gross amount presented on the Statements of Assets and Liabilities (1) $5,825,907
Non-cash Collateral (2) (5,825,907)
Net Amount $
    
(1) The amount presented on the Statements of Assets and Liabilities, which is included in “Investments, at value,” is not offset and is shown on a gross basis.
(2) At September 30, 2022, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
    
Currency Exposure
Diversification
% of Total
Investments
United States Dollar 61.5%
Japanese Yen 11.7
Euro 9.3
British Pound Sterling 6.4
Swedish Krona 1.9
Israeli Shekel 1.9
Norwegian Krone 1.8
South Korean Won 1.5
Swiss Franc 1.4
New Taiwan Dollar 0.7
Canadian Dollar 0.7
Australian Dollar 0.6
Danish Krone 0.3
Hong Kong Dollar 0.3
Total 100.0%
 
Page 74
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
Portfolio of Investments (Continued)
September 30, 2022

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Aerospace & Defense

$11,077,390 $4,264,605 $6,812,785 $
Auto Components

11,793,110 7,698,163 4,094,947
Electrical Equipment

6,045,803 1,825,348 4,220,455
Electronic Equipment, Instruments & Components

22,936,224 8,095,555 14,840,669
Entertainment

633,533 633,533
Food & Staples Retailing

422,439 422,439
Household Durables

553,964 553,964
Industrial Conglomerates

661,328 661,328
Interactive Media & Services

2,730,094 1,169,010 1,561,084
IT Services

4,762,430 1,796,916 2,965,514
Life Sciences Tools & Services

4,845,431 3,610,129 1,235,302
Machinery

19,297,727 5,198,555 14,099,172
Semiconductors & Semiconductor Equipment

13,428,580 12,259,118 1,169,462
Software

59,090,852 46,571,190 12,519,662
Technology Hardware, Storage & Peripherals

1,158,337 1,158,337
Wireless Telecommunication Services

579,538 579,538
Other industry categories*

11,617,490 11,617,490
Real Estate Investment Trusts*

595,007 595,007
Money Market Funds

6,153,553 6,153,553
Total Investments

$178,382,830 $110,854,639 $67,528,191 $
    
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 75

Table of Contents
First Trust International Developed Capital Strength ETF (FICS)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 98.2%
    Aerospace & Defense – 2.2%    
48,444   BAE Systems PLC (a)   $425,650
    Banks – 4.0%    
4,260   Bank of Montreal   373,373
6,491   Toronto-Dominion Bank (The)   398,101
        771,474
    Beverages – 4.3%    
9,354   Diageo PLC (a)   393,743
4,989   Heineken N.V. (a)   435,695
        829,438
    Biotechnology – 2.3%    
2,463   CSL Ltd. (a)   447,939
    Building Products – 1.8%    
808   Geberit AG (a)   346,461
    Capital Markets – 4.2%    
2,664   Deutsche Boerse AG (a)   436,701
27,900   Japan Exchange Group, Inc. (a)   377,070
        813,771
    Chemicals – 1.5%    
1,445   Sika AG (a)   290,433
    Commercial Services &
Supplies – 1.9%
   
70,120   Rentokil Initial PLC (a)   371,669
    Construction & Engineering – 1.5%    
23,124   Skanska AB, Class B (a)   287,796
    Diversified Financial Services – 1.7%    
22,190   Investor AB, Class B (a)   323,779
    Electrical Equipment – 3.9%    
15,528   ABB Ltd. (a)   400,924
5,481   Legrand S.A. (a)   354,397
        755,321
    Electronic Equipment,
Instruments & Components – 1.9%
   
7,900   Murata Manufacturing Co., Ltd. (a)   363,615
    Entertainment – 2.1%    
10,000   Nintendo Co., Ltd. (a)   403,343
    Food & Staples Retailing – 2.2%    
10,816   Alimentation Couche-Tard, Inc.   435,427
    Food Products – 6.0%    
205   Barry Callebaut AG (a)   386,428
4,386   Kerry Group PLC, Class A (a)   390,934
Shares   Description   Value
    Food Products (Continued)    
3,672   Nestle S.A. (a)   $397,154
        1,174,516
    Health Care Providers &
Services – 1.8%
   
18,365   Sonic Healthcare Ltd. (a)   358,213
    Hotels, Restaurants &
Leisure – 2.1%
   
19,683   Aristocrat Leisure Ltd. (a)   415,047
    Insurance – 6.4%    
3,344   Intact Financial Corp.   473,246
9,910   Sampo Oyj, Class A (a)   423,074
8,856   Sun Life Financial, Inc.   352,163
        1,248,483
    IT Services – 4.6%    
6,022   CGI, Inc. (b)   453,345
3,300   Obic Co., Ltd. (a)   442,509
        895,854
    Machinery – 3.8%    
9,644   Kone Oyj, Class B (a)   371,569
2,361   Schindler Holding AG (a)   366,426
        737,995
    Metals & Mining – 1.8%    
13,960   BHP Group Ltd. (a)   347,019
    Oil, Gas & Consumable Fuels – 1.8%    
7,354   Canadian Natural Resources Ltd.   342,319
    Personal Products – 4.5%    
1,240   L’Oreal S.A. (a)   396,480
10,812   Unilever PLC (a)   475,078
        871,558
    Pharmaceuticals – 9.5%    
14,324   Chugai Pharmaceutical Co., Ltd. (a)   357,858
20,481   GSK PLC (a)   295,801
5,219   Novartis AG (a)   397,881
4,121   Novo Nordisk A.S., Class B (a)   410,525
1,164   Roche Holding AG (a)   378,920
        1,840,985
    Professional Services – 10.4%    
17,735   Bureau Veritas S.A. (a)   396,866
178   SGS S.A. (a)   380,874
1,341   Teleperformance (a)   340,190
4,544   Thomson Reuters Corp.   466,456
4,528   Wolters Kluwer N.V. (a)   440,908
        2,025,294
    Road & Rail – 2.1%    
3,801   Canadian National Railway Co.   410,492
 
Page 76
See Notes to Financial Statements

Table of Contents
First Trust International Developed Capital Strength ETF (FICS)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Software – 4.0%    
280   Constellation Software, Inc.   $389,608
4,642   SAP SE (a)   378,301
        767,909
    Trading Companies &
Distributors – 3.9%
   
12,101   Bunzl PLC (a)   369,722
3,700   Ferguson PLC (a)   383,798
        753,520
    Total Common Stocks   19,055,320
    (Cost $24,532,035)    
REAL ESTATE INVESTMENT TRUSTS – 1.5%
    Equity Real Estate Investment
Trusts – 1.5%
   
28,790   Goodman Group (a)   290,975
    (Cost $474,227)    
    Total Investments – 99.7%   19,346,295
    (Cost $25,006,262)    
    Net Other Assets and Liabilities – 0.3%   49,574
    Net Assets – 100.0%   $19,395,869
    
(a) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2022, securities noted as such are valued at $15,251,765 or 78.6% 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 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.
(b) Non-income producing security.
    
Currency Exposure
Diversification
% of Total
Investments
Euro 22.6%
Canadian Dollar 21.2
Swiss Franc 17.3
British Pound Sterling 14.0
Japanese Yen 10.0
Australian Dollar 9.6
Swedish Krona 3.2
Danish Krone 2.1
Total 100.0%

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Banks $771,474 $771,474 $ $
Food & Staples Retailing 435,427 435,427
Insurance 1,248,483 825,409 423,074
IT Services 895,854 453,345 442,509
Oil, Gas & Consumable Fuels 342,319 342,319
Professional Services 2,025,294 466,456 1,558,838
Road & Rail 410,492 410,492
Software 767,909 389,608 378,301
Other industry categories* 12,158,068 12,158,068
Real Estate Investment Trusts* 290,975 290,975
Total Investments $19,346,295 $4,094,530 $15,251,765 $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 77

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities
September 30, 2022
  First Trust
NASDAQ
Technology
Dividend
Index
Fund
(TDIV)
  Multi-Asset
Diversified
Income
Index
Fund
(MDIV)
  First Trust
S&P
International
Dividend
Aristocrats
ETF
(FID)
  First Trust
BuyWrite
Income
ETF
(FTHI)
ASSETS:              
Investments, at value - Unaffiliated

$ 1,427,157,335   $ 350,713,624   $ 43,514,523   $ 88,246,222
Investments, at value - Affiliated

  91,828,017    
Total investments, at value

1,427,157,335   442,541,641   43,514,523   88,246,222
Cash

1,581,370   1,542,143   8,194   1,341,384
Foreign currency

    9,566   247
Due from authorized participant

     
Receivables:              
Dividends

2,308,990   2,222,561   258,424   71,210
Dividend reclaims

219,230     149,807   927
Fund shares sold

  1,441,353     918,369
Investment securities sold

  2,145,110   950,952  
Securities lending income

     
Miscellaneous

     
Total Assets

1,431,266,925   449,892,808   44,891,466   90,578,359
LIABILITIES:              
Options written, at value

      79,346
Due to custodian

     
Due to broker

      2,053
Due to authorized participant

     
Payables:              
Investment advisory fees

655,968   199,759   23,970   64,075
Deferred foreign capital gains tax

     
Fund shares redeemed

  2,162,029    
Investment securities purchased

  1,430,076   955,978   905,997
Collateral for securities on loan

     
Capital shares redeemed

     
Other liabilities

     
Total Liabilities

655,968   3,791,864   979,948   1,051,471
NET ASSETS

$1,430,610,957   $446,100,944   $43,911,518   $89,526,888
NET ASSETS consist of:              
Paid-in capital

$ 1,839,952,802   $ 723,079,576   $ 60,572,188   $ 117,073,821
Par value

328,050   309,500   32,000   48,742
Accumulated distributable earnings (loss)

(409,669,895)   (277,288,132)   (16,692,670)   (27,595,675)
NET ASSETS

$1,430,610,957   $446,100,944   $43,911,518   $89,526,888
NET ASSET VALUE, per share

$43.61   $14.41   $13.72   $18.37
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

32,805,000   30,950,002   3,200,002   4,874,201
Investments, at cost - Unaffiliated

$1,601,923,830   $373,784,707   $54,504,444   $97,098,556
Investments, at cost - Affiliated

$   $113,970,108   $   $
Total investments, at cost

$1,601,923,830   $487,754,815   $54,504,444   $97,098,556
Foreign currency, at cost (proceeds)

$   $   $9,633   $262
Securities on loan, at value

$   $   $   $
Premiums received on options written

$   $   $   $1,911,411
Page 78
See Notes to Financial Statements

Table of Contents
First Trust
Nasdaq
BuyWrite
Income
ETF
(FTQI)
  First Trust
Rising
Dividend
Achievers
ETF
(RDVY)
  First Trust
Dorsey
Wright
Focus 5
ETF
(FV)
  First Trust
RBA American
Industrial
Renaissance®
ETF
(AIRR)
  First Trust
Dorsey Wright
Momentum &
Dividend ETF
(DDIV)
                 
$ 18,440,644   $ 7,274,674,575   $   $ 169,896,028   $ 66,667,244
    2,587,461,724    
18,440,644   7,274,674,575   2,587,461,724   169,896,028   66,667,244
527,597   8,940,841   6,034,829   124,676   80,755
       
  25,287,100      
                 
4,429   10,494,847     72,005   385,827
883         3,077
       
  9,732,739      
       
       
18,973,553   7,329,130,102   2,593,496,553   170,092,709   67,136,903
                 
73,507        
       
321        
       
                 
12,163   3,316,055   691,163   108,492   36,712
       
  9,752,168      
       
       
  25,287,100      
       
85,991   38,355,323   691,163   108,492   36,712
$ 18,887,562   $ 7,290,774,779   $ 2,592,805,390   $ 169,984,217   $ 67,100,191
                 
$ 23,620,593   $ 9,221,052,680   $ 3,372,604,160   $ 225,214,721   $ 101,039,746
10,500   1,877,500   631,000   44,500   25,000
(4,743,531)   (1,932,155,401)   (780,429,770)   (55,275,004)   (33,964,555)
$ 18,887,562   $ 7,290,774,779   $ 2,592,805,390   $ 169,984,217   $ 67,100,191
$17.99   $38.83   $41.09   $38.20   $26.84
1,050,002   187,750,002   63,100,002   4,450,002   2,500,002
$20,994,169   $8,974,782,477   $   $189,361,048   $77,322,459
$   $   $2,786,423,151   $   $
$20,994,169   $8,974,782,477   $2,786,423,151   $189,361,048   $77,322,459
$   $   $   $   $
$   $   $   $   $
$454,504   $   $   $   $
See Notes to Financial Statements
Page 79

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities (Continued)
September 30, 2022
  First Trust
Dorsey
Wright
International
Focus 5
ETF
(IFV)
  First Trust
Dorsey
Wright
Dynamic
Focus 5
ETF
(FVC)
  First Trust
Indxx
Innovative
Transaction &
Process
ETF
(LEGR)
  First Trust
Nasdaq
Artificial
Intelligence
and Robotics
ETF
(ROBT)
  First Trust
International
Developed
Capital
Strength
ETF
(FICS)
ASSETS:                  
Investments, at value - Unaffiliated

$   $   $ 100,602,629   $ 178,382,830   $ 19,346,295
Investments, at value - Affiliated

139,012,038   230,369,971      
Total investments, at value

139,012,038   230,369,971   100,602,629   178,382,830   19,346,295
Cash

235,315   4,297   60,117   870,632  
Foreign currency

    36,745   416   5,388
Due from authorized participant

        28,787
Receivables:                  
Dividends

  169,373   92,541   152,271   30,802
Dividend reclaims

    184,928   82,380   49,001
Fund shares sold

1,597,638        
Investment securities sold

803,566         138,266
Securities lending income

    323   13,370  
Miscellaneous

    54,209    
Total Assets

141,648,557   230,543,641   101,031,492   179,501,899   19,598,539
LIABILITIES:                  
Options written, at value

       
Due to custodian

        24,121
Due to broker

       
Due to authorized participant

        138,225
Payables:                  
Investment advisory fees

36,938   58,040   59,045   100,472   11,537
Deferred foreign capital gains tax

    37,326    
Fund shares redeemed

804,660        
Investment securities purchased

1,595,436         28,787
Collateral for securities on loan

    805,392   6,153,553  
Capital shares redeemed

       
Other liabilities

  5,930      
Total Liabilities

2,437,034   63,970   901,763   6,254,025   202,670
NET ASSETS

$139,211,523   $230,479,671   $100,129,729   $173,247,874   $19,395,869
NET ASSETS consist of:                  
Paid-in capital

$ 306,241,995   $ 301,099,494   $ 132,003,549   $ 272,121,814   $ 26,252,388
Par value

86,500   69,000   33,000   51,500   7,500
Accumulated distributable earnings (loss)

(167,116,972)   (70,688,823)   (31,906,820)   (98,925,440)   (6,864,019)
NET ASSETS

$139,211,523   $230,479,671   $100,129,729   $173,247,874   $19,395,869
NET ASSET VALUE, per share

$16.09   $33.40   $30.34   $33.64   $25.86
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

8,650,002   6,900,002   3,300,002   5,150,002   750,002
Investments, at cost - Unaffiliated

$   $   $126,215,477   $249,844,007   $25,006,262
Investments, at cost - Affiliated

$161,210,119   $239,271,421   $   $   $
Total investments, at cost

$161,210,119   $239,271,421   $126,215,477   $249,844,007   $25,006,262
Foreign currency, at cost (proceeds)

$   $   $36,570   $427   $5,427
Securities on loan, at value

$   $   $517,564   $5,825,907   $
Premiums received on options written

$   $   $   $   $
Page 80
See Notes to Financial Statements

Table of Contents
This page intentionally left blank
Page 81

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations
For the Year Ended September 30, 2022
  First Trust
NASDAQ
Technology
Dividend
Index
Fund
(TDIV)
  Multi-Asset
Diversified
Income
Index
Fund
(MDIV)
  First Trust
S&P
International
Dividend
Aristocrats
ETF
(FID)
  First Trust
BuyWrite
Income
ETF
(FTHI)
INVESTMENT INCOME:              
Dividends - Unaffiliated

$ 48,868,615   $ 17,312,777   $ 2,766,603   $ 905,514
Dividends - Affiliated

   6,142,722    
Interest

 12,456    18,060     (16,095)
Securities lending income (net of fees)

     
Foreign withholding tax

(1,219,327)     (265,262)   (2,516)
Other

 35    146    7    171
Total investment income

47,661,779   23,473,705   2,501,348   887,074
EXPENSES:              
Investment advisory fees

 8,648,249    2,884,898    300,589    452,939
Total expenses

8,648,249   2,884,898   300,589   452,939
Fees waived by the investment advisor

  (555,573)    
Net expenses

8,648,249   2,329,325   300,589   452,939
NET INVESTMENT INCOME (LOSS)

39,013,530   21,144,380   2,200,759   434,135
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments - Unaffiliated

(87,205,732)   1,847,585   (601,968)   (697,701)
Investments - Affiliated

  (396,722)    
In-kind redemptions - Unaffiliated

164,552,666   8,223,204   237,748   485,068
In-kind redemptions - Affiliated

  (296,207)    
Purchased options contracts

     
Written options contracts

      1,445,968
Foreign currency transactions

    (43,377)  
Foreign capital gains tax

     
Net realized gain (loss)

 77,346,934    9,377,860   (407,597)    1,233,335
Net increase from payment by the advisor

     
Net change in unrealized appreciation (depreciation) on:              
Investments - Unaffiliated

(504,758,535)   (42,266,288)   (12,295,974)   (12,514,919)
Investments - Affiliated

  (20,775,057)    
Purchased options contracts

     
Written options contracts

      1,399,627
Foreign currency translation

    (20,053)   (15)
Deferred foreign capital gains tax

     
Net change in unrealized appreciation (depreciation)

(504,758,535)   (63,041,345)   (12,316,027)   (11,115,307)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(427,411,601)   (53,663,485)   (12,723,624)   (9,881,972)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(388,398,071)   $(32,519,105)   $(10,522,865)   $(9,447,837)
Page 82
See Notes to Financial Statements

Table of Contents
  First Trust
Nasdaq
BuyWrite
Income
ETF
(FTQI)
  First Trust
Rising
Dividend
Achievers
ETF
(RDVY)
  First Trust
Dorsey
Wright
Focus 5
ETF
(FV)
  First Trust
RBA American
Industrial
Renaissance®
ETF
(AIRR)
  First Trust
Dorsey Wright
Momentum &
Dividend ETF
(DDIV)
  First Trust
Dorsey
Wright
International
Focus 5
ETF
(IFV)
  First Trust
Dorsey
Wright
Dynamic
Focus 5
ETF
(FVC)
                           
  $136,921   $195,126,307   $   $1,729,346   $2,378,164   $   $
      36,928,638       6,445,800   2,730,563
  (1,879)   61,189   14,538   638   628   9,266   1,427
        689      
  (360)   (223,787)       (371)    
  213            
  134,895   194,963,709   36,943,176   1,730,673   2,378,421   6,455,066   2,731,990
                           
  102,409   41,526,958   8,462,120   1,505,524   396,179   600,666   675,196
  102,409   41,526,958   8,462,120   1,505,524   396,179   600,666   675,196
             
  102,409   41,526,958   8,462,120   1,505,524   396,179   600,666   675,196
  32,486   153,436,751   28,481,056   225,149   1,982,242   5,854,400   2,056,794
                           
                           
  (256,890)   (181,261,781)     (8,541,854)   (5,019,706)    
      (58,995,234)       (13,718,074)   929,491
  241,835   444,981,704     19,634,159   5,220,009    
      876,501,560       4,597,755   50,878,417
  (31,942)            
  575,553            
             
             
  528,556   263,719,923   817,506,326   11,092,305   200,303   (9,120,319)   51,807,908
             
                           
  (2,985,751)   (2,185,334,312)     (26,897,678)   (12,779,877)    
      (1,170,352,406)       (51,259,930)   (67,491,422)
  21,726            
  293,184            
             
             
  (2,670,841)   (2,185,334,312)   (1,170,352,406)   (26,897,678)   (12,779,877)   (51,259,930)   (67,491,422)
  (2,142,285)   (1,921,614,389)   (352,846,080)   (15,805,373)   (12,579,574)   (60,380,249)   (15,683,514)
  $(2,109,799)   $(1,768,177,638)   $(324,365,024)   $(15,580,224)   $(10,597,332)   $(54,525,849)   $(13,626,720)
See Notes to Financial Statements
Page 83

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations (Continued)
For the Year Ended September 30, 2022
  First Trust
Indxx
Innovative
Transaction &
Process
ETF
(LEGR)
  First Trust
Nasdaq
Artificial
Intelligence
and Robotics
ETF
(ROBT)
  First Trust
International
Developed
Capital
Strength
ETF
(FICS)
INVESTMENT INCOME:          
Dividends - Unaffiliated

$ 5,230,203   $ 1,747,398   $ 745,989
Dividends - Affiliated

   
Interest

 1,836    2,405  
Securities lending income (net of fees)

 29,683    367,496  
Foreign withholding tax

(393,285)   (157,060)   (74,200)
Other

 23    47    4
Total investment income

4,868,460   1,960,286   671,793
EXPENSES:          
Investment advisory fees

 882,398    1,549,330    167,713
Total expenses

882,398   1,549,330   167,713
Fees waived by the investment advisor

   
Net expenses

882,398   1,549,330   167,713
NET INVESTMENT INCOME (LOSS)

3,986,062   410,956   504,080
NET REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) on:          
Investments - Unaffiliated

(3,897,325)   (19,712,624)   (1,262,455)
Investments - Affiliated

   
In-kind redemptions - Unaffiliated

2,428,899   17,419,636   (723,956)
In-kind redemptions - Affiliated

   
Purchased options contracts

   
Written options contracts

   
Foreign currency transactions

(27,439)   261,082   6,334
Foreign capital gains tax

(28,832)    
Net realized gain (loss)

(1,524,697)   (2,031,906)   (1,980,077)
Net increase from payment by the advisor

   1,987  
Net change in unrealized appreciation (depreciation) on:          
Investments - Unaffiliated

(40,992,272)   (103,811,853)   (5,646,939)
Investments - Affiliated

   
Purchased options contracts

   
Written options contracts

   
Foreign currency translation

(21,740)   (13,102)   (4,897)
Deferred foreign capital gains tax

105,536    
Net change in unrealized appreciation (depreciation)

(40,908,476)   (103,824,955)   (5,651,836)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(42,433,173)   (105,854,874)   (7,631,913)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(38,447,111)   $(105,443,918)   $(7,127,833)
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Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets
  First Trust NASDAQ Technology
Dividend Index Fund (TDIV)
  Multi-Asset Diversified
Income Index Fund (MDIV)
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
OPERATIONS:              
Net investment income (loss)

$ 39,013,530   $ 30,828,737   $ 21,144,380   $ 14,299,976
Net realized gain (loss)

 77,346,934    266,500,553    9,377,860    36,831,045
Net increase from payment by the advisor

 —    —    —    —
Net change in unrealized appreciation (depreciation)

 (504,758,535)    71,094,267    (63,041,345)    60,843,085
Net increase (decrease) in net assets resulting from operations

(388,398,071)   368,423,557   (32,519,105)   111,974,106
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (37,869,712)    (29,861,800)    (28,972,326)    (18,794,700)
Return of capital

 —    —    (634,126)    (6,052,472)
Total distributions to shareholders

(37,869,712)   (29,861,800)   (29,606,452)   (24,847,172)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 585,823,081    784,387,981    136,630,172    9,259,907
Cost of shares redeemed

 (342,711,470)    (754,460,022)    (98,607,101)    (66,909,068)
Net increase (decrease) in net assets resulting from shareholder transactions

243,111,611   29,927,959   38,023,071   (57,649,161)
Total increase (decrease) in net assets

 (183,156,172)    368,489,716    (24,102,486)    29,477,773
NET ASSETS:              
Beginning of period

 1,613,767,129    1,245,277,413    470,203,430    440,725,657
End of period

$1,430,610,957   $1,613,767,129   $446,100,944   $470,203,430
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 28,605,000    28,405,000    28,750,002    32,600,002
Shares sold

 10,150,000    14,150,000    8,450,000    550,000
Shares redeemed

 (5,950,000)    (13,950,000)    (6,250,000)    (4,400,000)
Shares outstanding, end of period

32,805,000   28,605,000   30,950,002   28,750,002
Page 86
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Table of Contents
First Trust S&P International
Dividend Aristocrats ETF (FID)
  First Trust BuyWrite
Income ETF (FTHI)
  First Trust Nasdaq
BuyWrite Income ETF (FTQI)
Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
                     
$ 2,200,759   $ 1,333,244   $ 434,135   $ 709,991   $ 32,486   $ 82,731
 (407,597)    140,357    1,233,335    8,266,105    528,556    367,409
 —    —    —    —    —    —
 (12,316,027)    4,299,027    (11,115,307)    250,450    (2,670,841)    267,151
(10,522,865)   5,772,628   (9,447,837)   9,226,546   (2,109,799)   717,291
                     
 (2,134,072)    (1,317,871)    (4,161,738)    (2,535,233)    (627,504)    (228,251)
 —    —    —    —    (260,249)    —
(2,134,072)   (1,317,871)   (4,161,738)   (2,535,233)   (887,753)   (228,251)
                     
 17,543,449    19,294,526    58,793,688    18,094,504    15,486,123    7,205,917
 (3,114,320)    —    (2,232,301)    (37,943,500)    (3,127,943)    (2,974,588)
14,429,129   19,294,526   56,561,387   (19,848,996)   12,358,180   4,231,329
 1,772,192    23,749,283    42,951,812    (13,157,683)    9,360,628    4,720,369
                     
 42,139,326    18,390,043    46,575,076    59,732,759    9,526,934    4,806,565
$43,911,518   $42,139,326   $89,526,888   $46,575,076   $18,887,562   $9,526,934
                     
 2,400,002    1,300,002    2,174,201    3,124,201    450,002    250,002
 1,000,000    1,100,000    2,800,000    900,000    750,000    350,000
 (200,000)    —    (100,000)    (1,850,000)    (150,000)    (150,000)
3,200,002   2,400,002   4,874,201   2,174,201   1,050,002   450,002
See Notes to Financial Statements
Page 87

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets (Continued)
  First Trust Rising
Dividend Achievers ETF (RDVY)
  First Trust Dorsey
Wright Focus 5 ETF (FV)
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
OPERATIONS:              
Net investment income (loss)

$ 153,436,751   $ 47,447,030   $ 28,481,056   $ 899,652
Net realized gain (loss)

 263,719,923    284,110,410    817,506,326    406,561,570
Net increase from payment by the advisor

 —    —    —    —
Net change in unrealized appreciation (depreciation)

 (2,185,334,312)    428,357,284    (1,170,352,406)    276,499,831
Net increase (decrease) in net assets resulting from operations

(1,768,177,638)   759,914,724   (324,365,024)   683,961,053
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (140,979,372)    (44,959,526)    (27,189,651)    (1,159,345)
Return of capital

 —    —    —    —
Total distributions to shareholders

(140,979,372)   (44,959,526)   (27,189,651)   (1,159,345)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 5,962,228,272    5,044,833,796    2,838,226,345    650,797,839
Cost of shares redeemed

 (2,501,951,722)    (1,312,230,974)    (2,588,053,448)    (686,904,053)
Net increase (decrease) in net assets resulting from shareholder transactions

3,460,276,550   3,732,602,822   250,172,897   (36,106,214)
Total increase (decrease) in net assets

 1,551,119,540    4,447,558,020    (101,381,778)    646,695,494
NET ASSETS:              
Beginning of period

 5,739,655,239    1,292,097,219    2,694,187,168    2,047,491,674
End of period

$7,290,774,779   $5,739,655,239   $2,592,805,390   $2,694,187,168
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 120,900,002    39,550,002    58,850,002    60,050,002
Shares sold

 120,450,000    111,000,000    59,550,000    14,950,000
Shares redeemed

 (53,600,000)    (29,650,000)    (55,300,000)    (16,150,000)
Shares outstanding, end of period

187,750,002   120,900,002   63,100,002   58,850,002
Page 88
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Table of Contents
First Trust RBA American Industrial
Renaissance® ETF (AIRR)
  First Trust Dorsey Wright
Momentum & Dividend ETF (DDIV)
  First Trust Dorsey Wright
International Focus 5 ETF (IFV)
Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
                     
$ 225,149   $ 102,277   $ 1,982,242   $ 926,527   $ 5,854,400   $ 2,372,763
 11,092,305    22,206,086    200,303    12,028,581    (9,120,319)    39,219,683
 —    —    —    —    —    —
 (26,897,678)    9,760,455    (12,779,877)    (91,117)    (51,259,930)    6,817,205
(15,580,224)   32,068,818   (10,597,332)   12,863,991   (54,525,849)   48,409,651
                     
 (131,850)    (68,330)    (1,904,422)    (903,831)    (5,794,666)    (2,584,930)
 —    —    —    —    —    —
(131,850)   (68,330)   (1,904,422)   (903,831)   (5,794,666)   (2,584,930)
                     
 67,434,447    204,119,512    79,279,112    58,983,424    2,531,736    29,789,512
 (102,287,438)    (63,084,042)    (38,540,592)    (61,564,516)    (67,969,588)    (29,096,455)
(34,852,991)   141,035,470   40,738,520   (2,581,092)   (65,437,852)   693,057
 (50,565,065)    173,035,958    28,236,766    9,379,068    (125,758,367)    46,517,778
                     
 220,549,282    47,513,324    38,863,425    29,484,357    264,969,890    218,452,112
$169,984,217   $220,549,282   $67,100,191   $38,863,425   $139,211,523   $264,969,890
                     
 5,400,002    1,850,002    1,250,002    1,400,002    11,650,002    11,600,002
 1,550,000    5,150,000    2,400,000    2,050,000    150,000    1,350,000
 (2,500,000)    (1,600,000)    (1,150,000)    (2,200,000)    (3,150,000)    (1,300,000)
4,450,002   5,400,002   2,500,002   1,250,002   8,650,002   11,650,002
See Notes to Financial Statements
Page 89

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets (Continued)
  First Trust Dorsey Wright
Dynamic Focus 5 ETF (FVC)
  First Trust Indxx Innovative
Transaction & Process ETF (LEGR)
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
OPERATIONS:              
Net investment income (loss)

$ 2,056,794   $ 44,628   $ 3,986,062   $ 1,528,329
Net realized gain (loss)

 51,807,908    33,942,853    (1,524,697)    2,447,567
Net increase from payment by the advisor

 —    —    —    —
Net change in unrealized appreciation (depreciation)

 (67,491,422)    31,031,603    (40,908,476)    13,738,762
Net increase (decrease) in net assets resulting from operations

(13,626,720)   65,019,084   (38,447,111)   17,714,658
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (1,833,976)    (67,710)    (3,919,682)    (1,414,166)
Return of capital

 —    —    —    —
Total distributions to shareholders

(1,833,976)   (67,710)   (3,919,682)   (1,414,166)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 250,484,774    49,813,076    23,904,823    73,931,252
Cost of shares redeemed

 (217,153,179)    (125,909,677)    (13,920,351)    —
Net increase (decrease) in net assets resulting from shareholder transactions

33,331,595   (76,096,601)   9,984,472   73,931,252
Total increase (decrease) in net assets

 17,870,899    (11,145,227)    (32,382,321)    90,231,744
NET ASSETS:              
Beginning of period

 212,608,772    223,753,999    132,512,050    42,280,306
End of period

$230,479,671   $212,608,772   $100,129,729   $132,512,050
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 6,050,002    8,550,002    3,150,002    1,350,002
Shares sold

 6,900,000    1,500,000    550,000    1,800,000
Shares redeemed

 (6,050,000)    (4,000,000)    (400,000)    —
Shares outstanding, end of period

6,900,002   6,050,002   3,300,002   3,150,002
    
(a) Inception date is December 15, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
Page 90
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Table of Contents
First Trust Nasdaq Artificial
Intelligence and Robotics ETF (ROBT)
  First Trust International
Developed Capital Strength ETF (FICS)
Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Period
Ended
9/30/2021 (a)
             
$ 410,956   $ 225,235   $ 504,080   $ 43,782
 (2,031,906)    33,190,276    (1,980,077)    177,073
 1,987    —    —    —
 (103,824,955)    14,737,527    (5,651,836)    (13,221)
(105,443,918)   48,153,038   (7,127,833)   207,634
             
 (369,695)    (333,100)    (503,611)    (39,101)
 —    —    —    —
(369,695)   (333,100)   (503,611)   (39,101)
             
 64,515,646    178,221,700    31,655,094    11,708,531
 (51,946,180)    (80,098,259)    (14,840,804)    (1,664,041)
12,569,466   98,123,441   16,814,290   10,044,490
 (93,244,147)    145,943,379    9,182,846    10,213,023
             
 266,492,021    120,548,642    10,213,023    —
$ 173,247,874   $ 266,492,021   $ 19,395,869   $ 10,213,023
             
 5,000,002    3,100,002    300,002    —
 1,250,000    3,400,000    950,000    350,002
 (1,100,000)    (1,500,000)    (500,000)    (50,000)
5,150,002   5,000,002   750,002   300,002
See Notes to Financial Statements
Page 91

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights
For a share outstanding throughout each period
First Trust NASDAQ Technology Dividend Index Fund (TDIV)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 56.42   $ 43.84   $ 40.09   $ 38.38   $ 32.39
Income from investment operations:                  
Net investment income (loss)

1.24   1.10   0.93   0.97   0.96
Net realized and unrealized gain (loss)

(12.83)   12.55   3.77   1.71   5.90
Total from investment operations

(11.59)   13.65   4.70   2.68   6.86
Distributions paid to shareholders from:                  
Net investment income

(1.22)   (1.07)   (0.95)   (0.97)   (0.87)
Net asset value, end of period

$43.61   $56.42   $43.84   $40.09   $38.38
Total return (a)

(20.93)%   31.29%   11.91%   7.21%   21.37%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 1,430,611   $ 1,613,767   $ 1,245,277   $ 1,010,557   $ 948,172
Ratio of total expenses to average net assets

0.50%   0.50%   0.50%   0.50%   0.50%
Ratio of net investment income (loss) to average net assets

2.26%   2.08%   2.28%   2.59%   2.70%
Portfolio turnover rate (b)

36%   38%   49%   37%   27%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 92
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Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Multi-Asset Diversified Income Index Fund (MDIV)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 16.35   $ 13.52   $ 18.43   $ 18.54   $ 19.22
Income from investment operations:                  
Net investment income (loss)

0.72   0.49   0.57   0.83   0.87
Net realized and unrealized gain (loss)

(1.67)   3.18   (4.52)   0.18   (0.36)
Total from investment operations

(0.95)   3.67   (3.95)   1.01   0.51
Distributions paid to shareholders from:                  
Net investment income

(0.97)   (0.64)   (0.79)   (0.77)   (0.76)
Return of capital

(0.02)   (0.20)   (0.17)   (0.35)   (0.43)
Total distributions

(0.99)   (0.84)   (0.96)   (1.12)   (1.19)
Net asset value, end of period

$14.41   $16.35   $13.52   $18.43   $18.54
Total return (a)

(6.25)%   27.50%   (21.89)%   5.74%   2.82%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 446,101   $ 470,203   $ 440,726   $ 715,985   $ 683,960
Ratio of total expenses to average net assets (b)

0.60%   0.60%   0.60%   0.60%   0.60%
Ratio of net expenses to average net assets (b)

0.48%   0.48%   0.47%   0.48%   0.48%
Ratio of net investment income (loss) to average net assets

4.40%   3.03%   3.86%   4.58%   4.62%
Portfolio turnover rate (c)

85%   100%   106%   73%   84%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(b) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 93

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust S&P International Dividend Aristocrats ETF (FID)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 17.56   $ 14.15   $ 17.11   $ 17.19   $ 18.52
Income from investment operations:                  
Net investment income (loss)

0.71   0.62   0.64   0.63   0.85
Net realized and unrealized gain (loss)

(3.85)   3.43   (2.93)   (0.08)   (1.26)
Total from investment operations

(3.14)   4.05   (2.29)   0.55   (0.41)
Distributions paid to shareholders from:                  
Net investment income

(0.70)   (0.64)   (0.67)   (0.63)   (0.92)
Net asset value, end of period

$13.72   $17.56   $14.15   $17.11   $17.19
Total return (a)

(18.39)%   28.79%   (13.62)%   3.38%   (2.35)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 43,912   $ 42,139   $ 18,390   $ 19,678   $ 13,753
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.69%(b)
Ratio of net investment income (loss) to average net assets

4.39%   4.10%   4.03%   4.01%   4.70%
Portfolio turnover rate (c)

47%   57%   81%   44%   196%(d)
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) On August 30, 2018, the Fund reduced the annual management fee payable to First Trust, from 0.70% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The variation in the portfolio turnover rate is due to the change in the Fund’s underlying index effective August 30, 2018, which resulted in a complete rebalance of the Fund’s portfolio.
Page 94
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust BuyWrite Income ETF (FTHI)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 21.42   $ 19.12   $ 22.43   $ 23.28   $ 22.54
Income from investment operations:                  
Net investment income (loss)

0.17(a)   0.12   0.23   0.40   0.35
Net realized and unrealized gain (loss)

(1.64)   3.14   (2.58)   (0.29)   1.35
Total from investment operations

(1.47)   3.26   (2.35)   0.11   1.70
Distributions paid to shareholders from:                  
Net investment income

(1.58)   (0.96)   (0.23)   (0.86)   (0.96)
Return of capital

    (0.73)   (0.10)  
Total distributions

(1.58)   (0.96)   (0.96)   (0.96)   (0.96)
Net asset value, end of period

$18.37   $21.42   $19.12   $22.43   $23.28
Total return (b)

(7.60)%   17.31%   (10.63)%   0.72%   8.12%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 89,527   $ 46,575   $ 59,733   $ 80,155   $ 66,898
Ratio of total expenses to average net assets

0.85%   0.85%   0.85%   0.85%   0.85%
Ratio of net investment income (loss) to average net assets

0.81%   1.29%   1.10%   1.43%   1.34%
Portfolio turnover rate (c)

90%(d)   199%   210%   209%   239%
    
(a) Based on average shares outstanding.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The variation in the portfolio turnover rate is due to lower than expected portfolio rebalancing, which was impacted by high levels of equity volatility and a downtrend in the U.S. equity markets.
See Notes to Financial Statements
Page 95

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq BuyWrite Income ETF (FTQI)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 21.17   $ 19.23   $ 22.30   $ 22.92   $ 22.27
Income from investment operations:                  
Net investment income (loss)

0.06(a)   0.34   0.21   0.27   0.40
Net realized and unrealized gain (loss)

(1.83)   2.26   (2.62)   (0.23)   0.91
Total from investment operations

(1.77)   2.60   (2.41)   0.04   1.31
Distributions paid to shareholders from:                  
Net investment income

(0.99)   (0.66)   (0.21)   (0.58)   (0.66)
Return of capital

(0.42)     (0.45)   (0.08)  
Total distributions

(1.41)   (0.66)   (0.66)   (0.66)   (0.66)
Net asset value, end of period

$17.99   $21.17   $19.23   $22.30   $22.92
Total return (b)

(9.00)%   13.66%   (10.98)%   0.29%   5.95%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 18,888   $ 9,527   $ 4,807   $ 8,919   $ 13,751
Ratio of total expenses to average net assets

0.85%   0.85%   0.85%   0.85%   0.85%
Ratio of net investment income (loss) to average net assets

0.27%   1.16%   0.96%   1.40%   1.32%
Portfolio turnover rate (c)

107%(d)   182%   207%   205%   219%
    
(a) Based on average shares outstanding.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The variation in the portfolio turnover rate is due to the change in the Fund’s index and investment strategy effective May 11, 2022, which resulted in fewer portfolio transactions.
Page 96
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Rising Dividend Achievers ETF (RDVY)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 47.47   $ 32.67   $ 31.82   $ 31.54   $ 27.84
Income from investment operations:                  
Net investment income (loss)

0.82   0.59   0.58   0.54   0.41
Net realized and unrealized gain (loss)

(8.70)   14.79   0.86   0.27   3.68
Total from investment operations

(7.88)   15.38   1.44   0.81   4.09
Distributions paid to shareholders from:                  
Net investment income

(0.76)   (0.58)   (0.59)   (0.53)   (0.39)
Net asset value, end of period

$38.83   $47.47   $32.67   $31.82   $31.54
Total return (a)

(16.76)%   47.21%   4.61%   2.72%   14.78%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 7,290,775   $ 5,739,655   $ 1,292,097   $ 832,156   $ 690,709
Ratio of total expenses to average net assets

0.50%   0.50%   0.50%   0.50%   0.50%
Ratio of net investment income (loss) to average net assets

1.85%   1.43%   1.89%   1.85%   1.50%
Portfolio turnover rate (b)

59%   45%   62%   63%   40%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 97

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright Focus 5 ETF (FV)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 45.78   $ 34.10   $ 29.63   $ 30.93   $ 26.17
Income from investment operations:                  
Net investment income (loss)

0.46   0.02   0.09   0.11   0.09
Net realized and unrealized gain (loss)

(4.71)   11.68   4.49   (1.31)   4.83
Total from investment operations

(4.25)   11.70   4.58   (1.20)   4.92
Distributions paid to shareholders from:                  
Net investment income

(0.44)   (0.02)   (0.11)   (0.10)   (0.16)
Net asset value, end of period

$41.09   $45.78   $34.10   $29.63   $30.93
Total return (a)

(9.32)%   34.31%   15.50%   (3.92)%   18.91%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 2,592,805   $ 2,694,187   $ 2,047,492   $ 2,348,262   $ 2,858,225
Ratio of total expenses to average net assets (b)

0.30%   0.30%   0.30%   0.30%   0.30%
Ratio of net investment income (loss) to average net assets

1.01%   0.04%   0.30%   0.34%   0.30%
Portfolio turnover rate (c)

81%   20%   72%   65%   44%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 98
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust RBA American Industrial Renaissance® ETF (AIRR)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 40.84   $ 25.68   $ 26.76   $ 27.93   $ 26.04
Income from investment operations:                  
Net investment income (loss)

0.04   0.03   (0.03)   0.10(a)   0.09
Net realized and unrealized gain (loss)

(2.66)   15.16   (0.98)   (1.21)   1.88
Total from investment operations

(2.62)   15.19   (1.01)   (1.11)   1.97
Distributions paid to shareholders from:                  
Net investment income

(0.02)   (0.03)   (0.07)   (0.06)   (0.08)
Net asset value, end of period

$38.20   $40.84   $25.68   $26.76   $27.93
Total return (b)

(6.41)%   59.15%   (3.81)%   (3.95)%   7.56%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 169,984   $ 220,549   $ 47,513   $ 66,900   $ 195,500
Ratio of total expenses to average net assets

0.70%   0.70%   0.70%   0.70%   0.70%
Ratio of net investment income (loss) to average net assets

0.10%   0.07%   (0.18)%   0.40%   0.32%
Portfolio turnover rate (c)

37%   35%   45%   58%   35%
    
(a) Based on average shares outstanding.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 99

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 31.09   $ 21.06   $ 26.07   $ 25.15   $ 24.54
Income from investment operations:                  
Net investment income (loss)

0.88   0.73   0.68   0.78   0.65
Net realized and unrealized gain (loss)

(4.22)   10.01   (4.95)   0.86   0.59
Total from investment operations

(3.34)   10.74   (4.27)   1.64   1.24
Distributions paid to shareholders from:                  
Net investment income

(0.91)   (0.71)   (0.74)   (0.72)   (0.63)
Net asset value, end of period

$26.84   $31.09   $21.06   $26.07   $25.15
Total return (a)

(11.08)%   51.29%   (16.49)%   6.87%   5.10%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 67,100   $ 38,863   $ 29,484   $ 44,313   $ 37,727
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.69%(b)
Ratio of net investment income (loss) to average net assets

3.00%   2.54%   2.81%   3.50%   2.79%
Portfolio turnover rate (c)

172%   186%   193%   160%   297%(d)
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) On September 6, 2018, the Fund reduced the annual management fee payable to First Trust, from 0.70% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The variation in the portfolio turnover rate is due to the change in the Fund’s underlying index effective September 6, 2018, which resulted in a complete rebalance of the Fund’s portfolio.
Page 100
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright International Focus 5 ETF (IFV)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 22.74   $ 18.83   $ 19.07   $ 20.33   $ 21.35
Income from investment operations:                  
Net investment income (loss)

0.64   0.20   0.56   0.37   0.33
Net realized and unrealized gain (loss)

(6.66)   3.93   (0.23)   (1.26)   (0.93)
Total from investment operations

(6.02)   4.13   0.33   (0.89)   (0.60)
Distributions paid to shareholders from:                  
Net investment income

(0.63)   (0.22)   (0.57)   (0.35)   (0.42)
Return of capital

      (0.02)  
Total distributions

(0.63)   (0.22)   (0.57)   (0.37)   (0.42)
Net asset value, end of period

$16.09   $22.74   $18.83   $19.07   $20.33
Total return (a)

(26.89)%   21.91%   1.75%   (4.42)%   (2.91)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 139,212   $ 264,970   $ 218,452   $ 453,757   $ 774,665
Ratio of total expenses to average net assets (b)

0.30%   0.30%   0.30%   0.30%   0.30%
Ratio of net investment income (loss) to average net assets

2.92%   0.87%   3.19%   1.89%   1.57%
Portfolio turnover rate (c)

104%   66%   29%   42%   0%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 101

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)  
  Year Ended September 30, 
2022   2021   2020   2019   2018
Net asset value, beginning of period

$ 35.14   $ 26.17   $ 26.45   $ 28.80   $ 24.36
Income from investment operations:                  
Net investment income (loss)

0.31   0.01   0.13   0.22   0.08
Net realized and unrealized gain (loss)

(1.77)   8.97   (0.25)   (2.37)   4.51
Total from investment operations

(1.46)   8.98   (0.12)   (2.15)   4.59
Distributions paid to shareholders from:                  
Net investment income

(0.28)   (0.01)   (0.16)   (0.20)   (0.15)
Net asset value, end of period

$33.40   $35.14   $26.17   $26.45   $28.80
Total return (a)

(4.18)%   34.32%   (0.46)%   (7.46)%   18.91%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 230,480   $ 212,609   $ 223,754   $ 468,253   $ 620,537
Ratio of total expenses to average net assets (b)

0.30%   0.30%   0.30%   0.30%   0.30%
Ratio of net investment income (loss) to average net assets

0.91%   0.02%   0.54%   0.79%   0.32%
Portfolio turnover rate (c)

164%   20%   225%   90%   42%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 102
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Indxx Innovative Transaction & Process ETF (LEGR)  
  Year Ended September 30,    Period
Ended
9/30/2018 (a)
2022   2021   2020   2019  
Net asset value, beginning of period

$ 42.07   $ 31.32   $ 29.32   $ 30.31   $ 29.99
Income from investment operations:                  
Net investment income (loss)

1.15   0.61   0.35   0.59   0.26
Net realized and unrealized gain (loss)

(11.75)   10.70   2.02   (0.93)   0.29
Total from investment operations

(10.60)   11.31   2.37   (0.34)   0.55
Distributions paid to shareholders from:                  
Net investment income

(1.13)   (0.56)   (0.37)   (0.65)   (0.23)
Net asset value, end of period

$30.34   $42.07   $31.32   $29.32   $30.31
Total return (b)

(25.55)%   36.13%   8.13%   (1.08)%   1.87%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 100,130   $ 132,512   $ 42,280   $ 41,048   $ 50,017
Ratio of total expenses to average net assets

0.65%   0.65%   0.65%   0.65%   0.65%(c)
Ratio of net investment income (loss) to average net assets

2.94%   1.84%   1.12%   1.95%   1.63%(c)
Portfolio turnover rate (d)

23%   46%   25%   35%   53%
    
(a) Inception date is January 24, 2018, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Annualized.
(d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 103

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)  
  Year Ended September 30,    Period
Ended
9/30/2018 (a)
2022   2021   2020   2019  
Net asset value, beginning of period

$ 53.30   $ 38.89   $ 31.51   $ 32.23   $ 29.91
Income from investment operations:                  
Net investment income (loss)

0.08   0.05   0.04   0.17   0.12
Net realized and unrealized gain (loss)

(19.67)(b)   14.44   7.39   (0.75)   2.31
Total from investment operations

(19.59)   14.49   7.43   (0.58)   2.43
Distributions paid to shareholders from:                  
Net investment income

(0.07)   (0.08)   (0.05)   (0.14)   (0.11)
Net asset value, end of period

$33.64   $53.30   $38.89   $31.51   $32.23
Total return (c)

(36.76)%(b)   37.27%   23.60%   (1.81)%   8.15%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 173,248   $ 266,492   $ 120,549   $ 61,443   $ 32,226
Ratio of total expenses to average net assets

0.65%   0.65%   0.65%   0.65%   0.65%(d)
Ratio of net investment income (loss) to average net assets

0.17%   0.10%   0.15%   0.68%   0.62%(d)
Portfolio turnover rate (e)

36%   31%   34%   43%   67%
    
(a) Inception date is February 21, 2018, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) The Fund received a reimbursement from the advisor in the amount of $1,987 in connection with a trade error, which represents less than $0.01 per share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d) Annualized.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
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See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust International Developed Capital Strength ETF (FICS)  
  Year Ended
 
9/30/2022
  Period
Ended
9/30/2021 (a)
Net asset value, beginning of period

$ 34.04   $ 30.09
Income from investment operations:      
Net investment income (loss)

0.57   0.36
Net realized and unrealized gain (loss)

(8.16)   3.93
Total from investment operations

(7.59)   4.29
Distributions paid to shareholders from:      
Net investment income

(0.59)   (0.34)
Net asset value, end of period

$25.86   $34.04
Total return (b)

(22.50)%   14.25%
Ratios to average net assets/supplemental data:      
Net assets, end of period (in 000’s)

$ 19,396   $ 10,213
Ratio of total expenses to average net assets

0.70%   0.70%(c)
Ratio of net investment income (loss) to average net assets

2.10%   1.29%(c)
Portfolio turnover rate (d)

77%   23%
    
(a) Inception date is December 15, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Annualized.
(d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
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Table of Contents
Notes to Financial Statements
First Trust Exchange-Traded Fund VI
September 30, 2022
1. Organization
First Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on June 4, 2012, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Trust currently consists of thirty-three exchange-traded funds that are offering shares. This report covers the fourteen funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on The Nasdaq Stock Market LLC (“Nasdaq”).
First Trust NASDAQ Technology Dividend Index Fund – (ticker “TDIV”)
Multi-Asset Diversified Income Index Fund – (ticker “MDIV”)
First Trust S&P International Dividend Aristocrats ETF – (ticker “FID”)
First Trust BuyWrite Income ETF – (ticker “FTHI”)
First Trust Nasdaq BuyWrite Income ETF – (ticker “FTQI”)(1)
First Trust Rising Dividend Achievers ETF – (ticker “RDVY”)
First Trust Dorsey Wright Focus 5 ETF – (ticker “FV”)
First Trust RBA American Industrial Renaissance® ETF – (ticker “AIRR”)
First Trust Dorsey Wright Momentum & Dividend ETF – (ticker “DDIV”)
First Trust Dorsey Wright International Focus 5 ETF – (ticker “IFV”)
First Trust Dorsey Wright Dynamic Focus 5 ETF – (ticker “FVC”)
First Trust Indxx Innovative Transaction & Process ETF – (ticker “LEGR”)
First Trust Nasdaq Artificial Intelligence and Robotics ETF – (ticker “ROBT”)
First Trust International Developed Capital Strength ETF – (ticker “FICS”)
(1) Effective on May 11, 2022, First Trust Hedged BuyWrite Income ETF (Nasdaq ticker “FTLB”) changed its
name and ticker symbol to First Trust Nasdaq BuyWrite Income ETF (Nasdaq ticker “FTQI”).
Both TDIV and FICS operate as a non-diversified series of the Trust. Each of MDIV, FID, FTHI, FTQI, RDVY, FV, AIRR, DDIV, IFV, FVC, LEGR and ROBT operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund, except for FTHI and FTQI, seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
Fund Index
First Trust NASDAQ Technology Dividend Index Fund
Multi-Asset Diversified Income Index Fund
First Trust S&P International Dividend Aristocrats ETF
First Trust Rising Dividend Achievers ETF
First Trust Dorsey Wright Focus 5 ETF
First Trust RBA American Industrial Renaissance® ETF
First Trust Dorsey Wright Momentum & Dividend ETF
First Trust Dorsey Wright International Focus 5 ETF
First Trust Dorsey Wright Dynamic Focus 5 ETF
First Trust Indxx Innovative Transaction & Process ETF
First Trust Nasdaq Artificial Intelligence and Robotics ETF
First Trust International Developed Capital Strength ETF
Nasdaq Technology Dividend IndexTM
Nasdaq US Multi-Asset Diversified Income IndexSM
S&P International Dividend Aristocrats Index
Nasdaq US Rising Dividend AchieversTM Index
Dorsey Wright Focus FiveTM Index
Richard Bernstein Advisors American Industrial Renaissance® Index
Dorsey Wright Momentum Plus Dividend YieldTM Index
Dorsey Wright International Focus FiveTM Index
Dorsey Wright Dynamic Focus FiveTM Index
Indxx Blockchain Index
Nasdaq CTA Artificial Intelligence and Robotics IndexSM
The International Developed Capital Strength IndexSM
FTHI and FTQI are actively managed exchange-traded funds. The primary investment objective of FTHI is to provide current income. FTHI’s secondary investment objective is to provide capital appreciation. Under normal market conditions, FTHI pursues its investment objectives by investing primarily in equity securities listed on U.S. exchanges and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded covered call options on the Standard & Poor’s 500® Index (the “S&P 500”). The Fund employs an option strategy in which it writes U.S. exchange-traded covered call options on the S&P 500 in order to seek additional cash flow in the form of premiums on the options that may be distributed to shareholders on a monthly basis. A premium is the income received by an investor who sells or writes an option contract to another party. The market value of the option strategy may be up to 20% of the Fund’s overall NAV.
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
The investment objective of FTQI is to provide current income. Under normal market conditions, FTQI pursues its investment objective by investing primarily in equity securities listed on U.S. exchanges and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100 Index® (the “Nasdaq-100”). Under normal market conditions, FTQI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the components of the Nasdaq Composite Index. FTQI employs an option strategy in which it writes U.S. exchange-traded call options on the Nasdaq-100 in order to seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. In exchange for the premiums received in connection with its written U.S. exchange-traded call options on the Nasdaq-100, FTQI forfeits any upside potential of the Nasdaq-100 above the strike price of the written call options. It is expected that FTQI will distribute premiums to shareholders on a monthly basis. The premiums received from the sale of call options are expected to be FTQI’s primary source of income. Under normal market conditions, FTQI will seek to distribute the majority of the option premiums collected. FTQI does not target a specific income level, but seeks to provide investors with current income primarily from options premiums through writing calls with a notional value of 50-100% of FTQI’s assets.
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks, preferred stocks, master limited partnerships (“MLPs”), real estate investment trusts (“REITs”), exchange-traded funds, and other equity securities  listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
Shares of open-end funds are valued based on NAV per share.
Securities traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their last trade price.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.
U.S. Treasuries are fair valued on the basis of valuations provided by a third-party pricing service approved by the Trust’s Board of Trustees.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
1) the credit conditions in the relevant market and changes thereto;
2) the liquidity conditions in the relevant market and changes thereto;
3) the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
4) issuer-specific conditions (such as significant credit deterioration); and
5) any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
2) the type of security;
3) the size of the holding;
4) the initial cost of the security;
5) transactions in comparable securities;
6) price quotes from dealers and/or third-party pricing services;
7) relationships among various securities;
8) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
9) an analysis of the issuer’s financial statements;
10) the existence of merger proposals or tender offers that might affect the value of the security; and
11) other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
1) the value of similar foreign securities traded on other foreign markets;
2) ADR trading of similar securities;
3) closed-end fund or exchange-traded fund trading of similar securities;
4) foreign currency exchange activity;
5) the trading prices of financial products that are tied to baskets of foreign securities;
6) factors relating to the event that precipitated the pricing problem;
7) whether the event is likely to recur;
8) whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
9) other relevant factors.
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of September 30, 2022, is included with each Fund’s Portfolio of Investments.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.
Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.
B. Option Contracts
FTHI and FTQI are subject to equity price risk in the normal course of pursuing their investment objectives. FTHI may write (sell) U.S. exchange-traded covered call options on the S&P 500 and FTQI may write (sell) U.S. exchange-traded call options on the Nasdaq-100, to hedge against changes in the value of equities. Additionally, these two Funds seek to generate additional income, in the form of premiums received, from writing (selling) the options. FTHI may write (sell) covered call options or put options and FTQI may write (sell) call options (“options”) on all or a portion of the equity securities held in their respective portfolios and on securities indices in their respective portfolios as determined to be appropriate by the Advisor, consistent with their investment objectives. Options on securities indices are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security and are similar to options on single securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. FTHI will not write (sell) “naked” or uncovered options. When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in “Options written, at value” on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the underlying equity securities, changes in interest rates, changes in the
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options’ expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes.
Options written (sold) by FTHI and FTQI will either be exercised, expire, or be canceled pursuant to a closing transaction. If an index option written (sold) by either of these two Funds is exercised, the Fund would be obligated to deliver cash equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. If the price of the index is less than the option’s strike price, the index option will likely expire without being exercised. In the case of a stock option, if the price of the underlying equity security exceeds the option’s exercise price, it is likely that the option holder will exercise the option. In this case, the option premium received by the Fund will be added to the amount realized on the sale of the underlying security for purposes of determining gain or loss. If the price of the underlying equity security is less than the option’s strike price, the option will likely expire without being exercised. The option premium received by each Fund will, in this case, be treated as short-term capital gain on the expiration date of the option. Gain or loss on options is presented separately as “Net realized gain (loss) on written options contracts” on the Statements of Operations.
The index options that FTHI and FTQI write (sell) give the option holder the right, but not the obligation, to receive an amount of cash based on the difference between the closing level of the stock index and the exercise price on or prior to the option’s expiration date. The stock options that FTHI and FTQI write (sell) give the option holder the right, but not the obligation, to purchase securities from each Fund at the strike price on or prior to the option’s expiration date. The ability to successfully implement the writing (selling) of call, covered call, or put options depends on the ability of the Advisor to predict pertinent market movements, which cannot be assured. As the writer (seller) of a covered option, FTHI foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the option above the sum of the premium and the strike price of the option, but has retained the risk of loss should the price of the underlying security decline. The writer (seller) of an option has no control over the time when it may be required to fulfill its obligation as a writer (seller) of the option. Once an option writer (seller) has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security to the option holder at the exercise price.
C. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income is recorded daily on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Distributions received from a Fund’s investments in MLPs generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.
Distributions received from a Fund’s investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
D. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are included in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
E. Affiliated Transactions
MDIV, FV, IFV, and FVC invest in securities of affiliated funds. Each Fund’s investment performance and risks are related to the investment performance and risks of the affiliated funds.
Amounts relating to these investments in MDIV at September 30, 2022, and for the fiscal year then ended are:
Security Name Shares at
9/30/2022
Value at
9/30/2021
Purchases Sales Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
9/30/2022
Dividend
Income
First Trust Tactical High Yield ETF 2,396,347 $ 94,677,062 $ 40,940,458 $ (22,321,517) $ (20,775,057) $ (692,929) $ 91,828,017 $ 6,142,722
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
Amounts relating to these investments in FV at September 30, 2022, and for the fiscal year then ended are:
Security Name Shares at
9/30/2022
Value at
9/30/2021
  Purchases   Sales   Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value at
9/30/2022
  Dividend
Income
First Trust Consumer Discretionary AlphaDEX® Fund $552,125,467   $489,487,672   $ (977,311,520)   $ (184,912,166)   $120,610,547   $ —   $2,332,656
First Trust Energy AlphaDEX® Fund 37,233,368   726,588,423   (140,809,237)   (449,929)   (4,116,382)   581,212,875   9,631,857
First Trust Industrials/Producer Durables AlphaDEX® Fund 11,002,143 552,378,296   554,528,798   (474,853,062)   (122,819,764)   (3,685,797)   505,548,471   4,524,721
First Trust Materials AlphaDEX® Fund 8,230,205   756,865,736   (197,537,048)   (128,236,435)   (4,191,520)   426,900,733   5,632,668
First Trust Nasdaq Food & Beverage ETF 21,438,168   622,090,618   (18,971,846)   (69,879,781)   (714,898)   532,524,093   3,715,674
First Trust Nasdaq Oil & Gas ETF 22,047,884   1,123,919,311   (693,393,430)   76,138,600   34,611,071   541,275,552   9,808,801
First Trust Nasdaq Transportation ETF 513,660,400   362,824,428   (857,633,271)   (111,437,489)   92,585,932     1,240,830
First Trust NASDAQ-100-Technology Sector Index Fund 545,036,466   347,535,180   (816,886,894)   (340,249,141)   264,564,389     41,431
First Trust Technology AlphaDEX® Fund 528,789,844   126,483,451   (684,609,978)   (288,506,301)   317,842,984    
    $2,691,990,473   $5,110,323,617   $(4,862,006,286)   $(1,170,352,406)   $817,506,326   $2,587,461,724   $36,928,638
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
Amounts relating to these investments in IFV at September 30, 2022, and for the fiscal year then ended are:
Security Name Shares at
9/30/2022
Value at
9/30/2021
  Purchases   Sales   Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value at
9/30/2022
  Dividend
Income
First Trust BICK Index Fund 1,148,699 $ 52,406,007   $ 30,335,962   $ (54,810,146)   $ (9,225,736)   $ 8,541,053   $ 27,247,140   $ 48,538
First Trust Chindia ETF 788,140   32,950,175   (2,490,543)   (3,006,866)   53,320   27,506,086   46,949
First Trust Dow Jones Global Select Dividend Index Fund 1,455,665   41,756,094   (4,815,221)   (9,493,741)   (459,103)   26,988,029   1,272,651
First Trust Eurozone AlphaDEX® Fund   54,095,628   (48,158,214)     (5,937,414)     280,215
First Trust Germany AlphaDEX® Fund 52,146,239   1,776,695   (46,009,598)   (6,627,154)   (1,286,182)     146,489
First Trust India NIFTY 50 Equal Weight ETF 691,061 57,888,541   635,412   (23,785,798)   (7,879,085)   2,739,073   29,598,143   1,666,894
First Trust Latin America AlphaDEX® Fund 1,765,963   42,270,056   (6,550,570)   (7,315,963)   (730,883)   27,672,640   1,371,007
First Trust Switzerland AlphaDEX® Fund 50,668,510   1,607,980   (44,869,379)   (10,736,246)   3,329,135     240,132
First Trust United Kingdom AlphaDEX® Fund 51,626,570   4,221,806   (43,503,919)   3,024,861   (15,369,318)     1,372,925
    $264,735,867   $209,649,808   $(274,993,388)   $(51,259,930)   $(9,120,319)   $139,012,038   $6,445,800
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September 30, 2022
Amounts relating to these investments in FVC at September 30, 2022, and for the fiscal year then ended are:
Security Name Shares at
9/30/2022
Value at
9/30/2021
  Purchases   Sales   Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value at
9/30/2022
  Dividend
Income
First Trust Consumer Discretionary AlphaDEX® Fund $43,565,016   $37,286,547   $ (75,949,685)   $ (15,174,892)   $10,273,014   $ —   $178,597
First Trust Energy AlphaDEX® Fund 2,000,658   71,385,000   (40,927,478)   (94,476)   867,225   31,230,271   498,208
First Trust Enhanced Short Maturity ETF 1,539,755   157,866,525   (66,124,344)   (257,253)   (146,661)   91,338,267   681,203
First Trust Industrials/Producer Durables AlphaDEX® Fund 591,177 43,584,937   55,819,497   (64,677,952)   (7,174,983)   (386,916)   27,164,583   270,838
First Trust Materials AlphaDEX® Fund 442,231   71,268,328   (42,348,912)   (5,308,534)   (672,360)   22,938,522   287,735
First Trust Nasdaq Food & Beverage ETF 1,151,936   62,524,664   (29,924,196)   (2,899,246)   (1,087,132)   28,614,090   174,632
First Trust Nasdaq Oil & Gas ETF 1,184,694   99,553,465   (81,550,151)   3,002,389   8,078,535   29,084,238   540,837
First Trust Nasdaq Transportation ETF 40,529,967   26,751,967   (65,960,213)   (9,206,661)   7,884,940     95,330
First Trust NASDAQ-100-Technology Sector Index Fund 43,005,865   25,610,473   (62,900,115)   (14,879,858)   9,163,635     3,183
First Trust Technology AlphaDEX® Fund 41,724,071   9,483,887   (53,543,678)   (15,497,908)   17,833,628    
    $212,409,856   $617,550,353   $(583,906,724)   $(67,491,422)   $51,807,908   $230,369,971   $2,730,563
F. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
G. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the
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September 30, 2022
value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. Brown Brothers Harriman & Co. (“BBH”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. During the fiscal year ended September 30, 2022, AIRR, LEGR and ROBT participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BBH will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BBH.
H. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BBH on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended September 30, 2022, were received as collateral for lending securities. There were no repurchase agreements held by the Funds as of September 30, 2022.
I. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid monthly for MDIV, FTHI, and FTQI and quarterly for TDIV, FID, RDVY, FV, AIRR, DDIV, IFV, FVC, LEGR, ROBT and FICS or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense, and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended September 30, 2022, was as follows:
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First Trust Exchange-Traded Fund VI
September 30, 2022
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust NASDAQ Technology Dividend Index Fund

$ 37,869,712   $ —   $ —
Multi-Asset Diversified Income Index Fund

 28,972,326    —    634,126
First Trust S&P International Dividend Aristocrats ETF

 2,134,072    —    —
First Trust BuyWrite Income ETF

 4,161,738    —    —
First Trust Nasdaq BuyWrite Income ETF

 627,504    —    260,249
First Trust Rising Dividend Achievers ETF

 140,979,372    —    —
First Trust Dorsey Wright Focus 5 ETF

 27,189,651    —    —
First Trust RBA American Industrial Renaissance® ETF

 131,850    —    —
First Trust Dorsey Wright Momentum & Dividend ETF

 1,904,422    —    —
First Trust Dorsey Wright International Focus 5 ETF

 5,794,666    —    —
First Trust Dorsey Wright Dynamic Focus 5 ETF

 1,833,976    —    —
First Trust Indxx Innovative Transaction & Process ETF

 3,919,682    —    —
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 369,695    —    —
First Trust International Developed Capital Strength ETF

 503,611    —    —
The tax character of distributions paid by each Fund during the fiscal year ended September 30, 2021, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust NASDAQ Technology Dividend Index Fund

$ 29,861,800   $ —   $ —
Multi-Asset Diversified Income Index Fund

 18,794,700    —    6,052,472
First Trust S&P International Dividend Aristocrats ETF

 1,317,871    —    —
First Trust BuyWrite Income ETF

 2,535,233    —    —
First Trust Nasdaq BuyWrite Income ETF

 228,251    —    —
First Trust Rising Dividend Achievers ETF

 44,959,526    —    —
First Trust Dorsey Wright Focus 5 ETF

 1,159,345    —    —
First Trust RBA American Industrial Renaissance® ETF

 68,330    —    —
First Trust Dorsey Wright Momentum & Dividend ETF

 903,831    —    —
First Trust Dorsey Wright International Focus 5 ETF

 2,584,930    —    —
First Trust Dorsey Wright Dynamic Focus 5 ETF

 67,710    —    —
First Trust Indxx Innovative Transaction & Process ETF

 1,414,166    —    —
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 333,100    —    —
First Trust International Developed Capital Strength ETF

 39,101    —    —
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September 30, 2022
As of September 30, 2022, the components of distributable earnings on a tax basis for each Fund were as follows:
  Undistributed
Ordinary
Income
  Accumulated
Capital and
Other
Gain (Loss)
  Net
Unrealized
Appreciation
(Depreciation)
First Trust NASDAQ Technology Dividend Index Fund

$ 3,501,257   $ (208,783,575)   $ (204,387,577)
Multi-Asset Diversified Income Index Fund

 —    (226,942,167)    (50,345,965)
First Trust S&P International Dividend Aristocrats ETF

 164,542    (5,293,852)    (11,563,360)
First Trust BuyWrite Income ETF

 —    (18,375,410)    (9,220,265)
First Trust Nasdaq BuyWrite Income ETF

 —    (2,123,105)    (2,620,426)
First Trust Rising Dividend Achievers ETF

 15,703,375    (149,050,822)    (1,798,807,954)
First Trust Dorsey Wright Focus 5 ETF

 1,291,405    (579,723,679)    (201,997,496)
First Trust RBA American Industrial Renaissance® ETF

 142,573    (33,161,068)    (22,256,509)
First Trust Dorsey Wright Momentum & Dividend ETF

 221,298    (23,321,490)    (10,864,363)
First Trust Dorsey Wright International Focus 5 ETF

 81,382    (144,990,579)    (22,207,775)
First Trust Dorsey Wright Dynamic Focus 5 ETF

 222,818    (60,339,002)    (10,572,639)
First Trust Indxx Innovative Transaction & Process ETF

 115,148    (4,605,254)    (27,416,714)
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 319,975    (23,210,981)    (76,034,434)
First Trust International Developed Capital Strength ETF

 20,290    (1,161,324)    (5,722,985)
J. Income Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For all of the Funds, with the exception of FICS, taxable years ended 2019, 2020, 2021 and 2022 remain open to federal and state audit. The taxable years ended 2021 and 2022 remain open to federal and state audit for FICS. As of September 30, 2022, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Funds are subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At September 30, 2022, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the table below, to the extent provided by regulations, to offset future capital gains.
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September 30, 2022
  Non-Expiring
Capital Loss
Carryforward
First Trust NASDAQ Technology Dividend Index Fund

$ 208,783,575
Multi-Asset Diversified Income Index Fund

 226,942,167
First Trust S&P International Dividend Aristocrats ETF

 5,293,852
First Trust BuyWrite Income ETF

 18,375,410
First Trust Nasdaq BuyWrite Income ETF

 2,123,105
First Trust Rising Dividend Achievers ETF

 149,050,822
First Trust Dorsey Wright Focus 5 ETF

 579,723,679
First Trust RBA American Industrial Renaissance® ETF

 33,161,068
First Trust Dorsey Wright Momentum & Dividend ETF

 23,321,490
First Trust Dorsey Wright International Focus 5 ETF

 144,990,579
First Trust Dorsey Wright Dynamic Focus 5 ETF

 60,339,002
First Trust Indxx Innovative Transaction & Process ETF

 4,605,254
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 23,210,981
First Trust International Developed Capital Strength ETF

 1,161,324
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended September 30, 2022, the adjustments for each Fund were as follows:
  Accumulated
Net
Investment
Income (Loss)
  Accumulated
Net Realized
Gain (Loss)
on Investments
  Paid-in
Capital
First Trust NASDAQ Technology Dividend Index Fund

$ 242   $ (160,295,622)   $ 160,295,380
Multi-Asset Diversified Income Index Fund

 3,354,116    (6,332,597)    2,978,481
First Trust S&P International Dividend Aristocrats ETF

 (30,711)    (131,854)    162,565
First Trust BuyWrite Income ETF

 3,757,034    (497,007)    (3,260,027)
First Trust Nasdaq BuyWrite Income ETF

 595,956    (238,796)    (357,160)
First Trust Rising Dividend Achievers ETF

 —    (408,145,911)    408,145,911
First Trust Dorsey Wright Focus 5 ETF

 —    (871,252,353)    871,252,353
First Trust RBA American Industrial Renaissance® ETF

 —    (18,596,820)    18,596,820
First Trust Dorsey Wright Momentum & Dividend ETF

 —    (5,165,221)    5,165,221
First Trust Dorsey Wright International Focus 5 ETF

 —    (4,556,264)    4,556,264
First Trust Dorsey Wright Dynamic Focus 5 ETF

 —    (50,177,178)    50,177,178
First Trust Indxx Innovative Transaction & Process ETF

 (56,271)    (2,088,490)    2,144,761
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 305,363    (16,580,301)    16,274,938
First Trust International Developed Capital Strength ETF

 10,057    782,557    (792,614)
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First Trust Exchange-Traded Fund VI
September 30, 2022
As of September 30, 2022, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
  Tax Cost   Gross
Unrealized
Appreciation
  Gross
Unrealized
(Depreciation)
  Net Unrealized
Appreciation
(Depreciation)
First Trust NASDAQ Technology Dividend Index Fund

$ 1,631,544,912   $ 79,409,827   $ (283,797,404)   $ (204,387,577)
Multi-Asset Diversified Income Index Fund

 492,887,606    14,669,020    (65,014,985)    (50,345,965)
First Trust S&P International Dividend Aristocrats ETF

 55,057,084    594,676    (12,137,237)    (11,542,561)
First Trust BuyWrite Income ETF

 97,387,126    1,067,506    (10,287,756)    (9,220,250)
First Trust Nasdaq BuyWrite Income ETF

 20,987,563    182,297    (2,802,723)    (2,620,426)
First Trust Rising Dividend Achievers ETF

 9,073,482,529    85,689,108    (1,884,497,062)    (1,798,807,954)
First Trust Dorsey Wright Focus 5 ETF

 2,789,459,220    76,027,272    (278,024,768)    (201,997,496)
First Trust RBA American Industrial Renaissance® ETF

 192,152,537    8,747,973    (31,004,482)    (22,256,509)
First Trust Dorsey Wright Momentum & Dividend ETF

 77,531,607    499,783    (11,364,146)    (10,864,363)
First Trust Dorsey Wright International Focus 5 ETF

 161,219,813    538,507    (22,746,282)    (22,207,775)
First Trust Dorsey Wright Dynamic Focus 5 ETF

 240,942,610    2,891,695    (13,464,334)    (10,572,639)
First Trust Indxx Innovative Transaction & Process ETF

 128,015,310    1,775,980    (29,188,661)    (27,412,681)
First Trust Nasdaq Artificial Intelligence and Robotics ETF

 254,404,770    5,374,643    (81,396,583)    (76,021,940)
First Trust International Developed Capital Strength ETF

 25,064,190    13,128    (5,731,023)    (5,717,895)
K. Expenses
Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of advisory fees, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, pro rata share of fees and expenses attributable to investments in other investment companies (“acquired fund fees and expenses”), taxes, interest, and extraordinary expenses, which are paid by each respective Fund. See Note 3 relating to a reduction in MDIV’s annual unitary management fee. Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor.
First Trust has entered into licensing agreements with the following “Licensors” for the respective Funds:
Fund Licensor
First Trust NASDAQ Technology Dividend Index Fund Nasdaq, Inc.
Multi-Asset Diversified Income Index Fund Nasdaq, Inc.
First Trust S&P International Dividend Aristocrats ETF S&P Dow Jones Indices, LLC
First Trust Rising Dividend Achievers ETF Nasdaq, Inc.
First Trust Dorsey Wright Focus 5 ETF Dorsey, Wright & Associates, LLC
First Trust RBA American Industrial Renaissance® ETF Richard Bernstein Advisors LLC
First Trust Dorsey Wright Momentum & Dividend ETF Nasdaq, Inc.
First Trust Dorsey Wright International Focus 5 ETF Dorsey, Wright & Associates, LLC
First Trust Dorsey Wright Dynamic Focus 5 ETF Dorsey, Wright & Associates, LLC
First Trust Indxx Innovative Transaction & Process ETF Indxx Inc.
First Trust Nasdaq Artificial Intelligence and Robotics ETF Nasdaq, Inc.
First Trust International Developed Capital Strength ETF Nasdaq, Inc.
The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensor. The Funds are sub-licensees to the applicable license agreements.
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3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
Each Fund pays First Trust an annual unitary management fee based on each Fund’s average daily net assets at a rate set forth below:
  Rate
First Trust NASDAQ Technology Dividend Index Fund 0.50%
Multi-Asset Diversified Income Index Fund 0.60%
First Trust S&P International Dividend Aristocrats ETF 0.60%
First Trust BuyWrite Income ETF 0.85%
First Trust Nasdaq BuyWrite Income ETF 0.85%
First Trust Rising Dividend Achievers ETF 0.50%
First Trust Dorsey Wright Focus 5 ETF 0.30%
First Trust RBA American Industrial Renaissance® ETF 0.70%
First Trust Dorsey Wright Momentum & Dividend ETF 0.60%
First Trust Dorsey Wright International Focus 5 ETF 0.30%
First Trust Dorsey Wright Dynamic Focus 5 ETF 0.30%
First Trust Indxx Innovative Transaction & Process ETF 0.65%
First Trust Nasdaq Artificial Intelligence and Robotics ETF 0.65%
First Trust International Developed Capital Strength ETF 0.70%
In addition, MDIV, FV, IFV, and FVC incur pro rata share of fees and acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents each Fund’s total annual operating expenses.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, if applicable, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, distributions and service fees pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $9,250 per Fund, which is covered under the annual unitary management fee.
During the fiscal year ended September 30, 2022, ROBT received a payment from the Advisor of $1,987 in connection with a trade error.
Pursuant to a contractual agreement between the Trust, on behalf of MDIV, and First Trust, the management fees paid to First Trust will be reduced by the proportional amount of the management fees earned by MDIV on assets invested in other investment companies advised by First Trust. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust’s Board of Trustees or (ii) the termination of MDIV’s investment management agreement with First Trust; however, it is expected to remain in place at least until January 31, 2023. First Trust does not have the right to recover the waived fees on the shares of investment companies advised by First Trust. For the year ended September 30, 2022, MDIV waived $555,573 of management fees.
The Trust has multiple service agreements with Brown Brothers Harriman & Co. (“BBH”). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BBH is responsible for custody of each Fund’s assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in
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September 30, 2022
the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the fiscal year ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
  Purchases   Sales
First Trust NASDAQ Technology Dividend Index Fund $ 616,115,477   $ 612,999,941
Multi-Asset Diversified Income Index Fund  402,578,657    400,871,685
First Trust S&P International Dividend Aristocrats ETF  24,601,157    22,959,637
First Trust BuyWrite Income ETF  48,589,467    50,792,045
First Trust Nasdaq BuyWrite Income ETF  12,875,068    12,938,229
First Trust Rising Dividend Achievers ETF  4,790,829,622    4,780,696,286
First Trust Dorsey Wright Focus 5 ETF  2,272,871,425    2,281,398,606
First Trust RBA American Industrial Renaissance® ETF  79,611,672    79,011,781
First Trust Dorsey Wright Momentum & Dividend ETF  110,797,167    110,261,522
First Trust Dorsey Wright International Focus 5 ETF  207,120,095    207,042,064
First Trust Dorsey Wright Dynamic Focus 5 ETF  367,185,448    367,269,130
First Trust Indxx Innovative Transaction & Process ETF  32,029,319    30,937,774
First Trust Nasdaq Artificial Intelligence and Robotics ETF  103,592,862    86,390,542
First Trust International Developed Capital Strength ETF  17,830,154    17,929,177
       
For the fiscal year ended September 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
  Purchases   Sales
First Trust NASDAQ Technology Dividend Index Fund $ 583,961,573   $ 343,724,649
Multi-Asset Diversified Income Index Fund  135,918,665    98,183,758
First Trust S&P International Dividend Aristocrats ETF  15,707,014    3,024,900
First Trust BuyWrite Income ETF  59,226,782    2,148,878
First Trust Nasdaq BuyWrite Income ETF  15,186,927    3,007,749
First Trust Rising Dividend Achievers ETF  5,941,936,015    2,490,251,103
First Trust Dorsey Wright Focus 5 ETF  2,837,452,192    2,580,607,680
First Trust RBA American Industrial Renaissance® ETF  67,375,750    102,388,655
First Trust Dorsey Wright Momentum & Dividend ETF  79,064,435    38,451,634
First Trust Dorsey Wright International Focus 5 ETF  2,529,713    67,951,324
First Trust Dorsey Wright Dynamic Focus 5 ETF  250,364,905    216,637,594
First Trust Indxx Innovative Transaction & Process ETF  21,472,250    12,690,709
First Trust Nasdaq Artificial Intelligence and Robotics ETF  47,186,813    50,794,243
First Trust International Developed Capital Strength ETF  31,745,144    14,884,394
5. Derivative Transactions
The following tables present the type of derivatives held by each Fund at September 30, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.
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First Trust Exchange-Traded Fund VI
September 30, 2022
FTHI
        Asset Derivatives   Liability Derivatives
Derivative
Instrument
  Risk
Exposure
  Statements of Assets and
Liabilities Location
  Value   Statements of Assets and
Liabilities Location
  Value
Options   Equity Risk     $ —   Options written, at value   $ 79,346
FTQI
        Asset Derivatives   Liability Derivatives
Derivative
Instrument
  Risk
Exposure
  Statements of Assets and
Liabilities Location
  Value   Statements of Assets and
Liabilities Location
  Value
Options   Equity Risk     $ —   Options written, at value   $ 73,507
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended September 30, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.
  Equity Risk
Statements of Operations Location FTHI FTQI
Net realized gain (loss) on Purchased options contracts $ $(31,942)
Net realized gain (loss) on Written options contracts 1,445,968 575,553
Net change in unrealized gain (loss) on Purchased options contracts 21,726
Net change in unrealized gain (loss) on Written options contracts 1,399,627 293,184
During the fiscal year ended September 30, 2022, for FTHI, the premiums for written options opened were $6,736,368, and the premiums for written options closed, exercised and expired were $5,389,713.
During the fiscal year ended September 30, 2022, for FTQI, the premiums for written options opened were $2,175,224, and the premiums for written options closed, exercised and expired were $1,872,801. During the fiscal year ended September 30, 2022, for FTQI, the premiums for purchased options opened were $108,236, and the premiums for purchased options closed, exercised and expired were $289,667.
FTHI and FTQI do not have the right to offset on financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.
6. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation (“NSCC”) the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
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First Trust Exchange-Traded Fund VI
September 30, 2022
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
7. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or to provide investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before January 31, 2024.
8. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
9. Subsequent Events
Management has evaluated the impact of all subsequent events to the Funds through the date the financial statements were issued, and has determined that there was the following subsequent event:
At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Funds. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee each Fund pays to First Trust, as investment manager, will be discounted as the Fund’s net assets reach certain predefined levels.
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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund VI: 
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust NASDAQ Technology Dividend Index Fund, Multi-Asset Diversified Income Index Fund, First Trust S&P International Dividend Aristocrats ETF, First Trust BuyWrite Income ETF, First Trust Nasdaq BuyWrite Income ETF (formerly known as First Trust Hedged BuyWrite Income ETF), First Trust Rising Dividend Achievers ETF, First Trust Dorsey Wright Focus 5 ETF, First Trust RBA American Industrial Renaissance® ETF, First Trust Dorsey Wright Momentum & Dividend ETF, First Trust Dorsey Wright International Focus 5 ETF, First Trust Dorsey Wright Dynamic Focus 5 ETF, First Trust Indxx Innovative Transaction & Process ETF, First Trust Nasdaq Artificial Intelligence and Robotics ETF , and First Trust International Developed Capital Strength ETF (the “Funds”), each a series of the First Trust Exchange-Traded Fund VI, including the portfolios of investments, as of September 30, 2022, and the related statements of operations for the year then ended, and the changes in net assets and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, and the results of their operations for the year then ended, the changes in their net assets and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.
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Report of Independent Registered Public Accounting Firm (Continued)
Individual Funds Included in the Trust Statements of Changes in Net Assets Financial Highlights
First Trust NASDAQ Technology Dividend Index Fund For the years ended September 30, 2022 and 2021 For the years ended September 30, 2022, 2021, 2020, 2019 and 2018
Multi-Asset Diversified Income Index Fund
First Trust S&P International Dividend Aristocrats ETF
First Trust BuyWrite Income ETF
First Trust Nasdaq BuyWrite Income ETF (formerly known as First Trust Hedged BuyWrite Income ETF)
First Trust Rising Dividend Achievers ETF
First Trust Dorsey Wright Focus 5 ETF
First Trust RBA American Industrial Renaissance® ETF
First Trust Dorsey Wright Momentum & Dividend ETF
First Trust Dorsey Wright International Focus 5 ETF
First Trust Dorsey Wright Dynamic Focus 5 ETF
First Trust Indxx Innovative Transaction & Process ETF For the years ended September 30, 2022 and 2021 For the years ended September 30, 2022, 2021, 2020, 2019 and for the period from January 24, 2018 (commencement of operations) through September 30, 2018
First Trust Nasdaq Artificial Intelligence and Robotics ETF For the years ended September 30, 2022 and 2021 For the years ended September 30, 2022, 2021, 2020, 2019 and for the period from February 21, 2018 (commencement of operations) through September 30, 2018
First Trust International Developed Capital Strength ETF For the year ended September 30, 2022 and for the period from December 15, 2020 (commencement of operations) through September 30, 2021
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
November 23, 2022
We have served as the auditor of one or more First Trust investment companies since 2001.
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Additional Information
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
For the taxable year ended September 30, 2022, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:
  Dividends
Received Deduction
First Trust NASDAQ Technology Dividend Index Fund

100.00%
Multi-Asset Diversified Income Index Fund

30.08%
First Trust S&P International Dividend Aristocrats ETF

0.00%
First Trust BuyWrite Income ETF

19.08%
First Trust Nasdaq BuyWrite Income ETF

19.25%
First Trust Rising Dividend Achievers ETF

100.00%
First Trust Dorsey Wright Focus 5 ETF

**
First Trust RBA American Industrial Renaissance® ETF

100.00%
First Trust Dorsey Wright Momentum & Dividend ETF

65.29%
First Trust Dorsey Wright International Focus 5 ETF

**
First Trust Dorsey Wright Dynamic Focus 5 ETF

**
First Trust Indxx Innovative Transaction & Process ETF

19.63%
First Trust Nasdaq Artificial Intelligence and Robotics ETF

69.13%
First Trust International Developed Capital Strength ETF

0.00%
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First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
For the taxable year ended September 30, 2022, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:
  Qualified
Dividend Income
First Trust NASDAQ Technology Dividend Index Fund

100.00%
Multi-Asset Diversified Income Index Fund

29.85%
First Trust S&P International Dividend Aristocrats ETF

87.45%
First Trust BuyWrite Income ETF

18.22%
First Trust Nasdaq BuyWrite Income ETF

19.74%
First Trust Rising Dividend Achievers ETF

100.00%
First Trust Dorsey Wright Focus 5 ETF

**
First Trust RBA American Industrial Renaissance® ETF

100.00%
First Trust Dorsey Wright Momentum & Dividend ETF

71.95%
First Trust Dorsey Wright International Focus 5 ETF

**
First Trust Dorsey Wright Dynamic Focus 5 ETF

**
First Trust Indxx Innovative Transaction & Process ETF

100.00%
First Trust Nasdaq Artificial Intelligence and Robotics ETF

100.00%
First Trust International Developed Capital Strength ETF

100.00%
**The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end. Additionally, the actual percentage of income that qualified for the dividends received deduction will be available to shareholders shortly after calendar year end.
A portion of the ordinary dividends (including short-term capital gains) that MDIV, FTHI, FTQI, and DDIV paid to shareholders during the taxable year ended September 30, 2022, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, section 199A for the aggregate dividends the Funds received from the underlying Real Estate Investment Trusts (REITs) they invest in.
The following Funds met the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to its shareholders credit for foreign taxes paid. For the taxable year ended September 30, 2022, the total amount of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries is as follows:
  Gross Foreign Income   Foreign Taxes Paid
  Amount   Per Share   Amount   Per Share
First Trust S&P International Dividend Aristocrats ETF

$ 2,766,582   $ 0.86   $ 263,783   $ 0.08
First Trust Indxx Innovative Transaction & Process ETF

 4,087,700    1.24    356,094    0.11
First Trust International Developed Capital Strength ETF

 745,941    0.99    74,196    0.10
The foreign taxes paid will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after the calendar year end. Gross foreign income and foreign taxes paid will be posted on each Fund’s website and disclosed in the tax letter.
Risk Considerations
Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund’s investment objective, risks, charges and expenses, and read each Fund’s prospectus and statement of additional information carefully. You can download each Fund’s prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.
Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development
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September 30, 2022 (Unaudited)
may affect the value of the fund’s investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund’s corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.
Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments.
Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.
Defined Outcome Funds Risk. To the extent a fund’s investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor’s investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund’s share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.
Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund’s portfolio managers use derivatives to enhance the fund’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund’s shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF’s shares, or decisions by an ETF’s authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF’s shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund’s fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund’s fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or
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September 30, 2022 (Unaudited)
“junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund’s net asset value could be negatively impacted and the fund’s market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund’s shares.
Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund’s costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.
Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund’s investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.
LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”) will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund’s shares and result in increased market volatility. During any such events, a fund’s shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund’s shares may widen.
Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign
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countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund’s ability to meet its investment objective. Although the funds and the funds’ investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Advisory Agreements
Board Considerations Regarding Approval of Continuation of Investment Management Agreements
The Board of Trustees of First Trust Exchange-Traded Fund VI (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Agreement” and collectively, the “Agreements”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following eleven series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust NASDAQ Technology Dividend Index Fund (TDIV)
Multi-Asset Diversified Income Index Fund (MDIV)
First Trust S&P International Dividend Aristocrats ETF (FID)
First Trust BuyWrite Income ETF (FTHI)
First Trust Nasdaq BuyWrite Income ETF (FTQI)
First Trust Rising Dividend Achievers ETF (RDVY)
First Trust Dorsey Wright Focus 5 ETF (FV)
First Trust RBA American Industrial Renaissance® ETF (AIRR)
First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
First Trust Dorsey Wright International Focus 5 ETF (IFV)
First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements
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of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. The Board considered that FTHI and FTQI are actively-managed ETFs and noted that the Advisor’s Alternatives Investment Team is responsible for the day-to-day management of the Funds’ investments. The Board considered the background and experience of the members of the Alternatives Investment Team and noted the Board’s prior meetings with members of the Team. The Board considered the Advisor’s statement that it applies the same oversight model internally with its Alternatives Investment Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective(s), policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective(s), policies and restrictions.
The Board considered the unitary fee rate payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board considered that the Advisor had previously agreed to extend the Fee Offset Agreement for MDIV through January 31, 2023, whereby the Advisor offsets its unitary fee paid by MDIV related to the portion of MDIV’s assets invested in other investment companies advised by the Advisor. The Board noted that because each of FV, IFV and FVC invests in underlying ETFs in the First Trust Fund Complex, each such Fund will incur acquired fund fees and expenses, which are not payable out of the unitary fee, and that such acquired fund fees and expenses will change over time as assets are reallocated among the underlying ETFs. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios (excluding acquired fund fees and expenses for FV, IFV and FVC) were the most
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relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rates for MDIV (including the fee offset), FTHI and FTQI were below the median total (net) expense ratio (excluding acquired fund fees and expenses, as applicable) of the peer funds in each Fund’s respective Expense Group and that the unitary fee rate for each other Fund was above the median total (net) expense ratio (excluding acquired fund fees and expenses, as applicable) of the peer funds in its respective Expense Group. The Board also noted that FV’s, IFV’s and FVC’s total (net) expense ratios (including acquired fund fees and expenses) were above the median total (net) expense ratio (including acquired fund fees and expenses) of the peer funds in each Fund’s respective Expense Group. With respect to the Expense Groups, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs and actively-managed ETFs, including, for index ETFs, differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and, for both index ETFs and actively-managed ETFs, different business models that may affect the pricing of services among ETF sponsors. For actively-managed ETFs, the Board also noted that FTHI’s Expense Group did not include any other actively-managed ETFs and that FTQI’s Expense Group contained both actively-managed ETFs and open-end mutual funds. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rates overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. With the exception of FTHI and FTQI, the Board received and reviewed information for periods ended December 31, 2021 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. With respect to DDIV, the Board noted that during 2018, it approved changes to the Fund’s investment objective and, effective September 6, 2018, the Fund changed its name and ticker symbol and began tracking the Dorsey Wright Momentum Plus Dividend Yield Index, and that the performance information included a blend of the old and new indexes. With respect to FID, the Board noted that during 2018, it approved changes to the Fund’s investment objective and, effective August 30, 2018, the Fund changed its name and ticker symbol and began tracking the S&P International Dividend Aristocrats Index, and that the performance information included a blend of the old and new indexes. Based on the information provided and its ongoing review of performance, the Board concluded that each applicable Fund was correlated to its underlying index and that the tracking difference for each such Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each applicable Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index and noted the Advisor’s discussion of MDIV’s performance at the April 18, 2022 meeting, but given each such Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
For the two actively-managed Funds, FTHI and FTQI, the Board received and reviewed information comparing each Fund’s performance for periods ended December 31, 2021 to the performance of the funds in its Performance Universe and to that of a benchmark index. With respect to FTQI, the Board noted that during 2022, it approved the Fund’s adoption of an amended investment strategy that involves investing primarily in equity securities listed on U.S. exchanges and utilizing an “option strategy” consisting of writing U.S. exchange-traded call options on the Nasdaq-100 Index®, which took effect May 11, 2022, and that the performance information reflected FTQI’s old investment strategy. Based on the information provided, the Board noted that FTHI performed at its Performance Universe median for the one-year period ended December 31, 2021 and underperformed its Performance Universe median for the three- and five-year periods ended December 31, 2021. The Board also noted that FTHI underperformed its benchmark index for the one-, three- and five-year periods ended December 31, 2021. The Board noted that FTQI underperformed its Performance Universe median and benchmark index for the one-, three- and five-year periods ended December 31, 2021.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds and noted the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2021 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as
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well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board also considered the Advisor’s compensation for fund reporting services provided to each Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. In addition, the Board considered that the Advisor, as the investment advisor to the underlying ETFs in which each of FV, IFV and FVC invest, will recognize additional revenue from the underlying ETFs if investment by such Funds causes the assets of the underlying ETFs to grow. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Board Considerations Regarding Approval of Continuation of Investment Management Agreements
The Board of Trustees of First Trust Exchange-Traded Fund VI (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Agreement” and collectively, the “Agreements”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following three series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Indxx Innovative Transaction & Process ETF (LEGR)
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
First Trust International Developed Capital Strength ETF (FICS)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
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In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for LEGR was equal to the median total (net) expense ratio of the peer funds in its Expense Group and that the unitary fee rate for each other Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rates overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board received and reviewed information for each Fund for periods ended December 31, 2021 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index, but given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds and noted the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2021 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the
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profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board also considered the Advisor’s compensation for fund reporting services provided to each Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds and each other fund in the First Trust Fund Complex, other than the closed-end funds, have adopted and implemented a liquidity risk management program (the “Program”) reasonably designed to assess and manage the funds’ liquidity risk, i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.  The Board of Trustees of the First Trust Funds has appointed First Trust Advisors L.P. (the “Advisor”) as the person designated to administer the Program, and in this capacity the Advisor performs its duties primarily through the activities and efforts of the First Trust Liquidity Committee (the “Liquidity Committee”).
Pursuant to the Program, the Liquidity Committee classifies the liquidity of each fund’s portfolio investments into one of the four liquidity categories specified by Rule 22e-4: highly liquid investments, moderately liquid investments, less liquid investments and illiquid investments.  The Liquidity Committee determines certain of the inputs for this classification process, including reasonably anticipated trade sizes and significant investor dilution thresholds. The Liquidity Committee also determines and periodically reviews a highly liquid investment minimum for certain funds, monitors the funds’ holdings of assets classified as illiquid investments to seek to ensure they do not exceed 15% of a fund’s net assets and establishes policies and procedures regarding redemptions in kind.
At the April 18, 2022 meeting of the Board of Trustees, as required by Rule 22e-4 and the Program, the Advisor provided the Board with a written report prepared by the Advisor that addressed the operation of the Program during the period from March 16, 2021 through the Liquidity Committee’s annual meeting held on March 17, 2022 and assessed the Program’s adequacy and effectiveness of implementation during this period, including the operation of the highly liquid investment minimum for each fund that is required under the Program to have one, and any material changes to the Program. Note that because the Funds primarily hold assets that are highly liquid investments, the Funds have not adopted any highly liquid investment minimums.
As stated in the written report, during the review period, no fund breached the 15% limitation on illiquid investments, no fund with a highly liquid investment minimum breached that minimum and no fund filed a Form N-LIQUID.  The Advisor concluded that each fund’s investment strategy is appropriate for an open-end fund; that the Program operated effectively in all material respects during the review period; and that the Program is reasonably designed to assess and manage the liquidity risk of each fund and to maintain compliance with Rule 22e-4.
Remuneration
First Trust Advisors L.P. (“First Trust”) is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded Fund VI funds it manages (the “Funds”), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the “Directive”). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust’s interpretation of currently available regulatory guidance on remuneration disclosures.
During the year ended December 31, 2021, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $5,655,174. This figure is comprised of $224,803 paid (or to be paid) in fixed compensation and $5,430,371 paid (or to be paid) in variable compensation. There were a total of 26 beneficiaries of the remuneration described above. Those amounts include $2,867,870 paid (or to be paid) to senior management of First Trust Advisors L.P. and $2,787,304 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Fund (collectively, “Code Staff”).
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Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:
i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;
ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and
iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.
First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.
The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.
No individual is involved in setting his or her own remuneration.
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Board of Trustees and Officers
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951)
• Indefinite Term

• Since Inception
Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) 221 None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term

• Since Inception
Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) 221 Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association
Denise M. Keefe, Trustee
(1964)
• Indefinite Term

• Since 2021
Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) 221 Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021)
Robert F. Keith, Trustee
(1956)
• Indefinite Term

• Since Inception
President, Hibs Enterprises (Financial and Management Consulting) 221 Formerly, Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954)
• Indefinite Term

• Since Inception
Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) 221 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955)
• Indefinite Term

• Since Inception
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 221 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
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Table of Contents
Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966)
President and Chief Executive Officer • Indefinite Term

• Since 2016
Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972)
Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term

• Since 2016
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960)
Secretary and Chief Legal Officer • Indefinite Term

• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President • Indefinite Term

• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer and Assistant Secretary • Indefinite Term

• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
    
Roger F. Testin
(1966)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
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Table of Contents
(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

Table of Contents
Privacy Policy
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from your inquiries by mail, e-mail or telephone; and
Information we collect on our website through the use of “cookies.” For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website.  We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users.  The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on:  Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2022
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Table of Contents
First Trust Exchange-Traded Fund VI
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606

Table of Contents

 

 

 

 

 

First Trust Exchange-Traded Fund VI

Book 2

 

First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)

First Trust Dorsey Wright Momentum & Value ETF (DVLU)

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)

Annual Report
For the Year Ended
September 30, 2022

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
September 30, 2022

2

3
Fund Performance Overview

4

6

8

10

11
Portfolio of Investments

12

15

17

19

20

22

24

27

34

35

41

43

Table of Contents
Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund VI (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s web page at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.
Page 1

Table of Contents
Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
September 30, 2022
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended September 30, 2022.
It is times like these that really test the mettle of investors. Are you someone that is implementing an investment plan with a long time horizon, a trader by nature, or do you fall somewhere in between? Frankly, the current climate is challenging for just about any strategy. While most investors are accustomed to dealing with high levels of volatility in the stock market, some of the daily swings we have witnessed lately have not only been uncharacteristically sharp but have occasionally seemed nearly inexplicable, in my opinion.
In case you have not noticed, volatility is also elevated in the fixed-income market. Bond valuations are down big in 2022. Year-to-date through October 31, 2022, the ICE BofA 15+ Year U.S. Treasury Index experienced a price decline of 33.51%, according to Bloomberg. It was down 31.87% on a total return basis, which includes reinvested interest. To put this into perspective, over the past 40 years, the worst annual showing by the U.S. Long-Term Government Bond Index (20-Year) tracked by Morningstar was the -14.90% total return posted in 2009 (think 2008-2009 global financial crisis). For those who may be unaware, investors benefitted from a trend of declining bond yields from September 1981 through August 2020. While that is an incredible run, nothing lasts forever. Suffice it to say, a lot of pain has been endured by investors in the markets this year and we believe there could be more to come in the near-term. The aggressive interest rate hikes by the Federal Reserve (the “Fed”) are a signal to the markets that it is behind the inflation curve. Moving forward, the Fed will be looking to lower inflation while simultaneously engineering a soft landing in the economy. That will be easier said than done, in my opinion.
There are far more headwinds challenging the securities markets than tailwinds. Here are just a few of those headwinds: stubbornly high inflation; additional rate hikes expected from the Fed from their November and December 2022 meetings, which could potentially push bond yields higher; the ongoing war between Russia and Ukraine, which is impacting the supply and prices of crude oil and natural gas; China enforcing a zero-tolerance policy to combat the spread of the coronavirus by locking down entire cities to its own economic detriment; and the potential for food and energy shortages this coming winter. With the housing market looking like it is finally cooling off, due largely to a huge spike in mortgage rates this year, which were up more than double the rate at the start of the year, the last big tailwind standing may just be the strong U.S. labor market. If the job market can hang in there, the Fed’s goal of a soft landing for the economy may be attainable. I think we will have a clearer picture of things at the start of 2023.
Year-to-date through October 31, 2022, the S&P 500® Index (the “Index”) posted a total return of -17.70%, according to Bloomberg, which puts the Index in bear market territory. A bear market is defined as a 20% or greater decline in the price of a security or index from its most recent peak. While the 17.70% decline in the Index would technically qualify as a stock market correction, investors should continue to view the current downturn as a bear market, in my opinion. Keep in mind, since World War II, there have been 12 bear markets in the Index, excluding the current bear market, according to Yardeni Research. The average price decline of those 12 bear markets was 33.6%. The average price gain over the 12-months following the trough reached during those bear markets was 40.8%, according to Bloomberg. Bear markets come and go. You can’t catch the turn if you are not in the market when the turn comes.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
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Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report (Unaudited)
September 30, 2022
Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service, and Registered Rep.
State of the Global Economy
The International Monetary Fund (“IMF”) reported in its October 2022 release that global gross domestic product (“GDP”) growth is expected to come in at 3.2% in 2022 and 2.7% in 2023, down from 6.0% in 2021. The IMF sees the U.S. economy growing 1.6% in 2022 and 1.0% in 2023, down from 5.7% in 2021. With respect to all Advanced Economies, the IMF is projecting GDP growth of 2.4% in 2022 and 1.1% in 2023, down from 5.2% in 2021. Lastly, it sees Emerging Markets and Developing Economies growing 3.7% in 2022 and 3.7% again in 2023, down from 6.6% in 2021. From 1970 to 2021, the average global GDP growth rate was 3.6%, according to the IMF. Looking ahead, the IMF notes that the global economy must navigate three key pressures: the war in Ukraine, world-wide inflation and continued economic headwinds in the U.S., Europe and China.
Russia’s war with Ukraine continues to destabilize the global economy, increasing the cost of living and impeding economic growth. European natural gas prices have spiked four-fold since 2021, according to the IMF. Russia has decreased natural gas deliveries to Europe by over 80% of their 2021 total, greatly increasing the likelihood of an energy shortage. Worldwide inflationary pressures continue to fester, with global inflation forecast to surge to 8.8% in 2022, up from 4.7% in 2021. Central banks have rapidly tightened monetary policy in response, and will likely have to continue to do so, in our opinion. These tighter financial conditions have produced significant headwinds to growth among most major economies and are likely to have at least some impact in 2023.
Performance of Global Stocks and Bonds
U.S. equities have turned negative over the past year. The S&P 500® (the “Index”), S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of -15.47%, -15.25% and -18.83%, respectively, for the 12-month period ended September 30, 2022, according to Bloomberg. Value stocks outperformed growth stocks over the period. The S&P 500® Value Index posted a total return of -9.63% versus -21.11% for the S&P 500® Growth Index; an indication that investors may be anticipating slower growth over the near-term and are opting for companies that are trading at more attractive valuations. Nine of the eleven sectors that comprise the Index were down on a total return basis, with Energy and Utilities posting the only positive returns. The top-performer was Energy, up 45.70%, while the worst showing came from Communication Services, down 39.05%.
A Bloomberg survey of 23 equity strategists found that the average 2022 year-end price target for the Index was 4,346 as of September 15, 2022, down from 4,376 on August 16, 2022, according to its own release. Heading into 2022 (December 16, 2021), strategists had an average target of 4,950. The highest and lowest estimates on September 15, 2022, were 5,100 and 3,400, respectively. On September 15, 2022, the Index closed at 3,901.35, which was 18.66% below its all-time closing high of 4,796.56 on January 3, 2022. As of September 30, 2022, Bloomberg’s 2022, 2023 and 2024 consensus earnings growth rate estimates for the Index stood at 9.61%, 6.14% and 8.44%, respectively.
The performance of foreign equities continues to lag that of major U.S. stock indices. Over the past 12 months, the MSCI World ex USA and MSCI Emerging Markets equity indices posted total returns of -23.91% (USD) and -28.11% (USD), respectively, according to Bloomberg. Major foreign bond indices were also in negative territory. The Bloomberg Global Aggregate Index of higher quality debt posted a total return of -20.43% (USD), while the EM Hard Currency Aggregate Index of emerging markets debt fell by 23.01% (USD), according to Bloomberg. Over that same period, the U.S. dollar surged by 18.98% against a basket of major currencies, as measured by the U.S. Dollar Index (DXY), pressuring the returns on unhedged foreign securities held by U.S. investors.
U.S. bond indices have not been immune to the aggressive tightening of monetary policy by central banks, particularly the U.S. Federal Reserve. The best performing index we track was the U.S. Treasury: Intermediate Index, which posted a total return of -9.23% for the 12-month period ended September 30, 2022. The worst performer was the U.S. Corporate Investment Grade Index which posted a total return of -18.53% for the same period. The yield on the benchmark 10-Year Treasury Note (“T-Note”) rose by 234 basis points (a 157.47% increase over the period) to close at 3.83% on September 30, 2022, according to Bloomberg. For comparative purposes, the average yield on the 10-Year T-Note was 2.10% for the 10-year period ended September 30, 2022.
Page 3

Table of Contents
Fund Performance Overview (Unaudited)
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
The First Trust SMID Cap Rising Dividend Achievers ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq US Small Mid Cap Rising Dividend Achievers™ Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks that comprise the Index. The Index is designed to provide access to a diversified portfolio of 100 small and mid cap companies with a history of raising their dividends and exhibit the characteristics to continue to do so in the future. The shares of the Fund are listed and traded on The Nasdaq Stock Market LLC, under the ticker symbol “SDVY.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (11/1/17)
to 9/30/22
Inception (11/1/17)
to 9/30/22
Fund Performance      
NAV -16.78% 4.72% 25.41%
Market Price -16.90% 4.72% 25.41%
Index Performance      
Nasdaq US Small Mid Cap Rising Dividend Achievers™ Index -16.36% 5.34% 29.13%
S&P 1000® Index -16.35% 5.31% 28.94%
(See Notes to Fund Performance Overview on page 10.)
The Fund generated a net asset value (“NAV”) return of -16.78% during the 12-month period covered by this report. During the same period, the S&P 1000® Index (the “Benchmark”) generated a return of -16.35%. The most significant allocation in the Fund during the period covered by this report went to the Financials sector. Investments in this sector received an average weight of 30.6% and contributed -2.4% to the Fund’s overall return. The most significant contribution to the Fund’s return for the period came from investments in the Consumer Discretionary sector. This sector’s allocation was 19.5% and caused a -6.4% contribution to the Fund’s return. None of the invested sectors had a positive contribution to the Fund’s return during the period covered by this report.

Nasdaq® and Nasdaq US Small Mid Cap Rising Dividend Achievers™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) (Continued)
Sector Allocation % of Total
Investments
Financials 28.8%
Consumer Discretionary 23.8
Industrials 22.7
Information Technology 8.0
Materials 7.8
Energy 4.0
Communication Services 2.0
Consumer Staples 2.0
Real Estate 0.9
Total 100.0%
Top Ten Holdings % of Total
Investments
Landstar System, Inc. 1.1%
Boise Cascade Co. 1.1
Texas Pacific Land Corp. 1.1
Allegion PLC 1.1
Robert Half International, Inc. 1.1
Mueller Industries, Inc. 1.1
Chord Energy Corp. 1.1
UFP Industries, Inc. 1.0
Sturm Ruger & Co., Inc. 1.0
EMCOR Group, Inc. 1.0
Total 10.7%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Value ETF (DVLU)
The First Trust Dorsey Wright Momentum & Value ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Value™ Index (the “Index”). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is a rules-based equity index designed to track the overall performance of the 50 most undervalued stocks comprising the Nasdaq US Large Mid Cap Index™ that exhibit high levels of “relative strength.” A relative strength analysis is a momentum-based investment strategy that emphasizes a security’s forward price momentum in the security selection process. The Index is owned and was developed by Nasdaq, Inc. The shares of the Fund are listed and traded on The Nasdaq Stock Market LLC, under the ticker symbol “DVLU.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (9/5/18)
to 9/30/22
Inception (9/5/18)
to 9/30/22
Fund Performance      
NAV -11.71% 2.16% 9.09%
Market Price -11.66% 2.17% 9.14%
Index Performance      
Dorsey Wright Momentum Plus Value™ Index -11.14% 2.79% 11.85%
S&P 500® Index -15.47% 7.31% 33.25%
(See Notes to Fund Performance Overview on page 10.)
The Fund generated a NAV return of -11.71% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. The greatest allocation in the Fund during the period covered by this report was to investments in the Financials industry. This sector received an allocation of 33.5% and contributed -3.6% to the Fund’s overall return. The greatest contribution to the Fund’s return for the period came from investments in the Energy sector, which received an allocation of 13.2% and contributed 2.7%. The most negative contribution to the Fund’s return for the period came from the Consumer Discretionary sector. Investments in this sector accounted for -4.3% of underperformance for the Fund during the period covered by this report.

Nasdaq® and Dorsey Wright Momentum Plus Value™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Value ETF (DVLU) (Continued)
Sector Allocation % of Total
Investments
Financials 36.8%
Consumer Discretionary 15.5
Industrials 9.5
Materials 8.8
Health Care 8.2
Information Technology 5.6
Energy 5.0
Consumer Staples 4.9
Utilities 2.9
Communication Services 2.8
Total 100.0%
Top Ten Holdings % of Total
Investments
Unum Group 3.7%
Jabil, Inc. 3.2
UFP Industries, Inc. 3.1
Reliance Steel & Aluminum Co. 2.9
MetLife, Inc. 2.9
NRG Energy, Inc. 2.9
Nexstar Media Group, Inc. 2.8
McKesson Corp. 2.8
Prudential Financial, Inc. 2.8
American International Group, Inc. 2.7
Total 29.8%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)
The First Trust Dorsey Wright Momentum & Low Volatility ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dorsey Wright Momentum Plus Low Volatility™ Index (the “Index”). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is a rules-based equity index designed to track the overall performance of the 50 stocks comprising the Nasdaq US Large Mid Cap Index™ that exhibit the lowest levels of volatility while still maintaining high levels of “relative strength.” A relative strength analysis is a momentum-based investment strategy that emphasizes a security’s forward price momentum in the security selection process. The Index is owned and was developed by Nasdaq, Inc. The shares of the Fund are listed and traded on The Nasdaq Stock Exchange LLC, under the ticker symbol “DVOL.”
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
9/30/22
Inception (9/5/18)
to 9/30/22
Inception (9/5/18)
to 9/30/22
Fund Performance      
NAV -12.02% 5.70% 25.28%
Market Price -11.94% 5.72% 25.38%
Index Performance      
Dorsey Wright Momentum Plus Low Volatility™ Index -11.49% 6.37% 28.55%
S&P 500® Index -15.47% 7.31% 33.25%
(See Notes to Fund Performance Overview on page 10.)
The Fund generated a NAV return of -12.02% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of -15.47%. During the period covered by this report, the Fund allocated 25.1% to the Real Estate sector, which was a greater allocation than that of any other sector during the same period. Investments in this sector caused a -3.9% contribution to the Fund’s return, the most significant contribution to the Fund’s return of any sector during the period. The second largest allocation in the Fund during the period was to the Industrials sector, which contributed -1.8% to the Fund’s return and was the second worst contribution of any sector in the Fund. No sector had a positive contribution to the Fund’s return during the period covered by this report.

Nasdaq® and Dorsey Wright Momentum Plus Low Volatility™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 8

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) (Continued)
Sector Allocation % of Total
Investments
Financials 24.6%
Industrials 19.6
Real Estate 14.8
Utilities 12.2
Health Care 11.6
Information Technology 6.5
Consumer Staples 5.6
Consumer Discretionary 3.0
Materials 1.1
Energy 1.0
Total 100.0%
Top Ten Holdings % of Total
Investments
Waste Management, Inc. 3.2%
Republic Services, Inc. 3.1
FirstEnergy Corp. 3.0
Ameren Corp. 3.0
McDonald’s Corp. 3.0
McKesson Corp. 3.0
AMETEK, Inc. 2.9
Constellation Brands, Inc., Class A 2.9
CenterPoint Energy, Inc. 2.8
Procter & Gamble (The) Co. 2.7
Total 29.6%
  
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9

Table of Contents
Nasdaq® and Dorsey Wright Momentum Plus Low Volatility™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Table of Contents
Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
Page 10

Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
September 30, 2022 (Unaudited)
As a shareholder of First Trust SMID Cap Rising Dividend Achievers ETF, First Trust Dorsey Wright Momentum & Value ETF, or First Trust Dorsey Wright Momentum & Low Volatility ETF (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended September 30, 2022.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
April 1, 2022
Ending
Account Value
September 30, 2022
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
Actual $1,000.00 $840.30 0.60% $2.77
Hypothetical (5% return before expenses) $1,000.00 $1,022.06 0.60% $3.04
First Trust Dorsey Wright Momentum & Value ETF (DVLU)
Actual $1,000.00 $805.10 0.60% $2.72
Hypothetical (5% return before expenses) $1,000.00 $1,022.06 0.60% $3.04
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)
Actual $1,000.00 $843.00 0.60% $2.77
Hypothetical (5% return before expenses) $1,000.00 $1,022.06 0.60% $3.04
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (April 1, 2022 through September 30, 2022), multiplied by 183/365 (to reflect the six-month period).
Page 11

Table of Contents
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 99.8%
    Auto Components – 1.0%    
254,321   Standard Motor Products, Inc.   $8,265,433
    Banks – 12.0%    
210,647   Bank OZK   8,333,195
237,101   Citizens Financial Group, Inc.   8,146,790
111,278   Comerica, Inc.   7,911,866
186,825   Eagle Bancorp, Inc.   8,373,496
120,292   East West Bancorp, Inc.   8,076,405
605,776   First BanCorp   8,287,016
328,512   Hilltop Holdings, Inc.   8,163,523
47,808   M&T Bank Corp.   8,429,507
270,204   Pacific Premier Bancorp, Inc.   8,365,516
111,822   Popular, Inc.   8,057,893
223,701   Synovus Financial Corp.   8,391,025
151,511   Zions Bancorp N.A.   7,705,849
        98,242,081
    Building Products – 4.1%    
169,019   A.O. Smith Corp.   8,210,943
97,479   Allegion PLC   8,741,917
107,067   Owens Corning   8,416,537
119,015   UFP Industries, Inc.   8,588,122
        33,957,519
    Capital Markets – 3.9%    
97,456   Evercore, Inc., Class A   8,015,756
362,137   Franklin Resources, Inc.   7,793,188
266,190   Jefferies Financial Group, Inc.   7,852,605
81,813   Raymond James Financial, Inc.   8,084,761
        31,746,310
    Chemicals – 2.9%    
237,664   Avient Corp.   7,201,219
340,414   Huntsman Corp.   8,353,760
96,223   Westlake Corp.   8,359,854
        23,914,833
    Commercial Services &
Supplies – 1.0%
   
65,758   Tetra Tech, Inc.   8,451,876
    Construction & Engineering – 2.1%    
122,673   AECOM   8,387,153
74,056   EMCOR Group, Inc.   8,551,987
        16,939,140
    Consumer Finance – 1.0%    
571,732   SLM Corp.   7,998,531
    Containers & Packaging – 1.0%    
74,043   Packaging Corp. of America   8,314,288
    Diversified Consumer
Services – 1.0%
   
15,801   Graham Holdings Co., Class B   8,500,622
Shares   Description   Value
    Diversified Financial Services – 1.0%    
139,090   Voya Financial, Inc.   $8,414,945
    Electronic Equipment,
Instruments & Components – 1.0%
   
41,303   Littelfuse, Inc.   8,206,493
    Food Products – 1.0%    
2,394   Seaboard Corp.   8,145,968
    Hotels, Restaurants &
Leisure – 1.0%
   
96,594   Texas Roadhouse, Inc.   8,428,792
    Household Durables – 8.0%    
190,474   Century Communities, Inc.   8,148,478
381,732   Ethan Allen Interiors, Inc.   8,069,814
102,359   Installed Building Products, Inc.   8,290,055
350,213   La-Z-Boy, Inc.   7,904,307
297,540   MDC Holdings, Inc.   8,158,547
222,109   PulteGroup, Inc.   8,329,088
200,231   Toll Brothers, Inc.   8,409,702
60,269   Whirlpool Corp.   8,124,864
        65,434,855
    Insurance – 8.0%    
67,960   American Financial Group, Inc.   8,354,323
228,498   CNA Financial Corp.   8,431,576
30,882   Everest Re Group Ltd.   8,104,672
217,839   Fidelity National Financial, Inc.   7,885,772
172,899   First American Financial Corp.   7,970,644
400,481   Old Republic International Corp.   8,382,067
113,518   Principal Financial Group, Inc.   8,190,324
218,441   Unum Group   8,475,511
        65,794,889
    IT Services – 2.1%    
194,393   Genpact Ltd.   8,508,582
617,779   Western Union (The) Co.   8,340,016
        16,848,598
    Leisure Products – 4.9%    
182,018   Acushnet Holdings Corp.   7,915,963
159,529   Johnson Outdoors, Inc., Class A   8,185,433
81,070   Polaris, Inc.   7,754,345
770,909   Smith & Wesson Brands, Inc.   7,994,326
168,830   Sturm Ruger & Co., Inc.   8,574,876
        40,424,943
    Machinery – 9.2%    
84,304   AGCO Corp.   8,107,516
96,234   Crane Holdings Co.   8,424,324
141,072   Graco, Inc.   8,457,266
42,659   IDEX Corp.   8,525,401
146,497   Mueller Industries, Inc.   8,707,782
39,919   Nordson Corp.   8,473,606
 
Page 12
See Notes to Financial Statements

Table of Contents
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Machinery (Continued)    
40,571   Snap-on, Inc.   $8,168,971
267,492   Terex Corp.   7,955,212
98,393   Toro (The) Co.   8,509,027
        75,329,105
    Marine – 2.0%    
658,345   Genco Shipping & Trading Ltd.   8,249,063
125,979   Matson, Inc.   7,750,228
        15,999,291
    Media – 2.0%    
320,218   Interpublic Group of (The) Cos., Inc.   8,197,581
130,501   Omnicom Group, Inc.   8,233,308
        16,430,889
    Metals & Mining – 2.8%    
232,554   Commercial Metals Co.   8,251,016
116,535   Steel Dynamics, Inc.   8,268,158
170,566   Worthington Industries, Inc.   6,505,387
        23,024,561
    Oil, Gas & Consumable Fuels – 4.0%    
201,885   California Resources Corp.   7,758,440
63,558   Chord Energy Corp.   8,692,828
385,083   Magnolia Oil & Gas Corp., Class A   7,628,494
4,930   Texas Pacific Land Corp.   8,761,744
        32,841,506
    Paper & Forest Products – 1.0%    
166,450   Louisiana-Pacific Corp.   8,520,576
    Personal Products – 1.0%    
73,485   Medifast, Inc.   7,962,835
    Professional Services – 1.1%    
113,964   Robert Half International, Inc.   8,718,246
    Real Estate Management &
Development – 0.9%
   
235,691   Marcus & Millichap, Inc.   7,725,951
    Road & Rail – 2.1%    
61,998   Landstar System, Inc.   8,950,651
417,098   Schneider National, Inc., Class B   8,467,090
        17,417,741
    Semiconductors &
Semiconductor Equipment – 2.9%
   
482,716   Amkor Technology, Inc.   8,230,308
94,198   Entegris, Inc.   7,820,318
Shares   Description   Value
    Semiconductors &
Semiconductor Equipment (Continued)
   
85,964   Universal Display Corp.   $8,110,703
        24,161,329
    Software – 1.0%    
411,191   NortonLifeLock, Inc.   8,281,387
    Specialty Retail – 4.9%    
798,428   American Eagle Outfitters, Inc.   7,768,704
260,031   Buckle (The), Inc.   8,232,581
78,307   Dick’s Sporting Goods, Inc.   8,194,045
326,923   Haverty Furniture Cos., Inc.   8,140,383
65,076   Williams-Sonoma, Inc.   7,669,207
        40,004,920
    Technology Hardware,
Storage & Peripherals – 1.0%
   
127,284   NetApp, Inc.   7,872,515
    Textiles, Apparel & Luxury
Goods – 2.9%
   
123,130   Columbia Sportswear Co.   8,286,649
496,156   Levi Strauss & Co., Class A   7,179,377
298,656   Steven Madden Ltd.   7,965,156
        23,431,182
    Thrifts & Mortgage Finance – 2.9%    
224,672   Essent Group Ltd.   7,834,313
612,618   MGIC Investment Corp.   7,853,763
419,874   Radian Group, Inc.   8,099,369
        23,787,445
    Trading Companies &
Distributors – 1.1%
   
147,716   Boise Cascade Co.   8,783,193
    Total Investments – 99.8%   818,322,788
    (Cost $1,005,213,394)    
    Net Other Assets and Liabilities – 0.2%   1,298,415
    Net Assets – 100.0%   $819,621,203
 
See Notes to Financial Statements
Page 13

Table of Contents
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
Portfolio of Investments (Continued)
September 30, 2022

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $818,322,788 $818,322,788 $ $
    
* See Portfolio of Investments for industry breakout.
Page 14
See Notes to Financial Statements

Table of Contents
First Trust Dorsey Wright Momentum & Value ETF (DVLU)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 97.5%
    Aerospace & Defense – 1.0%    
3,402   Textron, Inc.   $198,201
    Air Freight & Logistics – 0.7%    
973   FedEx Corp.   144,461
    Banks – 9.1%    
2,945   Comerica, Inc.   209,390
6,098   Popular, Inc.   439,422
20,469   Regions Financial Corp.   410,813
11,343   Synovus Financial Corp.   425,476
3,439   Wintrust Financial Corp.   280,450
        1,765,551
    Beverages – 2.4%    
9,670   Molson Coors Beverage Co., Class B   464,063
    Building Products – 3.1%    
8,201   UFP Industries, Inc.   591,784
    Chemicals – 5.9%    
3,519   CF Industries Holdings, Inc.   338,704
4,451   Eastman Chemical Co.   316,244
6,448   LyondellBasell Industries N.V., Class A   485,405
        1,140,353
    Construction & Engineering – 1.6%    
4,807   MasTec, Inc. (a)   305,244
    Consumer Finance – 1.1%    
14,811   SLM Corp.   207,206
    Distributors – 1.0%    
3,910   LKQ Corp.   184,357
    Electric Utilities – 2.9%    
14,861   NRG Energy, Inc.   568,730
    Electronic Equipment,
Instruments & Components – 3.2%
   
10,577   Jabil, Inc.   610,399
    Food & Staples Retailing – 2.5%    
10,613   Albertsons Cos., Inc., Class A   263,839
4,860   Kroger (The) Co.   212,625
        476,464
    Health Care Providers &
Services – 8.2%
   
4,259   Centene Corp. (a)   331,393
1,578   Cigna Corp.   437,848
1,342   Laboratory Corp of America Holdings   274,855
Shares   Description   Value
    Health Care Providers &
Services (Continued)
   
1,580   McKesson Corp.   $536,994
        1,581,090
    Hotels, Restaurants &
Leisure – 1.1%
   
4,527   Boyd Gaming Corp.   215,712
    Household Durables – 4.7%    
4,684   Mohawk Industries, Inc. (a)   427,134
3,559   Whirlpool Corp.   479,789
        906,923
    Insurance – 24.2%    
11,108   American International Group, Inc.   527,408
7,085   Arch Capital Group Ltd. (a)   322,651
1,467   Assurant, Inc.   213,111
10,275   Axis Capital Holdings Ltd.   505,016
2,169   Globe Life, Inc.   216,249
1,688   Hanover Insurance Group (The), Inc.   216,300
9,377   MetLife, Inc.   569,934
7,279   Principal Financial Group, Inc.   525,180
6,209   Prudential Financial, Inc.   532,608
2,217   Travelers (The) Cos., Inc.   339,644
18,578   Unum Group   720,827
        4,688,928
    IT Services – 2.4%    
19,333   DXC Technology Co. (a)   473,272
    Machinery – 1.9%    
6,210   Timken (The) Co.   366,638
    Media – 2.8%    
3,232   Nexstar Media Group, Inc.   539,259
    Metals & Mining – 2.9%    
3,270   Reliance Steel & Aluminum Co.   570,321
    Oil, Gas & Consumable Fuels – 5.0%    
5,259   Exxon Mobil Corp.   459,163
18,198   Kinder Morgan, Inc.   302,815
3,335   Occidental Petroleum Corp.   204,936
        966,914
    Professional Services – 1.2%    
921   CACI International, Inc., Class A (a)   240,436
    Specialty Retail – 7.4%    
4,828   AutoNation, Inc. (a)   491,828
2,034   Lithia Motors, Inc.   436,395
5,205   Penske Automotive Group, Inc.   512,328
        1,440,551
 
See Notes to Financial Statements
Page 15

Table of Contents
First Trust Dorsey Wright Momentum & Value ETF (DVLU)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
COMMON STOCKS (Continued)
    Textiles, Apparel & Luxury
Goods – 1.2%
   
8,484   Tapestry, Inc.   $241,200
    Total Common Stocks   18,888,057
    (Cost $20,557,061)    
REAL ESTATE INVESTMENT TRUSTS – 2.3%
    Mortgage Real Estate
Investment Trusts – 2.3%
   
61,340   Rithm Capital Corp.   449,009
    (Cost $648,020)    
    Total Investments – 99.8%   19,337,066
    (Cost $21,205,081)    
    Net Other Assets and Liabilities – 0.2%   32,149
    Net Assets – 100.0%   $19,369,215
    
(a) Non-income producing security.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $18,888,057 $18,888,057 $ $
Real Estate Investment Trusts* 449,009 449,009
Total Investments $19,337,066 $19,337,066 $ $
    
* See Portfolio of Investments for industry breakout.
Page 16
See Notes to Financial Statements

Table of Contents
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)
Portfolio of Investments
September 30, 2022
Shares   Description   Value
COMMON STOCKS – 82.3%
    Aerospace & Defense – 2.6%    
4,480   Huntington Ingalls Industries, Inc.   $992,320
13,350   Raytheon Technologies Corp.   1,092,831
        2,085,151
    Beverages – 2.9%    
10,178   Constellation Brands, Inc., Class A   2,337,683
    Biotechnology – 2.6%    
15,739   AbbVie, Inc.   2,112,331
    Commercial Services &
Supplies – 6.2%
   
18,219   Republic Services, Inc.   2,478,513
16,121   Waste Management, Inc.   2,582,745
        5,061,258
    Containers & Packaging – 1.1%    
8,092   Packaging Corp. of America   908,651
    Electric Utilities – 3.0%    
66,759   FirstEnergy Corp.   2,470,083
    Electrical Equipment – 2.9%    
20,872   AMETEK, Inc.   2,367,093
    Electronic Equipment,
Instruments & Components – 1.3%
   
15,575   Amphenol Corp., Class A   1,042,902
    Gas Utilities – 1.7%    
21,965   National Fuel Gas Co.   1,351,946
    Health Care Providers &
Services – 9.0%
   
16,237   AmerisourceBergen Corp.   2,197,353
1,917   Chemed Corp.   836,886
7,105   McKesson Corp.   2,414,776
3,692   UnitedHealth Group, Inc.   1,864,608
        7,313,623
    Hotels, Restaurants &
Leisure – 3.0%
   
10,482   McDonald’s Corp.   2,418,617
    Household Products – 2.7%    
17,563   Procter & Gamble (The) Co.   2,217,329
    Insurance – 21.9%    
6,252   American Financial Group, Inc.   768,558
34,095   Arch Capital Group Ltd. (a)   1,552,686
8,822   Arthur J. Gallagher & Co.   1,510,503
13,796   Assurant, Inc.   2,004,145
11,549   Chubb Ltd.   2,100,532
11,908   Hanover Insurance Group (The), Inc.   1,525,891
Shares   Description   Value
    Insurance (Continued)    
14,652   Marsh & McLennan Cos., Inc.   $2,187,397
18,398   Progressive (The) Corp.   2,138,032
13,473   Travelers (The) Cos., Inc.   2,064,064
30,364   W.R. Berkley Corp.   1,960,907
        17,812,715
    IT Services – 5.2%    
5,976   Automatic Data Processing, Inc.   1,351,711
9,834   Jack Henry & Associates, Inc.   1,792,443
9,555   Paychex, Inc.   1,072,167
        4,216,321
    Machinery – 1.2%    
8,519   Dover Corp.   993,145
    Multi-Utilities – 5.8%    
30,198   Ameren Corp.   2,432,449
81,266   CenterPoint Energy, Inc.   2,290,076
        4,722,525
    Oil, Gas & Consumable Fuels – 0.9%    
27,160   Williams (The) Cos., Inc.   777,591
    Professional Services – 1.0%    
3,156   CACI International, Inc., Class A (a)   823,905
    Road & Rail – 2.5%    
10,665   Union Pacific Corp.   2,077,755
    Trading Companies &
Distributors – 3.1%
   
31,144   Fastenal Co.   1,433,870
2,285   WW Grainger, Inc.   1,117,799
        2,551,669
    Water Utilities – 1.7%    
10,697   American Water Works Co., Inc.   1,392,321
    Total Common Stocks   67,054,614
    (Cost $72,210,099)    
REAL ESTATE INVESTMENT TRUSTS – 17.5%
    Equity Real Estate Investment
Trusts – 14.8%
   
32,966   Apartment Income REIT Corp.   1,273,147
14,709   Camden Property Trust   1,756,990
16,141   Equity LifeStyle Properties, Inc.   1,014,300
46,638   First Industrial Realty Trust, Inc.   2,089,849
12,474   Mid-America Apartment Communities, Inc.   1,934,343
4,416   Public Storage   1,293,049
7,518   Sun Communities, Inc.   1,017,411
17,545   Terreno Realty Corp.   929,710
11,342   Welltower, Inc.   729,517
        12,038,316
 
See Notes to Financial Statements
Page 17

Table of Contents
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)
Portfolio of Investments (Continued)
September 30, 2022
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Mortgage Real Estate
Investment Trusts – 2.7%
   
60,662   Blackstone Mortgage Trust, Inc., Class A   $1,415,851
41,174   Starwood Property Trust, Inc.   750,191
        2,166,042
    Total Real Estate Investment Trusts   14,204,358
    (Cost $18,319,199)    
    Total Investments – 99.8%   81,258,972
    (Cost $90,529,298)    
    Net Other Assets and Liabilities – 0.2%   194,589
    Net Assets – 100.0%   $81,453,561
    
(a) Non-income producing security.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of September 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
9/30/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $67,054,614 $67,054,614 $ $
Real Estate Investment Trusts* 14,204,358 14,204,358
Total Investments $81,258,972 $81,258,972 $ $
    
* See Portfolio of Investments for industry breakout.
Page 18
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities
September 30, 2022
  First Trust
SMID
Cap Rising
Dividend
Achievers
ETF
(SDVY)
  First Trust
Dorsey Wright
Momentum &
Value ETF
(DVLU)
  First Trust
Dorsey Wright
Momentum &
Low Volatility ETF
(DVOL)
ASSETS:          
Investments, at value

$ 818,322,788   $ 19,337,066   $ 81,258,972
Cash

791,404   18,521   77,073
Receivables:          
Dividends

941,664   23,950   160,765
Dividend reclaims

87    
Total Assets

820,055,943   19,379,537   81,496,810
LIABILITIES:          
Payables:          
Investment advisory fees

434,740   10,322   43,249
Total Liabilities

434,740   10,322   43,249
NET ASSETS

$819,621,203   $19,369,215   $81,453,561
NET ASSETS consist of:          
Paid-in capital

$ 1,035,161,833   $ 32,959,122   $ 111,142,463
Par value

355,000   9,500   34,000
Accumulated distributable earnings (loss)

(215,895,630)   (13,599,407)   (29,722,902)
NET ASSETS

$819,621,203   $19,369,215   $81,453,561
NET ASSET VALUE, per share

$23.09   $20.39   $23.96
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

35,500,002   950,002   3,400,002
Investments, at cost

$1,005,213,394   $21,205,081   $90,529,298
See Notes to Financial Statements
Page 19

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations
For the Year Ended September 30, 2022
  First Trust
SMID
Cap Rising
Dividend
Achievers
ETF
(SDVY)
  First Trust
Dorsey Wright
Momentum &
Value ETF
(DVLU)
  First Trust
Dorsey Wright
Momentum &
Low Volatility ETF
(DVOL)
INVESTMENT INCOME:          
Dividends

$ 19,672,042   $ 549,320   $ 1,803,013
Interest

 8,940    159    772
Foreign withholding tax

(36,758)   (1,129)  
Other

   44  
Total investment income

19,644,224   548,394   1,803,785
EXPENSES:          
Investment advisory fees

 4,135,646    146,712    659,345
Total expenses

4,135,646   146,712   659,345
NET INVESTMENT INCOME (LOSS)

15,508,578   401,682   1,144,440
NET REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) on:          
Investments

(33,667,645)   (1,910,979)   (6,255,044)
In-kind redemptions

9,129,522   331,109   10,836,919
Net realized gain (loss)

(24,538,123)   (1,579,870)    4,581,875
Net change in unrealized appreciation (depreciation) on:          
Investments

(182,334,771)   (1,474,104)   (18,738,146)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(206,872,894)   (3,053,974)   (14,156,271)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(191,364,316)   $(2,652,292)   $(13,011,831)
Page 20
See Notes to Financial Statements

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Page 21

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets
  First Trust
SMID
Cap Rising
Dividend Achievers
ETF
(SDVY)
  First Trust
Dorsey Wright
Momentum &
Value ETF
(DVLU)
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
  Year
Ended
9/30/2022
  Year
Ended
9/30/2021
OPERATIONS:              
Net investment income (loss)

$ 15,508,578   $ 1,215,419   $ 401,682   $ 403,881
Net realized gain (loss)

 (24,538,123)    4,399,493    (1,579,870)    7,489,708
Net change in unrealized appreciation (depreciation)

 (182,334,771)    (4,309,095)    (1,474,104)    (1,439,711)
Net increase (decrease) in net assets resulting from operations

(191,364,316)   1,305,817   (2,652,292)   6,453,878
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (14,025,016)    (1,005,851)    (416,941)    (376,450)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 937,688,574    225,198,706    5,097,895    63,958,085
Cost of shares redeemed

 (123,351,150)    (24,875,461)    (8,523,685)    (58,491,461)
Net increase (decrease) in net assets resulting from shareholder transactions

814,337,424   200,323,245   (3,425,790)   5,466,624
Total increase (decrease) in net assets

 608,948,092    200,623,211    (6,495,023)    11,544,052
NET ASSETS:              
Beginning of period

 210,673,111    10,049,900    25,864,238    14,320,186
End of period

$819,621,203   $210,673,111   $19,369,215   $25,864,238
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 7,450,002    550,002    1,100,002    950,002
Shares sold

 32,800,000    7,800,000    200,000    2,900,000
Shares redeemed

 (4,750,000)    (900,000)    (350,000)    (2,750,000)
Shares outstanding, end of period

35,500,002   7,450,002   950,002   1,100,002
Page 22
See Notes to Financial Statements

Table of Contents
First Trust
Dorsey Wright
Momentum &
Low Volatility
ETF (DVOL)
Year
Ended
9/30/2022
  Year
Ended
9/30/2021
     
$ 1,144,440   $ 436,137
 4,581,875    24,241,948
 (18,738,146)    750,009
(13,011,831)   25,428,094
     
 (1,071,096)    (398,380)
     
 93,110,294    173,667,860
 (118,688,168)    (202,257,238)
(25,577,874)   (28,589,378)
 (39,660,801)    (3,559,664)
     
 121,114,362    124,674,026
$81,453,561   $121,114,362
     
 4,400,002    5,550,002
 3,300,000    6,800,000
 (4,300,000)    (7,950,000)
3,400,002   4,400,002
See Notes to Financial Statements
Page 23

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights
For a share outstanding throughout each period
First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)  
  Year Ended September 30,    Period
Ended
9/30/2018 (a)
2022   2021   2020   2019  
Net asset value, beginning of period

$ 28.28   $ 18.27   $ 20.37   $ 21.28   $ 19.94
Income from investment operations:                  
Net investment income (loss)

0.51   0.36   0.33   0.35   0.26
Net realized and unrealized gain (loss)

(5.21)   9.99   (2.08)   (0.92)   1.31
Total from investment operations

(4.70)   10.35   (1.75)   (0.57)   1.57
Distributions paid to shareholders from:                  
Net investment income

(0.49)   (0.34)   (0.35)   (0.34)   (0.23)
Net asset value, end of period

$23.09   $28.28   $18.27   $20.37   $21.28
Total return (b)

(16.78)%   56.77%   (8.56)%   (2.59)%   7.92%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 819,621   $ 210,673   $ 10,050   $ 7,128   $ 4,257
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

2.25%   1.77%   1.83%   1.95%   1.49%(c)
Portfolio turnover rate (d)

86%   36%   76%   78%   72%
    
(a) Inception date is November 1, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Annualized.
(d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 24
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright Momentum & Value ETF (DVLU)  
  Year Ended September 30,    Period
Ended
9/30/2018 (a)
2022   2021   2020   2019  
Net asset value, beginning of period

$ 23.51   $ 15.07   $ 18.52   $ 19.46   $ 19.98
Income from investment operations:                  
Net investment income (loss)

0.40   0.29   0.25   0.33   0.02
Net realized and unrealized gain (loss)

(3.11)   8.42   (3.44)   (0.94)   (0.54)
Total from investment operations

(2.71)   8.71   (3.19)   (0.61)   (0.52)
Distributions paid to shareholders from:                  
Net investment income

(0.41)   (0.27)   (0.26)   (0.33)  
Net asset value, end of period

$20.39   $23.51   $15.07   $18.52   $19.46
Total return (b)

(11.71)%   57.98%   (17.19)%   (3.04)%   (2.60)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 19,369   $ 25,864   $ 14,320   $ 19,451   $ 13,625
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

1.64%   1.68%   1.56%   2.01%   3.61%(c)
Portfolio turnover rate (d)

230%   195%   205%   152%   0%
    
(a) Inception date is September 5, 2018, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Annualized.
(d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 25

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)  
  Year Ended September 30,    Period
Ended
9/30/2018 (a)
2022   2021   2020   2019  
Net asset value, beginning of period

$ 27.53   $ 22.46   $ 22.81   $ 19.94   $ 19.97
Income from investment operations:                  
Net investment income (loss)

0.32   0.10   0.28   0.29   0.03
Net realized and unrealized gain (loss)

(3.60)   5.06   (0.30)   2.85   (0.06)
Total from investment operations

(3.28)   5.16   (0.02)   3.14   (0.03)
Distributions paid to shareholders from:                  
Net investment income

(0.29)   (0.09)   (0.33)   (0.27)  
Net asset value, end of period

$23.96   $27.53   $22.46   $22.81   $19.94
Total return (b)

(12.02)%   22.98%   0.03%   15.93%   (0.15)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 81,454   $ 121,114   $ 124,674   $ 131,169   $ 13,960
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

1.04%   0.36%   1.21%   2.37%   3.81%(c)
Portfolio turnover rate (d)

169%   136%   187%   81%   0%
    
(a) Inception date is September 5, 2018, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(c) Annualized.
(d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 26
See Notes to Financial Statements

Table of Contents
Notes to Financial Statements
First Trust Exchange-Traded Fund VI
September 30, 2022
1. Organization
First Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on June 4, 2012, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Trust currently consists of thirty-three exchange-traded funds that are offering shares. This report covers the three funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on The Nasdaq Stock Market LLC (“Nasdaq”).
First Trust SMID Cap Rising Dividend Achievers ETF – (ticker “SDVY”)
First Trust Dorsey Wright Momentum & Value ETF – (ticker “DVLU”)
First Trust Dorsey Wright Momentum & Low Volatility ETF – (ticker “DVOL”)
By operation of law, SDVY, DVLU and DVOL now operate as diversified open-end management investment companies as defined in Section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
Fund Index
First Trust SMID Cap Rising Dividend Achievers ETF Nasdaq US Small Mid Cap Rising Dividend AchieversTM Index
First Trust DorseyWright Momentum & Value ETF DorseyWright Momentum Plus ValueTM Index
First Trust DorseyWright Momentum & Low Volatility ETF DorseyWright Momentum Plus Low VolatilityTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks, real estate investment trusts (“REITs”), and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their last trade price.
Page 27

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
2) the type of security;
3) the size of the holding;
4) the initial cost of the security;
5) transactions in comparable securities;
6) price quotes from dealers and/or third-party pricing services;
7) relationships among various securities;
8) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
9) an analysis of the issuer’s financial statements;
10) the existence of merger proposals or tender offers that might affect the value of the security; and
11) other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of September 30, 2022, is included with each Fund’s Portfolio of Investments.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.
Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Distributions received from a Fund’s investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense, and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended September 30, 2022, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust SMID Cap Rising Dividend Achievers ETF

$ 14,025,016   $ —   $ —
First Trust Dorsey Wright Momentum & Value ETF

 416,941    —    —
First Trust Dorsey Wright Momentum & Low Volatility ETF

 1,071,096    —    —
The tax character of distributions paid by each Fund during the fiscal year ended September 30, 2021, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust SMID Cap Rising Dividend Achievers ETF

$ 1,005,851   $ —   $ —
First Trust Dorsey Wright Momentum & Value ETF

 376,450    —    —
First Trust Dorsey Wright Momentum & Low Volatility ETF

 398,380    —    —
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
As of September 30, 2022, the components of distributable earnings on a tax basis for each Fund were as follows:
  Undistributed
Ordinary
Income
  Accumulated
Capital and
Other
Gain (Loss)
  Unrealized
Appreciation
(Depreciation)
First Trust SMID Cap Rising Dividend Achievers ETF

$ 1,623,821   $ (17,877,189)   $ (199,642,262)
First Trust Dorsey Wright Momentum & Value ETF

 27,114    (11,751,888)    (1,874,633)
First Trust Dorsey Wright Momentum & Low Volatility ETF

 149,989    (20,592,809)    (9,280,082)
D. Income Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2019, 2020, 2021 and 2022 remain open to federal and state audit. As of September 30, 2022, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Funds are subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At September 30, 2022, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the table below, to the extent provided by regulations, to offset future capital gains.
  Non-Expiring
Capital Loss
Carryforward
First Trust SMID Cap Rising Dividend Achievers ETF

$ 17,877,189
First Trust Dorsey Wright Momentum & Value ETF

 11,751,888
First Trust Dorsey Wright Momentum & Low Volatility ETF

 20,592,809
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended September 30, 2022, the adjustments for each Fund were as follows:
  Accumulated
Net
Investment
Income (Loss)
  Accumulated
Net Realized
Gain (Loss)
on Investments
  Paid-in
Capital
First Trust SMID Cap Rising Dividend Achievers ETF

$ (63,976)   $ (4,127,148)   $ 4,191,124
First Trust Dorsey Wright Momentum & Value ETF

 —    (321,760)    321,760
First Trust Dorsey Wright Momentum & Low Volatility ETF

 —    (10,163,408)    10,163,408
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
As of September 30, 2022, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
  Tax Cost   Gross
Unrealized
Appreciation
  Gross
Unrealized
(Depreciation)
  Net Unrealized
Appreciation
(Depreciation)
First Trust SMID Cap Rising Dividend Achievers ETF

$ 1,017,965,050   $ 5,776,857   $ (205,419,119)   $ (199,642,262)
First Trust Dorsey Wright Momentum & Value ETF

 21,211,699    352,347    (2,226,980)    (1,874,633)
First Trust Dorsey Wright Momentum & Low Volatility ETF

 90,539,054    866,611    (10,146,693)    (9,280,082)
E. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (See Note 3).
First Trust has entered into licensing agreements with Nasdaq, Inc. (“Licensor”) for the Funds. The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensor. The Funds are sub-licensees to the applicable license agreements.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, legal, audit, licensing, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses (if any), brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses which are paid by each respective Fund. SDVY, DVLU and DVOL have each agreed to pay First Trust an annual unitary management fee equal to 0.60% of their average daily net assets. First Trust also provides fund reporting services to each Fund for a flat annual fee in the amount of $9,250, which is covered under the annual unitary management fee.
The Trust has multiple service agreements with BBH. Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BBH is responsible for custody of each Fund’s assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
4. Purchases and Sales of Securities
For the fiscal year ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
  Purchases   Sales
First Trust SMID Cap Rising Dividend Achievers ETF $ 579,485,139   $ 578,777,525
First Trust Dorsey Wright Momentum & Value ETF  55,509,543    55,493,786
First Trust Dorsey Wright Momentum & Low Volatility ETF  184,490,584    184,197,238
       
For the fiscal year ended September 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
  Purchases   Sales
First Trust SMID Cap Rising Dividend Achievers ETF $ 936,909,683   $ 122,779,430
First Trust Dorsey Wright Momentum & Value ETF  5,081,446    8,509,753
First Trust Dorsey Wright Momentum & Low Volatility ETF  92,945,386    118,566,707
5. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation (“NSCC”) the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
6. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or to provide investor services. FTP may also use this amount to compensate securities dealers or other
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022
persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before January 31, 2024.
7. Indemnification
The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there was the following subsequent event:
At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Funds. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee each Fund pays to the First Trust, as investment manager, will be discounted as the Fund’s net assets reach certain predefined levels.
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Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund VI:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust SMID Cap Rising Dividend Achievers ETF, First Trust Dorsey Wright Momentum & Value ETF, and First Trust Dorsey Wright Momentum & Low Volatility ETF (the “Funds”), each a series of the First Trust Exchange-Traded Fund VI, including the portfolios of investments, as of September 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.
Individual Funds Included in the Trust Financial Highlights
First Trust SMID Cap Rising Dividend Achievers ETF For the years ended September 30, 2022, 2021, 2020, 2019 and for the period from November 1, 2017 (commencement of operations) through September 30, 2018
First Trust Dorsey Wright Momentum & Low Volatility ETF For the years ended September 30, 2022, 2021, 2020, 2019 and for the period from September 5, 2018 (commencement of operations) through September 30, 2018
First Trust Dorsey Wright Momentum & Value ETF
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
November 23, 2022
We have served as the auditor of one or more First Trust investment companies since 2001.
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Additional Information
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
For the taxable year ended September 30, 2022, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:
  Dividends
Received Deduction
First Trust SMID Cap Rising Dividend Achievers ETF

100.00%
First Trust Dorsey Wright Momentum & Value ETF

100.00%
First Trust Dorsey Wright Momentum & Low Volatility ETF

91.44%
For the taxable year ended September 30, 2022, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:
  Qualified
Dividend Income
First Trust SMID Cap Rising Dividend Achievers ETF

100.00%
First Trust Dorsey Wright Momentum & Value ETF

100.00%
First Trust Dorsey Wright Momentum & Low Volatility ETF

100.00%
A portion of the ordinary dividends (including short-term capital gains) that DVLU and DVOL paid to shareholders during the taxable year ended September 30, 2022, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, section 199A for the aggregate dividends the Funds received from the underlying Real Estate Investment Trusts (REITs) they invest in.
Risk Considerations
Risks are inherent in all investing. Certain general risks that may be applicable to a Fund are identified below, but not all of the material risks relevant to each Fund are included in this report and not all of the risks below apply to each Fund. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information and other regulatory filings. Before investing, you should consider each Fund’s investment objective, risks, charges and expenses, and read each Fund’s prospectus and statement of additional information carefully. You can download each Fund’s prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.
Concentration Risk. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund’s investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund’s corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified.
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Credit Risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments.
Cyber Security Risk. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.
Defined Outcome Funds Risk. To the extent a fund’s investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor’s investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund’s share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.
Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund’s portfolio managers use derivatives to enhance the fund’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund’s shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF’s shares, or decisions by an ETF’s authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF’s shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund’s fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund’s fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
Index or Model Constituent Risk. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund’s net asset value could be negatively impacted and the fund’s market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund’s shares.
Index Provider Risk. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund’s costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.
Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund’s investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.
LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”) will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund’s shares and result in increased market volatility. During any such events, a fund’s shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund’s shares may widen.
Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund’s ability to meet its investment objective. Although the funds and the funds’ investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Advisory Agreements
Board Considerations Regarding Approval of Continuation of  Investment Management Agreements
The Board of Trustees of First Trust Exchange-Traded Fund VI (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Agreement” and collectively, the “Agreements”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following three series of the Trust (each a “Fund” and collectively, the “Funds”):
    First Trust SMID Cap Rising Dividend Achievers ETF (SDVY)
    First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)
    First Trust Dorsey Wright Momentum & Value ETF (DVLU)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022.  The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements.  At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined:  the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program.  The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor.  Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting.  The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective.  The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements.  The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement.  The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services.  In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions.  The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds.  Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex.  In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate payable by each Fund under the applicable Agreement for the services provided.  The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any.  The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable.  Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point.  Based on the information provided, the Board noted that the unitary fee rate for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group.  With respect to the Expense Groups, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors.  The Board took these limitations and differences into account in considering the peer data.  With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability.  In considering the unitary fee rates overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund.  The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds.  The Board determined that this process continues to be effective for reviewing each Fund’s performance.  The Board received and reviewed information for each Fund for periods ended December 31, 2021 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index.  Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range.  In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index, but given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds and noted the Advisor’s statement that it believes that its expenses relating to providing
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
advisory services to the Funds will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff.  The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds.  The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2021 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period.  The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable.  In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds.  The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds.  The Board also considered the Advisor’s compensation for fund reporting services provided to each Fund pursuant to a separate Fund Reporting Services Agreement, which is paid from the unitary fee.  The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund.  No single factor was determinative in the Board’s analysis.
Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds and each other fund in the First Trust Fund Complex, other than the closed-end funds, have adopted and implemented a liquidity risk management program (the “Program”) reasonably designed to assess and manage the funds’ liquidity risk, i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.  The Board of Trustees of the First Trust Funds has appointed First Trust Advisors L.P. (the “Advisor”) as the person designated to administer the Program, and in this capacity the Advisor performs its duties primarily through the activities and efforts of the First Trust Liquidity Committee (the “Liquidity Committee”).
Pursuant to the Program, the Liquidity Committee classifies the liquidity of each fund’s portfolio investments into one of the four liquidity categories specified by Rule 22e-4: highly liquid investments, moderately liquid investments, less liquid investments and illiquid investments.  The Liquidity Committee determines certain of the inputs for this classification process, including reasonably anticipated trade sizes and significant investor dilution thresholds. The Liquidity Committee also determines and periodically reviews a highly liquid investment minimum for certain funds, monitors the funds’ holdings of assets classified as illiquid investments to seek to ensure they do not exceed 15% of a fund’s net assets and establishes policies and procedures regarding redemptions in kind.
At the April 18, 2022 meeting of the Board of Trustees, as required by Rule 22e-4 and the Program, the Advisor provided the Board with a written report prepared by the Advisor that addressed the operation of the Program during the period from March 16, 2021 through the Liquidity Committee’s annual meeting held on March 17, 2022 and assessed the Program’s adequacy and effectiveness of implementation during this period, including the operation of the highly liquid investment minimum for each fund that is required under the Program to have one, and any material changes to the Program. Note that because the Funds primarily hold assets that are highly liquid investments, the Funds have not adopted any highly liquid investment minimums.
As stated in the written report, during the review period, no fund breached the 15% limitation on illiquid investments, no fund with a highly liquid investment minimum breached that minimum and no fund filed a Form N-LIQUID.  The Advisor concluded that each fund’s investment strategy is appropriate for an open-end fund; that the Program operated effectively in all material respects during the review period; and that the Program is reasonably designed to assess and manage the liquidity risk of each fund and to maintain compliance with Rule 22e-4.
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Board of Trustees and Officers
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951)
• Indefinite Term

• Since Inception
Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) 221 None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term

• Since Inception
Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) 221 Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association
Denise M. Keefe, Trustee
(1964)
• Indefinite Term

• Since 2021
Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) 221 Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021)
Robert F. Keith, Trustee
(1956)
• Indefinite Term

• Since Inception
President, Hibs Enterprises (Financial and Management Consulting) 221 Formerly, Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954)
• Indefinite Term

• Since Inception
Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) 221 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955)
• Indefinite Term

• Since Inception
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 221 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
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Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966)
President and Chief Executive Officer • Indefinite Term

• Since 2016
Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972)
Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term

• Since 2016
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960)
Secretary and Chief Legal Officer • Indefinite Term

• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President • Indefinite Term

• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer and Assistant Secretary • Indefinite Term

• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
    
Roger F. Testin
(1966)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
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(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
(1)Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.

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Privacy Policy
First Trust Exchange-Traded Fund VI
September 30, 2022 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from your inquiries by mail, e-mail or telephone; and
Information we collect on our website through the use of “cookies.” For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website.  We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users.  The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on:  Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2022
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First Trust Exchange-Traded Fund VI
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606

Table of Contents

 

Item 2. Code of Ethics.

(a)The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(b)Not applicable.

 

(c)There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

 

(d)The registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

 

(e)Not applicable.

 

(f)A copy of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

 

Item 3. Audit Committee Financial Expert.

(a)As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is “independent,” as defined by Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

(a)Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $344,025 for the fiscal year ended September 30, 2021 and $363,713 for the fiscal year ended September 30, 2022.

 

(b)Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended September 30, 2021 and were $0 for the fiscal year ended September 30, 2022.

 

Audit-Related Fees (Investment Advisor and Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended September 30, 2021 and were $0 for the fiscal year ended September 30, 2022.

 

(c)Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant were $160,000 for the fiscal year ended September 30, 2021 and $176,104 for the fiscal year ended September 30, 2022. These fees were for tax consultation and/or tax return preparation.

 

Tax Fees (Investment Advisor and Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant’s advisor and distributor were $0 for the fiscal year ended September 30, 2021 and were $0 for the fiscal year ended September 30, 2022.

 

(d)All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended September 30, 2021 and were $0 for the fiscal year ended September 30, 2022.

 

All Other Fees (Investment Advisor and Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant’s investment advisor and distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended September 30, 2021 and were $0 for the fiscal year ended September 30, 2022.

 

(e)(1)Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

 

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the “Committee”) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

 

The Committee is also responsible for the pre-approval of the independent auditor’s engagements for non-audit services with the registrant’s advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the registrant’s advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor’s independence.

 

(e)(2)The percentage of services described in each of paragraphs (b) through (d) for the registrant and the registrant’s investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

 

  Registrant:  Advisor and Distributor:
      
  (b) 0%  (b) 0%
  (c) 0%  (c) 0%
  (d) 0%  (d) 0%

 

(f)The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

 

(g)The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant for the fiscal year ended September 30, 2021 were $29,500 for the distributor, $23,200 for the advisor, and $160,000 for the registrant and for the fiscal year ended September 30, 2022 were $29,500 for the distributor, $16,500 for the advisor, and $176,104 for the registrant.

 

(h)The registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

(i)No applicable.

 

(j)Not applicable.

 

 

 

Items 5. Audit Committee of Listed Registrants.

(a)The registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the registrant is comprised of: Thomas R. Kadlec, Denise M. Keefe, Niel B. Nielson, Richard E. Erickson and Robert F. Keith.
(b)Not applicable.

Item 6. Investments.

(a)The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407 (c) (2) (iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22 (b) (15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)Not applicable.
(b)Not applicable.

Item 13. Exhibits.

(a)(1)Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)Not applicable
(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   First Trust Exchange-Traded Fund VI
By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   December 9, 2022  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   December 9, 2022  
By (Signature and Title)*   /s/ Donald P. Swade
    Donald P. Swade, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
Date:   December 9, 2022  

* Print the name and title of each signing officer under his or her signature.

 

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

SECTION 302 CETIFICATIONS

SECTION 906 CERTIFICATIONS