696475a2-ae22-4dee-9676-2cdca8af4021
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TSR - First Trust Fund Logo
First Trust Dow Jones Select
MicroCap Index Fund
FDM | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Dow Jones Select MicroCap Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDM. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Dow Jones Select MicroCap Index Fund $32 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $265,323,466
Total number of portfolio holdings 150
Portfolio turnover rate 7%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Stoke Therapeutics, Inc. 2.3%
TETRA Technologies, Inc. 1.9%
NWPX Infrastructure, Inc. 1.8%
Dauch Corp. 1.6%
Douglas Dynamics, Inc. 1.6%
United Fire Group, Inc. 1.4%
Deluxe Corp. 1.4%
USA Today Co., Inc. 1.4%
Oil-Dri Corp. of America 1.3%
Universal Insurance Holdings, Inc. 1.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Dow Jones Select MicroCap IndexSM (“Index”) is a product of S&P Dow Jones Indices, LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust Advisors L.P. (“First Trust”). S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
First Trust Dow Jones Select MicroCap Index Fund (FDM)
TSR - First Trust Fund Logo
First Trust Morningstar
Dividend Leaders Index Fund
FDL | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Morningstar Dividend Leaders Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDL. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Morningstar Dividend Leaders Index Fund $22 0.42%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $7,285,797,702
Total number of portfolio holdings 101
Portfolio turnover rate 39%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Chevron Corp. 7.4%
Verizon Communications, Inc. 7.2%
Philip Morris International, Inc. 6.1%
Pfizer, Inc. 5.9%
PepsiCo, Inc. 4.8%
Altria Group, Inc. 4.6%
Bristol-Myers Squibb Co. 3.4%
United Parcel Service, Inc., Class B 3.2%
Comcast Corp., Class A 3.1%
Southern (The) Co. 2.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Morningstar® and Morningstar® Dividend Leaders IndexSM are registered trademarks and service marks of Morningstar, Inc. (“Morningstar”) and have been licensed for use by First Trust Advisors L.P. on behalf of the Fund. The Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.
First Trust Morningstar Dividend Leaders Index Fund (FDL)
TSR - First Trust Fund Logo
First Trust US Equity Opportunities ETF
FPX | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust US Equity Opportunities ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPX. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust US Equity Opportunities ETF $31(1) 0.56%(1) (2)
​(1)
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,670,100,915
Total number of portfolio holdings 102
Portfolio turnover rate 46%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
GE Vernova, Inc. 11.2%
Sandisk Corp. 10.4%
Seagate Technology Holdings PLC 6.3%
Eli Lilly & Co. 3.3%
Warner Bros. Discovery, Inc. 2.6%
Lumentum Holdings, Inc. 2.6%
Medline, Inc., Class A 2.5%
AppLovin Corp., Class A 2.3%
AST SpaceMobile, Inc. 2.1%
Space Exploration Technologies Corp., Class A 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
IPOX® and IPOX®-100 U.S. Index are registered international trademarks and service marks of IPOX® Schuster LLC (“IPOX”) and have been licensed for use by First Trust Advisors L.P.. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.
First Trust US Equity Opportunities ETF (FPX)
TSR - First Trust Fund Logo
First Trust NYSE® Arca®
Biotechnology Index Fund
FBT | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust NYSE® Arca® Biotechnology Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FBT. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust NYSE® Arca® Biotechnology Index Fund $29 0.53%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $2,787,909,609
Total number of portfolio holdings 32
Portfolio turnover rate 25%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Corcept Therapeutics, Inc. 5.6%
NeoGenomics, Inc. 5.1%
Veracyte, Inc. 5.1%
Bruker Corp. 4.3%
Alkermes PLC 4.2%
Illumina, Inc. 3.9%
Krystal Biotech, Inc. 3.9%
Natera, Inc. 3.8%
Axsome Therapeutics, Inc. 3.7%
Neurocrine Biosciences, Inc. 3.5%
Industry Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FBT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Source ICE Data Indices, LLC, is used with permission. “NYSE®” is a service/trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the NYSE® Arca® Biotechnology Index (the “Index”) for use by First Trust Portfolios L.P. in connection with the First Trust NYSE® Arca® Biotechnology Index Fund (the “Product”). Neither First Trust Portfolios L.P., First Trust Exchange-Traded Fund (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
TSR - First Trust Fund Logo
First Trust Dow Jones Internet Index Fund
FDN | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Dow Jones Internet Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDN. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Dow Jones Internet Index Fund $25 0.50%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $4,975,951,522
Total number of portfolio holdings 42
Portfolio turnover rate 13%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Amazon.com, Inc. 10.0%
Meta Platforms, Inc., Class A 9.8%
Cisco Systems, Inc. 8.5%
Alphabet, Inc., Class A 5.6%
Arista Networks, Inc. 5.0%
Booking Holdings, Inc. 5.0%
Oracle Corp. 4.6%
Alphabet, Inc., Class C 4.4%
Salesforce, Inc. 4.1%
Netflix, Inc. 3.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Dow Jones Internet Composite IndexSM (“Index”) is a product of S&P Dow Jones Indices, LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust Advisors L.P. (“First Trust”). S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
First Trust Dow Jones Internet Index Fund (FDN)
TSR - First Trust Fund Logo
First Trust Capital Strength® ETF
FTCS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Capital Strength® ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTCS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Capital Strength® ETF $27 0.53%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $7,650,881,174
Total number of portfolio holdings 52
Portfolio turnover rate 48%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Cisco Systems, Inc. 2.7%
Monster Beverage Corp. 2.5%
T. Rowe Price Group, Inc. 2.4%
Automatic Data Processing, Inc. 2.3%
Cincinnati Financial Corp. 2.2%
Agilent Technologies, Inc. 2.2%
Johnson & Johnson 2.2%
Union Pacific Corp. 2.2%
Visa, Inc., Class A 2.2%
Merck & Co., Inc. 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTCS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and The Capital StrengthTM 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 Advisors L.P. 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.
First Trust Capital Strength® ETF (FTCS)
TSR - First Trust Fund Logo
First Trust Value Line®
Dividend Index Fund
FVD | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Value Line® Dividend Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FVD. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Value Line® Dividend Index Fund $32 0.63%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $8,026,578,089
Total number of portfolio holdings 251
Portfolio turnover rate 26%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Reynolds Consumer Products, Inc. 0.4%
RLI Corp. 0.4%
Sonoco Products Co. 0.4%
Jack Henry & Associates, Inc. 0.4%
International Business Machines Corp. 0.4%
Merck & Co., Inc. 0.4%
Brown & Brown, Inc. 0.4%
Labcorp Holdings, Inc. 0.4%
Comcast Corp., Class A 0.4%
Johnson & Johnson 0.4%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FVD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Value Line® and Value Line® Dividend Index are trademarks or registered trademarks of Value Line, Inc. (“Value Line”) and have been licensed for use for certain purposes by First Trust Advisors L.P. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.
First Trust Value Line® Dividend Index Fund (FVD)
TSR - First Trust Fund Logo
First Trust Growth StrengthTM ETF
FTGS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Growth StrengthTM ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTGS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Growth StrengthTM ETF $30 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,250,861,509
Total number of portfolio holdings 51
Portfolio turnover rate 49%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Palo Alto Networks, Inc. 4.0%
Fortinet, Inc. 3.7%
Eli Lilly & Co. 2.6%
Neurocrine Biosciences, Inc. 2.5%
Monster Beverage Corp. 2.5%
Cadence Design Systems, Inc. 2.4%
Amphenol Corp., Class A 2.3%
Incyte Corp. 2.3%
Cummins, Inc. 2.3%
Cincinnati Financial Corp. 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTGS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and The Growth StrengthTM 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 Advisors L.P. 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.
First Trust Growth StrengthTM ETF (FTGS)
TSR - First Trust Fund Logo
First Trust Indxx Aerospace & Defense ETF
MISL | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Indxx Aerospace & Defense ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/MISL. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Indxx Aerospace & Defense ETF $31 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $797,291,040
Total number of portfolio holdings 40
Portfolio turnover rate 22%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
General Electric Co. 8.9%
Space Exploration Technologies Corp., Class A 7.8%
Boeing (The) Co. 7.3%
RTX Corp. 6.9%
Palantir Technologies, Inc., Class A 6.7%
Lockheed Martin Corp. 6.1%
Rocket Lab Corp. 5.5%
HEICO Corp. 4.4%
TransDigm Group, Inc. 4.1%
Howmet Aerospace, Inc. 3.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/MISL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Indxx and Indxx US Aerospace & Defense Index (“Index”) are trademarks of Indxx, Inc. (“Indxx”) and have been licensed for use for certain purposes by First Trust Advisors L.P. (“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.
First Trust Indxx Aerospace & Defense ETF (MISL)
TSR - First Trust Fund Logo
First Trust Bloomberg
Inflation Sensitive Equity ETF
FTIF | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Bloomberg Inflation Sensitive Equity ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTIF. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Bloomberg Inflation Sensitive Equity ETF $33 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $5,420,843
Total number of portfolio holdings 50
Portfolio turnover rate 20%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Devon Energy Corp. 3.7%
Element Solutions, Inc. 3.2%
Caterpillar, Inc. 3.1%
Keysight Technologies, Inc. 2.9%
Valero Energy Corp. 2.7%
CF Industries Holdings, Inc. 2.4%
Cummins, Inc. 2.3%
Ovintiv, Inc. 2.3%
Eaton Corp. PLC 2.3%
Host Hotels & Resorts, Inc. 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTIF to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Bloomberg® and Bloomberg Inflation Sensitive Equity Index referenced herein (the “Indices” and each such index, an “Index”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider”) and have been licensed for use for certain purposes to First Trust Advisors L.P. (the “Licensee”). Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
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First Trust Nasdaq-100
Select Equal Weight ETF
QQEW | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Nasdaq-100 Select Equal Weight ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQEW. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Nasdaq-100 Select Equal Weight ETF $29 0.55%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,813,009,944
Total number of portfolio holdings 53
Portfolio turnover rate 37%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
KLA Corp. 3.1%
Astera Labs, Inc. 2.8%
Lam Research Corp. 2.7%
Teradyne, Inc. 2.5%
Axon Enterprise, Inc. 2.5%
ASML Holding N.V. 2.4%
Palo Alto Networks, Inc. 2.4%
Western Digital Corp. 2.4%
Micron Technology, Inc. 2.3%
DoorDash, Inc., Class A 2.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QQEW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq-100 Select Equal WeightTM 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 Advisors L.P. 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.
First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)
TSR - First Trust Fund Logo
First Trust NASDAQ-100-Technology
Sector Index Fund
QTEC | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust NASDAQ-100-Technology Sector Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QTEC. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust NASDAQ-100-Technology Sector Index Fund $33 0.55%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $5,025,274,311
Total number of portfolio holdings 49
Portfolio turnover rate 25%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Applied Materials, Inc. 3.4%
KLA Corp. 3.3%
Marvell Technology, Inc. 3.0%
Astera Labs, Inc. 2.9%
Lam Research Corp. 2.9%
Sandisk Corp. 2.8%
Teradyne, Inc. 2.7%
ASML Holding N.V. 2.6%
Intel Corp. 2.5%
Palo Alto Networks, Inc. 2.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QTEC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq-100 Technology SectorTM 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 Advisors L.P. 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.
First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)
TSR - First Trust Fund Logo
First Trust NASDAQ-100 Ex-Technology
Sector Index Fund
QQXT | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust NASDAQ-100 Ex-Technology Sector Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QQXT. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust NASDAQ-100 Ex-Technology Sector Index Fund $30 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $151,284,602
Total number of portfolio holdings 56
Portfolio turnover rate 16%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Axon Enterprise, Inc. 2.3%
Take-Two Interactive Software, Inc. 2.1%
Vertex Pharmaceuticals, Inc. 2.1%
Coca-Cola Europacific Partners PLC 2.1%
Monster Beverage Corp. 2.0%
Keurig Dr Pepper, Inc. 2.0%
PACCAR, Inc. 2.0%
Fastenal Co. 2.0%
American Electric Power Co., Inc. 2.0%
Amgen, Inc. 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QQXT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq-100 Ex-Tech SectorTM 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 Advisors L.P. 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.
First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)
TSR - First Trust Fund Logo
First Trust NASDAQ® Clean Edge®
Green Energy Index Fund
QCLN | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust NASDAQ® Clean Edge® Green Energy Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QCLN. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust NASDAQ® Clean Edge® Green Energy Index Fund $34 0.58%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $842,760,968
Total number of portfolio holdings 54
Portfolio turnover rate 20%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Bloom Energy Corp., Class A 9.2%
Tesla, Inc. 8.4%
Monolithic Power Systems, Inc. 7.7%
ON Semiconductor Corp. 6.8%
First Solar, Inc. 6.7%
Rivian Automotive, Inc., Class A 4.6%
Advanced Energy Industries, Inc. 4.2%
Allegro MicroSystems, Inc. 3.8%
Vicor Corp. 3.8%
Acuity, Inc. 3.4%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QCLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Clean Edge®, and Nasdaq® Clean Edge® Green EnergyTM Index are registered trademarks and service marks of Nasdaq, Inc. and Clean Edge, Inc., respectively (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. 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.
First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
TSR - First Trust Fund Logo
First Trust S&P REIT Index Fund
FRI | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust S&P REIT Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FRI. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust S&P REIT Index Fund $27 0.50%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $180,464,056
Total number of portfolio holdings 129
Portfolio turnover rate 5%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Welltower, Inc. 11.8%
Prologis, Inc. 9.3%
Simon Property Group, Inc. 4.6%
Equinix, Inc. 4.4%
Digital Realty Trust, Inc. 4.4%
Realty Income Corp. 4.3%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class 3.9%
Public Storage 3.7%
Ventas, Inc. 3.2%
Iron Mountain, Inc. 2.8%
REIT Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FRI to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
S&P United States REIT 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 Advisors L.P. (“First Trust”). S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
First Trust S&P REIT Index Fund (FRI)
TSR - First Trust Fund Logo
First Trust Water ETF
FIW | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Water ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FIW. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Water ETF $25 0.51%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,856,126,845
Total number of portfolio holdings 38
Portfolio turnover rate 10%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Waters Corp. 4.9%
Agilent Technologies, Inc. 4.5%
Masco Corp. 4.1%
Roper Technologies, Inc. 4.0%
American Water Works Co., Inc. 4.0%
IDEX Corp. 3.9%
Xylem, Inc. 3.8%
Mueller Industries, Inc. 3.8%
Veralto Corp. 3.8%
Ferguson Enterprises, Inc. 3.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FIW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Clean Edge®, and ISE Clean Edge WaterTM Index are registered trademarks and service marks of Nasdaq, Inc. and Clean Edge, Inc., respectively (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. 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.
First Trust Water ETF (FIW)
TSR - First Trust Fund Logo
First Trust Natural Gas ETF
FCG | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Natural Gas ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCG. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Natural Gas ETF $30 0.57%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $589,664,417
Total number of portfolio holdings 44
Portfolio turnover rate 17%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Western Midstream Partners, L.P. 4.9%
Hess Midstream, L.P., Class A 4.8%
EOG Resources, Inc. 4.5%
ConocoPhillips 4.3%
Diamondback Energy, Inc. 4.0%
EQT Corp. 4.0%
Devon Energy Corp. 4.0%
Expand Energy Corp. 4.0%
Occidental Petroleum Corp. 3.9%
Permian Resources Corp., Class A 3.8%
Sub-Industry Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCG to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq FactSet Natural GasTM 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 Advisors L.P. 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.
First Trust Natural Gas ETF (FCG)
TSR - First Trust Fund Logo
First Trust NASDAQ®
ABA Community Bank Index Fund
QABA | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust NASDAQ® ABA Community Bank Index Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/QABA. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust NASDAQ® ABA Community Bank Index Fund $33 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $87,498,821
Total number of portfolio holdings 162
Portfolio turnover rate 9%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Wintrust Financial Corp. 4.4%
Commerce Bancshares, Inc. 3.4%
Central BanCo, Inc. 2.9%
United Bankshares, Inc. 2.5%
Hancock Whitney Corp. 2.4%
Bank OZK 2.3%
Eastern Bankshares, Inc. 2.1%
TFS Financial Corp. 2.0%
First Financial Bankshares, Inc. 2.0%
International Bancshares Corp. 1.9%
Industry Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/QABA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq®, Nasdaq OMX®, OMX®, American Bankers Association®, ABA® and Nasdaq OMX® ABA Community BankTM Index are registered trademarks and service marks of Nasdaq, Inc. and American Bankers Associations, respectively (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. 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.
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
TSR - First Trust Fund Logo
First Trust Dividend StrengthTM ETF
FTDS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Dividend StrengthTM ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTDS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Dividend StrengthTM ETF $36 0.70%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $36,791,849
Total number of portfolio holdings 51
Portfolio turnover rate 56%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Reliance, Inc. 2.3%
Targa Resources Corp. 2.3%
Commerce Bancshares, Inc. 2.3%
Fifth Third Bancorp 2.2%
Popular, Inc. 2.2%
Cincinnati Financial Corp. 2.2%
Zions Bancorp N.A. 2.2%
IDEX Corp. 2.2%
Allstate (The) Corp. 2.2%
East West Bancorp, Inc. 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTDS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and The Dividend StrengthTM 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 Advisors L.P. 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.
First Trust Dividend StrengthTM ETF (FTDS)
TSR - First Trust Fund Logo
First Trust Dow 30 Equal Weight ETF
EDOW | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Dow 30 Equal Weight ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EDOW. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Dow 30 Equal Weight ETF $26 0.50%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $306,581,754
Total number of portfolio holdings 31
Portfolio turnover rate 12%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Caterpillar, Inc. 4.0%
Sherwin-Williams (The) Co. 3.7%
Home Depot (The), Inc. 3.6%
Travelers (The) Cos., Inc. 3.5%
American Express Co. 3.5%
Merck & Co., Inc. 3.5%
Amgen, Inc. 3.5%
Honeywell International, Inc. 3.5%
Johnson & Johnson 3.5%
Visa, Inc., Class A 3.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/EDOW to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Dow Jones Industrial Average® Equal Weight 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 Advisors L.P. (“First Trust”). S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
First Trust Dow 30 Equal Weight ETF (EDOW)
TSR - First Trust Fund Logo
First Trust Lunt U.S. Factor Rotation ETF
FCTR | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Lunt U.S. Factor Rotation ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCTR. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Lunt U.S. Factor Rotation ETF $35 0.65%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $57,180,403
Total number of portfolio holdings 166
Portfolio turnover rate 181%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Centene Corp. 3.2%
Humana, Inc. 2.2%
Axon Enterprise, Inc. 2.1%
Bloom Energy Corp., Class A 1.8%
Super Micro Computer, Inc. 1.8%
Credo Technology Group Holding Ltd. 1.5%
Intel Corp. 1.5%
Fair Isaac Corp. 1.4%
Flutter Entertainment PLC 1.3%
Marvell Technology, Inc. 1.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCTR to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Lunt Capital Management, Inc. (“Lunt”) and Lunt Capital Large Cap Factor Rotation Index (“Lunt Index”) are trademarks of Lunt and have been licensed for use for certain purposes by First Trust Advisors L.P. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Lunt Index to track general stock performance.
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
TSR - First Trust Fund Logo
First Trust S&P 500
Diversified Free Cash Flow ETF
FCFY | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust S&P 500 Diversified Free Cash Flow ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCFY. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust S&P 500 Diversified Free Cash Flow ETF $30 0.60%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,349,204
Total number of portfolio holdings 101
Portfolio turnover rate 43%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Centene Corp. 4.1%
Skyworks Solutions, Inc. 3.8%
QUALCOMM, Inc. 3.1%
HP, Inc. 3.1%
NetApp, Inc. 3.0%
Comcast Corp., Class A 2.7%
GoDaddy, Inc., Class A 2.7%
Omnicom Group, Inc. 2.5%
Gen Digital, Inc. 2.3%
Trade Desk (The), Inc., Class A 2.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCFY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
S&P 500® Sector-Neutral FCF 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 Advisors L.P. (“First Trust”). S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
TSR - First Trust Fund Logo
FT Vest Gold Strategy Quarterly Buffer ETF
BGLD | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Gold Strategy Quarterly Buffer ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BGLD. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Gold Strategy Quarterly Buffer ETF $44(1) 0.90%(1) (2)
​(1)
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $48,044,508
Total number of portfolio holdings 5
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
U.S. Treasury Bills 100.1%
Money Market Funds 0.7%
Purchased Options 1.4%
Written Options (2.2%)
Net Other Assets and Liabilities 0.0%
Total 100.0%
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BGLD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
The Fund is not sponsored, endorsed, sold or promoted by SPDR® Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
TSR - First Trust Fund Logo
FT Vest Gold Strategy Target Income ETF®
IGLD | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Gold Strategy Target Income ETF® (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/IGLD. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Gold Strategy Target Income ETF® $73 1.52%(1) (2)
​(1)
Annualized.
​(2)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.85%.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $513,367,543
Total number of portfolio holdings 5
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
U.S. Treasury Bills 152.1%
Money Market Funds 0.6%
Purchased Options 0.2%
Written Options (54.9%)
Net Other Assets and Liabilities 2.0%
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/IGLD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
The Fund is not sponsored, endorsed, sold or promoted by SPDR® Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.
FT Vest Gold Strategy Target Income ETF® (IGLD)
TSR - First Trust Fund Logo
First Trust WCM Developing
World Equity ETF
WCME | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust WCM Developing World Equity ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCME. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust WCM Developing World Equity ETF $50 0.95%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $36,357,458
Total number of portfolio holdings 36
Portfolio turnover rate 40%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 13.6%
SK hynix, Inc. 6.5%
SK Square Co., Ltd. 6.5%
Samsung Electronics Co., Ltd. 4.9%
Teva Pharmaceutical Industries Ltd., ADR 3.8%
Embraer S.A., ADR 3.2%
ACM Research, Inc., Class A 3.1%
Glencore PLC 3.0%
Hyundai Rotem Co., Ltd. 2.8%
Cemex S.A.B. de C.V., ADR 2.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/WCME to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
First Trust WCM Developing World Equity ETF (WCME)
TSR - First Trust Fund Logo
First Trust WCM International Equity ETF
WCMI | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust WCM International Equity ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCMI. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust WCM International Equity ETF $45 0.85%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,642,618,456
Total number of portfolio holdings 43
Portfolio turnover rate 25%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 7.6%
Rolls-Royce Holdings PLC 6.8%
Kioxia Holdings Corp. 6.8%
Nebius Group N.V. 4.9%
Babcock International Group PLC 3.5%
Siemens Energy AG 3.5%
Teva Pharmaceutical Industries Ltd., ADR 3.3%
Lottomatica Group S.p.A. 3.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR 3.0%
Constellation Software, Inc. 2.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/WCMI to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
First Trust WCM International Equity ETF (WCMI)
TSR - First Trust Fund Logo
First Trust WCM Global Equity ETF
WCMG | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust WCM Global Equity ETF (the “Fund”) for the period of April 21, 2026 (commencement of investment operations) to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/WCMG. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust WCM Global Equity ETF $17(1) 0.85%(2)
​(1)
The Fund commenced investment operations on April 21, 2026. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,082,204
Total number of portfolio holdings 46
Portfolio turnover rate 2%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Nebius Group N.V. 6.6%
Rolls-Royce Holdings PLC 5.2%
Alphabet, Inc., Class A 5.2%
Kioxia Holdings Corp. 4.3%
Brookdale Senior Living, Inc. 3.8%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 3.3%
Tapestry, Inc. 3.2%
Interactive Brokers Group, Inc., Class A 3.1%
Western Digital Corp. 3.0%
Siemens Energy AG 2.7%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/WCMG to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
First Trust WCM Global Equity ETF (WCMG)
TSR - First Trust Fund Logo
FT Vest Bitcoin Strategy Floor15 ETF - January
BFJA | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - January (the “Fund”) for the period of January 9, 2026 (commencement of investment operations) to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFJA. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Bitcoin Strategy Floor15 ETF - January $39(1) 0.90%(2)
​(1)
The Fund commenced investment operations on January 9, 2026. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $852,153
Total number of portfolio holdings 9
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Money Market Funds 2.9%
Purchased Options 1,529.4%
Written Options (1,432.2%)
Net Other Assets and Liabilities (0.1%)
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFJA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA)
TSR - First Trust Fund Logo
FT Vest Bitcoin Strategy
Floor15 ETF - April
BFAP | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - April (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFAP. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Bitcoin Strategy Floor15 ETF - April $39 0.90%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $2,068,289
Total number of portfolio holdings 9
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Money Market Funds 1.8%
Purchased Options 1,314.1%
Written Options (1,215.8%)
Net Other Assets and Liabilities (0.1%)
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFAP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)
TSR - First Trust Fund Logo
FT Vest Bitcoin Strategy
Floor15 ETF - July
BFJL | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - July (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFJL. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Bitcoin Strategy Floor15 ETF - July $43 0.90%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $3,340,851
Total number of portfolio holdings 9
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Money Market Funds 2.1%
Purchased Options 1,311.2%
Written Options (1,213.0%)
Net Other Assets and Liabilities (0.3%)
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFJL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)
TSR - First Trust Fund Logo
FT Vest Bitcoin Strategy
Floor15 ETF - October
BFOC | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy Floor15 ETF - October (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/BFOC. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Bitcoin Strategy Floor15 ETF - October $43 0.90%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $7,620,009
Total number of portfolio holdings 9
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Money Market Funds 1.6%
Purchased Options 1,566.2%
Written Options (1,467.7%)
Net Other Assets and Liabilities (0.1%)
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/BFOC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)
TSR - First Trust Fund Logo
FT Vest Bitcoin Strategy
& Target Income ETF
DFII | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Bitcoin Strategy & Target Income ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/DFII. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Bitcoin Strategy & Target Income ETF $35 0.85%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $16,052,645
Total number of portfolio holdings 8
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Money Market Funds 0.8%
Purchased Options 1,724.0%
Written Options (1,627.4%)
Net Other Assets and Liabilities 2.6%
Total 100.0%
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/DFII to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
TSR - First Trust Fund Logo
FT Vest Laddered Autocallable Barrier & Income ETF
ACYN | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Laddered Autocallable Barrier & Income ETF (the “Fund”) for the period of February 24, 2026 (commencement of investment operations) to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/ACYN. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Laddered Autocallable Barrier & Income ETF $27(1) 0.75%(2)
​(1)
The Fund commenced investment operations on February 24, 2026. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $959,249,625
Total number of portfolio holdings 7
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Fund Allocation
U.S. Treasury Bills 67.0%
Money Market Funds 29.3%
Net Other Assets and Liabilities(1) 3.7%
Total 100.0%
(1) Includes unrealized appreciation (depreciation) on swap contracts.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/ACYN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Laddered Autocallable Barrier & Income ETF (ACYN)
TSR - First Trust Fund Logo
FT Vest Laddered Autocallable Barrier & Resilient Income ETF
ACYS | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Laddered Autocallable Barrier & Resilient Income ETF (the “Fund”) for the period of April 22, 2026 (commencement of investment operations) to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/ACYS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Laddered Autocallable Barrier & Resilient Income ETF $15(1) 0.75%(2)
​(1)
The Fund commenced investment operations on April 22, 2026. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $164,075,508
Total number of portfolio holdings 7
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Fund Allocation
U.S. Treasury Bills 72.6%
Money Market Funds 22.1%
Net Other Assets and Liabilities(1) 5.3%
Total 100.0%
(1) Includes unrealized appreciation (depreciation) on swap contracts.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/ACYS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Laddered Autocallable Barrier & Resilient Income ETF (ACYS)
TSR - First Trust Fund Logo
FT Vest Autocallable Barrier & High Income ETF
ACYQ | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Autocallable Barrier & High Income ETF (the “Fund”) for the period of June 23, 2026 (commencement of investment operations) to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/ACYQ. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
FT Vest Autocallable Barrier & High Income ETF $2(1) 0.75%(2)
​(1)
The Fund commenced investment operations on June 23, 2026. Had the Fund been in operation for a complete six months, the cost of a $10,000 investment would have been higher.
​(2)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $7,073,309
Total number of portfolio holdings 7
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Fund Allocation
U.S. Treasury Bills 91.4%
Money Market Funds 7.5%
Net Other Assets and Liabilities(1) 1.1%
Total 100.0%
(1) Includes unrealized appreciation (depreciation) on swap contracts.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/ACYQ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
FT Vest Autocallable Barrier & High Income ETF (ACYQ)
 
 

 

(b)       Not applicable.

Item 2. Code of Ethics.

The First Trust Exchange-Traded Fund (“Registrant”) 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 (“Code of Ethics”). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the currently effective Code of Ethics will be filed with the Registrant’s annual Form N-CSR.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to semi-annual reports on Form N-CSR.
(b) Not applicable to the Registrant.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Financial Statements and Other Information filed under Item 7 of this Form N-CSR.
(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Following is a copy of the semi-annual financial statement(s) required, and for the periods specified, by Regulation S-X.

 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
Book 1
 
First Trust Dow Jones Select MicroCap Index Fund (FDM)
First Trust Morningstar Dividend Leaders Index Fund (FDL)
First Trust US Equity Opportunities ETF (FPX)
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
First Trust Dow Jones Internet Index Fund (FDN)
First Trust Capital Strength® ETF (FTCS)
First Trust Value Line® Dividend Index Fund (FVD)
First Trust Growth StrengthTM ETF (FTGS)
First Trust Indxx Aerospace & Defense ETF (MISL)
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Dow Jones Select MicroCap Index Fund (FDM)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 100.0%
Aerospace & Defense — 0.8%
17,594
National Presto Industries, Inc.
$2,199,074
Automobile Components —
3.1%
787,787
Dauch Corp. (a)
4,269,806
70,193
Standard Motor Products, Inc.
2,735,421
13,870
Strattec Security Corp. (a)
1,129,711
 
8,134,938
Banks — 32.9%
73,106
Bridgewater Bancshares, Inc. (a)
1,538,150
108,454
Business First Bancshares, Inc.
3,332,791
10,152
C&F Financial Corp.
812,160
73,658
California BanCorp
1,535,033
56,138
Camden National Corp.
3,043,802
37,300
Capital Bancorp, Inc.
1,309,976
45,972
Capital City Bank Group, Inc.
2,271,936
73,752
Carter Bankshares, Inc.
2,508,306
86,625
Central Pacific Financial Corp.
3,309,075
45,724
ChoiceOne Financial Services,
Inc.
1,554,616
68,976
Civista Bancshares, Inc.
1,946,503
97,306
CNB Financial Corp.
3,280,185
77,446
Community West Bancshares
2,080,200
54,804
Equity Bancshares, Inc., Class A
2,684,848
188,665
Farmers National Banc Corp.
2,754,509
27,752
First Business Financial
Services, Inc.
1,753,094
39,468
First Financial Corp.
3,056,402
25,508
First Western Financial, Inc. (a)
819,062
14,017
Franklin Financial Services
Corp.
877,464
26,753
Great Southern Bancorp, Inc.
2,097,703
98,029
Hanmi Financial Corp.
3,176,140
22,906
Home Bancorp, Inc.
1,569,519
42,944
HomeTrust Bancshares, Inc.
2,142,476
170,357
Horizon Bancorp, Inc.
3,403,733
191,225
Kearny Financial Corp.
1,808,989
126,117
NB Bancorp, Inc.
2,664,852
120,590
Northfield Bancorp, Inc.
1,776,291
34,432
Northpointe Bancshares, Inc.
660,406
73,828
Northrim BanCorp, Inc.
2,047,989
38,556
OP Bancorp
577,954
34,709
Orange County Bancorp, Inc.
1,276,597
65,209
Orrstown Financial Services, Inc.
2,662,484
52,868
Peapack-Gladstone Financial
Corp.
2,502,242
30,567
Peoples Financial Services Corp.
2,028,732
41,032
RBB Bancorp
1,124,892
68,252
Riverview Bancorp, Inc.
370,608
102,153
Shore Bancshares, Inc.
2,344,411
48,801
SmartFinancial, Inc.
2,289,743
Shares
Description
Value
 
Banks (Continued)
47,657
South Plains Financial, Inc.
$2,053,302
30,711
Southern Missouri Bancorp, Inc.
2,340,485
50,110
Third Coast Bancshares, Inc. (a)
2,024,444
57,997
TrustCo Bank Corp.
3,184,615
52,766
Western New England Bancorp,
Inc.
754,554
 
87,351,273
Biotechnology — 4.4%
599,696
CytomX Therapeutics, Inc. (a)
2,248,860
130,073
Puma Biotechnology, Inc. (a)
1,054,892
61,405
Rigel Pharmaceuticals, Inc. (a)
2,402,164
186,035
Stoke Therapeutics, Inc. (a)
6,087,065
 
11,792,981
Building Products — 0.7%
64,495
Insteel Industries, Inc.
1,947,749
Chemicals — 2.0%
46,826
Flotek Industries, Inc. (a)
1,101,347
63,828
Koppers Holdings, Inc.
2,865,877
187,147
Orion S.A.
1,240,785
 
5,208,009
Commercial Services &
Supplies — 1.4%
151,951
Deluxe Corp.
3,628,590
Communications Equipment
— 0.4%
12,426
BK Technologies Corp. (a)
1,068,387
Construction & Engineering
— 3.7%
102,078
Ameresco, Inc., Class A (a)
2,817,352
31,984
NWPX Infrastructure, Inc. (a)
4,795,681
127,627
Orion Group Holdings, Inc. (a)
2,146,686
 
9,759,719
Consumer Finance — 2.1%
95,102
NerdWallet, Inc., Class A (a)
879,694
116,197
OppFi, Inc. (a)
1,153,836
126,585
PRA Group, Inc. (a)
2,403,849
27,810
Regional Management Corp.
1,145,772
 
5,583,151
Consumer Staples Distribution
& Retail — 0.5%
31,037
Village Super Market, Inc.,
Class A
1,309,141
Distributors — 2.1%
87,524
GigaCloud Technology, Inc.,
Class A (a)
2,765,758
68,041
Gold.com, Inc.
2,831,186
 
5,596,944
See Notes to Financial Statements
Page 1
First Trust Dow Jones Select MicroCap Index Fund (FDM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified Consumer Services
— 2.0%
60,878
American Public Education,
Inc. (a)
$3,269,149
52,677
Carriage Services, Inc.
2,019,636
 
5,288,785
Diversified Telecommunication
Services — 0.1%
11,027
Liberty Capital Corp. (a)
241,491
Electric Utilities — 0.4%
69,211
Genie Energy Ltd., Class B
1,000,099
Electrical Equipment — 1.4%
7,358
Espey Mfg. & Electronics
Corp. (b)
495,561
121,842
LSI Industries, Inc.
3,238,561
 
3,734,122
Electronic Equipment,
Instruments & Components
— 2.3%
54,736
Climb Global Solutions, Inc.
1,270,423
22,865
Frequency Electronics, Inc. (a)
1,517,093
79,815
Kimball Electronics, Inc. (a)
2,043,264
12,763
M-Tron Industries, Inc. (a)
1,265,451
 
6,096,231
Energy Equipment & Services
— 4.1%
45,828
Energy Services of America
Corp. (b)
886,313
115,211
Flowco Holdings, Inc., Class A
2,458,603
36,376
Natural Gas Services Group, Inc.
1,569,261
51,261
Ranger Energy Services, Inc.,
Class A
820,689
449,340
TETRA Technologies, Inc. (a)
5,091,022
 
10,825,888
Financial Services — 2.9%
83,400
Alerus Financial Corp.
2,593,740
38,018
Cass Information Systems, Inc.
1,951,084
16,821
Finance Of America Cos., Inc.,
Class A (a)
462,914
90,032
NewtekOne, Inc.
1,333,374
22,108
Onity Group, Inc. (a)
878,793
32,570
Velocity Financial, Inc. (a)
601,242
 
7,821,147
Food Products — 2.0%
30,175
John B Sanfilippo & Son, Inc.
2,594,748
16,078
Seneca Foods Corp., Class A (a)
2,796,608
 
5,391,356
Health Care Equipment &
Supplies — 0.1%
5,934
Pro-Dex, Inc. (a)
347,436
Shares
Description
Value
 
Health Care Providers &
Services — 1.5%
16,671
Nutex Health, Inc. (a) (b)
$2,848,907
110,694
Viemed Healthcare, Inc. (a)
1,261,912
 
4,110,819
Hotels, Restaurants & Leisure
— 0.8%
8,696
Nathan’s Famous, Inc.
883,514
240,222
Portillo’s, Inc., Class A (a)
1,138,652
 
2,022,166
Household Durables — 1.4%
164,340
Cricut, Inc., Class A
721,452
15,392
Hovnanian Enterprises, Inc.,
Class A (a)
2,191,975
29,993
Legacy Housing Corp. (a)
787,916
 
3,701,343
Household Products — 1.8%
26,903
Central Garden & Pet Co. (a)
1,192,879
34,005
Oil-Dri Corp. of America
3,475,651
 
4,668,530
Insurance — 5.2%
81,009
American Coastal Insurance
Corp.
899,200
22,757
American Integrity Insurance
Group, Inc.
428,514
56,405
Donegal Group, Inc., Class A
1,063,798
74,411
Heritage Insurance Holdings,
Inc. (a)
1,940,639
5,201
Investors Title Co.
1,423,410
39,901
Kingstone Cos, Inc.
759,316
73,228
United Fire Group, Inc.
3,840,076
83,369
Universal Insurance Holdings,
Inc.
3,448,142
 
13,803,095
Interactive Media & Services
— 0.0%
39,497
Arena Group Holdings (The),
Inc. (a)
32,783
Leisure Products — 0.8%
147,669
Smith & Wesson Brands, Inc.
2,220,942
Machinery — 2.8%
76,749
Douglas Dynamics, Inc.
4,140,609
89,629
Luxfer Holdings PLC
1,616,907
119,180
Manitowoc (The) Co., Inc. (a)
1,655,410
 
7,412,926
Marine Transportation —
1.5%
127,271
Genco Shipping & Trading Ltd.
3,153,775
112,894
Pangaea Logistics Solutions Ltd.
733,811
 
3,887,586
See Notes to Financial Statements
Page 2
First Trust Dow Jones Select MicroCap Index Fund (FDM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Media — 2.8%
235,145
EW Scripps (The) Co.,
Class A (a)
$651,352
277,069
Gray Media, Inc.
1,099,964
138,173
Sinclair, Inc.
1,968,965
420,395
USA Today Co., Inc. (a)
3,594,377
 
7,314,658
Oil, Gas & Consumable Fuels
— 2.1%
116,472
Amplify Energy Corp. (a)
463,558
87,341
Epsilon Energy Ltd.
472,515
2,148
PrimeEnergy Resources
Corp. (a)
358,480
33,123
Riley Exploration Permian, Inc.
1,091,734
105,181
SandRidge Energy, Inc.
1,440,980
346,017
VAALCO Energy, Inc.
1,757,766
 
5,585,033
Personal Care Products —
0.4%
47,273
Nature’s Sunshine Products,
Inc. (a)
1,030,551
Pharmaceuticals — 0.2%
138,064
SIGA Technologies, Inc.
502,553
Professional Services — 1.3%
60,190
Mistras Group, Inc. (a)
1,051,519
15,291
RCM Technologies, Inc. (a)
431,665
11,784
Resolute Holdings Management,
Inc. (a)
1,703,141
58,220
TaskUS, Inc., Class A
272,470
 
3,458,795
Real Estate Management &
Development — 0.3%
70,469
RE/MAX Holdings, Inc.,
Class A (a)
694,824
Retail REITs — 1.1%
150,101
Whitestone REIT
2,845,915
Software — 1.5%
61,060
Consensus Cloud Solutions,
Inc. (a)
2,329,439
123,040
OneSpan, Inc.
1,765,624
 
4,095,063
Specialty Retail — 1.0%
26,175
America’s Car-Mart, Inc. (a) (b)
73,028
180,625
Arhaus, Inc.
1,520,862
38,529
Build-A-Bear Workshop, Inc. (b)
1,179,373
 
2,773,263
Technology Hardware, Storage
& Peripherals — 1.4%
20,948
CPI Card Group, Inc. (a)
435,299
236,462
Eastman Kodak Co. (a)
2,187,274
Shares
Description
Value
 
Technology Hardware, Storage
& Peripherals (Continued)
92,278
Immersion Corp.
$624,722
46,767
Turtle Beach Corp. (a)
582,249
 
3,829,544
Textiles, Apparel & Luxury
Goods — 1.2%
52,345
Movado Group, Inc.
2,057,682
25,028
Rocky Brands, Inc.
1,032,155
 
3,089,837
Trading Companies &
Distributors — 0.6%
122,866
Hudson Technologies, Inc. (a)
705,251
28,491
Karat Packaging, Inc.
953,309
 
1,658,560
Water Utilities — 0.6%
49,916
Consolidated Water Co., Ltd.
1,472,522
Wireless Telecommunication
Services — 0.3%
69,321
Spok Holdings, Inc.
709,847
Total Common Stocks
265,247,666
(Cost $204,044,181)
MONEY MARKET FUNDS — 0.1%
138,975
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
138,975
(Cost $138,975)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.0%
$2,789,588
Citigroup, Inc., 3.64% (c), dated
06/30/26, due 07/01/26, with a
maturity value of $2,789,870.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 03/31/29.
The value of the collateral
including accrued interest is
$2,845,380. (d)
2,789,588
(Cost $2,789,588)
Total Investments — 101.1%
268,176,229
(Cost $206,972,744)
Net Other Assets and
Liabilities — (1.1)%
(2,852,763
)
Net Assets — 100.0%
$265,323,466
 
See Notes to Financial Statements
Page 3
First Trust Dow Jones Select MicroCap Index Fund (FDM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $2,768,845 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $2,789,588.
(c)
Rate shown reflects yield as of June 30, 2026.
(d)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$265,247,666
$265,247,666
$—
$—
Money Market Funds
138,975
138,975
—
—
Repurchase
Agreements
2,789,588
—
2,789,588
—
Total Investments
$268,176,229
$265,386,641
$2,789,588
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$2,768,845
Non-cash Collateral(2)
(2,768,845
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$2,789,588
Non-cash Collateral(4)
(2,789,588
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 4
First Trust Morningstar Dividend Leaders Index Fund (FDL)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.7%
Air Freight & Logistics —
3.2%
2,136,834
United Parcel Service, Inc.,
Class B
$229,709,655
Banks — 6.9%
262,294
Associated Banc-Corp.
8,070,786
246,722
Atlantic Union Bankshares Corp.
10,438,808
172,746
Bank OZK
8,998,339
646,867
Columbia Banking System, Inc.
20,732,087
3,459,678
Huntington Bancshares, Inc.
61,340,091
1,632,364
KeyCorp
37,625,990
153,951
Prosperity Bancshares, Inc.
11,243,042
1,428,863
Regions Financial Corp.
43,151,663
2,491,290
Truist Financial Corp.
124,116,068
2,743,936
U.S. Bancorp
165,733,734
220,196
United Bankshares, Inc.
10,091,583
 
501,542,191
Beverages — 5.0%
75,775
Brown-Forman Corp., Class A
2,073,204
459,019
Brown-Forman Corp., Class B
12,232,856
2,602,038
PepsiCo, Inc.
352,315,945
 
366,622,005
Capital Markets — 4.2%
419,192
Ares Management Corp.,
Class A
46,660,261
1,428,113
Blackstone, Inc.
168,046,057
546,258
Franklin Resources, Inc.
18,174,004
201,445
Lazard, Inc.
8,448,603
131,924
Moelis & Co., Class A
8,630,468
493,027
T. Rowe Price Group, Inc.
56,052,240
 
306,011,633
Chemicals — 0.4%
242,907
Eastman Chemical Co.
16,269,911
585,951
Mosaic (The) Co.
12,416,301
 
28,686,212
Consumer Finance — 0.3%
418,401
OneMain Holdings, Inc.
25,509,909
Consumer Staples Distribution
& Retail — 1.5%
664,780
Albertsons Cos., Inc., Class A
8,994,473
784,549
Target Corp.
102,469,945
 
111,464,418
Containers & Packaging —
1.7%
1,489,784
Amcor PLC
64,582,136
1,099,811
Smurfit Westrock PLC
50,877,257
200,269
Sonoco Products Co.
11,285,158
 
126,744,551
Shares
Description
Value
 
Distributors — 0.5%
285,253
Genuine Parts Co.
$33,654,149
Diversified Consumer Services
— 0.2%
757,500
ADT, Inc.
4,923,750
262,905
H&R Block, Inc.
10,011,422
 
14,935,172
Diversified Telecommunication
Services — 10.3%
9,300,852
Comcast Corp., Class A
228,335,917
12,339,203
Verizon Communications, Inc.
522,441,855
 
750,777,772
Electric Utilities — 9.2%
1,274,804
Duke Energy Corp.
161,364,690
862,690
Edison International
64,227,271
366,989
Evergy, Inc.
31,718,859
815,463
Eversource Energy
58,933,511
1,803,023
Exelon Corp.
84,056,932
1,041,231
FirstEnergy Corp.
49,500,122
353,620
OGE Energy Corp.
17,207,149
204,640
Pinnacle West Capital Corp.
21,896,480
228,263
Portland General Electric Co.
11,830,871
1,764,183
Southern (The) Co.
168,849,955
 
669,585,840
Financial Services — 0.6%
1,080,014
Fidelity National Information
Services, Inc.
41,990,944
Food Products — 5.4%
643,649
Campbell’s (The) Company
14,334,063
2,295,501
Conagra Brands, Inc.
30,897,444
1,843,638
General Mills, Inc.
64,158,602
673,590
Hormel Foods Corp.
16,718,504
213,005
J.M. Smucker (The) Co.
23,963,063
2,801,247
Kraft Heinz (The) Co.
66,165,454
220,023
Lamb Weston Holdings, Inc.
9,500,593
481,308
McCormick & Co., Inc.
24,267,549
1,976,535
Mondelez International, Inc.,
Class A
114,322,784
471,687
Tyson Foods, Inc., Class A
27,004,081
 
391,332,137
Gas Utilities — 0.6%
159,208
New Jersey Resources Corp.
8,922,016
100,463
ONE Gas, Inc.
7,742,684
109,603
Spire, Inc.
8,558,898
436,346
UGI Corp.
15,071,391
 
40,294,989
Health Care Equipment &
Supplies — 2.3%
2,121,094
Medtronic PLC
165,933,184
See Notes to Financial Statements
Page 5
First Trust Morningstar Dividend Leaders Index Fund (FDL)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure
— 0.1%
95,122
Travel + Leisure Co.
$7,270,174
Household Durables — 0.1%
48,021
Installed Building Products, Inc.
11,037,147
Household Products — 1.7%
295,872
Clorox (The) Co.
28,238,024
819,159
Kimberly-Clark Corp.
89,919,083
104,741
Reynolds Consumer Products,
Inc.
2,812,296
 
120,969,403
Independent Power and
Renewable Electricity
Producers — 0.3%
1,529,050
AES (The) Corp.
22,415,873
Insurance — 2.2%
528,946
Fidelity National Financial, Inc.
24,945,093
154,695
First American Financial Corp.
10,610,530
409,774
Lincoln National Corp.
14,485,511
357,143
Old Republic International Corp.
14,614,292
886,885
Prudential Financial, Inc.
95,721,498
 
160,376,924
IT Services — 1.8%
1,079,893
Accenture PLC, Class A
134,381,885
Machinery — 0.4%
298,947
Stanley Black & Decker, Inc.
28,136,892
Media — 0.8%
53,906
Nexstar Media Group, Inc.
9,627,073
569,958
Omnicom Group, Inc.
41,510,041
339,554
Sirius XM Holdings, Inc.
10,030,425
 
61,167,539
Multi-Utilities — 5.0%
139,181
Black Hills Corp.
10,355,066
589,363
Consolidated Edison, Inc.
65,201,229
1,603,220
Dominion Energy, Inc.
109,483,894
315,280
DTE Energy Co.
48,039,214
109,865
Northwestern Energy Group,
Inc.
7,868,531
806,425
Public Service Enterprise Group,
Inc.
65,449,453
522,969
WEC Energy Group, Inc.
61,067,090
 
367,464,477
Oil, Gas & Consumable Fuels
— 11.1%
625,843
Antero Midstream Corp.
14,237,928
3,264,954
Chevron Corp.
541,198,775
94,469
Chord Energy Corp.
10,797,807
3,511,514
Kinder Morgan, Inc.
112,263,103
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
(Continued)
218,468
Murphy Oil Corp.
$7,113,318
1,416,297
ONEOK, Inc.
123,132,861
 
808,743,792
Pharmaceuticals — 9.3%
4,335,881
Bristol-Myers Squibb Co.
249,833,463
17,877,562
Pfizer, Inc.
430,491,693
 
680,325,156
Professional Services — 1.0%
731,849
Paychex, Inc.
71,962,712
Semiconductors &
Semiconductor Equipment
— 0.2%
266,047
Skyworks Solutions, Inc.
18,037,987
Specialty Retail — 0.6%
474,625
Best Buy Co., Inc.
36,014,545
27,974
Penske Automotive Group, Inc.
5,005,947
 
41,020,492
Technology Hardware, Storage
& Peripherals — 0.6%
2,027,839
HP, Inc.
44,490,788
Textiles, Apparel & Luxury
Goods — 1.2%
2,073,333
NIKE, Inc., Class B
85,110,320
Tobacco — 10.7%
4,694,889
Altria Group, Inc.
337,797,264
2,440,411
Philip Morris International, Inc.
441,494,754
 
779,292,018
Water Utilities — 0.3%
497,851
Essential Utilities, Inc.
19,072,672
Total Common Stocks
7,266,071,012
(Cost $6,771,653,264)
MONEY MARKET FUNDS — 0.1%
3,275,100
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (a)
3,275,100
(Cost $3,275,100)
Total Investments — 99.8%
7,269,346,112
(Cost $6,774,928,364)
Net Other Assets and
Liabilities — 0.2%
16,451,590
Net Assets — 100.0%
$7,285,797,702
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 6
First Trust Morningstar Dividend Leaders Index Fund (FDL)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$7,266,071,012
$7,266,071,012
$—
$—
Money Market
Funds
3,275,100
3,275,100
—
—
Total Investments
$7,269,346,112
$7,269,346,112
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 7
First Trust US Equity Opportunities ETF (FPX)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Air Freight & Logistics —
1.8%
94,867
FedEx Corp.
$29,705,704
Automobile Components —
0.5%
132,242
BorgWarner, Inc.
8,780,869
Automobiles — 0.7%
677,189
Rivian Automotive, Inc.,
Class A (a)
11,749,229
Banks — 0.9%
91,345
Nicolet Bankshares, Inc.
15,107,550
Beverages — 1.0%
245,479
Vita Coco (The) Co., Inc. (a)
16,235,981
Biotechnology — 2.7%
48,605
Apogee Therapeutics, Inc. (a)
6,451,342
105,232
Bridgebio Pharma, Inc. (a)
7,837,679
94,777
CG Oncology, Inc. (a)
6,733,906
175,561
Exelixis, Inc. (a)
9,552,274
35,516
Ionis Pharmaceuticals, Inc. (a)
2,816,064
22,844
Revolution Medicines, Inc. (a)
4,278,224
231,865
Roivant Sciences Ltd. (a)
8,205,702
 
45,875,191
Broadline Retail — 0.1%
57,015
Pattern Group, Inc., Class A (a)
1,436,208
Capital Markets — 2.0%
125,690
Galaxy Digital, Inc., Class A (a)
3,436,365
26,354
Goldman Sachs Group (The),
Inc.
26,653,645
25,549
StoneX Group, Inc. (a)
3,027,556
 
33,117,566
Chemicals — 2.2%
44,048
DuPont de Nemours, Inc.
5,974,671
341,285
Solstice Advanced Materials,
Inc.
30,237,851
 
36,212,522
Communications Equipment
— 3.8%
50,161
Lumentum Holdings, Inc. (a)
43,041,148
220,125
Viasat, Inc. (a)
19,769,426
 
62,810,574
Construction & Engineering
— 2.0%
16,123
Cardinal Infrastructure Group,
Inc., Class A (a)
1,518,787
38,393
Everus Construction Group,
Inc. (a)
6,371,318
232,182
Legence Corp., Class A (a)
19,788,872
12,737
MasTec, Inc. (a)
5,299,356
 
32,978,333
Shares
Description
Value
 
Construction Materials —
0.2%
48,787
Knife River Corp. (a)
$4,081,033
Consumer Finance — 0.9%
34,156
Dave, Inc. (a)
12,726,184
9,382
Enova International, Inc. (a)
2,258,529
 
14,984,713
Consumer Staples Distribution
& Retail — 1.1%
378,823
Maplebear, Inc. (a)
17,937,269
Diversified Consumer Services
— 0.4%
69,130
Liberty Live Holdings, Inc.,
Class C (a)
7,302,893
Diversified Telecommunication
Services — 4.1%
396,205
AST SpaceMobile, Inc. (a)
35,206,776
199,520
Space Exploration Technologies
Corp., Class A (a)
34,089,987
 
69,296,763
Electric Utilities — 1.4%
205,081
Entergy Corp.
23,555,604
Electrical Equipment — 12.6%
81,781
Forgent Power Solutions, Inc.,
Class A (a)
4,568,287
158,812
GE Vernova, Inc.
186,581,866
161,477
Nextpower, Inc., Class A (a)
19,238,370
 
210,388,523
Electronic Equipment,
Instruments & Components
— 1.5%
21,023
Coherent Corp. (a)
8,292,943
495,245
Ingram Micro Holding Corp.
13,584,570
36,084
Ralliant Corp.
2,656,865
 
24,534,378
Energy Equipment & Services
— 0.5%
54,207
Kodiak Gas Services, Inc.
4,072,572
145,926
WaterBridge Infrastructure LLC,
Class A (b)
5,000,884
 
9,073,456
Entertainment — 3.1%
46,153
Sphere Entertainment Co. (a)
7,985,854
1,616,417
Warner Bros. Discovery, Inc. (a)
43,093,677
 
51,079,531
Financial Services — 2.1%
31,605
Corpay, Inc. (a)
10,532,998
225,011
Enact Holdings, Inc.
10,285,253
41,217
Jackson Financial, Inc., Class A
4,220,209
237,899
NCR Atleos Corp. (a)
10,327,195
 
35,365,655
See Notes to Financial Statements
Page 8
First Trust US Equity Opportunities ETF (FPX)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Food Products — 1.1%
137,536
J.M. Smucker (The) Co.
$15,472,800
93,017
Smithfield Foods, Inc.
2,256,592
 
17,729,392
Ground Transportation —
0.8%
56,003
Fedex Freight Holding Co.,
Inc. (a)
8,456,453
52,381
Knight-Swift Transportation
Holdings, Inc.
4,078,908
62,025
RXO, Inc. (a)
1,711,270
 
14,246,631
Health Care Equipment &
Supplies — 3.1%
50,990
Globus Medical, Inc.,
Class A (a)
4,028,720
1,058,710
Medline, Inc., Class A (a)
41,755,522
362,103
MiniMed Group, Inc. (a) (b)
5,413,440
 
51,197,682
Health Care Providers &
Services — 2.8%
266,575
Alignment Healthcare, Inc. (a)
6,347,151
17,299
Billiontoone, Inc., Class A (a)
2,075,534
416,749
BrightSpring Health Services,
Inc. (a)
29,064,075
170,102
Guardian Pharmacy Services,
Inc., Class A (a)
7,122,171
29,105
Hinge Health, Inc., Class A (a)
2,415,715
 
47,024,646
Health Care REITs — 2.1%
226,294
American Healthcare REIT, Inc.
11,801,232
261,204
Ventas, Inc.
23,194,915
 
34,996,147
Hotels, Restaurants & Leisure
— 3.3%
140,459
DoorDash, Inc., Class A (a)
25,918,899
29,998
Hilton Grand Vacations, Inc. (a)
1,570,995
30,353
Hyatt Hotels Corp., Class A
5,883,626
71,759
Life Time Group Holdings,
Inc. (a)
2,930,638
68,323
Navan, Inc., Class A (a)
1,562,547
400,155
Rush Street Interactive, Inc. (a)
11,900,610
67,075
Travel + Leisure Co.
5,126,542
 
54,893,857
Industrial REITs — 0.2%
73,394
Lineage, Inc.
3,174,290
Shares
Description
Value
 
Insurance — 0.8%
319,964
Hamilton Insurance Group Ltd.,
Class B
$10,859,578
97,190
Oscar Health, Inc., Class A (a)
2,771,859
 
13,631,437
Interactive Media & Services
— 0.9%
82,744
Reddit, Inc., Class A (a)
14,362,703
IT Services — 2.4%
147,097
CoreWeave, Inc., Class A (a)
14,642,036
112,143
DigitalOcean Holdings, Inc. (a)
17,609,815
40,773
Twilio, Inc., Class A (a)
8,412,693
 
40,664,544
Life Sciences Tools & Services
— 0.2%
49,072
Bruker Corp.
2,953,153
Machinery — 0.8%
62,050
Crane Co.
13,841,493
Media — 0.5%
90,300
Fox Corp., Class A
4,710,048
108,514
Sirius XM Holdings, Inc.
3,205,504
 
7,915,552
Oil, Gas & Consumable Fuels
— 2.9%
197,313
DT Midstream, Inc.
28,953,709
290,572
HF Sinclair Corp.
20,238,340
 
49,192,049
Personal Care Products —
0.5%
412,626
Kenvue, Inc.
7,885,283
Pharmaceuticals — 6.4%
82,196
Alumis, Inc. (a)
2,312,995
45,537
Eli Lilly & Co.
54,618,444
40,500
Jazz Pharmaceuticals PLC (a)
9,759,285
43,070
Ligand Pharmaceuticals, Inc. (a)
13,613,996
371,255
Royalty Pharma PLC, Class A
20,816,268
53,873
VeraDermics, Inc. (a) (b)
6,623,147
 
107,744,135
Professional Services — 2.1%
42,500
Andersen Group, Inc.,
Class A (a) (b)
1,603,100
324,881
UL Solutions, Inc., Class A
33,092,379
 
34,695,479
Retail REITs — 0.3%
181,450
Curbline Properties Corp.
5,516,080
Semiconductors &
Semiconductor Equipment
— 3.4%
73,700
Credo Technology Group
Holding Ltd. (a)
20,042,715
See Notes to Financial Statements
Page 9
First Trust US Equity Opportunities ETF (FPX)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Semiconductors &
Semiconductor Equipment
(Continued)
58,062
MKS, Inc.
$25,825,978
67,485
Qnity Electronics, Inc.
11,020,975
 
56,889,668
Software — 3.1%
75,806
AppLovin Corp., Class A (a)
39,057,525
53,422
Circle Internet Group, Inc. (a)
3,345,820
146,200
NextNav, Inc. (a)
2,606,746
211,084
Unity Software, Inc. (a)
6,032,781
 
51,042,872
Technology Hardware, Storage
& Peripherals — 16.6%
76,127
Sandisk Corp. (a)
173,092,244
108,424
Seagate Technology
Holdings PLC
104,629,160
 
277,721,404
Total Common Stocks
1,668,928,042
(Cost $1,060,631,820)
MONEY MARKET FUNDS — 0.1%
1,466,580
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
1,466,580
(Cost $1,466,580)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.7%
$11,616,456
Mizuho Financial Group, Inc.,
3.64% (c), dated 06/30/26, due
07/01/26, with a maturity
value of $11,617,631.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.38% to
4.25%, due 03/15/27 to
08/31/31. The value of the
collateral including accrued
interest is $11,848,785. (d)
11,616,456
(Cost $11,616,456)
Total Investments — 100.7%
1,682,011,078
(Cost $1,073,714,856)
Net Other Assets and
Liabilities — (0.7)%
(11,910,163
)
Net Assets — 100.0%
$1,670,100,915
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $11,455,901 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $11,616,456.
(c)
Rate shown reflects yield as of June 30, 2026.
(d)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,668,928,042
$1,668,928,042
$—
$—
Money Market
Funds
1,466,580
1,466,580
—
—
Repurchase
Agreements
11,616,456
—
11,616,456
—
Total Investments
$1,682,011,078
$1,670,394,622
$11,616,456
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$11,455,901
Non-cash Collateral(2)
(11,455,901
)
Net Amount
$—
See Notes to Financial Statements
Page 10
First Trust US Equity Opportunities ETF (FPX)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$11,616,456
Non-cash Collateral(4)
(11,616,456
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 11
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 100.0%
Biotechnology — 70.9%
7,754,637
ADMA Biologics, Inc. (a)
$64,906,312
2,255,030
Alkermes PLC (a)
118,152,297
233,526
Alnylam Pharmaceuticals,
Inc. (a)
70,298,332
214,321
Amgen, Inc.
77,609,921
94,077
Argenx SE, ADR (a)
87,281,818
1,154,861
Arrowhead Pharmaceuticals,
Inc. (a)
94,132,720
242,935
BeOne Medicines Ltd., ADR (a)
69,229,187
434,918
Biogen, Inc. (a)
93,968,383
1,379,568
BioMarin Pharmaceutical,
Inc. (a)
78,938,881
787,725
BioNTech SE, ADR (a)
73,297,811
1,699,296
Exelixis, Inc. (a)
92,458,695
2,662,930
Genmab A/S, ADR (a)
73,150,687
541,089
Gilead Sciences, Inc.
68,361,184
1,109,226
Halozyme Therapeutics, Inc. (a)
86,819,119
783,053
Incyte Corp. (a)
88,766,888
290,454
Krystal Biotech, Inc. (a)
107,953,038
389,721
Natera, Inc. (a)
105,789,766
583,659
Neurocrine Biosciences, Inc. (a)
98,366,970
100,458
Regeneron Pharmaceuticals, Inc.
62,639,581
3,551,828
Sarepta Therapeutics, Inc. (a)
63,826,349
131,578
United Therapeutics Corp. (a)
71,292,908
2,419,677
Veracyte, Inc. (a)
142,107,630
172,436
Vertex Pharmaceuticals, Inc. (a)
85,654,134
 
1,975,002,611
Health Care Providers &
Services — 5.1%
9,782,540
NeoGenomics, Inc. (a)
142,727,259
Life Sciences Tools & Services
— 14.7%
1,354,478
Bio-Techne Corp.
95,693,871
2,001,267
Bruker Corp.
120,436,248
622,075
Illumina, Inc. (a)
109,379,447
626,375
Repligen Corp. (a)
85,462,605
 
410,972,171
Pharmaceuticals — 9.3%
422,368
Axsome Therapeutics, Inc. (a)
103,383,015
1,794,981
Corcept Therapeutics, Inc. (a)
156,073,598
 
259,456,613
Total Common Stocks
2,788,158,654
(Cost $2,268,466,794)
MONEY MARKET FUNDS — 0.1%
1,526,391
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
1,526,391
(Cost $1,526,391)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.0%
$4,689
Daiwa Capital Markets America,
Inc., 3.64% (b), dated
06/30/26, due 07/01/26, with a
maturity value of $4,689.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.13% to
4.13%, due 06/30/27 to
01/15/35. The value of the
collateral including accrued
interest is $4,783. (c)
$4,689
(Cost $4,689)
Total Investments — 100.1%
2,789,689,734
(Cost $2,269,997,874)
Net Other Assets and
Liabilities — (0.1)%
(1,780,125
)
Net Assets — 100.0%
$2,787,909,609
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
(c)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$2,788,158,654
$2,788,158,654
$—
$—
Money Market
Funds
1,526,391
1,526,391
—
—
Repurchase
Agreements
4,689
—
4,689
—
Total Investments
$2,789,689,734
$2,789,685,045
$4,689
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 12
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$4,689
Non-cash Collateral(2)
(4,689
)
Net Amount
$—
 
(1)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(2)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 13
First Trust Dow Jones Internet Index Fund (FDN)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Broadline Retail — 12.0%
2,083,488
Amazon.com, Inc. (a)
$496,578,530
907,056
eBay, Inc.
101,363,508
 
597,942,038
Commercial Services &
Supplies — 1.0%
1,810,360
Copart, Inc. (a)
51,034,049
Communications Equipment
— 17.4%
1,470,357
Arista Networks, Inc. (a)
249,784,247
289,093
Ciena Corp. (a)
141,817,462
3,619,865
Cisco Systems, Inc.
425,189,343
115,419
F5, Inc. (a)
48,009,687
 
864,800,739
Diversified Consumer Services
— 0.2%
82,044
Duolingo, Inc. (a)
9,436,701
Entertainment — 5.4%
2,721,239
Netflix, Inc. (a)
194,296,464
1,372,702
ROBLOX Corp., Class A (a)
74,647,535
 
268,943,999
Financial Services — 1.6%
1,804,133
PayPal Holdings, Inc.
77,902,463
Health Care Technology —
1.1%
307,021
Veeva Systems, Inc., Class A (a)
54,487,017
Hotels, Restaurants & Leisure
— 11.5%
852,995
Airbnb, Inc., Class A (a)
122,063,585
1,389,080
Booking Holdings, Inc.
247,589,619
774,128
DoorDash, Inc., Class A (a)
142,849,840
1,023,832
DraftKings, Inc., Class A (a)
25,861,996
354,571
Flutter Entertainment PLC (a)
36,226,519
 
574,591,559
Interactive Media & Services
— 19.8%
773,378
Alphabet, Inc., Class A
276,382,096
623,381
Alphabet, Inc., Class C
220,259,209
868,454
Meta Platforms, Inc., Class A
489,191,453
 
985,832,758
IT Services — 10.9%
296,662
Akamai Technologies, Inc. (a)
35,068,415
652,950
Cloudflare, Inc., Class A (a)
160,155,576
539,346
CoreWeave, Inc., Class A (a)
53,686,501
271,222
GoDaddy, Inc., Class A (a)
23,021,323
342,079
Okta, Inc. (a)
46,676,680
705,960
Snowflake, Inc. (a)
179,666,820
167,395
VeriSign, Inc.
42,109,886
 
540,385,201
Shares
Description
Value
 
Professional Services — 0.2%
87,532
Paycom Software, Inc.
$11,001,022
Software — 16.9%
326,485
Atlassian Corp., Class A (a)
25,397,268
117,473
Circle Internet Group, Inc. (a)
7,357,334
675,116
Datadog, Inc., Class A (a)
175,773,202
397,320
Docusign, Inc. (a)
17,648,954
104,690
HubSpot, Inc. (a)
19,106,972
779,692
MARA Holdings, Inc. (a)
10,829,922
539,773
Nutanix, Inc., Class A (a)
27,506,832
1,559,007
Oracle Corp.
228,472,476
1,305,532
Salesforce, Inc.
204,524,643
761,476
Samsara, Inc., Class A (a)
24,694,667
417,054
Workday, Inc., Class A (a)
51,055,751
543,633
Zoom Communications, Inc. (a)
46,920,964
 
839,288,985
Specialty Retail — 1.9%
1,463,215
Carvana Co. (a)
96,308,811
Total Common Stocks
4,971,955,342
(Cost $5,661,511,563)
MONEY MARKET FUNDS — 0.1%
6,319,898
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (b)
6,319,898
(Cost $6,319,898)
Total Investments — 100.0%
4,978,275,240
(Cost $5,667,831,461)
Net Other Assets and
Liabilities — (0.0)%
(2,323,718
)
Net Assets — 100.0%
$4,975,951,522
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$4,971,955,342
$4,971,955,342
$—
$—
Money Market
Funds
6,319,898
6,319,898
—
—
Total Investments
$4,978,275,240
$4,978,275,240
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 14
First Trust Capital Strength® ETF (FTCS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 6.3%
458,323
General Dynamics Corp.
$162,356,340
329,972
Honeywell Aerospace, Inc. (a)
72,950,210
260,268
Lockheed Martin Corp.
132,596,135
231,684
Northrop Grumman Corp.
117,998,978
 
485,901,663
Beverages — 6.4%
2,034,975
Coca-Cola (The) Co.
165,382,418
2,008,982
Monster Beverage Corp. (a)
193,103,350
977,542
PepsiCo, Inc.
132,359,187
 
490,844,955
Biotechnology — 3.9%
433,801
Amgen, Inc.
157,088,018
1,119,800
Gilead Sciences, Inc.
141,475,532
 
298,563,550
Building Products — 2.1%
323,724
Trane Technologies PLC
159,000,280
Capital Markets — 10.0%
337,857
Ameriprise Financial, Inc.
154,995,277
513,867
Cboe Global Markets, Inc.
124,700,105
1,670,233
Charles Schwab (The) Corp.
154,112,399
1,015,679
Raymond James Financial, Inc.
154,413,679
1,589,286
T. Rowe Price Group, Inc.
180,685,925
 
768,907,385
Chemicals — 2.1%
313,125
Linde PLC
162,493,088
Commercial Services &
Supplies — 3.7%
4,607,746
Copart, Inc. (a)
129,892,360
1,694,100
Veralto Corp.
150,232,788
 
280,125,148
Communications Equipment
— 4.6%
1,787,006
Cisco Systems, Inc.
209,901,725
348,740
Motorola Solutions, Inc.
144,828,234
 
354,729,959
Consumer Staples Distribution
& Retail — 3.7%
154,145
Costco Wholesale Corp.
144,198,023
1,208,857
Walmart, Inc.
136,915,144
 
281,113,167
Financial Services — 4.2%
295,663
Mastercard, Inc., Class A
151,852,517
486,183
Visa, Inc., Class A
166,804,525
 
318,657,042
Ground Transportation —
2.2%
613,717
Union Pacific Corp.
166,931,024
Shares
Description
Value
 
Health Care Equipment &
Supplies — 5.3%
328,485
Intuitive Surgical, Inc. (a)
$130,631,915
675,649
ResMed, Inc.
131,670,477
448,934
Stryker Corp.
141,342,380
 
403,644,772
Health Care Providers &
Services — 1.7%
470,537
Cencora, Inc.
133,152,560
Household Durables — 2.0%
22,014
NVR, Inc. (a)
149,990,188
Household Products — 4.2%
1,796,165
Colgate-Palmolive Co.
164,672,407
1,048,997
Procter & Gamble (The) Co.
153,824,920
 
318,497,327
Industrial Conglomerates —
3.1%
997,279
3M Co.
161,469,443
329,561
Honeywell International, Inc. (b)
73,788,708
 
235,258,151
Insurance — 6.3%
923,926
Cincinnati Financial Corp.
171,055,659
876,731
Marsh & McLennan Cos., Inc.
146,124,756
2,323,613
W.R. Berkley Corp.
163,884,425
 
481,064,840
Interactive Media & Services
— 2.1%
451,093
Alphabet, Inc., Class A
161,207,105
Life Sciences Tools & Services
— 2.2%
1,264,702
Agilent Technologies, Inc.
167,990,367
Machinery — 2.1%
405,313
Snap-on, Inc.
163,097,951
Oil, Gas & Consumable Fuels
— 2.0%
1,200,100
EOG Resources, Inc.
155,688,973
Pharmaceuticals — 5.5%
658,165
Johnson & Johnson
167,154,165
1,294,440
Merck & Co., Inc.
166,335,540
1,259,431
Zoetis, Inc.
90,502,712
 
423,992,417
Professional Services — 4.4%
768,840
Automatic Data Processing, Inc.
172,181,718
1,676,046
Paychex, Inc.
164,805,603
 
336,987,321
Software — 1.8%
364,551
Microsoft Corp.
135,984,814
Specialty Retail — 5.8%
441,125
Home Depot (The), Inc.
155,575,965
See Notes to Financial Statements
Page 15
First Trust Capital Strength® ETF (FTCS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Specialty Retail (Continued)
676,541
Ross Stores, Inc.
$144,001,752
959,230
TJX (The) Cos., Inc.
145,323,345
 
444,901,062
Technology Hardware, Storage
& Peripherals — 2.2%
570,364
Apple, Inc.
165,040,527
Total Common Stocks
7,643,765,636
(Cost $6,959,504,675)
MONEY MARKET FUNDS — 0.1%
3,702,275
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
3,702,275
(Cost $3,702,275)
Total Investments — 100.0%
7,647,467,911
(Cost $6,963,206,950)
Net Other Assets and
Liabilities — 0.0%
3,413,263
Net Assets — 100.0%
$7,650,881,174
 
(a)
Non-income producing security.
(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 June 30, 2026, securities noted as
such are valued at $73,788,708 or 1.0% of net assets.
(c)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Industrial
Conglomerates
$235,258,151
$161,469,443
$73,788,708
$—
Other Industry
Categories*
7,408,507,485
7,408,507,485
—
—
Money Market
Funds
3,702,275
3,702,275
—
—
Total Investments
$7,647,467,911
$7,573,679,203
$73,788,708
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 16
First Trust Value Line® Dividend Index Fund (FVD)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.7%
Aerospace & Defense — 2.0%
91,174
General Dynamics Corp.
$32,297,478
109,522
L3Harris Technologies, Inc.
31,825,998
63,422
Lockheed Martin Corp.
32,310,972
61,703
Northrop Grumman Corp.
31,425,955
172,165
RTX Corp.
32,664,865
 
160,525,268
Automobiles — 0.8%
1,204,511
Honda Motor Co., Ltd., ADR
32,654,293
184,444
Toyota Motor Corp., ADR
31,064,059
 
63,718,352
Banks — 4.3%
545,670
Bank of America Corp.
31,092,277
180,769
Bank of Montreal
31,941,882
360,245
Bank of Nova Scotia (The)
31,283,676
274,610
Canadian Imperial Bank of
Commerce
31,580,150
568,358
Commerce Bancshares, Inc.
32,822,674
324,373
HSBC Holdings PLC, ADR
30,844,629
94,442
JPMorgan Chase & Co.
30,913,700
2,145,664
Northwest Bancshares, Inc.
32,528,266
154,412
Royal Bank of Canada
31,958,652
261,793
Toronto-Dominion Bank (The)
31,789,524
533,491
U.S. Bancorp
32,222,856
 
348,978,286
Beverages — 2.8%
387,297
Anheuser-Busch InBev
S.A./N.V., ADR
31,913,273
393,629
Coca-Cola (The) Co.
31,990,229
322,799
Coca-Cola Europacific
Partners PLC
32,302,496
221,225
Constellation Brands, Inc.,
Class A
30,770,185
393,330
Diageo PLC, ADR
31,615,865
1,014,100
Keurig Dr Pepper, Inc.
33,191,493
222,478
PepsiCo, Inc.
30,123,521
 
221,907,062
Biotechnology — 1.2%
136,103
AbbVie, Inc.
34,248,959
90,815
Amgen, Inc.
32,885,928
250,705
Gilead Sciences, Inc.
31,674,069
 
98,808,956
Capital Markets — 4.4%
213,775
Bank of New York Mellon (The)
Corp.
30,914,003
29,766
Blackrock, Inc.
28,621,795
122,296
Cboe Global Markets, Inc.
29,677,570
127,675
CME Group, Inc.
28,194,470
521,410
Federated Hermes, Inc.
28,792,260
Shares
Description
Value
 
Capital Markets (Continued)
28,296
Goldman Sachs Group (The),
Inc.
$28,617,726
238,350
Intercontinental Exchange, Inc.
29,343,268
137,855
Morgan Stanley
28,817,209
378,952
Nasdaq, Inc.
29,868,997
345,877
SEI Investments Co.
30,336,872
180,216
State Street Corp.
30,564,634
289,889
T. Rowe Price Group, Inc.
32,957,480
 
356,706,284
Chemicals — 2.4%
110,576
Air Products and Chemicals, Inc.
32,418,672
116,229
Ecolab, Inc.
32,382,562
60,587
Linde PLC
31,441,018
263,246
PPG Industries, Inc.
31,929,107
291,049
RPM International, Inc.
32,350,096
98,784
Sherwin-Williams (The) Co.
34,013,307
 
194,534,762
Commercial Services &
Supplies — 2.4%
367,822
Brady Corp., Class A
33,681,460
184,749
Cintas Corp.
31,422,110
190,946
MSA Safety, Inc.
33,335,353
153,186
Republic Services, Inc.
32,640,873
704,917
Rollins, Inc.
29,423,235
146,760
Waste Management, Inc.
32,709,869
 
193,212,900
Communications Equipment
— 0.8%
257,593
Cisco Systems, Inc.
30,256,874
79,813
Motorola Solutions, Inc.
33,145,541
 
63,402,415
Construction & Engineering
— 0.4%
457,012
Stantec, Inc.
31,492,697
Consumer Staples Distribution
& Retail — 0.4%
401,454
Sysco Corp.
33,553,525
Containers & Packaging —
2.1%
769,547
Amcor PLC
33,359,862
260,878
AptarGroup, Inc.
32,661,926
198,788
Avery Dennison Corp.
32,273,232
133,766
Packaging Corp. of America
31,873,762
620,399
Sonoco Products Co.
34,959,484
 
165,128,266
Diversified REITs — 0.4%
438,265
WP Carey, Inc.
31,335,948
Diversified Telecommunication
Services — 1.5%
1,382,130
BCE, Inc.
29,729,616
See Notes to Financial Statements
Page 17
First Trust Value Line® Dividend Index Fund (FVD)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified Telecommunication
Services (Continued)
1,402,565
Comcast Corp., Class A
$34,432,971
2,760,603
TELUS Corp.
29,179,574
690,150
Verizon Communications, Inc.
29,220,951
 
122,563,112
Electric Utilities — 8.0%
427,611
Alliant Energy Corp.
32,622,443
240,256
American Electric Power Co.,
Inc.
32,869,423
253,443
Duke Energy Corp.
32,080,815
603,883
Emera, Inc.
32,017,877
279,012
Entergy Corp.
32,047,318
376,038
Evergy, Inc.
32,500,964
446,451
Eversource Energy
32,265,014
681,438
Exelon Corp.
31,768,640
669,488
FirstEnergy Corp.
31,827,460
558,921
Fortis, Inc.
31,987,049
219,347
IDACORP, Inc.
33,187,201
411,856
MGE Energy, Inc.
33,582,738
363,676
NextEra Energy, Inc.
31,919,843
656,431
OGE Energy Corp.
31,941,932
305,625
Pinnacle West Capital Corp.
32,701,875
623,735
Portland General Electric Co.
32,328,185
879,607
PPL Corp.
31,973,714
335,065
Southern (The) Co.
32,069,071
545,863
TXNM Energy, Inc.
30,994,101
397,226
Xcel Energy, Inc.
31,897,248
 
644,582,911
Electrical Equipment — 1.1%
71,835
Eaton Corp. PLC
30,610,330
208,409
Emerson Electric Co.
29,833,749
58,041
Hubbell, Inc.
30,367,051
 
90,811,130
Electronic Equipment,
Instruments & Components
— 0.4%
147,189
TE Connectivity PLC
29,674,774
Financial Services — 0.4%
253,649
Jack Henry & Associates, Inc.
34,937,613
Food Products — 4.0%
2,436,206
Conagra Brands, Inc.
32,791,333
1,163,765
Del Monte Corp.
32,480,681
938,967
General Mills, Inc.
32,676,052
183,191
Hershey (The) Co.
32,140,861
1,298,432
Hormel Foods Corp.
32,227,082
321,377
Ingredion, Inc.
30,437,616
292,051
J.M. Smucker (The) Co.
32,855,738
1,421,028
Kraft Heinz (The) Co.
33,564,681
Shares
Description
Value
 
Food Products (Continued)
298,940
Marzetti (The) Company
$34,126,990
526,050
Mondelez International, Inc.,
Class A
30,426,732
 
323,727,766
Gas Utilities — 3.2%
184,595
Atmos Energy Corp.
31,800,181
263,134
Chesapeake Utilities Corp.
32,228,652
411,262
National Fuel Gas Co.
31,753,539
571,161
New Jersey Resources Corp.
32,007,862
642,817
Northwest Natural Holding Co.
31,536,602
409,595
ONE Gas, Inc.
31,567,487
353,532
Southwest Gas Holdings, Inc.
31,351,218
412,234
Spire, Inc.
32,191,353
 
254,436,894
Ground Transportation —
1.6%
274,295
Canadian National Railway Co.
32,706,936
677,603
CSX Corp.
32,206,471
102,921
Norfolk Southern Corp.
32,377,917
120,448
Union Pacific Corp.
32,761,856
 
130,053,180
Health Care Equipment &
Supplies — 2.0%
356,431
Abbott Laboratories
32,342,549
222,478
Becton Dickinson & Co.
33,667,596
394,922
Medtronic PLC
30,894,748
156,215
STERIS PLC
32,894,192
102,743
Stryker Corp.
32,347,606
 
162,146,691
Health Care Providers &
Services — 0.9%
123,039
Labcorp Holdings, Inc.
34,450,920
161,716
Quest Diagnostics, Inc.
34,275,706
 
68,726,626
Health Care REITs — 0.8%
376,990
Ventas, Inc.
33,476,712
148,053
Welltower, Inc.
33,603,589
 
67,080,301
Hotels, Restaurants & Leisure
— 0.8%
115,900
McDonald’s Corp.
31,328,929
207,679
Yum! Brands, Inc.
33,199,565
 
64,528,494
Household Products — 2.1%
333,958
Church & Dwight Co., Inc.
32,353,851
353,052
Colgate-Palmolive Co.
32,367,807
311,497
Kimberly-Clark Corp.
34,193,026
See Notes to Financial Statements
Page 18
First Trust Value Line® Dividend Index Fund (FVD)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Household Products
(Continued)
211,978
Procter & Gamble (The) Co.
$31,084,454
1,314,795
Reynolds Consumer Products,
Inc.
35,302,246
 
165,301,384
Industrial Conglomerates —
0.4%
130,996
Honeywell International, Inc. (a)
29,330,004
Insurance — 11.0%
268,596
Aflac, Inc.
31,492,881
140,660
Allstate (The) Corp.
33,468,641
233,066
American Financial Group, Inc.
32,615,256
409,915
American International Group,
Inc.
30,550,965
99,817
Aon PLC, Class A
33,108,301
149,728
Arthur J. Gallagher & Co.
34,373,057
119,678
Assurant, Inc.
32,137,133
408,522
Assured Guaranty Ltd.
32,747,124
302,787
Axis Capital Holdings Ltd.
32,531,435
537,523
Brown & Brown, Inc.
34,482,101
96,265
Chubb Ltd.
32,801,336
181,524
Cincinnati Financial Corp.
33,607,353
684,120
CNA Financial Corp.
33,255,073
155,523
Hanover Insurance Group (The),
Inc.
33,300,585
241,738
Hartford Insurance Group (The),
Inc.
32,035,120
776,033
Manulife Financial Corp.
31,437,097
195,511
Marsh & McLennan Cos., Inc.
32,585,818
357,530
MetLife, Inc.
30,250,613
801,056
Old Republic International Corp.
32,779,212
111,775
Primerica, Inc.
31,766,455
289,168
Prudential Financial, Inc.
31,209,902
149,677
Reinsurance Group of America,
Inc.
31,828,814
593,577
RLI Corp.
35,062,593
338,653
Selective Insurance Group, Inc.
32,852,728
403,679
Sun Life Financial, Inc.
31,656,507
100,786
Travelers (The) Cos., Inc.
33,271,474
123,752
Willis Towers Watson PLC
32,345,060
 
879,552,634
IT Services — 2.8%
250,783
Accenture PLC, Class A
31,207,437
605,634
Amdocs Ltd.
30,608,742
510,438
CGI, Inc.
32,958,982
748,390
Cognizant Technology Solutions
Corp., Class A
28,985,145
2,906,707
Infosys Ltd., ADR
30,491,356
Shares
Description
Value
 
IT Services (Continued)
124,120
International Business Machines
Corp.
$34,903,785
126,388
VeriSign, Inc.
31,794,165
 
220,949,612
Machinery — 4.3%
43,183
Cummins, Inc.
30,798,548
364,228
Donaldson Co., Inc.
32,696,748
299,686
Franklin Electric Co., Inc.
32,123,342
414,587
Graco, Inc.
31,346,923
138,911
IDEX Corp.
31,525,852
117,996
Illinois Tool Works, Inc.
31,914,378
113,941
Lincoln Electric Holdings, Inc.
30,252,475
431,914
Otis Worldwide Corp.
30,925,042
260,616
PACCAR, Inc.
31,305,194
422,873
Pentair PLC
32,417,444
80,128
Snap-on, Inc.
32,243,507
 
347,549,453
Media — 0.4%
633,837
Fox Corp., Class A
33,060,938
Metals & Mining — 0.4%
315,068
Rio Tinto PLC, ADR
29,909,405
Multi-Utilities — 4.8%
285,368
Ameren Corp.
32,257,999
788,345
Avista Corp.
32,251,194
429,308
Black Hills Corp.
31,940,515
726,001
CenterPoint Energy, Inc.
31,973,084
424,193
CMS Energy Corp.
32,450,764
292,791
Consolidated Edison, Inc.
32,391,468
460,101
Dominion Energy, Inc.
31,420,297
213,207
DTE Energy Co.
32,486,351
657,258
NiSource, Inc.
31,252,618
447,475
Northwestern Energy Group,
Inc.
32,048,160
388,353
Public Service Enterprise Group,
Inc.
31,518,729
276,941
WEC Energy Group, Inc.
32,338,401
 
384,329,580
Oil, Gas & Consumable Fuels
— 3.0%
178,824
Chevron Corp.
29,641,866
571,264
Enbridge, Inc.
30,968,222
226,078
Exxon Mobil Corp.
30,909,384
674,393
Pembina Pipeline Corp.
31,190,676
392,986
Shell PLC, ADR
30,472,135
457,480
TC Energy Corp.
30,326,349
388,067
TotalEnergies SE
30,176,090
417,682
Williams (The) Cos., Inc.
31,050,480
 
244,735,202
See Notes to Financial Statements
Page 19
First Trust Value Line® Dividend Index Fund (FVD)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Personal Care Products —
0.8%
1,752,811
Kenvue, Inc.
$33,496,218
542,551
Unilever PLC, ADR
32,618,166
 
66,114,384
Pharmaceuticals — 3.7%
177,438
AstraZeneca PLC
33,645,794
572,308
Bristol-Myers Squibb Co.
32,976,387
616,974
GSK PLC, ADR
32,341,777
135,350
Johnson & Johnson
34,374,840
271,088
Merck & Co., Inc.
34,834,808
210,200
Novartis AG, ADR
32,942,544
1,248,217
Pfizer, Inc.
30,057,065
749,287
Sanofi S.A., ADR
31,964,583
2,023,610
Takeda Pharmaceutical Co., Ltd.,
ADR
32,438,468
 
295,576,266
Professional Services — 2.8%
145,878
Automatic Data Processing, Inc.
32,669,378
229,813
Broadridge Financial Solutions,
Inc.
31,472,890
263,735
Jacobs Solutions, Inc.
33,230,610
326,332
Paychex, Inc.
32,088,226
480,660
SS&C Technologies Holdings,
Inc.
29,824,953
408,951
Thomson Reuters Corp.
33,399,028
185,247
Verisk Analytics, Inc.
33,257,394
 
225,942,479
Residential REITs — 4.1%
989,419
American Homes 4 Rent,
Class A
33,165,325
174,026
AvalonBay Communities, Inc.
32,836,966
287,256
Camden Property Trust
32,887,940
504,843
Equity LifeStyle Properties, Inc.
32,537,131
483,628
Equity Residential
32,852,850
113,309
Essex Property Trust, Inc.
33,039,771
1,100,747
Invitation Homes, Inc.
33,253,567
236,928
Mid-America Apartment
Communities, Inc.
32,918,776
264,650
Sun Communities, Inc.
31,734,182
829,496
UDR, Inc.
33,113,480
 
328,339,988
Retail REITs — 1.6%
257,191
Federal Realty Investment Trust
31,747,657
1,267,933
Kimco Realty Corp.
32,142,101
516,759
Realty Income Corp.
32,018,388
404,670
Regency Centers Corp.
32,268,386
 
128,176,532
Shares
Description
Value
 
Software — 1.2%
597,200
Dolby Laboratories, Inc.,
Class A
$31,400,776
96,296
Roper Technologies, Inc.
32,585,604
209,384
SAP SE, ADR
32,268,168
 
96,254,548
Specialized REITs — 1.2%
708,422
Gaming and Leisure Properties,
Inc.
31,546,031
97,764
Public Storage
31,119,259
1,199,894
VICI Properties, Inc.
31,857,186
 
94,522,476
Specialty Retail — 1.2%
95,845
Home Depot (The), Inc.
33,802,615
146,014
Lowe’s Cos., Inc.
32,194,627
190,689
TJX (The) Cos., Inc.
28,889,383
 
94,886,625
Tobacco — 1.2%
450,371
Altria Group, Inc.
32,404,194
531,499
British American Tobacco PLC,
ADR
32,825,378
180,778
Philip Morris International, Inc.
32,704,548
 
97,934,120
Trading Companies &
Distributors — 0.8%
678,777
Fastenal Co.
32,601,659
266,631
MSC Industrial Direct Co., Inc.,
Class A
31,715,758
 
64,317,417
Water Utilities — 1.7%
403,105
American States Water Co.
33,308,566
250,602
American Water Works Co., Inc.
32,974,211
692,593
California Water Service Group
33,694,649
853,470
Essential Utilities, Inc.
32,696,436
 
132,673,862
Wireless Telecommunication
Services — 1.1%
1,200,356
America Movil S.A.B. de C.V.,
ADR
31,197,252
863,593
Rogers Communications, Inc.,
Class B
28,066,773
173,860
T-Mobile US, Inc.
29,161,538
 
88,425,563
Total Common Stocks
8,004,456,685
(Cost $7,121,427,148)
See Notes to Financial Statements
Page 20
First Trust Value Line® Dividend Index Fund (FVD)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.2%
12,290,538
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
$12,290,538
(Cost $12,290,538)
Total Investments — 99.9%
8,016,747,223
(Cost $7,133,717,686)
Net Other Assets and
Liabilities — 0.1%
9,830,866
Net Assets — 100.0%
$8,026,578,089
 
(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 June 30, 2026, securities noted as
such are valued at $29,330,004 or 0.4% of net assets.
(b)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Industrial
Conglomerates
$29,330,004
$—
$29,330,004
$—
Other Industry
Categories*
7,975,126,681
7,975,126,681
—
—
Money Market
Funds
12,290,538
12,290,538
—
—
Total Investments
$8,016,747,223
$7,987,417,219
$29,330,004
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 21
First Trust Growth StrengthTM ETF (FTGS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.5%
37,308
Northrop Grumman Corp.
$19,001,337
Beverages — 2.5%
323,500
Monster Beverage Corp. (a)
31,094,820
Biotechnology — 6.6%
253,723
Incyte Corp. (a)
28,762,039
186,257
Neurocrine Biosciences, Inc. (a)
31,390,823
42,184
United Therapeutics Corp. (a)
22,856,557
 
83,009,419
Building Products — 2.0%
52,129
Trane Technologies PLC
25,603,680
Capital Markets — 8.1%
54,406
Ameriprise Financial, Inc.
24,959,296
268,953
Charles Schwab (The) Corp.
24,816,293
303,746
Interactive Brokers Group, Inc.,
Class A
26,438,052
54,504
Moody’s Corp.
24,685,952
 
100,899,593
Commercial Services &
Supplies — 1.7%
741,972
Copart, Inc. (a)
20,916,191
Communications Equipment
— 2.0%
151,122
Arista Networks, Inc. (a)
25,672,605
Construction & Engineering
— 2.0%
30,789
EMCOR Group, Inc.
25,551,175
Electronic Equipment,
Instruments & Components
— 2.3%
164,299
Amphenol Corp., Class A
28,969,200
Entertainment — 1.5%
255,052
Netflix, Inc. (a)
18,210,713
Financial Services — 3.8%
199,156
Apollo Global Management, Inc.
23,562,147
47,612
Mastercard, Inc., Class A
24,453,523
 
48,015,670
Ground Transportation —
1.9%
321,824
Uber Technologies, Inc. (a)
23,222,820
Health Care Equipment &
Supplies — 7.3%
387,918
Dexcom, Inc. (a)
26,126,277
52,896
Intuitive Surgical, Inc. (a)
21,035,681
108,798
ResMed, Inc.
21,202,554
72,291
Stryker Corp.
22,760,099
 
91,124,611
Shares
Description
Value
 
Health Care Providers &
Services — 1.7%
75,770
Cencora, Inc.
$21,441,395
Hotels, Restaurants & Leisure
— 3.9%
175,339
Airbnb, Inc., Class A (a)
25,091,011
692,687
Chipotle Mexican Grill, Inc. (a)
23,551,358
 
48,642,369
Household Durables — 1.8%
92,810
Garmin Ltd.
22,046,087
Insurance — 4.1%
148,778
Cincinnati Financial Corp.
27,544,759
141,177
Marsh & McLennan Cos., Inc.
23,529,970
 
51,074,729
Interactive Media & Services
— 1.6%
36,047
Meta Platforms, Inc., Class A
20,304,915
Machinery — 4.0%
39,571
Cummins, Inc.
28,222,433
113,317
ITT, Inc.
22,409,570
 
50,632,003
Metals & Mining — 1.6%
213,039
Newmont Corp.
19,897,843
Pharmaceuticals — 2.6%
26,771
Eli Lilly & Co.
32,109,941
Professional Services — 1.3%
159,946
Leidos Holdings, Inc.
16,469,640
Semiconductors &
Semiconductor Equipment
— 5.7%
61,051
Broadcom, Inc.
23,062,016
16,903
Monolithic Power Systems, Inc.
23,366,031
123,062
NVIDIA Corp.
24,623,475
 
71,051,522
Software — 19.0%
52,009
AppLovin Corp., Class A (a)
26,796,597
79,796
Cadence Design Systems,
Inc. (a)
29,949,035
303,261
Fortinet, Inc. (a)
46,586,955
63,114
Intuit, Inc.
16,472,754
58,702
Microsoft Corp.
21,897,020
169,540
Palantir Technologies, Inc.,
Class A (a)
19,780,232
147,863
Palo Alto Networks, Inc. (a)
50,424,240
256,766
ServiceNow, Inc. (a)
25,491,728
 
237,398,561
Specialty Retail — 3.7%
108,942
Ross Stores, Inc.
23,188,305
154,464
TJX (The) Cos., Inc.
23,401,296
 
46,589,601
See Notes to Financial Statements
Page 22
First Trust Growth StrengthTM ETF (FTGS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury
Goods — 5.7%
220,615
Deckers Outdoor Corp. (a)
$21,904,863
64,151
Ralph Lauren Corp.
25,750,853
159,248
Tapestry, Inc.
23,310,722
 
70,966,438
Total Common Stocks
1,249,916,878
(Cost $1,190,301,426)
MONEY MARKET FUNDS — 0.1%
1,172,163
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
1,172,163
(Cost $1,172,163)
Total Investments — 100.0%
1,251,089,041
(Cost $1,191,473,589)
Net Other Assets and
Liabilities — (0.0)%
(227,532
)
Net Assets — 100.0%
$1,250,861,509
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,249,916,878
$1,249,916,878
$—
$—
Money Market
Funds
1,172,163
1,172,163
—
—
Total Investments
$1,251,089,041
$1,251,089,041
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 23
First Trust Indxx Aerospace & Defense ETF (MISL)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 78.0%
32,964
AAR Corp. (a)
$4,711,545
41,395
AeroVironment, Inc. (a)
6,833,073
29,562
Astronics Corp. (a)
2,402,208
269,561
Boeing (The) Co. (a)
58,351,870
30,565
Curtiss-Wright Corp.
23,160,934
12,424
Ducommun, Inc. (a)
2,301,049
132,601
Firefly Aerospace, Inc. (a)
3,898,469
85,034
FTAI Aviation Ltd.
23,004,248
87,521
General Dynamics Corp.
31,003,439
190,254
General Electric Co.
71,103,627
98,880
HEICO Corp.
35,220,067
62,896
Hexcel Corp.
6,293,374
116,090
Howmet Aerospace, Inc.
31,211,957
32,643
Huntington Ingalls Industries,
Inc.
9,136,449
179,729
Intuitive Machines, Inc. (a)
3,844,403
109,866
Karman Holdings, Inc. (a)
5,484,511
155,301
Kratos Defense & Security
Solutions, Inc. (a)
7,743,308
82,956
L3Harris Technologies, Inc.
24,106,184
220,388
Leonardo DRS, Inc.
9,403,956
77,613
Loar Holdings, Inc. (a)
6,256,384
95,589
Lockheed Martin Corp.
48,698,772
49,752
Mercury Systems, Inc. (a)
6,086,162
26,323
Moog, Inc., Class A
11,156,740
5,939
National Presto Industries, Inc.
742,316
43,537
Northrop Grumman Corp.
22,173,830
431,040
Rocket Lab Corp. (a)
43,815,216
291,052
RTX Corp.
55,221,296
144,330
Textron, Inc.
13,239,391
24,298
TransDigm Group, Inc.
32,365,908
48,983
Voyager Technologies, Inc.,
Class A (a)
1,579,702
49,422
Woodward, Inc.
21,026,096
 
621,576,484
Diversified Telecommunication
Services — 11.3%
309,085
AST SpaceMobile, Inc. (a)
27,465,293
364,362
Space Exploration Technologies
Corp., Class A (a)
62,254,891
 
89,720,184
Professional Services — 3.9%
18,308
CACI International, Inc.,
Class A (a)
8,481,364
104,841
KBR, Inc.
3,620,160
104,395
Leidos Holdings, Inc.
10,749,553
88,713
Parsons Corp. (a)
4,647,674
35,996
Science Applications
International Corp.
3,974,318
 
31,473,069
Shares
Description
Value
 
Software — 6.7%
458,103
Palantir Technologies, Inc.,
Class A (a)
$53,446,877
Total Common Stocks
796,216,614
(Cost $778,320,139)
MONEY MARKET FUNDS — 0.2%
1,506,454
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
1,506,454
(Cost $1,506,454)
Total Investments — 100.1%
797,723,068
(Cost $779,826,593)
Net Other Assets and
Liabilities — (0.1)%
(432,028
)
Net Assets — 100.0%
$797,291,040
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$796,216,614
$796,216,614
$—
$—
Money Market Funds
1,506,454
1,506,454
—
—
Total Investments
$797,723,068
$797,723,068
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 24
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.8%
270
General Dynamics Corp.
$95,645
Chemicals — 13.4%
1,177
CF Industries Holdings, Inc.
127,422
1,358
Corteva, Inc.
115,009
755
DuPont de Nemours, Inc.
102,408
1,426
Eastman Chemical Co.
95,514
3,643
Element Solutions, Inc.
173,953
214
Linde PLC
111,053
 
725,359
Construction Materials —
1.8%
440
Eagle Materials, Inc.
99,000
Containers & Packaging —
4.0%
441
Packaging Corp. of America
105,082
2,354
Smurfit Westrock PLC
108,896
 
213,978
Electrical Equipment — 6.2%
286
Eaton Corp. PLC
121,870
686
Emerson Electric Co.
98,201
234
Rockwell Automation, Inc.
115,849
 
335,920
Electronic Equipment,
Instruments & Components
— 2.9%
448
Keysight Technologies, Inc. (a)
156,831
Energy Equipment & Services
— 9.8%
1,999
Baker Hughes Co.
110,944
3,221
Halliburton Co.
109,353
5,825
NOV, Inc.
108,054
2,372
SLB Ltd.
110,274
1,163
Weatherford International PLC
94,785
 
533,410
Hotel & Resort REITs — 2.2%
5,135
Host Hotels & Resorts, Inc.
121,751
Machinery — 8.7%
159
Caterpillar, Inc.
169,319
178
Cummins, Inc.
126,951
1,042
Otis Worldwide Corp.
74,607
104
Parker-Hannifin Corp.
101,725
 
472,602
Metals & Mining — 6.9%
1,713
Alcoa Corp.
89,316
1,315
Commercial Metals Co.
82,516
912
Newmont Corp.
85,181
315
Reliance, Inc.
117,684
 
374,697
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
— 29.1%
2,642
Antero Resources Corp. (a)
$92,840
3,722
APA Corp.
121,225
597
Chevron Corp.
98,959
982
Chord Energy Corp.
112,243
4,907
Devon Energy Corp.
202,757
867
EOG Resources, Inc.
112,476
1,698
EQT Corp.
90,283
825
Expand Energy Corp.
75,232
4,159
Magnolia Oil & Gas Corp.,
Class A
106,387
2,913
Murphy Oil Corp.
94,847
2,214
Occidental Petroleum Corp.
107,534
2,323
Ovintiv, Inc.
122,306
2,582
Range Resources Corp.
96,024
559
Valero Energy Corp.
145,586
 
1,578,699
Professional Services — 1.5%
812
Paychex, Inc.
79,844
Residential REITs — 3.5%
655
Mid-America Apartment
Communities, Inc.
91,006
2,482
UDR, Inc.
99,081
 
190,087
Retail REITs — 4.1%
3,472
Brixmor Property Group, Inc.
109,472
492
Simon Property Group, Inc.
110,036
 
219,508
Specialized REITs — 3.9%
699
Extra Space Storage, Inc.
101,565
719
Lamar Advertising Co., Class A
112,149
 
213,714
Total Common Stocks
5,411,045
(Cost $5,426,344)
MONEY MARKET FUNDS — 0.1%
4,544
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
4,544
(Cost $4,544)
Total Investments — 99.9%
5,415,589
(Cost $5,430,888)
Net Other Assets and
Liabilities — 0.1%
5,254
Net Assets — 100.0%
$5,420,843
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
 
See Notes to Financial Statements
Page 25
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$5,411,045
$5,411,045
$—
$—
Money Market Funds
4,544
4,544
—
—
Total Investments
$5,415,589
$5,415,589
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 26
This page intentionally left blank.
Page 27
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
First Trust Dow
Jones Select
MicroCap Index
Fund
(FDM)
First Trust
Morningstar
Dividend
Leaders Index
Fund
(FDL)
First Trust US
Equity
Opportunities
ETF
(FPX)
First Trust
NYSE® Arca®
Biotechnology
Index Fund
(FBT)
ASSETS:
Investments, at value
$268,176,229
$7,269,346,112
$1,682,011,078
$2,789,689,734
Receivables:
Dividends
107,405
20,422,284
674,617
105,317
Securities lending income
995
—
4,697
614
Investment securities sold
—
2,426,192
—
24,783,276
Interest
—
—
—
—
Capital shares sold
—
—
—
—
Reclaims
—
—
—
67,464
Prepaid expenses
3,548
18,783
5,084
4,968
Total Assets
268,288,177
7,292,213,371
1,682,695,476
2,814,651,373
 
LIABILITIES:
Payables:
Collateral for securities on loan
2,789,588
—
11,616,456
4,689
Investment advisory fees
92,765
1,796,233
500,607
868,368
Licensing fees
36,835
1,664,365
335,091
858,319
Audit and tax fees
15,010
14,937
14,520
14,542
Shareholder reporting fees
6,561
83,507
17,371
28,935
Capital shares redeemed
—
2,432,654
—
24,781,414
Investment securities purchased
—
—
—
—
Trustees’ fees
—
800
—
—
Other liabilities
23,952
423,173
110,516
185,497
Total Liabilities
2,964,711
6,415,669
12,594,561
26,741,764
NET ASSETS
$265,323,466
$7,285,797,702
$1,670,100,915
$2,787,909,609
 
NET ASSETS consist of:
Paid-in capital
$285,618,435
$6,951,925,970
$1,503,651,609
$2,739,805,174
Par value
28,550
1,497,500
81,000
112,500
Accumulated distributable earnings (loss)
(20,323,519
)
332,374,232
166,368,306
47,991,935
NET ASSETS
$265,323,466
$7,285,797,702
$1,670,100,915
$2,787,909,609
NET ASSET VALUE, per share
$92.93
$48.65
$206.19
$247.81
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
2,855,000
149,750,002
8,100,002
11,250,002
Investments, at cost
$206,972,744
$6,774,928,364
$1,073,714,856
$2,269,997,874
Securities on loan, at value
$2,768,845
$—
$11,455,901
$—
See Notes to Financial Statements
Page 28
 
First Trust Dow
Jones Internet
Index Fund
(FDN)
First Trust
Capital Strength®
ETF
(FTCS)
First Trust Value
Line® Dividend
Index Fund
(FVD)
First Trust
Growth
StrengthTM ETF
(FTGS)
First Trust Indxx
Aerospace &
Defense ETF
(MISL)
First Trust
Bloomberg
Inflation Sensitive
Equity ETF
(FTIF)
$4,978,275,240
$7,647,467,911
$8,016,747,223
$1,251,089,041
$797,723,068
$5,415,589
487,053
7,155,059
13,879,123
388,887
28,782
7,991
—
—
—
—
—
—
—
—
24,772,023
—
5,070,189
—
—
—
43,601
—
—
—
—
4,696,673
—
—
—
—
—
—
1,831,902
—
—
—
13,283
19,442
20,032
—
—
—
4,978,775,576
7,659,339,085
8,057,293,904
1,251,477,928
802,822,039
5,423,580
—
—
—
—
—
—
1,658,647
3,061,349
3,191,362
616,419
398,292
2,737
756,337
92,500
2,019,610
—
—
—
14,937
15,011
15,379
—
—
—
90,696
149,110
159,826
—
—
—
—
—
9,633,402
—
4,582,133
—
—
4,695,442
15,292,759
—
550,574
—
1,317
1,389
1,543
—
—
—
302,120
443,110
401,934
—
—
—
2,824,054
8,457,911
30,715,815
616,419
5,530,999
2,737
$4,975,951,522
$7,650,881,174
$8,026,578,089
$1,250,861,509
$797,291,040
$5,420,843
$7,348,566,707
$7,975,240,226
$7,631,871,771
$1,217,820,361
$685,278,179
$5,297,250
188,000
814,500
1,666,409
338,000
174,000
2,000
(2,372,803,185
)
(325,173,552
)
393,039,909
32,703,148
111,838,861
121,593
$4,975,951,522
$7,650,881,174
$8,026,578,089
$1,250,861,509
$797,291,040
$5,420,843
$264.68
$93.93
$48.17
$37.01
$45.82
$27.10
18,800,002
81,450,002
166,640,884
33,800,002
17,400,002
200,002
$5,667,831,461
$6,963,206,950
$7,133,717,686
$1,191,473,589
$779,826,593
$5,430,888
$—
$—
$—
$—
$—
$—
See Notes to Financial Statements
Page 29
First Trust Exchange-Traded Fund
Statements of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust Dow
Jones Select
MicroCap Index
Fund
(FDM)
First Trust
Morningstar
Dividend
Leaders Index
Fund
(FDL)
First Trust US
Equity
Opportunities
ETF
(FPX)
First Trust
NYSE® Arca®
Biotechnology
Index Fund
(FBT)
INVESTMENT INCOME:
Dividends
$2,573,388
$159,682,031
$4,626,575
$2,800,679
Securities lending income (net of fees)
6,638
—
36,481
7,376
Foreign withholding tax
(2,525
)
(2,393
)
(7,964
)
—
Total investment income
2,577,501
159,679,638
4,655,092
2,808,055
 
EXPENSES:
Investment advisory fees
585,488
 
10,319,801
 
2,578,035
 
4,488,671
 
Licensing fees
70,940
3,053,444
644,509
855,109
Accounting and administration fees
57,150
1,050,075
282,491
460,282
Audit and tax fees
15,671
15,671
15,808
15,809
Shareholder reporting fees
14,499
106,296
27,614
40,084
Custodian fees
7,908
92,311
11,441
27,080
Transfer agent fees
5,856
100,478
28,510
40,459
Trustees’ fees and expenses
4,921
6,988
5,263
5,350
Listing fees
4,364
10,910
4,364
4,364
Legal fees
2,065
65,303
13,961
24,294
Other expenses
1,212
29,616
5,769
6,113
Total expenses
770,074
14,850,893
3,617,765
5,967,615
Less fees waived by the investment advisor
(67,486
)
—
—
—
Net expenses
702,588
14,850,893
3,617,765
5,967,615
NET INVESTMENT INCOME (LOSS)
1,874,913
144,828,745
1,037,327
(3,159,560
)
 
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments
1,500,915
47,543,856
(9,440,105
)
59,043,310
In-kind redemptions
1,249,848
475,802,138
142,430,203
102,033,289
Foreign currency transactions
—
—
—
—
Net realized gain (loss)
2,750,763
523,345,994
132,990,098
161,076,599
Net change in unrealized appreciation (depreciation)
on:
Investments
34,366,471
25,078,388
193,706,710
259,224,857
Foreign currency translation
—
—
—
—
Net change in unrealized appreciation (depreciation)
34,366,471
25,078,388
193,706,710
259,224,857
NET REALIZED AND UNREALIZED GAIN
(LOSS)
37,117,234
548,424,382
326,696,808
420,301,456
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS
$38,992,147
$693,253,127
$327,734,135
$417,141,896
 
(a)
Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).
See Notes to Financial Statements
Page 30
 
First Trust Dow
Jones Internet
Index Fund
(FDN)
First Trust
Capital Strength®
ETF
(FTCS)
First Trust Value
Line® Dividend
Index Fund
(FVD)
First Trust
Growth
StrengthTM ETF
(FTGS)
First Trust Indxx
Aerospace &
Defense ETF
(MISL)
First Trust
Bloomberg
Inflation Sensitive
Equity ETF
(FTIF)
$9,145,869
$71,762,037
$131,525,990
$3,674,074
$4,571,871
$40,445
4,421
—
—
—
—
—
—
—
(2,771,465
)
—
—
—
9,150,290
71,762,037
128,754,525
3,674,074
4,571,871
40,445
10,503,054
 
19,285,633
 
19,876,010
 
3,714,958
 (a)
3,877,485
 (a)
9,469
 (a)
1,573,140
188,720
4,108,200
—
—
—
880,299
1,136,826
1,162,313
—
—
—
15,671
15,671
15,671
—
—
—
102,960
155,233
158,184
—
—
—
64,079
103,158
95,427
—
—
—
79,071
111,618
114,809
—
—
—
7,251
7,728
7,817
—
—
—
6,943
2,283
18,234
—
—
—
70,827
79,034
83,942
—
—
—
39,619
44,483
47,860
21
3
—
13,342,914
21,130,387
25,688,467
3,714,979
3,877,488
9,469
—
—
—
—
—
—
13,342,914
21,130,387
25,688,467
3,714,979
3,877,488
9,469
(4,192,624
)
50,631,650
103,066,058
(40,905
)
694,383
30,976
(286,323,531
)
(86,975,032
)
41,140,392
(50,049,790
)
(17,576,278
)
(47,498
)
384,359,594
330,666,400
230,515,972
111,706,394
115,021,580
292,809
—
—
(30,302
)
—
—
—
98,036,063
243,691,368
271,626,062
61,656,604
97,445,302
245,311
(306,769,605
)
(118,133,476
)
94,434,352
(2,145,097
)
(19,409,041
)
(71,418
)
—
—
(13,383
)
—
—
—
(306,769,605
)
(118,133,476
)
94,420,969
(2,145,097
)
(19,409,041
)
(71,418
)
(208,733,542
)
125,557,892
366,047,031
59,511,507
78,036,261
173,893
$(212,926,166
)
$176,189,542
$469,113,089
$59,470,602
$78,730,644
$204,869
See Notes to Financial Statements
Page 31
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
First Trust Dow Jones Select
MicroCap Index Fund (FDM)
First Trust Morningstar Dividend
Leaders Index Fund (FDL)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$1,874,913
$2,443,995
$144,828,745
$235,319,418
Net realized gain (loss)
2,750,763
21,300,098
523,345,994
349,785,873
Net change in unrealized appreciation (depreciation)
34,366,471
9,642,379
25,078,388
162,186,170
Net increase (decrease) in net assets resulting from
operations
38,992,147
33,386,472
693,253,127
747,291,461
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(1,711,828
)
(3,028,746
)
(128,020,387
)
(234,991,449
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
17,232,352
 
104,634,098
 
2,704,419,373
 
2,705,330,842
 
Cost of shares redeemed
(4,354,739
) 
(97,274,202
) 
(2,108,048,611
) 
(1,544,702,704
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
12,877,613
7,359,896
596,370,762
1,160,628,138
Total increase (decrease) in net assets
50,157,932
37,717,622
1,161,603,502
1,672,928,150
 
NET ASSETS:
Beginning of period
215,165,534
177,447,912
6,124,194,200
4,451,266,050
End of period
$265,323,466
$215,165,534
$7,285,797,702
$6,124,194,200
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
2,705,000
2,605,000
138,150,002
110,700,002
Shares sold
200,000
1,450,000
54,650,000
64,050,000
Shares redeemed
(50,000
)
(1,350,000
)
(43,050,000
)
(36,600,000
)
Shares outstanding, end of period
2,855,000
2,705,000
149,750,002
138,150,002
See Notes to Financial Statements
Page 32
 
First Trust US Equity Opportunities
ETF (FPX)
First Trust NYSE® Arca®
Biotechnology Index Fund (FBT)
First Trust Dow Jones Internet Index
Fund (FDN)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$1,037,327
$4,768,248
$(3,159,560
)
$(3,504,730
)
$(4,192,624
)
$(13,467,342
)
132,990,098
113,260,696
161,076,599
87,831,839
98,036,063
2,080,208,094
193,706,710
181,338,284
259,224,857
159,190,948
(306,769,605
)
(1,375,412,315
)
327,734,135
299,367,228
417,141,896
243,518,057
(212,926,166
)
691,328,437
(608,430
)
(6,101,236
)
—
—
—
—
431,121,346
 
177,480,628
 
1,297,709,686
 
109,272,301
 
3,523,947,565
 
8,570,977,017
 
(292,703,002
) 
(49,642,386
) 
(254,988,212
) 
(136,487,642
) 
(4,889,831,124
) 
(9,511,182,700
) 
138,418,344
127,838,242
1,042,721,474
(27,215,341
)
(1,365,883,559
)
(940,205,683
)
465,544,049
421,104,234
1,459,863,370
216,302,716
(1,578,809,725
)
(248,877,246
)
1,204,556,866
783,452,632
1,328,046,239
1,111,743,523
6,554,761,247
6,803,638,493
$1,670,100,915
$1,204,556,866
$2,787,909,609
$1,328,046,239
$4,975,951,522
$6,554,761,247
7,350,002
6,550,002
6,450,002
6,700,002
24,350,002
27,950,002
2,250,000
1,200,000
5,950,000
550,000
13,950,000
32,750,000
(1,500,000
)
(400,000
)
(1,150,000
)
(800,000
)
(19,500,000
)
(36,350,000
)
8,100,002
7,350,002
11,250,002
6,450,002
18,800,002
24,350,002
See Notes to Financial Statements
Page 33
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets (Continued)
 
 
First Trust Capital Strength®
ETF (FTCS)
First Trust Value Line® Dividend
Index Fund (FVD)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$50,631,650
$89,858,980
$103,066,058
$212,800,106
Net realized gain (loss)
243,691,368
420,218,148
271,626,062
387,654,779
Net change in unrealized appreciation (depreciation)
(118,133,476
)
13,001,523
94,420,969
101,085,819
Net increase (decrease) in net assets resulting from
operations
176,189,542
523,078,651
469,113,089
701,540,704
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(45,817,711
)
(87,604,607
)
(92,956,562
)
(213,078,003
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
1,412,748,845
 
2,766,525,409
 
302,964,910
 
1,072,564,336
 
Cost of shares redeemed
(1,946,851,938
) 
(3,728,620,160
) 
(1,038,645,206
) 
(2,456,493,920
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(534,103,093
)
(962,094,751
)
(735,680,296
)
(1,383,929,584
)
Total increase (decrease) in net assets
(403,731,262
)
(526,620,707
)
(359,523,769
)
(895,466,883
)
 
NET ASSETS:
Beginning of period
8,054,612,436
8,581,233,143
8,386,101,858
9,281,568,741
End of period
$7,650,881,174
$8,054,612,436
$8,026,578,089
$8,386,101,858
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
87,100,002
97,700,002
182,040,884
212,840,884
Shares sold
14,700,000
30,600,000
6,350,000
23,800,000
Shares redeemed
(20,350,000
)
(41,200,000
)
(21,750,000
)
(54,600,000
)
Shares outstanding, end of period
81,450,002
87,100,002
166,640,884
182,040,884
See Notes to Financial Statements
Page 34
 
First Trust Growth StrengthTM ETF
(FTGS)
First Trust Indxx Aerospace & Defense
ETF (MISL)
First Trust Bloomberg Inflation
Sensitive Equity ETF (FTIF)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$(40,905
)
$1,850,410
$694,383
$250,396
$30,976
$16,947
61,656,604
79,299,266
97,445,302
45,688,465
245,311
(79,595
)
(2,145,097
)
43,988,656
(19,409,041
)
26,520,637
(71,418
)
144,678
59,470,602
125,138,332
78,730,644
72,459,498
204,869
82,030
—
(2,015,750
)
(922,350
)
(794,685
)
(20,880
)
(16,500
)
522,070,294
 
1,076,631,254
 
487,142,820
 
1,242,916,241
 
6,612,151
 
—
 
(589,838,590
) 
(850,005,373
) 
(1,057,217,692
) 
(136,074,668
) 
(2,512,196
) 
—
 
(67,768,296
)
226,625,881
(570,074,872
)
1,106,841,573
4,099,955
—
(8,297,694
)
349,748,463
(492,266,578
)
1,178,506,386
4,283,944
65,530
1,259,159,203
909,410,740
1,289,557,618
111,051,232
1,136,899
1,071,369
$1,250,861,509
$1,259,159,203
$797,291,040
$1,289,557,618
$5,420,843
$1,136,899
35,650,002
29,000,002
30,150,002
3,650,002
50,002
50,002
14,400,000
31,800,000
10,250,000
29,900,000
250,000
—
(16,250,000
)
(25,150,000
)
(23,000,000
)
(3,400,000
)
(100,000
)
—
33,800,002
35,650,002
17,400,002
30,150,002
200,002
50,002
See Notes to Financial Statements
Page 35
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout each period
First Trust Dow Jones Select MicroCap Index Fund (FDM)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$79.54
$68.12
$61.46
$55.45
$63.87
$47.94
Income from investment operations:
Net investment income (loss)
0.68
 (a)
0.92
 (a)
0.94
 (a)
1.10
 (a)
1.00
 
0.64
 
Net realized and unrealized gain (loss)
13.32
 
11.64
 
6.78
 
6.02
 
(8.42
) 
15.98
 
Total from investment operations
14.00
 
12.56
 
7.72
 
7.12
 
(7.42
) 
16.62
 
Distributions paid to shareholders from:
Net investment income
(0.61
) 
(1.14
) 
(1.06
) 
(1.11
) 
(1.00
) 
(0.69
) 
Net asset value, end of period
$92.93
 
$79.54
 
$68.12
 
$61.46
 
$55.45
 
$63.87
 
Total return (b)
17.64
% 
18.62
% 
12.73
% 
13.01
% 
(11.56
)% 
34.71
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$265,323
 
$215,166
 
$177,448
 
$172,382
 
$144,442
 
$188,737
 
Ratio of total expenses to average net assets
0.66
% (c)
0.66
% (d)
0.65
% 
0.68
% 
0.69
% 
0.69
% 
Ratio of net expenses to average net assets
0.60
% (c)
0.61
% (d)
0.60
% 
0.60
% 
0.60
% 
0.60
% 
Ratio of net investment income (loss) to
average net assets
1.60
% (c)
1.30
% 
1.49
% 
1.97
% 
1.72
% 
1.10
% 
Portfolio turnover rate (e)
7
% 
83
% 
71
% 
72
% 
84
% 
95
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.65% and
0.60%, respectively.
(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.
See Notes to Financial Statements
Page 36
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Morningstar Dividend Leaders Index Fund (FDL)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$44.33
$40.21
$35.87
$36.54
$35.54
$29.59
Income from investment
operations:
Net investment income (loss)
1.00
 (a)
1.84
 (a)
1.69
 (a)
1.59
 (a)
1.30
 
1.29
 
Net realized and unrealized gain
(loss)
4.19
 
4.07
 
4.35
 
(0.62
) 
1.01
 
5.95
 
Total from investment operations
5.19
 
5.91
 
6.04
 
0.97
 
2.31
 
7.24
 
Distributions paid to
shareholders from:
Net investment income
(0.87
) 
(1.79
) 
(1.70
) 
(1.64
) 
(1.31
) 
(1.29
) 
Net asset value, end of period
$48.65
 
$44.33
 
$40.21
 
$35.87
 
$36.54
 
$35.54
 
Total return (b)
11.69
% 
14.88
% 
16.98
% 
2.90
% 
6.71
% 
24.76
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$7,285,798
 
$6,124,194
 
$4,451,266
 
$3,970,798
 
$4,801,817
 
$1,762,910
 
Ratio of total expenses to average
net assets
0.42
% (c)
0.44
% 
0.43
% 
0.44
% 
0.45
% 
0.46
% 
Ratio of net expenses to average
net assets
0.42
% (c)
0.44
% 
0.43
% 
0.44
% 
0.45
% 
0.45
% 
Ratio of net investment income
(loss) to average net assets
4.11
% (c)
4.32
% 
4.31
% 
4.52
% 
4.15
% 
3.90
% 
Portfolio turnover rate (d)
39
% 
58
% 
46
% 
46
% 
60
% 
59
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(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 37
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust US Equity Opportunities ETF (FPX)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$163.89
$119.61
$95.76
$78.73
$122.49
$118.32
Income from investment operations:
Net investment income (loss)
0.14
 (a)
0.70
 (a)
0.04
 (a)
0.22
 (a)
0.90
 
0.08
 
Net realized and unrealized gain (loss)
42.24
 
44.45
 
23.92
 
17.07
 
(43.81
) 
4.26
 
Total from investment operations
42.38
 
45.15
 
23.96
 
17.29
 
(42.91
) 
4.34
 
Distributions paid to shareholders
from:
Net investment income
(0.08
) 
(0.87
) 
(0.11
) 
(0.26
) 
(0.85
) 
(0.17
) 
Net asset value, end of period
$206.19
 
$163.89
 
$119.61
 
$95.76
 
$78.73
 
$122.49
 
Total return (b)
25.88
% 
37.75
% 
25.02
% 
22.01
% 
(35.05
)% 
3.67
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,670,101
 
$1,204,557
 
$783,453
 
$746,910
 
$803,094
 
$1,855,705
 
Ratio of total expenses to average net
assets
0.56
% (c) (d)
0.57
% (d)
0.56
% (d)
0.58
% 
0.58
% 
0.57
% 
Ratio of net investment income (loss) to
average net assets
0.16
% (c) (d)
0.49
% (d)
0.03
% (d)
0.25
% 
0.86
% 
0.07
% 
Portfolio turnover rate (e)
46
% 
83
% 
77
% 
123
% 
115
% 
85
% 
 
(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)
Annualized.
(d)
Ratio of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund’s
proportionate share of expenses and income of underlying investment companies in which the Fund invests.
(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.
See Notes to Financial Statements
Page 38
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$205.90
$165.93
$158.01
$154.52
$161.97
$168.08
Income from investment
operations:
Net investment income (loss)
(0.29
) (a)
(0.55
) (a)
(0.47
) (a)
(0.46
) (a)
(0.37
) 
(0.42
) 
Net realized and unrealized gain
(loss)
42.20
 
40.52
 
9.56
 
3.95
 
(7.08
) 
(5.69
) 
Total from investment operations
41.91
 
39.97
 
9.09
 
3.49
 
(7.45
) 
(6.11
) 
Distributions paid to
shareholders from:
Net investment income
—
 
—
 
(1.17
) 
—
 
—
 
—
 
Net asset value, end of period
$247.81
 
$205.90
 
$165.93
 
$158.01
 
$154.52
 
$161.97
 
Total return (b)
20.35
% 
24.09
% 
5.76
% 
2.26
% 
(4.60
)% 
(3.64
)% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$2,787,910
 
$1,328,046
 
$1,111,744
 
$1,287,754
 
$1,483,355
 
$1,708,757
 
Ratio of total expenses to average
net assets
0.53
% (c)
0.56
% 
0.54
% 
0.56
% 
0.56
% 
0.55
% 
Ratio of net investment income
(loss) to average net assets
(0.28
)% (c)
(0.31
)% 
(0.30
)% 
(0.30
)% 
(0.25
)% 
(0.23
)% 
Portfolio turnover rate (d)
25
% 
37
% 
71
% 
30
% 
39
% 
39
% 
 
(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)
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 39
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dow Jones Internet Index Fund (FDN)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$269.19
$243.42
$186.51
$123.15
$226.02
$212.37
Income from investment
operations:
Net investment income (loss)
(0.20
) (a)
(0.50
) (a)
(0.33
) (a)
(0.42
) (a)
(0.48
) 
(0.73
) 
Net realized and unrealized gain
(loss)
(4.31
) 
26.27
 
57.24
 
63.78
 
(102.39
) 
14.38
 
Total from investment operations
(4.51
) 
25.77
 
56.91
 
63.36
 
(102.87
) 
13.65
 
Net asset value, end of period
$264.68
 
$269.19
 
$243.42
 
$186.51
 
$123.15
 
$226.02
 
Total return (b)
(1.68
)% 
10.59
% 
30.52
% 
51.44
% 
(45.51
)% 
6.43
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$4,975,952
 
$6,554,761
 
$6,803,638
 
$5,958,910
 
$3,552,840
 
$9,967,573
 
Ratio of total expenses to average
net assets
0.50
% (c)
0.50
% 
0.49
% 
0.51
% 
0.52
% 
0.51
% 
Ratio of net investment income
(loss) to average net assets
(0.16
)% (c)
(0.19
)% 
(0.16
)% 
(0.27
)% 
(0.26
)% 
(0.30
)% 
Portfolio turnover rate (d)
13
% 
15
% 
32
% 
24
% 
24
% 
19
% 
 
(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)
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 40
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Capital Strength® ETF (FTCS)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$92.48
$87.83
$80.04
$74.87
$84.52
$67.55
Income from investment
operations:
Net investment income (loss)
0.60
 (a)
0.97
 (a)
1.14
 (a)
1.16
 (a)
0.90
 
0.91
 
Net realized and unrealized gain
(loss)
1.40
 
4.64
 
7.82
 
5.19
 
(9.63
) 
16.95
 
Total from investment operations
2.00
 
5.61
 
8.96
 
6.35
 
(8.73
) 
17.86
 
Distributions paid to
shareholders from:
Net investment income
(0.55
) 
(0.96
) 
(1.17
) 
(1.18
) 
(0.92
) 
(0.89
) 
Net asset value, end of period
$93.93
 
$92.48
 
$87.83
 
$80.04
 
$74.87
 
$84.52
 
Total return (b)
2.18
% 
6.39
% 
11.21
% 
8.57
% 
(10.28
)% 
26.61
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$7,650,881
 
$8,054,612
 
$8,581,233
 
$8,743,985
 
$8,692,148
 
$9,491,932
 
Ratio of total expenses to average
net assets
0.53
% (c)
0.54
% 
0.52
% 
0.54
% 
0.55
% 
0.55
% 
Ratio of net investment income
(loss) to average net assets
1.28
% (c)
1.07
% 
1.32
% 
1.56
% 
1.21
% 
1.23
% 
Portfolio turnover rate (d)
48
% 
117
% 
87
% 
104
% 
135
% 
117
% 
 
(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)
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 41
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Value Line® Dividend Index Fund (FVD)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$46.07
$43.61
$40.55
$39.89
$43.00
$35.10
Income from investment
operations:
Net investment income (loss)
0.60
 (a)
1.07
 (a)
0.94
 (a)
0.93
 (a)
0.82
 
0.74
 
Net realized and unrealized gain
(loss)
2.05
 
2.48
 
3.09
 
0.68
 
(3.10
) 
7.91
 
Total from investment
operations
2.65
 
3.55
 
4.03
 
1.61
 
(2.28
) 
8.65
 
Distributions paid to
shareholders from:
Net investment income
(0.55
) 
(1.09
) 
(0.97
) 
(0.95
) 
(0.83
) 
(0.75
) 
Net asset value, end of period
$48.17
 
$46.07
 
$43.61
 
$40.55
 
$39.89
 
$43.00
 
Total return (b)
5.76
% 
8.19
% 
10.00
% 
4.10
% 
(5.24
)% 
24.86
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000’s)
$8,026,578
 
$8,386,102
 
$9,281,569
 
$10,793,863
 
$12,442,671
 
$12,954,187
 
Ratio of total expenses to
average net assets
0.63
% (c)
0.63
% 
0.61
% 
0.60
% 
0.65
% 
0.67
% 
Ratio of net investment income
(loss) to average net assets
2.52
% (c)
2.37
% 
2.20
% 
2.36
% 
2.04
% 
1.91
% 
Portfolio turnover rate (d)
26
% 
65
% 
73
% 
57
% 
53
% 
47
% 
 
(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)
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 42
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Growth StrengthTM ETF (FTGS)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
Period
Ended
12/31/2022 (a)
 
2025
2024
2023
Net asset value, beginning of period
$35.32
$31.36
$27.17
$20.49
$20.29
Income from investment operations:
Net investment income (loss)
(0.00
) (b) (c)
0.06
 (c)
0.18
 (c)
0.22
 (c)
0.04
 
Net realized and unrealized gain (loss)
1.69
 
3.96
 
4.13
 
6.63
 
0.20
 
Total from investment operations
1.69
 
4.02
 
4.31
 
6.85
 
0.24
 
Distributions paid to shareholders from:
Net investment income
—
 
(0.06
) 
(0.12
) 
(0.17
) 
(0.04
) 
Net realized gain
—
 
—
 
—
 
(0.00
) (b)
—
 
Total distributions
—
 
(0.06
) 
(0.12
) 
(0.17
) 
(0.04
) 
Net asset value, end of period
$37.01
 
$35.32
 
$31.36
 
$27.17
 
$20.49
 
Total return (d)
4.78
% 
12.83
% 
15.87
% 
33.54
% 
1.20
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$1,250,862
 
$1,259,159
 
$909,411
 
$65,207
 
$1,024
 
Ratio of total expenses to average net assets
0.60
% (e)
0.61
% (f)
0.60
% 
0.60
% 
0.60
% (e)
Ratio of net investment income (loss) to average net assets
(0.01
)% (e)
0.16
% 
0.57
% 
0.89
% 
1.11
% (e)
Portfolio turnover rate (g)
49
% 
105
% 
102
% 
66
% 
25
% 
 
(a)
Inception date is October 25, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Amount represents less than $0.01.
(c)
Based on average shares outstanding.
(d)
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.
(e)
Annualized.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.
(g)
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 43
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Indxx Aerospace & Defense ETF (MISL)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
Period
Ended
12/31/2022 (a)
 
2025
2024
2023
Net asset value, beginning of period
$42.77
$30.42
$25.45
$22.30
$20.79
Income from investment operations:
Net investment income (loss)
0.03
 (b)
0.04
 (b)
0.26
 (b)
0.20
 (b)
0.02
 
Net realized and unrealized gain (loss)
3.05
 
12.48
 
4.94
 
3.11
 
1.51
 
Total from investment operations
3.08
 
12.52
 
5.20
 
3.31
 
1.53
 
Distributions paid to shareholders from:
Net investment income
(0.03
) 
(0.17
) 
(0.23
) 
(0.14
) 
(0.02
) 
Net realized gain
—
 
—
 
(0.00
) (c)
(0.02
) 
—
 
Total distributions
(0.03
) 
(0.17
) 
(0.23
) 
(0.16
) 
(0.02
) 
Net asset value, end of period
$45.82
 
$42.77
 
$30.42
 
$25.45
 
$22.30
 
Total return (d)
7.20
% 
41.24
% 
20.44
% 
14.88
% 
7.34
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$797,291
 
$1,289,558
 
$111,051
 
$41,989
 
$2,230
 
Ratio of total expenses to average net assets
0.60
% (e)
0.61
% (f)
0.60
% 
0.60
% 
0.60
% (e)
Ratio of net investment income (loss) to average net assets
0.11
% (e)
0.12
% 
0.87
% 
0.86
% 
0.53
% (e)
Portfolio turnover rate (g)
22
% 
22
% 
16
% 
12
% 
2
% 
 
(a)
Inception date is October 25, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(c)
Amount represents less than $0.01.
(d)
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.
(e)
Annualized.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.
(g)
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 44
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
Period
Ended
12/31/2023 (a)
 
12/31/2025
12/31/2024
Net asset value, beginning of period
$22.74
$21.43
$21.91
$19.69
Income from investment operations:
Net investment income (loss) (b)
0.26
 
0.34
 
0.47
 
0.33
 
Net realized and unrealized gain (loss)
4.24
 
1.30
 
(0.33
) 
2.23
 
Total from investment operations
4.50
 
1.64
 
0.14
 
2.56
 
Distributions paid to shareholders from:
Net investment income
(0.14
) 
(0.33
) 
(0.62
) 
(0.34
) 
Net asset value, end of period
$27.10
 
$22.74
 
$21.43
 
$21.91
 
Total return (c)
19.78
% 
7.73
% 
0.55
% 
13.06
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$5,421
 
$1,137
 
$1,071
 
$1,095
 
Ratio of total expenses to average net assets
0.60
% (d)
0.61
% (e)
0.60
% 
0.60
% (d)
Ratio of net investment income (loss) to average net assets
1.96
% (d)
1.57
% 
2.03
% 
1.98
% (d)
Portfolio turnover rate (f)
20
% 
111
% 
90
% 
44
% 
 
(a)
Inception date is March 13, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.
(f)
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 45
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the ten funds (each a “Fund” and collectively, the “Funds”) listed below:
 
First Trust Dow Jones Select MicroCap Index Fund – (NYSE Arca, Inc. (“NYSE Arca”) ticker “FDM”)
First Trust Morningstar Dividend Leaders Index Fund – (NYSE Arca ticker “FDL”)
First Trust US Equity Opportunities ETF – (NYSE Arca ticker “FPX”)
First Trust NYSE® Arca® Biotechnology Index Fund – (NYSE Arca ticker “FBT”)
First Trust Dow Jones Internet Index Fund – (NYSE Arca ticker “FDN”)
First Trust Capital Strength® ETF – (Nasdaq, Inc. (“Nasdaq”) ticker “FTCS”)
First Trust Value Line® Dividend Index Fund – (NYSE Arca ticker “FVD”)
First Trust Growth StrengthTM ETF – (Nasdaq ticker “FTGS”)
First Trust Indxx Aerospace & Defense ETF – (NYSE Arca ticker “MISL”)
First Trust Bloomberg Inflation Sensitive Equity ETF – (NYSE Arca ticker “FTIF”)
Each of FDN, FDL, FPX, and MISL operates as a non-diversified series of the Trust. Each of FDM, FBT, FTCS, FVD, FTIF and FTGS 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 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 Dow Jones Select MicroCap Index Fund
Dow Jones Select MicroCap IndexSM
First Trust Morningstar Dividend Leaders Index Fund
Morningstar® Dividend Leaders IndexSM
First Trust US Equity Opportunities ETF
IPOX®-100 U.S. Index
First Trust NYSE® Arca® Biotechnology Index Fund
NYSE® Arca® Biotechnology Index
First Trust Dow Jones Internet Index Fund
Dow Jones Internet Composite IndexSM
First Trust Capital Strength® ETF
The Capital StrengthTM Index
First Trust Value Line® Dividend Index Fund
Value Line® Dividend Index
First Trust Growth StrengthTM ETF
The Growth StrengthTM Index
First Trust Indxx Aerospace & Defense ETF
Indxx US Aerospace & Defense Index
First Trust Bloomberg Inflation Sensitive Equity ETF
Bloomberg Inflation Sensitive Equity Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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
Page 46
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 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.
Shares of open-end funds are valued based on NAV per share.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
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)
a review 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:
Page 47
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
•  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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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 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 real estate investment trusts (“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. 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.
D. 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 value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii)
Page 48
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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. The Bank of New York Mellon (“BNY”) 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. At June 30, 2026, only FDM and FPX had securities in the securities lending program. During the six months ended June 30, 2026, FDM, FPX, FBT, and FDN participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY 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 BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund 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 BNY.
E. 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 contain 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 BNY 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 six months ended June 30, 2026, were received as collateral for lending securities.
F. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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.
Page 49
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Dow Jones Select MicroCap Index Fund
$3,028,746
$—
$—
First Trust Morningstar Dividend Leaders Index Fund
234,991,449
—
—
First Trust US Equity Opportunities ETF
6,101,236
—
—
First Trust NYSE® Arca® Biotechnology Index Fund
—
—
—
First Trust Dow Jones Internet Index Fund
—
—
—
First Trust Capital Strength® ETF
87,604,607
—
—
First Trust Value Line® Dividend Index Fund
213,078,003
—
—
First Trust Growth StrengthTM ETF
2,015,750
—
—
First Trust Indxx Aerospace & Defense ETF
794,685
—
—
First Trust Bloomberg Inflation Sensitive Equity ETF
16,500
—
—
As of December 31, 2025, 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 Dow Jones Select MicroCap Index Fund
$—
$(80,840,716
)
$23,236,878
First Trust Morningstar Dividend Leaders Index Fund
1,156,536
(478,212,290
)
244,197,246
First Trust US Equity Opportunities ETF
153,159
(572,867,460
)
411,956,902
First Trust NYSE® Arca® Biotechnology Index Fund
—
(609,194,997
)
240,045,036
First Trust Dow Jones Internet Index Fund
—
(1,657,871,340
)
(502,005,679
)
First Trust Capital Strength® ETF
2,254,373
(1,216,794,423
)
758,994,667
First Trust Value Line® Dividend Index Fund
1,489,173
(622,181,213
)
637,575,422
First Trust Growth StrengthTM ETF
4,180
(76,239,793
)
49,468,159
First Trust Indxx Aerospace & Defense ETF
—
(1,199,063
)
35,229,630
First Trust Bloomberg Inflation Sensitive Equity ETF
234
(118,238
)
55,608
G. 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 Funds except FTIF, the taxable years ended 2022, 2023, 2024 and 2025 remain open to federal and state audit. For FTIF, the taxable period ended 2023, and years ended 2024 and 2025 remain open to federal and state audit. As of June 30, 2026, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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 December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
Page 50
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Dow Jones Select MicroCap Index Fund
$80,840,716
First Trust Morningstar Dividend Leaders Index Fund
478,212,290
First Trust US Equity Opportunities ETF
572,867,460
First Trust NYSE® Arca® Biotechnology Index Fund
609,194,997
First Trust Dow Jones Internet Index Fund
1,657,871,340
First Trust Capital Strength® ETF
1,216,794,423
First Trust Value Line® Dividend Index Fund*
622,181,213
First Trust Growth StrengthTM ETF
76,239,793
First Trust Indxx Aerospace & Defense ETF
1,199,063
First Trust Bloomberg Inflation Sensitive Equity ETF
118,238
 
*
$11,007,161 of First Trust Value Line® Dividend Index Fund’s non-expiring net capital losses is subject to loss limitation resulting
from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $364,518 per year.
During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust US Equity Opportunities ETF
$92,246,153
First Trust NYSE® Arca® Biotechnology Index Fund
53,174,436
First Trust Dow Jones Internet Index Fund
60,544,284
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.
As of June 30, 2026, 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 Dow Jones Select MicroCap Index Fund
$206,972,744
$70,416,041
$(9,212,556
)
$61,203,485
First Trust Morningstar Dividend Leaders Index Fund
6,774,928,364
653,557,221
(159,139,473
)
494,417,748
First Trust US Equity Opportunities ETF
1,073,714,856
619,214,675
(10,918,453
)
608,296,222
First Trust NYSE® Arca® Biotechnology Index Fund
2,269,997,874
619,999,037
(100,307,177
)
519,691,860
First Trust Dow Jones Internet Index Fund
5,667,831,461
439,611,862
(1,129,168,083
)
(689,556,221
)
First Trust Capital Strength® ETF
6,963,206,950
1,095,993,462
(411,732,501
)
684,260,961
First Trust Value Line® Dividend Index Fund
7,133,717,686
1,268,607,946
(385,578,409
)
883,029,537
First Trust Growth StrengthTM ETF
1,191,473,589
189,528,786
(129,913,334
)
59,615,452
First Trust Indxx Aerospace & Defense ETF
779,826,593
71,012,933
(53,116,458
)
17,896,475
First Trust Bloomberg Inflation Sensitive Equity ETF
5,430,888
318,632
(333,931
)
(15,299
)
H. Expenses
Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Growth StrengthTM ETF, First Trust Indxx Aerospace & Defense ETF, and First Trust Bloomberg Inflation Sensitive Equity ETF (the “Unitary Fee Funds”), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.
Page 51
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
First Trust has entered into licensing agreements with each of the following “Licensors” for the respective Funds:
 
Fund
Licensor
First Trust Dow Jones Select MicroCap Index Fund
S&P Dow Jones Indices, LLC
First Trust Morningstar Dividend Leaders Index Fund
Morningstar, Inc.
First Trust US Equity Opportunities ETF
IPOX® Schuster LLC
First Trust NYSE® Arca® Biotechnology Index Fund
ICE Data Indices, LLC
First Trust Dow Jones Internet Index Fund
S&P Dow Jones Indices, LLC
First Trust Capital Strength® ETF
Nasdaq, Inc.
First Trust Value Line® Dividend Index Fund
Value Line Publishing, LLC
First Trust Growth StrengthTM ETF
Nasdaq, Inc.
First Trust Indxx Aerospace & Defense ETF
Indxx, Inc.
First Trust Bloomberg Inflation Sensitive Equity ETF
Bloomberg Index Services Limited
The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The Advisor or the Fund, as applicable, is required to pay a licensing fee for such Fund, which is shown on the Statements of Operations.
I. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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.
For the Unitary Fee Funds, First Trust is paid an annual unitary management fee based on a percentage of each Fund’s average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
FTGS
MISL
FTIF
Fund net assets up to and including $2.5 billion
0.600
%
0.600
%
0.600
%
Fund net assets greater than $2.5 billion up to and including
$5 billion
0.585
%
0.585
%
0.585
%
Fund net assets greater than $5 billion up to and including
$7.5 billion
0.570
%
0.570
%
0.570
%
Fund net assets greater than $7.5 billion up to and including
$10 billion
0.555
%
0.555
%
0.555
%
Fund net assets greater than $10 billion up to and including
$15 billion
0.540
%
0.540
%
0.540
%
Fund net assets greater than $15 billion
0.510
%
0.510
%
0.510
%
Page 52
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
For the First Trust Dow Jones Select MicroCap Index Fund, First Trust Morningstar Dividend Leaders Index Fund, First Trust US Equity Opportunities ETF, First Trust NYSE® Arca® Biotechnology Index Fund, First Trust Dow Jones Internet Index Fund, First Trust Capital Strength® ETF and First Trust Value Line Dividend Index Fund (such Funds, the “Expense Cap Funds”), First Trust is paid an annual management fee based on a percentage of each Fund’s average daily net assets and calculated pursuant to the following schedule:
 
Breakpoints
FDM
FDL
FPX
FBT
FDN
FTCS
FVD
Fund net assets up to and including $2.5 billion
0.5000
%
0.3000
%
0.40
%
0.40
%
0.40
%
0.5000
%
0.5000
%
Fund net assets greater than $2.5 billion up to and including
$5 billion
0.4875
%
0.2925
%
0.39
%
0.39
%
0.39
%
0.4875
%
0.4875
%
Fund net assets greater than $5 billion up to and including
$7.5 billion
0.4750
%
0.2850
%
0.38
%
0.38
%
0.38
%
0.4750
%
0.4750
%
Fund net assets greater than $7.5 billion up to and including
$10 billion
0.4625
%
0.2775
%
0.37
%
0.37
%
0.37
%
0.4625
%
0.4625
%
Fund net assets greater than $10 billion up to and including
$15 billion
0.4500
%
0.2700
%
0.36
%
0.36
%
0.36
%
0.4500
%
0.4500
%
Fund net assets greater than $15 billion
0.4250
%
0.2550
%
0.34
%
0.34
%
0.34
%
0.4250
%
0.4250
%
For the Expense Cap Funds, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement in which First Trust has agreed to waive fees and/or reimburse expenses to the extent that the operating expenses of each Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed the following amount as a percentage of each Fund’s average daily net assets per year (the “Expense Cap”). The Expense Cap will be in effect until at least April 30, 2028.
 
 
Expense Cap
First Trust Dow Jones Select MicroCap Index Fund
0.60
%
First Trust Morningstar Dividend Leaders Index Fund
0.45
%
First Trust US Equity Opportunities ETF
0.60
%
First Trust NYSE® Arca® Biotechnology Index Fund
0.60
%
First Trust Dow Jones Internet Index Fund
0.60
%
First Trust Capital Strength® ETF
0.65
%
First Trust Value Line® Dividend Index Fund
0.70
%
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
Page 53
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Dow Jones Select MicroCap Index Fund
$17,207,371
$16,823,178
First Trust Morningstar Dividend Leaders Index Fund
2,761,510,129
2,743,633,376
First Trust US Equity Opportunities ETF
615,703,931
615,996,053
First Trust NYSE® Arca® Biotechnology Index Fund
582,979,753
585,453,821
First Trust Dow Jones Internet Index Fund
707,222,299
712,707,391
First Trust Capital Strength® ETF
3,854,439,256
3,851,034,614
First Trust Value Line® Dividend Index Fund
2,140,948,260
2,130,878,646
First Trust Growth StrengthTM ETF
611,357,818
611,760,761
First Trust Indxx Aerospace & Defense ETF
280,144,311
280,486,913
First Trust Bloomberg Inflation Sensitive Equity ETF
618,295
639,227
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Dow Jones Select MicroCap Index Fund
$17,185,623
$4,347,459
First Trust Morningstar Dividend Leaders Index Fund
2,690,531,667
2,095,364,740
First Trust US Equity Opportunities ETF
430,806,144
292,232,995
First Trust NYSE® Arca® Biotechnology Index Fund
1,297,450,918
254,980,054
First Trust Dow Jones Internet Index Fund
3,522,033,616
4,887,552,911
First Trust Capital Strength® ETF
1,411,584,468
1,945,305,332
First Trust Value Line® Dividend Index Fund
301,963,993
1,037,292,602
First Trust Growth StrengthTM ETF
521,943,635
589,328,703
First Trust Indxx Aerospace & Defense ETF
486,728,410
1,056,858,881
First Trust Bloomberg Inflation Sensitive Equity ETF
6,592,550
2,469,070
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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,
Page 54
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 April 30, 2027.
7. 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.
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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 55
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
For the Expense Cap Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Capital Strength ETF (FTCS)
First Trust Dow Jones Internet Index Fund (FDN)
First Trust Dow Jones Select MicroCap Index Fund (FDM)
First Trust Morningstar Dividend Leaders Index Fund (FDL)
First Trust NYSE Arca Biotechnology Index Fund (FBT)
First Trust US Equity Opportunities ETF (FPX)
First Trust Value Line® Dividend Index Fund (FVD)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. 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 13, 2026 and June 7–8, 2026, 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 advisory fee rate schedule 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 13, 2026, prior to which the Independent Trustees and their counsel met
Page 56
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 7–8, 2026 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 Agreement, the Board had received sufficient information to renew the Agreement. 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 advisory 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 13, 2026 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 Agreement 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 advisory fee rate schedule payable by each Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Fund through April 30, 2028. 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’s Expense Group included peer funds that pay 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 total (net) expense ratio for FDN was equal to the median total (net) expense ratio of the peer funds in its Expense Group and that the total (net) expense ratio 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 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 advisory fee rate schedules 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 also received and reviewed information for periods ended December 31, 2025 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 benchmark index. However, 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 fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory 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 Agreement.
Page 57
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for each Fund includes breakpoints pursuant to which the advisory fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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, 2025 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 the exposure of their products 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 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 Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
First Trust Growth Strength ETF (FTGS)
First Trust Indxx Aerospace & Defense ETF (MISL)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. 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 13, 2026 and June 7–8, 2026, 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 schedule 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 13, 2026, 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
Page 58
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
to the June 7–8, 2026 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 Agreement, the Board had received sufficient information to renew the Agreement. 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 13, 2026 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 Agreement 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 schedule payable by each Fund under the 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 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 total (net) expense ratio 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 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 rate schedules 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 also received and reviewed information for periods ended December 31, 2025 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 benchmark index. However, 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 Agreement.
Page 59
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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, 2025 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 the exposure of their products 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 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 Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Disclaimers
Dow Jones®, Dow Jones Internet Composite IndexSM and Dow Jones Select MicroCap IndexSM (“S&P Dow Jones Indexes”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Funds are 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 products nor do they have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indexes.
Morningstar® and Morningstar® Dividend Leaders IndexSM are registered trademarks and service marks of Morningstar, Inc. (“Morningstar”) and have been licensed for use by First Trust on behalf of the Fund. The Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.
IPOX® and IPOX®-100 U.S. Index are registered international trademarks and service marks of IPOX® Schuster LLC (“IPOX”) and have been licensed for use by First Trust. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “NYSE®” and “NYSE® Arca®” are service/trademarks of ICE Data Indices, LLC or its affiliates. These trademarks have been licensed, along with the NYSE® Arca® Biotechnology Index (the “Index”) for use by First Trust Advisors L.P. in connection with First Trust NYSE® Arca® Biotechnology Index Fund (the “Product”). Neither First Trust Advisors L.P., First Trust Exchange-Traded Fund (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR
Page 60
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
Nasdaq®, The Capital StrengthTM Index and The Growth StrengthTM 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 Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
Value Line® and Value Line® Dividend Index are trademarks or registered trademarks of Value Line, Inc. (“Value Line”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.
Indxx and Indxx US Aerospace & Defense 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 products. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.
Bloomberg® and Bloomberg Inflation Sensitive Equity Index referenced herein (the “Indices” and each such index, an “Index”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider”), and have been licensed for use for certain purposes to First Trust Advisors L.P. (the “Licensee”). Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or the Financial Products.
Page 61
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
Book 2
 
First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)
First Trust NASDAQ-100-Technology Sector Index Fund
(QTEC)
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
(QQXT)
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
(QCLN)
First Trust S&P REIT Index Fund (FRI)
First Trust Water ETF (FIW)
First Trust Natural Gas ETF (FCG)
First Trust NASDAQ® ABA Community Bank Index Fund
(QABA)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 2.4%
79,281
Axon Enterprise, Inc. (a)
$44,445,721
Beverages — 4.0%
403,895
Monster Beverage Corp. (a)
38,822,388
246,723
PepsiCo, Inc.
33,406,294
 
72,228,682
Biotechnology — 10.1%
117,806
Alnylam Pharmaceuticals,
Inc. (a)
35,463,140
105,630
Amgen, Inc.
38,250,736
264,637
Gilead Sciences, Inc.
33,434,238
57,866
Regeneron Pharmaceuticals, Inc.
36,081,766
79,490
Vertex Pharmaceuticals, Inc. (a)
39,485,068
 
182,714,948
Broadline Retail — 2.0%
20,980
MercadoLibre, Inc. (a)
35,611,242
Communications Equipment
— 2.0%
41,610
Lumentum Holdings, Inc. (a)
35,703,877
Entertainment — 3.6%
176,359
Electronic Arts, Inc.
36,160,649
413,567
Netflix, Inc. (a)
29,528,684
 
65,689,333
Health Care Equipment &
Supplies — 5.4%
482,439
Dexcom, Inc. (a)
32,492,267
63,129
IDEXX Laboratories, Inc. (a)
33,233,631
83,777
Intuitive Surgical, Inc. (a)
33,316,437
 
99,042,335
Hotels, Restaurants & Leisure
— 6.5%
266,860
Airbnb, Inc., Class A (a)
38,187,666
212,477
Booking Holdings, Inc.
37,871,900
223,335
DoorDash, Inc., Class A (a)
41,212,008
 
117,271,574
Interactive Media & Services
— 3.6%
46,767
Alphabet, Inc., Class A
16,713,123
47,253
Alphabet, Inc., Class C
16,695,902
56,244
Meta Platforms, Inc., Class A
31,681,683
 
65,090,708
Professional Services — 4.0%
160,364
Automatic Data Processing, Inc.
35,913,518
366,829
Paychex, Inc.
36,070,295
 
71,983,813
Shares
Description
Value
 
Semiconductors &
Semiconductor Equipment
— 24.7%
68,931
Advanced Micro Devices,
Inc. (a)
$40,042,707
22,059
ASML Holding N.V.
43,885,057
103,763
Astera Labs, Inc. (a)
50,119,604
79,627
Broadcom, Inc.
30,079,099
185,122
KLA Corp.
55,853,159
111,808
Lam Research Corp.
48,449,761
36,638
Micron Technology, Inc.
42,290,877
22,714
Monolithic Power Systems, Inc.
31,398,925
168,490
NVIDIA Corp.
33,713,164
141,722
QUALCOMM, Inc.
26,188,809
95,042
Teradyne, Inc.
45,985,121
 
448,006,283
Software — 23.6%
137,244
Adobe, Inc. (a)
28,137,765
58,026
AppLovin Corp., Class A (a)
29,896,736
153,798
Autodesk, Inc. (a)
29,901,407
94,884
Cadence Design Systems,
Inc. (a)
35,611,863
143,825
Datadog, Inc., Class A (a)
37,446,277
257,846
Fortinet, Inc. (a)
39,610,302
107,306
Intuit, Inc.
28,006,866
79,014
Microsoft Corp.
29,473,802
227,259
Palantir Technologies, Inc.,
Class A (a)
26,514,308
126,292
Palo Alto Networks, Inc. (a)
43,068,098
109,283
Roper Technologies, Inc.
36,980,274
74,797
Synopsys, Inc. (a)
33,364,698
243,348
Workday, Inc., Class A (a)
29,790,662
 
427,803,058
Technology Hardware, Storage
& Peripherals — 6.3%
114,001
Apple, Inc.
32,987,329
40,435
Seagate Technology
Holdings PLC
39,019,775
66,970
Western Digital Corp.
42,775,079
 
114,782,183
Wireless Telecommunication
Services — 1.7%
189,703
T-Mobile US, Inc.
31,818,884
Total Common Stocks
1,812,192,641
(Cost $1,632,208,794)
MONEY MARKET FUNDS — 0.1%
1,262,876
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (b)
1,262,876
(Cost $1,262,876)
 
See Notes to Financial Statements
Page 1
First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.0%
$29
Daiwa Capital Markets America,
Inc., 3.64% (b), dated
06/30/26, due 07/01/26, with a
maturity value of $29.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.13% to
4.13%, due 06/30/27 to
01/15/35. The value of the
collateral including accrued
interest is $30. (c)
$29
(Cost $29)
Total Investments — 100.0%
1,813,455,546
(Cost $1,633,471,699)
Net Other Assets and
Liabilities — (0.0)%
(445,602
)
Net Assets — 100.0%
$1,813,009,944
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
(c)
This security serves as collateral for securities on loan.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,812,192,641
$1,812,192,641
$—
$—
Money Market
Funds
1,262,876
1,262,876
—
—
Repurchase
Agreements
29
—
29
—
Total Investments
$1,813,455,546
$1,813,455,517
$29
$—
 
*
See Portfolio of Investments for industry breakout.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$29
Non-cash Collateral(2)
(29
)
Net Amount
$—
 
(1)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(2)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 2
First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 100.0%
Broadline Retail — 1.9%
1,246,717
PDD Holdings, Inc., ADR (a)
$95,099,573
Hotels, Restaurants & Leisure
— 2.4%
660,881
DoorDash, Inc., Class A (a)
121,952,371
Interactive Media & Services
— 3.8%
138,372
Alphabet, Inc., Class A
49,450,002
139,823
Alphabet, Inc., Class C
49,403,660
166,447
Meta Platforms, Inc., Class A
93,757,931
 
192,611,593
IT Services — 3.9%
961,132
CoreWeave, Inc., Class A (a)
95,671,079
886,792
Shopify, Inc., Class A (a)
101,253,911
 
196,924,990
Professional Services — 2.0%
1,216,851
Thomson Reuters Corp.
99,380,221
Semiconductors &
Semiconductor Equipment
— 45.4%
203,979
Advanced Micro Devices,
Inc. (a)
118,493,441
254,375
Analog Devices, Inc.
101,030,119
233,924
Applied Materials, Inc.
169,127,052
297,959
ARM Holdings PLC, ADR (a)
105,647,323
65,300
ASML Holding N.V.
129,910,432
307,017
Astera Labs, Inc. (a)
148,295,351
235,602
Broadcom, Inc.
88,998,655
917,963
Intel Corp. (a)
128,175,174
547,799
KLA Corp.
165,276,436
330,863
Lam Research Corp.
143,372,864
513,534
Marvell Technology, Inc.
152,976,643
1,112,190
Microchip Technology, Inc.
101,431,728
108,392
Micron Technology, Inc.
125,115,802
67,210
Monolithic Power Systems, Inc.
92,908,415
498,586
NVIDIA Corp.
99,762,073
327,592
NXP Semiconductors N.V.
92,063,180
419,379
QUALCOMM, Inc.
77,497,045
281,211
Teradyne, Inc.
136,061,130
344,386
Texas Instruments, Inc.
102,651,135
 
2,278,793,998
Software — 31.0%
406,139
Adobe, Inc. (a)
83,266,618
171,684
AppLovin Corp., Class A (a)
88,456,747
455,106
Autodesk, Inc. (a)
88,481,709
280,779
Cadence Design Systems,
Inc. (a)
105,381,974
144,008
CrowdStrike Holdings, Inc.,
Class A (a)
109,898,265
425,616
Datadog, Inc., Class A (a)
110,813,382
Shares
Description
Value
 
Software (Continued)
762,978
Fortinet, Inc. (a)
$117,208,680
317,504
Intuit, Inc.
82,868,544
233,788
Microsoft Corp.
87,207,600
455,513
Nebius Group N.V. (a) (b)
125,799,025
672,509
Palantir Technologies, Inc.,
Class A (a)
78,461,625
373,729
Palo Alto Networks, Inc. (a)
127,449,064
323,386
Roper Technologies, Inc.
109,430,589
661,726
Strategy, Inc. (a)
57,523,841
221,348
Synopsys, Inc. (a)
98,736,702
720,077
Workday, Inc., Class A (a)
88,151,826
 
1,559,136,191
Technology Hardware, Storage
& Peripherals — 9.6%
337,313
Apple, Inc.
97,604,890
62,106
Sandisk Corp. (a)
141,212,275
119,662
Seagate Technology
Holdings PLC
115,473,830
198,198
Western Digital Corp.
126,593,027
 
480,884,022
Total Common Stocks
5,024,782,959
(Cost $4,046,041,505)
MONEY MARKET FUNDS — 0.1%
2,329,285
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
2,329,285
(Cost $2,329,285)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.6%
$32,034,946
RBC Dominion Securities, Inc.,
3.64% (c), dated 06/30/26, due
07/01/26, with a maturity
value of $32,038,185.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/06/26 to
11/15/55. The value of the
collateral including accrued
interest is $32,675,645. (d)
32,034,946
(Cost $32,034,946)
Total Investments — 100.7%
5,059,147,190
(Cost $4,080,405,736)
Net Other Assets and
Liabilities — (0.7)%
(33,872,879
)
Net Assets — 100.0%
$5,025,274,311
 
See Notes to Financial Statements
Page 3
First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $33,140,400 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $32,034,946.
(c)
Rate shown reflects yield as of June 30, 2026.
(d)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$5,024,782,959
$5,024,782,959
$—
$—
Money Market
Funds
2,329,285
2,329,285
—
—
Repurchase
Agreements
32,034,946
—
32,034,946
—
Total Investments
$5,059,147,190
$5,027,112,244
$32,034,946
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$33,140,400
Non-cash Collateral(2)
(32,034,946
)
Net Amount
$1,105,454
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$32,034,946
Non-cash Collateral(4)
(32,034,946
)
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)
The collateral requirements are determined at the beginning
of each business day based on the market value of the loaned
securities from the end of the prior day. On June 30, 2026, the
last business day of the period, there was sufficient collateral
based on the end of day market value from the prior business
day; however, as a result of market movement from June 29
to June 30, the value of the related securities loaned was
above the collateral value received. See Note 2D - Securities
Lending in the Notes to Financial Statements.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 4
First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 100.0%
Aerospace & Defense — 4.5%
6,287
Axon Enterprise, Inc. (b)
$3,524,555
5,932
Honeywell Aerospace, Inc. (b)
1,311,446
19,664
Rocket Lab Corp. (b)
1,998,846
 
6,834,847
Automobiles — 1.8%
6,474
Tesla, Inc. (b)
2,722,964
Beverages — 7.9%
31,108
Coca-Cola Europacific
Partners PLC
3,112,977
93,951
Keurig Dr Pepper, Inc.
3,075,016
32,032
Monster Beverage Corp. (b)
3,078,916
19,567
PepsiCo, Inc.
2,649,372
 
11,916,281
Biotechnology — 9.6%
9,345
Alnylam Pharmaceuticals,
Inc. (b)
2,813,125
8,378
Amgen, Inc.
3,033,842
20,987
Gilead Sciences, Inc.
2,651,498
4,588
Regeneron Pharmaceuticals, Inc.
2,860,802
6,306
Vertex Pharmaceuticals, Inc. (b)
3,132,379
 
14,491,646
Broadline Retail — 3.5%
10,425
Amazon.com, Inc. (b)
2,484,694
1,663
MercadoLibre, Inc. (b)
2,822,760
 
5,307,454
Chemicals — 1.9%
5,668
Linde PLC
2,941,352
Commercial Services &
Supplies — 3.5%
16,475
Cintas Corp.
2,802,068
86,097
Copart, Inc. (b)
2,427,074
 
5,229,142
Communications Equipment
— 3.7%
23,430
Cisco Systems, Inc.
2,752,088
3,300
Lumentum Holdings, Inc. (b)
2,831,598
 
5,583,686
Construction & Engineering
— 1.9%
41,485
Ferrovial N.V.
2,846,286
Consumer Staples Distribution
& Retail — 3.7%
2,951
Costco Wholesale Corp.
2,760,572
24,376
Walmart, Inc.
2,760,826
 
5,521,398
Diversified Telecommunication
Services — 1.8%
113,445
Comcast Corp., Class A
2,785,075
Shares
Description
Value
 
Electric Utilities — 7.4%
22,274
American Electric Power Co.,
Inc.
$3,047,306
9,805
Constellation Energy Corp.
2,435,268
61,819
Exelon Corp.
2,882,002
35,489
Xcel Energy, Inc.
2,849,766
 
11,214,342
Energy Equipment & Services
— 1.6%
44,166
Baker Hughes Co.
2,451,213
Entertainment — 7.4%
13,987
Electronic Arts, Inc.
2,867,895
32,798
Netflix, Inc. (b)
2,341,777
12,587
Take-Two Interactive Software,
Inc. (b)
3,146,498
104,454
Warner Bros. Discovery, Inc. (b)
2,784,744
 
11,140,914
Financial Services — 1.8%
63,047
PayPal Holdings, Inc.
2,722,369
Food Products — 3.6%
117,506
Kraft Heinz (The) Co.
2,775,492
46,123
Mondelez International, Inc.,
Class A
2,667,754
 
5,443,246
Ground Transportation —
3.8%
62,337
CSX Corp.
2,962,878
12,532
Old Dominion Freight Line, Inc.
2,714,431
 
5,677,309
Health Care Equipment &
Supplies — 7.1%
38,261
Dexcom, Inc. (b)
2,576,878
45,257
GE HealthCare Technologies,
Inc.
2,896,901
5,008
IDEXX Laboratories, Inc. (b)
2,636,411
6,644
Intuitive Surgical, Inc. (b)
2,642,186
 
10,752,376
Hotels, Restaurants & Leisure
— 7.7%
21,162
Airbnb, Inc., Class A (b)
3,028,282
16,850
Booking Holdings, Inc.
3,003,344
7,512
Marriott International, Inc.,
Class A
2,783,872
28,452
Starbucks Corp.
2,907,510
 
11,723,008
Industrial Conglomerates —
0.9%
6,282
Honeywell International, Inc. (c)
1,406,540
Machinery — 2.0%
25,561
PACCAR, Inc.
3,070,387
See Notes to Financial Statements
Page 5
First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Oil, Gas & Consumable Fuels
— 1.7%
14,736
Diamondback Energy, Inc.
$2,590,294
Professional Services — 3.8%
12,720
Automatic Data Processing, Inc.
2,848,644
29,093
Paychex, Inc.
2,860,715
 
5,709,359
Specialty Retail — 3.7%
32,473
O’Reilly Automotive, Inc. (b)
2,990,439
12,174
Ross Stores, Inc.
2,591,236
 
5,581,675
Trading Companies &
Distributors — 2.0%
63,832
Fastenal Co.
3,065,851
Wireless Telecommunication
Services — 1.7%
15,046
T-Mobile US, Inc.
2,523,666
Total Common Stocks
151,252,680
(Cost $157,063,979)
MONEY MARKET FUNDS — 0.0%
105,415
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (d)
105,415
(Cost $105,415)
Total Investments — 100.0%
151,358,095
(Cost $157,169,394)
Net Other Assets and
Liabilities — (0.0)%
(73,493
)
Net Assets — 100.0%
$151,284,602
 
(a)
The industry allocation is based on Standard & Poor’s Global
Industry Classification Standard (GICS), and is different than
the industry sector classification system used by the Index to
select securities, which is the Industry Classification
Benchmark (ICB) system, which is maintained by FTSE
International Limited.
(b)
Non-income producing security.
(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 June 30, 2026, securities noted as
such are valued at $1,406,540 or 0.9% of net assets.
(d)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Industrial
Conglomerates
$1,406,540
$—
$1,406,540
$—
Other Industry
Categories*
149,846,140
149,846,140
—
—
Money Market Funds
105,415
105,415
—
—
Total Investments
$151,358,095
$149,951,555
$1,406,540
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 6
First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.7%
Automobiles — 14.1%
973,670
Lucid Group, Inc. (a) (b)
$6,513,852
122,940
Polestar Automotive Holding
UK PLC, Class A, ADR (a)
2,308,813
2,247,876
Rivian Automotive, Inc.,
Class A (a)
39,000,649
168,156
Tesla, Inc. (a)
70,726,414
 
118,549,728
Chemicals — 4.6%
207,688
Albemarle Corp.
28,044,111
206,775
Aspen Aerogels, Inc. (a)
1,310,953
124,630
Sociedad Quimica y Minera de
Chile S.A., ADR
9,227,605
 
38,582,669
Construction & Engineering
— 0.3%
87,202
Ameresco, Inc., Class A (a)
2,406,775
Electrical Equipment — 29.4%
75,635
Acuity, Inc.
28,488,679
118,995
American Superconductor
Corp. (a)
4,939,482
353,352
Amprius Technologies, Inc. (a)
4,897,459
383,789
Array Technologies, Inc. (a)
2,843,877
752,166
Ballard Power Systems,
Inc. (a) (b)
2,925,926
257,126
Bloom Energy Corp., Class A (a)
77,832,040
123,518
Electrovaya, Inc. (a)
1,296,939
91,110
EnerSys
21,303,340
544,281
Enovix Corp. (a) (b)
3,303,786
847,069
Eos Energy Enterprises,
Inc. (a) (b)
4,980,766
331,358
Fluence Energy, Inc. (a)
6,587,397
132,177
FuelCell Energy, Inc. (a)
4,759,694
91,595
LSI Industries, Inc.
2,434,595
234,274
Nextpower, Inc., Class A (a)
27,911,404
3,480,623
Plug Power, Inc. (a) (b)
9,432,488
418,582
Shoals Technologies Group, Inc.,
Class A (a)
4,143,962
595,167
Sunrun, Inc. (a)
7,963,334
84,488
Vicor Corp. (a)
32,086,853
 
248,132,021
Electronic Equipment,
Instruments & Components
— 5.3%
94,884
Advanced Energy Industries,
Inc.
35,379,397
110,624
Itron, Inc. (a)
9,572,295
 
44,951,692
Financial Services — 1.5%
320,433
HA Sustainable Infrastructure
Capital, Inc.
12,512,909
Shares
Description
Value
 
Independent Power and
Renewable Electricity
Producers — 7.2%
756,657
Brookfield Renewable Partners,
L.P. (c)
$26,278,698
302,307
Clearway Energy, Inc., Class C
10,332,853
355,133
Montauk Renewables, Inc. (a)
554,007
153,319
Ormat Technologies, Inc.
16,696,439
613,342
ReNew Energy Global PLC,
Class A (a)
3,833,388
235,205
XPLR Infrastructure,
L.P. (a) (c) (d)
2,777,771
 
60,473,156
Metals & Mining — 3.4%
444,156
MP Materials Corp. (a)
24,877,178
277,945
Sigma Lithium Corp. (a)
3,516,004
 
28,393,182
Oil, Gas & Consumable Fuels
— 0.2%
549,449
Clean Energy Fuels Corp. (a)
1,126,370
607,298
Gevo, Inc. (a)
910,947
 
2,037,317
Professional Services — 0.3%
37,700
Willdan Group, Inc. (a)
2,982,070
Semiconductors &
Semiconductor Equipment
— 33.3%
464,615
Allegro MicroSystems, Inc. (a)
32,346,496
328,830
Enphase Energy, Inc. (a)
16,191,589
238,863
First Solar, Inc. (a)
56,362,114
46,788
Monolithic Power Systems, Inc.
64,677,860
583,101
Navitas Semiconductor Corp. (a)
10,449,170
607,534
ON Semiconductor Corp. (a)
57,436,264
139,019
Power Integrations, Inc.
11,644,231
151,738
SolarEdge Technologies, Inc. (a)
8,867,569
696,261
T1 Energy, Inc. (a)
6,600,554
116,641
Universal Display Corp.
10,099,944
120,604
Wolfspeed, Inc. (a) (b)
5,819,143
 
280,494,934
Specialty Retail — 0.1%
351,936
EVgo, Inc. (a)
672,198
Total Common Stocks
840,188,651
(Cost $851,967,227)
MONEY MARKET FUNDS — 0.3%
2,727,951
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (e)
2,727,951
(Cost $2,727,951)
 
See Notes to Financial Statements
Page 7
First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.9%
$16,246,590
Mizuho Financial Group, Inc.,
3.64% (e), dated 06/30/26, due
07/01/26, with a maturity
value of $16,248,233.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.38% to
4.25%, due 03/15/27 to
08/31/31. The value of the
collateral including accrued
interest is $16,571,522. (f)
$16,246,590
(Cost $16,246,590)
Total Investments — 101.9%
859,163,192
(Cost $870,941,768)
Net Other Assets and
Liabilities — (1.9)%
(16,402,224
)
Net Assets — 100.0%
$842,760,968
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $16,060,387 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $16,246,590.
(c)
Security is a Master Limited Partnership.
(d)
This security is taxed as a “C” corporation for federal income
tax purposes.
(e)
Rate shown reflects yield as of June 30, 2026.
(f)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$840,188,651
$840,188,651
$—
$—
Money Market Funds
2,727,951
2,727,951
—
—
Repurchase
Agreements
16,246,590
—
16,246,590
—
Total Investments
$859,163,192
$842,916,602
$16,246,590
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$16,060,387
Non-cash Collateral(2)
(16,060,387
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$16,246,590
Non-cash Collateral(4)
(16,246,590
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 8
First Trust S&P REIT Index Fund (FRI)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 95.6%
Data Center REITs — 8.8%
43,679
Digital Realty Trust, Inc.
$7,843,875
7,657
Equinix, Inc.
7,981,580
4,215
Fermi, Inc. (a)
38,609
 
15,864,064
Diversified REITs — 2.3%
10,044
AH Realty Trust, Inc.
71,112
1,836
Alpine Income Property Trust,
Inc.
38,115
6,260
American Assets Trust, Inc.
154,559
25,358
Broadstone Net Lease, Inc.
524,150
4,065
CTO Realty Growth, Inc.
87,438
28,595
Essential Properties Realty Trust,
Inc.
853,561
6,401
Gladstone Commercial Corp.
78,732
25,202
Global Net Lease, Inc.
225,306
1,256
Modiv Industrial, Inc.
21,854
5,629
NexPoint Diversified Real Estate
Trust
29,215
29,453
WP Carey, Inc.
2,105,890
 
4,189,932
Health Care REITs — 20.8%
20,740
Alexandria Real Estate Equities,
Inc.
1,096,109
25,484
American Healthcare REIT, Inc.
1,328,991
31,238
CareTrust REIT, Inc.
1,260,453
1,645
Chiron Real Estate, Inc.
61,720
3,392
Community Healthcare Trust,
Inc.
62,006
28,813
Diversified Healthcare Trust
267,961
45,821
Healthcare Realty Trust, Inc.
924,209
91,163
Healthpeak Properties, Inc.
1,950,888
6,768
LTC Properties, Inc.
260,230
64,852
Medical Properties Trust, Inc.
299,616
6,409
National Health Investors, Inc.
488,750
39,379
Omega Healthcare Investors, Inc.
1,877,591
33,348
Sabra Health Care REIT, Inc.
650,619
1,688
Universal Health Realty Income
Trust
74,036
64,287
Ventas, Inc.
5,708,686
93,344
Welltower, Inc.
21,186,288
 
37,498,153
Hotel & Resort REITs — 3.1%
29,031
Apple Hospitality REIT, Inc.
488,011
7,901
Braemar Hotels & Resorts, Inc.
17,066
6,171
Chatham Lodging Trust
81,642
27,040
DiamondRock Hospitality Co.
329,347
84,223
Host Hotels & Resorts, Inc.
1,996,928
26,626
Park Hotels & Resorts, Inc.
379,421
14,991
Pebblebrook Hotel Trust
290,975
19,802
RLJ Lodging Trust
234,654
Shares
Description
Value
 
Hotel & Resort REITs
(Continued)
8,345
Ryman Hospitality Properties,
Inc.
$1,072,750
83,870
Service Properties Trust
141,740
13,844
Summit Hotel Properties, Inc.
97,047
24,634
Sunstone Hotel Investors, Inc.
282,059
12,198
Xenia Hotels & Resorts, Inc.
248,351
 
5,659,991
Industrial REITs — 13.2%
37,727
Americold Realty Trust, Inc.
593,068
7,097
EastGroup Properties, Inc.
1,437,355
17,530
First Industrial Realty Trust, Inc.
1,074,764
7,934
Industrial Logistics Properties
Trust
70,375
3,805
Innovative Industrial Properties,
Inc.
235,834
7,526
Lineage, Inc.
325,499
7,795
LXP Industrial Trust
419,995
2,135
One Liberty Properties, Inc.
52,137
123,285
Prologis, Inc.
16,701,419
29,614
Rexford Industrial Realty, Inc.
992,069
25,283
STAG Industrial, Inc.
962,271
14,057
Terreno Realty Corp.
910,472
 
23,775,258
Multi-Family Residential
REITs — 8.3%
18,370
AvalonBay Communities, Inc.
3,466,235
1,543
BRT Apartments Corp.
23,716
13,292
Camden Property Trust
1,521,801
2,222
Centerspace
124,854
45,085
Equity Residential
3,062,624
8,498
Essex Property Trust, Inc.
2,477,932
31,111
Independence Realty Trust, Inc.
519,243
15,390
Mid-America Apartment
Communities, Inc.
2,138,287
2,899
NexPoint Residential Trust, Inc.
80,940
39,097
UDR, Inc.
1,560,752
 
14,976,384
Office REITs — 3.2%
22,970
Brandywine Realty Trust
72,815
19,612
BXP, Inc.
1,300,472
14,924
COPT Defense Properties
543,084
21,757
Cousins Properties, Inc.
652,275
22,147
Douglas Emmett, Inc.
261,334
5,826
Easterly Government Properties,
Inc.
145,242
18,591
Empire State Realty Trust, Inc.,
Class A
100,577
10,558
Franklin Street Properties Corp.
5,437
14,582
Highwoods Properties, Inc.
439,793
See Notes to Financial Statements
Page 9
First Trust S&P REIT Index Fund (FRI)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Office REITs (Continued)
7,164
Hudson Pacific Properties,
Inc. (a)
$108,821
7,703
JBG SMITH Properties
113,003
14,146
Kilroy Realty Corp.
530,051
1,959
NET Lease Office Properties
21,804
6,914
Orion Properties, Inc.
19,981
16,531
Piedmont Realty Trust, Inc. (a)
151,259
3,434
Postal Realty Trust, Inc., Class A
84,614
9,405
SL Green Realty Corp.
486,897
20,893
Vornado Realty Trust
821,095
 
5,858,554
Other Specialized REITs —
8.1%
10,117
EPR Properties
586,887
5,333
Farmland Partners, Inc.
51,623
14,512
Four Corners Property Trust, Inc.
356,270
37,451
Gaming and Leisure Properties,
Inc.
1,667,693
5,305
Gladstone Land Corp.
45,252
39,342
Iron Mountain, Inc.
4,969,288
11,511
Lamar Advertising Co., Class A
1,795,486
20,394
Millrose Properties, Inc.
612,840
20,255
Outfront Media, Inc.
663,554
6,060
Safehold, Inc.
95,142
144,508
VICI Properties, Inc.
3,836,687
 
14,680,722
Retail REITs — 16.8%
17,655
Acadia Realty Trust
369,166
15,857
Agree Realty Corp.
1,201,009
284
Alexander’s, Inc.
78,259
40,574
Brixmor Property Group, Inc.
1,279,298
2,087
CBL & Associates Properties,
Inc.
110,799
12,839
Curbline Properties Corp.
390,306
10,395
Federal Realty Investment Trust
1,283,159
2,995
FrontView REIT, Inc.
60,589
7,356
Getty Realty Corp.
245,396
10,306
InvenTrust Properties Corp.
364,832
89,176
Kimco Realty Corp.
2,260,611
26,852
Kite Realty Group Trust
762,060
37,483
Macerich (The) Co.
944,197
12,861
NETSTREIT Corp.
271,753
25,157
NNN REIT, Inc.
1,170,555
16,661
Phillips Edison & Co., Inc.
693,431
123,305
Realty Income Corp.
7,639,978
21,790
Regency Centers Corp.
1,737,535
1,655
Saul Centers, Inc.
61,880
37,115
Simon Property Group, Inc.
8,300,770
6,939
SITE Centers Corp.
27,548
15,190
Tanger, Inc.
599,549
Shares
Description
Value
 
Retail REITs (Continued)
16,664
Urban Edge Properties
$381,272
5,980
Whitestone REIT
113,381
 
30,347,333
Self-Storage REITs — 7.0%
29,939
CubeSmart
1,190,674
27,935
Extra Space Storage, Inc.
4,058,956
9,390
National Storage Affiliates Trust
417,573
20,891
Public Storage
6,649,814
7,321
Smartstop Self Storage REIT,
Inc.
237,933
 
12,554,950
Single-Family Residential
REITs — 4.0%
41,886
American Homes 4 Rent,
Class A
1,404,019
25,645
Equity LifeStyle Properties, Inc.
1,652,820
72,267
Invitation Homes, Inc.
2,183,186
15,317
Sun Communities, Inc.
1,836,661
10,699
UMH Properties, Inc.
161,983
 
7,238,669
Total Common Stocks
172,644,010
(Cost $175,006,702)
MONEY MARKET FUNDS — 3.9%
6,993,613
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (b)
6,993,613
(Cost $6,993,613)
Total Investments — 99.5%
179,637,623
(Cost $182,000,315)
Net Other Assets and
Liabilities — 0.5%
826,433
Net Assets — 100.0%
$180,464,056
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
See Notes to Financial Statements
Page 10
First Trust S&P REIT Index Fund (FRI)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$172,644,010
$172,644,010
$—
$—
Money Market Funds
6,993,613
6,993,613
—
—
Total Investments
$179,637,623
$179,637,623
$—
$—
 
*
See Portfolio of Investments for sub-industry breakout.
See Notes to Financial Statements
Page 11
First Trust Water ETF (FIW)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Beverages — 2.2%
1,695,797
Primo Brands Corp.
$41,445,279
Building Products — 13.3%
493,085
A.O. Smith Corp.
30,926,291
392,822
Advanced Drainage Systems,
Inc.
61,657,341
707,778
Fortune Brands Innovations, Inc.
38,857,012
939,768
Masco Corp.
76,468,922
754,427
Zurn Elkay Water Solutions
Corp.
38,121,197
 
246,030,763
Chemicals — 5.0%
249,461
Ecolab, Inc.
69,502,329
161,220
Hawkins, Inc.
22,909,362
 
92,411,691
Commercial Services &
Supplies — 6.3%
1,609,682
Tetra Tech, Inc.
46,503,713
789,504
Veralto Corp.
70,013,215
 
116,516,928
Construction & Engineering
— 7.1%
588,804
AECOM
41,098,519
621,871
Stantec, Inc. (a)
42,853,131
83,623
Valmont Industries, Inc.
48,300,645
 
132,252,295
Electronic Equipment,
Instruments & Components
— 3.9%
252,317
Badger Meter, Inc.
37,438,797
409,374
Itron, Inc. (b)
35,423,132
 
72,861,929
Health Care Equipment &
Supplies — 3.3%
117,128
IDEXX Laboratories, Inc. (b)
61,660,864
Life Sciences Tools & Services
— 9.4%
633,723
Agilent Technologies, Inc.
84,177,426
240,846
Waters Corp. (b)
90,326,884
 
174,504,310
Machinery — 24.3%
386,074
Franklin Electric Co., Inc.
41,383,272
374,248
Gorman-Rupp (The) Co.
34,333,512
321,317
IDEX Corp.
72,922,893
570,584
Mueller Industries, Inc.
70,141,891
1,285,021
Mueller Water Products, Inc.,
Class A
33,192,092
775,495
Pentair PLC
59,449,447
Shares
Description
Value
 
Machinery (Continued)
175,491
Watts Water Technologies, Inc.,
Class A
$68,695,952
593,712
Xylem, Inc.
70,182,695
 
450,301,754
Multi-Utilities — 1.7%
5,510,124
Algonquin Power & Utilities
Corp. (a)
32,289,327
Professional Services — 3.3%
488,221
Jacobs Solutions, Inc.
61,515,846
Software — 4.0%
219,945
Roper Technologies, Inc.
74,427,188
Trading Companies &
Distributors — 6.5%
1,065,195
Core & Main, Inc., Class A (b)
51,395,659
294,989
Ferguson Enterprises, Inc.
70,009,739
 
121,405,398
Water Utilities — 9.6%
322,527
American States Water Co.
26,650,406
565,473
American Water Works Co., Inc.
74,404,937
533,228
California Water Service Group
25,941,542
4,011,433
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP,
ADR (a)
23,186,083
446,884
H2O America (a)
27,157,141
 
177,340,109
Total Common Stocks
1,854,963,681
(Cost $1,515,988,780)
MONEY MARKET FUNDS — 0.1%
899,805
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (c)
899,805
(Cost $899,805)
 
See Notes to Financial Statements
Page 12
First Trust Water ETF (FIW)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 3.7%
$68,339,301
Bank of America Corp.,
3.64% (c), dated 06/30/26, due
07/01/26, with a maturity
value of $68,346,211.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.38%, due 11/30/29 to
11/15/42. The value of the
collateral including accrued
interest is $69,706,090. (d)
$68,339,301
(Cost $68,339,301)
Total Investments — 103.7%
1,924,202,787
(Cost $1,585,227,886)
Net Other Assets and
Liabilities — (3.7)%
(68,075,942
)
Net Assets — 100.0%
$1,856,126,845
 
(a)
All or a portion of this security is on loan (see Note 2D -
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 $66,294,431 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $68,339,301.
(b)
Non-income producing security.
(c)
Rate shown reflects yield as of June 30, 2026.
(d)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,854,963,681
$1,854,963,681
$—
$—
Money Market
Funds
899,805
899,805
—
—
Repurchase
Agreements
68,339,301
—
68,339,301
—
Total Investments
$1,924,202,787
$1,855,863,486
$68,339,301
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$66,294,431
Non-cash Collateral(2)
(66,294,431
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$68,339,301
Non-cash Collateral(4)
(68,339,301
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 13
First Trust Natural Gas ETF (FCG)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Gas Utilities — 2.7%
208,404
National Fuel Gas Co.
$16,090,873
Oil, Gas & Consumable Fuels
— 97.2%
587,375
Antero Resources Corp. (a)
20,640,358
595,619
APA Corp.
19,399,311
3,005,930
Baytex Energy Corp.
12,023,720
369,223
BKV Corp. (a)
10,101,941
138,002
Chord Energy Corp.
15,773,629
498,625
CNX Resources Corp. (a)
16,918,346
682,625
Comstock Resources, Inc. (a)
10,184,765
245,635
ConocoPhillips
25,536,215
1,210,989
Crescent Energy Co., Class A
11,891,912
566,377
Devon Energy Corp.
23,402,698
135,257
Diamondback Energy, Inc.
23,775,475
577,281
Diversified Energy Co.
8,001,115
204,666
EOG Resources, Inc.
26,551,320
445,993
EQT Corp.
23,713,448
255,951
Expand Energy Corp.
23,340,172
180,164
Gran Tierra Energy, Inc. (a) (b)
1,126,025
432,074
Granite Ridge Resources, Inc.
1,905,446
74,730
Gulfport Energy Corp. (a)
12,681,681
756,869
Hess Midstream, L.P.,
Class A (c) (d)
28,458,274
51,652
Infinity Natural Resources, Inc.,
Class A (a)
655,980
3,999,735
Kosmos Energy Ltd. (a)
8,439,441
486,083
Magnolia Oil & Gas Corp.,
Class A
12,434,003
365,650
Matador Resources Co.
18,202,057
425,499
Murphy Oil Corp.
13,854,247
1,027,183
New Era Energy & Digital,
Inc. (a) (b)
6,553,428
546,587
Northern Oil & Gas, Inc.
9,920,554
639,226
Obsidian Energy Ltd. (a)
5,196,907
469,688
Occidental Petroleum Corp.
22,812,746
399,689
Ovintiv, Inc.
21,043,626
1,201,162
Permian Resources Corp.,
Class A
22,113,392
17,010
PrimeEnergy Resources
Corp. (a)
2,838,799
521,149
Range Resources Corp.
19,381,531
168,360
Riley Exploration Permian, Inc.
5,549,146
2,712,989
Ring Energy, Inc. (a)
2,930,028
286,282
SandRidge Energy, Inc.
3,922,063
615,395
SM Energy Co.
16,061,810
943,329
Vermilion Energy, Inc.
8,838,993
364,559
Vitesse Energy, Inc. (b)
5,749,095
2,092,251
W&T Offshore, Inc.
6,590,591
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
(Continued)
662,058
Western Midstream Partners,
L.P. (d)
$28,971,658
801,592
Woodside Energy Group Ltd.,
ADR (b)
15,486,757
 
572,972,703
Total Common Stocks
589,063,576
(Cost $626,497,120)
MONEY MARKET FUNDS — 0.1%
508,692
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (e)
508,692
(Cost $508,692)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.3%
$13,917,027
Mizuho Financial Group, Inc.,
3.64% (e), dated 06/30/26, due
07/01/26, with a maturity
value of $13,918,434.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.38% to
4.25%, due 03/15/27 to
08/31/31. The value of the
collateral including accrued
interest is $14,195,368. (f)
13,917,027
(Cost $13,917,027)
Total Investments — 102.3%
603,489,295
(Cost $640,922,839)
Net Other Assets and
Liabilities — (2.3)%
(13,824,878
)
Net Assets — 100.0%
$589,664,417
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $13,578,991 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $13,917,027.
(c)
This security is taxed as a “C” corporation for federal income
tax purposes.
(d)
Security is a Master Limited Partnership.
(e)
Rate shown reflects yield as of June 30, 2026.
(f)
This security serves as collateral for securities on loan.
 
See Notes to Financial Statements
Page 14
First Trust Natural Gas ETF (FCG)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$589,063,576
$589,063,576
$—
$—
Money Market Funds
508,692
508,692
—
—
Repurchase
Agreements
13,917,027
—
13,917,027
—
Total Investments
$603,489,295
$589,572,268
$13,917,027
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$13,578,991
Non-cash Collateral(2)
(13,578,991
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$13,917,027
Non-cash Collateral(4)
(13,917,027
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 15
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Banks — 98.4%
8,484
1st Source Corp.
$692,125
3,600
ACNB Corp.
213,768
10,528
Amalgamated Financial Corp.
483,235
3,122
Ames National Corp.
92,442
5,826
Arrow Financial Corp.
238,808
3,862
Avidbank Holdings, Inc. (a)
127,562
11,839
BancFirst Corp.
1,315,668
14,676
Bancorp (The), Inc. (a)
919,305
3,935
Bank First Corp.
583,757
5,707
Bank of Marin Bancorp
158,084
38,480
Bank OZK
2,004,423
2,810
Bankwell Financial Group, Inc.
165,087
11,973
Banner Corp.
795,486
3,845
BayCom Corp.
126,501
9,829
Bridgewater Bancshares, Inc. (a)
206,802
7,103
Burke & Herbert Financial
Services Corp.
510,422
11,519
Business First Bancshares, Inc.
353,979
11,338
California BanCorp
236,284
5,962
Camden National Corp.
323,260
5,741
Capital Bancorp, Inc.
201,624
6,028
Capital City Bank Group, Inc.
297,904
44,685
Capitol Federal Financial, Inc.
380,269
7,833
Carter Bankshares, Inc.
266,400
23,629
Cathay General Bancorp
1,464,762
84,516
Central BanCo, Inc.
2,567,596
1,699
Chemung Financial Corp.
126,711
5,279
ChoiceOne Financial Services,
Inc.
179,486
6,315
Citizens & Northern Corp.
147,203
4,974
City Holding Co.
659,751
7,326
Civista Bancshares, Inc.
206,740
10,444
CNB Financial Corp.
352,067
5,375
Coastal Financial Corp. (a)
416,616
36,676
Columbia Financial, Inc. (a)
778,265
51,385
Commerce Bancshares, Inc.
2,967,484
4,830
Commercial Bancgroup, Inc.
155,961
6,403
Community Trust Bancorp, Inc.
463,321
9,565
Community West Bancshares
256,916
17,726
ConnectOne Bancorp, Inc.
592,757
62,199
CVB Financial Corp.
1,402,587
10,749
Eagle Bancorp, Inc.
305,164
1,908
Eagle Financial Services, Inc.
79,106
81,476
Eastern Bankshares, Inc.
1,812,026
12,896
Enterprise Financial Services
Corp.
849,588
3,045
Esquire Financial Holdings, Inc.
362,690
4,853
Farmers & Merchants Bancorp,
Inc.
148,405
20,873
Farmers National Banc Corp.
304,746
Shares
Description
Value
 
Banks (Continued)
5,697
FB Bancorp, Inc. (a)
$85,797
6,939
Financial Institutions, Inc.
270,413
14,584
First Bancorp
932,355
3,975
First Bancorp (The), Inc.
138,409
8,846
First Bank
156,840
29,813
First Busey Corp.
879,483
2,948
First Business Financial
Services, Inc.
186,225
6,650
First Community Bankshares,
Inc.
295,393
3,313
First Community Corp.
108,269
36,987
First Financial Bancorp
1,251,270
50,506
First Financial Bankshares, Inc.
1,747,508
4,192
First Financial Corp.
324,628
42,880
First Hawaiian, Inc.
1,256,384
3,073
First Internet Bancorp
85,429
34,242
First Interstate BancSystem, Inc.,
Class A
1,320,372
22,215
First Merchants Corp.
970,573
9,382
First Mid Bancshares, Inc.
451,180
3,187
First National Corp.
95,674
3,429
First Western Financial, Inc. (a)
110,105
15,553
Firstsun Capital Bancorp (a)
603,145
7,535
Five Star Bancorp
366,879
1,584
Franklin Financial Services
Corp.
99,158
2,614
FS Bancorp, Inc.
113,448
67,373
Fulton Financial Corp.
1,629,753
6,344
FVCBankcorp, Inc.
111,020
5,101
GBank Financial Holdings,
Inc. (a)
154,611
13,241
German American Bancorp, Inc.
628,418
3,840
Great Southern Bancorp, Inc.
301,094
28,607
Hancock Whitney Corp.
2,137,515
10,492
Hanmi Financial Corp.
339,941
12,824
HBT Financial, Inc.
410,240
14,529
Heritage Financial Corp.
430,349
775
Hingham Institution for Savings
(The) (b)
238,041
2,764
Home Bancorp, Inc.
189,389
45,062
Hope Bancorp, Inc.
616,448
18,093
Horizon Bancorp, Inc.
361,498
17,035
Independent Bank Corp.
1,426,170
7,256
Independent Bank Corp.
261,724
21,918
International Bancshares Corp.
1,664,672
4,862
Investar Holding Corp.
145,666
2,539
Isabella Bank Corp.
100,291
4,974
John Marshall Bancorp, Inc.
108,433
22,820
Kearny Financial Corp.
215,877
8,782
Lakeland Financial Corp.
542,025
77,649
Mechanics Bancorp, Class A
1,234,619
6,089
Mercantile Bank Corp.
349,630
See Notes to Financial Statements
Page 16
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Banks (Continued)
4,191
Meridian Corp.
$83,946
10,102
Metrocity Bankshares, Inc.
362,561
8,934
Mid Penn Bancorp, Inc.
311,261
7,307
Midland States Bancorp, Inc.
227,540
4,529
MVB Financial Corp.
131,386
2,245
National Bankshares, Inc.
81,561
15,759
NB Bancorp, Inc.
332,988
18,333
NBT Bancorp, Inc.
905,100
3,016
Northeast Bank
399,710
4,870
Northeast Community Bancorp,
Inc.
135,094
7,841
Northrim BanCorp, Inc.
217,509
51,575
Northwest Bancshares, Inc.
781,877
3,839
Norwood Financial Corp.
123,424
2,966
Oak Valley Bancorp
100,088
20,304
OceanFirst Financial Corp.
396,537
1,661
Ohio Valley Banc Corp.
72,137
18,129
Old Second Bancorp, Inc.
422,768
5,250
OP Bancorp
78,698
4,726
Orange County Bancorp, Inc.
173,822
6,926
Orrstown Financial Services, Inc.
282,789
4,135
Parke Bancorp, Inc.
137,117
7,441
Pathward Financial, Inc.
647,813
5,018
PCB Bancorp
142,361
6,246
Peapack-Gladstone Financial
Corp.
295,623
1,925
Peoples Bancorp of North
Carolina, Inc.
82,948
12,663
Peoples Bancorp, Inc.
486,386
3,529
Peoples Financial Services Corp.
234,220
2,456
Plumas Bancorp
143,529
8,526
Ponce Financial Group, Inc. (a)
170,008
4,174
Preferred Bank
443,529
8,732
Primis Financial Corp.
142,943
5,820
QCR Holdings, Inc.
566,577
5,970
RBB Bancorp
163,668
2,321
Red River Bancshares, Inc.
211,861
6,162
Republic Bancorp, Inc., Class A
557,230
12,682
S&T Bancorp, Inc.
622,433
34,279
Seacoast Banking Corp. of
Florida
1,139,777
11,793
Shore Bancshares, Inc.
270,649
4,610
Sierra Bancorp
187,904
51,134
Simmons First National Corp.,
Class A
1,158,185
6,749
South Plains Financial, Inc.
290,781
3,333
Southern First Bancshares,
Inc. (a)
203,646
3,883
Southern Missouri Bancorp, Inc.
295,923
10,404
Stock Yards Bancorp, Inc.
795,594
Shares
Description
Value
 
Banks (Continued)
15,394
Texas Capital Bancshares, Inc.
$1,589,584
98,850
TFS Financial Corp.
1,751,622
2,759
Timberland Bancorp, Inc.
123,631
32,563
Towne Bank
1,180,083
11,248
TriCo Bancshares
605,705
6,160
TrustCo Bank Corp.
338,246
20,658
Trustmark Corp.
950,475
48,573
United Bankshares, Inc.
2,226,101
3,539
Unity Bancorp, Inc.
207,704
9,815
Univest Financial Corp.
429,406
6,438
USCB Financial Holdings, Inc.
131,721
11,339
VersaBank
263,178
26,045
WaFd, Inc.
999,347
6,720
Washington Trust Bancorp, Inc.
245,146
33,903
WesBanco, Inc.
1,323,234
6,002
West BanCorp, Inc.
159,233
8,279
Westamerica BanCorp
485,729
7,094
Western New England Bancorp,
Inc.
101,444
23,775
Wintrust Financial Corp.
3,821,118
18,345
WSFS Financial Corp.
1,407,612
 
86,091,324
Financial Services — 1.5%
4,537
Cass Information Systems, Inc.
232,839
16,192
Merchants Bancorp
809,600
10,173
NewtekOne, Inc.
150,662
6,364
Waterstone Financial, Inc.
131,925
 
1,325,026
Total Common Stocks
87,416,350
(Cost $78,626,872)
MONEY MARKET FUNDS — 0.1%
52,582
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
52,582
(Cost $52,582)
 
See Notes to Financial Statements
Page 17
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.2%
$218,677
Daiwa Capital Markets America,
Inc., 3.64% (c), dated
06/30/26, due 07/01/26, with a
maturity value of $218,699.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.13% to
4.13%, due 06/30/27 to
01/15/35. The value of the
collateral including accrued
interest is $223,051. (d)
$218,677
(Cost $218,677)
Total Investments — 100.2%
87,687,609
(Cost $78,898,131)
Net Other Assets and
Liabilities — (0.2)%
(188,788
)
Net Assets — 100.0%
$87,498,821
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
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 $214,083 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $218,677.
(c)
Rate shown reflects yield as of June 30, 2026.
(d)
This security serves as collateral for securities on loan.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$87,416,350
$87,416,350
$—
$—
Money Market Funds
52,582
52,582
—
—
Repurchase Agreements
218,677
—
218,677
—
Total Investments
$87,687,609
$87,468,932
$218,677
$—
 
*
See Portfolio of Investments for industry breakout.
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 2C - 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)
$214,083
Non-cash Collateral(2)
(214,083
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$218,677
Non-cash Collateral(4)
(218,677
)
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 June 30, 2026, 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.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 18
This page intentionally left blank.
Page 19
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
First Trust
Nasdaq-100
Select Equal
Weight ETF
(QQEW)
First Trust
NASDAQ-100-
Technology
Sector Index
Fund
(QTEC)
First Trust
NASDAQ-100
Ex-Technology
Sector Index
Fund
(QQXT)
ASSETS:
Investments, at value
$1,813,455,546
$5,059,147,190
$151,358,095
Receivables:
Dividends
362,086
501,242
100,468
Reclaims
1,225
7,731
—
Investment securities sold
—
—
14,634,306
Capital shares sold
—
33,505,625
—
Securities lending income
—
8,361
—
Prepaid expenses
458
6,683
3,806
Total Assets
1,813,819,315
5,093,176,832
166,096,675
 
LIABILITIES:
Due to broker
—
—
—
Payables:
Investment advisory fees
809,342
1,237,285
65,616
Collateral for securities on loan
29
32,034,946
—
Audit and tax fees
—
14,937
14,937
Capital shares redeemed
—
—
14,640,426
Investment securities purchased
—
33,498,857
—
Licensing fees
—
830,645
44,264
Shareholder reporting fees
—
41,090
19,861
Trustees’ fees
—
233
—
Other liabilities
—
244,528
26,969
Total Liabilities
809,371
67,902,521
14,812,073
NET ASSETS
$1,813,009,944
$5,025,274,311
$151,284,602
 
NET ASSETS consist of:
Paid-in capital
$1,703,850,161
$3,800,148,019
$188,640,767
Par value
113,500
150,000
15,500
Accumulated distributable earnings (loss)
109,046,283
1,224,976,292
(37,371,665
)
NET ASSETS
$1,813,009,944
$5,025,274,311
$151,284,602
NET ASSET VALUE, per share
$159.74
$335.02
$97.60
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
11,350,002
15,000,002
1,550,002
Investments, at cost
$1,633,471,699
$4,080,405,736
$157,169,394
Securities on loan, at value
$—
$33,140,400
$—
See Notes to Financial Statements
Page 20
 
First Trust NASDAQ®
Clean Edge® Green
Energy Index Fund
(QCLN)
First Trust S&P REIT
Index Fund
(FRI)
First Trust Water
ETF
(FIW)
First Trust Natural
Gas ETF
(FCG)
First Trust NASDAQ®
ABA Community
Bank Index Fund
(QABA)
$859,163,192
$179,637,623
$1,924,202,787
$603,489,295
$87,687,609
180,418
702,843
1,177,217
571,336
109,424
174,841
—
74,070
521
—
—
221,217
—
—
—
6,129,486
—
—
—
—
49,432
—
21,947
22,063
103
3,051
3,462
6,354
4,067
2,521
865,700,420
180,565,145
1,925,482,375
604,087,282
87,799,657
—
529
—
—
—
281,130
43,968
589,264
224,337
22,685
16,246,590
—
68,339,301
13,917,027
218,677
14,616
18,025
15,000
16,134
14,937
—
—
—
—
—
6,109,586
—
—
—
—
188,399
8,996
224,117
184,248
17,569
35,351
11,081
44,822
16,838
6,176
—
—
60
—
—
63,780
18,490
142,966
64,281
20,792
22,939,452
101,089
69,355,530
14,422,865
300,836
$842,760,968
$180,464,056
$1,856,126,845
$589,664,417
$87,498,821
$1,641,790,000
$183,549,280
$1,632,241,031
$1,169,374,026
$104,297,727
137,500
57,000
169,500
221,484
13,000
(799,166,532
)
(3,142,224
)
223,716,314
(579,931,093
)
(16,811,906
)
$842,760,968
$180,464,056
$1,856,126,845
$589,664,417
$87,498,821
$61.29
$31.66
$109.51
$26.62
$67.31
13,750,002
5,700,002
16,950,002
22,148,365
1,300,002
$870,941,768
$182,000,315
$1,585,227,886
$640,922,839
$78,898,131
$16,060,387
$—
$66,294,431
$13,578,991
$214,083
See Notes to Financial Statements
Page 21
First Trust Exchange-Traded Fund
Statements of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust
Nasdaq-100
Select Equal
Weight ETF
(QQEW)
First Trust
NASDAQ-100-
Technology
Sector Index
Fund
(QTEC)
First Trust
NASDAQ-100
Ex-Technology
Sector Index
Fund
(QQXT)
INVESTMENT INCOME:
Dividends
$4,502,503
$8,820,243
$1,328,452
Securities lending income (net of fees)
283
44,313
391
Foreign withholding tax
(27,886
)
(239,159
)
(4,882
)
Total investment income
4,474,900
8,625,397
1,323,961
 
EXPENSES:
Investment advisory fees
4,730,130
 (a)
6,146,455
 
373,013
 
Accounting and administration fees
—
589,171
45,329
Audit and tax fees
—
15,671
15,671
Custodian fees
—
34,630
2,381
Legal fees
—
27,812
(1,491
)
Licensing fees
—
1,548,125
92,557
Listing fees
—
6,223
6,222
Shareholder reporting fees
—
50,970
19,451
Transfer agent fees
—
51,003
4,662
Trustees’ fees and expenses
—
5,893
4,920
Other expenses
35
18,553
5,504
Total expenses
4,730,165
8,494,506
568,219
Less fees waived by the investment advisor
—
—
(8,678
)
Net expenses
4,730,165
8,494,506
559,541
NET INVESTMENT INCOME (LOSS)
(255,265
)
130,891
764,420
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(112,339,431
)
(115,144,391
)
(7,926,346
)
In-kind redemptions
358,753,902
865,044,059
6,153,903
Foreign currency transactions
—
—
106
Net realized gain (loss)
246,414,471
749,899,668
(1,772,337
)
Net change in unrealized appreciation (depreciation) on:
Investments
(49,659,987
)
540,081,959
(1,116,231
)
Foreign currency translation
—
—
—
Net change in unrealized appreciation (depreciation)
(49,659,987
)
540,081,959
(1,116,231
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
196,754,484
1,289,981,627
(2,888,568
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$196,499,219
$1,290,112,518
$(2,124,148
)
 
(a)
Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).
See Notes to Financial Statements
Page 22
 
First Trust NASDAQ®
Clean Edge® Green
Energy Index Fund
(QCLN)
First Trust S&P REIT
Index Fund
(FRI)
First Trust Water
ETF
(FIW)
First Trust Natural
Gas ETF
(FCG)
First Trust NASDAQ®
ABA Community
Bank Index Fund
(QABA)
$1,609,772
$3,314,318
$11,741,047
$9,069,846
$1,165,456
543,388
—
104,582
133,276
1,260
(124,002
)
—
(147,224
)
(44,020
)
(108
)
2,029,158
3,314,318
11,698,405
9,159,102
1,166,608
1,324,158
 
245,527
 
3,686,799
 
1,308,279
 
154,535
 
152,520
40,908
386,220
150,623
21,530
15,808
19,309
15,671
16,994
15,671
8,418
3,361
23,585
11,960
6,201
7,011
1,615
18,396
7,315
752
331,902
65,485
462,143
328,236
34,849
6,223
5,356
6,650
6,650
6,223
40,864
16,968
55,514
24,210
11,519
16,559
4,092
35,440
16,354
1,932
5,045
4,898
5,531
5,001
4,874
2,793
950
10,551
1,817
987
1,911,301
408,469
4,706,500
1,877,439
259,073
—
—
—
—
(27,268
)
1,911,301
408,469
4,706,500
1,877,439
231,805
117,857
2,905,849
6,991,905
7,281,663
934,803
(65,351,099
)
(298,225
)
(9,967,164
)
(16,423,532
)
(522,410
)
19,801,124
2,149,147
26,060,667
66,673,262
462,712
—
—
83
(2,229
)
7
(45,549,975
)
1,850,922
16,093,586
50,247,501
(59,691
)
241,909,943
20,827,534
(3,672,062
)
(930,533
)
13,837,472
—
—
(141
)
(960
)
—
241,909,943
20,827,534
(3,672,203
)
(931,493
)
13,837,472
196,359,968
22,678,456
12,421,383
49,316,008
13,777,781
$196,477,825
$25,584,305
$19,413,288
$56,597,671
$14,712,584
See Notes to Financial Statements
Page 23
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
First Trust Nasdaq-100 Select
Equal Weight ETF (QQEW)
First Trust NASDAQ-100-
Technology Sector Index Fund
(QTEC)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$(255,265
)
$7,716,912
$130,891
$(448,406
)
Net realized gain (loss)
246,414,471
288,755,009
749,899,668
342,361,916
Net change in unrealized appreciation (depreciation)
(49,659,987
)
(46,320,469
)
540,081,959
80,859,523
Net increase (decrease) in net assets resulting from
operations
196,499,219
250,151,452
1,290,112,518
422,773,033
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(252,960
)
(7,988,171
)
(389,570
)
(161,850
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
558,181,707
 
873,588,712
 
2,572,637,287
 
775,099,572
 
Cost of shares redeemed
(823,871,572
) 
(1,092,903,783
) 
(1,725,729,306
) 
(2,115,985,515
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(265,689,865
)
(219,315,071
)
846,907,981
(1,340,885,943
)
Total increase (decrease) in net assets
(69,443,606
)
22,848,210
2,136,630,929
(918,274,760
)
 
NET ASSETS:
Beginning of period
1,882,453,550
1,859,605,340
2,888,643,382
3,806,918,142
End of period
$1,813,009,944
$1,882,453,550
$5,025,274,311
$2,888,643,382
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
13,250,002
14,900,002
12,550,002
20,250,002
Shares sold
3,850,000
6,250,000
8,900,000
4,150,000
Shares redeemed
(5,750,000
)
(7,900,000
)
(6,450,000
)
(11,850,000
)
Shares outstanding, end of period
11,350,002
13,250,002
15,000,002
12,550,002
See Notes to Financial Statements
Page 24
 
First Trust NASDAQ-100 Ex-
Technology Sector Index
Fund (QQXT)
First Trust NASDAQ® Clean
Edge® Green Energy Index
Fund (QCLN)
First Trust S&P REIT Index
Fund (FRI)
First Trust Water ETF (FIW)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$764,420
$5,224,300
$117,857
$1,360,298
$2,905,849
$4,396,607
$6,991,905
$12,481,637
(1,772,337
)
102,948,960
(45,549,975
)
(130,672,607
)
1,850,922
(491,840
)
16,093,586
52,922,001
(1,116,231
)
(20,542,951
)
241,909,943
246,744,730
20,827,534
505,249
(3,672,203
)
57,530,650
(2,124,148
)
87,630,309
196,477,825
117,432,421
25,584,305
4,410,016
19,413,288
122,934,288
(709,376
)
(5,284,997
)
(80,240
)
(1,403,535
)
(1,529,070
)
(4,500,607
)
(6,502,731
)
(12,900,872
)
5,031,765
 
1,236,012,899
 
158,362,334
 
88,617,032
 
22,273,813
 
20,587,851
 
28,149,600
 
215,565,524
 
(64,519,437
) 
(1,216,580,256
) 
(46,928,750
) 
(218,155,332
) 
(14,743,070
) 
(48,140,420
) 
(80,708,335
) 
(205,626,983
) 
(59,487,672
)
19,432,643
111,433,584
(129,538,300
)
7,530,743
(27,552,569
)
(52,558,735
)
9,938,541
(62,321,196
)
101,777,955
307,831,169
(13,509,414
)
31,585,978
(27,643,160
)
(39,648,178
)
119,971,957
213,605,798
111,827,843
534,929,799
548,439,213
148,878,078
176,521,238
1,895,775,023
1,775,803,066
$151,284,602
$213,605,798
$842,760,968
$534,929,799
$180,464,056
$148,878,078
$1,856,126,845
$1,895,775,023
2,150,002
1,200,002
12,000,002
16,150,002
5,450,002
6,450,002
17,450,002
17,400,002
50,000
13,500,000
2,650,000
2,100,000
750,000
750,000
250,000
1,950,000
(650,000
)
(12,550,000
)
(900,000
)
(6,250,000
)
(500,000
)
(1,750,000
)
(750,000
)
(1,900,000
)
1,550,002
2,150,002
13,750,002
12,000,002
5,700,002
5,450,002
16,950,002
17,450,002
See Notes to Financial Statements
Page 25
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets (Continued)
 
 
First Trust Natural Gas ETF
(FCG)
First Trust NASDAQ® ABA
Community Bank Index Fund
(QABA)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$7,281,663
$8,647,734
$934,803
$2,488,150
Net realized gain (loss)
50,247,501
(18,846,391
)
(59,691
)
4,975,158
Net change in unrealized appreciation (depreciation)
(931,493
)
(10,239,856
)
13,837,472
(3,876,041
)
Net increase (decrease) in net assets resulting from
operations
56,597,671
(20,438,513
)
14,712,584
3,587,267
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(7,317,192
)
(10,741,635
)
(881,986
)
(2,555,438
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
363,824,517
 
223,390,260
 
3,187,027
 
75,742,376
 
Cost of shares redeemed
(269,379,412
) 
(148,644,134
) 
(8,757,699
) 
(119,782,478
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
94,445,105
74,746,126
(5,570,672
)
(44,040,102
)
Total increase (decrease) in net assets
143,725,584
43,565,978
8,259,926
(43,008,273
)
 
NET ASSETS:
Beginning of period
445,938,833
402,372,855
79,238,895
122,247,168
End of period
$589,664,417
$445,938,833
$87,498,821
$79,238,895
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
19,048,365
16,348,365
1,400,002
2,200,002
Shares sold
12,350,000
9,200,000
50,000
1,400,000
Shares redeemed
(9,250,000
)
(6,500,000
)
(150,000
)
(2,200,000
)
Shares outstanding, end of period
22,148,365
19,048,365
1,300,002
1,400,002
See Notes to Financial Statements
Page 26
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout each period
First Trust Nasdaq-100 Select Equal Weight ETF (QQEW)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$142.07
$124.81
$117.52
$88.69
$118.42
$100.88
Income from investment
operations:
Net investment income (loss)
(0.02
) (a)
0.55
 (a)
0.69
 (a)
0.85
 (a)
0.60
 
0.28
 
Net realized and unrealized gain
(loss)
17.71
 
17.29
 
7.31
 
28.80
 
(29.74
) 
17.54
 
Total from investment operations
17.69
 
17.84
 
8.00
 
29.65
 
(29.14
) 
17.82
 
Distributions paid to
shareholders from:
Net investment income
(0.02
) 
(0.58
) 
(0.71
) 
(0.82
) 
(0.59
) 
(0.28
) 
Net asset value, end of period
$159.74
 
$142.07
 
$124.81
 
$117.52
 
$88.69
 
$118.42
 
Total return (b)
12.46
% 
14.33
% 
6.81
% 
33.51
% 
(24.62
)% 
17.67
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,813,010
 
$1,882,454
 
$1,859,605
 
$2,262,276
 
$1,086,493
 
$1,391,414
 
Ratio of total expenses to average
net assets
0.55
% (c)
0.57
% (d)
0.55
% 
0.57
% 
0.58
% 
0.57
% 
Ratio of net investment income
(loss) to average net assets
(0.03
)% (c)
0.41
% (d)
0.56
% 
0.82
% 
0.61
% 
0.25
% 
Portfolio turnover rate (e)
37
% 
58
% 
26
% 
34
% 
33
% 
23
% 
 
(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)
Annualized.
(d)
Prior to December 22, 2025, the Fund had a non-unitary fee structure. Effective December 22, 2025, the Fund began charging an annual unitary
management fee of 0.55%. See Note 3 in the Notes to Financial Statements.
(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.
See Notes to Financial Statements
Page 27
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$230.17
$188.00
$175.54
$105.36
$175.32
$138.14
Income from investment
operations:
Net investment income (loss)
0.01
 (a)
(0.03
) (a)
0.00
 (a) (b)
0.20
 (a)
0.18
 
0.02
 
Net realized and unrealized gain
(loss)
104.87
 
42.21
 
12.50
 
70.22
 
(69.98
) 
37.19
 
Total from investment operations
104.88
 
42.18
 
12.50
 
70.42
 
(69.80
) 
37.21
 
Distributions paid to
shareholders from:
Net investment income
(0.03
) 
(0.01
) 
(0.04
) 
(0.24
) 
(0.16
) 
(0.03
) 
Net asset value, end of period
$335.02
 
$230.17
 
$188.00
 
$175.54
 
$105.36
 
$175.32
 
Total return (c)
45.57
% 
22.44
% 
7.12
% 
66.89
% 
(39.81
)% 
26.94
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$5,025,274
 
$2,888,643
 
$3,806,918
 
$3,493,241
 
$1,359,137
 
$4,049,807
 
Ratio of total expenses to average
net assets
0.55
% (d)
0.56
% 
0.54
% 
0.57
% 
0.57
% 
0.56
% 
Ratio of net investment income
(loss) to average net assets
0.01
% (d)
(0.01
)% 
0.00
% (e)
0.14
% 
0.12
% 
0.01
% 
Portfolio turnover rate (f)
25
% 
38
% 
28
% 
36
% 
28
% 
25
% 
 
(a)
Based on average shares outstanding.
(b)
Amount represents less than $0.01.
(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)
Amount is less than 0.01%.
(f)
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 28
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$99.35
$93.19
$88.19
$76.39
$88.47
$79.43
Income from investment operations:
Net investment income (loss)
0.40
 (a)
0.72
 (a)
0.86
 (a)
0.96
 (a)
0.66
 
0.35
 
Net realized and unrealized gain (loss)
(1.76
) 
6.64
 
5.05
 
11.81
 
(12.04
) 
9.00
 
Total from investment operations
(1.36
) 
7.36
 
5.91
 
12.77
 
(11.38
) 
9.35
 
Distributions paid to shareholders from:
Net investment income
(0.39
) 
(1.20
) 
(0.91
) 
(0.97
) 
(0.70
) 
(0.31
) 
Net asset value, end of period
$97.60
 
$99.35
 
$93.19
 
$88.19
 
$76.39
 
$88.47
 
Total return (b)
(1.37
)% 
7.91
% 
6.73
% 
16.77
% 
(12.85
)% 
11.80
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$151,285
 
$213,606
 
$111,828
 
$176,390
 
$133,682
 
$137,135
 
Ratio of total expenses to average net assets
0.61
% (c)
0.58
% 
0.61
% 
0.62
% 
0.63
% 
0.62
% 
Ratio of net expenses to average net assets
0.60
% (c)
0.58
% 
0.60
% 
0.60
% 
0.60
% 
0.60
% 
Ratio of net investment income (loss) to
average net assets
0.82
% (c)
0.74
% 
0.95
% 
1.16
% 
0.86
% 
0.40
% 
Portfolio turnover rate (d)
16
% 
16
% 
27
% 
32
% 
35
% 
25
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(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 29
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$44.58
$33.96
$42.19
$47.18
$67.96
$70.17
Income from investment operations:
Net investment income (loss)
0.01
 (a)
0.10
 (a)
0.12
 (a)
0.22
 (a)
0.07
 
(0.13
) 
Net realized and unrealized gain (loss)
16.71
 
10.63
 
(8.05
) 
(4.89
) 
(20.70
) 
(2.07
) 
Total from investment operations
16.72
 
10.73
 
(7.93
) 
(4.67
) 
(20.63
) 
(2.20
) 
Distributions paid to shareholders
from:
Net investment income
(0.01
) 
(0.11
) 
(0.30
) 
(0.32
) 
(0.15
) 
(0.01
) 
Net asset value, end of period
$61.29
 
$44.58
 
$33.96
 
$42.19
 
$47.18
 
$67.96
 
Total return (b)
37.50
% 
31.66
% 
(18.82
)% 
(9.98
)% 
(30.37
)% 
(3.14
)% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$842,761
 
$534,930
 
$548,439
 
$1,139,052
 
$1,573,504
 
$2,823,661
 
Ratio of total expenses to average net
assets
0.58
% (c)
0.59
% 
0.56
% 
0.59
% 
0.58
% 
0.58
% 
Ratio of net investment income (loss) to
average net assets
0.04
% (c)
0.29
% 
0.33
% 
0.48
% 
0.10
% 
(0.24
)% 
Portfolio turnover rate (d)
20
% 
23
% 
29
% 
17
% 
36
% 
28
% 
 
(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)
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 30
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust S&P REIT Index Fund (FRI)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$27.32
$27.37
$26.22
$23.98
$32.59
$23.23
Income from investment operations:
Net investment income (loss)
0.52
 (a)
0.79
 (a)
0.78
 (a)
0.83
 (a)
0.53
 
0.50
 
Net realized and unrealized gain (loss)
4.09
 
(0.02
) (b)
1.28
 
2.26
 
(8.54
) 
9.33
 
Total from investment operations
4.61
 
0.77
 
2.06
 
3.09
 
(8.01
) 
9.83
 
Distributions paid to shareholders from:
Net investment income
(0.27
) 
(0.82
) 
(0.91
) 
(0.85
) 
(0.60
) 
(0.47
) 
Net asset value, end of period
$31.66
 
$27.32
 
$27.37
 
$26.22
 
$23.98
 
$32.59
 
Total return (c)
16.92
% 
2.82
% 
7.96
% 
13.10
% 
(24.63
)% 
42.52
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$180,464
 
$148,878
 
$176,521
 
$123,213
 
$133,098
 
$236,309
 
Ratio of total expenses to average net assets
0.50
% (d)
0.51
% (e)
0.49
% 
0.53
% 
0.50
% 
0.51
% 
Ratio of net expenses to average net assets
0.50
% (d)
0.51
% (e)
0.49
% 
0.50
% 
0.50
% 
0.50
% 
Ratio of net investment income (loss) to
average net assets
3.55
% (d)
2.86
% 
2.86
% 
3.40
% 
1.84
% 
2.04
% 
Portfolio turnover rate (f)
5
% 
6
% 
7
% 
6
% 
8
% 
6
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.50%.
(f)
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 31
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Water ETF (FIW)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$108.64
$102.06
$94.83
$79.35
$94.74
$72.13
Income from investment
operations:
Net investment income (loss)
0.41
 (a)
0.72
 (a)
0.72
 (a)
0.63
 (a)
0.53
 
0.36
 
Net realized and unrealized gain
(loss)
0.84
 
6.61
 
7.22
 
15.50
 
(15.39
) 
22.60
 
Total from investment operations
1.25
 
7.33
 
7.94
 
16.13
 
(14.86
) 
22.96
 
Distributions paid to
shareholders from:
Net investment income
(0.38
) 
(0.75
) 
(0.71
) 
(0.65
) 
(0.53
) 
(0.35
) 
Net asset value, end of period
$109.51
 
$108.64
 
$102.06
 
$94.83
 
$79.35
 
$94.74
 
Total return (b)
1.16
% 
7.19
% 
8.37
% 
20.39
% 
(15.65
)% 
31.89
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,856,127
 
$1,895,775
 
$1,775,803
 
$1,517,255
 
$1,249,781
 
$1,605,791
 
Ratio of total expenses to average
net assets
0.51
% (c)
0.52
% 
0.51
% 
0.53
% 
0.53
% 
0.53
% 
Ratio of net investment income
(loss) to average net assets
0.76
% (c)
0.67
% 
0.70
% 
0.74
% 
0.66
% 
0.47
% 
Portfolio turnover rate (d)
10
% 
14
% 
15
% 
17
% 
13
% 
15
% 
 
(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)
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 32
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Natural Gas ETF (FCG)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$23.41
$24.61
$24.31
$24.50
$17.17
$8.80
Income from investment operations:
Net investment income (loss)
0.31
 (a)
0.55
 (a)
0.51
 (a)
0.61
 (a)
0.69
 
0.20
 
Net realized and unrealized gain (loss)
3.20
 
(1.08
) 
0.47
 
(0.01
) 
7.38
 
8.47
 
Total from investment operations
3.51
 
(0.53
) 
0.98
 
0.60
 
8.07
 
8.67
 
Distributions paid to shareholders from:
Net investment income
(0.30
) 
(0.67
) 
(0.68
) 
(0.79
) 
(0.74
) 
(0.30
) 
Net asset value, end of period
$26.62
 
$23.41
 
$24.61
 
$24.31
 
$24.50
 
$17.17
 
Total return (b)
14.89
% 
(2.16
)% 
3.98
% 
2.55
% 
47.27
% 
98.69
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$589,664
 
$445,939
 
$402,373
 
$476,361
 
$888,144
 
$423,225
 
Ratio of total expenses to average net assets
0.57
% (c)
0.59
% 
0.57
% 
0.60
% 
0.60
% 
0.62
% (d)
Ratio of net expenses to average net assets
0.57
% (c)
0.59
% 
0.57
% 
0.60
% 
0.60
% 
0.61
% (d)
Ratio of net investment income (loss) to
average net assets
2.23
% (c)
2.33
% 
2.02
% 
2.51
% 
2.82
% 
1.41
% 
Portfolio turnover rate (e)
17
% 
31
% 
38
% 
27
% 
39
% 
42
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(c)
Annualized.
(d)
For the year ended December 31, 2021, ratio reflects excise tax of 0.01%, which is not included in the expense cap.
(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.
See Notes to Financial Statements
Page 33
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$56.60
$55.57
$49.83
$52.72
$58.97
$44.75
Income from investment operations:
Net investment income (loss)
0.73
 (a)
1.28
 (a)
1.28
 (a)
1.19
 (a)
1.10
 
1.01
 
Net realized and unrealized gain (loss)
10.67
 
1.18
 
5.78
 
(2.73
) 
(6.24
) 
14.20
 
Total from investment operations
11.40
 
2.46
 
7.06
 
(1.54
) 
(5.14
) 
15.21
 
Distributions paid to shareholders from:
Net investment income
(0.69
) 
(1.43
) 
(1.32
) 
(1.35
) 
(1.11
) 
(0.99
) 
Net asset value, end of period
$67.31
 
$56.60
 
$55.57
 
$49.83
 
$52.72
 
$58.97
 
Total return (b)
20.24
% 
4.52
% 
14.51
% 
(2.44
)% 
(8.70
)% 
34.08
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$87,499
 
$79,239
 
$122,247
 
$92,192
 
$187,140
 
$117,947
 
Ratio of total expenses to average net assets
0.67
% (c)
0.64
% (d)
0.62
% 
0.67
% 
0.62
% 
0.63
% 
Ratio of net expenses to average net assets
0.60
% (c)
0.61
% (d)
0.60
% 
0.60
% 
0.60
% 
0.60
% 
Ratio of net investment income (loss) to average
net assets
2.42
% (c)
2.32
% 
2.53
% 
2.61
% 
2.11
% 
1.82
% 
Portfolio turnover rate (e)
9
% 
20
% 
20
% 
24
% 
18
% 
23
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.63% and
0.60%, respectively.
(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.
See Notes to Financial Statements
Page 34
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the eight funds (each a “Fund” and collectively, the “Funds”) listed below:
 
First Trust Nasdaq-100 Select Equal Weight ETF – (Nasdaq, Inc. (“Nasdaq”) ticker “QQEW”)
First Trust NASDAQ-100-Technology Sector Index Fund – (Nasdaq ticker “QTEC”)
First Trust NASDAQ-100 Ex-Technology Sector Index Fund – (Nasdaq ticker “QQXT”)
First Trust NASDAQ® Clean Edge® Green Energy Index Fund – (Nasdaq ticker “QCLN”)
First Trust S&P REIT Index Fund – (NYSE Arca, Inc. (“NYSE Arca”) ticker “FRI”)
First Trust Water ETF – (NYSE Arca ticker “FIW”)
First Trust Natural Gas ETF – (NYSE Arca ticker “FCG”)
First Trust NASDAQ® ABA Community Bank Index Fund – (Nasdaq ticker “QABA”)
QCLN operates as a non-diversified series of the Trust. Each of QQEW, QTEC, QQXT, FRI, FIW, FCG and QABA 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 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 Nasdaq-100 Select Equal Weight ETF
Nasdaq-100 Select Equal WeightTM Index
First Trust NASDAQ-100-Technology Sector Index Fund
Nasdaq-100 Technology SectorTM Index
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
Nasdaq-100 Ex-Tech SectorTM Index
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
Nasdaq® Clean Edge® Green EnergyTM Index
First Trust S&P REIT Index Fund
S&P United States REIT Index
First Trust Water ETF
ISE Clean Edge WaterTM Index
First Trust Natural Gas ETF
Nasdaq FactSet Natural GasTM Index (formerly known as ISE-
Revere Natural GasTM Index)
First Trust NASDAQ® ABA Community Bank Index Fund
Nasdaq OMX® ABA Community BankTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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
Page 35
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 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.
Shares of open-end funds are valued based on NAV per share.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
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)
a review 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:
Page 36
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
•  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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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 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 master limited partnerships (“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 real estate investment trusts (“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. 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.
D. 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
Page 37
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 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. The Bank of New York Mellon (“BNY”) 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. At June 30, 2026, QTEC, QCLN, FIW, FCG, and QABA had securities in the securities lending program. During the six months ended June 30, 2026, QQEW, QTEC, QQXT, QCLN, FIW, FCG, and QABA participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY 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 BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund 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 BNY.
E. 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 contain 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 BNY 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 six months ended June 30, 2026, were received as collateral for lending securities.
F. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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
Page 38
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Nasdaq-100 Select Equal Weight ETF
$7,988,171
$—
$—
First Trust NASDAQ-100-Technology Sector Index Fund
161,850
—
—
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
5,284,997
—
—
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
1,403,535
—
—
First Trust S&P REIT Index Fund
4,500,607
—
—
First Trust Water ETF
12,900,872
—
—
First Trust Natural Gas ETF
10,741,635
—
—
First Trust NASDAQ® ABA Community Bank Index Fund
2,555,438
—
—
As of December 31, 2025, 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-100 Select Equal Weight ETF
$—
$(306,392,721
)
$219,192,745
First Trust NASDAQ-100-Technology Sector Index Fund
—
(467,548,384
)
402,801,728
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
—
(28,495,256
)
(6,042,885
)
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
—
(713,294,912
)
(282,269,205
)
First Trust S&P REIT Index Fund
—
(1,126,263
)
(26,071,196
)
First Trust Water ETF
—
(98,382,261
)
309,188,018
First Trust Natural Gas ETF
—
(561,608,208
)
(67,603,364
)
First Trust NASDAQ® ABA Community Bank Index Fund
—
(23,607,985
)
(7,034,519
)
G. 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. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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 December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
Page 39
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Nasdaq-100 Select Equal Weight ETF
$306,392,721
First Trust NASDAQ-100-Technology Sector Index Fund
467,548,384
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
28,495,256
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
713,294,912
First Trust S&P REIT Index Fund
1,126,263
First Trust Water ETF
98,382,261
First Trust Natural Gas ETF
561,608,208
First Trust NASDAQ® ABA Community Bank Index Fund
23,607,985
During the taxable year ended December 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:
 
 
Capital
Loss
Utilized
First Trust NASDAQ-100-Technology Sector Index Fund
$18,242,224
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.
As of June 30, 2026, 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-100 Select Equal Weight ETF
$1,633,471,699
$307,094,267
$(127,110,420
)
$179,983,847
First Trust NASDAQ-100-Technology Sector Index Fund
4,080,405,736
1,310,908,100
(332,166,646
)
978,741,454
First Trust NASDAQ-100 Ex-Technology Sector Index
Fund
157,169,394
12,952,802
(18,764,101
)
(5,811,299
)
First Trust NASDAQ® Clean Edge® Green Energy Index
Fund
870,941,768
255,702,582
(267,481,158
)
(11,778,576
)
First Trust S&P REIT Index Fund
182,000,315
20,087,984
(22,450,676
)
(2,362,692
)
First Trust Water ETF
1,585,227,886
375,783,958
(36,809,057
)
338,974,901
First Trust Natural Gas ETF
640,922,839
11,706,943
(49,140,487
)
(37,433,544
)
First Trust NASDAQ® ABA Community Bank Index
Fund
78,898,131
10,452,269
(1,662,791
)
8,789,478
H. Expenses
Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Nasdaq-100 Select Equal Weight ETF (the “Unitary Fee Fund”), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.
First Trust has entered into licensing agreements with each of the following “Licensors” for the respective Funds:
 
Fund
Licensor
First Trust Nasdaq-100 Select Equal Weight ETF
Nasdaq, Inc.
First Trust NASDAQ-100-Technology Sector Index Fund
Nasdaq, Inc.
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
Nasdaq, Inc.
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
Nasdaq, Inc. and Clean Edge®
First Trust S&P REIT Index Fund
S&P Dow Jones Indices LLC
First Trust Water ETF
Nasdaq, Inc.
Page 40
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Fund
Licensor
First Trust Natural Gas ETF
Nasdaq, Inc.
First Trust NASDAQ® ABA Community Bank Index Fund
Nasdaq, Inc. and American Bankers Association
The respective license agreements allow for the use by First Trust of certain trademarks and trade names of the respective Licensors. The Funds are sub-licensees to the applicable license agreement. The Advisor or the Fund, as applicable, is required to pay a licensing fee for such Fund, which is shown on the Statements of Operations.
I. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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.
The management fee payable by each Fund (the “Expense Cap Funds”), except QQEW, to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
QTEC
QQXT
QCLN
FRI
FIW
FCG
QABA
Fund net assets up to and including $2.5 billion
0.40
%
0.40
%
0.40
%
0.3000
%
0.40
%
0.40
%
0.40
%
Fund net assets greater than $2.5 billion up to and
including $5 billion
0.39
%
0.39
%
0.39
%
0.2925
%
0.39
%
0.39
%
0.39
%
Fund net assets greater than $5 billion up to and
including $7.5 billion
0.38
%
0.38
%
0.38
%
0.2850
%
0.38
%
0.38
%
0.38
%
Fund net assets greater than $7.5 billion up to and
including $10 billion
0.37
%
0.37
%
0.37
%
0.2775
%
0.37
%
0.37
%
0.37
%
Fund net assets greater than $10 billion up to and
including $15 billion
0.36
%
0.36
%
0.36
%
0.2700
%
0.36
%
0.36
%
0.36
%
Fund net assets greater than $15 billion
0.34
%
0.34
%
0.34
%
0.2550
%
0.34
%
0.34
%
0.34
%
First Trust is paid an annual unitary management fee based on a percentage of QQEW’s average daily net assets and is responsible for the expenses of the Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.55000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.53625
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.52250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.50875
%
Fund net assets greater than $10 billion up to and including $15 billion
0.49500
%
Fund net assets greater than $15 billion
0.46750
%
Page 41
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
For the Expense Cap Funds, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement in which First Trust has agreed to waive fees and/or reimburse expenses to the extent that the operating expenses of each Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses) exceed the following amount as a percentage of each Fund’s average daily net assets per year (the “Expense Cap”). The Expense Cap will be in effect until at least April 30, 2028.
 
 
Expense Cap
First Trust NASDAQ-100-Technology Sector Index Fund
0.60
%
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
0.60
%
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
0.60
%
First Trust S&P REIT Index Fund
0.50
%
First Trust Water ETF
0.60
%
First Trust Natural Gas ETF
0.60
%
First Trust NASDAQ® ABA Community Bank Index Fund
0.60
%
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Nasdaq-100 Select Equal Weight ETF
$642,615,402
$642,141,863
First Trust NASDAQ-100-Technology Sector Index Fund
813,987,217
809,913,046
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
29,956,283
29,688,053
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
136,313,727
137,251,576
First Trust S&P REIT Index Fund
8,416,616
8,835,026
First Trust Water ETF
177,495,178
176,982,692
First Trust Natural Gas ETF
107,859,302
107,217,259
First Trust NASDAQ® ABA Community Bank Index Fund
7,220,634
7,093,485
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Nasdaq-100 Select Equal Weight ETF
$557,659,573
$823,872,858
First Trust NASDAQ-100-Technology Sector Index Fund
2,572,214,318
1,729,574,823
First Trust NASDAQ-100 Ex-Technology Sector Index Fund
5,031,784
64,475,395
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
158,302,893
46,882,474
First Trust S&P REIT Index Fund
21,425,505
14,190,723
First Trust Water ETF
28,119,323
80,606,859
Page 42
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
 
Purchases
Sales
First Trust Natural Gas ETF
$362,865,674
$267,903,927
First Trust NASDAQ® ABA Community Bank Index Fund
3,179,298
8,743,877
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 April 30, 2027.
7. 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.
Page 43
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 44
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
For the Expense Cap Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Fund (as defined in the Notes to Financial Statements), Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust NASDAQ® ABA Community Bank Index Fund (QABA)
First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
First Trust NASDAQ-100 Select Equal Weight Index Fund (QQEW) (formerly, First Trust NASDAQ-100 Equal Weighted Index Fund)
First Trust NASDAQ-100 Ex-Technology Sector Index Fund (QQXT)
First Trust NASDAQ-100-Technology Sector Index Fund (QTEC)
First Trust Natural Gas ETF (FCG)
First Trust S&P REIT Index Fund (FRI)
First Trust Water ETF (FIW)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. 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 13, 2026 and June 7–8, 2026, 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 advisory fee rate schedules payable by each of QABA, QCLN, QQXT, QTEC, FCG, FRI and FIW (each a “Advisory Fee Fund” and collectively, the “Advisory Fee Funds”) and the unitary fee rate schedule payable by QQEW 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 13, 2026, 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
Page 45
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 7–8, 2026 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 Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Advisory Fee Funds’ advisory fees and QQEW’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 13, 2026 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 Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
With respect to the Advisory Fee Funds, the Board considered the advisory fee rate schedule payable by each Advisory Fee Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Advisory Fee Fund through April 30, 2028. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Advisory Fee Funds’ 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 Advisory Fee Fund’s Expense Group included peer funds that pay 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 total (net) expense ratio for each Advisory Fee 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 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 Advisory Fee Funds and other non-ETF clients that limited their comparability. In considering the advisory fee rate schedules 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 Advisory Fee Fund and the other funds in the First Trust Fund Complex.
With respect to QQEW, the Board considered the unitary fee rate schedule payable by the Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for QQEW’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 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 QQEW’s Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because QQEW 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 total (net) expense ratio for QQEW was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Group for QQEW, the Board 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 QQEW and other non-ETF clients that limited their comparability. With respect to QQEW, the Board noted that during 2025, shareholders of the Fund approved the adoption of a unitary fee structure for the Fund, and that QQEW began paying a unitary fee on December 22, 2025. In considering the unitary fee
Page 46
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
rate schedule for QQEW 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 QQEW 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 also received and reviewed information for periods ended December 31, 2025 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 QQEW, the Board noted that during 2025, shareholders of the Fund approved changes to the Fund’s investment objective, and effective December 22, 2025, QQEW changed its name and began tracking the NASDAQ-100 Select Equal Weight™ Index, and that 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 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 benchmark index. However, 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 fees and expenses of the Advisory Fee Funds, the unitary fee of QQEW and the performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for each Advisory Fee Fund and the unitary fee for QQEW 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 Agreement.
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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for the Advisory Fee Funds and the unitary fee rate schedule for QQEW include breakpoints pursuant to which the fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. For QQEW, the Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of QQEW would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of QQEW. The Board concluded that the advisory fee rate schedule for each Advisory Fee Fund and the unitary fee rate schedule for QQEW reflect an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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, 2025 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 the exposure of their products 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 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 Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Disclaimers
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, Clean Edge®, OMX®, Nasdaq OMX®, Nasdaq-100 Select Equal WeightTM Index,
Nasdaq-100 Technology SectorTM Index, Nasdaq-100 Ex-Tech SectorTM Index, Nasdaq® Clean Edge® Green EnergyTM Index, ISE Clean Edge WaterTM Index, Nasdaq FactSet Natural GasTM Index, American Bankers Association®, ABA® and Nasdaq OMX® ABA Community BankTM Index (“the Nasdaq Indexes”) are registered trademarks and service marks of Nasdaq, Inc., Clean Edge, Inc., and American Bankers Association, respectively, (together with their affiliates hereinafter referred to as the “Corporations”), and are licensed for use by First Trust. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are
Page 47
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
S&P United States REIT 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. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); 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 on 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 the errors, omissions or interruptions of the Index.
Page 48
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
Book 3
 
First Trust Dividend StrengthTM ETF (FTDS)
First Trust Dow 30 Equal Weight ETF (EDOW)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Dividend StrengthTM ETF (FTDS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 2.1%
2,180
General Dynamics Corp.
$772,243
Banks — 19.6%
14,340
Commerce Bancshares, Inc.
828,135
5,116
Cullen/Frost Bankers, Inc.
790,524
6,212
East West Bancorp, Inc.
801,907
14,565
Fifth Third Bancorp
821,029
3,351
M&T Bank Corp.
797,572
4,991
Popular, Inc.
819,422
26,065
Regions Financial Corp.
787,163
9,236
Western Alliance Bancorp
759,199
11,688
Zions Bancorp N.A.
808,693
 
7,213,644
Building Products — 3.9%
11,311
A.O. Smith Corp.
709,426
5,081
Allegion PLC
713,830
 
1,423,256
Chemicals — 6.0%
6,506
CF Industries Holdings, Inc.
704,340
6,384
PPG Industries, Inc.
774,315
6,677
RPM International, Inc.
742,149
 
2,220,804
Containers & Packaging —
3.8%
5,613
AptarGroup, Inc.
702,747
4,251
Avery Dennison Corp.
690,150
 
1,392,897
Distributors — 1.9%
3,221
Pool Corp.
692,193
Electronic Equipment,
Instruments & Components
— 2.1%
5,473
CDW Corp.
769,723
Energy Equipment & Services
— 5.4%
12,264
Baker Hughes Co.
680,652
19,736
Halliburton Co.
670,037
13,923
SLB Ltd.
647,280
 
1,997,969
Financial Services — 1.8%
4,759
Jack Henry & Associates, Inc.
655,505
Food Products — 1.8%
13,496
McCormick & Co., Inc.
680,468
Ground Transportation —
4.2%
2,424
Norfolk Southern Corp.
762,566
2,919
Union Pacific Corp.
793,968
 
1,556,534
Shares
Description
Value
 
Health Care Providers &
Services — 2.2%
3,760
Quest Diagnostics, Inc.
$796,932
Household Durables — 1.8%
2,742
Garmin Ltd.
651,335
Insurance — 10.6%
6,402
Aflac, Inc.
750,635
3,392
Allstate (The) Corp.
807,092
4,395
Cincinnati Financial Corp.
813,690
2,086
Everest Group Ltd.
745,182
11,061
W.R. Berkley Corp.
780,133
 
3,896,732
IT Services — 1.2%
11,961
Cognizant Technology Solutions
Corp., Class A
463,250
Machinery — 8.4%
3,561
IDEX Corp.
808,169
4,959
Oshkosh Corp.
761,108
1,928
Snap-on, Inc.
775,827
7,893
Toro (The) Co.
768,936
 
3,114,040
Metals & Mining — 2.3%
2,252
Reliance, Inc.
841,347
Oil, Gas & Consumable Fuels
— 12.1%
20,514
APA Corp.
668,141
16,577
Devon Energy Corp.
684,962
5,709
EOG Resources, Inc.
740,628
13,883
Ovintiv, Inc.
730,940
4,689
Phillips 66
792,675
3,113
Targa Resources Corp.
834,720
 
4,452,066
Pharmaceuticals — 5.5%
3,130
Johnson & Johnson
794,926
6,158
Merck & Co., Inc.
791,303
5,992
Zoetis, Inc.
430,585
 
2,016,814
Professional Services — 1.7%
4,500
Broadridge Financial Solutions,
Inc.
616,275
Specialty Retail — 1.4%
16,289
Tractor Supply Co.
514,895
Total Common Stocks
36,738,922
(Cost $34,201,579)
See Notes to Financial Statements
Page 1
First Trust Dividend StrengthTM ETF (FTDS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
31,300
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (a)
$31,300
(Cost $31,300)
Total Investments — 99.9%
36,770,222
(Cost $34,232,879)
Net Other Assets and
Liabilities — 0.1%
21,627
Net Assets — 100.0%
$36,791,849
 
(a)
Rate shown reflects yield as of June 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$36,738,922
$36,738,922
$—
$—
Money Market Funds
31,300
31,300
—
—
Total Investments
$36,770,222
$36,770,222
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 2
First Trust Dow 30 Equal Weight ETF (EDOW)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 3.4%
47,687
Boeing (The) Co. (a)
$10,322,805
Banks — 3.4%
32,240
JPMorgan Chase & Co.
10,553,119
Beverages — 3.2%
119,231
Coca-Cola (The) Co.
9,689,903
Biotechnology — 3.5%
29,510
Amgen, Inc.
10,686,161
Broadline Retail — 3.3%
41,876
Amazon.com, Inc. (a)
9,980,726
Capital Markets — 3.3%
9,954
Goldman Sachs Group (The),
Inc.
10,067,177
Chemicals — 3.7%
32,794
Sherwin-Williams (The) Co.
11,291,630
Communications Equipment
— 3.2%
83,893
Cisco Systems, Inc.
9,854,072
Consumer Finance — 3.5%
31,807
American Express Co.
10,758,718
Consumer Staples Distribution
& Retail — 3.1%
82,648
Walmart, Inc.
9,360,712
Entertainment — 3.2%
101,070
Walt Disney (The) Co.
9,727,988
Financial Services — 3.5%
30,860
Visa, Inc., Class A
10,587,757
Health Care Providers &
Services — 3.3%
24,460
UnitedHealth Group, Inc.
10,166,310
Hotels, Restaurants & Leisure
— 3.1%
35,277
McDonald’s Corp.
9,535,726
Household Products — 3.2%
66,867
Procter & Gamble (The) Co.
9,805,377
Industrial Conglomerates —
6.8%
63,542
3M Co.
10,288,085
47,601
Honeywell International, Inc. (b)
10,657,864
 
20,945,949
Insurance — 3.5%
32,854
Travelers (The) Cos., Inc.
10,845,762
Interactive Media & Services
— 3.4%
29,282
Alphabet, Inc., Class A
10,464,508
IT Services — 3.4%
36,593
International Business Machines
Corp.
10,290,318
Shares
Description
Value
 
Machinery — 4.0%
11,641
Caterpillar, Inc.
$12,396,501
Oil, Gas & Consumable Fuels
— 2.8%
52,511
Chevron Corp.
8,704,223
Pharmaceuticals — 7.0%
41,790
Johnson & Johnson
10,613,406
83,689
Merck & Co., Inc.
10,754,037
 
21,367,443
Semiconductors &
Semiconductor Equipment
— 3.2%
49,728
NVIDIA Corp.
9,950,076
Software — 6.0%
25,082
Microsoft Corp.
9,356,088
58,311
Salesforce, Inc.
9,135,001
 
18,491,089
Specialty Retail — 3.6%
31,251
Home Depot (The), Inc.
11,021,603
Technology Hardware, Storage
& Peripherals — 3.2%
34,181
Apple, Inc.
9,890,614
Textiles, Apparel & Luxury
Goods — 3.0%
226,718
NIKE, Inc., Class B
9,306,774
Total Common Stocks
306,063,041
(Cost $266,897,706)
MONEY MARKET FUNDS — 0.2%
435,005
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (c)
435,005
(Cost $435,005)
Total Investments — 100.0%
306,498,046
(Cost $267,332,711)
Net Other Assets and
Liabilities — 0.0%
83,708
Net Assets — 100.0%
$306,581,754
 
(a)
Non-income producing security.
(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 June 30, 2026, securities noted as
such are valued at $10,657,864 or 3.5% of net assets.
(c)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 3
First Trust Dow 30 Equal Weight ETF (EDOW)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Industrial
Conglomerates
$20,945,949
$10,288,085
$10,657,864
$—
Other Industry
Categories*
285,117,092
285,117,092
—
—
Money Market Funds
435,005
435,005
—
—
Total Investments
$306,498,046
$295,840,182
$10,657,864
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 4
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 4.4%
2,092
Axon Enterprise, Inc. (a)
$1,172,796
479
Carpenter Technology Corp.
295,466
947
FTAI Aviation Ltd.
256,192
3,510
Kratos Defense & Security
Solutions, Inc. (a)
175,009
4,171
Rocket Lab Corp. (a)
423,982
1,994
Textron, Inc.
182,910
 
2,506,355
Air Freight & Logistics —
0.3%
494
FedEx Corp.
154,686
Automobiles — 2.1%
23,278
Ford Motor Co.
323,564
4,813
General Motors Co.
370,986
1,234
Tesla, Inc. (a)
519,021
 
1,213,571
Banks — 2.0%
3,985
Citizens Financial Group, Inc.
279,229
948
M&T Bank Corp.
225,634
8,602
Regions Financial Corp.
259,780
4,061
Truist Financial Corp.
202,319
3,427
U.S. Bancorp
206,991
 
1,173,953
Biotechnology — 1.3%
1,981
Insmed, Inc. (a)
211,214
5,199
Moderna, Inc. (a)
364,086
338
United Therapeutics Corp. (a)
183,139
 
758,439
Broadline Retail — 0.4%
12,290
Coupang, Inc. (a)
213,477
Capital Markets — 2.4%
4,259
Ares Management Corp.,
Class A
474,069
1,640
Bank of New York Mellon (The)
Corp.
237,161
2,078
Blackstone, Inc.
244,518
1,592
Coinbase Global, Inc.,
Class A (a)
232,735
2,153
KKR & Co., Inc.
197,602
 
1,386,085
Chemicals — 2.0%
1,557
Albemarle Corp.
210,241
12,333
Dow, Inc.
337,431
10,995
LyondellBasell Industries N.V.,
Class A
578,887
 
1,126,559
Commercial Services &
Supplies — 0.4%
7,915
Copart, Inc. (a)
223,124
Shares
Description
Value
 
Communications Equipment
— 1.2%
601
Ciena Corp. (a)
$294,827
452
Lumentum Holdings, Inc. (a)
387,843
 
682,670
Consumer Finance — 0.7%
640
Capital One Financial Corp.
128,397
3,351
Synchrony Financial
254,843
 
383,240
Consumer Staples Distribution
& Retail — 0.5%
2,195
Target Corp.
286,689
Containers & Packaging —
1.7%
18,019
International Paper Co.
686,524
6,253
Smurfit Westrock PLC
289,264
 
975,788
Diversified Telecommunication
Services — 1.3%
1,358
AST SpaceMobile, Inc. (a)
120,671
7,525
AT&T, Inc.
155,768
13,878
Comcast Corp., Class A
340,705
3,709
Verizon Communications, Inc.
157,039
 
774,183
Electric Utilities — 1.4%
649
Constellation Energy Corp.
161,192
4,388
Edison International
326,687
1,985
NRG Energy, Inc.
289,929
 
777,808
Electrical Equipment — 2.2%
3,476
Bloom Energy Corp., Class A (a)
1,052,185
1,815
Nextpower, Inc., Class A (a)
216,239
 
1,268,424
Electronic Equipment,
Instruments & Components
— 2.5%
1,333
Amphenol Corp., Class A
235,035
1,244
CDW Corp.
174,956
1,064
Coherent Corp. (a)
419,716
1,540
Corning, Inc.
393,362
679
Keysight Technologies, Inc. (a)
237,697
 
1,460,766
Energy Equipment & Services
— 0.2%
3,099
Halliburton Co.
105,211
Entertainment — 1.8%
1,805
Live Nation Entertainment,
Inc. (a)
330,513
See Notes to Financial Statements
Page 5
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Entertainment (Continued)
9,985
ROBLOX Corp., Class A (a)
$542,984
617
Take-Two Interactive Software,
Inc. (a)
154,238
 
1,027,735
Financial Services — 4.3%
4,991
Affirm Holdings, Inc. (a)
407,016
3,534
Block, Inc. (a)
268,584
5,029
Fidelity National Information
Services, Inc.
195,528
12,177
Fiserv, Inc. (a)
597,282
3,450
Global Payments, Inc.
250,332
6,024
PayPal Holdings, Inc.
260,116
15,734
Rocket Cos., Inc., Class A (a)
247,810
8,071
Toast, Inc., Class A (a)
224,535
 
2,451,203
Food Products — 4.0%
6,389
Archer-Daniels-Midland Co.
488,120
5,257
Bunge Global S.A.
561,080
7,148
General Mills, Inc.
248,750
13,440
Kraft Heinz (The) Co.
317,453
5,244
McCormick & Co., Inc.
264,402
6,752
Tyson Foods, Inc., Class A
386,552
 
2,266,357
Health Care Equipment &
Supplies — 0.3%
3,767
Boston Scientific Corp. (a)
160,775
Health Care Providers &
Services — 8.0%
28,511
Centene Corp. (a)
1,830,121
1,278
Cigna Group (The)
352,319
3,925
CVS Health Corp.
406,041
991
Elevance Health, Inc.
383,250
3,228
Humana, Inc.
1,282,226
719
UnitedHealth Group, Inc.
298,838
 
4,552,795
Health Care REITs — 0.2%
601
Welltower, Inc.
136,409
Health Care Technology —
0.4%
1,272
Veeva Systems, Inc., Class A (a)
225,742
Hotels, Restaurants & Leisure
— 3.6%
7,274
Carnival Corp. Ltd.
207,818
6,584
Chipotle Mexican Grill, Inc. (a)
223,856
1,719
DoorDash, Inc., Class A (a)
317,207
861
Expedia Group, Inc.
220,313
7,421
Flutter Entertainment PLC (a)
758,204
Shares
Description
Value
 
Hotels, Restaurants & Leisure
(Continued)
693
Royal Caribbean Cruises Ltd.
$220,048
1,284
Starbucks Corp.
131,212
 
2,078,658
Household Durables — 1.8%
1,487
D.R. Horton, Inc.
242,203
5,560
Lennar Corp., Class A
503,124
1,972
PulteGroup, Inc.
270,578
 
1,015,905
Independent Power and
Renewable Electricity
Producers — 1.3%
684
Talen Energy Corp. (a)
262,834
3,156
Vistra Corp.
500,636
 
763,470
Insurance — 5.5%
1,808
Allstate (The) Corp.
430,196
2,974
American International Group,
Inc.
221,652
2,728
Arch Capital Group Ltd. (a)
264,780
1,024
Arthur J. Gallagher & Co.
235,080
4,087
Brown & Brown, Inc.
262,181
1,467
Hartford Insurance Group (The),
Inc.
194,407
2,325
Loews Corp.
263,213
106
Markel Group, Inc. (a)
207,019
3,044
MetLife, Inc.
257,553
2,082
Principal Financial Group, Inc.
224,398
3,096
Prudential Financial, Inc.
334,151
703
Travelers (The) Cos., Inc.
232,074
 
3,126,704
IT Services — 1.8%
1,295
Accenture PLC, Class A
161,150
1,293
Cloudflare, Inc., Class A (a)
317,147
1,102
MongoDB, Inc. (a)
370,162
732
Snowflake, Inc. (a)
186,294
 
1,034,753
Media — 0.6%
2,260
Charter Communications, Inc.,
Class A (a)
321,395
Metals & Mining — 2.4%
5,350
Freeport-McMoRan, Inc.
336,462
1,823
Newmont Corp.
170,268
1,694
Nucor Corp.
377,338
393
Reliance, Inc.
146,825
1,624
Steel Dynamics, Inc.
372,643
 
1,403,536
Oil, Gas & Consumable Fuels
— 3.7%
1,333
Chevron Corp.
220,958
See Notes to Financial Statements
Page 6
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels
(Continued)
2,131
ConocoPhillips
$221,539
7,465
Devon Energy Corp.
308,454
599
Diamondback Energy, Inc.
105,292
714
Exxon Mobil Corp.
97,618
932
Marathon Petroleum Corp.
238,284
7,714
Occidental Petroleum Corp.
374,669
1,642
Phillips 66
277,580
1,020
Valero Energy Corp.
265,649
 
2,110,043
Passenger Airlines — 2.4%
3,830
Delta Air Lines, Inc.
358,718
7,564
Southwest Airlines Co.
388,941
4,429
United Airlines Holdings,
Inc. (a)
602,299
 
1,349,958
Personal Care Products —
0.4%
2,787
Estee Lauder (The) Cos., Inc.,
Class A
220,034
Pharmaceuticals — 0.2%
1,319
Zoetis, Inc.
94,783
Professional Services — 2.1%
1,118
Automatic Data Processing, Inc.
250,376
1,568
Broadridge Financial Solutions,
Inc.
214,738
1,619
Equifax, Inc.
256,968
2,792
Paychex, Inc.
274,537
1,099
Verisk Analytics, Inc.
197,303
 
1,193,922
Real Estate Management &
Development — 1.0%
13,197
CoStar Group, Inc. (a)
373,739
709
Jones Lang LaSalle, Inc. (a)
219,755
 
593,494
Semiconductors &
Semiconductor Equipment
— 11.3%
476
Applied Materials, Inc.
344,148
3,212
Credo Technology Group
Holding Ltd. (a)
873,503
971
Entegris, Inc.
174,644
6,255
Intel Corp. (a)
873,386
1,176
KLA Corp.
354,811
834
Lam Research Corp.
361,397
824
MACOM Technology Solutions
Holdings, Inc. (a)
313,425
2,427
Marvell Technology, Inc.
722,979
7,199
Microchip Technology, Inc.
656,549
Shares
Description
Value
 
Semiconductors &
Semiconductor Equipment
(Continued)
609
Micron Technology, Inc.
$702,962
7,579
ON Semiconductor Corp. (a)
716,519
737
Teradyne, Inc.
356,590
 
6,450,913
Software — 8.1%
1,280
Adobe, Inc. (a)
262,426
701
CrowdStrike Holdings, Inc.,
Class A (a)
534,961
650
Fair Isaac Corp. (a)
776,607
673
Intuit, Inc.
175,653
1,201
Oracle Corp.
176,007
773
Roper Technologies, Inc.
261,575
1,284
Salesforce, Inc.
201,151
3,267
ServiceNow, Inc. (a)
324,348
6,352
Strategy, Inc. (a)
552,179
899
Tyler Technologies, Inc. (a)
262,922
3,062
Workday, Inc., Class A (a)
374,850
5,116
Zscaler, Inc. (a)
722,123
 
4,624,802
Specialized REITs — 1.1%
966
SBA Communications Corp.
170,460
20,071
Weyerhaeuser Co.
480,500
 
650,960
Technology Hardware, Storage
& Peripherals — 5.9%
1,322
Dell Technologies, Inc., Class C
570,390
4,942
Hewlett Packard Enterprise Co.
222,934
19,398
HP, Inc.
425,592
617
Seagate Technology
Holdings PLC
595,405
34,487
Super Micro Computer, Inc. (a)
1,011,504
903
Western Digital Corp.
576,764
 
3,402,589
Textiles, Apparel & Luxury
Goods — 0.4%
5,221
NIKE, Inc., Class B
214,322
Trading Companies &
Distributors — 0.3%
11,856
QXO, Inc. (a)
204,872
Total Common Stocks
57,147,157
(Cost $51,039,039)
See Notes to Financial Statements
Page 7
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
33,207
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.51% (b)
$33,207
(Cost $33,207)
Total Investments — 100.0%
57,180,364
(Cost $51,072,246)
Net Other Assets and
Liabilities — 0.0%
39
Net Assets — 100.0%
$57,180,403
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$57,147,157
$57,147,157
$—
$—
Money Market Funds
33,207
33,207
—
—
Total Investments
$57,180,364
$57,180,364
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 8
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.7%
Aerospace & Defense — 0.5%
75
Textron, Inc.
$6,880
Air Freight & Logistics —
0.5%
45
Expeditors International of
Washington, Inc.
7,334
Automobile Components —
1.0%
212
Aptiv PLC (a)
13,013
Automobiles — 2.2%
945
Ford Motor Co.
13,136
217
General Motors Co.
16,726
 
29,862
Banks — 1.7%
142
Truist Financial Corp.
7,075
126
U.S. Bancorp
7,610
99
Wells Fargo & Co.
8,181
 
22,866
Beverages — 0.7%
229
Molson Coors Beverage Co.,
Class B
8,922
Biotechnology — 2.0%
47
Biogen, Inc. (a)
10,155
109
Incyte Corp. (a)
12,356
8
Regeneron Pharmaceuticals, Inc.
4,988
 
27,499
Building Products — 2.4%
120
A.O. Smith Corp.
7,526
46
Allegion PLC
6,462
97
Builders FirstSource, Inc. (a)
8,680
121
Masco Corp.
9,846
 
32,514
Capital Markets — 2.6%
115
Interactive Brokers Group, Inc.,
Class A
10,010
349
Invesco Ltd.
9,210
91
State Street Corp.
15,433
 
34,653
Chemicals — 1.3%
49
CF Industries Holdings, Inc.
5,305
53
Corteva, Inc.
4,488
31
DuPont de Nemours, Inc.
4,205
33
PPG Industries, Inc.
4,003
 
18,001
Commercial Services &
Supplies — 0.4%
206
Copart, Inc. (a)
5,807
Shares
Description
Value
 
Consumer Finance — 2.6%
62
Capital One Financial Corp.
$12,439
306
Synchrony Financial
23,271
 
35,710
Consumer Staples Distribution
& Retail — 0.5%
64
Dollar General Corp.
7,367
Containers & Packaging —
0.3%
22
Avery Dennison Corp.
3,572
Diversified Telecommunication
Services — 2.7%
1,488
Comcast Corp., Class A
36,530
Electric Utilities — 1.4%
33
Constellation Energy Corp.
8,196
77
NRG Energy, Inc.
11,247
 
19,443
Electronic Equipment,
Instruments & Components
— 1.7%
88
Zebra Technologies Corp.,
Class A (a)
23,167
Financial Services — 1.6%
160
Fidelity National Information
Services, Inc.
6,221
141
Fiserv, Inc. (a)
6,916
191
PayPal Holdings, Inc.
8,247
 
21,384
Food Products — 2.8%
226
Archer-Daniels-Midland Co.
17,266
80
J.M. Smucker (The) Co.
9,000
476
Kraft Heinz (The) Co.
11,243
 
37,509
Ground Transportation —
0.6%
114
Uber Technologies, Inc. (a)
8,226
Health Care Equipment &
Supplies — 0.4%
28
ResMed, Inc.
5,457
Health Care Providers &
Services — 7.5%
53
Cardinal Health, Inc.
12,591
19
Cencora, Inc.
5,377
853
Centene Corp. (a)
54,754
37
Cigna Group (The)
10,200
42
DaVita, Inc. (a)
9,344
12
McKesson Corp.
9,067
 
101,333
See Notes to Financial Statements
Page 9
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care REITs — 0.8%
125
Alexandria Real Estate Equities,
Inc.
$6,606
198
Healthpeak Properties, Inc.
4,237
 
10,843
Hotels, Restaurants & Leisure
— 3.1%
84
Airbnb, Inc., Class A (a)
12,020
57
Booking Holdings, Inc.
10,160
74
Expedia Group, Inc.
18,935
 
41,115
Household Durables — 2.2%
90
D.R. Horton, Inc.
14,659
107
PulteGroup, Inc.
14,682
 
29,341
Independent Power and
Renewable Electricity
Producers — 0.9%
76
Vistra Corp.
12,056
Insurance — 4.6%
43
Allstate (The) Corp.
10,231
124
American International Group,
Inc.
9,242
22
Everest Group Ltd.
7,859
180
MetLife, Inc.
15,230
182
Prudential Financial, Inc.
19,643
 
62,205
IT Services — 7.4%
162
Accenture PLC, Class A
20,159
455
Cognizant Technology Solutions
Corp., Class A
17,622
196
Gartner, Inc. (a)
25,406
428
GoDaddy, Inc., Class A (a)
36,329
 
99,516
Machinery — 0.5%
18
Snap-on, Inc.
7,243
Media — 6.4%
461
Fox Corp., Class A
24,046
462
Omnicom Group, Inc.
33,647
1,547
Trade Desk (The), Inc.,
Class A (a)
27,970
 
85,663
Metals & Mining — 0.3%
44
Newmont Corp.
4,110
Office REITs — 0.3%
70
BXP, Inc.
4,642
Oil, Gas & Consumable Fuels
— 3.6%
357
APA Corp.
11,628
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
(Continued)
245
Devon Energy Corp.
$10,123
153
EQT Corp.
8,135
89
Expand Energy Corp.
8,116
39
Valero Energy Corp.
10,157
 
48,159
Passenger Airlines — 1.6%
125
Delta Air Lines, Inc.
11,708
73
United Airlines Holdings,
Inc. (a)
9,927
 
21,635
Pharmaceuticals — 1.4%
163
Bristol-Myers Squibb Co.
9,392
581
Viatris, Inc.
9,226
 
18,618
Professional Services — 2.6%
35
Automatic Data Processing, Inc.
7,838
51
Broadridge Financial Solutions,
Inc.
6,985
50
Jacobs Solutions, Inc.
6,300
54
Leidos Holdings, Inc.
5,560
82
Paychex, Inc.
8,063
 
34,746
Residential REITs — 0.6%
32
Camden Property Trust
3,664
95
UDR, Inc.
3,792
 
7,456
Semiconductors &
Semiconductor Equipment
— 8.7%
99
First Solar, Inc. (a)
23,360
229
QUALCOMM, Inc.
42,317
764
Skyworks Solutions, Inc.
51,799
 
117,476
Software — 8.1%
136
Adobe, Inc. (a)
27,883
1,270
Gen Digital, Inc.
31,610
140
Salesforce, Inc.
21,933
227
Workday, Inc., Class A (a)
27,789
 
109,215
Specialized REITs — 0.5%
39
Crown Castle, Inc.
2,954
119
VICI Properties, Inc.
3,159
 
6,113
Specialty Retail — 1.1%
204
Best Buy Co., Inc.
15,479
See Notes to Financial Statements
Page 10
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Technology Hardware, Storage
& Peripherals — 6.1%
1,874
HP, Inc.
$41,116
262
NetApp, Inc.
40,547
 
81,663
Textiles, Apparel & Luxury
Goods — 0.8%
110
Deckers Outdoor Corp. (a)
10,922
Tobacco — 0.7%
138
Altria Group, Inc.
9,929
Total Common Stocks
1,345,194
(Cost $1,339,375)
RIGHTS — 0.0%
Capital Markets — 0.0%
131
TPG, Inc., expiring
September 25,
2027 (a) (b) (c) (d)
0
(Cost $0)
MONEY MARKET FUNDS — 0.2%
2,737
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (e)
2,737
(Cost $2,737)
Total Investments — 99.9%
1,347,931
(Cost $1,342,112)
Net Other Assets and
Liabilities — 0.1%
1,273
Net Assets — 100.0%
$1,349,204
 
(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 Fund’s 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 June 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 Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(e)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
REITs
–  Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,345,194
$1,345,194
$—
$—
Rights*
—
**
—
—
—
**
Money Market Funds
2,737
2,737
—
—
Total Investments
$1,347,931
$1,347,931
$—
$—
**
 
*
See Portfolio of Investments for industry breakout.
**
Investment is 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.
See Notes to Financial Statements
Page 11
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
First Trust
Dividend
StrengthTM ETF
(FTDS)
First Trust Dow
30 Equal Weight
ETF
(EDOW)
First Trust Lunt
U.S. Factor
Rotation ETF
(FCTR)
First Trust S&P
500 Diversified
Free Cash Flow
ETF
(FCFY)
ASSETS:
Investments, at value
$36,770,222
$306,498,046
$57,180,364
$1,347,931
Cash
—
—
—
614
Receivables:
Dividends
47,960
310,047
30,266
1,955
Investment securities sold
—
5,427,779
—
—
Prepaid expenses
9,623
—
—
—
Total Assets
36,827,805
312,235,872
57,210,630
1,350,500
 
LIABILITIES:
Payables:
Audit and tax fees
15,022
—
—
—
Investment advisory fees
13,108
126,671
30,227
682
Licensing fees
2,181
—
—
—
Shareholder reporting fees
400
—
—
—
Investment securities purchased
—
5,527,447
—
614
Other liabilities
5,245
—
—
—
Total Liabilities
35,956
5,654,118
30,227
1,296
NET ASSETS
$36,791,849
$306,581,754
$57,180,403
$1,349,204
 
NET ASSETS consist of:
Paid-in capital
$37,123,968
$268,856,702
$202,447,222
$1,468,207
Par value
6,000
69,478
14,000
500
Accumulated distributable earnings (loss)
(338,119
)
37,655,574
(145,280,819
)
(119,503
)
NET ASSETS
$36,791,849
$306,581,754
$57,180,403
$1,349,204
NET ASSET VALUE, per share
$61.32
$44.13
$40.84
$26.98
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
600,002
6,947,756
1,400,002
50,002
Investments, at cost
$34,232,879
$267,332,711
$51,072,246
$1,342,112
See Notes to Financial Statements
Page 12
First Trust Exchange-Traded Fund
Statements of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust
Dividend
StrengthTM ETF
(FTDS)
First Trust Dow
30 Equal Weight
ETF
(EDOW)
First Trust Lunt
U.S. Factor
Rotation ETF
(FCTR)
First Trust S&P
500 Diversified
Free Cash Flow
ETF
(FCFY)
INVESTMENT INCOME:
Dividends
$417,715
$2,739,230
$391,359
$14,217
Foreign withholding tax
(1,396
)
—
—
—
Total investment income
416,319
2,739,230
391,359
14,217
 
EXPENSES:
Investment advisory fees
79,083
 
706,735
 (a)
174,698
 (a)
4,064
 (a)
Audit and tax fees
15,671
—
—
—
Accounting and administration fees
10,479
—
—
—
Shareholder reporting fees
9,891
—
—
—
Licensing fees
5,290
—
—
—
Trustees’ fees and expenses
4,854
—
—
—
Listing fees
3,274
—
—
—
Custodian fees
1,104
—
—
—
Transfer agent fees
791
—
—
—
Legal fees
268
—
—
—
Other expenses
369
4
1
—
Total expenses
131,074
706,739
174,699
4,064
Less fees waived by the investment advisor
(20,357
)
—
—
—
Net expenses
110,717
706,739
174,699
4,064
NET INVESTMENT INCOME (LOSS)
305,602
2,032,491
216,660
10,153
 
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments
(223,931
)
(1,156,299
)
4,809,695
(87,322
)
In-kind redemptions
2,321,621
15,326,384
295,153
136,131
Net realized gain (loss)
2,097,690
14,170,085
5,104,848
48,809
Net change in unrealized appreciation (depreciation)
on investments
483,345
3,814,316
2,215,278
(62,760
)
NET REALIZED AND UNREALIZED GAIN
(LOSS)
2,581,035
17,984,401
7,320,126
(13,951
)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS
$2,886,637
$20,016,892
$7,536,786
$(3,798
)
 
(a)
Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).
See Notes to Financial Statements
Page 13
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
First Trust Dividend StrengthTM
ETF (FTDS)
First Trust Dow 30 Equal Weight
ETF (EDOW)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$305,602
$432,624
$2,032,491
$3,249,034
Net realized gain (loss)
2,097,690
1,069,748
14,170,085
23,026,452
Net change in unrealized appreciation (depreciation)
483,345
1,790,452
3,814,316
4,500,829
Net increase (decrease) in net assets resulting from
operations
2,886,637
3,292,824
20,016,892
30,776,315
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(271,131
)
(426,167
)
(1,792,325
)
(3,248,728
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
17,902,639
 
13,376,801
 
102,770,005
 
59,283,984
 
Cost of shares redeemed
(11,909,357
) 
(13,340,675
) 
(41,766,086
) 
(89,975,686
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
5,993,282
36,126
61,003,919
(30,691,702
)
Total increase (decrease) in net assets
8,608,788
2,902,783
79,228,486
(3,164,115
)
 
NET ASSETS:
Beginning of period
28,183,061
25,280,278
227,353,268
230,517,383
End of period
$36,791,849
$28,183,061
$306,581,754
$227,353,268
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
500,002
500,002
5,497,756
6,347,756
Shares sold
300,000
250,000
2,450,000
1,600,000
Shares redeemed
(200,000
)
(250,000
)
(1,000,000
)
(2,450,000
)
Shares outstanding, end of period
600,002
500,002
6,947,756
5,497,756
See Notes to Financial Statements
Page 14
 
First Trust Lunt U.S. Factor
Rotation ETF (FCTR)
First Trust S&P 500 Diversified
Free Cash Flow ETF (FCFY)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$216,660
$160,281
$10,153
$20,011
5,104,848
4,232,986
48,809
96,518
2,215,278
344,885
(62,760
)
88,811
7,536,786
4,738,152
(3,798
)
205,340
(201,040
)
(196,925
)
(9,495
)
(20,426
)
—
 
—
 
1,319,983
 
1,313,602
 
(3,641,542
) 
(21,951,543
) 
(1,339,559
) 
(1,320,737
) 
(3,641,542
)
(21,951,543
)
(19,576
)
(7,135
)
3,694,204
(17,410,316
)
(32,869
)
177,779
53,486,199
70,896,515
1,382,073
1,204,294
$57,180,403
$53,486,199
$1,349,204
$1,382,073
1,500,002
2,150,002
50,002
50,002
—
—
50,000
50,000
(100,000
)
(650,000
)
(50,000
)
(50,000
)
1,400,002
1,500,002
50,002
50,002
See Notes to Financial Statements
Page 15
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout each period
First Trust Dividend StrengthTM ETF (FTDS)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$56.37
$50.56
$46.46
$42.50
$50.45
$40.62
Income from investment operations:
Net investment income (loss)
0.58
 (a)
0.89
 (a)
1.01
 (a)
0.95
 (a)
0.90
 
0.39
 
Net realized and unrealized gain (loss)
4.87
 
5.82
 
4.13
 
4.01
 
(7.87
) 
9.80
 
Total from investment operations
5.45
 
6.71
 
5.14
 
4.96
 
(6.97
) 
10.19
 
Distributions paid to shareholders from:
Net investment income
(0.50
) 
(0.90
) 
(1.04
) 
(1.00
) 
(0.98
) 
(0.36
) 
Net asset value, end of period
$61.32
 
$56.37
 
$50.56
 
$46.46
 
$42.50
 
$50.45
 
Total return (b)
9.71
% 
13.35
% 
11.09
% 
11.84
% 
(13.75
)% 
25.12
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$36,792
 
$28,183
 
$25,280
 
$20,908
 
$19,127
 
$25,223
 
Ratio of total expenses to average net assets
0.83
% (c)
0.82
% (d)
0.88
% 
0.99
% 
1.04
% 
1.08
% 
Ratio of net expenses to average net assets
0.70
% (c)
0.71
% (d)
0.70
% 
0.70
% 
0.70
% 
0.70
% 
Ratio of net investment income (loss) to average net
assets
1.93
% (c)
1.68
% 
2.01
% 
2.22
% 
2.00
% 
0.84
% 
Portfolio turnover rate (e)
56
% 
132
% 
104
% 
104
% 
225
% (f)
98
% 
 
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.81% and
0.70%, respectively.
(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.
(f)
The variation in the portfolio turnover rate is due to the change in the Fund’s underlying index effective April 29, 2022, which resulted in a
complete rebalance of the Fund’s portfolio.
See Notes to Financial Statements
Page 16
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Dow 30 Equal Weight ETF (EDOW)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$41.35
$36.31
$32.64
$28.79
$31.75
$27.19
Income from investment operations:
Net investment income (loss)
0.30
 (a)
0.55
 (a)
0.58
 (a)
0.63
 (a)
0.55
 
0.48
 
Net realized and unrealized gain (loss)
2.74
 
5.03
 
3.69
 
3.85
 
(2.96
) 
4.56
 
Total from investment operations
3.04
 
5.58
 
4.27
 
4.48
 
(2.41
) 
5.04
 
Distributions paid to shareholders from:
Net investment income
(0.26
) 
(0.54
) 
(0.60
) 
(0.63
) 
(0.55
) 
(0.48
) 
Net asset value, end of period
$44.13
 
$41.35
 
$36.31
 
$32.64
 
$28.79
 
$31.75
 
Total return (b)
7.38
% 
15.47
% 
13.16
% 
15.74
% 
(7.52
)% 
18.63
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$306,582
 
$227,353
 
$230,517
 
$249,603
 
$158,274
 
$138,042
 
Ratio of total expenses to average net assets
0.50
% (c)
0.51
% (d)
0.50
% 
0.50
% 
0.50
% 
0.50
% 
Ratio of net investment income (loss) to
average net assets
1.44
% (c)
1.44
% 
1.68
% 
2.10
% 
1.95
% 
1.70
% 
Portfolio turnover rate (e)
12
% 
16
% 
28
% 
16
% 
17
% 
14
% 
 
(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)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.50%.
(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.
See Notes to Financial Statements
Page 17
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$35.66
$32.98
$27.81
$27.92
$35.55
$29.47
Income from investment operations:
Net investment income (loss)
0.15
 (a)
0.09
 (a)
0.25
 (a)
0.26
 (a)
0.38
 
0.17
 
Net realized and unrealized gain (loss)
5.17
 
2.70
 
5.19
 
(0.08
) (b)
(7.62
) 
6.07
 
Total from investment operations
5.32
 
2.79
 
5.44
 
0.18
 
(7.24
) 
6.24
 
Distributions paid to shareholders from:
Net investment income
(0.14
) 
(0.11
) 
(0.27
) 
(0.29
) 
(0.39
) 
(0.16
) 
Net asset value, end of period
$40.84
 
$35.66
 
$32.98
 
$27.81
 
$27.92
 
$35.55
 
Total return (c)
14.96
% 
8.47
% 
19.60
% 
0.68
% (b)
(20.37
)% 
21.22
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$57,180
 
$53,486
 
$70,897
 
$83,420
 
$268,025
 
$663,005
 
Ratio of total expenses to average net assets
0.65
% (d)
0.66
% (e)
0.65
% 
0.65
% 
0.65
% 
0.65
% 
Ratio of net investment income (loss) to average
net assets
0.81
% (d)
0.26
% 
0.81
% 
0.97
% 
1.13
% 
0.52
% 
Portfolio turnover rate (f)
181
% 
371
% 
431
% 
562
% 
379
% 
307
% 
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $25,082 in connection with a trade error, which represents $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)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.65%.
(f)
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 18
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
Period
Ended
12/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$27.64
$24.08
$22.03
$20.13
Income from investment operations:
Net investment income (loss) (b)
0.20
 
0.40
 
0.38
 
0.14
 
Net realized and unrealized gain (loss)
(0.67
) 
3.57
 
2.09
 
1.92
 
Total from investment operations
(0.47
) 
3.97
 
2.47
 
2.06
 
Distributions paid to shareholders from:
Net investment income
(0.19
) 
(0.41
) 
(0.42
) 
(0.16
) 
Net asset value, end of period
$26.98
 
$27.64
 
$24.08
 
$22.03
 
Total return (c)
(1.68
)% 
16.62
% 
11.28
% 
10.23
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$1,349
 
$1,382
 
$1,204
 
$1,102
 
Ratio of total expenses to average net assets
0.60
% (d)
0.61
% (e)
0.60
% 
0.60
% (d)
Ratio of net investment income (loss) to average net assets
1.50
% (d)
1.58
% 
1.60
% 
1.91
% (d)
Portfolio turnover rate (f)
43
% 
78
% 
63
% 
37
% 
 
(a)
Inception date is August 23, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.60%.
(f)
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 19
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the four funds (each a “Fund” and collectively, the “Funds”) listed below:
 
First Trust Dividend StrengthTM ETF – (Nasdaq, Inc. (“Nasdaq”) ticker “FTDS”)
First Trust Dow 30 Equal Weight ETF – (NYSE Arca, Inc. (“NYSE Arca”) ticker “EDOW”)
First Trust Lunt U.S. Factor Rotation ETF – (Cboe BZX Exchange, Inc. ticker “FCTR”)
First Trust S&P 500 Diversified Free Cash Flow ETF – (NYSE Arca ticker “FCFY”)
FCFY operates as a non-diversified series of the Trust. Each of FTDS, EDOW, and FCTR 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 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 Dividend StrengthTM ETF
The Dividend StrengthTM Index
First Trust Dow 30 Equal Weight ETF
Dow Jones Industrial Average® Equal Weight Index
First Trust Lunt U.S. Factor Rotation ETF
Lunt Capital Large Cap Factor Rotation Index
First Trust S&P 500 Diversified Free Cash Flow ETF
S&P 500® Sector-Neutral FCF Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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 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.
Shares of open-end funds are valued based on NAV per share.
Page 20
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
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)
a review 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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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 on the accrual basis.
Page 21
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 real estate investment trusts (“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 of each Fund, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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 December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Dividend StrengthTM ETF
$426,167
$—
$—
First Trust Dow 30 Equal Weight ETF
3,248,728
—
—
First Trust Lunt U.S. Factor Rotation ETF
196,925
—
—
First Trust S&P 500 Diversified Free Cash Flow ETF
20,426
—
—
As of December 31, 2025, 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 Dividend StrengthTM ETF
$6,457
$(4,787,242
)
$1,827,160
First Trust Dow 30 Equal Weight ETF
306
(13,698,462
)
33,129,163
First Trust Lunt U.S. Factor Rotation ETF
—
(155,501,205
)
2,884,640
First Trust S&P 500 Diversified Free Cash Flow ETF
—
(130,791
)
24,581
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. For FTDS, EDOW, and FCTR, the taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. For FCFY, the taxable period ended 2023, and taxable years ended 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, 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.
Page 22
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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 December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Dividend StrengthTM ETF
$4,787,242
First Trust Dow 30 Equal Weight ETF*
13,698,462
First Trust Lunt U.S. Factor Rotation ETF
155,501,205
First Trust S&P 500 Diversified Free Cash Flow ETF
130,791
 
*
$3,196,504 of First Trust Dow 30 Equal Weight ETF’s non-expiring net capital losses is subject to loss limitation resulting from
reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of $212,620 per year.
During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust Dow 30 Equal Weight ETF
$483,117
First Trust Lunt U.S. Factor Rotation ETF
3,073,817
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.
As of June 30, 2026, 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 Dividend StrengthTM ETF
$34,232,879
$3,954,930
$(1,417,587
)
$2,537,343
First Trust Dow 30 Equal Weight ETF
267,332,711
52,208,994
(13,043,659
)
39,165,335
First Trust Lunt U.S. Factor Rotation ETF
51,072,246
8,728,964
(2,620,846
)
6,108,118
First Trust S&P 500 Diversified Free Cash Flow ETF
1,342,112
110,722
(104,903
)
5,819
E. Expenses
Expenses that are directly related to First Trust Dividend StrengthTM ETF (the “Non-Unitary Fee Fund”) are charged directly to the Fund. Expenses for First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF, and First Trust S&P 500 Diversified Free Cash Flow ETF (the “Unitary Fee Funds”), other than excluded expenses (discussed in Note 3), are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.
First Trust has entered into licensing agreements with each of the following “Licensors” for the respective Funds:
 
Fund
Licensor
First Trust Dividend StrengthTM ETF
Nasdaq, Inc.
First Trust Dow 30 Equal Weight ETF
S&P Dow Jones Indices LLC
First Trust Lunt U.S. Factor Rotation ETF
Lunt Capital Management, Inc.
First Trust S&P 500 Diversified Free Cash Flow ETF
S&P Dow Jones Indices LLC
Page 23
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 respective Licensors. The Funds are sub-licensees to the applicable license agreements. The Funds, except for the Unitary Fee Funds, are required to pay licensing fees, which are shown on the Statements of Operations. The licensing fees for the Unitary Fee Funds are paid by First Trust from the unitary investment advisory fees it receives from each of these Funds.
F. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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.
The management fee payable by First Trust Dividend StrengthTM ETF to First Trust for these services will be reduced at certain levels of First Trust Dividend StrengthTM ETF’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.5000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.4875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.4750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.4625
%
Fund net assets greater than $10 billion up to and including $15 billion
0.4500
%
Fund net assets greater than $15 billion
0.4250
%
For the First Trust Dividend StrengthTM ETF, the Trust and the Advisor have entered into an Expense Reimbursement and Fee Waiver Agreement in which First Trust has agreed to waive a portion of its management fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the “Expense Cap”). The Expense Cap will be in effect until at least April 30, 2028.
For the Unitary Fee Funds, First Trust is paid an annual unitary management fee of such Fund’s average daily net assets and is responsible for the expenses of such 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, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
EDOW
FCTR
FCFY
Fund net assets up to and including $2.5 billion
0.5000
%
0.65000
%
0.600
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.4875
%
0.63375
%
0.585
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.4750
%
0.61750
%
0.570
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.4625
%
0.60125
%
0.555
%
Fund net assets greater than $10 billion up to and including $15 billion
0.4500
%
0.58500
%
0.540
%
Fund net assets greater than $15 billion
0.4250
%
0.55250
%
0.510
%
Page 24
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Dividend StrengthTM ETF
$17,717,187
$17,677,015
First Trust Dow 30 Equal Weight ETF
35,671,241
35,143,256
First Trust Lunt U.S. Factor Rotation ETF
97,886,347
97,789,325
First Trust S&P 500 Diversified Free Cash Flow ETF
577,740
667,426
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Dividend StrengthTM ETF
$17,876,143
$11,912,804
First Trust Dow 30 Equal Weight ETF
102,496,619
41,906,319
First Trust Lunt U.S. Factor Rotation ETF
—
3,633,921
First Trust S&P 500 Diversified Free Cash Flow ETF
1,317,395
1,247,623
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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.
Page 25
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 April 30, 2027.
7. 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.
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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 26
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
For the Non-Unitary Fee Fund (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Dividend Strength ETF (FTDS)
First Trust Dow 30 Equal Weight ETF (EDOW)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. 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 13, 2026 and June 7–8, 2026, 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 advisory fee rate schedule payable by FTDS and the unitary fee rate schedules payable by each of EDOW, FCTR and FCFY (each a “Unitary Fee Fund” and collectively, the “Unitary Fee Funds”) 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 13, 2026, 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 7–8, 2026 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 Agreement, the Board had received sufficient
Page 27
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing FTDS’s advisory fee and the Unitary Fee Funds’ unitary fees.
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 13, 2026 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 Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
With respect to FTDS, the Board considered the advisory fee rate schedule payable by FTDS under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for FTDS through April 30, 2028. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in FTDS’s Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because FTDS’s Expense Group included peer funds that pay 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 total (net) expense ratio for FTDS was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to FTDS’s Expense Group, the Board 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 FTDS and other non-ETF clients that limited their comparability. In considering the advisory fee rate schedule for FTDS 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 FTDS and the other funds in the First Trust Fund Complex.
With respect to each Unitary Fee Fund, the Board considered the unitary fee rate schedule payable by each Fund under the 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 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 Unitary Fee Funds’ 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 Unitary Fee 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 total (net) expense ratio for each Unitary Fee Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups for the Unitary Fee Funds, the Board 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 Unitary Fee Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules for the Unitary Fee Funds 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 Unitary Fee 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 also received and reviewed information for periods ended December 31, 2025 regarding the performance of each Fund’s underlying index,
Page 28
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 FTDS, the Board noted that during 2022, it approved changes to the Fund’s investment objective and, effective April 29, 2022, the Fund changed its name and ticker symbol and began tracking The Dividend Strength™ Index, and that the performance information included a blend of the old and new indexes. Based on the information provided for each Fund 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 benchmark index. However, 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 fees and expenses of FTDS, the unitary fees of the Unitary Fee Funds and the performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for FTDS and the unitary fee for each Unitary Fee Fund continue 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 Agreement.
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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory fee rate schedule for FTDS and the unitary fee rate schedule for each Unitary Fee Fund include breakpoints pursuant to which the fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. For the Unitary Fee Funds, the Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Unitary Fee Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Unitary Fee Funds. The Board concluded that the advisory fee rate schedule for FTDS and the unitary fee rate schedule for each Unitary Fee Fund reflect an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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, 2025 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 the exposure of their products 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 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 Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Disclaimers
Nasdaq® and The Dividend StrengthTM 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 Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
Dow Jones Industrial Average® Equal Weight Index and S&P 500® Sector-Neutral FCF Index (“S&P Dow Jones Indexes”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Funds are 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 products nor do they have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indexes.
Lunt Capital Management, Inc. (“Lunt”) and the Lunt Capital Large Cap Factor Rotation Index (“Lunt Index”) are trademarks of Lunt and have been licensed for use for certain purposes by First Trust. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt
Page 29
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly, or the ability of the Lunt Index to track general stock performance.
Page 30
 
 
 
Semi-Annual Consolidated
Financial Statements
and Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
 
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Table of Contents 
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Semi-Annual Consolidated Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that FT Vest Gold Strategy Quarterly Buffer ETF (the “Fund”) will achieve its investment objective. The 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 the Fund.
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.
First Trust Advisors L.P., the Fund’s advisor, may also periodically provide additional information on Fund performance on the Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund’s performance and investment approach.
The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Portfolio of Investments
June 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 100.1%
$48,397,700
U.S. Treasury Bill (a)
(b)
08/27/26
$48,116,776
(Cost $48,121,774)
 
 
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.7%
319,181
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (c)
319,181
(Cost $319,181)
Total Investments — 100.8%
48,435,957
(Cost $48,440,955)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1.4%
Call Options Purchased — 1.4%
1,229
SPDR® Gold Shares
$45,273,902
$396.26
08/31/26
655,905
(Cost $4,159,609)
 
 
WRITTEN OPTIONS — (2.2)%
Call Options Written — (0.2)%
(1,229)
SPDR® Gold Shares
(45,273,902
)
453.58
08/31/26
(88,132
)
(Premiums received $930,889)
 
 
Put Options Written — (2.0)%
(1,229)
SPDR® Gold Shares
(45,273,902
)
354.55
08/31/26
(970,271
)
(Premiums received $285,678)
 
 
Total Written Options
(1,058,403
)
(Premiums received $1,216,567)
Net Other Assets and Liabilities — 0.0%
11,049
Net Assets — 100.0%
$48,044,508
 
(a)
All or a portion of this security is segregated as collateral for the options written. At June 30, 2026, the segregated value of this
security amounts to $7,254,645.
(b)
Zero coupon security.
(c)
Rate shown reflects yield as of June 30, 2026.
See Notes to Consolidated Financial Statements
Page 1
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$48,116,776
$—
$48,116,776
$—
Money Market Funds
319,181
319,181
—
—
Total Investments
48,435,957
319,181
48,116,776
—
Purchased Options
655,905
—
655,905
—
Total
$49,091,862
$319,181
$48,772,681
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(1,058,403
)
$—
$(1,058,403
)
$—
See Notes to Consolidated Financial Statements
Page 2
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Statement of Assets and Liabilities
June 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$48,435,957
Options contracts purchased, at value
655,905
Cash
20,265
Due from broker
1,398
Cash segregated as collateral
25,000
Dividends receivable
937
Total Assets
49,139,462
 
LIABILITIES:
Options contracts written, at value
1,058,403
Investment advisory fees payable
36,551
Total Liabilities
1,094,954
NET ASSETS
$48,044,508
 
NET ASSETS consist of:
Paid-in capital
$50,095,560
Par value
29,500
Accumulated distributable earnings (loss)
(2,080,552
)
NET ASSETS
$48,044,508
NET ASSET VALUE, per share
$16.29
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
2,950,002
Investments, at cost
$48,440,955
Premiums paid on options contracts purchased
$4,159,609
Premiums received on options contracts written
$1,216,567
See Notes to Consolidated Financial Statements
Page 3
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Statement of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$835,205
Dividends
44,057
Total investment income
879,262
 
EXPENSES:
Investment advisory fees
227,864
 
Total expenses
227,864
NET INVESTMENT INCOME (LOSS)
651,398
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
1,225
Purchased options contracts
6,392,155
Written options contracts
(5,061,614
)
Net realized gain (loss)
1,331,766
Net change in unrealized appreciation (depreciation) on:
Investments
(17,116
)
Purchased options contracts
(3,996,275
)
Written options contracts
(58,104
)
Net change in unrealized appreciation (depreciation)
(4,071,495
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(2,739,729
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(2,088,331
)
See Notes to Consolidated Financial Statements
Page 4
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Statements of Changes in Net Assets
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$651,398
$1,874,521
Net realized gain (loss)
1,331,766
15,925,448
Net change in unrealized appreciation (depreciation)
(4,071,495
)
1,269,489
Net increase (decrease) in net assets resulting from operations
(2,088,331
)
19,069,458
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
—
(18,524,885
)
Return of capital
—
(3,846,160
)
Total distributions to shareholders
—
(22,371,045
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
9,754,784
 
62,066,626
 
Cost of shares redeemed
(12,589,760
) 
(57,179,167
) 
Net increase (decrease) in net assets resulting from shareholder transactions
(2,834,976
)
4,887,459
Total increase (decrease) in net assets
(4,923,307
)
1,585,872
 
NET ASSETS:
Beginning of period
52,967,815
51,381,943
End of period
$48,044,508
$52,967,815
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
3,100,002
2,800,002
Shares sold
550,000
2,900,000
Shares redeemed
(700,000
)
(2,600,000
)
Shares outstanding, end of period
2,950,002
3,100,002
See Notes to Consolidated Financial Statements
Page 5
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
Consolidated Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
Period
Ended
12/31/2021 (a)
 
2025
2024
2023
2022
Net asset value, beginning of period
$17.09
$18.35
$18.81
$18.40
$18.93
$19.99
Income from investment operations:
Net investment income (loss)
0.22
 (b)
0.62
 (b)
0.77
 (b)
0.74
 (b)
0.08
 
(0.08
) 
Net realized and unrealized gain (loss)
(1.02
) 
5.70
 
3.37
 
1.64
 
(0.54
) 
(0.98
) 
Total from investment operations
(0.80
) 
6.32
 
4.14
 
2.38
 
(0.46
) 
(1.06
) 
Distributions paid to shareholders from:
Net investment income
—
 
(6.28
) 
(4.15
) 
(1.67
) 
(0.05
) 
—
 
Return of capital
—
 
(1.30
) 
(0.45
) 
(0.30
) 
(0.02
) 
—
 
Total distributions
—
 
(7.58
) 
(4.60
) 
(1.97
) 
(0.07
) 
—
 
Net asset value, end of period
$16.29
 
$17.09
 
$18.35
 
$18.81
 
$18.40
 
$18.93
 
Total return (c)
(4.68
)% 
34.46
% 
21.87
% 
13.15
% 
(2.41
)% 
(5.30
)% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$48,045
 
$52,968
 
$51,382
 
$29,156
 
$12,879
 
$17,980
 
Ratio of total expenses to average net assets
0.90
% (d) (e)
0.91
% (e) (f)
0.90
% (e)
0.90
% 
0.90
% 
0.90
% (d)
Ratio of net expenses to average net assets
0.90
% (d) (e)
0.90
% (e)
0.90
% (e)
0.90
% 
0.90
% 
0.90
% (d)
Ratio of net investment income (loss) to average
net assets
2.57
% (d) (e)
2.86
% (e)
3.77
% (e)
3.82
% 
0.37
% 
(0.87
)% (d)
Portfolio turnover rate (g)
0
% 
0
% 
0
% 
0
% 
0
% 
0
% 
 
(a)
Inception date is January 20, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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. The total returns would have been lower if certain
expenses had not been reimbursed by the investment advisor and sub-advisor.
(d)
Annualized.
(e)
Ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund’s proportionate
share of expenses and income of underlying investment companies in which the Fund invests.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total expenses ratio would have been 0.90%.
(g)
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, derivatives and in-kind transactions.
See Notes to Consolidated Financial Statements
Page 6
Notes to Consolidated Financial Statements
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the FT Vest Gold Strategy Quarterly Buffer ETF (the “Fund”), a non-diversified series of the Trust, which trades under the ticker “BGLD” on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the 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 Fund is an actively managed exchange-traded fund. The Fund’s investment objective is to seek to provide investors with returns (before fees and expenses) that match the price return of the SPDR® Gold Trust (the “Underlying ETF”), up to a predetermined upside cap of 8.74% while providing a buffer (before fees and expenses) against Underlying ETF losses between -5% and -15% over the period from June 1, 2026 through August 31, 2026 (the “Target Outcome Period”). Prior to June 1, 2026, the Fund’s investment objective included an upside cap of 11.51% and 8.92% and a Target Outcome Period of March 2, 2026 to May 29, 2026 and December 1, 2025 to February 27, 2026, respectively. Under normal market conditions, the Fund will invest substantially all of its assets in U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the “Subsidiary”) that holds FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund does not invest directly in FLEX Options on the Underlying ETF. The Fund gains exposure to these investments exclusively by investing in the Subsidiary. The Fund will invest up to approximately 25% of its total assets in the Subsidiary. As of June 30, 2026 the Fund invested 14.35% of the Fund’s total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.
2. Significant Accounting Policies
The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated 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 consolidated financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
The 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. The Fund’s NAV is calculated 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 shares outstanding.
The 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 Fund’s 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 Consolidated Portfolio of Investments. The Fund’s investments are valued as follows:
Exchange-traded options contracts (other than FLEX Option 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 ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on
Page 7
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.
U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust’s Board of Trustees.
Shares of open-end funds are valued based on NAV per share.
If the Fund’s investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust’s Board of Trustees or its delegate, the Advisor’s Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.
Valuing the Fund’s holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary’s holdings will be valued in the same manner as the Fund’s holdings.
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. 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 the Fund’s investments as of June 30, 2026, is included with the Fund’s Consolidated Portfolio of Investments.
B. Investment Transactions and Investment Income
Investment transactions are recorded as of the trade date. Realized gains and losses from investment 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. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
C. FLEX Options
FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.
The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.
When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in “Options contracts written, at value” on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented
Page 8
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
separately as “Net realized gain (loss) on written options contracts” on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in “Options contracts purchased, at value” on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in “Net realized gain (loss) on purchased options contracts” on the Consolidated Statement of Operations.
D. Dividends and Distributions to Shareholders
Dividends from net investment income of the Fund, if any, are declared and paid annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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 consolidated 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 significantly modified portfolio securities held by the Fund 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 consolidated financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$18,524,885
Capital gains
—
Return of capital
3,846,160
As of December 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$—
Accumulated capital and other gain (loss)
(11,956
)
Net unrealized appreciation (depreciation)
727,132
E. Income Taxes
The 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 (the “Code”), 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, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
The Fund is 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. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund’s consolidated financial statements for uncertain tax positions.
The Fund intends to utilize provisions of the federal income tax laws, which allow it 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 Fund is 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 December 31, 2025, for federal income tax purposes, the Fund had $5,000 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund’s shareholders.
During the taxable year ended December 31, 2025, the Fund utilized $0 of capital loss carryforwards.
Page 9
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund had no net late year ordinary or capital losses.
As of June 30, 2026, 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)
$51,383,997
$842,757
$(4,193,295
)
$(3,350,538
)
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
G. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Fund, 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 ongoing monitoring of the Fund’s and the Subsidiary’s investment portfolios, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.
First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit 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. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.9000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.8775
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.8550
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.8325
%
Fund net assets greater than $10 billion
0.8100
%
The Subsidiary does not pay First Trust a separate management fee.
Vest Financial LLC (“Vest”), an affiliate of First Trust, serves as the Fund’s sub-advisor and manages the Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund’s assets and will pay Vest for its services as the Fund’s sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund’s expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.
Page 10
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.
For the six months ended June 30, 2026, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by the Subsidiary at June 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Consolidated
Statement of Assets and
Liabilities Location
Value
Consolidated
Statement of Assets and
Liabilities Location
Value
Options contracts
Commodity Risk
Options contracts
purchased, at value
$655,905
Options contracts written,
at value
$1,058,403
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2026, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
Consolidated Statement of Operations Location
Commodity Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$6,392,155
Written options contracts
(5,061,614
)
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
(3,996,275
)
Written options contracts
(58,104
)
During the six months ended June 30, 2026, the premiums for purchased options contracts opened were $8,943,647 and the premiums for purchased options contracts closed, exercised and expired were $8,802,778.
During the six months ended June 30, 2026, the premiums for written options contracts opened were $2,960,665 and the premiums for written options contracts closed, exercised and expired were $2,830,781.
Page 11
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.
6. Creations, Redemptions and Transaction Fees
The 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 the Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation 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 the 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 the 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 the Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund’s shares at or close to the NAV per share of the Fund.
The 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 the 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.
The 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 the 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 the 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, the 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 Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of 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 Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.
8. 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.
9. Subsequent Event
Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there was the following subsequent event:
Page 12
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
Effective on or about July 31, 2026, the fiscal year end for the Fund changed from December 31 to September 30. In connection with this change, effective on or about July 31, 2026, the fiscal year-end of the Subsidiary, FT Cayman Subsidiary V, also changed from December 31 to September 30.
Page 13
Other Information
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Fund’s accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of the Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Fund Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the FT Vest Gold Strategy Quarterly Buffer ETF (the “Fund”) and the Investment Sub-Advisory Agreement (the “Fund Sub-Advisory Agreement” and together with the Fund Advisory Agreement, the “Fund Agreements”) among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the “Sub-Advisor”). The Board approved the continuation of the Fund Agreements for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. Because the Fund invests in options contracts through a wholly-owned subsidiary of the Fund (the “Subsidiary”), the Board, including the Independent Trustees, also approved the continuation of an Investment Management Agreement (the “Subsidiary Advisory Agreement”) with the Advisor on behalf of the Subsidiary and an Investment Sub-Advisory Agreement (the “Subsidiary Sub-Advisory Agreement” and together with the Subsidiary Advisory Agreement, the “Subsidiary Agreements”) among the Subsidiary, the Advisor and the Sub-Advisor. The Fund Agreements and the Subsidiary Agreements are referred to herein collectively as the “Agreements.” The Board determined that the continuation of the Agreements 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, 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 13, 2026 and June 7–8, 2026, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-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 and the Sub-Advisor to the Fund and the Subsidiary (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by the 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 sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for the Fund, including comparisons of the 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 the Fund and the Subsidiary and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 13, 2026, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-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 7–8, 2026 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor, among the Trust, the Advisor and the Sub-Advisor, between the Subsidiary and the Advisor and among the Subsidiary, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund’s perspective. The Board determined that, given the totality of the information
Page 14
Other Information (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
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 the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. The Board considered that the Advisor is responsible for the overall management and administration of the Trust, the Fund and the Subsidiary and reviewed all of the services provided by the Advisor to the Fund and the Subsidiary, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor’s day-to-day management of the Fund’s and the Subsidiary’s investments, 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, the Sub-Advisor’s and the Fund’s compliance with the 1940 Act, as well as the 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 Fund. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 13, 2026 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 Fund and the other funds in the First Trust Fund Complex. With respect to the Fund Sub-Advisory Agreement and the Subsidiary Sub-Advisory Agreement, the Board noted that the Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund’s and the Subsidiary’s investments. In addition to the written materials provided by the Sub-Advisor, at the April 13, 2026 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to the Fund and the Subsidiary, including the Sub-Advisor’s day-to-day management of the Fund’s and the Subsidiary’s investments. In considering the Sub-Advisor’s management of the Fund and the Subsidiary, the Board noted the background and experience of the Sub-Advisor’s portfolio management team. 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, the Fund and the Subsidiary by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by the Fund under the Fund Advisory Agreement for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from the unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Fund Advisory 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 noted that the Advisor receives no compensation under the Subsidiary Advisory Agreement, that the Advisor pays the expenses of the Subsidiary and that no compensation is paid to the Sub-Advisor under the Subsidiary Sub-Advisory Agreement. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the 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 total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. 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 Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedule 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 the Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund’s performance. The Board also received and reviewed information comparing the Fund’s performance for periods ended December 31, 2025 to the performance of the funds in the Performance Universe and to that of a benchmark index. The Board noted that the Fund is a target outcome ETF that seeks to provide investors with returns (before fees and expenses) over a defined period of time (typically one quarter of a year) that match the price return of the SPDR Gold Trust (“GLD”), up to a predetermined cap, while providing a buffer
Page 15
Other Information (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
(before fees and expenses) against certain losses on the price return of GLD. The Board considered information provided by the Sub-Advisor on the Fund’s performance during its four quarterly target outcome periods for the year ended February 28, 2026 and noted that the Fund delivered on its target outcome objective.
On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the 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 Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2025 and the estimated profitability level for the 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 the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP the exposure of their products to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
The Board considered the Sub-Advisor’s statement that it believes that the sub-advisory fee for the Fund is appropriate. The Board noted the Sub-Advisor’s statements that it continues to invest in infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to the Fund will remain approximately the same for the next twelve months. The Board noted that the Advisor pays the Sub-Advisor from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that the Fund’s sub-advisory fee was the product of an arm’s length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Fund, and noted the Sub-Advisor’s statements that it is the Sub-Advisor’s policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board also noted the Sub-Advisor’s statement that its affiliation with each Fund may position the Sub-Advisor to negotiate more favorable terms, pricing or service levels than it otherwise could and contribute to the Sub-Advisor’s total assets under management. The Board also noted the Sub-Advisor’s statement that the foregoing may enhance its reputation and visibility among institutional investors, consultants and investment professionals. The Board concluded that the character and amount of potential indirect benefits to the Sub-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 the Fund. No single factor was determinative in the Board’s analysis.
Disclaimer
The Fund is not sponsored, endorsed, sold or promoted by SPDR® Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to
Page 16
Other Information (Continued)
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD)
June 30, 2026 (Unaudited)
be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.
Page 17
 
 
 
Semi-Annual Consolidated
Financial Statements
and Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
 
FT Vest Gold Strategy Target Income ETF® (IGLD)
Table of Contents 
FT Vest Gold Strategy Target Income ETF® (IGLD)
Semi-Annual Consolidated Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that FT Vest Gold Strategy Target Income ETF® (the “Fund”) will achieve its investment objective. The 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 the Fund.
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.
First Trust Advisors L.P., the Fund’s advisor, may also periodically provide additional information on Fund performance on the Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund’s performance and investment approach.
The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Portfolio of Investments
June 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 152.1%
$793,468,000
U.S. Treasury Bill (a)
(b)
11/27/26
$781,103,452
(Cost $781,901,655)
 
 
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.6%
3,027,423
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (c)
3,027,423
(Cost $3,027,423)
Total Investments — 152.7%
784,130,875
(Cost $784,929,078)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 0.2%
Call Options Purchased — 0.2%
13,652
SPDR® Gold Shares
$502,912,376
$581.82
11/30/26
1,228,680
(Cost $5,822,066)
 
 
WRITTEN OPTIONS — (54.9)%
Call Options Written — (0.6)%
(2,920)
SPDR® Gold Shares
(107,566,960
)
368.38
07/31/26
(3,217,840
)
(Premiums received $3,213,254)
 
 
Put Options Written — (54.3)%
(13,652)
SPDR® Gold Shares
(502,912,376
)
581.82
11/30/26
(278,828,448
)
(Premiums received $237,365,371)
 
 
Total Written Options
(282,046,288
)
(Premiums received $240,578,625)
Net Other Assets and Liabilities — 2.0%
10,054,276
Net Assets — 100.0%
$513,367,543
 
(a)
All or a portion of this security is segregated as collateral for the options written. At June 30, 2026, the segregated value of this
security amounts to $364,939,261.
(b)
Zero coupon security.
(c)
Rate shown reflects yield as of June 30, 2026.
See Notes to Consolidated Financial Statements
Page 1
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Consolidated Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$781,103,452
$—
$781,103,452
$—
Money Market Funds
3,027,423
3,027,423
—
—
Total Investments
784,130,875
3,027,423
781,103,452
—
Purchased Options
1,228,680
—
1,228,680
—
Total
$785,359,555
$3,027,423
$782,332,132
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(282,046,288
)
$—
$(282,046,288
)
$—
See Notes to Consolidated Financial Statements
Page 2
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Statement of Assets and Liabilities
June 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$784,130,875
Options contracts purchased, at value
1,228,680
Due from broker
300
Cash segregated as collateral
75,000
Receivables:
Investment securities sold
17,308,613
Dividends
9,986
Total Assets
802,753,454
 
LIABILITIES:
Options contracts written, at value
282,046,288
Payables:
Investment securities purchased
4,861,106
Capital shares redeemed
2,095,378
Investment advisory fees
383,139
Total Liabilities
289,385,911
NET ASSETS
$513,367,543
 
NET ASSETS consist of:
Paid-in capital
$563,350,914
Par value
245,000
Accumulated distributable earnings (loss)
(50,228,371
)
NET ASSETS
$513,367,543
NET ASSET VALUE, per share
$20.95
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
24,500,002
Investments, at cost
$784,929,078
Premiums paid on options contracts purchased
$5,822,066
Premiums received on options contracts written
$240,578,625
See Notes to Consolidated Financial Statements
Page 3
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Statement of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$13,239,541
Dividends
53,160
Total investment income
13,292,701
 
EXPENSES:
Investment advisory fees
2,418,395
 
Excise tax expense
1,910,864
Other expenses
4
Total expenses
4,329,263
NET INVESTMENT INCOME (LOSS)
8,963,438
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(115,622
)
Purchased options contracts
(2,114,025
)
Written options contracts
(9,798,382
)
Net realized gain (loss)
(12,028,029
)
Net change in unrealized appreciation (depreciation) on:
Investments
(1,487,841
)
Purchased options contracts
(4,102,297
)
Written options contracts
(48,289,739
)
Net change in unrealized appreciation (depreciation)
(53,879,877
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(65,907,906
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(56,944,468
)
See Notes to Consolidated Financial Statements
Page 4
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Statements of Changes in Net Assets
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$8,963,438
$9,991,374
Net realized gain (loss)
(12,028,029
)
76,999,861
Net change in unrealized appreciation (depreciation)
(53,879,877
)
9,449,217
Net increase (decrease) in net assets resulting from operations
(56,944,468
)
96,440,452
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(55,122,375
)
(33,271,675
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
260,526,013
 
346,356,328
 
Cost of shares redeemed
(82,206,427
) 
(93,307,347
) 
Net increase (decrease) in net assets resulting from shareholder transactions
178,319,586
253,048,981
Total increase (decrease) in net assets
66,252,743
316,217,758
 
NET ASSETS:
Beginning of period
447,114,800
130,897,042
End of period
$513,367,543
$447,114,800
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
17,950,002
6,950,002
Shares sold
10,100,000
15,300,000
Shares redeemed
(3,550,000
)
(4,300,000
)
Shares outstanding, end of period
24,500,002
17,950,002
See Notes to Consolidated Financial Statements
Page 5
FT Vest Gold Strategy Target Income ETF® (IGLD)
Consolidated Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
Period
Ended
12/31/2021 (a)
 
2025
2024
2023
2022
Net asset value, beginning of period
$24.91
$18.83
$19.28
$18.81
$20.31
$20.14
Income from investment operations:
Net investment income (loss)
0.39
 (b)
0.90
 (b)
1.11
 (b)
1.04
 (b)
0.14
 
(0.08
) 
Net realized and unrealized gain (loss)
(1.94
) 
7.66
 
2.37
 
0.94
 
(0.79
) 
0.71
 
Total from investment operations
(1.55
) 
8.56
 
3.48
 
1.98
 
(0.65
) 
0.63
 
Distributions paid to shareholders from:
Net investment income
(2.41
) 
(2.48
) 
(3.32
) 
(1.17
) 
—
 
—
 
Return of capital
—
 
—
 
(0.61
) 
(0.34
) 
(0.85
) 
(0.46
) 
Total distributions
(2.41
) 
(2.48
) 
(3.93
) 
(1.51
) 
(0.85
) 
(0.46
) 
Net asset value, end of period
$20.95
 
$24.91
 
$18.83
 
$19.28
 
$18.81
 
$20.31
 
Total return (c)
(7.59
)% 
47.39
% 
18.80
% 
10.95
% 
(3.26
)% 
3.14
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$513,368
 
$447,115
 
$130,897
 
$84,823
 
$38,570
 
$31,476
 
Ratio of total expenses to average net assets
1.52
% (d) (e)
0.86
% (e)
0.85
% 
0.85
% 
0.85
% 
0.85
% (d)
Ratio of net investment income (loss) to
average net assets
3.15
% (d)
3.95
% 
5.52
% 
5.47
% 
0.69
% 
(0.76
)% (d)
Portfolio turnover rate (f)
0
% 
0
% 
0
% 
0
% 
0
% 
0
% 
 
(a)
Inception date is March 2, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.85%.
(f)
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, derivatives and in-kind transactions.
See Notes to Consolidated Financial Statements
Page 6
Notes to Consolidated Financial Statements
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the FT Vest Gold Strategy Target Income ETF® (the “Fund”), a non-diversified series of the Trust, which trades under the ticker “IGLD” on Cboe BZX Exchange, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the 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 Fund is an actively managed exchange-traded fund. The Fund’s investment objective is to seek to deliver participation in the price returns of the SPDR® Gold Trust (the “Underlying ETF”) while providing a consistent level of income. The Fund’s investments principally include short-term U.S. Treasury securities, cash and cash equivalents, and the shares of a wholly-owned subsidiary (the “Subsidiary”) that holds FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. In seeking to achieve its objective, the Fund, through the Subsidiary, will generally purchase or sell FLEX Options. In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside. The Subsidiary is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund may invest up to 25% of its total assets in the Subsidiary. As of June 30, 2026, the Fund invested 16.28% of the Fund’s total assets in the Subsidiary. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.
2. Significant Accounting Policies
The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The consolidated financial statements include the accounts on a consolidated basis of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the consolidated financial statements. The preparation of the consolidated 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 consolidated financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
The 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. The Fund’s NAV is calculated 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 shares outstanding.
The 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 Fund’s 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 Consolidated Portfolio of Investments. The Fund’s investments are valued as follows:
Exchange-traded options contracts (other than FLEX Option 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 ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.
Page 7
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust’s Board of Trustees.
Shares of open-end funds are valued based on NAV per share.
If the Fund’s investments are not able to be priced by pre-established pricing methods, such investments may be valued by the Trust’s Board of Trustees or its delegate, the Advisor’s Pricing Committee, at fair value. A variety of factors may be considered in determining the fair value of such investments.
Valuing the Fund’s holdings using fair value pricing will result in using prices for those holdings that may differ from current market valuations. The Subsidiary’s holdings will be valued in the same manner as the Fund’s holdings.
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. 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 the Fund’s investments as of June 30, 2026, is included with the Fund’s Consolidated Portfolio of Investments.
B. Investment Transactions and Investment Income
Investment transactions are recorded as of the trade date. Realized gains and losses from investment 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. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
C. FLEX Options
FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.
The Fund, through the Subsidiary, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that the Subsidiary holds that reference the Underlying ETF will give the Subsidiary the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Subsidiary purchases or sells the option. The FLEX Options held by the Subsidiary are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.
When the Subsidiary writes (sells) an option, an amount equal to the premium received by the Subsidiary is included in “Options contracts written, at value” on the Consolidated Statement of Assets and Liabilities. Gain or loss on written options is presented separately as “Net realized gain (loss) on written options contracts” on the Consolidated Statement of Operations. When the Subsidiary purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in “Options
Page 8
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
contracts purchased, at value” on the Consolidated Statement of Assets and Liabilities. Gain or loss on purchased options is included in “Net realized gain (loss) on purchased options contracts” on the Consolidated Statement of Operations.
D. Dividends and Distributions to Shareholders
Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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 consolidated 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 Fund 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 consolidated financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$33,271,675
Capital gains
—
Return of capital
—
As of December 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$61,175,203
Accumulated capital and other gain (loss)
(70,780
)
Net unrealized appreciation (depreciation)
7,057,748
E. Income Taxes
The 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 (the “Code”), 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, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income, whether or not such earnings are distributed by the Subsidiary to the Fund. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
The Fund is 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. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund’s consolidated financial statements for uncertain tax positions.
The Fund intends to utilize provisions of the federal income tax laws, which allow it 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 Fund is 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 December 31, 2025, for federal income tax purposes, the Fund had $31,138 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund’s shareholders.
During the taxable year ended December 31, 2025, the Fund utilized $1,201 of capital loss carryforwards.
Page 9
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund had no net late year ordinary or capital losses.
As of June 30, 2026, 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)
$550,172,519
$—
$(46,859,252
)
$(46,859,252
)
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
G. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Fund, 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 ongoing monitoring of the Fund’s and the Subsidiary’s investment portfolios, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.
First Trust is responsible for the expenses of the Fund and the Subsidiary including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit 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. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.85000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.82875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.80750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.78625
%
Fund net assets greater than $10 billion
0.76500
%
The Subsidiary does not pay First Trust a separate management fee.
Vest Financial LLC (“Vest”, or the “Sub-Advisor”), an affiliate of First Trust, serves as the Fund’s sub-advisor and manages the Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of the Fund’s assets and will pay Vest for its services as the
Page 10
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
Fund’s sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund’s expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments, derivatives, and in-kind transactions, were $0 and $0, respectively.
For the six months ended June 30, 2026, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by the Subsidiary at June 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Consolidated Statement of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Consolidated
Statement of Assets and
Liabilities Location
Value
Consolidated
Statement of Assets and
Liabilities Location
Value
Options contracts
Commodity Risk
Options contracts
purchased, at value
$1,228,680
Options contracts written,
at value
$282,046,288
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2026, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
Consolidated Statement of Operations Location
Commodity Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$(2,114,025
)
Written options contracts
(9,798,382
)
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
(4,102,297
)
Written options contracts
(48,289,739
)
During the six months ended June 30, 2026, the premiums for purchased options contracts opened were $5,494,151 and the premiums for purchased options contracts closed, exercised and expired were $4,618,774.
Page 11
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
During the six months ended June 30, 2026, the premiums for written options contracts opened were $104,077,615 and the premiums for written options contracts closed, exercised and expired were $64,845,194.
The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the Consolidated Statement of Assets and Liabilities.
6. Creations, Redemptions and Transaction Fees
The 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 the Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation 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 the 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 the 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 the Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund’s shares at or close to the NAV per share of the Fund.
The 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 the 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.
The 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 the 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 the 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, the 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 Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of 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 Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.
8. 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.
Page 12
Notes to Consolidated Financial Statements (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
9. Subsequent Event
Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there was the following subsequent event:
Effective on or about July 31, 2026, the fiscal year end for the Fund changed from December 31 to September 30. In connection with this change, effective on or about July 31, 2026, the fiscal year-end of the Subsidiary, FT Cayman Subsidiary V, also changed from December 31 to September 30.
Page 13
Other Information
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Fund’s accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of the Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Consolidated Statement of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Fund Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the FT Vest Gold Strategy Target Income ETF (the “Fund”) and the Investment Sub-Advisory Agreement (the “Fund Sub-Advisory Agreement” and together with the Fund Advisory Agreement, the “Fund Agreements”) among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the “Sub-Advisor”). The Board approved the continuation of the Fund Agreements for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. Because the Fund invests in options contracts through a wholly-owned subsidiary of the Fund (the “Subsidiary”), the Board, including the Independent Trustees, also approved the continuation of an Investment Management Agreement (the “Subsidiary Advisory Agreement”) with the Advisor on behalf of the Subsidiary and an Investment Sub-Advisory Agreement (the “Subsidiary Sub-Advisory Agreement” and together with the Subsidiary Advisory Agreement, the “Subsidiary Agreements”) among the Subsidiary, the Advisor and the Sub-Advisor. The Fund Agreements and the Subsidiary Agreements are referred to herein collectively as the “Agreements.” The Board determined that the continuation of the Agreements 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, 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 13, 2026 and June 7–8, 2026, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-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 and the Sub-Advisor to the Fund and the Subsidiary (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by the 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 sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for the Fund, including comparisons of the 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 the Fund and the Subsidiary and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 13, 2026, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-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 7–8, 2026 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor, among the Trust, the Advisor and the Sub-Advisor, between the Subsidiary and the Advisor and among the Subsidiary, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund’s perspective. The Board determined that, given the totality of the information
Page 14
Other Information (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
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 the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. The Board considered that the Advisor is responsible for the overall management and administration of the Trust, the Fund and the Subsidiary and reviewed all of the services provided by the Advisor to the Fund and the Subsidiary, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor’s day-to-day management of the Fund’s and the Subsidiary’s investments, 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, the Sub-Advisor’s and the Fund’s compliance with the 1940 Act, as well as the 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 Fund. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 13, 2026 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 Fund and the other funds in the First Trust Fund Complex. With respect to the Fund Sub-Advisory Agreement and the Subsidiary Sub-Advisory Agreement, the Board noted that the Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund’s and the Subsidiary’s investments. In addition to the written materials provided by the Sub-Advisor, at the April 13, 2026 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to the Fund and the Subsidiary, including the Sub-Advisor’s day-to-day management of the Fund’s and the Subsidiary’s investments. In considering the Sub-Advisor’s management of the Fund and the Subsidiary, the Board noted the background and experience of the Sub-Advisor’s portfolio management team. 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, the Fund and the Subsidiary by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by the Fund under the Fund Advisory Agreement for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from the unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Fund Advisory 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 noted that the Advisor receives no compensation under the Subsidiary Advisory Agreement, that the Advisor pays the expenses of the Subsidiary and that no compensation is paid to the Sub-Advisor under the Subsidiary Sub-Advisory Agreement. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the 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 total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. 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 Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedule 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 the Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund’s performance. The Board also received and reviewed information comparing the Fund’s performance for periods ended December 31, 2025 to the performance of the funds in the Performance Universe and to that of a benchmark index. The Board considered that the Fund follows an options-based strategy that seeks to deliver participation in the price returns of the SPDR Gold Trust while providing a consistent level of income, and took this strategy into account when considering the comparative performance information.
Page 15
Other Information (Continued)
FT Vest Gold Strategy Target Income ETF® (IGLD)
June 30, 2026 (Unaudited)
On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the 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 Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2025 and the estimated profitability level for the 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 the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP the exposure of their products to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board also noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
The Board considered the Sub-Advisor’s statement that it believes that the sub-advisory fee for the Fund is appropriate. The Board noted the Sub-Advisor’s statements that it continues to invest in infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to the Fund will remain approximately the same for the next twelve months. The Board noted that the Advisor pays the Sub-Advisor from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that the Fund’s sub-advisory fee was the product of an arm’s length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Fund, and noted the Sub-Advisor’s statements that it is the Sub-Advisor’s policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board also noted the Sub-Advisor’s statement that its affiliation with each Fund may position the Sub-Advisor to negotiate more favorable terms, pricing or service levels than it otherwise could and contribute to the Sub-Advisor’s total assets under management. The Board also noted the Sub-Advisor’s statement that the foregoing may enhance its reputation and visibility among institutional investors, consultants and investment professionals. The Board concluded that the character and amount of potential indirect benefits to the Sub-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 the Fund. No single factor was determinative in the Board’s analysis.
Disclaimer
The Fund is not sponsored, endorsed, sold or promoted by SPDR® Gold Trust and World Gold Trust Services, LLC, (together with their affiliates hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the Fund or the FLEX Options or results to be obtained by the Fund or the FLEX Options, shareholders or any other person or entity from use of the Underlying ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.
Page 16
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
 
First Trust WCM Developing World Equity ETF (WCME)
First Trust WCM International Equity ETF (WCMI)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust WCM Developing World Equity ETF (WCME)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 98.0%
Bermuda — 2.2%
2,062
Credicorp Ltd.
$803,314
Brazil — 9.9%
252,033
B3 S.A. - Brasil Bolsa Balcao
(BRL)
709,381
165,222
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
948,643
17,625
Embraer S.A., ADR
1,124,475
81,515
PRIO S.A. (BRL) (c)
823,472
 
3,605,971
Cayman Islands — 16.1%
45,455
Alibaba Group Holding Ltd.
(HKD)
538,133
51,223
Baidu, Inc., Class A (HKD) (c)
715,816
147,283
GDS Holdings Ltd., Class A
(HKD) (c)
530,327
85,059
Inter & Co., Inc., Class A
461,870
47,880
NU Holdings Ltd., Class A (c)
639,677
5,843
PDD Holdings, Inc., ADR (c)
445,704
5,893
Sea Ltd., ADR (c)
564,726
124,562
Shenzhou International Group
Holdings Ltd. (HKD)
625,125
6,958
Tencent Holdings Ltd. (HKD)
381,309
219,630
Wuxi Biologics Cayman, Inc.
(HKD) (c) (d) (e)
968,933
 
5,871,620
China — 5.6%
80,390
BYD Co., Ltd., Class H (HKD)
742,620
15,500
Contemporary Amperex
Technology Co., Ltd., Class A
(CNY)
897,759
1,018,748
Shandong Weigao Group
Medical Polymer Co., Ltd.,
Class H (HKD)
411,767
 
2,052,146
Hong Kong — 2.0%
79,884
AIA Group Ltd. (HKD)
727,760
India — 1.8%
22,257
ICICI Bank Ltd., ADR
646,121
Israel — 3.7%
39,954
Teva Pharmaceutical Industries
Ltd., ADR (c)
1,353,642
Jersey — 2.9%
156,293
Glencore PLC (GBP)
1,065,186
Kazakhstan — 1.9%
7,813
Kaspi.KZ JSC, ADR
676,918
Malaysia — 2.5%
436,900
IHH Healthcare Bhd (MYR)
900,052
Shares
Description
Value
 
Mexico — 4.2%
81,829
Cemex S.A.B. de C.V., ADR
$981,948
8,511
Vista Energy S.A.B. de C.V.,
ADR (c)
543,002
 
1,524,950
Panama — 2.6%
5,970
Copa Holdings S.A., Class A
928,753
South Korea — 22.8%
8,804
Hyundai Rotem Co., Ltd.
(KRW)
983,084
8,837
KB Financial Group, Inc.
(KRW)
906,915
8,183
Samsung Electronics Co., Ltd.
(KRW)
1,764,101
1,362
SK hynix, Inc. (KRW)
2,329,633
2,103
SK Square Co., Ltd. (KRW)
2,303,486
 
8,287,219
Taiwan — 15.2%
64,006
Taiwan Semiconductor
Manufacturing Co., Ltd.
(TWD)
4,842,166
16,366
Universal Microwave
Technology, Inc. (TWD)
685,845
 
5,528,011
United States — 4.6%
8,594
ACM Research, Inc., Class A (c)
1,090,492
33,183
Coupang, Inc. (c)
576,389
 
1,666,881
Total Investments — 98.0%
35,638,544
(Cost $32,415,635)
Net Other Assets and
Liabilities — 2.0%
718,914
Net Assets — 100.0%
$36,357,458
 
(a)
Portfolio securities are categorized based upon their country
of incorporation.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
See Notes to Financial Statements
Page 1
First Trust WCM Developing World Equity ETF (WCME)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
BRL
–  Brazilian Real
CNY
–  China Yuan Renminbi
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
KRW
–  South Korean Won
MYR
–  Malaysian Ringgit
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
USD
30.4%
KRW
23.3
HKD
15.8
TWD
15.5
BRL
7.0
GBP
3.0
MYR
2.5
CNY
2.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$35,638,544
$35,638,544
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 2
First Trust WCM International Equity ETF (WCMI)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 94.7%
Brazil — 2.8%
7,947,255
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP,
ADR
$45,935,134
Canada — 8.3%
809,470
Brookfield Corp.
34,475,327
251,765
Cameco Corp.
25,644,783
837,922
Canadian Natural Resources Ltd.
33,097,919
23,285
Constellation Software, Inc.
(CAD)
43,836,383
 
137,054,412
Cayman Islands — 5.7%
174,561
Alibaba Group Holding Ltd.,
ADR
16,754,365
219,333
Baidu, Inc., ADR (c)
25,067,569
1,108,962
Kanzhun Ltd., ADR
14,272,341
106,905
PDD Holdings, Inc., ADR (c)
8,154,713
6,591,090
Wuxi Biologics Cayman, Inc.
(HKD) (c) (d) (e)
29,077,658
 
93,326,646
Curacao — 1.8%
645,956
SLB Ltd.
30,030,494
Denmark — 1.8%
631,040
Novo Nordisk A/S, ADR
30,252,058
France — 2.7%
493,302
Societe Generale S.A. (EUR)
43,609,204
Germany — 8.6%
555,362
Bayer AG (EUR)
30,718,778
2,597,045
Evotec SE (EUR) (c)
14,830,931
101,205
Heidelberg Materials AG (EUR)
19,299,719
41,034
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(EUR)
22,903,461
284,426
Siemens Energy AG (EUR)
53,882,348
 
141,635,237
Guernsey — 0.9%
2,394,923
Genius Sports Ltd. (c)
14,513,233
Israel — 3.1%
1,499,296
Teva Pharmaceutical Industries
Ltd., ADR (c)
50,796,149
Italy — 3.0%
1,753,593
Lottomatica Group S.p.A. (EUR)
48,688,654
Japan — 13.2%
2,808,500
Japan Exchange Group, Inc.
(JPY)
35,323,242
192,300
Kioxia Holdings Corp. (JPY) (c)
106,063,926
Shares
Description
Value
 
Japan (Continued)
697,100
Mizuho Financial Group, Inc.
(JPY)
$33,196,871
2,076,397
Sony Group Corp., ADR
41,652,524
 
216,236,563
Jersey — 2.6%
3,393,243
Glencore PLC (GBP)
23,126,030
1,627,392
Wise Group PLC, Class A
(GBP) (c)
19,518,601
 
42,644,631
Kazakhstan — 0.8%
157,932
Kaspi.KZ JSC, ADR
13,683,229
Netherlands — 5.8%
276,996
Nebius Group N.V. (c)
76,497,985
446,315
Prosus N.V. (EUR)
19,373,294
 
95,871,279
South Korea — 2.0%
319,782
KB Financial Group, Inc.
(KRW)
32,818,265
Sweden — 1.7%
655,343
Sandvik AB (SEK)
27,027,868
Switzerland — 4.8%
233,347
Bunge Global S.A.
24,905,125
63,337
Chubb Ltd.
21,581,449
663,278
UBS Group AG
32,872,058
 
79,358,632
Taiwan — 7.2%
1,563,031
Taiwan Semiconductor
Manufacturing Co., Ltd.
(TWD)
118,246,032
United Kingdom — 17.9%
4,361,084
Babcock International
Group PLC (GBP)
55,059,488
424,184
British American Tobacco PLC
(GBP)
26,315,624
7,849,626
Convatec Group PLC
(GBP) (d) (e)
22,386,152
5,827,730
Haleon PLC (GBP)
26,877,949
5,074,770
Rentokil Initial PLC (GBP)
28,716,350
5,556,658
Rolls-Royce Holdings PLC
(GBP)
106,476,384
4,636,268
Tesco PLC (GBP)
28,209,104
 
294,041,051
Total Investments — 94.7%
1,555,768,771
(Cost $1,377,547,679)
Net Other Assets and
Liabilities — 5.3%
86,849,685
Net Assets — 100.0%
$1,642,618,456
 
See Notes to Financial Statements
Page 3
First Trust WCM International Equity ETF (WCMI)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(a)
Portfolio securities are categorized based upon their country
of incorporation.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CAD
–  Canadian Dollar
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
JPY
–  Japanese Yen
KRW
–  South Korean Won
SEK
–  Swedish Krona
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
USD
34.7%
GBP
21.7
EUR
16.3
JPY
11.2
TWD
7.6
CAD
2.8
KRW
2.1
HKD
1.9
SEK
1.7
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,555,768,771
$1,555,768,771
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 4
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
First Trust
WCM
Developing
World Equity
ETF
(WCME)
First Trust
WCM
International
Equity ETF
(WCMI)
ASSETS:
Investments, at value
$35,638,544
$1,555,768,771
Cash
39,833
86,421,190
Foreign currency, at value
903,062
24
Due from broker
—
5,049
Receivables:
Investment securities sold
1,071,232
—
Dividends
44,526
952,701
Capital shares sold
—
5,306
Reclaims
—
546,523
Total Assets
37,697,197
1,643,699,564
 
LIABILITIES:
Payables:
Investment securities purchased
1,311,384
—
Investment advisory fees
28,355
1,081,108
Total Liabilities
1,339,739
1,081,108
NET ASSETS
$36,357,458
$1,642,618,456
 
NET ASSETS consist of:
Paid-in capital
$32,154,991
$1,453,232,314
Par value
18,813
847,504
Accumulated distributable earnings (loss)
4,183,654
188,538,638
NET ASSETS
$36,357,458
$1,642,618,456
NET ASSET VALUE, per share
$19.33
$19.38
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per
share)
1,881,339
84,750,443
Investments, at cost
$32,415,635
$1,377,547,679
Foreign currency, at cost (proceeds)
$903,060
$14
See Notes to Financial Statements
Page 5
First Trust Exchange-Traded Fund
Statements of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust
WCM
Developing
World Equity
ETF
(WCME)
First Trust
WCM
International
Equity ETF
(WCMI)
INVESTMENT INCOME:
Dividends
$233,200
$10,389,667
Foreign withholding tax
(10,570
)
(1,032,707
)
Total investment income
222,630
9,356,960
 
EXPENSES:
Investment advisory fees
132,424
 
4,922,162
 
Other expenses
—
5
Total expenses
132,424
4,922,167
NET INVESTMENT INCOME (LOSS)
90,206
4,434,793
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
349,284
(4,641,760
)
In-kind redemptions
714,467
25,889,578
Foreign currency transactions
36,598
33,246
Net realized gain (loss)
1,100,349
21,281,064
Net increase from payment by the advisor
47,853
—
Net change in unrealized appreciation (depreciation) on:
Investments
1,748,808
133,297,752
Foreign currency translation
(2,661
)
(11,863
)
Net change in unrealized appreciation (depreciation)
1,746,147
133,285,889
NET REALIZED AND UNREALIZED GAIN (LOSS)
2,894,349
154,566,953
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$2,984,555
$159,001,746
See Notes to Financial Statements
Page 6
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
First Trust WCM Developing
World Equity ETF (WCME)
First Trust WCM International
Equity ETF (WCMI)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$90,206
$69,842
$4,434,793
$3,067,599
Net realized gain (loss)
1,100,349
471,655
21,281,064
24,171,784
Net increase from payment by the advisor
47,853
6,992
—
—
Net change in unrealized appreciation (depreciation)
1,746,147
1,444,585
133,285,889
42,992,295
Net increase (decrease) in net assets resulting from
operations
2,984,555
1,993,074
159,001,746
70,231,678
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(98,206
)
(63,850
)
(3,922,341
)
(3,911,419
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
22,029,698
 
14,954,293
 
766,721,305
 
889,725,909
 
Cost of shares redeemed
(6,283,990
) 
(1,481,326
) 
(71,889,915
) 
(217,738,763
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
15,745,708
13,472,967
694,831,390
671,987,146
Total increase (decrease) in net assets
18,632,057
15,402,191
849,910,795
738,307,405
 
NET ASSETS:
Beginning of period
17,725,401
2,323,210
792,707,661
54,400,256
End of period
$36,357,458
$17,725,401
$1,642,618,456
$792,707,661
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
1,031,339
181,339
46,700,443
4,150,443
Shares sold
1,200,000
950,000
41,950,000
56,100,000
Shares redeemed
(350,000
)
(100,000
)
(3,900,000
)
(13,550,000
)
Shares outstanding, end of period
1,881,339
1,031,339
84,750,443
46,700,443
See Notes to Financial Statements
Page 7
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout each period
First Trust WCM Developing World Equity ETF (WCME)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
For the Period
5/1/2022
through
12/31/2022(a) (b)
Year Ended April 30,
 
2025
2024(a)
2023(a)
2022(a)
2021(a)
 







Net asset value, beginning of
period
$17.19
$12.81
$12.82
$12.18
$12.88
$15.15
$10.99
Income from investment
operations:
Net investment income (loss) (c)
0.06
 
0.13
 
0.19
 
0.15
 
0.09
 
0.06
 
—
 
Net realized and unrealized gain
(loss)
2.13
 (d)
4.37
 (d)
(0.13
) 
0.68
 
(0.63
) 
(1.85
) 
4.60
 
Total from investment operations
2.19
4.50
0.06
0.83
(0.54
)
(1.79
)
4.60
Distributions paid to
shareholders from:
From net investment income
(0.05
) 
(0.12
) 
(0.07
) 
(0.19
) 
(0.16
) 
(0.01
) 
(0.03
) 
From net realized gain
—
 
—
 
—
 
—
 
—
 
(0.47
) 
(0.41
) 
Total distributions
(0.05
) 
(0.12
) 
(0.07
) 
(0.19
) 
(0.16
) 
(0.48
) 
(0.44
) 
Net asset value, end of period
$19.33
 
$17.19
 
$12.81
 
$12.82
 
$12.18
 
$12.88
 
$15.15
 
Total return (e)
12.75
% (d)
35.20
% (d)
0.45
% 
6.86
% 
(4.22
)% 
(12.06
)% 
41.73
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000’s)
$36,357
 
$17,725
 
$2,323
 
$1,901
 
$1,896
 
$2,767
 
$1,495
 
Ratio of total expenses to average
net assets
0.95
% (f)
0.96
% (g)
12.30
% 
15.41
% (h)
13.75
% (f)
13.00
% 
31.88
% 
Ratio of net expenses to average
net assets
0.95
% (f)
0.96
% (g)
1.01
% (i)
1.19
% (h) (j)
1.25
% (f)
1.25
% 
1.25
% 
Ratio of net investment income
(loss) to average net assets
0.65
% (f)
0.84
% 
1.44
% 
1.23
% 
1.18
% (f)
0.40
% 
0.01
% 
Portfolio turnover rate (k)
40
% 
62
% 
85
% 
46
% 
30
% 
67
% 
41
% 
 
(a)
Results for periods prior to October 7, 2024 are for WCM Developing World Equity Fund - Institutional Class. The advisor prior to October 7,
2024 was WCM Investment Management, LLC.
(b)
Fiscal year end changed to December 31, effective December 14, 2022.
(c)
Based on average shares outstanding.
(d)
During the six months ended June 30, 2026 and the year ended December 31, 2026, the Fund received payments from the advisor in the amounts
of $47,853, and $6,992, respectively, in connection with a trade error, which represents $0.03 and $0.01, respectively, per share. Since the
advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(e)
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.
(f)
Annualized.
(g)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.95%.
(h)
If tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2023.
(i)
Effective October 7, 2024, there is no longer a fee waiver.
(j)
Effective October 1, 2023, the investment advisor to WCM Developing World Equity Fund (the “Predecessor Fund”) contractually agreed to
limit the annual operating expenses to 0.95%. Prior to October 1, 2023, the investment advisor to the Predecessor Fund had contractually agreed
to limit the annual operating expenses to 1.25%.
(k)
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 8
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust WCM International Equity ETF (WCMI)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
For the Period
5/1/2022
through
12/31/2022(a) (b)
Year Ended April 30,
 
2025
2024(a)
2023(a)
2022(a)
2021(a)
 







Net asset value, beginning of
period
$16.97
$13.11
$14.61
$13.26
$13.66
$14.92
$10.92
Income from investment
operations:
Net investment income (loss) (c)
0.07
 
0.14
 
0.26
 
0.16
 
—
 
0.07
 
0.01
 
Net realized and unrealized gain
(loss)
2.39
 
3.85
 
0.25
 
1.65
 
(0.40
) 
(0.89
) 
4.23
 
Total from investment operations
2.46
3.99
0.51
1.81
(0.40
)
(0.82
)
4.24
Distributions paid to
shareholders from:
From net investment income
(0.05
) 
(0.12
) 
(0.39
) 
(0.13
) 
(0.00
) (d)
(0.03
) 
(0.02
) 
From net realized gain
—
 
(0.01
) 
(1.62
) 
(0.33
) 
(0.00
) (d)
(0.41
) 
(0.22
) 
Total distributions
(0.05
) 
(0.13
) 
(2.01
) 
(0.46
) 
(0.00
) 
(0.44
) 
(0.24
) 
Net asset value, end of period
$19.38
 
$16.97
 
$13.11
 
$14.61
 
$13.26
 
$13.66
 
$14.92
 
Total return (e)
14.48
% 
30.51
% 
3.48
% 
13.83
% 
(2.90
)% 
(5.74
)% 
38.83
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000’s)
$1,642,618
 
$792,708
 
$54,400
 
$86,960
 
$59,425
 
$4,731
 
$2,751
 
Ratio of total expenses to average
net assets
0.85
% (f)
0.86
% (g)
1.39
% 
1.48
% 
2.73
% (f)
7.67
% 
29.54
% 
Ratio of net expenses to average
net assets excluding interest
expense
0.85
% (f)
0.86
% (g)
0.86
% (h)
1.03
% (i)
1.25
% (f) (j)
1.25
% 
1.25
% 
Ratio of net investment income
(loss) to average net assets
0.77
% (f)
0.88
% 
1.72
% 
1.13
% 
0.04
% (f)
0.50
% 
0.08
% 
Portfolio turnover rate (k)
25
% 
111
% 
65
% 
39
% 
20
% 
59
% 
19
% 
 
(a)
Results for periods prior to October 7, 2024 are for WCM International Equity Fund - Institutional Class. The advisor prior to October 7, 2024
was WCM Investment Management, LLC.
(b)
Fiscal year end changed to December 31, effective December 14, 2022.
(c)
Based on average shares outstanding.
(d)
Amount represents less than $0.01.
(e)
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.
(f)
Annualized.
(g)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.85%.
(h)
Effective October 7, 2024, there is no longer a fee waiver.
(i)
Effective October 1, 2023, the investment advisor to WCM International Equity Fund (the “Predecessor Fund”) contractually agreed to limit the
annual operating expenses to 0.85%. Prior to October 1, 2023, the investment advisor to the Predecessor Fund had contractually agreed to limit
the annual operating expenses to 1.10%.
(j)
Effective December 31, 2022, the investment advisor to the Predecessor Fund contractually agreed to limit the annual operating expenses to
1.10%. Prior to December 31, 2022, the investment advisor to the Predecessor Fund had contractually agreed to limit the annual operating
expenses to 1.25%.
(k)
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 9
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the two Funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on the NYSE Arca, Inc.
 
First Trust WCM Developing World Equity ETF – (ticker “WCME”)
First Trust WCM International Equity ETF – (ticker “WCMI”)
WCME operates as a non-diversified series of the Trust. WCMI operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund is an actively managed exchange-traded fund representing 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.”
WCME’s investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries.
WCMI’s investment objective is to seek to provide investors with long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. domiciled companies / companies not located in the U.S.
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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 and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. (“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.
Page 10
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
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)
a review 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 last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
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 the 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.
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:
Page 11
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
•  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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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 except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded 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.
C. 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 shown 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 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.
D. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid semi-annually, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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.
Page 12
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust WCM Developing World Equity ETF
$63,850
$—
$—
First Trust WCM International Equity ETF
3,679,109
232,310
—
As of December 31, 2025, 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 WCM Developing World Equity ETF
$6,786
$(91,041
)
$1,381,560
First Trust WCM International Equity ETF
(739,996
)
(4,824,204
)
39,023,433
E. Income and Other 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.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
Capital Gains. India’s Finance Act, 2024 (“Finance Act, 2024”) was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax (“STT”) is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.
In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.
Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.
Buy back. Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20%
Page 13
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).
Dividend income. The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Interest income. Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).
Other income. Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
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. The taxable years April 30, 2022, and December 31, 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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 December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
 
Non-Expiring
Capital Loss
Carryforwards
First Trust WCM Developing World Equity ETF
$91,041
First Trust WCM International Equity ETF
4,824,204
During the taxable year ended December 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:
 
 
Capital
Loss
Utilized
First Trust WCM Developing World Equity ETF
$112,897
Page 14
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the following Fund incurred and elected to defer net late year ordinary or capital losses as follows:
 
 
Qualified Late Year Losses
 
Ordinary Losses
Capital Losses
First Trust WCM International Equity ETF
$739,996
$—
 
As of June 30, 2026, 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 WCM Developing World Equity ETF
$32,415,635
$6,550,172
$(3,327,263
)
$3,222,909
First Trust WCM International Equity ETF
1,377,547,679
256,152,359
(77,931,267
)
178,221,092
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
G. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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.
Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of each Fund’s assets and is responsible for the expenses of each Fund, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit, 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. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
WCME
WCMI
Fund net assets up to and including $2.5 billion
0.95000
%
0.85000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.92625
%
0.82875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.90250
%
0.80750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.87875
%
0.78625
%
Fund net assets greater than $10 billion
0.85500
%
0.76500
%
Page 15
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
During the six months ended June 30, 2026 and the fiscal year ended December 31, 2025, WCME received payments from the Advisor of $47,853 and $6,992, respectively, in connection with a trade error.
WCM Investment Management, LLC (“WCM” or the “Sub-Advisor”) serves as each Fund’s sub-advisor and manages each Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of each Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of each Fund, the Advisor and WCM, First Trust will supervise WCM and its management of the investment of each Fund’s assets and will pay WCM for its services as each Fund’s sub-advisor a sub-advisory fee equal to 50% of the monthly management fee paid to the Advisor, less its share of each Fund’s expenses.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust WCM Developing World Equity ETF
$22,784,833
$11,056,113
First Trust WCM International Equity ETF
315,135,896
282,559,080
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust WCM Developing World Equity ETF
$8,978,299
$5,218,385
First Trust WCM International Equity ETF
655,690,308
73,287,264
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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.
Page 16
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 April 30, 2027.
7. 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.
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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 17
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, the Advisor and WCM Investment Management, LLC (the “Sub-Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust WCM Developing World Equity ETF (WCME)
First Trust WCM International Equity ETF (WCMI)
The Board approved the continuation of the Agreements for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. The Board determined for each Fund that the continuation of the Agreements 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 13, 2026 and June 7–8, 2026, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-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 and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule 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 sub-advisory fee as compared to fees charged to other clients of the Sub-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 and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 13, 2026, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-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 7–8, 2026 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from each Fund’s perspective. The Board determined that, given the totality of the information provided with
Page 18
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 and the Sub-Advisor manage the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreements for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory 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, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor’s day-to-day management of each Fund’s investments, including portfolio risk monitoring and performance review. The Board considered that the Sub-Advisor is responsible for the selection and ongoing monitoring of the securities in the Funds’ investment portfolios, but that the Advisor executes each Fund’s portfolio trades. 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, the Sub-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 13, 2026 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. With respect to the Sub-Advisory Agreement, the Board noted that each Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund’s investments. The Board reviewed the materials provided by the Sub-Advisor and considered the services that the Sub-Advisor provides to each Fund, including the Sub-Advisor’s day-to-day management of the Funds’ investments. In considering the Sub-Advisor’s management of the Funds, the Board noted the background and experience of the Sub-Advisor’s portfolio management team, including the Board’s prior meetings with members of the portfolio management team. 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 and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services provided. The Board noted that the sub-advisory fee for each Fund is paid by the Advisor from the Fund’s unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and 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 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 and the Sub-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 total (net) expense ratio 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 discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that, for each Fund, not all peer funds employ an advisor/sub-advisor management structure. 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 rate schedules 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 and the Sub-Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board also received and reviewed information comparing each Fund’s performance for periods ended December 31, 2025 to the performance of the funds in its Performance Universe and to that of a benchmark index.
Page 19
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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, 2025 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 the exposure of their products 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 concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
The Board considered the Sub-Advisor’s statements that WCMI has benefited from economies of scale in certain aspects, however, WCME’s current asset levels remain too low to benefit from economies of scale. The Board also noted the Sub-Advisor has continued to build infrastructure, including technology, to improve the services to the Funds and expenses related to providing services are expected to remain approximately the same over the next twelve months. The Board noted that the Advisor pays the Sub-Advisor for each Fund from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that each Fund’s sub-advisory fee was the product of an arm’s length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to each Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Funds. The Board noted that the Sub-Advisor is not responsible for coordinating execution of Fund trades. The Board concluded that the character and amount of potential indirect benefits to the Sub-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.
Page 20
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Period
April 21, 2026
(Commencement of Operations)
through June 30, 2026
 
First Trust Exchange-Traded Fund
 
First Trust WCM Global Equity ETF (WCMG)
Table of Contents 
First Trust WCM Global Equity ETF (WCMG)
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust WCM Global Equity ETF (the “Fund”) will achieve its investment objective. The 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 the Fund.
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.
First Trust Advisors L.P., the Fund’s advisor, may also periodically provide additional information on Fund performance on the Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund’s performance and investment approach.
The material risks of investing in the Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust WCM Global Equity ETF (WCMG)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.0%
Bermuda — 0.9%
103
Arch Capital Group Ltd. (c)
$9,997
Canada — 5.3%
546
Brookfield Corp.
23,254
443
Canadian Natural Resources Ltd.
17,499
9
Constellation Software, Inc.
(CAD)
16,943
 
57,696
Cayman Islands — 3.8%
726
Alibaba Group Holding Ltd.
(HKD)
8,595
800
Baidu, Inc., Class A (HKD) (c)
11,180
4,783
Wuxi Biologics Cayman, Inc.
(HKD) (c) (d) (e)
21,101
 
40,876
Curacao — 1.7%
387
SLB Ltd.
17,992
Denmark — 1.8%
410
Novo Nordisk A/S, ADR
19,655
France — 1.9%
237
Societe Generale S.A. (EUR)
20,951
Germany — 6.7%
474
Bayer AG (EUR)
26,218
89
Heidelberg Materials AG (EUR)
16,972
153
Siemens Energy AG (EUR)
28,985
 
72,175
Guernsey — 0.9%
1,586
Genius Sports Ltd. (c)
9,611
Israel — 2.3%
722
Teva Pharmaceutical Industries
Ltd., ADR (c)
24,461
Italy — 1.6%
631
Lottomatica Group S.p.A. (EUR)
17,520
Japan — 6.0%
85
Kioxia Holdings Corp. (JPY) (c)
46,882
885
Sony Group Corp., ADR
17,753
 
64,635
Jersey — 1.7%
2,695
Glencore PLC (GBP)
18,367
Netherlands — 6.6%
258
Nebius Group N.V. (c)
71,252
South Korea — 1.8%
189
KB Financial Group, Inc., ADR
19,837
Switzerland — 4.7%
155
Bunge Global S.A.
16,543
45
Chubb Ltd.
15,334
388
UBS Group AG
19,229
 
51,106
Shares
Description
Value
 
Taiwan — 4.3%
74
Taiwan Semiconductor
Manufacturing Co., Ltd., ADR
$35,340
274
Universal Microwave
Technology, Inc. (TWD)
11,483
 
46,823
United Kingdom — 11.7%
2,240
Babcock International
Group PLC (GBP)
28,280
358
British American Tobacco PLC
(GBP)
22,210
2,106
Haleon PLC, ADR
19,649
2,942
Rolls-Royce Holdings PLC
(GBP)
56,375
 
126,514
United States — 35.3%
157
Alphabet, Inc., Class A
56,107
39
AppLovin Corp., Class A (c)
20,094
2,530
Brookdale Senior Living, Inc. (c)
40,708
27
CACI International, Inc.,
Class A (c)
12,508
253
eBay, Inc.
28,273
63
General Electric Co.
23,545
104
GoDaddy, Inc., Class A (c)
8,828
382
Interactive Brokers Group, Inc.,
Class A
33,249
777
Janus Living, Inc., Class A1
22,331
20
McKesson Corp.
15,112
64
Reinsurance Group of America,
Inc.
13,610
234
Tapestry, Inc.
34,253
104
Tenet Healthcare Corp. (c)
19,456
85
Valero Energy Corp.
22,137
50
Western Digital Corp.
31,936
 
382,147
Total Common Stocks
1,071,615
(Cost $975,305)
MONEY MARKET FUNDS — 1.0%
10,330
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (f)
10,330
(Cost $10,330)
Total Investments — 100.0%
1,081,945
(Cost $985,635)
Net Other Assets and
Liabilities — 0.0%
259
Net Assets — 100.0%
$1,082,204
 
See Notes to Financial Statements
Page 1
First Trust WCM Global Equity ETF (WCMG)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(a)
Portfolio securities are categorized based upon their country
of incorporation.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CAD
–  Canadian Dollar
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
JPY
–  Japanese Yen
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
USD
67.4%
GBP
11.6
EUR
10.2
JPY
4.3
HKD
3.8
CAD
1.6
TWD
1.1
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,071,615
$1,071,615
$—
$—
Money Market Funds
10,330
10,330
—
—
Total Investments
$1,081,945
$1,081,945
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 2
First Trust WCM Global Equity ETF (WCMG)
Statement of Assets and Liabilities
June 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$1,081,945
Receivables:
Dividends
531
Reclaims
470
Total Assets
1,082,946
 
LIABILITIES:
Investment advisory fees payable
742
Total Liabilities
742
NET ASSETS
$1,082,204
 
NET ASSETS consist of:
Paid-in capital
$982,719
Par value
500
Accumulated distributable earnings (loss)
98,985
NET ASSETS
$1,082,204
NET ASSET VALUE, per share
$21.64
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
50,002
Investments, at cost
$985,635
See Notes to Financial Statements
Page 3
First Trust WCM Global Equity ETF (WCMG)
Statement of Operations
For the Period Ended June 30, 2026 (a) (Unaudited)
 
INVESTMENT INCOME:
Dividends
$3,336
Foreign withholding tax
(309
)
Total investment income
3,027
 
EXPENSES:
Investment advisory fees
1,691
 
Total expenses
1,691
NET INVESTMENT INCOME (LOSS)
1,336
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
1,390
Foreign currency transactions
(50
)
Net realized gain (loss)
1,340
Net change in unrealized appreciation (depreciation) on:
Investments
96,310
Foreign currency translation
(1
)
Net change in unrealized appreciation (depreciation)
96,309
NET REALIZED AND UNREALIZED GAIN (LOSS)
97,649
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$98,985
 
(a)
Inception date is April 21, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 4
First Trust WCM Global Equity ETF (WCMG)
Statement of Changes in Net Assets
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
OPERATIONS:
Net investment income (loss)
$1,336
Net realized gain (loss)
1,340
Net change in unrealized appreciation (depreciation)
96,309
Net increase (decrease) in net assets resulting from operations
98,985
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
983,219
 
Cost of shares redeemed
—
 
Net increase (decrease) in net assets resulting from shareholder transactions
983,219
Total increase (decrease) in net assets
1,082,204
 
NET ASSETS:
Beginning of period
—
End of period
$1,082,204
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
—
Shares sold
50,002
Shares redeemed
—
Shares outstanding, end of period
50,002
 
(a)
Inception date is April 21, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 5
First Trust WCM Global Equity ETF (WCMG)
Financial Highlights
For a share outstanding throughout the period
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
 
Net asset value, beginning of period
$19.64
Income from investment operations:
Net investment income (loss) (b)
0.03
 
Net realized and unrealized gain (loss)
1.97
 
Total from investment operations
2.00
 
Net asset value, end of period
$21.64
 
Total return (c)
10.18
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$1,082
 
Ratio of total expenses to average net assets
0.85
% (d)
Ratio of net investment income (loss) to average net assets
0.67
% (d)
Portfolio turnover rate (e)
2
% 
 
(a)
Inception date is April 21, 2026, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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 return presented does 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.
See Notes to Financial Statements
Page 6
Notes to Financial Statements
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the First Trust WCM Global Equity ETF (the “Fund”), a non-diversified series of the Trust, which trades under the ticker “WCMG” on NYSE Arca, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the 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 Fund is an actively managed exchange-traded fund. The Fund seeks to provide investors with long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Such securities may be issued by companies located throughout the world, including the United States, and may include common stock and depositary receipts (including American Depositary Receipts, European Depositary Receipts, Canadian Depositary Receipts and Global Depositary Receipts).
2. Significant Accounting Policies
The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Fund 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
The 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. The Fund’s NAV is calculated 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 shares outstanding.
The 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 Fund’s 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. The Fund’s investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. (“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.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Page 7
Notes to Financial Statements (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
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 the 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)
a review 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 last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of the 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 the 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.
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. 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.
Page 8
Notes to Financial Statements (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
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 the Fund’s investments as of June 30, 2026, is included with the Fund’s Portfolio of Investments.
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 except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
C. Foreign Currency
The books and records of the Fund 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 Statement 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 shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statement 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 Statement of Operations. The portion of foreign currency gains 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 Statement of Operations.
D. Dividends and Distributions to Shareholders
Dividends from net investment income of the Fund, if any, are declared and paid semi-annually, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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 Fund 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.
E. Income Taxes
The Fund intends 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, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
Page 9
Notes to Financial Statements (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
The Fund is 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. As of June 30, 2026, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund’s financial statements for uncertain tax positions.
The Fund intends to utilize provisions of the federal income tax laws, which allow it 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 Fund is 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.
As of June 30, 2026, 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)
$985,635
$136,050
$(39,740
)
$96,310
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
G. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Fund, 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 the Fund’s portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.
Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund’s assets and is responsible for the Fund’s expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit, 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. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.85000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.82875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.80750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.78625
%
Fund net assets greater than $10 billion
0.76500
%
Page 10
Notes to Financial Statements (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
WCM Investment Management, LLC (“WCM” or the “Sub-Advisor”) serves as the Fund’s sub-advisor and manages the Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Fund, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and WCM, First Trust will supervise WCM and its management of the investment of the Fund’s assets and will pay WCM for its services as the Fund’s sub-advisor a sub-advisory fee equal to 50% of the monthly management fee paid to the Advisor, less its share of the Fund’s expenses.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for the Fund. As custodian, BNY is responsible for custody of the Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of the Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for the Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the period ended June 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $82,235 and $18,690, respectively.
For the period ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales were $910,370 and $0, respectively.
5. Creations, Redemptions and Transaction Fees
The 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 the Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, the Fund publishes through the National Securities Clearing Corporation 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 the 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 the 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 the Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund’s shares at or close to the NAV per share of the Fund.
The 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 the 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.
The 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 the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs,
Page 11
Notes to Financial Statements (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
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 the 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, the 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 Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of 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 Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 14, 2028.
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 Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 12
Other Information
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Fund’s accountants during the period ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of the Fund during the period ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of the Fund are compensated through the unitary management fee paid by the Fund to the advisor and not directly by the Fund. The investment advisory fee paid is included in the Statement of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, approved the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”), on behalf of First Trust WCM Global Equity ETF (the “Fund”), and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, on behalf of the Fund, the Advisor and WCM Investment Management, LLC (the “Sub-Advisor”), for an initial two-year term at a meeting held on March 9, 2026. The Board determined that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination, 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. To assist the Board in its evaluation of the Agreements for the Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Board meeting 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 to be provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by the 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 exchange-traded funds (“ETFs”) managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from the Fund’s perspective.
In evaluating whether to approve the Agreements for the Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that the Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor’s day-to-day management of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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, the Sub-Advisor’s and the Fund’s compliance with the 1940 Act, as well as the Fund’s compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the March 9, 2026 meeting, the Board also received a presentation from
Page 13
Other Information (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Fund, and the Trustees were able to ask questions about the proposed investment strategy for the Fund. The Board noted the background and experience of the Sub-Advisor’s portfolio management team and the Sub-Advisor’s investment style. In addition, the Board noted the historical performance of a separately managed account managed by the Sub-Advisor in the proposed investment strategy for the Fund. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.
The Board considered the proposed unitary fee rate schedule payable by the Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee starting at an annual rate of 0.85% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for the Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund’s unitary fee, less one-half of the Fund’s expenses that the Advisor and Sub-Advisor are responsible for, and that the sub-advisory fee would be reduced consistent with the breakpoints in the unitary fee rate schedule. The Board noted that the Advisor and the Sub-Advisor would be responsible for the Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions (such as dividend and distribution expenses from securities sold short and/or other investment-related costs), distribution and service fees payable 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 Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other ETFs. Because the Fund will pay 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 total (net) expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other clients, the Board considered the Advisor’s statement that the Fund will be unique to the ETF market and the First Trust Fund Complex, but will be most similar to other actively-managed ETFs sub-advised by the Sub-Advisor in the First Trust Fund Complex that provide investors with active global equity exposure and that have unitary fee rate schedules starting at annual rates of 0.85% of their average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Agreements, the Board determined that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.
The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Fund and whether the Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure, including technology, and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the proposed unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from the Fund’s unitary fee, that the sub-advisory fee would be reduced consistent with the breakpoints in the Fund’s unitary fee rate schedule and its understanding that the sub-advisory fee for the Fund was the product of an arm’s length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for the Fund under the Advisory Agreement. The Board considered the Advisor’s estimate of the asset level for the Fund at which the Advisor expects the Advisory Agreement to be profitable to the Advisor and the Advisor’s estimate of the profitability of the Advisory Agreement if the Fund’s assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s estimated profitability level for the Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. 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 Fund, may have had no dealings with the Advisor or FTP. The Board considered indirect benefits that may be realized by the Sub-Advisor from its relationship with the Fund, noting that
Page 14
Other Information (Continued)
First Trust WCM Global Equity ETF (WCMG)
June 30, 2026 (Unaudited)
the Sub-Advisor does not foresee any indirect benefits. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.
Page 15
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Period Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
 
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA)
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
MONEY MARKET FUNDS — 2.9%
24,397
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (a)
$24,397
(Cost $24,397)
Total Investments — 2.9%
24,397
(Cost $24,397)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1,529.4%
Call Options Purchased — 1.3%
47
Cboe Mini Bitcoin U.S. ETF Index
$650,574
$245.04
01/08/27
11,456
65
S&P 500® Mini Index
4,874,610
2,610.53
01/08/27
3
Total Call Options Purchased
11,459
(Cost $151,881)
Put Options Purchased — 1,528.1%
47
Cboe Mini Bitcoin U.S. ETF Index
650,574
181.12
01/08/27
202,084
65
S&P 500® Mini Index
4,874,610
2,784.56
01/08/27
12,819,354
Total Put Options Purchased
13,021,438
(Cost $13,032,283)
Total Purchased Options
13,032,897
(Cost $13,184,164)
WRITTEN OPTIONS — (1,432.2)%
Call Options Written — (1.2)%
(47)
Cboe Mini Bitcoin U.S. ETF Index
(650,574
)
272.87
01/08/27
(10,020
)
(65)
S&P 500® Mini Index
(4,874,610
)
2,784.56
01/08/27
(2
)
Total Call Options Written
(10,022
)
(Premiums received $114,338)
Put Options Written — (1,431.0)%
(47)
Cboe Mini Bitcoin U.S. ETF Index
(650,574
)
245.04
01/08/27
(479,260
)
(65)
S&P 500® Mini Index
(4,874,610
)
2,610.53
01/08/27
(11,715,288
)
Total Put Options Written
(12,194,548
)
(Premiums received $12,094,942)
Total Written Options
(12,204,570
)
(Premiums received $12,209,280)
Net Other Assets and Liabilities — (0.1)%
(571
)
Net Assets — 100.0%
$852,153
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 1
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Money Market Funds
$24,397
$24,397
$—
$—
Purchased Options
13,032,897
—
13,032,897
—
Total
$13,057,294
$24,397
$13,032,897
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(12,204,570
)
$—
$(12,204,570
)
$—
See Notes to Financial Statements
Page 2
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.8%
36,309
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (a)
$36,309
(Cost $36,309)
Total Investments — 1.8%
36,309
(Cost $36,309)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1,314.1%
Call Options Purchased — 6.2%
135
Cboe Mini Bitcoin U.S. ETF Index
$1,868,670
$183.98
04/09/27
127,854
152
S&P 500® Mini Index
11,399,088
2,436.71
04/09/27
46
Total Call Options Purchased
127,900
(Cost $370,197)
Put Options Purchased — 1,307.9%
135
Cboe Mini Bitcoin U.S. ETF Index
1,868,670
135.98
04/09/27
243,416
152
S&P 500® Mini Index
11,399,088
2,599.16
04/09/27
26,808,959
Total Put Options Purchased
27,052,375
(Cost $28,004,941)
Total Purchased Options
27,180,275
(Cost $28,375,138)
WRITTEN OPTIONS — (1,215.8)%
Call Options Written — (4.3)%
(135)
Cboe Mini Bitcoin U.S. ETF Index
(1,868,670
)
202.84
04/09/27
(89,136
)
(152)
S&P 500® Mini Index
(11,399,088
)
2,599.16
04/09/27
(32
)
Total Call Options Written
(89,168
)
(Premiums received $284,960)
Put Options Written — (1,211.5)%
(135)
Cboe Mini Bitcoin U.S. ETF Index
(1,868,670
)
183.98
04/09/27
(632,020
)
(152)
S&P 500® Mini Index
(11,399,088
)
2,436.71
04/09/27
(24,426,045
)
Total Put Options Written
(25,058,065
)
(Premiums received $25,986,725)
Total Written Options
(25,147,233
)
(Premiums received $26,271,685)
Net Other Assets and Liabilities — (0.1)%
(1,062
)
Net Assets — 100.0%
$2,068,289
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 3
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Money Market Funds
$36,309
$36,309
$—
$—
Purchased Options
27,180,275
—
27,180,275
—
Total
$27,216,584
$36,309
$27,180,275
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(25,147,233
)
$—
$(25,147,233
)
$—
See Notes to Financial Statements
Page 4
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
MONEY MARKET FUNDS — 2.1%
71,656
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (a)
$71,656
(Cost $71,656)
Total Investments — 2.1%
71,656
(Cost $71,656)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1,311.2%
Call Options Purchased — 14.8%
1,004
iShares Bitcoin Trust ETF
$3,342,316
$38.28
07/09/27
493,968
203
S&P 500® Mini Index
15,223,782
2,810.29
07/09/27
203
Total Call Options Purchased
494,171
(Cost $495,839)
Put Options Purchased — 1,296.4%
1,004
iShares Bitcoin Trust ETF
3,342,316
28.30
07/09/27
335,336
203
S&P 500® Mini Index
15,223,782
2,997.64
07/09/27
42,976,115
Total Put Options Purchased
43,311,451
(Cost $43,313,119)
Total Purchased Options
43,805,622
(Cost $43,808,958)
WRITTEN OPTIONS — (1,213.0)%
Call Options Written — (11.0)%
(1,004)
iShares Bitcoin Trust ETF
(3,342,316
)
42.55
07/09/27
(368,468
)
(203)
S&P 500® Mini Index
(15,223,782
)
2,997.64
07/09/27
(203
)
Total Call Options Written
(368,671
)
(Premiums received $367,360)
Put Options Written — (1,202.0)%
(1,004)
iShares Bitcoin Trust ETF
(3,342,316
)
38.28
07/09/27
(810,228
)
(203)
S&P 500® Mini Index
(15,223,782
)
2,810.29
07/09/27
(39,346,881
)
Total Put Options Written
(40,157,109
)
(Premiums received $40,155,424)
Total Written Options
(40,525,780
)
(Premiums received $40,522,784)
Net Other Assets and Liabilities — (0.3)%
(10,647
)
Net Assets — 100.0%
$3,340,851
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 5
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Money Market Funds
$71,656
$71,656
$—
$—
Purchased Options
43,805,622
—
43,805,622
—
Total
$43,877,278
$71,656
$43,805,622
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(40,525,780
)
$—
$(40,525,780
)
$—
See Notes to Financial Statements
Page 6
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.6%
123,376
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (a)
$123,376
(Cost $123,376)
Total Investments — 1.6%
123,376
(Cost $123,376)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1,566.2%
Call Options Purchased — 0.2%
333
Cboe Mini Bitcoin U.S. ETF Index
$4,609,386
$311.13
09/30/26
14,489
618
S&P 500® Mini Index
46,346,292
2,493.68
09/30/26
0
Total Call Options Purchased
14,489
(Cost $817,286)
Put Options Purchased — 1,566.0%
333
Cboe Mini Bitcoin U.S. ETF Index
4,609,386
229.97
09/30/26
2,973,633
618
S&P 500® Mini Index
46,346,292
2,659.92
09/30/26
116,355,816
Total Put Options Purchased
119,329,449
(Cost $118,217,630)
Total Purchased Options
119,343,938
(Cost $119,034,916)
WRITTEN OPTIONS — (1,467.7)%
Call Options Written — (0.1)%
(333)
Cboe Mini Bitcoin U.S. ETF Index
(4,609,386
)
347.55
09/30/26
(12,021
)
(618)
S&P 500® Mini Index
(46,346,292
)
2,659.92
09/30/26
(0
)
Total Call Options Written
(12,021
)
(Premiums received $677,593)
Put Options Written — (1,467.6)%
(333)
Cboe Mini Bitcoin U.S. ETF Index
(4,609,386
)
311.13
09/30/26
(5,633,821
)
(618)
S&P 500® Mini Index
(46,346,292
)
2,493.68
09/30/26
(106,196,193
)
Total Put Options Written
(111,830,014
)
(Premiums received $110,322,321)
Total Written Options
(111,842,035
)
(Premiums received $110,999,914)
Net Other Assets and Liabilities — (0.1)%
(5,270
)
Net Assets — 100.0%
$7,620,009
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 7
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Money Market Funds
$123,376
$123,376
$—
$—
Purchased Options
119,343,938
—
119,343,938
—
Total
$119,467,314
$123,376
$119,343,938
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(111,842,035
)
$—
$(111,842,035
)
$—
See Notes to Financial Statements
Page 8
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.8%
138,330
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (a)
$138,330
(Cost $138,330)
Total Investments — 0.8%
138,330
(Cost $138,330)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 1,724.0%
Call Options Purchased — 0.5%
4,749
iShares Bitcoin Trust ETF
$15,809,421
$49.94
09/30/26
71,235
1,249
S&P 500® Mini Index
93,667,506
2,810.29
09/30/26
1,249
Total Call Options Purchased
72,484
(Cost $80,893)
Put Options Purchased — 1,723.5%
1,249
S&P 500® Mini Index
93,667,506
2,997.64
09/30/26
276,673,484
(Cost $276,675,730)
 
 
Total Purchased Options
276,745,968
(Cost $276,756,623)
WRITTEN OPTIONS — (1,627.4)%
Call Options Written — (0.1)%
(157)
Cboe Mini Bitcoin U.S. ETF Index
(2,173,194
)
140.76
07/02/26
(13,770
)
(1,249)
S&P 500® Mini Index
(93,667,506
)
2,997.64
09/30/26
(1,249
)
Total Call Options Written
(15,019
)
(Premiums received $50,916)
Put Options Written — (1,627.3)%
(4,749)
iShares Bitcoin Trust ETF
(15,809,421
)
49.94
09/30/26
(7,688,631
)
(1,249)
S&P 500® Mini Index
(93,667,506
)
2,810.29
09/30/26
(253,542,004
)
Total Put Options Written
(261,230,635
)
(Premiums received $261,222,067)
Total Written Options
(261,245,654
)
(Premiums received $261,272,983)
Net Other Assets and Liabilities — 2.6%
414,001
Net Assets — 100.0%
$16,052,645
 
(a)
Rate shown reflects yield as of June 30, 2026.
See Notes to Financial Statements
Page 9
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Money Market Funds
$138,330
$138,330
$—
$—
Purchased Options
276,745,968
—
276,745,968
—
Total
$276,884,298
$138,330
$276,745,968
$—
 
LIABILITIES TABLE
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(261,245,654
)
$—
$(261,245,654
)
$—
See Notes to Financial Statements
Page 10
This page intentionally left blank.
Page 11
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
FT Vest Bitcoin
Strategy Floor15
ETF - January
(BFJA)
FT Vest Bitcoin
Strategy Floor15
ETF - April
(BFAP)
FT Vest Bitcoin
Strategy Floor15
ETF - July
(BFJL)
FT Vest Bitcoin
Strategy Floor15
ETF - October
(BFOC)
ASSETS:
Investments, at value
$24,397
$36,309
$71,656
$123,376
Options contracts purchased, at value
13,032,897
27,180,275
43,805,622
119,343,938
Due from broker
4
286
302
7
Receivables:
Dividends
71
101
208
360
Investment securities sold
—
—
91,423,004
—
Total Assets
13,057,369
27,216,971
135,300,792
119,467,681
 
LIABILITIES:
Options contracts written, at value
12,204,570
25,147,233
40,525,780
111,842,035
Payables:
Investment advisory fees
646
1,449
2,474
5,637
Investment securities purchased
—
—
91,431,687
—
Total Liabilities
12,205,216
25,148,682
131,959,941
111,847,672
NET ASSETS
$852,153
$2,068,289
$3,340,851
$7,620,009
 
NET ASSETS consist of:
Paid-in capital
$1,001,795
$2,361,314
$4,143,422
$8,607,702
Par value
500
1,500
2,000
4,500
Accumulated distributable earnings (loss)
(150,142
)
(294,525
)
(804,571
)
(992,193
)
NET ASSETS
$852,153
$2,068,289
$3,340,851
$7,620,009
NET ASSET VALUE, per share
$17.04
$13.79
$16.70
$16.93
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
50,002
150,002
200,002
450,002
Investments, at cost
$24,397
$36,309
$71,656
$123,376
Premiums paid on options contracts purchased
$13,184,164
$28,375,138
$43,808,958
$119,034,916
Premiums received on options contracts written
$12,209,280
$26,271,685
$40,522,784
$110,999,914
See Notes to Financial Statements
Page 12
 
FT Vest Bitcoin
Strategy &
Target Income
ETF
(DFII)
$138,330
276,745,968
37,739
450
576,515,326
853,437,813
261,245,654
12,079
576,127,435
837,385,168
$16,052,645
$29,285,194
14,500
(13,247,049
)
$16,052,645
$11.07
1,450,002
$138,330
$276,756,623
$261,272,983
See Notes to Financial Statements
Page 13
First Trust Exchange-Traded Fund
Statements of Operations
For the Period Ended June 30, 2026 (Unaudited)
 
 
FT Vest Bitcoin
Strategy Floor15
ETF - January
(BFJA) (a)
FT Vest Bitcoin
Strategy Floor15
ETF - April
(BFAP)
FT Vest Bitcoin
Strategy Floor15
ETF - July
(BFJL)
FT Vest Bitcoin
Strategy Floor15
ETF - October
(BFOC)
INVESTMENT INCOME:
Dividends
$427
$448
$1,542
$2,424
Total investment income
427
448
1,542
2,424
 
EXPENSES:
Investment advisory fees
3,898
 
7,368
 
15,122
 
34,921
 
Total expenses
3,898
7,368
15,122
34,921
NET INVESTMENT INCOME (LOSS)
(3,471
)
(6,920
)
(13,580
)
(32,497
)
 
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Purchased options contracts
(114
)
152,090
(95,883
)
—
Written options contracts
—
599,260
(204,600
)
—
Net realized gain (loss)
(114
)
751,350
(300,483
)
—
Net change in unrealized appreciation (depreciation)
on:
Purchased options contracts
(151,267
)
(709,971
)
226,075
(112,058
)
Written options contracts
4,710
(478,390
)
(250,826
)
(438,811
)
Net change in unrealized appreciation (depreciation)
(146,557
)
(1,188,361
)
(24,751
)
(550,869
)
NET REALIZED AND UNREALIZED GAIN
(LOSS)
(146,671
)
(437,011
)
(325,234
)
(550,869
)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS
$(150,142
)
$(443,931
)
$(338,814
)
$(583,366
)
 
(a)
Inception date is January 9, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 14
 
FT Vest Bitcoin
Strategy &
Target Income
ETF
(DFII)
$3,465
3,465
78,171
 
78,171
(74,706
)
(1,564,414
)
(5,363,687
)
(6,928,101
)
(3,630
)
34,630
31,000
(6,897,101
)
$(6,971,807
)
See Notes to Financial Statements
Page 15
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
FT Vest Bitcoin
Strategy
Floor15 ETF -
January
(BFJA)
FT Vest Bitcoin Strategy Floor15
ETF - April (BFAP)
 
Period
Ended
6/30/2026 (a)
(Unaudited)
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (b)
OPERATIONS:
Net investment income (loss)
$(3,471
)
$(6,920
)
$(33,948
)
Net realized gain (loss)
(114
)
751,350
(590,259
)
Net change in unrealized appreciation (depreciation)
(146,557
)
(1,188,361
)
1,117,950
Net increase (decrease) in net assets resulting from operations
(150,142
)
(443,931
)
493,743
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
—
—
(344,337
)
Return of capital
—
—
—
Total distributions to shareholders
—
—
(344,337
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
1,002,295
 
696,127
 
43,439,554
 
Cost of shares redeemed
—
 
—
 
(41,772,867
) 
Net increase (decrease) in net assets resulting from shareholder transactions
1,002,295
696,127
1,666,687
Total increase (decrease) in net assets
852,153
252,196
1,816,093
 
NET ASSETS:
Beginning of period
—
1,816,093
—
End of period
$852,153
$2,068,289
$1,816,093
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
—
100,002
—
Shares sold
50,002
50,000
1,850,002
Shares redeemed
—
—
(1,750,000
)
Shares outstanding, end of period
50,002
150,002
100,002
 
(a)
Inception date is January 9, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
(b)
Inception date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
(c)
Inception date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
(d)
Inception date is September 30, 2025, which is consistent with the commencement of investment operations and is the date the
initial creation units were established.
(e)
Inception date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 16
 
FT Vest Bitcoin Strategy Floor15 ETF -
July (BFJL)
FT Vest Bitcoin Strategy Floor15 ETF -
October (BFOC)
FT Vest Bitcoin Strategy & Target
Income ETF (DFII)
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (c)
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (d)
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (e)
$(13,580
)
$(11,326
)
$(32,497
)
$(8,839
)
$(74,706
)
$(61,852
)
(300,483
)
(424,090
)
—
(418,630
)
(6,928,101
)
(3,829,659
)
(24,751
)
18,419
(550,869
)
17,770
31,000
(14,326
)
(338,814
)
(416,997
)
(583,366
)
(409,699
)
(6,971,807
)
(3,905,837
)
—
(48,760
)
—
—
(1,654,673
)
(714,732
)
—
—
—
—
—
(536,459
)
—
(48,760
)
—
—
(1,654,673
)
(1,251,191
)
1,873,912
 
4,090,139
 
846,967
 
9,530,066
 
6,045,841
 
23,790,312
 
(912,770
) 
(905,859
) 
(846,967
) 
(916,992
) 
—
 
—
 
961,142
3,184,280
—
8,613,074
6,045,841
23,790,312
622,328
2,718,523
(583,366
)
8,203,375
(2,580,639
)
18,633,284
2,718,523
—
8,203,375
—
18,633,284
—
$3,340,851
$2,718,523
$7,620,009
$8,203,375
$16,052,645
$18,633,284
150,002
—
450,002
—
1,050,002
—
100,000
200,002
50,000
500,002
400,000
1,050,002
(50,000
)
(50,000
)
(50,000
)
(50,000
)
—
—
200,002
150,002
450,002
450,002
1,450,002
1,050,002
See Notes to Financial Statements
Page 17
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout the period
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA)
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
 
Net asset value, beginning of period
$20.03
Income from investment operations:
Net investment income (loss) (b)
(0.07
) 
Net realized and unrealized gain (loss)
(2.92
) 
Total from investment operations
(2.99
) 
Net asset value, end of period
$17.04
 
Total return (c)
(14.93
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$852
 
Ratio of total expenses to average net assets
0.90
% (d)
Ratio of net investment income (loss) to average net assets
(0.80
)% (d)
Portfolio turnover rate (e)
0
% 
 
(a)
Inception date is January 9, 2026, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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 return presented does 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.
See Notes to Financial Statements
Page 18
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (a)
 
Net asset value, beginning of period
$18.16
$20.18
Income from investment operations:
Net investment income (loss) (b)
(0.06
) 
(0.16
) 
Net realized and unrealized gain (loss)
(4.31
) 
1.58
 
Total from investment operations
(4.37
) 
1.42
 
Distributions paid to shareholders from:
Net investment income
—
 
(0.25
) 
Net realized gain
—
 
(3.19
) 
Total distributions
—
 
(3.44
) 
Net asset value, end of period
$13.79
 
$18.16
 
Total return (c)
(24.06
)% 
7.05
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$2,068
 
$1,816
 
Ratio of total expenses to average net assets
0.90
% (d)
0.90
% (d)
Ratio of net investment income (loss) to average net assets
(0.85
)% (d)
(0.84
)% (d)
Portfolio turnover rate (e)
0
% 
0
% 
 
(a)
Inception date is April 3, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 19
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (a)
 
Net asset value, beginning of period
$18.12
$19.89
Income from investment operations:
Net investment income (loss) (b)
(0.07
) 
(0.08
) 
Net realized and unrealized gain (loss)
(1.35
) 
(1.44
) 
Total from investment operations
(1.42
) 
(1.52
) 
Distributions paid to shareholders from:
Net investment income
—
 
(0.15
) 
Net realized gain
—
 
(0.10
) 
Total distributions
—
 
(0.25
) 
Net asset value, end of period
$16.70
 
$18.12
 
Total return (c)
(7.84
)% 
(7.67
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$3,341
 
$2,719
 
Ratio of total expenses to average net assets
0.90
% (d)
0.90
% (d)
Ratio of net investment income (loss) to average net assets
(0.81
)% (d)
(0.81
)% (d)
Portfolio turnover rate (e)
0
% 
0
% 
 
(a)
Inception date is June 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 20
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (a)
 
Net asset value, beginning of period
$18.23
$20.02
Income from investment operations:
Net investment income (loss) (b)
(0.07
) 
(0.04
) 
Net realized and unrealized gain (loss)
(1.23
) 
(1.75
) 
Total from investment operations
(1.30
) 
(1.79
) 
Net asset value, end of period
$16.93
 
$18.23
 
Total return (c)
(7.13
)% 
(8.94
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$7,620
 
$8,203
 
Ratio of total expenses to average net assets
0.90
% (d)
0.90
% (d)
Ratio of net investment income (loss) to average net assets
(0.84
)% (d)
(0.83
)% (d)
Portfolio turnover rate (e)
0
% 
0
% 
 
(a)
Inception date is September 30, 2025, which is consistent with the commencement of investment operations and is the date the initial creation
units were established.
(b)
Based on average shares outstanding.
(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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 21
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Period
Ended
12/31/2025 (a)
 
Net asset value, beginning of period
$17.75
$20.17
Income from investment operations:
Net investment income (loss) (b)
(0.06
) 
(0.13
) 
Net realized and unrealized gain (loss)
(5.29
) 
0.48
 (c)
Total from investment operations
(5.35
) 
0.35
 
Distributions paid to shareholders from:
Net investment income
(1.33
) 
(1.58
) 
Return of capital
—
 
(1.19
) 
Total distributions
(1.33
) 
(2.77
) 
Net asset value, end of period
$11.07
 
$17.75
 
Total return (d)
(31.72
)% 
(0.63
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$16,053
 
$18,633
 
Ratio of total expenses to average net assets
0.85
% (e)
0.85
% (e)
Ratio of net investment income (loss) to average net assets
(0.81
)% (e)
(0.81
)% (e)
Portfolio turnover rate (f)
0
% 
0
% 
 
(a)
Inception date is April 2, 2025, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(c)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(d)
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.
(e)
Annualized.
(f)
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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 22
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the five funds (each a “Fund” and collectively, the “Funds”) listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.
 
FT Vest Bitcoin Strategy Floor15 ETF - January – (ticker “BFJA”)(1)
FT Vest Bitcoin Strategy Floor15 ETF - April – (ticker “BFAP”)
FT Vest Bitcoin Strategy Floor15 ETF - July – (ticker “BFJL”)
FT Vest Bitcoin Strategy Floor15 ETF - October – (ticker “BFOC”)
FT Vest Bitcoin Strategy & Target Income ETF – (ticker “DFII”)
 
(1)
Commenced investment operations on January 9, 2026.
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.”
Each Fund is an actively managed exchange-traded fund (“ETF”).
The investment objective of BFJA is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of bitcoin (the “Bitcoin Reference Instrument”), up to a predetermined upside cap of 28.06% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the “floor”), over the period (an “Outcome Period”) from January 12, 2026 through January 8, 2027.
The investment objective of BFAP is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 26.79% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the “floor”), over the period from April 1, 2026 through April 9, 2027. Prior to April 1, 2026, the Fund’s investment objective included an upside cap of 34.51% and an Outcome Period of April 4, 2025 through March 31, 2026.
The investment objective of BFJL is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 27.82% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the “floor”), over the period from July 1, 2026 through July 9, 2027. Prior to July 1, 2026, the Fund’s investment objective included an upside cap of 31.26% and an Outcome Period of July 1, 2025 through June 30, 2026.
The investment objective of BFOC is to seek to provide investors with returns (before fees and expenses) that match the price return of a reference asset which seeks to reflect generally (before fees and expenses) the performance of the price of the Bitcoin Reference Instrument, up to a predetermined upside cap of 28.46% (before fees and expenses) while providing a maximum loss of 15% (before fees and expenses) of Bitcoin Reference Instrument losses (i.e., the “floor”), over the period from October 1, 2025 through September 30, 2026.
Under normal market conditions, each of BFJA, BFAP, BFJL and BFOC invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that are needed to provide exposure to bitcoin and to provide the Fund’s “floor” as described above. In seeking to achieve its objective, each of BFJA, BFAP, BFJL and BFOC will invest in option contracts, which include FLexible EXchange Options (“FLEX Options”), standardized listed options and/or over-the-counter options (collectively, “Options”)
that each utilize the Bitcoin Reference Instrument as the reference asset and short-term U.S. Treasury securities, cash and cash equivalents.
Page 23
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
The investment objective of DFII seeks to deliver partial participation in the returns of bitcoin while providing a high level of income. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to bitcoin or income-producing investments.
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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:
Exchange-traded options contracts (other than FLEX Option 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 ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs within 15 minutes before or after the close of the respective exchange, the trade price will be used to value such FLEX Option contracts in lieu of the model price.
Shares of open-end funds are valued based on NAV per share.
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;
Page 24
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
 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)
a review 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.
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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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.
C. FLEX Options
FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation.
Each Fund purchases and sells certain call and put FLEX Options based on the performance of the applicable Bitcoin Reference Instrument. The FLEX Options that each Fund holds that reference the applicable Bitcoin Reference Instrument will give each Fund the right to receive or deliver shares of the applicable Bitcoin Reference Instrument or to cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether each Fund purchases or sells the option. In addition, each Fund purchases and sells certain other box spread FLEX Options on the S&P 500® Index. Each Fund’s exposure to these S&P 500® Index FLEX Options is designed for them to offset one another and to seek returns similar to those of Treasury bills or other short-term investments. The FLEX Options held by each Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. All options held by each Fund at June 30, 2026 are FLEX Options.
D. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid annually for BFJA, BFAP, BFJL and BFOC and monthly for DFII, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Page 25
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 significantly modified 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 their taxable period, ending as indicated, was as follows:
 
 
Taxable
Year End
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
FT Vest Bitcoin Strategy Floor15 ETF - April
30-Apr-25
$—
$—
$—
FT Vest Bitcoin Strategy Floor15 ETF - July
31-Jul-25
—
—
—
FT Vest Bitcoin Strategy Floor15 ETF - October
31-Oct-25
—
—
—
FT Vest Bitcoin Strategy & Target Income ETF
31-Oct-25
186,350
—
536,459
As of the applicable taxable period end, the components of distributable earnings on a tax basis for each Fund were as follows:
 
 
Taxable
Year-End
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
FT Vest Bitcoin Strategy Floor15 ETF - April
30-Apr-25
$2,952
$49,996
$—
FT Vest Bitcoin Strategy Floor15 ETF - July
31-Jul-25
—
31,455
—
FT Vest Bitcoin Strategy Floor15 ETF - October
31-Oct-25
—
(73,317
)
—
FT Vest Bitcoin Strategy & Target Income ETF
31-Oct-25
—
(518,438
)
—
E. Income Taxes
Each Fund intends to qualify or 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. The taxable periods ended 2025 for BFAP, BFJL, BFOC and DFII remain open to federal and state audit. As of June 30, 2026, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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 each Fund’s applicable taxable period end, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
 
Taxable
Year End
Non-Expiring
Capital Loss
Carryforwards
FT Vest Bitcoin Strategy Floor15 ETF - April
30-Apr-25
$—
FT Vest Bitcoin Strategy Floor15 ETF - July
31-Jul-25
—
FT Vest Bitcoin Strategy Floor15 ETF - October
31-Oct-25
73,317
FT Vest Bitcoin Strategy & Target Income ETF
31-Oct-25
518,438
Page 26
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
As of June 30, 2026, 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)
FT Vest Bitcoin Strategy Floor15 ETF - January
$999,281
$334,164
$(480,721
)
$(146,557
)
FT Vest Bitcoin Strategy Floor15 ETF - April
2,139,762
1,124,452
(1,194,863
)
(70,411
)
FT Vest Bitcoin Strategy Floor15 ETF - July
3,357,830
—
(6,332
)
(6,332
)
FT Vest Bitcoin Strategy Floor15 ETF - October
8,158,378
3,412,690
(3,945,789
)
(533,099
)
FT Vest Bitcoin Strategy & Target Income ETF
15,621,970
35,897
(19,223
)
16,674
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
G. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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 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 paid an annual unitary management fee based on a percentage of each Fund’s average daily net assets. The annual unitary management fee payable by each Fund, with the exception of DFII, to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.9000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.8775
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.8550
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.8325
%
Fund net assets greater than $10 billion
0.8100
%
For DFII, the annual unitary management fee payable by the Fund will be calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.85000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.82875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.80750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.78625
%
Fund net assets greater than $10 billion
0.76500
%
First Trust and Vest Financial LLC (“Vest” or the “Sub-Advisor”), an affiliate of First Trust, are responsible for each Fund’s expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage
Page 27
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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.
Vest serves as the Funds’ sub-advisor and manages each Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Vest, First Trust will supervise Vest and its management of the investment of each Fund’s assets and will pay Vest for its services as the Funds’ sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund’s expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month. During any period in which the Advisor’s management fee is reduced in accordance with the breakpoints described above, the investment sub-advisory fee (which is based on the Advisor’s management fee) paid to Vest will be reduced to reflect the reduction in the Advisor’s management fee.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the period ended June 30, 2026, the Funds had no purchases or sales of investments, excluding short-term investments and in-kind transactions. Each Fund holds options for a period of one year or less based on the expiration date of the options. For securities transactions purposes, the options are considered short-term investments.
For the period ended June 30, 2026, the Funds had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at June 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
BFJA
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
$13,032,897
Options contracts written,
at value
$12,204,570
BFAP
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
27,180,275
Options contracts written,
at value
25,147,233
BFJL
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
43,805,622
Options contracts written,
at value
40,525,780
Page 28
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
BFOC
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
$119,343,938
Options contracts written,
at value
$111,842,035
DFII
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
276,745,968
Options contracts written,
at value
261,245,654
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the period ended June 30, 2026, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
BFJA  
BFAP  
BFJL  
BFOC  
DFII  
Equity Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$(114
)
$152,090
$(95,883
)
$—
$(1,564,414
)
Written options contracts
—
599,260
(204,600
)
—
(5,363,687
)
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
(151,267
)
(709,971
)
226,075
(112,058
)
(3,630
)
Written options contracts
4,710
(478,390
)
(250,826
)
(438,811
)
34,630
The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.
The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the period ended June 30, 2026, on each Fund’s options contracts.
 
 
Premiums for
purchased
options contracts
opened
Premiums for
purchased
options contracts
closed, exercised
and expired
Premiums for
written options
contracts opened
Premiums for
written options
contracts closed,
exercised and
expired
BFJA
$13,184,164
$—
$12,209,280
$—
BFAP
28,375,138
21,580,698
26,271,685
20,903,531
BFJL
69,141,768
63,696,006
64,023,931
59,224,186
BFOC
—
—
—
—
DFII
724,822,180
772,196,061
686,473,396
731,236,619
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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
Page 29
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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.
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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 April 30, 2027 for BFAP and DFII, June 18, 2027 for BFJL, September 29, 2027 for BFOC and December 24, 2027 for BFJA.
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 on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 30
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the period ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the period ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, approved the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, the Advisor and Vest Financial LLC (the “Sub-Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
FT Vest Bitcoin Strategy Floor15 ETF – January (BFJA)
FT Vest Bitcoin Strategy Floor15 ETF – April (BFAP)
FT Vest Bitcoin Strategy Floor15 ETF – July (BFJL)
FT Vest Bitcoin Strategy Floor15 ETF – October (BFOC)
The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on March 9-10, 2025 (the “Meeting”). The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be 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. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Meeting 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 to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule 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 exchange-traded funds (“ETFs”) managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund’s perspective.
In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and
Page 31
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor’s day-to-day management of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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, the Sub-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 noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the Meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to the Funds, and the Trustees were able to ask questions about the proposed investment strategy for the Funds. The Board noted the background and experience of the Sub-Advisor’s portfolio management team and the Sub-Advisor’s investment style. The Board also noted that the Sub-Advisor manages a number of other defined-outcome ETFs in the First Trust Fund Complex. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to each Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.
The Board considered the proposed unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee starting at an annual rate of 0.90% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund’s unitary fee less one-half of the Fund’s expenses and that the sub-advisory fee would be reduced consistent with the breakpoints in the unitary fee rate schedule. The Board noted that the Advisor and the Sub-Advisor would be responsible for each Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and 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 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 Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because each Fund will pay 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 total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Funds compared and differed from the peer funds. The Board took this information into account in considering the peer data. In addition, at the Meeting, the Advisor provided additional information on the expense ratios of other peer funds that provide direct or indirect investment exposure to Bitcoin. With respect to fees charged to other ETF clients, the Board considered the Advisor’s statement that the Funds will be unique to the market and the First Trust Fund Complex, but will be most similar to a quarterly defined outcome ETF and the ETFs in the FT Vest U.S. Equity Buffer ETF, FT Vest Nasdaq-100 Buffer ETF and FT Vest International Equity Moderate Buffer ETF product lines in the First Trust Fund Complex, which are managed by the Advisor and sub-advised by the Sub-Advisor and have unitary fee rate schedules starting at annual rates of 0.85% or 0.90% of their respective average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined that, for each Fund, the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.
The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Funds and whether the Funds may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the proposed unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund’s unitary fee, that the sub-advisory fee for each Fund would be reduced consistent with the breakpoints in the Fund’s unitary fee rate schedule and its understanding that the sub-advisory fee for each Fund was the product of an arm’s length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in
Page 32
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor’s estimate of the asset level for each Fund at which the Advisor expects the Advisory Agreement for the Fund to be profitable to the Advisor and the Advisor’s estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s estimated profitability level for each Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also 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. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board noted the Sub-Advisor’s statements that it does not foresee any indirect benefits from its relationship with the Funds and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, the Advisor and Vest Financial LLC (the “Sub-Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
FT Vest Bitcoin Strategy & Target Income ETF (DFII)
FT Vest Bitcoin Strategy Floor15 ETF – April (BFAP)
FT Vest Bitcoin Strategy Floor15 ETF – July (BFJL)
The Board approved the continuation of the Agreements for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. The Board determined for each Fund that the continuation of the Agreements 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 13, 2026 and June 7–8, 2026, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-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 and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule 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 sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 13, 2026, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent
Page 33
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 7–8, 2026 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements 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 and the Sub-Advisor manage the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreements for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory 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, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor’s day-to-day management of each Fund’s investments, 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, the Sub-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 13, 2026 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. With respect to the Sub-Advisory Agreement, the Board noted that each Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund’s investments. In addition to the written materials provided by the Sub-Advisor, at the April 13, 2026 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to each Fund, including the Sub-Advisor’s day-to-day management of the Funds’ investments. In considering the Sub-Advisor’s management of the Funds, the Board noted the background and experience of the Sub-Advisor’s portfolio management team. 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 and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services provided. The Board noted that the sub-advisory fee for each Fund is paid by the Advisor from the Fund’s unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory 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 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 and the Sub-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 total (net) expense ratio 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 discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that, for each Fund, not all peer funds employ an advisor/sub-advisor management structure. 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 rate schedules 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 and the Sub-Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance.
Page 34
Other Information (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Because DFII commenced operations on April 2, 2025, BFAP commenced operations on April 3, 2025 and BFJL commenced operations on June 30, 2025 and therefore have limited performance histories, comparative performance information for these Funds were not reviewed.
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 (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-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 at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. 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 period from inception through December 31, 2025 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 twelve months ended December 31, 2025. 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 noted that FTCP has an ownership interest in the Sub-Advisor and considered potential indirect benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as an indirect benefit to the Advisor and FTP the exposure of their products to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
The Board considered the Sub-Advisor’s statement that it believes that the sub-advisory fee for each Fund is appropriate. The Board noted the Sub-Advisor’s statements that it continues to invest in infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to the Funds will remain approximately the same for the next twelve months. The Board noted that the Advisor pays the Sub-Advisor for each Fund from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that each Fund’s sub-advisory fee was the product of an arm’s length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to each Fund. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Funds, and noted the Sub-Advisor’s statements that it is the Sub-Advisor’s policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board also noted the Sub-Advisor’s statement that its affiliation with each Fund may position the Sub-Advisor to negotiate more favorable terms, pricing or service levels than it otherwise could and contribute to the Sub-Advisor’s total assets under management. The Board also noted the Sub-Advisor’s statement that the foregoing may enhance its reputation and visibility among institutional investors, consultants and investment professionals. The Board concluded that the character and amount of potential indirect benefits to the Sub-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.
Page 35
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Period Ended
June 30, 2026
 
First Trust Exchange-Traded Fund
 
FT Vest Laddered Autocallable Barrier & Income ETF
(ACYN)
FT Vest Laddered Autocallable Barrier & Resilient Income
ETF (ACYS)
FT Vest Autocallable Barrier & High Income ETF (ACYQ)
Table of Contents 
First Trust Exchange-Traded Fund
Semi-Annual Financial Statements and Other Information
June 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) 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.
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.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage 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 that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FT Vest Laddered Autocallable Barrier & Income ETF (ACYN)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 67.0%
$307,881,200
U.S. Treasury Bill
(a)
07/30/26
$306,991,011
314,413,400
U.S. Treasury Bill
(a)
08/27/26
312,588,387
23,608,700
U.S. Treasury Bill
(a)
09/29/26
23,394,027
Total U.S. Treasury Bills
642,973,425
(Cost $642,992,865)
 
Shares
Description
Value
MONEY MARKET FUNDS — 29.3%
280,391,471
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (b)
280,391,471
(Cost $280,391,471)
Total Investments — 96.3%
923,364,896
(Cost $923,384,336)
Net Other Assets and Liabilities — 3.7%
35,884,729
Net Assets — 100.0%
$959,249,625
TOTAL RETURN SWAPS at June 30, 2026 (See Note 2C - Swap Agreements in the Notes to Financial Statements):
 
Counterparty
Reference
Instrument
Fund
Pays
Fund Receives
Termination
Date
Periodic
Payment
Frequency
Notional
Amount
Upfront
Payments
Paid/
(Received)
Market
Value
Unrealized
Appreciation/
(Depreciation)
BNP
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 9.72%
to 11.44% and maturity
dates ranging from
4/1/27 to 6/15/28. (c)
Perpetual
Monthly
$327,413,325
$3,886,667
$3,013,302
$(873,365
)
CITI
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 9.80%
to 13.00% and maturity
dates ranging from
4/1/27 to 6/15/28. (c)
Perpetual
Monthly
331,532,261
4,462,173
5,089,169
626,996
JPM
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 9.28%
to 13.24% and maturity
dates ranging from
4/1/27 to 6/15/28. (c)
Perpetual
Monthly
291,580,078
5,121,712
2,862,632
(2,259,080
)
 
 
 
 
 
$13,470,552
$10,965,103
$(2,505,449
)
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of June 30, 2026.
(c)
The components of the swap are subject to mandatory prepayment. As a result, the actual remaining maturity of the components
of the swap may be substantially less than the stated maturities shown.
 
Abbreviations throughout the Portfolio of Investments:
BNP
–  BNP Paribas
CITI
–  Citibank N.A.
JPM
–  JPMorgan Chase and Co.
SOFR
–  Secured Overnight Financing Rate
See Notes to Financial Statements
Page 1
FT Vest Laddered Autocallable Barrier & Income ETF (ACYN)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$642,973,425
$—
$642,973,425
$—
Money Market Funds
280,391,471
280,391,471
—
—
Total Investments
923,364,896
280,391,471
642,973,425
—
Total Return Swaps
10,965,103
—
10,965,103
—
Total
$934,329,999
$280,391,471
$653,938,528
$—
See Notes to Financial Statements
Page 2
FT Vest Laddered Autocallable Barrier & Resilient Income ETF (ACYS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 72.6%
$54,117,500
U.S. Treasury Bill
(a)
07/30/26
$53,961,028
53,795,500
U.S. Treasury Bill
(a)
08/27/26
53,483,244
11,840,300
U.S. Treasury Bill
(a)
09/29/26
11,732,636
Total U.S. Treasury Bills
119,176,908
(Cost $119,178,664)
 
Shares
Description
Value
MONEY MARKET FUNDS — 22.1%
36,158,430
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (b)
36,158,430
(Cost $36,158,430)
Total Investments — 94.7%
155,335,338
(Cost $155,337,094)
Net Other Assets and Liabilities — 5.3%
8,740,170
Net Assets — 100.0%
$164,075,508
TOTAL RETURN SWAPS at June 30, 2026 (See Note 2C - Swap Agreements in the Notes to Financial Statements):
 
Counterparty
Reference
Instrument
Fund
Pays
Fund Receives
Termination
Date
Periodic
Payment
Frequency
Notional
Amount
Upfront
Payments
Paid/
(Received)
Market
Value
Unrealized
Appreciation/
(Depreciation)
BNP
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 7.64%
to 9.80% and maturity
dates ranging from
5/3/27 to 6/15/28. (c)
Perpetual
Monthly
$57,014,227
$485,030
$399,002
$(86,028
)
CITI
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 7.64%
to 10.08% and maturity
dates ranging from
5/3/27 to 6/15/28. (c)
Perpetual
Monthly
58,666,857
558,632
668,234
109,602
JPM
Lowest of three Equity
returns on S&P 500
Index, Russell 1000
Index, and NASDAQ-
100 Index
SOFR
Return from a basket of
components with
annualized coupon
premiums from 7.64%
to 9.60% and maturity
dates ranging from
5/3/27 to 6/15/28. (c)
Perpetual
Monthly
47,173,813
519,820
301,132
(218,688
)
 
 
 
 
 
$1,563,482
$1,368,368
$(195,114
)
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of June 30, 2026.
(c)
The components of the swap are subject to mandatory prepayment. As a result, the actual remaining maturity of the components
of the swap may be substantially less than the stated maturities shown.
 
Abbreviations throughout the Portfolio of Investments:
BNP
–  BNP Paribas
CITI
–  Citibank N.A.
JPM
–  JPMorgan Chase and Co.
SOFR
–  Secured Overnight Financing Rate
See Notes to Financial Statements
Page 3
FT Vest Laddered Autocallable Barrier & Resilient Income ETF (ACYS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$119,176,908
$—
$119,176,908
$—
Money Market Funds
36,158,430
36,158,430
—
—
Total Investments
155,335,338
36,158,430
119,176,908
—
Total Return Swaps
1,368,368
—
1,368,368
—
Total
$156,703,706
$36,158,430
$120,545,276
$—
See Notes to Financial Statements
Page 4
FT Vest Autocallable Barrier & High Income ETF (ACYQ)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 91.4%
$2,166,700
U.S. Treasury Bill
(a)
07/30/26
$2,160,435
2,166,700
U.S. Treasury Bill
(a)
08/27/26
2,154,124
2,166,700
U.S. Treasury Bill
(a)
09/29/26
2,146,998
Total U.S. Treasury Bills
6,461,557
(Cost $6,461,703)
 
Shares
Description
Value
MONEY MARKET FUNDS — 7.5%
533,560
BNY Dreyfus Government Cash Management Fund, Institutional Shares - 3.54% (b)
533,560
(Cost $533,560)
Total Investments — 98.9%
6,995,117
(Cost $6,995,263)
Net Other Assets and Liabilities — 1.1%
78,192
Net Assets — 100.0%
$7,073,309
TOTAL RETURN SWAPS at June 30, 2026 (See Note 2C - Swap Agreements in the Notes to Financial Statements):
 
Counterparty
Reference
Instrument
Fund
Pays
Fund Receives
Termination
Date
Periodic
Payment
Frequency
Notional
Amount
Upfront
Payments
Paid/
(Received)
Market
Value
Unrealized
Appreciation/
(Depreciation)
BNP
Each underlying
autocallable references
one stock (c)
SOFR
Return from a basket of
components with
annualized coupon
premiums from 10.24%
to 39.52% and maturity
dates ranging from
7/1/27 to 6/1/28. (d)
Perpetual
Monthly
$2,334,208
$11,328
$27,529
$16,201
CITI
Each underlying
autocallable references
one stock (c)
SOFR
Return from a basket of
components with
annualized coupon
premiums from 9.00%
to 37.76% and maturity
dates ranging from
7/1/27 to 6/1/28. (d)
Perpetual
Monthly
2,334,208
(1,362
)
21,888
23,250
JPM
Each underlying
autocallable references
one stock (c)
SOFR
Return from a basket of
components with
annualized coupon
premiums from 10.08%
to 41.16% and maturity
dates ranging from
7/1/27 to 6/1/28. (d)
Perpetual
Monthly
2,334,208
9,895
25,827
15,932
 
 
 
 
 
$19,861
$75,244
$55,383
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of June 30, 2026.
(c)
The referenced underlying securities are NVIDIA Corp., Netflix, Inc., Cisco Systems, Inc., Amazon.com, Inc., Alphabet, Inc.,
Class A, Advanced Micro Devices, Inc., Lam Research Corp., Applied Materials, Inc., Broadcom, Inc., ASML Holding N.V.,
Tesla, Inc., and Meta Platforms, Inc., Class A as of June 30, 2026.
(d)
The components of the swap are subject to mandatory prepayment. As a result, the actual remaining maturity of the components
of the swap may be substantially less than the stated maturities shown.
 
See Notes to Financial Statements
Page 5
FT Vest Autocallable Barrier & High Income ETF (ACYQ)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
BNP
–  BNP Paribas
CITI
–  Citibank N.A.
JPM
–  JPMorgan Chase and Co.
SOFR
–  Secured Overnight Financing Rate
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$6,461,557
$—
$6,461,557
$—
Money Market Funds
533,560
533,560
—
—
Total Investments
6,995,117
533,560
6,461,557
—
Total Return Swaps
75,244
—
75,244
—
Total
$7,070,361
$533,560
$6,536,801
$—
See Notes to Financial Statements
Page 6
First Trust Exchange-Traded Fund
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
FT Vest
Laddered
Autocallable
Barrier &
Income ETF
(ACYN)
FT Vest
Laddered
Autocallable
Barrier &
Resilient Income
ETF
(ACYS)
FT Vest
Autocallable
Barrier & High
Income ETF
(ACYQ)
ASSETS:
Investments, at value
$923,364,896
$155,335,338
$6,995,117
Cash
—
4,387,554
—
Swaps, upfront payments paid
13,470,552
1,563,482
19,861
Unrealized appreciation on swap contracts
626,996
109,602
55,383
Receivables:
Capital shares sold
25,789,782
3,072,307
—
Dividends
43,419
7,087
2,183
Interest
2,380
—
—
Investment securities sold
—
4,389,700
1,362
Total Assets
963,298,025
168,865,070
7,073,906
 
LIABILITIES:
Unrealized depreciation on swap contracts
3,132,445
304,716
—
Payables:
Investment securities purchased
462,395
4,425,442
—
Investment advisory fees
453,560
59,404
597
Total Liabilities
4,048,400
4,789,562
597
NET ASSETS
$959,249,625
$164,075,508
$7,073,309
 
NET ASSETS consist of:
Paid-in capital
$957,640,573
$163,640,457
$7,012,339
Par value
464,500
80,500
3,500
Accumulated distributable earnings (loss)
1,144,552
354,551
57,470
NET ASSETS
$959,249,625
$164,075,508
$7,073,309
NET ASSET VALUE, per share
$20.65
$20.38
$20.21
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
46,450,002
8,050,002
350,002
Investments, at cost
$923,384,336
$155,337,094
$6,995,263
See Notes to Financial Statements
Page 7
First Trust Exchange-Traded Fund
Statements of Operations
For the Period Ended June 30, 2026 (Unaudited)
 
 
FT Vest
Laddered
Autocallable
Barrier &
Income ETF
(ACYN) (a)
FT Vest
Laddered
Autocallable
Barrier &
Resilient Income
ETF
(ACYS) (b)
FT Vest
Autocallable
Barrier & High
Income ETF
(ACYQ) (c)
INVESTMENT INCOME:
Interest
$3,888,529
$400,803
$647
Dividends
157,170
16,411
2,183
Total investment income
4,045,699
417,214
2,830
 
EXPENSES:
Investment advisory fees
811,764
 
82,182
 
597
 
Total expenses
811,764
82,182
597
NET INVESTMENT INCOME (LOSS)
3,233,935
335,032
2,233
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(2
)
—
—
Swap contracts
8,018,089
216,389
—
Net realized gain (loss)
8,018,087
216,389
—
Net change in unrealized appreciation (depreciation) on:
Investments
(19,440
)
(1,756
)
(146
)
Swap contracts
(2,505,449
)
(195,114
)
55,383
Net change in unrealized appreciation (depreciation)
(2,524,889
)
(196,870
)
55,237
NET REALIZED AND UNREALIZED GAIN (LOSS)
5,493,198
19,519
55,237
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$8,727,133
$354,551
$57,470
 
(a)
Inception date is February 24, 2026, which is consistent with the commencement of investment operations and is the date the
initial creation units were established.
(b)
Inception date is April 22, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
(c)
Inception date is June 23, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 8
First Trust Exchange-Traded Fund
Statements of Changes in Net Assets
 
 
FT Vest
Laddered
Autocallable
Barrier &
Income ETF
(ACYN)
FT Vest
Laddered
Autocallable
Barrier &
Resilient
Income ETF
(ACYS)
FT Vest
Autocallable
Barrier & High
Income ETF
(ACYQ)
 
Period
Ended
6/30/2026 (a)
(Unaudited)
Period
Ended
6/30/2026 (b)
(Unaudited)
Period
Ended
6/30/2026 (c)
(Unaudited)
OPERATIONS:
Net investment income (loss)
$3,233,935
$335,032
$2,233
Net realized gain (loss)
8,018,087
216,389
—
Net change in unrealized appreciation (depreciation)
(2,524,889
)
(196,870
)
55,237
Net increase (decrease) in net assets resulting from operations
8,727,133
354,551
57,470
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(7,582,581
)
—
—
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
958,105,073
 
163,720,957
 
7,015,839
 
Cost of shares redeemed
—
 
—
 
—
 
Net increase (decrease) in net assets resulting from shareholder transactions
958,105,073
163,720,957
7,015,839
Total increase (decrease) in net assets
959,249,625
164,075,508
7,073,309
 
NET ASSETS:
Beginning of period
—
—
—
End of period
$959,249,625
$164,075,508
$7,073,309
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
—
—
—
Shares sold
46,450,002
8,050,002
350,002
Shares redeemed
—
—
—
Shares outstanding, end of period
46,450,002
8,050,002
350,002
 
(a)
Inception date is February 24, 2026, which is consistent with the commencement of investment operations and is the date the
initial creation units were established.
(b)
Inception date is April 22, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
(c)
Inception date is June 23, 2026, which is consistent with the commencement of investment operations and is the date the initial
creation units were established.
See Notes to Financial Statements
Page 9
First Trust Exchange-Traded Fund
Financial Highlights
For a share outstanding throughout the period
FT Vest Laddered Autocallable Barrier & Income ETF (ACYN)
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
 
Net asset value, beginning of period
$20.00
Income from investment operations:
Net investment income (loss) (b)
0.21
 
Net realized and unrealized gain (loss)
0.80
 
Total from investment operations
1.01
 
Distributions paid to shareholders from:
Net investment income
(0.36
) 
Net asset value, end of period
$20.65
 
Total return (c)
5.09
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$959,250
 
Ratio of total expenses to average net assets
0.75
% (d)
Ratio of net investment income (loss) to average net assets
2.99
% (d)
Portfolio turnover rate (e)
0
% 
 
(a)
Inception date is February 24, 2026, which is consistent with the commencement of investment operations and is the date the initial creation
units were established.
(b)
Based on average shares outstanding.
(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 return presented does 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.
See Notes to Financial Statements
Page 10
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout the period
FT Vest Laddered Autocallable Barrier & Resilient Income ETF (ACYS)
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
 
Net asset value, beginning of period
$20.00
Income from investment operations:
Net investment income (loss) (b)
0.11
 
Net realized and unrealized gain (loss)
0.27
 
Total from investment operations
0.38
 
Net asset value, end of period
$20.38
 
Total return (c)
1.90
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$164,076
 
Ratio of total expenses to average net assets
0.75
% (d)
Ratio of net investment income (loss) to average net assets
3.06
% (d)
Portfolio turnover rate (e)
0
% 
 
(a)
Inception date is April 22, 2026, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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 return presented does 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.
See Notes to Financial Statements
Page 11
First Trust Exchange-Traded Fund
Financial Highlights (Continued)
For a share outstanding throughout the period
FT Vest Autocallable Barrier & High Income ETF (ACYQ)
 
 
Period
Ended
6/30/2026 (a)
(Unaudited)
 
Net asset value, beginning of period
$20.00
Income from investment operations:
Net investment income (loss) (b)
0.01
 
Net realized and unrealized gain (loss)
0.20
 
Total from investment operations
0.21
 
Net asset value, end of period
$20.21
 
Total return (c)
1.05
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$7,073
 
Ratio of total expenses to average net assets
0.75
% (d)
Ratio of net investment income (loss) to average net assets
2.81
% (d)
Portfolio turnover rate (e)
0
% 
 
(a)
Inception date is June 23, 2026, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(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 return presented does 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.
See Notes to Financial Statements
Page 12
Notes to Financial Statements
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on August 8, 2003, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the three funds (each a “Fund” and collectively, the “Funds”) listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the NYSE Arca, Inc.
 
FT Vest Laddered Autocallable Barrier & Income ETF – (ticker “ACYN”)(1)
FT Vest Laddered Autocallable Barrier & Resilient Income ETF – (ticker “ACYS”)(2)
FT Vest Autocallable Barrier & High Income ETF – (ticker “ACYQ”)(3)
 
(1)
Commenced investment operations on February 24, 2026. 
(2)
Commenced investment operations on April 22, 2026.
(3)
Commenced investment operations on June 23, 2026.
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.”
Each Fund is an actively managed exchange-traded fund.
The investment objective of ACYN is to seek to provide investors with distributions while limiting downside market volatility. ACYN seeks to achieve its investment objective by entering into swap agreements and/or option contracts structured similarly to swap agreements (collectively, hereinafter referred to as “swap agreements” or “swaps”) that seek to deliver a return reflecting the performance of a laddered portfolio of theoretically created “Synthetic Autocallable Contracts”. The Synthetic Autocallable Contracts (“autocallables”) in which the fund invests are linked to one or more broad-based U.S. equity indices such as the S&P 500® Index (“SPX”), Russell 2000® Index (“RTY”), and Nasdaq-100 Index® (“NDX”), or to one or more ETFs that seek to track the performance of such equity market indices. Each autocallable includes predefined rules that determine whether the contract is automatically called (terminates early), whether income (“coupon”) payments are made, or whether losses may be incurred at maturity. These outcomes are based on the value of the worst-performing Underlying Asset on scheduled “observation” dates relative to their value at the start of the contract (the “initial value”). Autocallables have three main features that determine its results: Autocallable Barrier - The contract will end early if the worst-performing Underlying Asset remains at or above its initial value on scheduled call observation dates. Coupon Barrier - Income is paid if the worst-performing Underlying Asset stays above the “coupon barrier” level on scheduled coupon observation dates. Maturity Barrier - If the worst-performing Underlying Asset is down at maturity, but stays above the “maturity barrier” level, the initial notional amount is returned. If the worst-performing Underlying Asset falls below the maturity barrier at maturity, a loss is incurred.
The investment objective of ACYS is to seek to provide investors with distributions while limiting downside market volatility. ACYS seeks to achieve its investment objective by entering into swaps that seek to deliver a return reflecting the performance of a laddered portfolio of theoretically created “Synthetic Autocallable Contracts”. The Synthetic Autocallable Contracts (“autocallables”) in which the fund invests are linked to one or more broad-based U.S. equity indices such as the S&P 500® Index (“SPX”), Russell 2000® Index (“RTY”), and Nasdaq-100 Index® (“NDX”), or to one or more ETFs that seek to track the performance of such equity market indices. Each autocallable includes predefined rules that determine whether the contract is automatically called (terminates early), whether income (“coupon”) payments are made, or whether losses may be incurred at maturity. These outcomes are based on the value of the worst-performing Underlying Asset on scheduled “observation” dates relative to their value at the start of the contract (the “initial value”). Autocallables have three main features that determine its results: Autocallable Barrier - The contract will end early if the worst-performing Underlying Asset remains at or above its initial value on scheduled call observation dates. Coupon Barrier - Income is paid if the worst-performing Underlying Asset stays above the “coupon barrier” level on scheduled coupon observation dates. Maturity Barrier - If the worst-performing Underlying Asset is down at maturity, but stays above the “maturity barrier” level, the initial notional amount is returned. If the worst-performing Underlying Asset falls below the maturity barrier at maturity, a loss is incurred.
The investment objective of ACYQ is to seek to provide investors with a high level of distributions while providing reduced downside risk to equity markets. ACYQ seeks to achieve its investment objective by entering into swaps that seek to deliver returns that reflect the performance of a portfolio of theoretically created “Synthetic Autocallable Contracts”. The Synthetic Autocallable Contracts
Page 13
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
(“autocallables”) in which the fund invests are each linked to the stock of a company that is among the largest non-financial companies by market capitalization listed on a U.S. stock exchange (“Underlying Reference Asset”). Rather than investing in one contract at a time, the fund, through its autocallables, seeks to diversify its exposure in a balanced manner across 10-15 companies that are expected to include leading companies for innovation in the information technology, healthcare, consumer discretionary and communication services sectors. These contracts are designed to replicate the defined return characteristics of autocallable yield notes, which are debt instruments linked to equity market performance that seek to provide income when certain market conditions are met. Each autocallable includes predefined rules that determine whether the contract is automatically called (terminates early), whether income (“coupon”) payments are made, or whether losses may be incurred at maturity. These outcomes are based on the value of the Underlying Reference Asset on scheduled “observation” dates relative to their value at the start of the contract (the “initial value”). The autocallables have these main features: Coupon Barrier - Income is paid if the Underlying Reference Asset stays at or above a specified coupon barrier level on the scheduled coupon observation date. Maturity Barrier - If the Underlying Reference Asset closes at or above the maturity barrier on the maturity date, the initial notional amount of the contract is returned. If the Underlying Reference Asset falls below the maturity barrier at maturity, a loss is incurred.
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) 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:
U.S. Treasuries are valued on the basis of valuations provided by a third-party pricing service approved by the Trust’s Board of Trustees.
Shares of open-end funds are valued based on NAV per share.
Swaps are fair valued utilizing quotations provided by a third-party pricing service or, if the third-party pricing service does not provide a value, by quotes provided by the selling dealer or financial institution.
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
Page 14
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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, Inc. and the London Stock Exchange Alternative Investment Market 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)
a review 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.
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 June 30, 2026, is included with each Fund’s Portfolio of Investments.
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 is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
C. Swap Agreements
Each Fund may enter into swap agreements. A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed upon prices, rates, credit event, etc. Payment received or made by a Fund for swaps, if any, are recorded on the Statements of Operations as “Net realized gain (loss) on swap contracts.” When a swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the contract, if any. Generally, the basis of the contracts, if any, is the premium received or paid. Swap agreements are individually negotiated and involve the risk of the potential inability of the Counterparties to meet the terms of the agreement. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. In the event of a default by a Counterparty, a Fund will seek withdrawal of the collateral and may incur certain costs exercising its rights with respect to the
Page 15
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
collateral. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. A Fund may obtain only limited recovery or may obtain no recovery in such circumstances.
Swap agreements may increase or decrease the overall volatility of the investments of a Fund. The performance of swap agreements may be affected by changes in the specific interest rate, credit event, security, currency, or other factors that determine the amounts of payments due to and from a Fund. The notional amount represents the U.S. dollar value of the contract as of the day of the opening transaction or contract reset. When a Fund enters into a swap agreement, any premium paid is included in “Swaps, upfront payments paid” on the Statements of Assets and Liabilities.
A total return swap agreement involves the ability for two parties to exchange a sequence of cash flows or liabilities for a predetermined period, with each respective party taking on either fixed or variable rate risk depending on market conditions.
A Fund may enter into total return swap contracts for investment purposes. Swap agreements may be privately negotiated in the over-the-counter market as a bilateral contract or centrally cleared.
D. 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.
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.
The Funds do not have the right to offset financial assets and financial liabilities related to swap contracts on the Statements of Assets and Liabilities.
E. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid monthly, 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. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
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.
F. Income Taxes
Each Fund intends 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. As of June 30, 2026, 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.
Page 16
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is 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.
As of June 30, 2026, 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)
FT Vest Laddered Autocallable Barrier & Income ETF
$936,854,888
$632,108
$(3,156,997
)
$(2,524,889
)
FT Vest Laddered Autocallable Barrier & Resilient
Income ETF
156,900,576
111,078
(307,948
)
(196,870
)
FT Vest Autocallable Barrier & High Income ETF
7,015,124
55,410
(173
)
55,237
G. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
H. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
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.
Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of each Fund’s assets and is responsible for the expenses of each Fund, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit, license fees and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, 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, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.7500
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.7313
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.7125
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.6938
%
Fund net assets greater than $10 billion
0.6750
%
Vest Financial, LLC (“Vest” or the “Sub-Advisor”), an affiliate of First Trust, serves as each Fund’s sub-advisor and manages each Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and
Page 17
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
Vest, First Trust will supervise Vest and its management of the investment of each Fund’s assets and will pay Vest for its services as the Funds’ sub-advisor. Vest receives a sub-advisory fee equal to 0.25% of each Fund’s average daily net assets less certain expenses incurred by the Sub-Advisor. The Sub-Advisor’s fees are paid by the Advisor out of the Advisor’s management fee.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNY”). Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the period ended June 30, 2026, the Funds had no purchases or sales of investments, excluding short-term investments.
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at June 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
ACYN
 
 
 
Swap contracts
Equity Risk
Swaps, upfront payments
paid
$13,470,552
Swaps, upfront payments
received
$—
 
 
Unrealized appreciation on
swap contracts
626,996
Unrealized depreciation on
swap contracts
3,132,445
ACYS
 
 
 
Swap contracts
Equity Risk
Swaps, upfront payments
paid
1,563,482
Swaps, upfront payments
received
—
 
 
Unrealized appreciation on
swap contracts
109,602
Unrealized depreciation on
swap contracts
304,716
ACYQ
 
 
 
Swap contracts
Equity Risk
Swaps, upfront payments
paid
19,861
Swaps, upfront payments
received
—
 
 
Unrealized appreciation on
swap contracts
55,383
Unrealized depreciation on
swap contracts
—
Page 18
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the period ended June 30, 2026, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
ACYN  
ACYS  
ACYQ  
Equity Risk Exposure
Net realized gain (loss) on swap contracts
$8,018,089
$216,389
$—
Net change in unrealized appreciation
(depreciation) on swap contracts
(2,505,449
)
(195,114
)
55,383
The average notional value of total return swaps outstanding during the period ended June 30, 2026, which is indicative of the volume of this derivative type for ACYN, ACYS, and ACYQ, was $475,262,832, $81,427,449, and $3,501,312, respectively.
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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.
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, the Funds are authorized to pay an amount up to 0.25% of their 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 the provision of 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 December 19, 2027 for ACYN, April 15, 2028 for ACYS, and June 10, 2028 for ACYQ.
Page 19
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)
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 on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 20
Other Information
First Trust Exchange-Traded Fund
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the period ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the period ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, approved the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”), on behalf of FT Vest Laddered Autocallable Barrier & Income ETF (the “Fund”), and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, on behalf of the Fund, the Advisor and Vest Financial LLC (the “Sub-Advisor”), for an initial two-year term at a meeting held on October 20, 2025 (the “Meeting”). The Board determined that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination, 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. To assist the Board in its evaluation of the Agreements for the Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Meeting 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 to be provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by the 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 exchange-traded funds (“ETFs”) managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from the Fund’s perspective.
In evaluating whether to approve the Agreements for the Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that the Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor’s day-to-day management of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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, the Sub-Advisor’s and the Fund’s compliance with the 1940 Act, as well as the Fund’s compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the Meeting, the Board also received a presentation from representatives of the Sub-
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Advisor, who discussed the services that the Sub-Advisor will provide to the Fund, and the Trustees were able to ask questions about the proposed investment strategy for the Fund. The Board noted the background and experience of the Sub-Advisor’s portfolio management team and the Sub-Advisor’s investment style. The Board also noted that the Sub-Advisor manages a number of other ETFs in the First Trust Fund Complex that employ derivatives-based investment strategies. Because the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.
The Board considered the proposed unitary fee rate schedule payable by the Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee starting at an annual rate of 0.75% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for the Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee at an annual rate of 0.25% of the Fund’s average daily net assets. The Board noted that the Advisor would be responsible for the Fund’s expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and 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 pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because the Fund will pay 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 total (net) expense ratio for the Fund was equal to the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other ETF clients, the Board considered the Advisor’s statement that the Fund will be unique to the U.S. ETF market and the First Trust Fund Complex, but will be most similar to other ETFs in the First Trust Fund Complex that are managed by the Advisor and sub-advised by the Sub-Advisor and seek to provide a high level of income, which have unitary fee rate schedules starting at an annual rate of either 0.75% or 0.85% of their average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Agreements, the Board determined that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.
The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Fund and whether the Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the proposed unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from the Fund’s unitary fee and its understanding that the sub-advisory fee for the Fund was the product of an arm’s length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for the Fund under the Advisory Agreement. The Board considered the Advisor’s estimate of the asset level for the Fund at which the Advisor expects the Advisory Agreement to be profitable to the Advisor and the Advisor’s estimate of the profitability of the Advisory Agreement if the Fund’s assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s estimated profitability level for the Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also 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 Fund, may have had no dealings with the Advisor or FTP. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board noted the Sub-Advisor’s statements that it does not foresee any indirect benefits from its relationship with the Fund and that, as a policy, it does not enter into soft-dollar
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arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.
The Board of Trustees of First Trust Exchange-Traded Fund (the “Trust”), including the Independent Trustees, approved the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”) and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, the Advisor and Vest Financial LLC (the “Sub-Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
FT Vest Laddered Autocallable Barrier & High Income ETF (ACYQ)
FT Vest Laddered Autocallable Barrier & Resilient Income ETF (ACYS)
FT Vest Laddered Autocallable Barrier & Review ETF (ACRW)
The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on January 23, 2026. The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be 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. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Board meeting 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 to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule 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 exchange-traded funds (“ETFs”) managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund’s perspective.
In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor’s day-to-day management of each Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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, the Sub-Advisor’s and the Funds’ compliance with the 1940 Act, as well as the Funds’ compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in
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addition to the written materials provided by the Sub-Advisor, at the January 23, 2026 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor will provide to each Fund, and the Trustees were able to ask questions about the proposed investment strategy for each Fund. The Board noted the background and experience of the Sub-Advisor’s portfolio management team and the Sub-Advisor’s investment style. The Board also noted that the Sub-Advisor manages a number of other ETFs in the First Trust Fund Complex that employ derivatives-based investment strategies. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of each Fund. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.
The Board considered the proposed unitary fee rate schedule payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee starting at an annual rate of 0.75% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee at an annual rate of 0.25% of the Fund’s average daily net assets. The Board noted that the Advisor would be responsible for each Fund’s expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and 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 pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as fee rates charged by the Advisor and the Sub-Advisor to other ETF clients. Because each Fund will pay 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 total (net) expense ratio for each of ACYQ and ACYS was below the median total (net) expense ratio of the peer funds in its respective Expense Group and that the total (net) expense ratio for ACRW was above the median total (net) expense ratio of the peer funds in its Expense Group. With respect to the Expense Groups, the Board discussed with representatives of the Advisor how the Expense Groups were assembled and how the Funds compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other ETF clients, the Board considered the Advisor’s statement that each Fund will be unique to the U.S. ETF market and the First Trust Fund Complex. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined, for each Fund, that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.
The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to each Fund and whether each Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of each Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of each Fund generally would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the proposed unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund’s unitary fee and its understanding that the sub-advisory fee for each Fund was the product of an arm’s length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor’s estimate of the asset level for each Fund at which the Advisor expects the Advisory Agreement for the Fund to be profitable to the Advisor and the Advisor’s estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s estimated profitability level for each Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also 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. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent
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company. The Board noted the Sub-Advisor’s statements that it does not foresee any indirect benefits from its relationship with the Funds and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
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