First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS — 98.6%
California — 94.9%
$250,000
Atascadero CA Fing Auth Lease Rev, Ser A
5.00%
05/01/44
$272,318
250,000
Atascadero CA Fing Auth Lease Rev, Ser A
5.00%
05/01/45
269,556
1,200,000
Azusa CA Spl Tax Cmnty Facs Dist No 2005-1 Impt, AG
5.00%
09/01/44
1,231,384
1,000,000
Bay Area CA Toll Auth Toll Bridge Rev Sustainable Bond, Ser F-2
5.00%
04/01/44
1,072,405
1,000,000
Bay Area CA Toll Auth Toll Bridge Rev Var, Ser H (a)
3.00%
04/01/59
1,000,000
100,000
Beaumont CA Spl Tax Cmnty Facs Dist No 93-1 Impt Area No 8F
4.00%
09/01/33
100,525
1,250,000
Burbank CA Wtr & Pwr Elec Rev
5.00%
06/01/43
1,334,500
1,000,000
Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B,
AMT
5.25%
07/01/40
1,104,527
750,000
Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B,
AMT
5.25%
07/01/44
808,301
1,625,000
Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B,
AMT
5.25%
07/01/49
1,702,603
20,000
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable
Bond, Ser A (Mandatory put 12/01/27)
4.00%
10/01/52
20,254
2,000,000
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable
Bond, Ser A-1 (Mandatory put 04/01/32)
5.00%
05/01/54
2,116,402
585,000
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable
Bond, Ser E (Mandatory put 09/01/32)
5.00%
02/01/55
620,783
925,000
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var
Sustainable Bond, Ser A-1 (Mandatory put 08/01/29)
5.00%
12/01/53
967,022
1,000,000
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Var
Sustainable Bonds, Ser C (Mandatory put 10/01/31)
5.25%
01/01/54
1,058,533
455,000
CA Hsg Fin Agy Affordable Hsg Rev Sustainable Bonds, Ser B
4.35%
02/01/43
455,955
372,973
CA Hsg Fin Agy Muni Ctfs, Ser A
4.25%
01/15/35
386,838
250,000
CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Sustainable
Bond, Ser A (b)
5.00%
11/15/56
220,163
310,000
CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs
Proj, Ser C (b)
4.50%
07/01/26
310,291
1,000,000
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (b)
5.00%
07/01/43
999,955
455,000
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp,
Ser A (b)
5.00%
07/01/40
465,117
250,000
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp,
Ser A (b)
5.00%
07/01/42
252,217
175,000
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp,
Ser A (b)
5.00%
07/01/43
175,820
185,000
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp,
Ser A (b)
5.00%
07/01/44
185,166
105,000
CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (b)
5.00%
07/01/27
106,829
200,000
CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (b)
5.00%
07/01/32
201,874
545,000
CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b)
5.00%
07/01/40
555,860
450,000
CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A (b)
5.25%
07/01/48
453,222
450,000
CA St Eductnl Facs Auth Rev Art Ctr Clg of Design, Ser A
5.00%
12/01/31
484,883
900,000
CA St Eductnl Facs Auth Rev Ref Loma Linda Univ, Ser A
5.00%
04/01/47
898,511
375,000
CA St Enterprise Dev Auth Chrt Sch Rev Ref The Rocklin Acdmy
Proj, Ser A (b)
4.00%
06/01/36
364,177
500,000
CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy
Proj (b)
5.00%
06/01/34
521,925
750,000
CA St Enterprise Dev Auth Chrt Sch Rev The Rocklin Acdmy
Proj (b)
5.00%
06/01/44
755,891

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$2,500,000
CA St Enterprise Dev Auth Lease Rev Riverside Cnty Mead Vly
Wellness Vlg Proj, Ser A
5.25%
11/01/49
$2,670,807
600,000
CA St Enterprise Dev Auth Rev Ref Sage Hill Sch Proj
5.00%
12/01/41
660,846
650,000
CA St Enterprise Dev Auth Stdt Hsg Rev Ref Pomona
Properties LLC Proj, Ser A
5.00%
01/15/39
687,200
500,000
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A
5.25%
12/01/40
543,639
500,000
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A
5.25%
12/01/41
537,387
500,000
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A
5.25%
12/01/42
533,790
2,000,000
CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A
5.00%
12/01/44
2,150,545
1,000,000
CA St Hlth Facs Fing Auth Rev Commonspirit Hlth, Ser A
5.25%
12/01/49
1,058,056
520,000
CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B
5.00%
11/15/33
571,818
1,000,000
CA St Hlth Facs Fing Auth Rev Episcopal Cmntys & Svcs, Ser B
5.25%
11/15/48
1,030,136
1,000,000
CA St Hlth Facs Fing Auth Rev Kaiser Permanente, Subser A-2
4.00%
11/01/44
930,671
1,240,000
CA St Hlth Facs Fing Auth Rev Ref El Camino Hlth, Ser A
5.00%
02/01/43
1,390,802
1,025,000
CA St Hlth Facs Fing Auth Rev Ref Scripps Hlth, Ser A
5.00%
11/15/42
1,135,195
500,000
CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A
5.00%
08/15/43
554,211
500,000
CA St Hlth Facs Fing Auth Rev Ref Stanford Hlth Care, Ser A
5.00%
08/15/44
548,262
1,000,000
CA St Hlth Facs Fing Auth Rev Var Ref Rady Childrens Hlth, Ser
B-3 (Mandatory put 08/15/36)
5.00%
08/15/65
1,151,278
585,000
CA St Infra & Econ Dev Bank Natl Chrt Equitable Sch Revolving
Fund Sustainable Bond, Ser B
4.00%
11/01/39
588,666
1,410,000
CA St Infra & Econ Dev Bank Rev Adventist Hlth Energy Proj,
Ser A
5.00%
07/01/40
1,490,858
250,000
CA St Muni Fin Auth Chrt Sch Lease Rev Sycamore Acdmy
Proj (c)
5.38%
07/01/34
250,150
250,000
CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch
Proj (d)
5.38%
07/01/34
250,100
450,000
CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy
Proj, Ser A (b)
5.00%
07/01/38
452,132
2,000,000
CA St Muni Fin Auth Mf Hsg Rev Gibson Drive Apartments
Proj, Ser A
4.45%
12/01/42
2,019,564
1,250,000
CA St Muni Fin Auth Mf Hsg Rev Var Victory Blvd, Ser B
(Mandatory put 07/01/29)
3.00%
07/01/31
1,251,800
785,000
CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas
Projs, Ser A
5.00%
08/15/27
806,759
85,000
CA St Muni Fin Auth Mobile Home Park Rev Ref Sr Caritas
Projs, Ser A
3.00%
08/15/32
81,127
170,000
CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas
Proj, Ser B
3.00%
08/15/31
165,040
295,000
CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas
Proj, Ser B
4.00%
08/15/41
276,596
435,000
CA St Muni Fin Auth Mobile Home Park Rev Sub Ref Caritas
Proj, Ser B
4.00%
08/15/51
362,752
1,000,000
CA St Muni Fin Auth Mobile Home Park Rev Sustainable Bond
Ref Caritas Projs, Ser A
5.00%
08/15/49
1,014,664
1,000,000
CA St Muni Fin Auth Rev Aldersly Proj, Ser A
5.00%
05/15/43
1,079,145
1,500,000
CA St Muni Fin Auth Rev Bethany Home Proj
5.00%
11/15/42
1,613,911
500,000
CA St Muni Fin Auth Rev Clay Lacy Aviation Facs John Wayne
Arpt Orange Co Proj, AMT (b) (e)
5.00%
01/01/41
501,446
600,000
CA St Muni Fin Auth Rev Clay Lacy Aviation Facs John Wayne
Arpt Orange Co Proj, AMT (b) (e)
6.00%
01/01/55
603,456

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$1,000,000
CA St Muni Fin Auth Rev Cmnty Hlth Ctrs of the Centrl Coast
Inc, Ser A
5.50%
12/01/45
$1,056,500
635,000
CA St Muni Fin Auth Rev Gateways Hosp And Mental Hlth
Ctr, Ser A
5.00%
09/01/41
657,193
675,000
CA St Muni Fin Auth Rev Gateways Hosp And Mental Hlth
Ctr, Ser A
5.00%
09/01/46
681,577
1,000,000
CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (b)
5.13%
11/01/40
1,048,467
525,000
CA St Muni Fin Auth Rev Ref CA Baptist Univ, Ser A (b)
5.38%
11/01/45
541,854
200,000
CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A
5.00%
07/01/32
203,134
1,345,000
CA St Muni Fin Auth Rev Ref Eskaton Properties Incorporated
Oblig Grp
5.00%
11/15/40
1,430,620
380,000
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
4.00%
10/01/34
380,421
800,000
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
4.00%
10/01/36
800,068
500,000
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
5.00%
10/01/44
501,172
600,000
CA St Muni Fin Auth Rev Ref S Central Los Angeles Regl Ctr Proj
5.00%
12/01/40
664,040
250,000
CA St Muni Fin Auth Rev Sfmta Potrero Yard Modernization
Proj, Ser A
5.00%
09/01/45
268,493
500,000
CA St Muni Fin Auth Rev Sfmta Potrero Yard Modernization
Proj, Ser A
5.50%
09/01/56
537,608
1,015,000
CA St Muni Fin Auth Rev St Ignatius Clg Prep, Ser A
5.00%
09/01/44
1,091,596
435,000
CA St Muni Fin Auth Sch Fac Rev St Mary’s Sch Aliso Viejo,
Ser A (b)
5.75%
05/01/54
437,472
385,000
CA St Muni Fin Auth Sch Fac Rev Temps St Mary’s Sch Aliso
Viejo, Ser B
4.65%
05/01/30
393,020
2,000,000
CA St Muni Fin Auth Sol Wst Disp Rev Var Draw Down Wst
Mgmt Proj Remk, Ser B, AMT (Mandatory put 06/01/26)
3.85%
11/01/41
1,999,632
1,250,000
CA St Muni Fin Auth Sol Wst Disp Rev Var Wst Mgmt Inc
Remk, Ser A, AMT (Mandatory put 12/01/26)
3.45%
12/01/44
1,253,145
1,550,000
CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT
4.00%
07/15/29
1,559,575
600,000
CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B
5.50%
09/01/43
634,215
550,000
CA St Muni Fin Auth Spl Tax Rev Bold Prog, Ser B
5.75%
09/01/53
576,987
400,000
CA St Muni Fin Auth Spl Tax Rev Wildhawk N
5.00%
09/01/39
417,398
750,000
CA St Muni Fin Auth Spl Tax Rev Wildhawk N
5.00%
09/01/44
769,555
1,250,000
CA St Muni Fin Auth Spl Tax Rev Wildhawk N
5.00%
09/01/49
1,262,426
500,000
CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt
Hsg Proj
5.00%
05/15/39
513,770
350,000
CA St Muni Fin Auth Stdt Hsg Rev CHF Davis I LLC W Vlg Stdt
Hsg Proj
5.00%
05/15/40
359,038
1,500,000
CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs
Inc Proj Remk, AMT (Mandatory put 08/17/26) (b)
2.88%
07/01/43
1,497,687
1,000,000
CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds,
AMT (b)
5.00%
11/21/45
1,000,273
1,500,000
CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP
Desalination Proj, AMT (b)
5.00%
07/01/36
1,614,308
15,000
CA St Pub Wks Brd Lease Rev Judicial Council CA, Ser B
5.00%
06/01/34
15,035
1,110,000
CA St Pub Wks Brd Lease Rev Various Capital Projs, Ser D
5.00%
11/01/46
1,167,786
250,000
CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub
Schs Proj (b)
5.00%
07/01/39
266,019
1,000,000
CA St Sch Fin Auth Chrt Sch Rev Ref Alliance for Clg Ready Pub
Schs Proj (b)
5.00%
07/01/49
1,010,450

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$700,000
CA St Sch Fin Auth Chrt Sch Rev Ref Classical Academies
Oceanside Proj, Ser A (b)
5.00%
10/01/32
$730,386
600,000
CA St Sch Fin Auth Chrt Sch Rev Sustainable Bonds Ref Camino
Nuevo Chrt Acdmy, Ser A (b)
5.00%
06/01/43
601,715
650,000
CA St Sch Fin Auth Eductnl Facs Rev Ref New Designs Chrt
Sch, Ser A (b)
5.00%
06/01/54
610,908
1,000,000
CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area No 2
5.00%
09/01/44
1,033,764
245,000
CA St Stwd Cmntys Dev Auth Stwd Rev Ref Stwd Cmnty Infra
Prog, Ser R-1, AG
5.00%
09/02/44
266,676
140,000
CA St Stwd Cmntys Dev Auth Stwd Rev Ref Stwd Cmnty Infra
Prog, Ser R-1, AG
5.00%
09/02/45
151,031
860,000
CA St Stwd Cmntys Dev Auth Stwd Rev, Ser C-2
5.00%
09/02/46
887,269
1,000,000
CA St Univ Rev Ref, Ser A
5.00%
11/01/43
1,119,936
770,000
CA St Unrefunded
5.00%
12/01/43
818,672
250,000
CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr,
Ser A (b)
5.00%
12/01/30
250,307
300,000
CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr,
Ser A (b)
5.00%
12/01/33
309,088
250,000
CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b)
5.00%
11/01/32
253,307
500,000
CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (b)
5.00%
11/01/41
501,594
100,000
CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys &
Svcs, Ser A
5.00%
04/01/30
101,496
50,000
CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys &
Svcs, Ser A
4.00%
04/01/32
50,252
1,075,000
CA Stwd Cmntys Dev Auth Rev Ref John Muir Hlth, Ser A
5.25%
12/01/44
1,187,492
385,000
CA Stwd Cmntys Dev Auth Rev Var Adventist Hlth Sys W
Remk, Ser 2007-A (Mandatory put 03/01/27)
5.00%
03/01/37
387,274
1,665,000
Centrl Vly CA Energy Auth Cmdy Sply Rev
5.00%
08/01/34
1,772,197
2,000,000
Centrl Vly CA Energy Auth Cmdy Sply Rev Var (Mandatory put
08/01/35)
5.00%
12/01/55
2,135,429
450,000
Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7
5.00%
09/01/31
465,250
815,000
Clovis CA Unif Sch Dist, COPS
5.00%
06/01/41
902,883
500,000
Clovis CA Unif Sch Dist, COPS
5.00%
06/01/43
544,884
500,000
Corona CA Cmnty Facs Dist Spl Tax Bedford Impt Area No 2
5.00%
09/01/39
533,986
1,500,000
Corona Norco CA Unif Sch Dist Election of 2014, Ser D
5.00%
08/01/46
1,628,467
2,000,000
CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay
Sustainable Bonds, Ser A-2 (b)
4.00%
07/01/56
1,649,025
1,000,000
E Bay CA Muni Util Dist Wtr Sys Rev Ref, Ser B
5.00%
06/01/43
1,123,710
1,450,000
Elk Grove CA Fin Auth Spl Tax Rev Cmnty Facs Dt No 2005-1
Laguna Ridge
4.00%
09/01/50
1,244,043
175,000
Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist
#2018-80 Willow Springs
5.00%
09/01/34
187,932
175,000
Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist
#2018-80 Willow Springs
5.00%
09/01/35
186,488
400,000
Estrn CA Muni Wtr Dist Cmnty Facs Dist Spl Tax Cmnty Facs Dist
#2018-80 Willow Springs
5.00%
09/01/40
421,552
350,000
Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No
19 Mangini
5.00%
09/01/32
356,744
1,500,000
Fontana CA Pub Fin Auth Lease Rev Ref, Ser A
5.00%
11/01/50
1,588,767
155,000
Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada
5.00%
09/01/29
158,547
500,000
Fontana CA Spl Tax Cmnty Facs Dist #80 Bella Strada
5.00%
09/01/46
503,311

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$1,790,000
Fontana CA Spl Tax Cmnty Facs Dt #109
5.00%
09/01/39
$1,896,068
600,000
Fontana CA Spl Tax Cmnty Facs Dt #111
5.00%
09/01/39
634,687
300,000
Fontana CA Spl Tax Cmnty Facs Dt #111
5.00%
09/01/48
304,287
1,000,000
Fontana CA Spl Tax The Gardens Phase One
5.00%
09/01/39
1,057,812
2,000,000
Fresno CA Jt Pwrs Fing Auth Lease Rev Pub Safety Projs, Ser A,
AG
5.25%
04/01/50
2,132,813
1,000,000
Garden Grove CA Pub Fing Auth Lease Rev, Ser A, BAM
5.00%
04/01/43
1,102,562
750,000
Golden St Tobacco Securitization Corp CA Tobacco Stlmt Ref,
Ser A-1 (Pre-refunded maturity 06/01/28)
5.00%
06/01/34
789,201
1,000,000
Imperial CA Cmnty Clg Dist Election of 2022, Ser A, AG
5.25%
08/01/53
1,057,107
575,000
Indio CA Elec Fing Auth Elec Rev
5.25%
01/01/41
640,732
570,000
Inglewood CA Jt Pwrs Auth Lease Rev Inglewood Main Library
Renovation and Seismic Retrofit Proj, BAM
5.00%
08/01/43
629,222
1,265,000
Inglewood CA Jt Pwrs Auth Lease Rev Inglewood Main Library
Renovation and Seismic Retrofit Proj, BAM
5.25%
08/01/50
1,348,192
775,000
Irvine CA Spl Tax Ref Cmnty Facs Dist #2013-3 Great Park Impt
Area#1, BAM
5.00%
09/01/44
849,640
150,000
Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist #09-1, Ser C
5.00%
09/01/31
152,794
2,000,000
Irvine Ranch CA Wtr Dist Var Impt Dist Cons, Ser B (a)
3.00%
10/01/41
2,000,000
1,000,000
Kern CA Cmnty Clg Dist, Ser D
5.25%
08/01/39
1,118,550
245,000
Lake Elsinore CA Unif Sch Dist Cmnty Facs Dist Cmnty Facs Dt
No 2017-2
5.00%
09/01/39
259,295
1,250,000
Lammersville CA Jt Unif Sch Dist Spl Tax Cfd #2019-1-Mountain
House Sch Facs
5.00%
09/01/46
1,275,338
25,000
Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist
#2014-1 Mountain House Sch Facs
4.00%
09/01/33
25,247
25,000
Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist
#2014-1 Mountain House Sch Facs
4.00%
09/01/34
25,118
200,000
Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist
#2014-1 Mountain House Sch Facs
4.00%
09/01/40
194,972
1,000,000
Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A
5.00%
11/15/35
1,101,691
1,000,000
Long Beach CA Cmnty Clg Dist, Ser E
5.00%
08/01/48
1,075,097
1,010,000
Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj
5.00%
05/15/40
1,119,019
500,000
Long Beach CA Marina Rev Ref Alamitos Bay Marina Proj
5.00%
05/15/41
548,939
50,000
Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord
Ref, Ser D, AMT (Pre-refunded maturity 11/15/31)
5.00%
05/15/33
55,162
605,000
Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity,
Ser A, AMT
5.00%
05/15/35
651,109
1,125,000
Los Angeles CA Dept of Arpts Arpt Rev Ref Subord Bonds
Sustainable Bonds, Ser D
5.00%
05/15/42
1,266,597
500,000
Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref
Subord Priv Activity, Ser A, AMT
5.25%
05/15/42
540,466
1,100,000
Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord
Ref, Ser D, AMT
5.00%
05/15/31
1,200,926
690,000
Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord
Ref, Ser D, AMT
5.00%
05/15/36
741,962
1,000,000
Los Angeles CA Unif Sch Dist Election 2008, Ser B-1, AG
5.25%
07/01/42
1,032,430
650,000
Los Angeles Cnty CA Dev Auth Mf Hsg Rev Var W LA VA Bldg
156 & 157 Apts, Ser C (Mandatory put 12/01/26)
3.75%
12/01/46
650,237
450,000
Mammoth Lakes CA, BAM, COPS
5.00%
06/01/41
499,865
940,000
Mammoth Lakes CA, BAM, COPS
5.00%
06/01/43
1,029,804

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$500,000
Mammoth Lakes CA, BAM, COPS
5.00%
06/01/44
$542,897
100,000
Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B
5.00%
09/01/27
101,842
250,000
Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B
5.00%
09/01/33
255,338
600,000
Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-
1, Ser A
5.00%
09/01/43
624,428
700,000
Menifee CA Spl Tax Quartz Ranch Cmnty Facs Dist No 2022-
1, Ser A
5.00%
09/01/48
712,462
245,000
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
5.00%
09/01/34
253,343
1,500,000
Menifee CA Union Sch Dist, Ser C, AG
3.00%
08/01/40
1,327,866
1,000,000
Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A
5.00%
04/01/48
1,059,022
530,000
Modesto CA Elem Sch Dist Stanislaus Cnty Election of 2018
Measure D, Ser C
5.00%
08/01/41
577,949
500,000
Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of
2022, Ser B
5.00%
08/01/40
572,045
700,000
Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of
2022, Ser B
5.00%
08/01/41
795,294
750,000
Modesto CA High Sch Dist Stanislaus Cnty Election Bonds of
2022, Ser B
5.00%
08/01/42
844,347
200,000
Morongo Band of Mission Indians CA Rev Ref, Ser B (Pre-
refunded maturity 10/01/28) (b)
5.00%
10/01/42
211,798
500,000
Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt
#2024-1 Impt Area #1
5.00%
09/01/40
517,698
800,000
Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt
#2024-1 Impt Area #1
5.00%
09/01/45
813,119
500,000
Mountain House Cmnty Facs Dist CA Spl Tax Cmnty Facs Dt
#2024-1 Impt Area #3 Pub Fac and Svcs
5.00%
09/01/41
518,727
1,000,000
Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A
5.00%
08/01/43
1,106,379
1,375,000
Oakdale CA Jt Unif Sch Dist Election of 2024, Ser A
5.00%
08/01/44
1,508,380
100,000
Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac
4.00%
09/01/34
100,075
65,000
Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac
4.00%
09/01/35
64,583
275,000
Ontario CA Cmnty Facs Dist #40 Spl Tax Emeral Park Fac
4.00%
09/01/39
261,557
500,000
Ontario CA Spl TX Countryside Phase 2 S Facs
5.00%
09/01/39
526,387
800,000
Ontario Pub Fing Auth Lease Rev, Ser A
5.00%
11/01/41
910,761
610,000
Orange Ctr CA Sch Dist Election of 2022, Ser A, AG
5.25%
08/01/48
636,933
1,000,000
Oxnard CA Sch Dist Election of 2022, Ser A, BAM
5.00%
08/01/42
1,092,187
925,000
Pittsburg CA Unif Sch Dist Ref
3.00%
08/01/40
814,502
210,000
Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline
208
5.00%
09/01/33
217,130
220,000
Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline
208
5.00%
09/01/34
227,432
525,000
Ripon CA Redev Agy Successor Agy Tax Allocation Ref, BAM
4.00%
11/01/31
547,958
500,000
River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1
Phase 2 Pub Impts
5.00%
09/01/40
507,082
1,500,000
Riverside CA Swr Rev Ref, Ser A
5.00%
08/01/40
1,716,135
575,000
Riverside CA Unif Sch Dist Election of 2016, Ser B
3.00%
08/01/38
529,853
375,000
Riverside CA Unif Sch Dist Impt Area No 1
5.00%
09/01/39
392,762
750,000
Riverside CA Wtr Rev, Ser A
5.00%
10/01/47
792,811
1,000,000
Riverside Cnty CA Transprtn Commn Toll Rev Ref Sr Lien Rctc
91 Express Lanes, Ser B-1
4.00%
06/01/41
1,014,638
400,000
Romoland CA Sch Dist Spl Tax Underwood Impt Area No 2
Special Tax Bonds
5.00%
09/01/43
416,285

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$930,000
Roseville CA Spl Tax Amoruso Ranch Cmnty Facs Dist #1 Impt
Area #1
5.00%
09/01/39
$974,421
185,000
Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs
5.00%
09/01/32
191,380
160,000
Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs
5.00%
09/01/33
165,449
170,000
Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs
4.00%
09/01/34
171,155
150,000
Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs
4.00%
09/01/35
150,585
1,000,000
S Wstrn CA Cmnty Clg Dist Election of 2024, Ser A
5.25%
08/01/46
1,101,643
200,000
Sacramento CA Spl Tax Natomas Meadows Cmnty Facs Dist
#2007-01 (b)
5.00%
09/01/32
202,549
1,000,000
Sacramento Cnty CA Arpt Sys Rev Ref, Ser C, AMT
5.00%
07/01/37
1,025,909
1,120,000
Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT
5.00%
07/01/33
1,240,070
775,000
Sacramento Cnty CA Arpt Sys Rev, Ser A, AMT
5.25%
07/01/41
855,506
1,355,000
San Clemente CA Spl Tax Ref Cmnty Facs Dist #2006-1
Marblehead Coastal, BAM
5.00%
09/01/41
1,525,710
500,000
San Diego CA Pub Facs Fing Auth Swr Rev Subord, Ser A
5.00%
05/15/47
529,261
1,500,000
San Diego CA Unif Sch Dist Sustainable Bond, Ser F2
5.00%
07/01/42
1,632,199
130,000
San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord Ref, Ser A
5.00%
07/01/39
137,394
1,000,000
San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT
5.00%
07/01/34
1,079,365
85,000
San Diego Cnty CA Spl Tax Harmony Grove Vlg Impt Area
No 2, Ser A
4.00%
09/01/33
85,684
140,000
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref
Second Ser, Ser 2020A, AMT
5.00%
05/01/37
147,519
3,040,000
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A,
AMT
5.00%
05/01/49
3,043,975
500,000
San Francisco CA City & Cnty Dev Spl Tax Dist No 2020-1
Mission Rock Facs and Svcs, Ser A (b)
4.00%
09/01/46
437,885
1,000,000
San Francisco CA City & Cnty Pub Utils Commn Wtr Rev Reg and
Loc Wtr Subord, Ser A
5.25%
11/01/48
1,082,392
1,250,000
San Francisco City & Cnty CA Redev Agy Successor Agy Cmnty
Ref Cmnty Facs Dist #6 Mission Bay S Pub Impts, AG
5.25%
08/01/40
1,411,263
1,350,000
San Francisco City & Cnty CA Redev Agy Successor Agy Tax
Transbay Infra Projs Third Lien, Ser B, AG
5.00%
08/01/48
1,428,922
935,000
San Francisco City & Cnty CA, Ser B
2.00%
06/15/29
895,997
175,000
San Joaquin Hills CA Transprtn Corridor Agy Toll Road Rev
CABS Ref, Ser A, NATL-RE
(f)
01/15/29
160,825
1,000,000
San Joaquin Vly Clean Energy Auth CA Clean Energy Rev Var
Sustainable Bonds Clean Energy Proj, Ser A (Mandatory put
07/01/35)
5.50%
01/01/56
1,101,781
1,000,000
San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital
Projs Ref, Ser A
5.25%
11/15/40
1,119,897
1,000,000
San Luis Obispo Pub Fing Auth Lease Rev Ref Cultural Arts Dist
Parking Proj
5.00%
12/01/48
1,063,543
1,000,000
Santa Ana CA Pub Fing Auth Wtr Rev Ref
5.00%
09/01/42
1,111,176
1,000,000
Santa Barbara CA Fin Auth Lease Rev Pub Safety and Park Projs
4.00%
05/15/42
1,014,928
1,590,000
Santa Clara CA Wstwtr Rev Sustainable Bonds, COPS
4.25%
02/01/41
1,664,200
500,000
Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable
Bond, Ser A
5.00%
08/01/40
553,627
500,000
Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable
Bond, Ser A
5.00%
08/01/41
551,454
1,075,000
Santa Fe Springs CA Pub Fin Auth Spl Parcel Tax Rev Santa Fe
Springs Road Impts, AG
5.00%
06/01/40
1,199,314

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
California (Continued)
$1,100,000
Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM
5.00%
09/01/43
$1,189,854
1,000,000
Santa Rosa CA High Sch Dist, Ser B
5.00%
08/01/45
1,085,841
2,250,000
Stockton E CA Wtr Dist Sustainable Bonds, Ser A, BAM, COPS
5.00%
03/01/50
2,354,573
150,000
Temecula Vly CA Unif Sch Dist Cmnty Facs Dist #2014-1
5.00%
09/01/32
153,619
500,000
Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4
Impt Area #1
5.00%
09/01/31
515,601
250,000
Tracy CA Cmnty Facs Dist
5.00%
09/01/33
257,587
1,250,000
Univ of CA CA Rev, Ser CC
5.00%
05/15/53
1,325,232
1,000,000
Univ of CA CA Rev, Ser CD
5.50%
05/15/40
1,178,698
500,000
Univ of CA Rev Var Ref Gen Remk, Ser AL-3 (a)
3.00%
05/15/48
500,000
365,000
Vacaville CA Spl Tax Lower Lagoon Vly Impt Area No 1, Ser A
5.00%
09/01/40
376,364
330,000
Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2
(Stratford Ranch)
5.00%
09/01/38
347,620
500,000
Val Verde CA Unif Sch Dist Spl Tax Cmty Facs Dist No 2018-2
(Stratford Ranch)
5.00%
09/01/43
517,381
275,000
Wildomar CA Spl Tax Cmnty Fac Dist No.2023-1(Avalino)
5.00%
09/01/41
288,553
325,000
Wildomar CA Spl Tax Cmnty Fac Dist No.2023-1(Avalino)
5.00%
09/01/46
333,563
700,000
Windsor CA Jt Pwrs Fing Auth Sustainable Bonds, AG
5.00%
11/01/45
769,729
 
194,081,671
Connecticut — 0.2%
490,000
Stamford CT Hsg Auth Ref Mozaic Concierge Living Proj, Ser A
6.38%
10/01/45
517,923
Florida — 0.1%
210,000
Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area
4.00%
05/01/30
212,417
Guam — 1.5%
500,000
Guam Govt Busn Privilege Tax Rev Ref, Ser G
5.00%
01/01/31
534,079
500,000
Guam Govt Busn Privilege Tax Rev Ref, Ser G
5.25%
01/01/38
546,057
1,000,000
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A
5.25%
07/01/42
1,074,555
280,000
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A
5.00%
01/01/50
284,374
210,000
Guam Pwr Auth Rev Ref, Ser A
5.00%
10/01/41
221,375
325,000
Guam Pwr Auth Rev Ref, Ser A
5.00%
10/01/42
342,054
 
3,002,494
Louisiana — 0.4%
750,000
Saint James Parish LA Rev Var Nustar Logistics LP Proj Remk, Ser
2008 (Mandatory put 06/01/30) (b)
6.10%
06/01/38
824,874
Puerto Rico — 1.2%
1,100,000
Puerto Rico Cmwlth Restructured, Ser A1
4.00%
07/01/33
1,099,365
1,000,000
Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac
San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT
6.75%
01/01/45
1,114,739
263,000
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured,
Ser A-2
4.33%
07/01/40
260,676
 
2,474,780
Utah — 0.2%
500,000
Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2
4.00%
06/01/52
416,687

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
Wisconsin — 0.1%
$250,000
Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate
Fdtn LLC Proj, Ser A
5.25%
06/15/45
$257,131
Total Investments — 98.6%
201,787,977
(Cost $198,875,760)
Net Other Assets and Liabilities — 1.4%
2,810,986
Net Assets — 100.0%
$204,598,963
(a)
Variable rate demand bond. Interest rate is reset periodically by the agent based on current market conditions.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At April 30, 2026, securities noted as such amounted to $21,125,507 or 10.3%
of net assets.
(c)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers
(see Restricted Securities table).
(d)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(e)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date.
(f)
Zero coupon security.
Abbreviations throughout the Portfolio of Investments:
AG
Assured Guaranty, Inc.
AMT
Alternative Minimum Tax
BAM
Build America Mutual
CABS
Capital Appreciation Bonds
COPS
Certificates of Participation
NATL-RE
National Public Finance Guarantee Corp.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Valuation Inputs in the Additional Information section):
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Municipal Bonds*
$201,787,977
$
$201,787,977
$
*
See Portfolio of Investments for state and territory breakout.

First Trust California Municipal High Income ETF (FCAL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)

Restricted Securities
As of April 30, 2026, the Fund held a restricted security as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees:
Security
Acquisition
Date
Principal
Value
Current
Price
Carrying
Cost
Value
% of
Net Assets
CA St Muni Fin Auth Chrt Sch
Lease Rev Sycamore Acdmy Proj,
5.38%, 07/01/34
06/14/18
$250,000
$100.06
$250,000
$250,150
0.12
%

First Trust New York Municipal High Income ETF (FMNY)
Portfolio of Investments
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS — 98.6%
American Samoa — 0.7%
$250,000
American Samoa AS Econ Dev Auth Gen Rev Ref, Ser A (a)
5.00%
09/01/35
$260,923
Florida — 1.8%
265,000
Lake Emma Cmnty Dev Dist FL Spl Assmnt Assmnt Area One
3.50%
06/15/41
227,596
345,000
Ridge at Apopka CDD FL Spl Assmnt, Ser 22
5.38%
05/01/42
353,737
105,000
Shingle Creek at Bronson CDD FL Spl Assmnt
3.50%
06/15/41
96,218
 
677,551
Guam — 0.7%
250,000
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A
5.25%
07/01/39
274,343
New Jersey — 0.9%
300,000
NJ St Transprtn Trust Fund Auth Transprtn Prog, Ser AA
5.00%
06/15/45
321,316
New York — 90.2%
500,000
Albany NY Capital Res Corp Ref Albany Med Ctr Hosp Proj, Ser A
5.25%
05/01/50
528,755
275,000
Battery Park City NY Auth Sr Sustainable Bond, Ser A
5.00%
11/01/44
299,189
500,000
Battery Park City NY Auth Sr Sustainable Bond, Ser A
5.00%
11/01/53
519,620
300,000
Brewster NY Centrl Sch Dist
3.00%
10/01/26
299,887
560,000
Brookhaven NY Loc Dev Corp Rev Ref Long Island Cmnty Hosp
Proj, Ser A
5.00%
10/01/50
568,768
300,000
Buffalo NY Muni Wtr Fin Auth, Ser A, BAM
5.00%
07/01/41
334,721
365,000
Buffalo NY Swr Auth, Ser A
5.00%
06/15/43
397,194
550,000
Build NYC Res Corp NY Rev Renaissance Chrt Sch 2 Proj, Ser A
5.25%
06/15/45
552,195
300,000
Build NYC Res Corp NY Rev S Bronx Classical Chrt Sch V
Proj, Ser A
5.25%
06/15/51
301,441
300,000
Build NYC Res Corp NY Rev Success Acdmy Chrt Schs Proj
4.00%
09/01/43
286,424
300,000
Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub
Sch Facs Canal W Proj
5.00%
07/01/42
311,789
275,000
Carmel NY
4.00%
09/15/45
276,069
300,000
Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref
NRG Energy Proj Remk (Mandatory put 04/03/28)
4.25%
04/01/42
304,734
248,972
Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds
Tomopkins Terrace Hsg LP Proj
5.00%
10/01/40
267,158
250,000
Dutchess Cnty NY Loc Dev Corp Rev Marist Clg Proj
5.00%
07/01/52
252,073
270,000
Dutchess Cnty NY Loc Dev Corp Rev Ref The Culinary Institute of
America Proj
5.25%
07/01/43
285,165
440,000
Erie Cnty NY Buffalo Bills Stadium Proj, Ser B
5.25%
09/15/42
496,893
205,000
Franklin Cnty NY Sol Wst Mgmt Auth, AMT
5.00%
06/01/43
210,593
395,000
Fulton NY City Sch Dist, BANS
4.25%
07/10/26
396,087
725,000
Genesee Cnty NY Funding Corp Rochester Regl Hlth Energy
Proj, Ser A
5.00%
12/01/44
746,191
665,000
Hempstead Town NY Loc Dev Corp Rev Adelphi Univ Proj, Ser A
5.00%
10/01/45
686,884
335,000
Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ
Proj, Ser A
4.00%
07/01/36
338,015
250,000
Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A
5.00%
02/15/37
253,325
250,000
Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A
5.00%
02/15/42
252,876
685,000
Lackawanna NY
5.00%
11/01/37
800,991
300,000
Long Beach NY, Ser B, BAM
5.25%
07/15/32
327,771
250,000
Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A
5.00%
09/01/49
261,466
350,000
Long Island NY Pwr Auth Elec Sys Rev Sustainable Bond, Ser E
5.00%
09/01/48
365,615
250,000
Met Transprtn Auth NY Rev Ref Sustainable Bonds, Ser B
5.00%
11/15/43
266,536
300,000
Met Transprtn Auth NY Rev Sustainable Bond Ref, Ser A
5.50%
11/15/47
320,616
300,000
Met Transprtn Auth NY Rev Var Ref Remk, Ser D-2002D-2A-1 (b)
3.35%
11/01/32
300,000

First Trust New York Municipal High Income ETF (FMNY)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
New York (Continued)
$300,000
Monroe Cnty NY Indl Dev Agy Mf Hsg Rev Var Andrews Terrace
Cmnty Partners LP Proj B-1 (Mandatory put 07/01/27)
5.00%
07/01/28
$306,748
250,000
Monroe Cnty NY Indl Dev Corp Rev Ref St John Fisher Univ Proj
5.00%
06/01/44
264,991
250,000
Monroe Cnty NY Indl Dev Corp Rev Univ of Rochester Proj, Ser A
5.00%
07/01/53
259,502
300,000
N Babylon NY Union Free Sch Dist
3.00%
07/01/35
289,529
550,000
Nassau Cnty NY Indl Dev Agy Var Ref & Impt Cold Spring
Rmkt (b)
3.15%
01/01/34
550,000
250,000
New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable
Bond, Ser A-1
3.95%
05/01/35
253,070
395,000
New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable
Bond, Ser B-1
4.75%
11/01/40
412,458
250,000
New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable
Bond, Ser D
4.20%
11/01/41
246,855
250,000
New York City NY Indl Dev Agy Rev Ref Queens Baseball
Stadium Proj, Ser A, AG
3.00%
01/01/37
233,157
265,000
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref
2nd Gen Resolution, Ser AA
4.00%
06/15/40
262,827
250,000
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref
Fiscal 2026, Ser AA-2
5.00%
06/15/44
272,955
250,000
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref
Var 2nd Gen Resolution, Subser BB-1 (b)
3.45%
06/15/44
250,000
305,000
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev
Ref, Ser AA-3
5.00%
06/15/47
319,642
360,000
New York City NY Transitional Fin Auth Rev Ref Subord, Ser D-1
5.00%
11/01/40
395,569
250,000
New York City NY Transitional Fin Auth Rev Subord, Ser B-1
4.00%
08/01/39
252,074
250,000
New York City NY Transitional Fin Auth Rev Subord, Subser F-3
3.00%
02/01/39
219,229
250,000
New York City NY Trust For Cultural Res Ref American Museum
of Nat History, Ser A
5.00%
07/15/54
260,214
250,000
NY Energy Fin Dev Corp Var (Mandatory put 12/01/33)
5.00%
07/01/56
257,578
250,000
NY NY Fiscal 2021, Ser C
4.00%
08/01/41
246,029
275,000
NY NY Fiscal 2025 Multi Modal, Ser E
5.00%
08/01/41
301,261
640,000
NY St Convention Ctr Dev Corp Rev Sr Lien Hotel Unit Fee
Secured, Ser A
5.00%
11/15/46
641,600
500,000
NY St Dorm Auth Revs Non St Supported Debt Iona Clg, Ser A
5.00%
07/01/46
503,858
250,000
NY St Dorm Auth Revs Non St Supported Debt Memorial Sloan
Kettering Cancer Ctr, Ser 1
5.25%
07/01/54
266,494
300,000
NY St Dorm Auth Revs Non St Supported Debt New York Institute
of Technology
5.00%
07/01/44
310,168
500,000
NY St Dorm Auth Revs Non St Supported Debt Orchard Park
CCRC Inc Obligated Grp
5.13%
11/15/50
503,248
250,000
NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref
5.00%
07/01/39
250,542
440,000
NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth
Oblig Grp, Ser A
5.00%
05/01/34
496,503
355,000
NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth
Oblig Grp, Ser A
5.00%
05/01/38
383,214
250,000
NY St Dorm Auth Revs Non St Supported Debt Roswell Park
Cancer Institute Obligated Grp, Ser A-1, AG
5.00%
07/01/39
277,952
250,000
NY St Dorm Auth Revs Non St Supported Debt White Plains Hosp
Obligated Grp, AG
5.25%
10/01/43
270,563
290,000
NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A-Grp 3
3.00%
03/15/38
263,457
250,000
NY St Dorm Auth St Personal Income Tax Rev Ref, Ser C
5.25%
03/15/47
268,498

First Trust New York Municipal High Income ETF (FMNY)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
New York (Continued)
$250,000
NY St Energy Rsrch & Dev Auth Poll Cntrl Rev Ref NY Elec &
Gas Remk, Ser C
4.00%
04/01/34
$256,052
500,000
NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down
Casella Wst Sys Inc Proj R-1 Remk, AMT (Mandatory put
09/03/30) (a)
4.25%
09/01/50
507,297
250,000
NY St Envrnmntl Facs Corp Sol Wst Disp Rev Var Draw Down
Casella Wst Sys Inc Proj, Ser R-2, AMT (Mandatory put
09/03/30) (a)
5.13%
09/01/50
263,008
300,000
NY St Envrnmntl Facs Corp St Clean Wtr & Drinking Wtr Ref
NYC Muni Wtr Fin Auth Projs Subord Srf Bond, Ser C
5.00%
06/15/44
330,229
250,000
NY St Hsg Fin Agy Affordable Hsg Rev Var 320 W 38th St Hsg
Remk, Ser A (Mandatory put 11/01/31)
3.57%
05/01/42
251,444
255,000
NY St Hsg Fin Agy Affordable Hsg, Ser B
3.20%
11/01/36
241,143
300,000
NY St Mtge Agy Homeowner Mtge Rev Sustainable Bonds,
Ser 266
4.55%
10/01/45
297,531
750,000
NY St Pwr Auth Green Trans Proj Rev Sustainable Bonds
Sustainable Trans Proj, Ser A, AG
5.00%
11/15/48
791,255
300,000
NY St Thruway Auth Gen Rev Jr Indebtedness Obl Ref Jr, Ser A
5.00%
01/01/46
321,392
305,000
NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B
4.00%
01/01/45
286,646
360,000
NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia
Arpt Terminals C&D Redev, AMT
4.00%
10/01/30
365,861
400,000
NY St Transprtn Dev Corp Spl Fac Rev LaGuardia Arpt Terminal
C&D Redev Proj, AMT
5.63%
04/01/40
423,771
250,000
NY St Transprtn Dev Corp Spl Fac Rev Ref American Airls Inc
John F Kennedy Intl Arpt Proj, AMT
5.00%
08/01/31
249,638
250,000
NY St Transprtn Dev Corp Spl Fac Rev Ref John F. Kennedy Intl
Arpt Proj, AMT
5.25%
08/01/31
261,349
250,000
NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl
Arpt New Terminal One Proj, AMT
6.00%
06/30/42
278,935
435,000
NY St Transprtn Dev Corp Spl Fac Rev Terminal 4 JFK Intl Arpt
Proj, AMT
5.00%
12/01/30
465,421
280,000
NY St Urban Dev Corp Sales Tax Rev, Ser A
5.00%
03/15/45
301,112
75,000
Onondaga Cnty NY
3.00%
04/15/36
72,829
250,000
Oyster Bay NY, Ser A, AG
2.00%
03/01/35
211,337
305,000
Port Auth of NY & NJ NY Ref, Ser 246, AMT
5.00%
09/01/40
331,705
300,000
Port Auth of NY & NJ NY Ref, Ser 246, AMT
5.00%
09/01/44
319,347
280,000
Port Auth of NY & NJ NY Ref, Ser 251
5.00%
08/15/46
301,586
1,000,000
Rensselaer Cnty NY Capital Res Corp Energy Performance Van
Rensselaer Manor Nursing Home Proj
5.25%
04/01/45
1,087,935
250,000
Rockland Cnty NY Sol Wst Mgmt Auth Animal Shelter Proj, Ser A
6.25%
12/15/49
281,678
500,000
Suffolk Regl Off-Track Betting Corp NY Rev
6.00%
12/01/53
511,352
250,000
Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT
4.00%
07/01/36
245,809
285,000
Triborough NY Bridge & Tunnel Auth Payroll Mobility Tax Ref
MTA Bridges & Tunnels, Ser A
5.00%
05/15/47
296,185
250,000
Triborough NY Bridge & Tunnel Auth Revs, Ser A
5.00%
11/15/42
267,777
250,000
Triborough NY Bridge & Tunnel Auth Revs, Ser A
5.50%
11/15/57
264,134
100,000
Util Debt Securitization Auth NY Ref Sustainable Bonds, Ser TE-1
5.00%
12/15/46
108,100
315,000
Util Debt Securitization Auth NY Ref TE, Ser 1
5.00%
12/15/41
352,668
255,000
Waterloo NY Centrl Sch Dist, BANS
3.75%
07/30/26
255,640
250,000
Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr
Oblig Grp Proj, AG
5.75%
11/01/49
268,841

First Trust New York Municipal High Income ETF (FMNY)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MUNICIPAL BONDS (Continued)
New York (Continued)
$250,000
Yonkers NY, Ser A, AG
5.00%
02/01/44
$269,301
250,000
Yonkers NY, Ser F, BAM
5.00%
11/15/41
271,730
 
33,708,864
Puerto Rico — 2.9%
400,000
Puerto Rico Cmwlth Restructured, Ser A1
4.00%
07/01/33
399,769
250,000
Puerto Rico Indl Tourist Eductnl Med & Envrnmntl Control Fac
San Juan Cruise Terminal Proj, Ser 2023-A-2-P3, AMT
6.50%
01/01/42
278,847
400,000
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured,
Ser A-2
4.33%
07/01/40
396,465
 
1,075,081
South Dakota — 1.4%
500,000
SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty
Issue, Ser A
5.00%
09/01/50
501,997
Total Investments — 98.6%
36,820,075
(Cost $36,302,485)
Net Other Assets and Liabilities — 1.4%
533,984
Net Assets — 100.0%
$37,354,059
(a)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $1,031,228 or 2.8% of net assets.
(b)
Variable rate demand bond. Interest rate is reset periodically by the agent based on current market conditions.
Abbreviations throughout the Portfolio of Investments:
AG
Assured Guaranty, Inc.
AMT
Alternative Minimum Tax
BAM
Build America Mutual
BANS
Bond Anticipation Notes

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Valuation Inputs in the Additional Information section):
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Municipal Bonds*
$36,820,075
$
$36,820,075
$
*
See Portfolio of Investments for state and territory breakout.

First Trust Exchange-Traded Fund III
Additional Information
April 30, 2026 (Unaudited)
Valuation Inputs
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.