First Trust Merger Arbitrage ETF (MARB)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 49.3%
Capital Markets — 2.4%
38,076
DigitalBridge Group, Inc.
$592,463
Entertainment — 4.2%
5,216
Electronic Arts, Inc.
1,055,562
Health Care Equipment &
Supplies — 3.8%
5,340
Masimo Corp. (a)
952,816
Health Care Providers &
Services — 10.8%
55,903
Enhabit, Inc. (a)
768,107
61,229
Select Medical Holdings Corp.
1,004,768
181,886
Talkspace, Inc. (a)
943,988
 
2,716,863
Household Durables — 2.8%
15,157
Tri Pointe Homes, Inc. (a)
710,712
Insurance — 5.0%
14,331
Brighthouse Financial, Inc. (a)
892,248
14,606
ProAssurance Corp. (a)
360,768
 
1,253,016
Media — 3.3%
343,653
Clear Channel Outdoor
Holdings, Inc. (a)
824,767
Office REITs — 3.8%
44,964
Peakstone Realty Trust
943,345
Professional Services — 3.7%
11,371
CSG Systems International, Inc.
914,342
Real Estate Management &
Development — 2.8%
64,604
Kennedy-Wilson Holdings, Inc.
704,184
Residential REITs — 3.3%
43,438
Veris Residential, Inc.
824,019
Software — 3.4%
35,111
Clearwater Analytics Holdings,
Inc., Class A (a)
849,686
Total Common Stocks
12,341,775
(Cost $12,237,497)
RIGHTS — 0.0%
Biotechnology — 0.0%
69,580
89bio, Inc., expiring
December 31,
2035 (a) (b) (c) (d)
0
43,869
Chinook Therapeutics, Inc.,
expiring December 21,
2029 (a) (b) (c) (d)
0
100,745
Icosavax, Inc., expiring
January 1, 2029 (a) (b) (c) (d)
0
20,075
Metsera, Inc., no expiration
date (a) (b) (c) (d)
0
 
0
Shares
Description
Value
 
Capital Markets — 0.0%
11,879
TPG, Inc., no expiration
date (a) (b) (c) (d)
$0
Consumer Staples Distribution
& Retail — 0.0%
76,307
Walgreens Boots Alliance, Inc.,
no expiration
date (a) (b) (c) (d)
0
Health Care Equipment &
Supplies — 0.0%
7,137
ABIOMED, Inc., expiring
December 31,
2029 (a) (b) (c) (d)
0
97,345
Paragon 28, Inc., expiring
December 31,
2026 (a) (b) (c) (d)
0
 
0
Pharmaceuticals — 0.0%
39,856
Mirati Therapeutics, Inc.,
expiring January 23,
2031 (a) (b) (c) (d)
0
Total Rights
0
(Cost $0)
MONEY MARKET FUNDS — 50.1%
12,539,553
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.53% (e)
12,539,553
(Cost $12,539,553)
Total Investments — 99.4%
24,881,328
(Cost $24,777,050)
Net Other Assets and
Liabilities — 0.6%
161,522
Net Assets — 100.0%
$25,042,850
 
(a)
Non-income producing security.
(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 “Advisor”).
(c)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At April 30, 2026, securities noted
as such are valued at $0 or 0.0% of net assets.
(d)
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs section).
(e)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
First Trust Merger Arbitrage ETF (MARB)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows:
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$12,341,775
$12,341,775
$—
$—
Rights*
—
**
—
—
—
**
Money Market Funds
12,539,553
12,539,553
—
—
Total Investments
$24,881,328
$24,881,328
$—
$—
**
 
*
See Portfolio of Investments for industry breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.