1bd20282-ecab-4227-866e-d445315da415
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First Trust North American
Energy Infrastructure Fund
EMLP | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust North American Energy Infrastructure Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EMLP. 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 North American Energy Infrastructure Fund $51(1) 0.94%(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 April 30, 2026)
Fund net assets $4,073,269,359
Total number of portfolio holdings 64
Portfolio turnover rate 12%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Energy Transfer, L.P. 7.5%
Enterprise Products Partners, L.P. 7.2%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class 7.0%
MPLX, L.P. 4.0%
Plains GP Holdings, L.P., Class A 3.9%
Kinder Morgan, Inc. 3.7%
National Fuel Gas Co. 3.2%
Southern (The) Co. 2.7%
PPL Corp. 2.5%
Entergy Corp. 2.4%
Industry Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/EMLP 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 North American Energy Infrastructure Fund (EMLP)
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First Trust EIP Power Solutions ETF
FPWR | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust EIP Power Solutions ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPWR. 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 EIP Power Solutions ETF $51(1) 0.95%(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 April 30, 2026)
Fund net assets $26,814,085
Total number of portfolio holdings 60
Portfolio turnover rate 12%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class 5.6%
Duke Energy Corp. 3.4%
Southern (The) Co. 3.2%
Energy Transfer, L.P. 3.2%
PPL Corp. 3.2%
National Fuel Gas Co. 3.1%
Enterprise Products Partners, L.P. 3.0%
WEC Energy Group, Inc. 2.9%
American Electric Power Co., Inc. 2.9%
Cheniere Energy Partners, L.P. 2.8%
Industry Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPWR 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 EIP Power Solutions ETF (FPWR)
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FT Energy Income Partners Strategy ETF
EIPX | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Energy Income Partners Strategy ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/EIPX. 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 Energy Income Partners Strategy ETF $54 0.95%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $531,813,599
Total number of portfolio holdings 85
Portfolio turnover rate 22%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class 9.0%
Enterprise Products Partners, L.P. 7.1%
Energy Transfer, L.P. 6.5%
MPLX, L.P. 3.8%
National Fuel Gas Co. 2.9%
Kinder Morgan, Inc. 2.6%
Plains GP Holdings, L.P., Class A 2.6%
ONEOK, Inc. 2.5%
Shell PLC, ADR 1.9%
Exxon Mobil 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/EIPX 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 Energy Income Partners Strategy ETF (EIPX)
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First Trust Senior Loan Fund
FTSL | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Senior Loan Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTSL. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Senior Loan Fund $37(1) 0.75%(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 April 30, 2026)
Fund net assets $2,286,027,902
Total number of portfolio holdings 296
Portfolio turnover rate 51%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Industry Allocation
Insurance 10.7%
Money Market Funds 9.2%
Software 8.6%
Hotels, Restaurants & Leisure 7.5%
Health Care Providers & Services 5.0%
Media 4.0%
Commercial Services & Supplies 4.0%
Trading Companies & Distributors 3.9%
Machinery 3.6%
All Other 43.5%
Credit Quality (1)
Graphical Representation - Allocation 2 Chart
(1) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FTSL or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.69%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Effective March 10, 2026, the Fund amended its definition of Senior Loans to include second lien senior floating rate bank loans.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTSL 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 Senior Loan Fund (FTSL)
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First Trust Tactical High Yield ETF
HYLS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Tactical High Yield ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HYLS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Tactical High Yield ETF $43 0.87%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $1,638,521,326
Total number of portfolio holdings 308
Portfolio turnover rate 40%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Industry Allocation
Insurance 12.7%
Media 7.1%
Software 6.9%
Hotels, Restaurants & Leisure 6.6%
Trading Companies & Distributors 5.5%
Health Care Providers & Services 4.7%
Commercial Services & Supplies 4.1%
Financial Services 3.6%
Building Products 3.6%
All Other 45.2%
Credit Quality (1)
Graphical Representation - Allocation 2 Chart
(1) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/HYLS or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.69%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/HYLS 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 Tactical High Yield ETF (HYLS)
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First Trust Enhanced Short Maturity ETF
FTSM | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Enhanced Short Maturity ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTSM. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Enhanced Short Maturity ETF $17 0.34%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $6,399,095,042
Total number of portfolio holdings 660
Portfolio turnover rate 36%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
AutoNation, Inc., 4.11%, 05/01/26 1.0%
U.S. Treasury Note, 3.75%, 04/30/27 1.0%
Targa Resources Corp., 3.95%, 05/01/26 0.9%
Energy Transfer, L.P., 3.93%, 05/01/26 0.6%
Quanta Services, Inc., 4.15%, 05/01/26 0.6%
Huntington National Bank (The), 4.87%, 04/12/28 0.6%
T-Mobile USA, Inc., 3.75%, 04/15/27 0.5%
Haleon US Capital LLC, 3.38%, 03/24/27 0.5%
PRA Health Sciences, Inc., 2.88%, 07/15/26 0.5%
Kinder Morgan, Inc., 1.75%, 11/15/26 0.5%
Credit Quality (1)
Graphical Representation - Allocation 2 Chart
(1) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one RSRO and the ratings are not equivalent, the highest rating is used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1 to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under “Government & Agency.” Credit ratings are subject to change. For newly issued debt securities for which only an expected rating from a NRSRO is available, the Fund may treat such expected rating as if it were a final rating for purposes of determining the credit quality categories shown.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FTSM or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.29%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTSM 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 Enhanced Short Maturity ETF (FTSM)
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First Trust High Income
Strategic Focus ETF
HISF | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust High Income Strategic Focus ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HISF. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 High Income Strategic Focus ETF $6(1) 0.12%(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 April 30, 2026)
Fund net assets $91,138,271
Total number of portfolio holdings 12
Portfolio turnover rate 21%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The table below shows the investment makeup of the Fund, representing the percentage of net assets of the Fund.
Fund Allocation
Exchange-Traded Funds 100.0%
Money Market Funds 0.0%
Net Other Assets and Liabilities (0.0%)
Total 100.0%
Any amount shown as 0.0% represents less than 0.1%.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/HISF or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.10%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/HISF 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 High Income Strategic Focus ETF (HISF)
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First Trust Low Duration Opportunities ETF
LMBS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Low Duration Opportunities ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LMBS. 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 Low Duration Opportunities ETF $32(1) 0.64%(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 April 30, 2026)
Fund net assets $6,162,856,749
Total number of portfolio holdings 1,227
Portfolio turnover rate 105%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
U.S. Government Agency Mortgage-Backed Securities 75.2%
U.S. Government Bonds and Notes 10.6%
Mortgage-Backed Securities 8.1%
Asset-Backed Securities 1.5%
U.S. Government Agency Securities 0.1%
Exchange-Traded Funds 0.1%
U.S. Treasury Bills 10.9%
Money Market Funds 1.0%
U.S. Government Agency Mortgage-Backed Securities Sold Short (1.3%)
Written Options (0.3%)
Net Other Assets and Liabilities(1) (5.9%)
Total 100.0%
Credit Quality (2)
Graphical Representation - Allocation 2 Chart
Any amount shown as 0.0% represents less than 0.1%.
(1) Includes variation margin on futures contracts.
(2) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under “Government & Agency.” Credit ratings are subject to change.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/LMBS 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 Low Duration Opportunities ETF (LMBS)
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First Trust SSI
Strategic Convertible Securities ETF
FCVT | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust SSI Strategic Convertible Securities ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCVT. 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 SSI Strategic Convertible Securities ETF $50 0.95%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $116,537,560
Total number of portfolio holdings 142
Portfolio turnover rate 44%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Western Digital Corp., 3.00%, 11/15/28 4.5%
Lumentum Holdings, Inc., 0.38%, 03/15/32 3.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.53% 2.6%
Boeing (The) Co., 6.00%, 10/15/27 2.4%
Morgan Stanley Finance LLC, 0.13%, 02/07/28 2.0%
ON Semiconductor Corp., 0.50%, 03/01/29 1.9%
NextEra Energy Capital Holdings, Inc., 3.00%, 03/01/27 1.8%
Live Nation Entertainment, Inc., 2.88%, 01/15/30 1.8%
Morgan Stanley Finance LLC, 0.13%, 04/26/30 1.6%
Bloom Energy Corp., 0.00%, 11/15/30 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCVT 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 SSI Strategic Convertible Securities ETF (FCVT)
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First Trust Long Duration
Opportunities ETF
LGOV | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Long Duration Opportunities ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LGOV. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Long Duration Opportunities ETF $27(1) 0.54%(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 April 30, 2026)
Fund net assets $664,498,282
Total number of portfolio holdings 176
Portfolio turnover rate 92%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
U.S. Government Agency Mortgage-Backed Securities 76.3%
U.S. Government Bonds and Notes 17.9%
U.S. Government Agency Securities 2.8%
Exchange-Traded Funds 0.3%
U.S. Treasury Bills 1.2%
Purchased Options 0.0%
U.S. Government Agency Mortgage-Backed Securities Sold Short (2.1%)
Written Options (0.4%)
Net Other Assets and Liabilities(1) 4.0%
Total 100.0%
Credit Quality (2)
Graphical Representation - Allocation 2 Chart
Any amount shown as 0.0% represents less than 0.1%.
(1) Includes variation margin on futures contracts.
(2) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO, of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under “Government & Agency.” Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/LGOV or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.49%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/LGOV 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 Long Duration Opportunities ETF (LGOV)
TSR - First Trust Fund Logo
First Trust Limited Duration
Investment Grade Corporate ETF
FSIG | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Limited Duration Investment Grade Corporate ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSIG. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Limited Duration Investment Grade Corporate ETF $24 0.48%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $1,507,235,118
Total number of portfolio holdings 320
Portfolio turnover rate 30%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 1.4%
MSCI, Inc., 4.00%, 11/15/29 1.3%
Fair Isaac Corp., 6.00%, 05/15/33 1.0%
Energy Transfer, L.P., 3.93%, 05/01/26 1.0%
Vulcan Materials Co., 3.85%, 05/01/26 1.0%
United Rentals North America, Inc., 6.00%, 12/15/29 1.0%
Smurfit Kappa Treasury ULC, 5.20%, 01/15/30 0.9%
Constellation Software, Inc., 5.16%, 02/16/29 0.9%
Berry Global, Inc., 5.50%, 04/15/28 0.8%
Quanta Services, Inc., 4.50%, 01/15/31 0.8%
Credit Quality (1)
Graphical Representation - Allocation 2 Chart
(1) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1+ to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under “Government & Agency”. Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FSIG or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.44%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSIG 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 Limited Duration Investment Grade Corporate ETF (FSIG)
TSR - First Trust Fund Logo
FT Vest S&P 500®
Dividend Aristocrats Target Income ETF®
KNG | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/KNG. 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 S&P 500® Dividend Aristocrats Target Income ETF® $38 0.74%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $3,369,358,909
Total number of portfolio holdings 139
Portfolio turnover rate 79%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 100.2%
Money Market Funds 0.3%
Written Options (0.5%)
Net Other Assets and Liabilities 0.0%
Total 100.0%
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/KNG 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 Target Outcome registered trademarks are registered trademarks of Vest Financial LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”), a division of S&P Global; Cboe® is a registered trademark of Cboe. The Index, S&P, and Cboe trademarks have been licensed for use by the Sub-Advisor, and in turn, sub-licensed by the Advisor, including for use by the Fund. The Fund is not sponsored, endorsed, sold, or promoted by Cboe and/or its affiliates (the “Cboe Group”), or S&P and/or its affiliates (together, the “S&P Group”). Neither the Cboe Group nor the S&P Group make any representation regarding the advisability of investing in the Fund and shall have no liability whatsoever in connection with the Fund.
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
TSR - First Trust Fund Logo
FT Vest SMID Rising Dividend Achievers
Target Income ETF
SDVD | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest SMID Rising Dividend Achievers Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/SDVD. 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 SMID Rising Dividend Achievers Target Income ETF $45 0.85%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $834,622,758
Total number of portfolio holdings 169
Portfolio turnover rate 21%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 99.9%
Money Market Funds 0.2%
Written Options (0.1%)
Net Other Assets and Liabilities (0.0%)
Total 100.0%
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/SDVD 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 US Small-Mid Cap Rising Dividend AchieversTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust 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.
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
TSR - First Trust Fund Logo
FT Vest Technology Dividend
Target Income ETF
TDVI | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Technology Dividend Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/TDVI. 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 Technology Dividend Target Income ETF $39 0.75%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $417,894,082
Total number of portfolio holdings 96
Portfolio turnover rate 16%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 99.9%
Money Market Funds 0.2%
Written Options (0.1%)
Net Other Assets and Liabilities 0.0%
Total 100.0%
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/TDVI 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 Technology DividendTM 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.
FT Vest Technology Dividend Target Income ETF (TDVI)
TSR - First Trust Fund Logo
FT Vest Dow Jones Internet
& Target Income ETF
FDND | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Dow Jones Internet & Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDND. 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 Dow Jones Internet & Target Income ETF $36 0.75%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $9,595,375
Total number of portfolio holdings 43
Portfolio turnover rate 11%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 99.3%
Money Market Funds 0.1%
Written Options (0.1%)
Net Other Assets and Liabilities 0.7%
Total 100.0%
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/FDND 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.
FT Vest Dow Jones Internet & Target Income ETF (FDND)
TSR - First Trust Fund Logo
FT Vest Rising Dividend Achievers
Target Income ETF
RDVI | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Rising Dividend Achievers Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RDVI. 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 Rising Dividend Achievers Target Income ETF $39 0.75%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $3,073,502,895
Total number of portfolio holdings 75
Portfolio turnover rate 19%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 100.0%
Money Market Funds 0.1%
Written Options (0.1%)
Net Other Assets and Liabilities 0.0%
Total 100.0%
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/RDVI 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 US Rising Dividend AchieversTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust 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.
FT Vest Rising Dividend Achievers Target Income ETF (RDVI)
TSR - First Trust Fund Logo
FT Vest DJIA® Dogs 10 Target Income ETF
DOGG | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest DJIA® Dogs 10 Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/DOGG. 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 DJIA® Dogs 10 Target Income ETF $39 0.75%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $65,608,406
Total number of portfolio holdings 42
Portfolio turnover rate 441%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 50.0%
U.S. Treasury Bills 61.6%
Money Market Funds 0.1%
Purchased Options 0.5%
Written Options (25.0%)
Net Other Assets and Liabilities 12.8%
Total 100.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/DOGG 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 “Dow Jones Industrial Average” is a product of S&P Dow Jones Indices, LLC (“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, 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.
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
TSR - First Trust Fund Logo
FT Vest Growth Strength &
Target Income ETF
FGSI | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Growth Strength & Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FGSI. 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 Growth Strength & Target Income ETF $42 0.85%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $2,991,766
Total number of portfolio holdings 52
Portfolio turnover rate 54%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 99.9%
Money Market Funds 0.1%
Written Options (0.1%)
Net Other Assets and Liabilities 0.1%
Total 100.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGSI 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 Strength™ 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.
FT Vest Growth Strength & Target Income ETF (FGSI)
TSR - First Trust Fund Logo
First Trust Intermediate Duration
Investment Grade Corporate ETF
FIIG | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Intermediate Duration Investment Grade Corporate ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FIIG. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Intermediate Duration Investment Grade Corporate ETF $27 0.54%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $670,876,034
Total number of portfolio holdings 251
Portfolio turnover rate 23%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Icon Investments Six DAC, 6.00%, 05/08/34 1.4%
Cooperatieve Rabobank U.A., 5.71%, 01/21/33 1.3%
Fair Isaac Corp., 6.00%, 05/15/33 1.1%
Solventum Corp., 5.60%, 03/23/34 1.0%
Constellation Software, Inc., 5.46%, 02/16/34 1.0%
Sodexo, Inc., 5.80%, 08/15/35 1.0%
Vulcan Materials Co., 3.85%, 05/01/26 1.0%
Morgan Stanley, 5.25%, 04/21/34 1.0%
Raymond James Financial, Inc., 4.90%, 09/11/35 0.9%
Roper Technologies, Inc., 4.90%, 10/15/34 0.9%
Credit Quality (1)
Graphical Representation - Allocation 2 Chart
(1) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1+ to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under “Government & Agency”. Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FIIG or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.49%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FIIG 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 Intermediate Duration Investment Grade Corporate ETF (FIIG)
TSR - First Trust Fund Logo
First Trust Intermediate
Government Opportunities ETF
MGOV | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the First Trust Intermediate Government Opportunities ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/MGOV. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Intermediate Government Opportunities ETF $27(1) 0.54%(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 April 30, 2026)
Fund net assets $102,266,569
Total number of portfolio holdings 205
Portfolio turnover rate 71%
WHAT DID THE FUND INVEST IN? (As of April 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and percentage of total investments, respectively, of the Fund.
Fund Allocation
U.S. Government Agency Mortgage-Backed Securities 82.2%
U.S. Government Bonds and Notes 13.8%
Mortgage-Backed Securities 8.6%
Asset-Backed Securities 1.2%
Money Market Funds 1.1%
Purchased Options 0.0%
U.S. Government Agency Mortgage-Backed Securities Sold Short (3.2%)
Written Options (0.3%)
Net Other Assets and Liabilities(1) (3.4%)
Total 100.0%
Credit Quality (2)
Graphical Representation - Allocation 2 Chart
Any amount shown as 0.0% represents less than 0.1%.
(1) Includes variation margin on futures contracts.
(2) The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, DBRS, Inc., Kroll Bond Rating Agency, Inc. or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Agency, U.S. Agency mortgage-backed, and U.S. Treasury securities appear under “Government & Agency.” Credit ratings are subject to change.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since November 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/MGOV or upon request at 1-800-621-1675 or [email protected].
Effective February 1, 2026, the Board of Trustees has approved a permanent contractual reduction of the annual unitary management fee for the Fund. The annual unitary management fee for the Fund is now 0.49%. Additionally, under the Fund’s new fee structure, the Fund will not be eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/MGOV 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 Intermediate Government Opportunities ETF (MGOV)
TSR - First Trust Fund Logo
FT Vest 20+ Year Treasury
& Target Income ETF
LTTI | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest 20+ Year Treasury & Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LTTI. 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 20+ Year Treasury & Target Income ETF $32 0.65%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $13,847,279
Total number of portfolio holdings 6
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of April 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 1.1%
Money Market Funds 1.2%
Purchased Options 97.0%
Written Options (0.0%)
Net Other Assets and Liabilities 0.7%
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/LTTI 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 20+ Year Treasury & Target Income ETF (LTTI)
TSR - First Trust Fund Logo
FT Vest High Yield & Target Income ETF
HYTI | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest High Yield & Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/HYTI. 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 High Yield & Target Income ETF $33 0.65%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $82,318,235
Total number of portfolio holdings 6
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of April 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 1.8%
Money Market Funds 1.1%
Purchased Options 96.3%
Written Options (0.0%)
Net Other Assets and Liabilities 0.8%
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/HYTI 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 High Yield & Target Income ETF (HYTI)
TSR - First Trust Fund Logo
FT Vest Investment Grade
& Target Income ETF
LQTI | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the FT Vest Investment Grade & Target Income ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/LQTI. 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 Investment Grade & Target Income ETF $32 0.65%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of April 30, 2026)
Fund net assets $276,091,235
Total number of portfolio holdings 6
Portfolio turnover rate 0%
WHAT DID THE FUND INVEST IN? (As of April 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 1.3%
Money Market Funds 1.1%
Purchased Options 96.9%
Written Options (0.0%)
Net Other Assets and Liabilities 0.7%
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/LQTI 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 Investment Grade & Target Income ETF (LQTI)
 

(b)       Not applicable.

Item 2. Code of Ethics.

The First Trust Exchange-Traded Fund IV (“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.

 
 
  
First Trust Exchange-Traded Fund IV
  
First Trust North American
Energy Infrastructure Fund
(EMLP)
First Trust EIP Power Solutions
ETF (FPWR)
FT Energy Income Partners
Strategy ETF (EIPX)
Semi-Annual Financial Statements and
Other Information
For the Six Months Ended
April 30, 2026
Table of Contents 
First Trust Exchange-Traded Fund IV
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund IV (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 North American Energy Infrastructure Fund (EMLP)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 66.5%
Commercial Services &
Supplies — 0.1%
145,134
Tetra Tech, Inc.
$4,690,731
Construction & Engineering
— 1.2%
70,070
Quanta Services, Inc.
50,994,844
Electric Utilities — 22.2%
528,434
Alliant Energy Corp.
38,802,909
613,272
American Electric Power Co.,
Inc.
84,085,724
52,403
Constellation Energy Corp.
16,402,139
605,492
Duke Energy Corp.
78,441,488
900,237
Enel S.p.A., ADR
10,458,953
838,045
Entergy Corp.
98,813,886
791,554
Evergy, Inc.
65,572,333
182,539
Exelon Corp.
8,394,969
1,217,992
FirstEnergy Corp.
57,878,980
143,218
Iberdrola S.A., ADR
13,449,602
262,474
IDACORP, Inc.
38,777,909
528,995
NextEra Energy, Inc.
51,778,030
1,183,840
OGE Energy Corp.
57,771,392
1,036,477
PG&E Corp.
17,226,248
2,746,556
PPL Corp.
102,831,057
1,125,424
Southern (The) Co.
108,828,501
640,642
Xcel Energy, Inc.
53,141,254
 
902,655,374
Electrical Equipment — 1.4%
60,367
EnerSys
12,873,866
169,377
Generac Holdings, Inc. (b)
43,907,600
 
56,781,466
Energy Equipment & Services
— 0.7%
791,515
Archrock, Inc.
30,671,206
Gas Utilities — 10.8%
1,128,290
AltaGas Ltd. (CAD)
42,287,514
254,637
Atmos Energy Corp.
48,375,937
139,352
Chesapeake Utilities Corp.
17,575,074
1,567,057
National Fuel Gas Co.
132,228,270
875,098
New Jersey Resources Corp.
49,276,768
897,935
ONE Gas, Inc.
80,113,761
400,950
Spire, Inc.
36,558,621
901,310
UGI Corp.
32,528,278
 
438,944,223
Independent Power and
Renewable Electricity
Producers — 3.0%
1,166,753
AES (The) Corp.
16,859,581
1,418,996
Clearway Energy, Inc., Class A
57,370,008
Shares
Description
Value
 
Independent Power and
Renewable Electricity
Producers (Continued)
109,088
Northland Power, Inc. (CAD)
$1,876,023
287,043
Vistra Corp.
45,306,867
 
121,412,479
Machinery — 0.8%
48,351
Cummins, Inc.
32,444,004
Multi-Utilities — 12.1%
346,253
Ameren Corp.
39,351,653
908,922
Atco Ltd., Class I (CAD)
45,574,909
1,250,284
CenterPoint Energy, Inc.
54,574,897
485,916
CMS Energy Corp.
37,289,194
853,059
Dominion Energy, Inc.
55,022,305
402,574
DTE Energy Co.
61,066,450
810,110
Public Service Enterprise Group,
Inc.
66,153,583
781,230
Sempra
74,310,597
499,451
WEC Energy Group, Inc.
58,905,251
 
492,248,839
Oil, Gas & Consumable Fuels
— 13.7%
209,007
Cheniere Energy, Inc.
57,466,475
289,946
DT Midstream, Inc.
42,909,109
376,880
Enbridge, Inc.
20,886,690
1,050,095
Keyera Corp. (CAD)
40,570,535
4,567,943
Kinder Morgan, Inc.
150,148,286
908,596
ONEOK, Inc.
84,008,786
151,121
Sunococorp LLC
10,076,748
175,843
Targa Resources Corp.
45,733,247
648,210
TC Energy Corp.
43,384,695
826,212
Williams (The) Cos., Inc.
63,048,238
 
558,232,809
Professional Services — 0.1%
21,605
Jacobs Solutions, Inc.
2,795,903
Water Utilities — 0.4%
431,778
Essential Utilities, Inc.
16,493,920
Total Common Stocks
2,708,365,798
(Cost $1,847,127,299)
 
Units
Description
Value
MASTER LIMITED PARTNERSHIPS — 26.6%
Chemicals — 0.6%
1,004,187
Westlake Chemical Partners,
L.P.
23,146,510
Oil, Gas & Consumable Fuels
— 26.0%
869,532
Cheniere Energy Partners, L.P.
58,276,035
15,113,003
Energy Transfer, L.P.
305,131,531
See Notes to Financial Statements
Page 1
First Trust North American Energy Infrastructure Fund (EMLP)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Units
Description
Value
MASTER LIMITED PARTNERSHIPS (Continued)
Oil, Gas & Consumable Fuels
(Continued)
7,548,319
Enterprise Products Partners,
L.P.
$292,119,945
2,921,770
MPLX, L.P.
164,407,998
6,442,784
Plains GP Holdings, L.P.,
Class A (c)
157,526,069
1,197,405
Sunoco, L.P.
83,399,258
 
1,060,860,836
Total Master Limited
Partnerships
1,084,007,346
(Cost $537,421,473)
 
Shares
Description
Value
MONEY MARKET FUNDS — 7.0%
285,874,896
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.52% (d)
285,874,896
(Cost $285,874,896)
Total Investments — 100.1%
4,078,248,040
(Cost $2,670,423,668)
Net Other Assets and
Liabilities — (0.1)%
(4,978,681
)
Net Assets — 100.0%
$4,073,269,359
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is taxed as a “C” corporation for federal income
tax purposes.
(d)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CAD
–  Canadian Dollar
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$2,708,365,798
$2,708,365,798
$—
$—
Master Limited
Partnerships*
1,084,007,346
1,084,007,346
—
—
Money Market
Funds
285,874,896
285,874,896
—
—
Total Investments
$4,078,248,040
$4,078,248,040
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 2
First Trust EIP Power Solutions ETF (FPWR)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 82.1%
Construction & Engineering
— 1.3%
461
Quanta Services, Inc.
$335,502
Electric Utilities — 32.8%
6,920
Alliant Energy Corp.
508,135
5,642
American Electric Power Co.,
Inc.
773,575
883
Constellation Energy Corp.
276,379
7,000
Duke Energy Corp.
906,850
25,041
Enel S.p.A., ADR
290,926
6,078
Entergy Corp.
716,657
7,766
Evergy, Inc.
643,335
10,342
FirstEnergy Corp.
491,452
2,928
Iberdrola S.A., ADR
274,968
4,997
IDACORP, Inc.
738,257
4,211
NextEra Energy, Inc.
412,173
8,019
OGE Energy Corp.
391,327
22,570
PPL Corp.
845,021
8,794
Southern (The) Co.
850,380
8,306
Xcel Energy, Inc.
688,983
 
8,808,418
Electrical Equipment — 2.5%
1,139
EnerSys
242,903
1,675
Generac Holdings, Inc. (b)
434,210
 
677,113
Energy Equipment & Services
— 0.3%
2,310
Archrock, Inc.
89,513
Financial Services — 0.6%
4,073
HA Sustainable Infrastructure
Capital, Inc.
170,862
Gas Utilities — 9.5%
3,796
AltaGas Ltd. (CAD)
142,271
2,049
Atmos Energy Corp.
389,269
919
Chesapeake Utilities Corp.
115,904
9,861
National Fuel Gas Co.
832,071
8,187
New Jersey Resources Corp.
461,010
6,128
ONE Gas, Inc.
546,740
1,649
UGI Corp.
59,513
 
2,546,778
Independent Power and
Renewable Electricity
Producers — 5.8%
16,339
AES (The) Corp.
236,099
15,256
Clearway Energy, Inc., Class A
616,800
2,902
EDP Renovaveis S.A.
(EUR) (b) (c)
48,524
4,160
Vistra Corp.
656,614
 
1,558,037
Shares
Description
Value
 
Machinery — 1.2%
463
Cummins, Inc.
$310,678
Multi-Utilities — 17.0%
4,126
Ameren Corp.
468,920
6,137
Atco Ltd., Class I (CAD)
307,720
5,904
CenterPoint Energy, Inc.
257,710
7,617
CMS Energy Corp.
584,528
7,616
Dominion Energy, Inc.
491,232
4,170
DTE Energy Co.
632,547
7,274
Public Service Enterprise Group,
Inc.
593,995
4,647
Sempra
442,023
6,667
WEC Energy Group, Inc.
786,306
 
4,564,981
Oil, Gas & Consumable Fuels
— 9.5%
1,387
Cheniere Energy, Inc.
381,356
2,546
Coterra Energy, Inc.
91,427
1,625
DT Midstream, Inc.
240,484
457
EOG Resources, Inc.
64,240
2,187
EQT Corp.
131,395
320
Gulfport Energy Corp. (b)
61,613
22,655
Kinder Morgan, Inc.
744,670
3,056
Range Resources Corp.
132,936
923
Targa Resources Corp.
240,054
2,123
TC Energy Corp.
142,092
4,087
Williams (The) Cos., Inc.
311,879
 
2,542,146
Professional Services — 0.8%
1,557
Jacobs Solutions, Inc.
201,491
Semiconductors &
Semiconductor Equipment
— 0.8%
1,054
First Solar, Inc. (b)
212,792
Total Common Stocks
22,018,311
(Cost $17,501,886)
 
Units
Description
Value
MASTER LIMITED PARTNERSHIPS (a) — 12.3%
Independent Power and
Renewable Electricity
Producers — 0.5%
4,440
Brookfield Renewable Partners,
L.P. (CAD)
146,535
Oil, Gas & Consumable Fuels
— 11.8%
11,359
Cheniere Energy Partners, L.P.
761,280
41,998
Energy Transfer, L.P.
847,939
See Notes to Financial Statements
Page 3
First Trust EIP Power Solutions ETF (FPWR)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Units
Description
Value
MASTER LIMITED PARTNERSHIPS (a) (Continued)
Oil, Gas & Consumable Fuels
(Continued)
20,880
Enterprise Products Partners,
L.P.
$808,056
13,036
MPLX, L.P.
733,536
 
3,150,811
Total Master Limited
Partnerships
3,297,346
(Cost $2,677,823)
 
Shares
Description
Value
MONEY MARKET FUNDS — 5.6%
1,497,187
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.52% (d)
1,497,187
(Cost $1,497,187)
Total Investments — 100.0%
26,812,844
(Cost $21,676,896)
Net Other Assets and
Liabilities — 0.0%
1,241
Net Assets — 100.0%
$26,814,085
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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 April 30, 2026, securities noted
as such are valued at $48,524 or 0.2% of net assets. Certain
of these securities are fair valued using a factor provided by a
third-party pricing service due to the change in value
between the foreign markets’ close and the New York Stock
Exchange close exceeding a certain threshold. On days when
this threshold is not exceeded, these securities are typically
valued at the last sale price on the exchange on which they
are principally traded.
(d)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CAD
–  Canadian Dollar
EUR
–  Euro
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:*
Independent Power and
Renewable
Electricity Producers
$1,558,037
$1,509,513
$48,524
$—
Other Industry
Categories*
20,460,274
20,460,274
—
—
Master Limited
Partnerships*
3,297,346
3,297,346
—
—
Money Market Funds
1,497,187
1,497,187
—
—
Total Investments
$26,812,844
$26,764,320
$48,524
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 4
FT Energy Income Partners Strategy ETF (EIPX)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 65.6%
Construction & Engineering
— 1.2%
9,041
Quanta Services, Inc.
$6,579,769
Electric Utilities — 12.2%
16,056
Alliant Energy Corp.
1,178,992
19,980
American Electric Power Co.,
Inc.
2,739,458
7,686
Constellation Energy Corp.
2,405,718
52,459
Duke Energy Corp.
6,796,063
145,585
Enel S.p.A., ADR
1,691,406
40,058
Entergy Corp.
4,723,239
80,150
Evergy, Inc.
6,639,626
132,004
FirstEnergy Corp.
6,272,830
17,210
Iberdrola S.A., ADR
1,616,191
8,342
IDACORP, Inc.
1,232,447
28,215
NextEra Energy, Inc.
2,761,684
122,581
OGE Energy Corp.
5,981,953
98,194
PG&E Corp.
1,631,984
156,388
PPL Corp.
5,855,167
94,998
Southern (The) Co.
9,186,307
49,344
Xcel Energy, Inc.
4,093,085
 
64,806,150
Electrical Equipment — 1.1%
22,336
Generac Holdings, Inc. (b)
5,790,161
Energy Equipment & Services
— 9.1%
149,551
Archrock, Inc.
5,795,101
117,236
Baker Hughes Co.
8,167,832
123,594
Cactus, Inc., Class A
6,886,658
179,263
Halliburton Co.
7,582,825
142,905
SLB Ltd.
8,128,436
68,614
Technip Energies NV, ADR
3,244,070
113,600
TechnipFMC PLC
8,584,752
 
48,389,674
Gas Utilities — 6.1%
70,127
AltaGas Ltd. (CAD)
2,628,311
11,989
Atmos Energy Corp.
2,277,670
180,665
National Fuel Gas Co.
15,244,513
89,945
New Jersey Resources Corp.
5,064,803
54,618
ONE Gas, Inc.
4,873,018
57,105
UGI Corp.
2,060,919
 
32,149,234
Independent Power and
Renewable Electricity
Producers — 2.3%
31,647
AES (The) Corp.
457,299
112,411
Clearway Energy, Inc., Class A
4,544,777
45,762
Vistra Corp.
7,223,074
 
12,225,150
Shares
Description
Value
 
Machinery — 0.6%
4,377
Cummins, Inc.
$2,937,011
Multi-Utilities — 6.4%
33,075
Ameren Corp.
3,758,974
114,580
Atco Ltd., Class I (CAD)
5,745,238
83,998
CenterPoint Energy, Inc.
3,666,513
14,642
CMS Energy Corp.
1,123,627
17,640
Dominion Energy, Inc.
1,137,780
7,656
DTE Energy Co.
1,161,338
80,259
Public Service Enterprise Group,
Inc.
6,553,950
90,359
Sempra
8,594,948
19,838
WEC Energy Group, Inc.
2,339,694
 
34,082,062
Oil, Gas & Consumable Fuels
— 25.5%
63,827
Canadian Natural Resources Ltd.
(CAD)
3,046,742
8,756
Cheniere Energy, Inc.
2,407,462
55,519
Core Natural Resources, Inc.
4,982,275
193,335
DHT Holdings, Inc.
3,572,831
13,735
Diamondback Energy, Inc.
2,824,328
19,521
DT Midstream, Inc.
2,888,913
45,006
Enbridge, Inc.
2,494,232
48,282
EOG Resources, Inc.
6,787,001
44,136
EQT Corp.
2,651,691
63,711
Exxon Mobil Corp.
9,832,519
52,524
Frontline PLC
1,916,601
11,561
Gulfport Energy Corp. (b)
2,225,955
42,294
HF Sinclair Corp.
2,842,580
11,169
Imperial Oil Ltd. (CAD)
1,496,162
47,850
International Seaways, Inc.
3,969,157
97,782
Keyera Corp. (CAD)
3,777,818
418,762
Kinder Morgan, Inc.
13,764,707
10,632
Marathon Petroleum Corp.
2,639,819
50,267
Okeanis Eco Tankers
Corp. (c) (d)
2,776,749
145,917
ONEOK, Inc.
13,491,486
44,068
Phillips 66
7,894,782
182,704
Range Resources Corp.
7,947,624
111,292
Shell PLC, ADR
10,090,846
40,374
Suncor Energy, Inc. (CAD)
2,766,601
21,442
Targa Resources Corp.
5,576,635
39,636
TC Energy Corp.
2,652,837
30,744
TotalEnergies SE
2,850,276
10,508
Valero Energy Corp.
2,654,111
36,960
Williams (The) Cos., Inc.
2,820,418
 
135,643,158
Professional Services — 0.9%
18,440
Jacobs Solutions, Inc.
2,386,320
69,420
KBR, Inc.
2,602,556
 
4,988,876
See Notes to Financial Statements
Page 5
FT Energy Income Partners Strategy ETF (EIPX)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Semiconductors &
Semiconductor Equipment
— 0.2%
5,379
First Solar, Inc. (b)
$1,085,966
Total Common Stocks
348,677,211
(Cost $258,906,706)
 
Units
Description
Value
MASTER LIMITED PARTNERSHIPS — 25.4%
Oil, Gas & Consumable Fuels
— 25.4%
360,572
Alliance Resource Partners, L.P.
9,594,821
83,216
Cheniere Energy Partners, L.P.
5,577,136
1,704,311
Energy Transfer, L.P.
34,410,039
977,565
Enterprise Products Partners,
L.P.
37,831,766
354,197
MPLX, L.P.
19,930,665
561,681
Plains GP Holdings, L.P.,
Class A (e)
13,733,101
110,019
Sunoco, L.P.
7,662,823
518,937
TXO Partners, L.P.
6,450,387
Total Master Limited
Partnerships
135,190,738
(Cost $90,460,198)
 
Shares
Description
Value
MONEY MARKET FUNDS — 8.9%
47,564,450
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.52% (f)
47,564,450
(Cost $47,564,450)
Total Investments — 99.9%
531,432,399
(Cost $396,931,354)
Net Other Assets and
Liabilities — 0.1%
381,200
Net Assets — 100.0%
$531,813,599
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
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.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
This security is taxed as a “C” corporation for federal income
tax purposes.
(f)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CAD
–  Canadian Dollar
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$348,677,211
$348,677,211
$—
$—
Master Limited
Partnerships*
135,190,738
135,190,738
—
—
Money Market Funds
47,564,450
47,564,450
—
—
Total Investments
$531,432,399
$531,432,399
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 6
This page intentionally left blank.
Page 7
First Trust Exchange-Traded Fund IV
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
 
 
First Trust
North American
Energy
Infrastructure
Fund
(EMLP)
First Trust EIP
Power Solutions
ETF
(FPWR)
FT Energy
Income Partners
Strategy ETF
(EIPX)
ASSETS:
Investments, at value
$4,078,248,040
$26,812,844
$531,432,399
Cash
8,286
162
2,095
Foreign currency, at value
—
—
589
Receivables:
Dividends
5,483,016
20,834
718,519
Reclaims
95,992
754
60,939
Total Assets
4,083,835,334
26,834,594
532,214,541
 
LIABILITIES:
Due to custodian foreign currency
156
—
—
Payables:
Investment securities purchased
7,485,062
—
—
Investment advisory fees
3,080,757
20,509
400,942
Total Liabilities
10,565,975
20,509
400,942
NET ASSETS
$4,073,269,359
$26,814,085
$531,813,599
 
NET ASSETS consist of:
Paid-in capital
$2,574,306,646
$22,133,588
$368,057,126
Par value
911,550
7,000
162,000
Accumulated distributable earnings (loss)
1,498,051,163
4,673,497
163,594,473
NET ASSETS
$4,073,269,359
$26,814,085
$531,813,599
NET ASSET VALUE, per share
$44.69
$38.31
$32.83
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
91,155,000
700,002
16,200,002
Investments, at cost
$2,670,423,668
$21,676,896
$396,931,354
Foreign currency, at cost (proceeds)
$(156
)
$—
$575
See Notes to Financial Statements
Page 8
First Trust Exchange-Traded Fund IV
Statements of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
 
First Trust
North American
Energy
Infrastructure
Fund
(EMLP)
First Trust EIP
Power Solutions
ETF
(FPWR)
FT Energy
Income Partners
Strategy ETF
(EIPX)
INVESTMENT INCOME:
Dividends
$41,456,582
$253,179
$5,150,702
Foreign withholding tax
(642,089
)
(3,275
)
(124,460
)
Total investment income
40,814,493
249,904
5,026,242
 
EXPENSES:
Investment advisory fees
17,105,094
 
100,539
 
2,121,719
 
Other expenses
2,492
12
287
Total expenses
17,107,586
100,551
2,122,006
NET INVESTMENT INCOME (LOSS)
23,706,907
149,353
2,904,236
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
32,933,959
452,078
7,734,096
In-kind redemptions
152,068,678
—
25,888,015
Foreign currency transactions
(58,442
)
73
(11,582
)
Net realized gain (loss)
184,944,195
452,151
33,610,529
Net change in unrealized appreciation (depreciation) on:
Investments
483,965,512
2,725,245
75,151,172
Foreign currency translation
1,091
—
264
Net change in unrealized appreciation (depreciation)
483,966,603
2,725,245
75,151,436
NET REALIZED AND UNREALIZED GAIN (LOSS)
668,910,798
3,177,396
108,761,965
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$692,617,705
$3,326,749
$111,666,201
See Notes to Financial Statements
Page 9
First Trust Exchange-Traded Fund IV
Statements of Changes in Net Assets
 
 
First Trust North American
Energy Infrastructure Fund
(EMLP)
First Trust EIP Power Solutions
ETF (FPWR)
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$23,706,907
$39,708,459
$149,353
$244,769
Net realized gain (loss)
184,944,195
280,369,274
452,151
1,502,785
Net change in unrealized appreciation (depreciation)
483,966,603
63,373,730
2,725,245
716,353
Net increase (decrease) in net assets resulting from
operations
692,617,705
383,451,463
3,326,749
2,463,907
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(53,270,508
)
(101,676,926
)
(236,246
)
(330,641
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
396,023,295
 
468,073,744
 
5,401,533
 
4,800,659
 
Cost of shares redeemed
(273,983,686
) 
(228,043,027
) 
—
 
(3,221,869
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
122,039,609
240,030,717
5,401,533
1,578,790
Total increase (decrease) in net assets
761,386,806
521,805,254
8,492,036
3,712,056
 
NET ASSETS:
Beginning of period
3,311,882,553
2,790,077,299
18,322,049
14,609,993
End of period
$4,073,269,359
$3,311,882,553
$26,814,085
$18,322,049
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
88,155,000
81,805,000
550,002
500,002
Shares sold
9,400,000
12,500,000
150,000
150,000
Shares redeemed
(6,400,000
)
(6,150,000
)
—
(100,000
)
Shares outstanding, end of period
91,155,000
88,155,000
700,002
550,002
See Notes to Financial Statements
Page 10
 
FT Energy Income Partners
Strategy ETF (EIPX)
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
$2,904,236
$5,028,001
33,610,529
17,957,218
75,151,436
14,094,681
111,666,201
37,079,900
(6,578,665
)
(12,292,302
)
114,330,327
 
89,116,299
 
(75,964,639
) 
(57,990,593
) 
38,365,688
31,125,706
143,453,224
55,913,304
388,360,375
332,447,071
$531,813,599
$388,360,375
14,900,002
13,700,002
3,700,000
3,450,000
(2,400,000
)
(2,250,000
)
16,200,002
14,900,002
See Notes to Financial Statements
Page 11
First Trust Exchange-Traded Fund IV
Financial Highlights
For a share outstanding throughout each period
First Trust North American Energy Infrastructure Fund (EMLP)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$37.57
$34.11
$26.31
$26.70
$25.02
$19.68
Income from investment
operations:
Net investment income (loss)
0.26
 (a)
0.46
 (a)
0.47
 (a)
0.36
 (a)
0.37
 
0.19
 
Net realized and unrealized gain
(loss)
7.45
 
4.18
 
8.44
 
0.30
 
2.14
 
6.01
 
Total from investment operations
7.71
 
4.64
 
8.91
 
0.66
 
2.51
 
6.20
 
Distributions paid to
shareholders from:
Net investment income
(0.59
) 
(1.18
) 
(1.11
) 
(1.05
) 
(0.37
) 
(0.86
) 
Return of capital
—
 
—
 
—
 
—
 
(0.46
) 
—
 
Total distributions
(0.59
) 
(1.18
) 
(1.11
) 
(1.05
) 
(0.83
) 
(0.86
) 
Net asset value, end of period
$44.69
 
$37.57
 
$34.11
 
$26.31
 
$26.70
 
$25.02
 
Total return (b)
20.69
% 
13.67
% 
34.48
% 
2.49
% 
10.19
% 
31.97
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$4,073,269
 
$3,311,883
 
$2,790,077
 
$2,273,264
 
$2,570,305
 
$2,129,135
 
Ratio of total expenses to average
net assets (c)
0.94
% (d)
0.95
% 
0.95
% 
0.95
% 
0.95
% 
0.95
% 
Ratio of net investment income
(loss) to average net assets (c)
1.31
% (d)
1.25
% 
1.58
% 
1.33
% 
1.08
% 
0.71
% 
Portfolio turnover rate (e)
12
% 
36
% 
23
% 
32
% 
32
% 
52
% 
 
(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)
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.
(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
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust EIP Power Solutions ETF (FPWR)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$33.31
$29.22
$22.66
$25.30
$24.33
$21.40
Income from investment operations:
Net investment income (loss)
0.25
 (a)
0.47
 (a)
0.59
 (a)
0.55
 (a)
0.31
 
0.31
 
Net realized and unrealized gain (loss)
5.13
 
4.25
 
6.70
 
(2.57
) 
1.05
 
2.98
 
Total from investment operations
5.38
 
4.72
 
7.29
 
(2.02
) 
1.36
 
3.29
 
Distributions paid to shareholders from:
Net investment income
(0.38
) 
(0.63
) 
(0.73
) 
(0.59
) 
(0.29
) 
(0.36
) 
Net realized gain
—
 
—
 
—
 
(0.03
) 
(0.10
) 
—
 
Total distributions
(0.38
) 
(0.63
) 
(0.73
) 
(0.62
) 
(0.39
) 
(0.36
) 
Net asset value, end of period
$38.31
 
$33.31
 
$29.22
 
$22.66
 
$25.30
 
$24.33
 
Total return (b)
16.26
% 
16.34
% 
32.63
% 
(8.15
)% 
5.62
% 
15.49
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$26,814
 
$18,322
 
$14,610
 
$30,592
 
$31,628
 
$20,682
 
Ratio of total expenses to average net assets (c)
0.95
% (d)
0.96
% (e)
0.95
% 
0.95
% 
0.95
% 
0.95
% 
Ratio of net investment income (loss) to average net
assets (c)
1.41
% (d)
1.50
% 
2.36
% 
2.22
% 
1.29
% 
1.24
% 
Portfolio turnover rate (f)
12
% 
67
% 
16
% 
47
% 
22
% 
56
% 
 
(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)
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.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.95%.
(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 13
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Energy Income Partners Strategy ETF (EIPX)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended
10/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$26.06
$24.27
$20.79
$19.72
Income from investment operations:
Net investment income (loss) (b)
0.19
 
0.34
 
0.42
 
0.33
 
Net realized and unrealized gain (loss)
6.99
 
2.29
 
3.85
 
1.37
 
Total from investment operations
7.18
 
2.63
 
4.27
 
1.70
 
Distributions paid to shareholders from:
Net investment income
(0.41
) 
(0.83
) 
(0.76
) 
(0.63
) 
Net realized gain
—
 
(0.01
) 
(0.03
) 
—
 
Total distributions
(0.41
) 
(0.84
) 
(0.79
) 
(0.63
) 
Net asset value, end of period
$32.83
 
$26.06
 
$24.27
 
$20.79
 
Total return (c)
27.77
% 
10.94
% 
20.83
% 
8.71
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$531,814
 
$388,360
 
$332,447
 
$210,976
 
Ratio of total expenses to average net assets
0.95
% (d)
0.96
% (e)
0.95
% 
0.95
% (d)
Ratio of net investment income (loss) to average net assets
1.30
% (d)
1.35
% 
1.84
% 
1.64
% (d)
Portfolio turnover rate (f)
22
% 
38
% 
23
% 
19
% 
 
(a)
Inception date is November 2, 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)
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 0.95%.
(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 14
Notes to Financial Statements
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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.
 
First Trust North American Energy Infrastructure Fund – (ticker “EMLP”)
First Trust EIP Power Solutions ETF – (ticker “FPWR”)
FT Energy Income Partners Strategy ETF – (ticker “EIPX”)
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. EMLP’s investment objective is to seek total return. EMLP will invest, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of companies deemed by Energy Income Partners, LLC (“EIP” or the “Sub-Advisor”) to be engaged in the energy infrastructure sector, which principally include U.S. and Canadian natural gas and electric utilities, corporations operating energy infrastructure assets such as pipelines or renewable energy production, utilities, publicly-traded master limited partnerships or limited liability companies taxed as partnerships (“MLPs”), MLP affiliates, and other companies that derive the majority of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, “Energy Infrastructure Companies”). In addition, under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in equity securities of companies headquartered or incorporated in the United States and Canada.
FPWR’s investment objective is to seek to achieve a competitive risk-adjusted total return balanced between dividends and capital appreciation. FPWR will invest, under normal market conditions, at least 80% of its net assets (including investment borrowings) in the equity securities of companies identified by EIP as Power Solutions Companies. The Sub-Advisor defines Power Solutions Companies as those companies that provide technology, equipment and services that contribute to the production, transmission, storage and delivery of electric power and/or have a positive impact on the cost, reliability, safety or environmental impact to help meet the growing demands of the electric power system. Power Solutions Companies include companies in the Global Industry Classification Standard (“GICS”) Electrical Equipment industry in the Industrials sector, companies in the GICS Utilities sector (excluding water utilities), companies in the GICS Energy sector, and companies in any other GICS sectors that derive at least 50% of their revenues or profits from electric generation, transmission, distribution, grid solutions, storage and system reliability support (collectively, “power-related activities”), nuclear power life-extension and small modular reactors (SMR), exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), electricity, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, or carbon, carbon dioxide and fugitive methane mitigation and management. Power Solutions Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from energy and utility-related activities, as determined by the Sub-Advisor. Power Solutions Companies may include MLPs and MLP affiliates.
EIPX’s investment objective is to seek risk-adjusted total return. EIPX will invest, under normal market conditions, at least 80% of its net assets (plus any borrowing for investment purposes) in a portfolio of equity securities in the broader energy market (“Energy Companies”), which include companies in the GICS energy sector, companies in the GICS utility sector (excluding water utilities), or companies in any other GICS sectors that derive at least 50% of their revenues or profits from exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, petrochemicals, electricity, coal, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, carbon, carbon dioxide, carbon dioxide and fugitive methane mitigation and management, as well as electric transmission, distribution, storage and system reliability support. Energy Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from the above, all of which are selected by EIP. These companies may include MLPs and MLP affiliates.
Page 15
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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, MLPs 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.
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;
Page 16
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
 1)
the 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:
•  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 April 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.
Page 17
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
Distributions received from a Fund’s investments in MLPs generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.
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 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 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 the fiscal year ended October 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust North American Energy Infrastructure Fund
$101,676,926
$—
$—
First Trust EIP Power Solutions ETF
330,641
—
—
FT Energy Income Partners Strategy ETF
12,292,302
—
—
As of October 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 North American Energy Infrastructure Fund
$—
$(29,905,695
)
$888,609,661
First Trust EIP Power Solutions ETF
—
(750,260
)
2,333,254
FT Energy Income Partners Strategy ETF
—
—
58,506,937
E. 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
Page 18
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 EMLP and FPWR, the taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. For EIPX, the taxable years ended 2023, 2024, and 2025 remain open to federal and state audit. As of April 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 October 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 North American Energy Infrastructure Fund
$29,905,695
First Trust EIP Power Solutions ETF
750,260
During the taxable year ended October 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust North American Energy Infrastructure Fund
$195,269,639
First Trust EIP Power Solutions ETF
683,699
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 October 31, 2025, the Funds had no net late year ordinary or capital losses.
As of April 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 North American Energy Infrastructure Fund
$2,670,423,668
$1,411,336,368
$(3,511,996
)
$1,407,824,372
First Trust EIP Power Solutions ETF
21,676,896
5,176,112
(40,164
)
5,135,948
FT Energy Income Partners Strategy ETF
396,931,354
135,382,335
(881,290
)
134,501,045
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
Page 19
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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.
The Trust, on behalf of the Funds, and First Trust have retained EIP, an affiliate of First Trust, to serve as the Funds’ investment sub-advisor. In this capacity, EIP is responsible for the selection and ongoing monitoring of the securities in each Fund’s investment portfolio. Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust will supervise EIP and its management of the investment of each Fund’s assets and will pay EIP for its services as the Funds’ sub-advisor. First Trust will also be responsible for each Fund’s expenses, including the cost of transfer agency, 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 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
0.95000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.92625
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.90250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.87875
%
Fund net assets greater than $10 billion
0.85500
%
EIP receives a sub-advisory fee for EMLP from First Trust equal to 45% of any remaining monthly investment management fee paid to First Trust after the Fund’s average Fund expenses accrued during the most recent twelve months are subtracted from the investment management fee in a given month. EIP receives a sub-advisory fee for FPWR and EIPX from First Trust equal to 50% of the monthly investment management fee paid to First Trust less one-half of the Fund’s expenses, for which EIP is responsible. 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 EIP will be reduced to reflect the reduction in the Advisor’s management fee.
First Trust Capital Partners, LLC (“FTCP”), an affiliate of First Trust, owns, through a wholly-owned subsidiary, a 15% ownership interest in each of EIP and EIP Partners, LLC, an affiliate of EIP.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 20
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended April 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 North American Energy Infrastructure Fund
$408,776,850
$524,731,741
First Trust EIP Power Solutions ETF
2,533,772
3,102,672
FT Energy Income Partners Strategy ETF
95,988,290
125,533,592
For the six months ended April 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust North American Energy Infrastructure Fund
$372,958,691
$268,954,623
First Trust EIP Power Solutions ETF
5,119,390
—
FT Energy Income Partners Strategy ETF
101,019,727
76,118,857
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
Page 21
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 March 31, 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 22
Other Information
First Trust Exchange-Traded Fund IV
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 23
 
 
 
First Trust Exchange-Traded Fund IV
  
First Trust Senior Loan Fund (FTSL)
Semi-Annual Financial Statements and Other
Information
For the Six Months Ended
April 30, 2026
Table of Contents 
First Trust Senior Loan Fund (FTSL)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Senior Loan Fund (the “Fund”) will achieve its investment objectives. 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 Senior Loan Fund (FTSL)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS — 83.1%
Advertising — 1.0%
$17,122,437
Authentic Brands Group (ABG Intermediate Holdings 2 LLC), Refi
Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor
5.90%
12/21/28
$17,179,198
5,257,974
WH Borrower LLC (WHP), Term Loan B, 1 Mo. CME Term SOFR
+ 4.50%, 0.50% Floor
8.16%-8.19%
02/20/32
5,271,960
1,119,515
WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR
+ 4.50%, 0.50% Floor
8.16%
02/20/32
1,122,493
 
23,573,651
Aerospace & Defense — 2.5%
3,000,000
Amentum Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR +
1.75%, 0.00% Floor
5.40%
09/29/31
3,006,570
2,689,722
Ontic (Bleriot US Bidco, Inc.), Term Loan B, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.95%
10/17/30
2,700,575
11,954,836
Phoenix Aviation Capital Ltd. (PAC DAC LLC), Term Loan B, 3
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.91%
10/28/30
11,862,664
4,134,434
Signia Aerospace LLC, Refi Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.50% Floor
6.42%-6.45%
12/11/31
4,156,387
2,861,556
Standard Aero Ltd. (Dynasty Acq. Co.), Term Loan B1, 1 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.65%
10/31/31
2,873,932
1,088,444
Standard Aero Ltd. (Dynasty Acq. Co.), Term Loan B2, 1 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.65%
10/31/31
1,093,152
28,287,143
Transdigm, Inc., Refi Term Loan K, 1 Mo. CME Term SOFR +
2.25%, 0.00% Floor
5.90%
03/22/30
28,362,811
2,241,452
Transdigm, Inc., Term Loan N, 1 Mo. CME Term SOFR + 2.50%,
0.00% Floor
6.15%
02/10/33
2,247,694
932,113
VistaJet Malta Finance PLC, Term Loan B, 3 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
7.44%
03/31/31
926,288
 
57,230,073
Airport Services — 0.3%
1,994,949
Atlantic Aviation FBO, Inc. (KKR Apple Bidco LLC), Term Loan
B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.15%
09/23/31
1,998,920
292,325
BBA Aviation (Signature Aviation US Holdings, Inc./Brown Group
Holding LLC), Refi Term Loan B-2, 1 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.15%
07/01/31
294,219
1,020,378
BBA Aviation (Signature Aviation US Holdings, Inc./Brown Group
Holding LLC), Refi Term Loan B-2, 3 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.16%-6.17%
07/01/31
1,026,990
2,584,111
BBA Aviation (Signature Aviation US Holdings, Inc./Brown Group
Holding LLC), Term Loan B-1, 1 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.15%
07/01/31
2,600,080
 
5,920,209
Alternative Carriers — 0.5%
10,649,450
Level 3 Financing, Inc., Term Loan B-4, 1 Mo. CME Term SOFR +
3.25%, 0.00% Floor
6.90%
03/29/32
10,698,864
Apparel Retail — 0.1%
2,688,680
Victoria’s Secret & Co., Term Loan B, 3 Mo. CME Term SOFR +
2.75%, 0.50% Floor
6.42%
08/02/28
2,693,735
Application Software — 6.4%
19,402,566
Cloud Software Group, Inc. (a.k.a. Citrix Software, Inc. or Tibco),
2032 Term Loan, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.95%
08/15/32
18,004,999
2,637,982
Cloud Software Group, Inc. (a.k.a. Citrix Software, Inc. or Tibco),
Term Loan B2, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.95%
03/24/31
2,447,559
See Notes to Financial Statements
Page 1
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Application Software (Continued)
$3,098,569
ConnectWise LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA
+ 3.50%, 0.50% Floor
7.46%
09/30/28
$2,892,746
4,377,787
Darktrace PLC (Leia Finco US LLC), Term Loan (Second Lien), 3
Mo. CME Term SOFR + 5.25%, 0.00% Floor
8.93%
10/09/32
4,021,304
23,310,149
Darktrace PLC (Leia Finco US LLC), Term Loan B, 3 Mo. CME
Term SOFR + 3.25%, 0.00% Floor
6.93%
10/09/31
21,974,827
8,279,423
Dayforce, Inc. (Dawn Bidco), Term Loan B, 3 Mo. CME Term
SOFR + 3.00%, 0.00% Floor
6.66%
02/04/33
7,831,299
8,174,697
Internet Brands, Inc. (WebMD / MH Sub I LLC), Term Loan B-3, 1
Mo. CME Term SOFR + 4.25%, 0.50% Floor
7.90%
05/03/28
7,553,216
9,447,362
LogMeIn, Inc. (GoTo Group, Inc.), First Out Term Loan (First
Lien), 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor
8.58%
04/30/28
7,746,837
11,908,220
LogMeIn, Inc. (GoTo Group, Inc.), Second Out Term Loan (First
Lien), 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor
8.58%
04/30/28
3,487,382
14,396,121
McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo.
CME Term SOFR + 3.00%, 0.50% Floor
6.65%
03/01/29
12,722,572
3,165,362
Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term
Loan (Second Lien), 3 Mo. CME Term SOFR + 5.00%, 0.50%
Floor
8.70%
05/08/33
1,924,952
21,364,621
Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term
Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor
6.95%
10/28/30
16,878,050
5,574,985
SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3
Mo. CME Term SOFR + 4.00%, 0.00% Floor
7.67%
04/16/32
4,752,675
13,527,970
Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME
Term SOFR + CSA + 4.00%, 0.50% Floor
7.93%
06/04/28
11,840,423
11,557,391
Ultimate Software Group (UKG, Inc.), Refi Term Loan, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.16%
02/10/31
11,171,721
11,329,206
Veeam Software Holdings Ltd. (VS Buyer LLC), Refi Term Loan,
3 Mo. CME Term SOFR + 2.25%, 0.00% Floor
5.91%
04/14/31
11,219,483
 
146,470,045
Asset Management & Custody Banks — 1.7%
9,417,000
Ascensus Holdings, Inc. (Mercury), Term Loan B, 1 Mo. CME
Term SOFR + 3.00%, 0.00% Floor
6.65%
11/25/32
9,354,613
2,551,171
Colonial First State (Superannuation and Investments US LLC),
Refi Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.50%
Floor
6.15%
12/01/28
2,563,532
11,358,434
Edelman Financial Engines Center LLC, Extended Term Loan B, 1
Mo. CME Term SOFR + 4.00%, 0.00% Floor
7.65%
11/30/31
11,386,830
14,141,195
Osaic Holdings, Inc. (Advisor Group), Refi Term Loan B, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.20%
08/02/32
14,158,518
1,990,000
Victory Capital Holdings, Inc., Term Loan B-3, 3 Mo. CME Term
SOFR + 2.00%, 0.00% Floor
5.70%
09/23/32
2,000,119
 
39,463,612
Automotive Parts & Equipment — 1.1%
17,433,996
Clarios Global, L.P. (Power Solutions), 2032 Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
01/31/32
17,539,384
8,088,903
Clarios Global, L.P. (Power Solutions), Term Loan B, 1 Mo. CME
Term SOFR + 2.50%, 0.00% Floor
6.15%
05/06/30
8,134,403
 
25,673,787
See Notes to Financial Statements
Page 2
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Automotive Retail — 1.5%
$11,730,490
Les Schwab Tire Centers (LS Group OpCo Acq. LLC), Refi Term
Loan B, 3 Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.17%
04/23/31
$11,750,080
22,432,556
Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3
Mo. CME Term SOFR + 3.00%, 0.75% Floor
6.67%
05/04/28
22,495,254
 
34,245,334
Biotechnology — 0.1%
1,793,312
Grifols S.A. (Grifols Escrow Issuer S.A.U.), Term Loan B, 6 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.19%
04/01/33
1,799,553
Broadcasting — 0.3%
7,080,533
Nexstar Media, Inc., Term Loan B-7, 1 Mo. CME Term SOFR +
2.75%, 0.00% Floor
6.40%
03/19/33
7,084,428
Broadline Retail — 0.5%
3,505,857
Peer Holding III B.V. (Action Holding), 2031 Term Loan B5B, 3
Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.20%
07/01/31
3,519,880
878,410
Peer Holding III B.V. (Action Holding), 2032 USD Term Loan B8,
3 Mo. CME Term SOFR + 2.25%, 0.00% Floor
5.95%
10/14/32
880,277
6,989,822
Peer Holding III B.V. (Action Holding), USD Term Loan B4B, 3
Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.20%
10/28/30
7,019,529
 
11,419,686
Building Products — 1.2%
5,742,265
American Bath (CP Atlas Buyer, Inc.), Term Loan B, 1 Mo. CME
Term SOFR + 5.25%, 0.00% Floor
8.90%
07/08/30
5,166,258
14,633,982
Miter Brands Acq. Holdco, Inc. (MIWD), Refi Term Loan, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
03/28/31
14,418,643
6,153,860
US LBM Holdings, Term Loan, 1 Mo. CME Term SOFR + 5.00%,
0.75% Floor
8.65%
06/06/31
5,506,874
4,006,186
US LBM Holdings, Term Loan B, 1 Mo. CME Term SOFR + CSA
+ 3.75%, 0.75% Floor
7.50%
06/06/31
3,367,200
 
28,458,975
Cable & Satellite — 0.7%
7,836,606
Charter Communications Operating LLC, Term Loan B4, 3 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.69%
12/07/30
7,837,938
7,114,636
Charter Communications Operating LLC, Term Loan B-5, 3 Mo.
CME Term SOFR + 2.25%, 0.00% Floor
5.94%
12/15/31
7,118,727
 
14,956,665
Casinos & Gaming — 1.1%
7,483,077
Caesars Entertainment, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.25%, 0.50% Floor
5.90%
02/06/30
7,280,435
3,486,602
Flutter Entertainment PLC (Flutter Treasury DAC), Incremental
Term Loan, 3 Mo. CME Term SOFR + 2.00%, 0.50% Floor
5.70%
06/04/32
3,474,626
4,795,235
Golden Nugget, Inc. (Fertitta Entertainment LLC), Refi Term Loan,
1 Mo. CME Term SOFR + 3.25%, 0.50% Floor
6.90%
01/29/29
4,762,267
5,485,128
Light and Wonder International, Inc. (fka Scientific Games
International, Inc.), Term Loan B, 1 Mo. CME Term SOFR +
2.00%, 0.50% Floor
5.65%
04/16/29
5,495,413
3,566,463
Station Casinos LLC (Red Rocks), Term Loan B, 1 Mo. CME Term
SOFR + 2.00%, 0.00% Floor
5.65%
03/14/31
3,579,748
 
24,592,489
See Notes to Financial Statements
Page 3
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Commercial Printing — 0.0%
$272,754
Multi-Color Corp. (LABL, Inc.), DIP Roll up Term Loan, 1 Mo.
CME Term SOFR + 6.75%, 0.00% Floor (c)
10.43%-10.46%
12/02/26
$231,841
272,754
Multi-Color Corp. (LABL, Inc.), Interim New Money Dollar Term
Loan (DIP), 1 Mo. CME Term SOFR + 6.75%, 0.00% Floor (c)
10.41%-10.46%
12/02/26
273,663
 
505,504
Commodity Chemicals — 0.6%
14,331,600
Charter Next Generation, Inc., Refi Term Loan B, 1 Mo. CME
Term SOFR + 2.50%, 0.75% Floor
6.16%
12/02/30
14,352,237
Communications Equipment — 0.1%
3,290,837
Viavi Solutions, Inc., Term Loan B, 3 Mo. CME Term SOFR +
2.50%, 0.00% Floor
6.18%
10/16/32
3,312,442
Construction & Engineering — 1.0%
4,286,065
Azuria Water Solutions (fka - Aegion Corp.), Term Loan B, 3 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.42%
03/31/33
4,291,423
4,973,766
Centuri Group, Inc., Refi Term Loan B, 1 Mo. CME Term SOFR +
2.00%, 0.00% Floor
5.66%
07/09/32
4,991,796
4,400,284
Construction Partners, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.50%, 0.00% Floor
6.15%
11/01/31
4,433,286
8,849,263
Green Infrastructure Partners LLC, Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.45%
09/24/32
8,882,448
1,094,286
Socotec SAS (Socotec US Holdings), Refi Term Loan B, Daily
SOFR + 2.75%, 0.75% Floor
6.33%-6.48%
06/02/31
1,097,191
 
23,696,144
Construction Materials — 3.6%
571,333
Knife River Corp., Term Loan B, 3 Mo. CME Term SOFR +
2.00%, 0.00% Floor
5.67%
03/07/32
575,441
1,389,921
Quikrete Holdings, Inc., Term Loan B1 2031, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
04/14/31
1,392,395
27,007,624
Quikrete Holdings, Inc., Term Loan B-2 2029, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
03/18/29
27,066,636
8,590,725
Quikrete Holdings, Inc., Term Loan B3 2032, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
02/10/32
8,607,649
15,811,094
Smyrna Ready Mix Concrete LLC, Term Loan B, 1 Mo. CME
Term SOFR + 3.00%, 0.00% Floor
6.65%
04/02/29
15,845,720
3,583,539
TAMKO Building Products, Term Loan B, 1 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.40%
09/20/30
3,586,908
21,142,881
TAMKO Building Products, Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.42%-6.45%
09/20/30
21,162,755
3,583,539
TAMKO Building Products, Term Loan B, 6 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.43%
09/20/30
3,586,908
 
81,824,412
Consumer Electronics — 0.3%
6,311,181
Pye-Barker Fire & Safety LLC, Term Loan B, 2 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
6.16%
12/16/32
6,344,220
Data Processing & Outsourced Services — 0.6%
17,075,724
Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.75%, 0.50% Floor
7.40%
05/17/28
14,356,073
Diversified Capital Markets — 0.2%
4,288,506
OSTTRA (Orion US Finco), Term Loan B (First Lien), 3 Mo. CME
Term SOFR + 3.50%, 0.00% Floor
7.17%
10/10/32
4,290,521
See Notes to Financial Statements
Page 4
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Diversified Financial Services — 0.5%
$11,249,156
Gen II Fund Services (PEX Holdings LLC), Term Loan B, 3 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.45%
11/19/31
$11,305,402
Diversified Metals & Mining — 0.9%
21,140,980
SCIH Salt Holdings, Inc. (aka Morton Salt), Term Loan B, 6 Mo.
CME Term SOFR + 2.75%, 0.75% Floor
6.35%
01/31/29
21,231,781
Diversified Support Services — 0.8%
13,033,285
Aggreko Holdings, Inc. (Albion), Extended Term Loan B, 3 Mo.
CME Term SOFR + 3.00%, 0.50% Floor
6.66%
05/21/31
13,113,114
4,463,930
OpenLane, Inc. (KAR Auction Services, Inc.), Term Loan B, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.14%
10/08/32
4,486,250
 
17,599,364
Drug Retail — 0.1%
1,347,765
Boots Group Finco, L.P., Term Loan B, 3 Mo. CME Term SOFR +
3.25%, 0.00% Floor
6.92%
08/28/32
1,357,246
Electric Utilities — 0.4%
9,561,110
Alpha Generation LLC (AlphaGen), Refi Term Loan B, 1 Mo.
CME Term SOFR + 1.75%, 0.00% Floor
5.40%
09/30/31
9,572,870
Electrical Components & Equipment — 0.1%
2,184,205
BCP VI Summit Holdings, L.P. (Chemelex - fka nVent), Refi Term
Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor
6.66%
01/30/32
2,192,407
Electronic Equipment & Instruments — 0.6%
6,916,224
Chamberlain Group, Inc. (Chariot), Extended Term Loan, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
09/08/32
6,917,227
2,607,405
Convergint Technologies (DG Investment Intermediate Holdings 2,
Inc.), Refi Term Loan B, 1 Mo. CME Term SOFR + 3.25%,
0.00% Floor
6.90%
07/12/32
2,613,937
3,783,445
Verifone Systems, Inc., Extended Term Loan, 3 Mo. CME Term
SOFR + CSA + 5.25%, 0.00% Floor
9.18%
08/21/28
3,598,056
 
13,129,220
Environmental & Facilities Services — 1.5%
6,390,278
Allied Universal Holdco LLC, Extended Term Loan B, 1 Mo. CME
Term SOFR + 3.25%, 0.00% Floor
6.90%
08/20/32
6,415,903
12,620,679
Anticimex Global AB, Facility B8 (USD), Daily SOFR + 2.90%,
0.00% Floor
6.49%-6.64%
11/16/31
12,673,307
2,000,000
Asplundh Tree Expert LLC, Term Loan B, 1 Mo. CME Term SOFR
+ CSA + 1.75%, 0.00% Floor
5.50%
09/07/27
2,010,550
12,314,942
Interstate Waste Services (Action Environmental Group, Inc.), Refi
Term Loan B, 3 Mo. CME Term SOFR + 3.00%, 0.50% Floor
6.70%
10/24/30
12,324,178
 
33,423,938
Food Distributors — 0.1%
2,438,146
C&S Wholesale Grocers LLC, Term Loan B, 3 Mo. CME Term
SOFR + 5.00%, 0.00% Floor
8.70%
09/23/30
2,380,240
Footwear — 0.2%
4,519,325
Skechers (Beach Acquisition Bidco LLC), Term Loan B, 3 Mo.
CME Term SOFR + 3.25%, 0.00% Floor
6.95%
09/13/32
4,546,170
Gas Utilities — 0.1%
1,946,527
Cornerstone Generation LLC, Refi Term Loan B, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.91%
08/11/32
1,954,177
See Notes to Financial Statements
Page 5
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Health Care Equipment — 0.1%
$1,767,519
Resonetics LLC, Term Loan B, 3 Mo. CME Term SOFR + 2.75%,
0.75% Floor
6.42%
06/18/31
$1,775,809
882,210
Sebia (Argent Bidco SAS), USD Term Loan B, 3 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
6.16%
03/31/33
885,103
 
2,660,912
Health Care Facilities — 1.9%
13,923,936
Ardent Health Services, Inc. (AHP Health Partners, Inc.), Extended
Term Loan, 1 Mo. CME Term SOFR + 2.25%, 0.50% Floor
5.90%
09/18/32
13,995,018
4,333,501
Concentra Health Services, Inc., Refi Term Loan B, 1 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
5.65%
07/26/31
4,359,697
10,947,248
IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco
LTD.), Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%,
0.50% Floor
7.45%
12/06/28
10,956,826
15,063,937
Southern Veterinary Partners LLC (Mission Pet), Refi Term Loan, 1
Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.15%
12/04/31
15,053,694
 
44,365,235
Health Care Services — 2.5%
448,773
CHG Healthcare Services, Inc., Extended Term Loan, 1 Mo. CME
Term SOFR + 3.00%, 0.00% Floor (d)
6.64%
09/30/31
447,651
12,104,734
Ensemble RCM LLC (Ensemble Health), Term Loan B, 3 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
6.66%
02/09/33
12,039,490
3,701,946
ExamWorks Group, Inc. (Electron Bidco), Extended Term Loan B,
1 Mo. CME Term SOFR + 2.50%, 0.50% Floor
6.15%
02/06/33
3,720,011
6,083,550
Heartland Dental Care LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
7.40%
08/25/32
6,095,747
11,230,135
Pacific Dental Services LLC, Refi Term Loan B, 1 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
6.16%
03/17/31
11,270,956
16,310,097
R1 RCM, Inc. (Raven Acq. Holdings LLC), Term Loan B, 1 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
6.65%
11/19/31
16,235,886
4,139,615
Radnet Management, Inc., Refi Term Loan, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.92%
04/18/31
4,156,236
1,705,492
SCP Health (Onex TSG Intermediate Corp.), Refi Term Loan B, 3
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.95%
08/06/32
1,719,528
2,296,879
US Fertility Enterprises LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.50%, 0.00% Floor
7.15%
12/31/32
2,310,373
 
57,995,878
Health Care Supplies — 0.2%
2,939,337
Medline Borrower, L.P. (Mozart), Refi 2028 Term Loan, 1 Mo.
CME Term SOFR + 1.75%, 0.50% Floor
5.40%
10/23/28
2,952,857
2,138,450
Sharp Services LLC, Term Loan E, 3 Mo. CME Term SOFR +
3.00%, 0.00% Floor
6.70%
09/29/32
2,148,704
 
5,101,561
Health Care Technology — 2.9%
41,214,756
athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term
SOFR + 2.75%, 0.50% Floor
6.40%
02/15/29
41,119,138
18,158,327
Mediware (Wellsky / Project Ruby Ultimate Parent Corp.), Refi
Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00%
Floor
6.52%
03/10/28
18,174,307
6,035,336
Waystar Technologies, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.00%, 0.00% Floor
5.65%
10/22/29
6,050,424
 
65,343,869
See Notes to Financial Statements
Page 6
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Home Furnishings — 0.0%
$894,820
Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term
SOFR + CSA + 3.25%, 0.50% Floor
7.00%
10/20/28
$887,791
Hotels, Resorts & Cruise Lines — 0.1%
870,979
Alterra Mountain Co., 2030 Term Loan B-8, 1 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
6.15%
05/31/30
874,607
1,385,746
Alterra Mountain Co., Refi Term Loan B-6, 1 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
6.15%
08/17/28
1,390,076
 
2,264,683
Household Products — 0.1%
3,413,780
Essential Home (Lavender Dutch BorrowerCo B.V.), Term Loan B,
3 Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.95%
12/31/32
3,399,920
Human Resource & Employment Services — 0.1%
3,221,170
First Advantage Corp., Refi Term Loan B, 3 Mo. CME Term SOFR
+ 2.75%, 0.00% Floor
6.45%
10/31/31
3,185,946
Independent Power Producers & Energy Traders — 0.5%
4,636,417
Invenergy Thermal Operating, Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.32%-6.47%
05/17/32
4,679,883
301,552
Invenergy Thermal Operating, Term Loan C, Daily SOFR + 2.75%,
0.00% Floor
6.32%-6.47%
05/17/32
304,379
520,785
Lightning Power LLC, Term Loan B, 1 Mo. CME Term SOFR +
2.25%, 0.00% Floor
5.90%
08/18/31
523,522
4,226,005
Talen Energy Supply, Inc., Incremental Term Loan B, 3 Mo. CME
Term SOFR + 2.50%, 0.00% Floor
6.15%
12/15/31
4,246,754
2,191,481
Talen Energy Supply, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.00%, 0.00% Floor
5.65%
11/25/32
2,197,474
 
11,952,012
Industrial Machinery & Supplies & Components — 3.7%
371,084
Alliance Laundry Systems LLC, Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
08/19/31
373,181
881,928
Alliance Laundry Systems LLC, Term Loan B, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.91%
08/19/31
886,910
8,969,887
Copeland (Emerald Debt Merger Sub LLC/EMRLD), Term Loan
B1, 3 Mo. CME Term SOFR + 2.25%, 0.00% Floor
5.92%
05/31/30
8,991,280
2,692,935
Culligan International Co., Term Loan B, 1 Mo. CME Term SOFR
+ 2.50%, 0.50% Floor
6.15%
07/31/28
2,702,804
2,692,934
Culligan International Co., Term Loan B, 3 Mo. CME Term SOFR
+ 2.50%, 0.50% Floor
6.16%
07/31/28
2,702,804
3,502,203
Duravant (Engineered Machinery Holdings, Inc.), Term Loan B, 3
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.95%
11/26/32
3,530,011
24,510,454
Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.15%
10/23/28
24,580,431
2,680,473
Gates Global LLC, Term Loan B5, 1 Mo. CME Term SOFR +
1.75%, 0.50% Floor
5.40%
06/04/31
2,687,724
3,000,000
Madison IAQ LLC, Term Loan B, 6 Mo. CME Term SOFR +
2.75%, 0.00% Floor
6.38%
05/06/32
3,012,570
16,913,064
Pro Mach Group, Inc., Extended Term Loan B, 1 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.40%
10/16/32
16,998,052
See Notes to Financial Statements
Page 7
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Industrial Machinery & Supplies & Components (Continued)
$2,659,847
TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.),
Incremental Term Loan B-2, 6 Mo. CME Term SOFR + 2.75%,
0.00% Floor
6.48%
04/30/30
$2,683,680
15,617,373
TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), Term
Loan B, 6 Mo. CME Term SOFR + 2.75%, 0.50% Floor
6.38%
04/30/30
15,768,158
 
84,917,605
Insurance Brokers — 10.5%
16,481,189
Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
6.65%
11/06/30
16,262,813
27,360,811
Acrisure LLC, Term Loan B-7, 1 Mo. CME Term SOFR + 3.25%,
0.00% Floor
6.90%
06/20/32
26,964,079
14,223,614
Alera Group, Inc., Refi Term Loan B, 1 Mo. CME Term SOFR +
2.75%, 0.50% Floor
6.40%
05/28/32
14,087,281
4,650,000
Alera Group, Inc., Term Loan (Second Lien), 1 Mo. CME Term
SOFR + 5.50%, 0.50% Floor
9.15%
05/30/33
4,557,000
5,135,958
Amwins Group, Inc., Refi Term Loan B, 1 Mo. CME Term SOFR +
2.00%, 0.00% Floor
5.65%
01/30/32
5,137,755
855,045
Ardonagh Midco 3 Ltd., Refi Term Loan B (USD), 3 Mo. CME
Term SOFR + 2.75%, 0.00% Floor
6.45%
02/15/31
845,250
17,554,295
Ardonagh Midco 3 Ltd., Refi Term Loan B (USD), 6 Mo. CME
Term SOFR + 2.75%, 0.00% Floor
6.37%
02/15/31
17,353,210
19,552,999
Baldwin Insurance Group Holdings LLC, Term Loan B, 1 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.15%
05/27/31
19,412,511
5,600,000
BroadStreet Partners Group, Inc., Term Loan B-5, 1 Mo. CME
Term SOFR + 2.50%, 0.00% Floor
6.15%
06/16/31
5,571,244
1,707,886
CFC Group Ltd., Term Loan B, 3 Mo. CME Term SOFR + 3.50%,
0.00% Floor
7.18%
07/01/32
1,654,515
16,940,846
CRC Insurance Group LLC (fka Truist Insurance), Term Loan
(Second Lien), 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor
8.45%
05/06/32
16,813,790
1,468,695
CRC Insurance Group LLC (fka Truist Insurance), Term Loan B, 3
Mo. CME Term SOFR + 2.75%, 0.00% Floor
6.45%
05/06/31
1,461,351
6,745,333
Goosehead Insurance Holdings LLC, Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
6.67%
01/08/32
6,753,765
25,636,168
Hyperion Insurance Group Ltd. (aka - Howden Group), Refi Term
Loan 2030, 1 Mo. CME Term SOFR + 2.75%, 0.50% Floor
6.40%
04/18/30
25,349,555
16,287,817
IMA Financial Group, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 3.00%, 0.50% Floor
6.65%
11/01/28
16,293,518
3,508,808
Jones DesLauriers Insurance Management, Inc. (NavaCord),
Incremental Term Loan B, 3 Mo. CME Term SOFR + 3.00%,
0.00% Floor
6.66%
02/02/33
3,469,334
448,336
Lockton, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.00%,
0.00% Floor
5.65%
04/23/33
450,018
20,031,679
OneDigital Borrower LLC, Term Loan (Second Lien), 1 Mo. CME
Term SOFR + 5.25%, 0.50% Floor
8.90%
07/02/32
19,555,927
9,877,710
OneDigital Borrower LLC, Term Loan B, 1 Mo. CME Term SOFR
+ 3.00%, 0.50% Floor
6.65%
07/02/31
9,759,178
8,715,307
Ryan Specialty Group LLC, Term Loan B, 1 Mo. CME Term SOFR
+ 2.00%, 0.00% Floor
5.65%
09/13/31
8,753,436
See Notes to Financial Statements
Page 8
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Insurance Brokers (Continued)
$9,479,892
Trucordia Insurance Holdings LLC, Term Loan B, 1 Mo. CME
Term SOFR + 3.25%, 0.00% Floor
6.90%
06/17/32
$9,076,996
9,527,879
USI, Inc., 2029 Term Loan D, 3 Mo. CME Term SOFR + 2.25%,
0.00% Floor
5.95%
11/21/29
9,549,983
 
239,132,509
Integrated Telecommunication Services — 0.9%
4,483,362
Iridium Satellite, Term Loan B, 1 Mo. CME Term SOFR + 2.25%,
0.75% Floor
5.90%
09/20/30
4,415,574
16,643,836
Numericable U.S. LLC (Altice France SAS or SFR), Term Loan
B-14, 3 Mo. CME Term SOFR + 6.88%, 0.00% Floor
10.55%
05/15/31
16,985,784
 
21,401,358
Interactive Home Entertainment — 0.3%
7,080,533
Electronic Arts, Inc. (Oak-Eagle AcquireCo., Inc.), Term Loan B, 1
Mo. CME Term SOFR + 3.50%, 0.00% Floor
7.15%
05/15/33
7,091,154
Internet Services & Infrastructure — 0.9%
4,213,816
Go Daddy Operating Co. LLC, Term Loan B-8, 1 Mo. CME Term
SOFR + 1.75%, 0.00% Floor
5.40%
11/13/29
4,165,083
15,500,315
Sedgwick Claims Management Services, Inc., Term Loan B, 1 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.15%
07/31/31
15,408,786
 
19,573,869
Investment Banking & Brokerage — 0.4%
9,808,296
Jane Street Group LLC, Term Loan B, 3 Mo. CME Term SOFR +
2.00%, 0.00% Floor
5.67%
12/13/31
9,803,392
IT Consulting & Other Services — 0.6%
5,597,092
Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo.
CME Term SOFR + CSA + 4.00%, 0.75% Floor
7.80%
10/01/27
5,511,988
8,779,647
Peraton Corp., Term Loan B, 3 Mo. CME Term SOFR + CSA +
3.75%, 0.75% Floor
7.51%
02/01/28
7,527,011
 
13,038,999
Leisure Products — 0.1%
1,975,000
SRAM LLC, Term Loan B, 1 Mo. CME Term SOFR + 2.25%,
0.00% Floor
5.90%
02/28/32
1,974,170
Life Sciences Tools & Services — 2.2%
10,663,395
ICON Clinical Investments LLC (PRA Health Sciences, Inc.), Lux
Term Loan B, 3 Mo. CME Term SOFR + 2.00%, 0.50% Floor
5.70%
07/03/28
10,721,724
2,656,792
ICON Clinical Investments LLC (PRA Health Sciences, Inc.), US
Term Loan B, 3 Mo. CME Term SOFR + 2.00%, 0.50% Floor
5.70%
07/03/28
2,671,324
18,034,876
Parexel International Corp. (Phoenix Newco), Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
12/09/31
18,057,420
17,067,573
Syneos Health, Inc. (Star Parent), Term Loan B, 3 Mo. CME Term
SOFR + 4.00%, 0.00% Floor
7.70%
09/30/30
17,094,284
875,459
WCG Intermediate Corp. (WIRB- Copernicus Group), Refi Term
Loan B, 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor
6.40%
02/25/32
866,236
 
49,410,988
Managed Health Care — 0.3%
6,184,191
MyEyeDr. (MED ParentCo, L.P.), Refi Term Loan, 1 Mo. CME
Term SOFR + 3.00%, 0.00% Floor
6.65%
04/15/31
6,206,887
See Notes to Financial Statements
Page 9
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Movies & Entertainment — 0.4%
$7,961,885
TKO Group Holdings, Inc. (UFC), Term Loan B-5, 3 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
5.66%
11/21/31
$7,992,300
Office Services & Supplies — 0.0%
717,397
Summit Companies (Pinnacle Buyer LLC), Term Loan B, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.18%
10/01/32
721,465
Other Specialty Retail — 0.5%
4,538,433
Bass Pro Group LLC (Great Outdoors Group LLC), Term Loan
B-3, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor
6.90%
01/23/32
4,573,039
3,774,769
Petsmart, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.00%,
0.00% Floor
7.65%
08/18/32
3,794,832
2,913,794
Savers, Inc. (Evergreen AcqCo 1, L.P.), Term Loan B, 3 Mo. CME
Term SOFR + 3.00%, 0.00% Floor
6.69%
09/15/32
2,921,997
 
11,289,868
Packaged Foods & Meats — 1.1%
3,358,430
Nomad Foods Ltd., Term Loan B-2, 6 Mo. CME Term SOFR +
2.50%, 0.00% Floor
6.28%
11/10/32
3,278,667
9,000,000
RED SPV LLC NWFOOD TL B 1L USD, Term Loan B, 1 Mo.
CME Term SOFR + 2.25%, 0.00% Floor
5.90%
03/15/32
9,019,710
4,748,488
Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan B, 3 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
6.66%
02/19/32
4,772,230
9,149,374
Utz Quality Foods LLC, Term Loan B, 3 Mo. CME Term SOFR +
2.50%, 0.00% Floor
6.20%
01/31/32
9,173,666
 
26,244,273
Paper & Plastic Packaging Products & Materials — 0.7%
11,227,001
Graham Packaging Co., L.P., Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
01/26/33
11,219,984
4,433,750
Sealed Air Corp., Term Loan B, 1 Mo. CME Term SOFR + 4.00%,
0.00% Floor
7.65%
04/04/33
4,311,822
 
15,531,806
Passenger Airlines — 0.8%
16,514,544
American Airlines, Inc., Term Loan B 2027, 1 Mo. CME Term
SOFR + CSA + 1.75%, 0.00% Floor
5.51%
01/29/27
16,488,038
2,000,000
American Airlines, Inc. (AAdvantage Loyalty IP Ltd.), Term Loan
B, 3 Mo. CME Term SOFR + 2.25%, 0.00% Floor
5.93%
04/20/28
1,991,800
 
18,479,838
Passenger Ground Transportation — 0.4%
5,391,670
First Student Bidco, Inc., Refi Term Loan B, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.95%
08/15/30
5,400,647
986,541
First Student Bidco, Inc., Refi Term Loan C, 3 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.95%
08/15/30
988,184
3,483,938
Student Transportation of America Holdings, Inc., Refi Term Loan
B, 3 Mo. CME Term SOFR + 2.75%, 0.00% Floor
6.42%
06/24/32
3,512,977
 
9,901,808
Pharmaceuticals — 1.3%
1,741,167
Ceva Sante (Financiere Mendel), USD Term Loan B, 3 Mo. CME
Term SOFR + 2.75%, 0.00% Floor
6.39%
11/13/30
1,753,417
See Notes to Financial Statements
Page 10
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Pharmaceuticals (Continued)
$7,054,269
Dechra Finance US LLC, USD Facility B3, 6 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.39%
01/27/32
$7,079,276
21,269,819
Opella Healthcare Group (Opal U.S. LLC), Refi Term Loan B4
(USD), 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor
6.70%
04/23/32
21,380,634
 
30,213,327
Property & Casualty Insurance — 0.2%
4,457,191
MedRisk (Bella Holding Co. LLC), Term Loan B, 1 Mo. CME
Term SOFR + 3.00%, 0.75% Floor
6.65%
05/10/28
4,469,247
Publishing — 0.1%
1,748,004
Argus Media Group (Fleet U.S. Bidco, Inc.), Term Loan B, 3 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.42%
02/10/31
1,761,114
Rail Transportation — 0.1%
2,000,000
Genesee & Wyoming, Inc., Term Loan B, 3 Mo. CME Term SOFR
+ 1.75%, 0.00% Floor
5.45%
04/10/31
2,003,970
Real Estate Development — 0.1%
2,000,000
Greystar Real Estate Partners LLC, Term Loan B, 3 Mo. CME
Term SOFR + 2.50%, 0.50% Floor
6.17%
08/21/30
2,007,500
Research & Consulting Services — 1.9%
2,903,550
AmSpec Parent LLC, Refi Term Loan B, 3 Mo. CME Term SOFR
+ 3.50%, 0.00% Floor
7.20%
12/22/31
2,906,280
17,369,173
Clarivate Analytics PLC (Camelot), 2024 Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
01/31/31
16,354,119
2,377,158
Clarivate Analytics PLC (Camelot), 2025 Incremental Term Loan, 1
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.90%
01/31/31
2,252,357
7,294,306
Corelogic, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA +
3.50%, 0.50% Floor
7.27%
06/02/28
7,157,538
4,326,050
TIC Solutions (Acuren Holdings, Inc.), Term Loan B, 1 Mo. CME
Term SOFR + 2.75%, 0.00% Floor
6.40%
07/30/31
4,351,573
5,370,778
Trans Union LLC, Term Loan B5, 1 Mo. CME Term SOFR +
1.75%, 0.00% Floor
5.50%
11/13/26
5,380,015
5,250,117
Veritext Corp. (VT TopCo, Inc.), Refi Term Loan, 1 Mo. CME
Term SOFR + 3.00%, 0.50% Floor
6.65%
08/12/30
5,175,566
 
43,577,448
Restaurants — 5.2%
24,933,715
1011778 B.C. Unlimited Liability Co. (Restaurant Brands) (aka
Burger King/Tim Horton’s), 2024 Refi Term Loan B-6, 1 Mo.
CME Term SOFR + 1.75%, 0.00% Floor
5.40%
09/23/30
24,988,195
36,304,682
IRB Holding Corp. (Arby’s/Inspire Brands), Extended Term Loan
B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.15%
12/16/30
36,440,825
10,640,641
Raising Cane’s Restaurants LLC, First Amendment Term Loan B, 1
Mo. CME Term SOFR + 2.00%, 0.00% Floor
5.65%
10/31/32
10,663,944
46,396,810
Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.15%
08/03/28
46,530,665
 
118,623,629
See Notes to Financial Statements
Page 11
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Security & Alarm Services — 1.3%
$21,243,462
Garda World Security Corp., Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
6.42%
02/01/29
$21,256,739
7,394,081
Kidde Home Safety LLC (LSF12 Crown US Commercial
Bidco LLC), Refi Term Loan B, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
6.66%
12/02/31
7,444,915
 
28,701,654
Semiconductor Materials & Equipment — 0.5%
11,246,960
Altera (Gryphon Debt Merger Sub, Inc./Acquire Newco), Term
Loan B, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor
6.67%
09/12/32
11,278,564
Soft Drinks & Non-Alcoholic Beverages — 1.1%
6,181,118
Celsius Holdings, Inc., Refi Term Loan B, 3 Mo. CME Term SOFR
+ 2.25%, 0.00% Floor
5.95%
03/31/32
6,220,399
17,903,297
Primo Brands Corp., Extended Term Loan, 3 Mo. CME Term
SOFR + 2.75%, 0.50% Floor
6.45%
03/26/31
18,036,856
 
24,257,255
Specialized Consumer Services — 1.2%
9,241,638
Belron Finance US LLC, USD Term Loan B, 3 Mo. CME Term
SOFR + 2.00%, 0.50% Floor
5.66%
10/16/31
9,297,504
4,188,115
Caliber Collision (Wand NewCo 3, Inc.), 2025 Refi Term Loan B, 1
Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.15%
01/30/31
4,199,130
7,568,239
Mister Car Wash Holdings, Inc., Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
5.90%
03/27/31
7,576,375
5,253,875
Wash MultiFamily Acquisition, Inc., Term Loan B, 1 Mo. CME
Term SOFR + 3.25%, 0.00% Floor
6.90%
09/10/32
5,281,800
 
26,354,809
Specialized Finance — 1.5%
17,011,243
Creative Planning Group (CPI Holdco), Initial Term Loan, 1 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.65%
05/19/31
17,028,595
11,496,478
Envestnet, Inc. (BCPE Pequod Buyer, Inc.), Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
11/25/31
11,394,848
5,329,546
Janus Henderson Group PLC (Jupiter Borrower, Inc.), Term Loan
B, 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor
6.40%
05/31/33
5,356,194
 
33,779,637
Specialty Chemicals — 0.5%
11,988,964
Highline Aftermarket Acquisition LLC, Refi Term Loan B, 3 Mo.
CME Term SOFR + 3.50%, 0.75% Floor
7.17%
02/19/30
12,078,881
Systems Software — 2.1%
11,907,039
Idera, Inc. (Flash Charm), 2024 Refi Term Loan, 3 Mo. CME Term
SOFR + 3.50%, 0.75% Floor
7.16%
03/02/28
9,088,583
2,296,177
Idera, Inc. (Flash Charm), Term Loan (Second Lien), 3 Mo. CME
Term SOFR + CSA + 6.75%, 0.75% Floor
10.56%
03/02/29
1,490,598
465,003
Kaseya, Inc., Term Loan (Second Lien), 3 Mo. CME Term SOFR +
5.00%, 0.00% Floor
8.66%
03/20/33
373,312
9,902,781
KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.00% Floor
7.41%
07/26/32
8,763,961
29,002,441
Proofpoint, Inc., 2024 Refi Term Loan, 3 Mo. CME Term SOFR +
3.00%, 0.50% Floor
6.70%
08/31/28
28,209,369
423,320
SS&C Technologies Holdings, Inc., Term Loan B8, 1 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
5.65%
05/09/31
423,847
 
48,349,670
See Notes to Financial Statements
Page 12
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (a)
Stated
Maturity (b)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Trading Companies & Distributors — 2.9%
$1,000,000
Avolon, Term Loan B6, 1 Mo. CME Term SOFR + 1.75%, 0.50%
Floor
5.35%
10/03/30
$1,005,100
4,339,332
Azorra Aviation (Azorra Finance Ltd.), Refi Term Loan, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
6.17%
10/18/29
4,366,452
4,649,680
Core & Main, L.P. (fka - HD Supply Waterworks), Term Loan B, 1
Mo. CME Term SOFR + 2.00%, 0.00% Floor
5.65%
07/27/28
4,668,069
987,500
Core & Main, L.P. (fka - HD Supply Waterworks), Term Loan E, 1
Mo. CME Term SOFR + 2.00%, 0.00% Floor
5.65%
02/10/31
990,384
4,304,499
DXP Enterprises, Inc., Term Loan B, 1 Mo. CME Term SOFR +
3.25%, 1.00% Floor
6.90%
10/13/30
4,347,544
3,986,595
Hillman Group (The), Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.00%, 0.50% Floor
5.65%
07/14/28
4,009,299
5,415,189
PrimeSource Brands (a/k/a Park River Holdings, Inc.), Term Loan
B, 3 Mo. CME Term SOFR + 4.50%, 0.75% Floor
8.19%
03/15/31
5,417,003
8,524,040
QXO/Beacon Roofing (Queen Mergerco), Refi Term Loan B, 1 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.65%
04/30/32
8,537,167
2,921,855
Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME
Term SOFR + 4.00%, 0.00% Floor
7.70%
11/29/30
2,835,558
29,746,533
White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
6.92%
10/29/29
29,656,252
 
65,832,828
Transaction & Payment Processing Services — 0.2%
4,296,858
Shift4 Payments LLC (Harbortouch), Refi Term Loan B, 3 Mo.
CME Term SOFR + 2.00%, 0.00% Floor
5.67%
07/06/32
4,319,245
Total Senior Floating-Rate Loan Interests
1,899,134,348
(Cost $1,930,389,418)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES — 9.7%
Aerospace & Defense — 0.3%
3,000,000
TransDigm, Inc. (e)
7.13%
12/01/31
3,112,560
3,000,000
TransDigm, Inc. (e)
6.00%
01/15/33
3,031,304
 
6,143,864
Application Software — 0.4%
9,652,000
Cloud Software Group, Inc. (e)
9.00%
09/30/29
9,485,167
1,529,150
GoTo Group, Inc. (e)
5.50%
05/01/28
389,933
 
9,875,100
Asset Management & Custody Banks — 0.1%
2,504,000
Osaic Holdings, Inc. (e)
6.75%
08/01/32
2,544,587
Broadcasting — 0.7%
7,706,000
iHeartCommunications, Inc. (e)
4.75%
01/15/28
7,378,495
6,376,000
Sinclair Television Group, Inc. (e)
8.13%
02/15/33
6,606,907
951,000
Sirius XM Radio LLC (e)
4.00%
07/15/28
924,046
 
14,909,448
Building Products — 0.6%
453,000
Advanced Drainage Systems, Inc. (e)
5.38%
03/01/34
447,729
2,500,000
Builders FirstSource, Inc. (e)
6.38%
03/01/34
2,490,718
See Notes to Financial Statements
Page 13
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Building Products (Continued)
$5,600,000
Builders FirstSource, Inc. (e)
6.75%
05/15/35
$5,662,323
5,000,000
Standard Building Solutions, Inc. (e)
5.88%
03/15/34
4,879,736
 
13,480,506
Cable & Satellite — 1.5%
22,200,000
CSC Holdings LLC (e)
6.50%
02/01/29
13,840,199
10,515,000
DISH Network Corp. (e)
11.75%
11/15/27
10,861,942
8,466,000
EchoStar Corp.
10.75%
11/30/29
9,197,314
 
33,899,455
Commercial & Residential Mortgage Finance — 0.4%
6,581,000
Rocket Cos., Inc. (e)
6.13%
08/01/30
6,682,018
2,243,000
Rocket Cos., Inc. (e)
6.38%
08/01/33
2,273,157
 
8,955,175
Construction Materials — 0.0%
767,000
JH North America Holdings, Inc. (e)
5.88%
01/31/31
767,245
Diversified Support Services — 0.1%
2,394,000
RB Global Holdings, Inc. (e)
7.75%
03/15/31
2,488,634
Education Services — 0.1%
2,900,000
Graham Holdings Co. (e)
5.63%
12/01/33
2,877,687
Electric Utilities — 0.2%
4,162,000
Alpha Generation LLC (e)
6.25%
01/15/34
4,136,069
Environmental & Facilities Services — 0.1%
3,240,000
Allied Universal Holdco LLC / Allied Universal Finance Corp. (e)
6.88%
06/15/30
3,335,779
Food Distributors — 0.1%
3,000,000
US Foods, Inc. (e)
7.25%
01/15/32
3,124,218
Health Care Facilities — 0.2%
4,534,000
Tenet Healthcare Corp. (e)
5.50%
11/15/32
4,524,748
Homebuilding — 0.1%
2,873,000
Installed Building Products, Inc. (e)
5.63%
02/01/34
2,865,930
Hotels, Resorts & Cruise Lines — 0.1%
2,000,000
Hilton Domestic Operating Co., Inc. (e)
5.88%
03/15/33
2,026,316
Independent Power Producers & Energy Traders — 0.4%
4,836,000
Talen Energy Supply LLC (e)
6.38%
05/01/33
4,844,639
4,836,000
Talen Energy Supply LLC (e)
6.50%
02/01/36
4,856,852
 
9,701,491
Insurance Brokers — 0.5%
10,809,000
Panther Escrow Issuer LLC (e)
7.13%
06/01/31
10,865,722
Investment Banking & Brokerage — 0.1%
2,722,000
Jane Street Group / JSG Finance, Inc. (e)
6.13%
11/01/32
2,737,862
Managed Health Care — 0.3%
5,800,000
Centene Corp.
4.63%
12/15/29
5,657,194
Metal, Glass & Plastic Containers — 0.0%
716,000
Crown Americas LLC
5.88%
06/01/33
721,708
Other Specialty Retail — 0.1%
2,229,000
PetSmart LLC / PetSmart Finance Corp. (e)
7.50%
09/15/32
2,258,765
Packaged Foods & Meats — 1.5%
3,000,000
Performance Food Group, Inc. (e)
6.13%
09/15/32
3,044,760
See Notes to Financial Statements
Page 14
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Packaged Foods & Meats (Continued)
$4,652,000
Performance Food Group, Inc. (e)
5.63%
03/01/34
$4,558,131
26,001,000
Post Holdings, Inc. (e)
6.25%
02/15/32
26,530,042
 
34,132,933
Paper & Plastic Packaging Products & Materials — 0.2%
1,775,000
Graphic Packaging International LLC (e)
3.50%
03/15/28
1,718,128
2,335,000
Graphic Packaging International LLC (e)
3.75%
02/01/30
2,182,673
 
3,900,801
Research & Consulting Services — 0.3%
5,710,000
Neptune Bidco US, Inc. (e)
9.29%
04/15/29
5,779,602
Restaurants — 0.1%
2,536,000
Yum! Brands, Inc.
5.38%
04/01/32
2,539,459
Trading Companies & Distributors — 1.2%
18,851,000
QXO Building Products, Inc. (e)
6.75%
04/30/32
19,240,753
7,034,000
United Rentals North America, Inc. (e)
6.00%
12/15/29
7,158,832
 
26,399,585
Total Corporate Bonds and Notes
220,649,883
(Cost $226,816,414)
FOREIGN CORPORATE BONDS AND NOTES — 2.0%
Casinos & Gaming — 0.1%
3,450,000
Flutter Treasury DAC (e)
6.38%
04/29/29
3,511,006
Data Processing & Outsourced Services — 0.2%
4,795,000
Paysafe Finance PLC / Paysafe Holdings US Corp. (e)
4.00%
06/15/29
4,020,392
Environmental & Facilities Services — 0.4%
8,318,000
GFL Environmental, Inc. (e)
6.75%
01/15/31
8,634,367
Hotels, Resorts & Cruise Lines — 0.4%
9,895,000
Viking Ocean Cruises Ship VII Ltd. (e)
5.63%
02/15/29
9,908,100
Restaurants — 0.7%
16,800,000
1011778 BC ULC / New Red Finance, Inc. (e)
4.00%
10/15/30
15,991,893
Specialized Consumer Services — 0.2%
3,900,000
Belron UK Finance PLC (e)
5.75%
10/15/29
3,941,618
Total Foreign Corporate Bonds and Notes
46,007,376
(Cost $45,572,471)
 
Shares
Description
Value
COMMON STOCKS — 0.0%
Pharmaceuticals — 0.0%
249,316
Akorn, Inc. (c) (f) (g)
9,973
(Cost $2,858,880)
MONEY MARKET FUNDS — 9.5%
218,156,745
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.52% (h)
218,156,745
(Cost $218,156,745)
Total Investments — 104.3%
2,383,958,325
(Cost $2,423,793,928)
Net Other Assets and Liabilities — (4.3)%
(97,930,423
)
Net Assets — 100.0%
$2,286,027,902
 
See Notes to Financial Statements
Page 15
First Trust Senior Loan Fund (FTSL)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(a)
Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically
predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the
certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range
of rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor,
but different SOFR reset dates.
(b)
Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior
Loans may be substantially less than the stated maturities shown.
(c)
This issuer has filed for protection in bankruptcy court.
(d)
This security is fair valued by First Trust Advisors L.P.’s (the “Advisor”) Pricing Committee in accordance with procedures
approved by the Trust’s Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules
thereunder, as amended. At April 30, 2026, securities noted as such are valued at $447,651 or 0.0% of net assets.
(e)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $248,541,584 or 10.9% of net assets.
(f)
Non-income producing security.
(g)
Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to qualified institutional buyers (see Note 2D - Restricted Securities in
the Notes to Financial Statements).
(h)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
DIP
–  Debtor in Possession
SOFR
–  Secured Overnight Financing Rate
USD
–  United States Dollar
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Senior Floating-Rate Loan Interests*
$1,899,134,348
$—
$1,899,134,348
$—
Corporate Bonds and Notes*
220,649,883
—
220,649,883
—
Foreign Corporate Bonds and Notes*
46,007,376
—
46,007,376
—
Common Stocks*
9,973
—
9,973
—
Money Market Funds
218,156,745
218,156,745
—
—
Total Investments
$2,383,958,325
$218,156,745
$2,165,801,580
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 16
First Trust Senior Loan Fund (FTSL)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$2,383,958,325
Cash
322,430
Receivables:
Investment securities sold
17,251,773
Capital shares sold
13,520,238
Interest
10,612,011
Dividends
602,594
Unrealized appreciation on unfunded loan commitments
22,021
Total Assets
2,426,289,392
 
LIABILITIES:
Payables:
Investment securities purchased
138,987,002
Investment advisory fees
1,274,488
Total Liabilities
140,261,490
NET ASSETS
$2,286,027,902
 
NET ASSETS consist of:
Paid-in capital
$2,588,051,333
Par value
507,500
Accumulated distributable earnings (loss)
(302,530,931
)
NET ASSETS
$2,286,027,902
NET ASSET VALUE, per share
$45.04
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
50,750,002
Investments, at cost
$2,423,793,928
See Notes to Financial Statements
Page 17
First Trust Senior Loan Fund (FTSL)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$76,925,229
Dividends
2,672,151
Other income
7,393
Total investment income
79,604,773
 
EXPENSES:
Investment advisory fees
8,812,888
 
Other expenses
1,862
Total expenses
8,814,750
Less fees waived by the investment advisor
(319,957
)
Net expenses
8,494,793
NET INVESTMENT INCOME (LOSS)
71,109,980
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments
(13,721,937
)
Net change in unrealized appreciation (depreciation) on:
Investments
(27,903,155
)
Unfunded loan commitments
10,610
Net change in unrealized appreciation (depreciation)
(27,892,545
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(41,614,482
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$29,495,498
See Notes to Financial Statements
Page 18
First Trust Senior Loan Fund (FTSL)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$71,109,980
$155,012,125
Net realized gain (loss)
(13,721,937
)
(4,900,577
)
Net change in unrealized appreciation (depreciation)
(27,892,545
)
(1,409,900
)
Net increase (decrease) in net assets resulting from operations
29,495,498
148,701,648
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(72,260,253
)
(155,014,489
)
Return of capital
—
(3,178,517
)
Total distributions to shareholders
(72,260,253
)
(158,193,006
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
121,491,323
 
350,776,804
 
Cost of shares redeemed
(141,882,122
) 
(154,968,930
) 
Net increase (decrease) in net assets resulting from shareholder transactions
(20,390,799
)
195,807,874
Total increase (decrease) in net assets
(63,155,554
)
186,316,516
 
NET ASSETS:
Beginning of period
2,349,183,456
2,162,866,940
End of period
$2,286,027,902
$2,349,183,456
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
51,200,002
47,000,002
Shares sold
2,700,000
7,600,000
Shares redeemed
(3,150,000
)
(3,400,000
)
Shares outstanding, end of period
50,750,002
51,200,002
See Notes to Financial Statements
Page 19
First Trust Senior Loan Fund (FTSL)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$45.88
$46.02
$45.41
$44.76
$47.78
$45.85
Income from investment
operations:
Net investment income (loss)
1.41
 (a)
3.04
 (a)
3.56
 (a)
3.32
 (a)
1.89
 
1.54
 
Net realized and unrealized gain
(loss)
(0.82
) 
(0.08
) 
0.59
 
0.73
 
(3.01
) 
1.92
 
Total from investment operations
0.59
 
2.96
 
4.15
 
4.05
 
(1.12
) 
3.46
 
Distributions paid to
shareholders from:
Net investment income
(1.43
) 
(3.04
) 
(3.53
) 
(3.39
) 
(1.90
) 
(1.53
) 
Return of capital
—
 
(0.06
) 
(0.01
) 
(0.01
) 
—
 
—
 
Total distributions
(1.43
) 
(3.10
) 
(3.54
) 
(3.40
) 
(1.90
) 
(1.53
) 
Net asset value, end of period
$45.04
 
$45.88
 
$46.02
 
$45.41
 
$44.76
 
$47.78
 
Total return (b)
1.29
% 
6.65
% 
9.42
% 
9.32
% 
(2.38
)% 
7.60
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$2,286,028
 
$2,349,183
 
$2,162,867
 
$2,181,999
 
$2,938,655
 
$2,866,652
 
Ratio of total expenses to average
net assets (c)
0.77
% (d)
0.86
% (e)
0.85
% 
0.85
% 
0.85
% 
0.85
% 
Ratio of net expenses to average
net assets (c)
0.75
% (d)
0.86
% (e)
0.85
% 
0.85
% 
0.85
% 
0.85
% 
Ratio of net investment income
(loss) to average net assets (c)
6.24
% (d)
6.61
% 
7.73
% 
7.31
% 
4.07
% 
3.27
% 
Portfolio turnover rate (f)
51
% 
127
% 
125
% 
54
% 
63
% 
92
% 
 
(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 during
certain periods if certain fees had not been waived by the investment advisor.
(c)
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.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios 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 and in-kind transactions.
See Notes to Financial Statements
Page 20
Notes to Financial Statements
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Senior Loan Fund (the “Fund”), a diversified series of the Trust, which trades under the ticker “FTSL” on Nasdaq, Inc. (“Nasdaq”). 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 primary investment objective is to provide high current income. The Fund’s secondary investment objective is the preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in first and second lien senior floating rate bank loans (“Senior Loans”)(1).
A Senior Loan is an advance or commitment of funds made by one or more banks or similar financial institutions to one or more corporations, partnerships or other business entities and typically pays interest at a floating or adjusting rate that is determined periodically at a designated premium above a base lending rate, such as the Secured Overnight Financing Rate (“SOFR”), a similar reference rate, or the prime rate offered by one or more major U.S. banks. When identifying prospective investment opportunities in Senior Loans, First Trust Advisors L.P. (“First Trust” or the “Advisor”), the Fund’s investment advisor, currently intends to invest primarily in Senior Loans that are below investment grade quality at the time of investment. The Fund invests in Senior Loans made predominantly to businesses operating in North America, but may also invest in Senior Loans made to businesses operating outside of North America.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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 Advisor’s Pricing Committee 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:
Senior Loans are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent
(1)
The terms “security” and “securities” used throughout the Notes to Financial Statements include Senior Loans.
Page 21
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.
Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
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.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the “1933 Act”)) 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
Page 22
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
16)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund had no when-issued, delayed-delivery or forward purchase commitments (other than the unfunded commitments discussed below).
Consent fees, upfront origination fees, and amendment fees from Senior Loans, if any, are included in “Other income” under Investment Income on the Statement of Operations.
C. Unfunded Loan Commitments
The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower’s discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized
Page 23
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees, if any, are included in “Other income” under Investment Income on the Statement of Operations. As of April 30, 2026, the Fund had the following unfunded loan commitments:
 
Borrower
Principal
Value
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Azuria Water Solutions (fka - Aegion Corp.), Term Loan
$571,475
$570,047
$572,190
$2,143
Pye-Barker Fire & Safety LLC, Term Loan
921,444
921,191
926,267
5,076
R1 RCM, Inc. (Raven Acq. Holdings LLC), Term Loan
1,176,775
1,163,115
1,171,420
8,305
Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan
370,141
371,482
371,991
509
Signia Aerospace LLC, Term Loan
202,054
202,054
203,127
1,073
Summit Companies (Pinnacle Buyer LLC), Term Loan
138,307
137,961
139,091
1,130
US Fertility Enterprises LLC, Term Loan
348,012
346,272
350,057
3,785
 
$3,712,122
$3,734,143
$22,021
D. Restricted Securities
The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2026, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security-specific factors and assumptions, which require subjective judgment. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security.
 
Security
Acquisition
Date
Shares
Current
Price
Carrying
Cost
Value
% of
Net Assets
Akorn, Inc.
10/15/20
249,316
$0.04
$2,858,880
$9,973
0.00
%*
 
*
Amount is less than 0.01%.
E. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
Page 24
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$155,014,489
Capital gains
—
Return of capital
3,178,517
As of October 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)
(247,385,375
)
Net unrealized appreciation (depreciation)
(12,380,801
)
F. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $247,385,375 of 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.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$2,423,793,928
$8,175,298
$(48,010,901
)
$(39,835,603
)
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 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
Page 25
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
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, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.69% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
%
In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund’s total annual operating expenses.
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.16% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $319,957.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 26
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended April 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $1,136,618,012 and $1,173,627,545, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
5. Borrowings
The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Series Fund and First Trust Variable Insurance Trust, has a credit agreement with BNY (the “Credit Agreement”) as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. The commitment fee and agency fee are allocated amongst the funds that have access to the credit line pursuant to procedures approved by the Board of Trustees. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the six months ended April 30, 2026.
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
Page 27
Notes to Financial Statements (Continued)
First Trust Senior Loan Fund (FTSL)
April 30, 2026 (Unaudited)
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 March 31, 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 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 28
Other Information
First Trust Senior Loan Fund (FTSL)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 29
 
 
 
First Trust Exchange-Traded Fund IV
  
First Trust Tactical High Yield ETF
(HYLS)
Semi-Annual Financial Statements and Other
Information
For the Six Months Ended
April 30, 2026
Table of Contents 
First Trust Tactical High Yield ETF (HYLS)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Tactical High Yield ETF (the “Fund”) will achieve its investment objectives. 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 Tactical High Yield ETF (HYLS)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES — 75.4%
Advertising — 0.6%
$5,000,000
Clear Channel Outdoor Holdings, Inc. (a)
7.75%
04/15/28
$5,039,205
3,450,000
Clear Channel Outdoor Holdings, Inc. (a)
7.88%
04/01/30
3,594,324
1,380,000
Clear Channel Outdoor Holdings, Inc. (a)
7.13%
02/15/31
1,435,603
 
10,069,132
Aerospace & Defense — 1.3%
684,000
Amentum Holdings, Inc. (a)
7.25%
08/01/32
708,426
1,035,000
Axon Enterprise, Inc. (a)
6.13%
03/15/30
1,060,891
690,000
Axon Enterprise, Inc. (a)
6.25%
03/15/33
708,472
692,000
Carpenter Technology Corp. (a)
5.63%
03/01/34
693,282
714,000
Moog, Inc. (a)
5.50%
10/15/34
716,422
4,931,000
TransDigm, Inc. (a)
6.63%
03/01/32
5,073,718
1,663,000
TransDigm, Inc. (a)
6.00%
01/15/33
1,680,353
10,652,000
TransDigm, Inc. (a) (b)
6.38%
05/31/33
10,741,732
 
21,383,296
Alternative Carriers — 0.3%
4,339,000
Level 3 Financing, Inc. (a)
7.00%
03/31/34
4,503,327
Aluminum — 0.3%
4,273,000
Novelis Corp. (a)
6.38%
08/15/33
4,293,946
Apparel Retail — 0.2%
1,000,000
Nordstrom, Inc.
4.00%
03/15/27
985,659
2,854,000
Nordstrom, Inc.
4.38%
04/01/30
2,713,825
 
3,699,484
Apparel, Accessories & Luxury Goods — 0.1%
1,378,000
Under Armour, Inc. (a)
7.25%
07/15/30
1,407,222
Application Software — 3.0%
3,299,000
Cloud Software Group, Inc. (a)
6.50%
03/31/29
3,214,747
17,044,000
Cloud Software Group, Inc. (a) (b)
9.00%
09/30/29
16,749,397
8,070,000
Cloud Software Group, Inc. (a)
8.25%
06/30/32
7,672,494
1,370,000
Cloud Software Group, Inc. (a)
6.63%
08/15/33
1,228,229
5,632,950
GoTo Group, Inc. (a)
5.50%
05/01/28
1,436,402
5,400,000
McAfee Corp. (a) (b)
7.38%
02/15/30
4,381,152
14,252,000
RingCentral, Inc. (a) (b)
8.50%
08/15/30
14,986,406
 
49,668,827
Asset Management & Custody Banks — 0.8%
8,841,000
Osaic Holdings, Inc. (a)
6.75%
08/01/32
8,984,302
3,906,000
Osaic Holdings, Inc. (a)
8.00%
08/01/33
3,985,647
 
12,969,949
Automobile Manufacturers — 0.5%
6,631,000
Ford Motor Co.
9.63%
04/22/30
7,553,416
Automotive Retail — 0.6%
4,883,000
Gee Automotive Holdings LLC (a)
7.25%
03/01/31
4,969,087
5,659,000
Mavis Tire Express Services Topco Corp. (a)
6.50%
05/15/29
5,645,259
 
10,614,346
Broadcasting — 2.3%
7,254,000
Gray Media, Inc. (a)
4.75%
10/15/30
5,813,058
5,910,000
iHeartCommunications, Inc. (a)
4.75%
01/15/28
5,658,825
7,140,000
Nexstar Media, Inc. (a)
6.50%
09/15/33
7,199,555
9,076,000
Paramount Global
3.70%
06/01/28
8,790,576
See Notes to Financial Statements
Page 1
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Broadcasting (Continued)
$8,714,000
Sinclair Television Group, Inc. (a)
8.13%
02/15/33
$9,029,577
1,437,000
Sirius XM Radio LLC (a)
4.00%
07/15/28
1,396,272
 
37,887,863
Building Products — 3.6%
3,086,000
Advanced Drainage Systems, Inc. (a)
6.38%
06/15/30
3,132,781
2,148,000
Advanced Drainage Systems, Inc. (a)
5.38%
03/01/34
2,123,007
100,000
Builders FirstSource, Inc. (a)
4.25%
02/01/32
92,872
9,914,000
Builders FirstSource, Inc. (a)
6.38%
03/01/34
9,877,191
16,601,000
Builders FirstSource, Inc. (a) (b)
6.75%
05/15/35
16,785,752
4,474,000
CP Atlas Buyer, Inc. (a)
9.75%
07/15/30
4,163,041
4,634,000
LBM Acquisition LLC (a)
9.50%
06/15/31
4,060,472
6,557,000
Standard Building Solutions, Inc. (a)
6.50%
08/15/32
6,626,996
4,018,000
Standard Building Solutions, Inc. (a)
6.25%
08/01/33
4,019,925
3,474,000
Standard Building Solutions, Inc. (a)
5.88%
03/15/34
3,390,440
1,426,000
Standard Industries, Inc. (a)
4.75%
01/15/28
1,418,831
2,492,000
Standard Industries, Inc. (a)
4.38%
07/15/30
2,380,732
1,000,000
Standard Industries, Inc. (a)
3.38%
01/15/31
908,336
 
58,980,376
Cable & Satellite — 4.0%
1,431,000
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
4.75%
03/01/30
1,357,224
4,747,000
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
4.50%
08/15/30
4,430,352
7,781,000
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
7.38%
03/01/31
7,881,196
1,000,000
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
4.50%
05/01/32
878,767
2,085,000
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
7.00%
02/01/33
2,056,901
5,800,000
CSC Holdings LLC (a)
6.50%
02/01/29
3,615,908
18,851,000
CSC Holdings LLC (a)
4.50%
11/15/31
11,009,606
17,162,000
DISH Network Corp. (a)
11.75%
11/15/27
17,728,260
15,163,315
EchoStar Corp.
10.75%
11/30/29
16,473,159
 
65,431,373
Casinos & Gaming — 1.6%
6,062,000
Boyd Gaming Corp. (a)
4.75%
06/15/31
5,847,260
2,838,000
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (a)
6.75%
01/15/30
2,751,453
4,727,000
Light & Wonder International, Inc. (a)
7.50%
09/01/31
4,928,876
4,733,000
Scientific Games Holdings, L.P. / Scientific Games US FinCo,
Inc. (a)
6.63%
03/01/30
3,997,621
1,592,000
Station Casinos LLC (a)
4.63%
12/01/31
1,499,865
7,364,000
Station Casinos LLC (a)
6.63%
03/15/32
7,460,071
 
26,485,146
Commercial & Residential Mortgage Finance — 2.8%
1,382,000
Freedom Mortgage Holdings LLC (a)
9.25%
02/01/29
1,432,512
5,000,000
Freedom Mortgage Holdings LLC (a)
9.13%
05/15/31
5,185,070
3,850,000
Freedom Mortgage Holdings LLC (a)
8.38%
04/01/32
3,905,652
10,000,000
PennyMac Financial Services, Inc. (a)
6.75%
02/15/34
9,687,535
2,788,000
Rocket Cos., Inc. (a)
7.13%
02/01/32
2,883,503
12,953,000
Rocket Cos., Inc. (a) (b)
6.38%
08/01/33
13,127,153
10,000,000
UWM Holdings LLC (a)
6.25%
03/15/31
9,280,517
 
45,501,942
See Notes to Financial Statements
Page 2
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Commodity Chemicals — 0.2%
$2,764,000
Olin Corp. (a)
6.63%
04/01/33
$2,741,604
Construction & Engineering — 1.0%
6,644,000
AECOM (a)
6.00%
08/01/33
6,703,284
4,467,000
Brundage-Bone Concrete Pumping Holdings, Inc. (a)
7.50%
02/01/32
4,543,024
697,000
Williams Scotsman, Inc. (a)
6.63%
04/15/30
718,353
3,505,000
Williams Scotsman, Inc. (a)
7.38%
10/01/31
3,652,582
 
15,617,243
Construction Materials — 2.2%
3,580,000
JH North America Holdings, Inc. (a)
6.13%
07/31/32
3,590,342
17,334,000
Quikrete Holdings, Inc. (a) (b)
6.75%
03/01/33
17,588,373
2,206,000
Smyrna Ready Mix Concrete LLC (a)
6.00%
11/01/28
2,205,753
11,864,000
Smyrna Ready Mix Concrete LLC (a) (b)
8.88%
11/15/31
12,429,225
 
35,813,693
Consumer Finance — 0.8%
1,381,000
EZCORP, Inc. (a)
7.38%
04/01/32
1,463,390
1,000,000
FirstCash, Inc. (a)
4.63%
09/01/28
983,763
9,796,000
FirstCash, Inc. (a) (b)
6.88%
03/01/32
10,051,976
 
12,499,129
Data Processing & Outsourced Services — 0.2%
2,077,000
Block, Inc. (a)
5.63%
08/15/30
2,080,269
1,384,000
Block, Inc. (a)
6.00%
08/15/33
1,382,443
 
3,462,712
Diversified Metals & Mining — 0.7%
8,969,000
SCIH Salt Holdings, Inc. (a)
4.88%
05/01/28
8,887,880
2,866,000
SCIH Salt Holdings, Inc. (a)
6.63%
05/01/29
2,846,769
 
11,734,649
Diversified Support Services — 0.8%
1,945,000
RB Global Holdings, Inc. (a)
6.75%
03/15/28
1,973,802
10,153,000
RB Global Holdings, Inc. (a)
7.75%
03/15/31
10,554,343
 
12,528,145
Education Services — 0.5%
8,367,000
Graham Holdings Co. (a)
5.63%
12/01/33
8,302,622
Electric Utilities — 1.9%
3,096,000
Alpha Generation LLC (a)
6.75%
10/15/32
3,172,691
10,000,000
Alpha Generation LLC (a)
6.25%
01/15/34
9,937,696
1,922,000
NRG Energy, Inc. (a)
5.75%
01/15/34
1,908,916
2,000,000
NRG Energy, Inc. (a)
5.88%
05/15/34
1,993,715
2,348,000
NRG Energy, Inc. (a)
6.25%
11/01/34
2,376,833
9,146,000
NRG Energy, Inc. (a)
6.00%
01/15/36
9,087,893
2,000,000
NRG Energy, Inc. (a)
6.13%
05/15/36
1,993,313
1,359,000
Vistra Operations Co. LLC (a)
7.75%
10/15/31
1,425,856
 
31,896,913
Electrical Components & Equipment — 0.0%
667,000
Sensata Technologies, Inc. (a)
3.75%
02/15/31
619,988
Environmental & Facilities Services — 1.2%
2,675,000
Allied Universal Holdco LLC (a)
7.88%
02/15/31
2,807,779
4,616,000
Allied Universal Holdco LLC / Allied Universal Finance Corp. (a)
6.88%
06/15/30
4,752,455
1,376,000
Clean Harbors, Inc. (a)
5.75%
10/15/33
1,389,905
See Notes to Financial Statements
Page 3
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Environmental & Facilities Services (Continued)
$8,590,000
Waste Pro USA, Inc. (a)
7.00%
02/01/33
$8,772,155
1,312,000
Wrangler Holdco Corp. (a)
6.63%
04/01/32
1,354,519
 
19,076,813
Fertilizers & Agricultural Chemicals — 0.2%
2,000,000
Scotts Miracle-Gro (The) Co.
4.00%
04/01/31
1,864,943
2,027,000
Scotts Miracle-Gro (The) Co.
4.38%
02/01/32
1,892,702
 
3,757,645
Food Distributors — 1.2%
1,397,000
US Foods, Inc. (a)
4.75%
02/15/29
1,382,735
8,582,000
US Foods, Inc. (a)
7.25%
01/15/32
8,937,346
9,700,000
US Foods, Inc. (a)
5.75%
04/15/33
9,743,504
 
20,063,585
Footwear — 0.1%
1,688,000
Beach Acquisition Bidco LLC, (10.00% cash, 10.75% PIK) (a) (c)
10.00%
07/15/33
1,857,727
Health Care Facilities — 1.9%
11,849,000
AHP Health Partners, Inc. (a)
5.75%
07/15/29
11,750,643
657,000
Concentra Health Services, Inc. (a)
6.88%
07/15/32
681,665
7,788,000
Select Medical Corp. (a) (b)
6.25%
12/01/32
7,567,347
8,920,000
Tenet Healthcare Corp.
6.13%
10/01/28
8,947,286
1,706,000
Tenet Healthcare Corp. (a)
5.50%
11/15/32
1,702,519
692,000
Tenet Healthcare Corp. (a)
6.00%
11/15/33
699,767
 
31,349,227
Health Care Services — 1.4%
12,727,000
Raven Acquisition Holdings LLC (a) (b)
6.88%
11/15/31
12,605,796
10,166,000
Surgery Center Holdings, Inc. (a)
7.25%
04/15/32
10,151,567
 
22,757,363
Health Care Supplies — 0.6%
10,253,000
Medline Borrower, L.P. (a) (b)
5.25%
10/01/29
10,209,432
Health Care Technology — 1.0%
17,722,000
athenaHealth Group, Inc. (a) (b)
6.50%
02/15/30
16,904,880
Homebuilding — 1.1%
5,000,000
Ashton Woods USA LLC / Ashton Woods Finance Co. (a)
6.88%
08/01/33
4,911,838
5,000,000
Dream Finders Homes, Inc. (a)
6.88%
09/15/30
4,907,451
8,607,000
Installed Building Products, Inc. (a)
5.63%
02/01/34
8,585,820
 
18,405,109
Homefurnishing Retail — 0.0%
690,000
Wayfair LLC (a)
6.75%
11/15/32
698,054
Hotels, Resorts & Cruise Lines — 0.3%
3,148,000
Hilton Domestic Operating Co., Inc. (a)
6.13%
04/01/32
3,208,357
688,000
RHP Hotel Properties, L.P. / RHP Finance Corp. (a)
6.50%
06/15/33
709,065
1,419,000
RHP Hotel Properties, L.P. / RHP Finance Corp. (a)
5.75%
03/15/34
1,411,398
 
5,328,820
Household Products — 0.4%
6,851,000
Energizer Holdings, Inc. (a)
4.38%
03/31/29
6,595,021
Housewares & Specialties — 0.3%
5,342,000
Newell Brands, Inc. (a)
8.50%
06/01/28
5,585,542
See Notes to Financial Statements
Page 4
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Human Resource & Employment Services — 0.4%
$9,953,000
ZipRecruiter, Inc. (a)
5.00%
01/15/30
$6,518,891
Independent Power Producers & Energy Traders — 0.9%
2,500,000
Talen Energy Supply LLC (a)
6.25%
02/01/34
2,482,867
11,864,000
Talen Energy Supply LLC (a)
6.50%
02/01/36
11,915,155
 
14,398,022
Industrial Machinery & Supplies & Components — 0.7%
369,000
Esab Corp. (a)
5.63%
04/01/31
373,321
1,679,000
Gates Corp. (a)
6.88%
07/01/29
1,729,349
3,575,000
Lsf12 Helix Parent LLC (a)
7.13%
02/01/33
3,498,630
5,265,000
Madison IAQ LLC (a)
5.88%
06/30/29
5,255,016
 
10,856,316
Insurance Brokers — 6.2%
5,708,000
Acrisure LLC / Acrisure Finance, Inc. (a)
6.00%
08/01/29
5,390,165
8,403,000
Acrisure LLC / Acrisure Finance, Inc. (a) (b)
7.50%
11/06/30
8,538,907
4,000,000
Acrisure LLC / Acrisure Finance, Inc. (a)
6.75%
07/01/32
3,943,587
10,564,000
Alliant Holdings Intermediate LLC / Alliant Holdings Co-
Issuer (a) (b)
6.75%
10/15/27
10,562,828
17,412,000
Alliant Holdings Intermediate LLC / Alliant Holdings Co-
Issuer (a) (b)
6.75%
04/15/28
17,644,833
21,834,000
Baldwin Insurance Group Holdings LLC / Baldwin Insurance
Group Holdings Finance (a) (b)
7.13%
05/15/31
22,120,833
8,120,000
Broadstreet Partners Group LLC (a)
5.88%
04/15/29
8,001,335
1,988,000
HUB International Ltd. (a)
7.25%
06/15/30
2,057,642
5,850,000
HUB International Ltd. (a) (b)
7.38%
01/31/32
5,996,227
15,319,000
Panther Escrow Issuer LLC (a) (b)
7.13%
06/01/31
15,399,389
2,000,000
USI, Inc. (a)
7.50%
01/15/32
2,059,721
 
101,715,467
Interactive Home Entertainment — 0.3%
2,852,000
OAK-Eagle Acquireco, Inc. (a)
7.25%
07/01/33
2,940,044
1,410,000
OAK-Eagle Acquireco, Inc. (a)
8.75%
07/01/34
1,468,144
 
4,408,188
Interactive Media & Services — 0.9%
6,913,000
Cars.com, Inc. (a)
6.38%
11/01/28
6,800,491
8,512,000
Snap, Inc. (a)
6.88%
03/15/34
8,245,849
 
15,046,340
Internet Services & Infrastructure — 2.2%
3,553,000
Black Pearl Compute LLC (a)
6.13%
02/15/31
3,609,272
6,113,000
Cipher Compute LLC (a)
7.13%
11/15/30
6,343,822
4,446,000
Flash Compute LLC (a)
7.25%
12/31/30
4,540,789
3,500,000
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a)
5.25%
12/01/27
3,497,379
2,128,000
Meridian Arc Holdco LLC (a)
6.25%
04/30/31
2,128,505
1,403,000
PR RNO Property Owner 1 LLC (a) (d)
6.50%
05/01/31
1,391,424
7,821,000
SV RNO Property Owner 1 LLC (a)
5.88%
03/01/31
7,678,647
6,040,000
WULF Compute LLC (a)
7.75%
10/15/30
6,351,725
 
35,541,563
See Notes to Financial Statements
Page 5
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Investment Banking & Brokerage — 0.7%
$2,500,000
Jane Street Group / JSG Finance, Inc. (a)
6.13%
11/01/32
$2,514,568
8,452,000
Jane Street Group / JSG Finance, Inc. (a)
6.75%
05/01/33
8,687,397
 
11,201,965
IT Consulting & Other Services — 0.0%
690,000
CACI International, Inc. (a)
6.38%
06/15/33
706,355
Leisure Facilities — 0.5%
2,031,000
Life Time, Inc. (a)
6.00%
11/15/31
2,062,842
717,000
SeaWorld Parks & Entertainment, Inc. (a)
5.25%
08/15/29
693,627
1,852,000
Six Flags Entertainment Corp. (a)
7.25%
05/15/31
1,827,902
2,780,000
Six Flags Entertainment Corp. / Canada’s Wonderland Co. /
Millennium Operations LLC (a)
8.63%
01/15/32
2,827,861
 
7,412,232
Life Sciences Tools & Services — 1.1%
6,815,000
Avantor Funding, Inc. (a)
4.63%
07/15/28
6,721,061
5,000,000
Fortrea Holdings, Inc. (a)
7.50%
07/01/30
4,871,439
5,979,000
IQVIA, Inc. (a)
6.50%
05/15/30
6,124,619
1,016,000
Star Parent, Inc. (a)
9.00%
10/01/30
1,065,585
 
18,782,704
Managed Health Care — 1.0%
3,032,000
Molina Healthcare, Inc. (a)
4.38%
06/15/28
2,990,986
4,739,000
Molina Healthcare, Inc. (a)
3.88%
05/15/32
4,256,596
8,628,000
Molina Healthcare, Inc. (a)
6.25%
01/15/33
8,623,929
 
15,871,511
Metal, Glass & Plastic Containers — 0.1%
1,155,000
Crown Americas LLC
5.88%
06/01/33
1,164,208
Movies & Entertainment — 0.4%
9,309,000
Discovery Global Holdings, Inc.
5.14%
03/15/52
6,132,304
Oil & Gas Refining & Marketing — 1.8%
5,000,000
Sunoco, L.P. (a) (e)
7.88%
(f)
5,180,730
5,045,000
Sunoco, L.P. (a)
5.63%
03/15/31
5,065,715
7,281,000
Sunoco, L.P. (a)
5.88%
03/15/34
7,258,583
3,000,000
Venture Global LNG, Inc. (a) (e)
9.00%
(f)
2,969,183
6,357,000
Venture Global LNG, Inc. (a)
8.38%
06/01/31
6,631,012
2,020,000
Venture Global LNG, Inc. (a)
9.88%
02/01/32
2,168,107
 
29,273,330
Oil & Gas Storage & Transportation — 1.4%
4,077,000
Rockies Express Pipeline LLC (a)
6.75%
03/15/33
4,252,924
343,000
Venture Global Plaquemines LNG LLC (a)
7.50%
05/01/33
380,524
12,101,000
Venture Global Plaquemines LNG LLC (a) (b)
7.75%
05/01/35
13,615,670
4,148,000
Venture Global Plaquemines LNG LLC (a)
6.75%
01/15/36
4,411,460
 
22,660,578
Other Specialty Retail — 0.2%
1,698,000
PetSmart LLC / PetSmart Finance Corp. (a)
7.50%
09/15/32
1,720,674
1,383,000
PetSmart LLC / PetSmart Finance Corp. (a)
10.00%
09/15/33
1,397,883
 
3,118,557
Packaged Foods & Meats — 3.5%
6,292,000
BellRing Brands, Inc. (a)
7.00%
03/15/30
6,393,963
4,267,000
Fiesta Purchaser, Inc. (a)
7.88%
03/01/31
4,409,624
See Notes to Financial Statements
Page 6
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Packaged Foods & Meats (Continued)
$5,707,000
Lamb Weston Holdings, Inc. (a)
4.38%
01/31/32
$5,378,359
8,398,000
Performance Food Group, Inc. (a)
6.13%
09/15/32
8,523,298
9,313,000
Performance Food Group, Inc. (a)
5.63%
03/01/34
9,125,079
8,579,000
Post Holdings, Inc. (a) (b)
6.25%
02/15/32
8,753,557
8,647,000
Post Holdings, Inc. (a)
6.38%
03/01/33
8,649,214
6,934,000
Post Holdings, Inc. (a)
6.50%
03/15/36
6,894,725
 
58,127,819
Paper & Plastic Packaging Products & Materials — 1.2%
1,432,000
Graphic Packaging International LLC (a)
3.50%
03/15/28
1,386,117
1,000,000
Graphic Packaging International LLC (a)
3.50%
03/01/29
949,590
4,238,000
Graphic Packaging International LLC (a)
3.75%
02/01/30
3,961,529
10,000,000
Graphic Packaging International LLC (a)
6.38%
07/15/32
9,992,874
3,526,000
Sword Purchaser LLC (a)
8.25%
04/15/33
3,610,635
 
19,900,745
Rail Transportation — 0.3%
5,234,000
Genesee & Wyoming, Inc. (a)
6.25%
04/15/32
5,363,505
Real Estate Operating Companies — 0.7%
2,974,000
Service Properties Trust (a)
(g)
09/30/27
2,736,317
2,570,000
Service Properties Trust (a)
8.63%
11/15/31
2,705,894
6,244,000
Service Properties Trust
8.88%
06/15/32
6,411,327
 
11,853,538
Real Estate Services — 0.2%
1,771,000
Cushman & Wakefield US Borrower LLC (a)
8.88%
09/01/31
1,865,256
1,382,000
Taylor Morrison Communities, Inc. (a)
5.75%
11/15/32
1,398,067
 
3,263,323
Research & Consulting Services — 1.1%
4,892,000
Clarivate Science Holdings Corp. (a)
4.88%
07/01/29
4,441,461
4,297,000
CoreLogic, Inc. (a)
4.50%
05/01/28
4,182,100
5,268,000
Neptune Bidco US, Inc. (a)
9.29%
04/15/29
5,332,214
2,763,000
Neptune Bidco US, Inc. (a)
10.38%
05/15/31
2,853,380
715,000
Neptune Bidco US, Inc. (a)
9.50%
02/15/33
716,461
689,000
Science Applications International Corp. (a)
5.88%
11/01/33
680,325
 
18,205,941
Restaurants — 0.4%
1,182,000
Brinker International, Inc. (a)
8.25%
07/15/30
1,236,916
708,000
Papa John’s International, Inc. (a)
3.88%
09/15/29
681,233
4,102,000
Yum! Brands, Inc.
5.38%
04/01/32
4,107,595
 
6,025,744
Security & Alarm Services — 0.6%
9,090,000
Brink’s (The) Co. (a)
6.75%
06/15/32
9,332,603
Soft Drinks & Non-Alcoholic Beverages — 0.3%
5,728,000
Primo Water Holdings, Inc. / Triton Water Holdings, Inc. (a)
6.25%
04/01/29
5,738,946
Specialized Consumer Services — 0.5%
7,625,000
Wand NewCo 3, Inc. (a)
7.63%
01/30/32
7,942,253
Systems Software — 0.8%
8,094,000
Gen Digital, Inc. (a)
7.13%
09/30/30
8,214,956
See Notes to Financial Statements
Page 7
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Systems Software (Continued)
$1,100,000
SS&C Technologies, Inc. (a)
5.50%
09/30/27
$1,099,668
3,357,000
SS&C Technologies, Inc. (a)
6.50%
06/01/32
3,399,257
 
12,713,881
Technology Hardware, Storage & Peripherals — 1.1%
17,822,000
Fair Isaac Corp. (a) (b)
6.00%
05/15/33
17,590,565
Trading Companies & Distributors — 5.0%
2,500,000
EquipmentShare.com, Inc. (a)
9.00%
05/15/28
2,594,985
3,782,000
EquipmentShare.com, Inc. (a)
8.63%
05/15/32
4,015,784
10,531,000
EquipmentShare.com, Inc. (a)
8.00%
03/15/33
11,051,546
347,000
Herc Holdings, Inc. (a)
5.75%
03/15/31
348,040
7,500,000
Herc Holdings, Inc. (a)
7.25%
06/15/33
7,858,718
347,000
Herc Holdings, Inc. (a)
6.00%
03/15/34
344,434
3,749,731
Park River Holdings, Inc. (a)
8.75%
12/31/30
3,549,508
2,376,000
Park River Holdings, Inc. (a)
8.00%
03/15/31
2,391,475
19,171,000
QXO Building Products, Inc. (a) (b)
6.75%
04/30/32
19,567,369
692,000
Synergy Infrastructure Holdings LLC (a)
7.88%
12/01/30
728,264
20,566,000
United Rentals North America, Inc. (a) (b)
6.00%
12/15/29
20,930,985
2,050,000
WESCO Distribution, Inc. (a)
6.38%
03/15/33
2,118,968
2,000,000
WESCO Distribution, Inc. (a)
5.50%
04/15/34
1,999,856
4,257,000
White Cap Supply Holdings LLC (a)
7.38%
11/15/30
4,307,607
 
81,807,539
Transaction & Payment Processing Services — 0.9%
15,000,000
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a) (b)
6.75%
08/15/32
14,981,985
Total Corporate Bonds and Notes
1,235,912,479
(Cost $1,246,401,355)
FOREIGN CORPORATE BONDS AND NOTES — 13.7%
Aerospace & Defense — 0.5%
4,137,000
Bombardier, Inc. (a)
6.75%
06/15/33
4,318,833
3,444,000
Phoenix Aviation Capital, Ltd. (a)
9.25%
07/15/30
3,517,695
 
7,836,528
Automotive Parts & Equipment — 0.4%
3,486,000
Clarios Global, L.P. / Clarios US Finance Co. (a)
6.75%
02/15/30
3,603,164
3,411,000
Clarios Global, L.P. / Clarios US Finance Co. (a)
6.75%
09/15/32
3,491,227
 
7,094,391
Casinos & Gaming — 0.5%
8,518,000
Flutter Treasury DAC (a)
5.88%
06/04/31
8,492,787
Construction Materials — 0.1%
1,500,000
Cemex S.A.B. de C.V. (a) (e)
7.20%
(f)
1,555,140
Data Processing & Outsourced Services — 0.3%
5,874,000
Paysafe Finance PLC / Paysafe Holdings US Corp. (a)
4.00%
06/15/29
4,925,085
Diversified Support Services — 0.5%
8,153,000
Albion Financing 1 SARL / Aggreko Holdings, Inc. (a)
7.00%
05/21/30
8,426,289
Electrical Components & Equipment — 0.0%
309,000
Sensata Technologies B.V. (a)
4.00%
04/15/29
300,842
Environmental & Facilities Services — 0.5%
8,298,000
GFL Environmental, Inc. (a)
6.75%
01/15/31
8,613,606
See Notes to Financial Statements
Page 8
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Homebuilding — 0.5%
$9,163,000
Mattamy Group Corp. (a)
6.00%
12/15/33
$8,806,426
Hotels, Resorts & Cruise Lines — 1.6%
4,425,000
Carnival Corp. (a)
5.88%
06/15/31
4,490,375
4,418,000
Carnival Corp. (a)
5.75%
08/01/32
4,445,736
687,000
Viking Cruises Ltd. (a)
5.88%
10/15/33
689,086
16,866,000
Viking Ocean Cruises Ship VII Ltd. (a) (b)
5.63%
02/15/29
16,888,329
 
26,513,526
Insurance Brokers — 3.4%
15,634,000
Ardonagh Finco Ltd. (a) (b)
7.75%
02/15/31
15,971,327
15,484,000
Ardonagh Group Finance Ltd. (a) (b)
8.88%
02/15/32
15,424,856
10,792,000
Howden UK Refinance PLC / Howden UK Refinance 2 PLC /
Howden US Refinance LLC (a) (b)
7.25%
02/15/31
10,870,523
8,509,000
Howden UK Refinance PLC / Howden UK Refinance 2 PLC /
Howden US Refinance LLC (a)
8.13%
02/15/32
8,133,817
4,500,000
Jones Deslauriers Insurance Management, Inc. (a)
8.50%
03/15/30
4,641,097
 
55,041,620
Life Sciences Tools & Services — 0.2%
3,000,000
Icon Investments Six DAC
6.00%
05/08/34
3,067,137
Metal, Glass & Plastic Containers — 1.1%
8,196,000
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC (a)
6.25%
01/30/31
8,257,396
9,381,000
Canpack S.A. / Canpack US LLC (a)
3.88%
11/15/29
8,881,739
 
17,139,135
Pharmaceuticals — 0.5%
8,323,000
Opal Bidco SAS (a)
6.50%
03/31/32
8,478,449
Restaurants — 1.5%
656,000
1011778 BC ULC / New Red Finance, Inc. (a)
6.13%
06/15/29
667,971
25,510,000
1011778 BC ULC / New Red Finance, Inc. (a) (b)
4.00%
10/15/30
24,282,928
 
24,950,899
Security & Alarm Services — 0.6%
342,000
Garda World Security Corp. (a)
8.25%
08/01/32
350,234
8,793,000
Garda World Security Corp. (a)
8.38%
11/15/32
9,079,326
 
9,429,560
Specialized Consumer Services — 0.4%
7,100,000
Belron UK Finance PLC (a)
5.75%
10/15/29
7,175,767
Trading Companies & Distributors — 0.5%
8,300,000
Azorra Finance Ltd. (a)
6.25%
02/15/34
7,995,726
Wireless Telecommunication Services — 0.6%
9,603,000
Ziggo BV (a)
4.88%
01/15/30
9,039,703
Total Foreign Corporate Bonds and Notes
224,882,616
(Cost $224,727,956)
 
See Notes to Financial Statements
Page 9
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (h)
Stated
Maturity (i)
Value
SENIOR FLOATING-RATE LOAN INTERESTS — 11.9%
Advertising — 0.3%
$3,817,178
WH Borrower LLC (WHP), Term Loan B, 1 Mo. CME Term SOFR
+ 4.50%, 0.50% Floor
8.16%-8.19%
02/20/32
$3,827,332
812,745
WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR
+ 4.50%, 0.50% Floor
8.19%
02/20/32
814,907
 
4,642,239
Aerospace & Defense — 0.6%
9,082,991
Phoenix Aviation Capital Ltd. (PAC DAC LLC), Term Loan B, 3
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.91%
10/28/30
9,012,961
712,651
VistaJet Malta Finance PLC, Term Loan B, 3 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
7.44%
03/31/31
708,197
 
9,721,158
Application Software — 2.8%
17,038,155
Darktrace PLC (Leia Finco US LLC), Term Loan (Second Lien), 3
Mo. CME Term SOFR + 5.25%, 0.00% Floor
8.93%
10/09/32
15,650,738
6,670,422
Internet Brands, Inc. (WebMD / MH Sub I LLC), Term Loan B-3, 1
Mo. CME Term SOFR + 4.25%, 0.50% Floor
7.90%
05/03/28
6,163,303
6,820,044
LogMeIn, Inc. (GoTo Group, Inc.), First Out Term Loan (First
Lien), 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor
8.58%
04/30/28
5,592,436
5,772,077
LogMeIn, Inc. (GoTo Group, Inc.), Second Out Term Loan (First
Lien), 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor
8.58%
04/30/28
1,690,382
4,805,209
McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo.
CME Term SOFR + 3.00%, 0.50% Floor
6.65%
03/01/29
4,246,604
5,116,145
Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term
Loan (Second Lien), 3 Mo. CME Term SOFR + 5.00%, 0.50%
Floor
8.70%
05/08/33
3,111,281
3,927,011
SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3
Mo. CME Term SOFR + 4.00%, 0.00% Floor
7.67%
04/16/32
3,347,777
6,891,753
Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME
Term SOFR + CSA + 4.00%, 0.50% Floor
7.93%
06/04/28
6,032,041
 
45,834,562
Building Products — 0.1%
1,678,884
US LBM Holdings, Term Loan B, 1 Mo. CME Term SOFR + CSA
+ 3.75%, 0.75% Floor
7.50%
06/06/31
1,411,102
Casinos & Gaming — 0.3%
4,400,000
Golden Nugget, Inc. (Fertitta Entertainment LLC), Refi Term Loan,
1 Mo. CME Term SOFR + 3.25%, 0.50% Floor
6.90%
01/29/29
4,369,750
Commercial Printing — 0.0%
216,000
Multi-Color Corp. (LABL, Inc.), DIP Roll up Term Loan, 1 Mo.
CME Term SOFR + 6.75%, 0.00% Floor (j)
10.43%-10.46%
12/02/26
183,600
216,715
Multi-Color Corp. (LABL, Inc.), Interim New Money Dollar Term
Loan (DIP), 1 Mo. CME Term SOFR + 6.75%, 0.00% Floor (j)
10.41%-10.46%
12/02/26
217,438
 
401,038
Data Processing & Outsourced Services — 0.2%
3,506,607
Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.75%, 0.50% Floor
7.40%
05/17/28
2,948,110
See Notes to Financial Statements
Page 10
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (h)
Stated
Maturity (i)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Electronic Equipment & Instruments — 0.3%
$3,101,322
Convergint Technologies (DG Investment Intermediate Holdings 2,
Inc.), Term Loan (Second Lien), 1 Mo. CME Term SOFR +
5.50%, 0.00% Floor
9.15%
07/31/33
$3,091,630
2,733,539
Verifone Systems, Inc., Extended Term Loan, 3 Mo. CME Term
SOFR + CSA + 5.25%, 0.00% Floor
9.18%
08/21/28
2,599,596
 
5,691,226
Food Distributors — 0.1%
1,858,314
C&S Wholesale Grocers LLC, Term Loan B, 3 Mo. CME Term
SOFR + 5.00%, 0.00% Floor
8.70%
09/23/30
1,814,179
Health Care Facilities — 0.5%
8,967,081
IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco
LTD.), Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%,
0.50% Floor
7.45%
12/06/28
8,974,927
Health Care Technology — 0.2%
2,970,000
athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term
SOFR + 2.75%, 0.50% Floor
6.40%
02/15/29
2,963,110
Industrial Machinery & Supplies & Components — 0.3%
4,296,367
Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR +
2.50%, 0.50% Floor
6.15%
10/23/28
4,308,633
Insurance Brokers — 3.3%
4,920,844
Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
6.65%
11/06/30
4,855,642
6,892,800
Alera Group, Inc., Term Loan (Second Lien), 1 Mo. CME Term
SOFR + 5.50%, 0.50% Floor
9.15%
05/30/33
6,754,944
6,296,414
BroadStreet Partners Group, Inc., Term Loan B-5, 1 Mo. CME
Term SOFR + 2.50%, 0.00% Floor
6.15%
06/16/31
6,264,082
13,511,826
CRC Insurance Group LLC (fka Truist Insurance), Term Loan
(Second Lien), 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor
8.45%
05/06/32
13,410,488
24,162,388
OneDigital Borrower LLC, Term Loan (Second Lien), 1 Mo. CME
Term SOFR + 5.25%, 0.50% Floor
8.90%
07/02/32
23,588,531
 
54,873,687
Integrated Telecommunication Services — 0.8%
12,679,895
Numericable U.S. LLC (Altice France SAS or SFR), Term Loan
B-14, 3 Mo. CME Term SOFR + 6.88%, 0.00% Floor
10.55%
05/15/31
12,940,404
IT Consulting & Other Services — 0.3%
4,224,144
Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo.
CME Term SOFR + CSA + 4.00%, 0.75% Floor
7.80%
10/01/27
4,159,916
Life Sciences Tools & Services — 0.6%
10,605,799
Syneos Health, Inc. (Star Parent), Term Loan B, 3 Mo. CME Term
SOFR + 4.00%, 0.00% Floor
7.70%
09/30/30
10,622,397
Other Specialty Retail — 0.2%
2,552,056
Petsmart, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.00%,
0.00% Floor
7.65%
08/18/32
2,565,620
Research & Consulting Services — 0.5%
2,425,263
Clarivate Analytics PLC (Camelot), 2024 Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
6.40%
01/31/31
2,283,531
6,315,647
Clarivate Analytics PLC (Camelot), 2025 Incremental Term Loan, 1
Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.90%
01/31/31
5,984,076
 
8,267,607
See Notes to Financial Statements
Page 11
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Rate (h)
Stated
Maturity (i)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Systems Software — 0.4%
$1,491,225
Idera, Inc. (Flash Charm), 2024 Refi Term Loan, 3 Mo. CME Term
SOFR + 3.50%, 0.75% Floor
7.16%
03/02/28
$1,138,245
3,876,692
Idera, Inc. (Flash Charm), Term Loan (Second Lien), 3 Mo. CME
Term SOFR + CSA + 6.75%, 0.75% Floor
10.56%
03/02/29
2,516,613
329,989
Kaseya, Inc., Term Loan (Second Lien), 3 Mo. CME Term SOFR +
5.00%, 0.00% Floor
8.66%
03/20/33
264,920
2,449,661
KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.00% Floor
7.41%
07/26/32
2,167,949
 
6,087,727
Trading Companies & Distributors — 0.1%
879,951
Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME
Term SOFR + 4.00%, 0.00% Floor
7.70%
11/29/30
853,962
1,437,306
White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
6.92%
10/29/29
1,432,944
 
2,286,906
Total Senior Floating-Rate Loan Interests
194,884,298
(Cost $207,495,224)
 
Shares
Description
Value
COMMON STOCKS — 0.0%
Pharmaceuticals — 0.0%
259,956
Akorn, Inc. (j) (k) (l)
10,398
(Cost $2,979,179)
MONEY MARKET FUNDS — 0.8%
13,118,582
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.52% (m)
13,118,582
(Cost $13,118,582)
Total Investments — 101.8%
1,668,808,373
(Cost $1,694,722,296)
Borrowings — (2.7)%
(44,000,000
)
Net Other Assets and Liabilities — 0.9%
13,712,953
Net Assets — 100.0%
$1,638,521,326
 
(a)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result
in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At April 30, 2026, securities noted as such amounted to $1,390,690,958 or
84.9% of net assets.
(b)
This security or a portion of this security is segregated as collateral for borrowings. At April 30, 2026, the segregated value of
these securities amounts to $257,155,360.
(c)
The issuer will pay interest in cash and/or in PIK interest.
(d)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial
Statements).
(e)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2026. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(f)
Perpetual maturity.
See Notes to Financial Statements
Page 12
First Trust Tactical High Yield ETF (HYLS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(g)
Zero coupon security.
(h)
Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically
predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the
certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range
of rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and
floor, but different SOFR reset dates.
(i)
Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior
Loans may be substantially less than the stated maturities shown.
(j)
This issuer has filed for protection in bankruptcy court.
(k)
Non-income producing security.
(l)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers
(see Note 2E - Restricted Securities in the Notes to Financial Statements).
(m)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
DIP
–  Debtor in Possession
PIK
–  Payment-in-kind
SOFR
–  Secured Overnight Financing Rate
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$1,235,912,479
$—
$1,235,912,479
$—
Foreign Corporate Bonds and Notes*
224,882,616
—
224,882,616
—
Senior Floating-Rate Loan Interests*
194,884,298
—
194,884,298
—
Common Stocks*
10,398
—
10,398
—
Money Market Funds
13,118,582
13,118,582
—
—
Total Investments
$1,668,808,373
$13,118,582
$1,655,689,791
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 13
First Trust Tactical High Yield ETF (HYLS)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$1,668,808,373
Cash
52,033
Receivables:
Interest
26,377,882
Investment securities sold
8,030,294
Dividends
13,064
Total Assets
1,703,281,646
 
LIABILITIES:
Borrowings
44,000,000
Payables:
Investment securities purchased
19,725,633
Investment advisory fees
935,295
Margin interest expense
99,392
Total Liabilities
64,760,320
NET ASSETS
$1,638,521,326
 
NET ASSETS consist of:
Paid-in capital
$1,986,714,968
Par value
400,500
Accumulated distributable earnings (loss)
(348,594,142
)
NET ASSETS
$1,638,521,326
NET ASSET VALUE, per share
$40.91
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
40,050,002
Investments, at cost
$1,694,722,296
See Notes to Financial Statements
Page 14
First Trust Tactical High Yield ETF (HYLS)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$63,565,966
Dividends
504,137
Total investment income
64,070,103
 
EXPENSES:
Investment advisory fees
7,167,639
 
Margin interest expense
778,845
Other expenses
1,307
Total expenses
7,947,791
Less fees waived by the investment advisor
(394,464
)
Net expenses
7,553,327
NET INVESTMENT INCOME (LOSS)
56,516,776
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments
(6,493,730
)
Net change in unrealized appreciation (depreciation) on investments
(33,428,791
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(39,922,521
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$16,594,255
See Notes to Financial Statements
Page 15
First Trust Tactical High Yield ETF (HYLS)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$56,516,776
$104,149,016
Net realized gain (loss)
(6,493,730
)
(16,024,366
)
Net change in unrealized appreciation (depreciation)
(33,428,791
)
32,156,761
Net increase (decrease) in net assets resulting from operations
16,594,255
120,281,411
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(57,345,753
)
(106,533,130
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
104,454,660
 
247,703,996
 
Cost of shares redeemed
(183,335,006
) 
(118,536,978
) 
Net increase (decrease) in net assets resulting from shareholder transactions
(78,880,346
)
129,167,018
Total increase (decrease) in net assets
(119,631,844
)
142,915,299
 
NET ASSETS:
Beginning of period
1,758,153,170
1,615,237,871
End of period
$1,638,521,326
$1,758,153,170
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
42,050,002
39,000,002
Shares sold
2,500,000
5,950,000
Shares redeemed
(4,500,000
)
(2,900,000
)
Shares outstanding, end of period
40,050,002
42,050,002
See Notes to Financial Statements
Page 16
First Trust Tactical High Yield ETF (HYLS)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$41.81
$41.42
$38.39
$39.47
$47.75
$47.00
Income from investment
operations:
Net investment income (loss)
1.33
 (a)
2.59
 (a)
2.52
 (a)
2.36
 (a)
2.63
 
2.47
 
Net realized and unrealized gain
(loss)
(0.88
) 
0.45
 
3.11
 
(0.97
) 
(8.00
) 
0.91
 
Total from investment operations
0.45
 
3.04
 
5.63
 
1.39
 
(5.37
) 
3.38
 
Distributions paid to
shareholders from:
Net investment income
(1.35
) 
(2.65
) 
(2.60
) 
(2.46
) 
(2.78
) 
(2.63
) 
Return of capital
—
 
—
 
—
 
(0.01
) 
(0.13
) 
—
 
Total distributions
(1.35
) 
(2.65
) 
(2.60
) 
(2.47
) 
(2.91
) 
(2.63
) 
Net asset value, end of period
$40.91
 
$41.81
 
$41.42
 
$38.39
 
$39.47
 
$47.75
 
Total return (b)
1.07
% 
7.60
% 
14.91
% 
3.51
% 
(11.56
)% 
7.25
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,638,521
 
$1,758,153
 
$1,615,238
 
$1,374,515
 
$1,596,659
 
$2,306,440
 
Ratio of total expenses to average
net assets
0.91
% (c)
1.05
% (d)
1.05
% 
1.01
% 
1.27
% 
1.05
% 
Ratio of net expenses to average
net assets
0.87
% (c)
1.05
% (d)
1.05
% 
1.01
% 
1.27
% 
1.05
% 
Ratio of net expenses to average
net assets excluding interest
expense
0.78
% (c)
0.96
% (d)
0.95
% 
0.95
% 
0.95
% 
0.95
% 
Ratio of net investment income
(loss) to average net assets
6.49
% (c)
6.25
% 
6.16
% 
5.96
% 
6.08
% 
5.11
% 
Portfolio turnover rate (e)
40
% 
68
% 
47
% 
29
% 
39
% 
50
% 
 
(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 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 1.04% and
0.95%, 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 17
Notes to Financial Statements
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Tactical High Yield ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “HYLS” on Nasdaq, Inc. (“Nasdaq”). 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 primary investment objective of the Fund is to provide current income. The Fund’s secondary investment objective is to provide capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the Fund’s advisor to be of comparable quality. Below investment grade securities are those that, at the time of purchase, are rated lower than “BBB-” by S&P Global Ratings, or lower than “Baa3” by Moody’s Investors Service, Inc., or comparably rated by another nationally recognized statistical rating organization. High yield debt securities that are rated below investment grade are commonly referred to as “junk” debt. Such securities may include U.S. and non-U.S. corporate debt obligations, bank loans and convertible bonds. For purposes of determining whether a security is below investment grade, the lowest available rating will be considered.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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:
Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
Page 18
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
 7)
reference data including market research publications.
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.
Senior Floating-Rate Loan Interests (“Senior Loans”)(1) are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the “1933 Act”)) 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
(1)
The terms “security” and “securities” used throughout the Notes to Financial Statements include Senior Loans.
Page 19
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
16)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund held $1,391,424 of when-issued or delayed-delivery securities. At April 30, 2026, the Fund had no forward purchase commitments.
Consent fees, upfront origination fees, and amendment fees from Senior Loans, if any, are included in “Other income” under Investment Income on the Statement of Operations.
C. Short Sales
Short sales are utilized for investment and risk management purposes and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund’s portfolio. When the Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short
Page 20
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund’s portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. There were no short sales outstanding as of April 30, 2026.
D. Unfunded Loan Commitments
The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower’s discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees, if any, are included in “Other income” under Investment Income on the Statement of Operations. As of April 30, 2026, the Fund had no unfunded loan commitments.
E. Restricted Securities
The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of April 30, 2026, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security-specific factors and assumptions, which require subjective judgment. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security.
 
Security
Acquisition
Date
Shares
Current
Price
Carrying
Cost
Value
% of
Net Assets
Akorn, Inc.
10/15/20
259,956
$0.04
$2,979,179
$10,398
0.00
%*
 
*
Amount is less than 0.01%.
F. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
Page 21
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$106,533,130
Capital gains
—
Return of capital
—
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$92,950
Accumulated capital and other gain (loss)
(310,939,313
)
Net unrealized appreciation (depreciation)
3,003,719
G. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $310,939,313 of 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.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$1,694,722,296
$17,476,134
$(43,390,057
)
$(25,913,923
)
H. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3). The Fund is subject to an interest expense due to the costs associated with the Fund’s borrowings (see Note 5).
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 the Fund. The Fund operates as a single operating
Page 22
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
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, custody, fund administration, legal, audit, 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, and extraordinary expenses. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.69% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.95000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.92625
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.90250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.87875
%
Fund net assets greater than $10 billion
0.85500
%
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.26% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $394,464.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 23
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended April 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $687,406,172 and $746,079,254, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
5. Borrowings
The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Series Fund and First Trust Variable Insurance Trust, has a credit agreement with BNY (the “Credit Agreement”) as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. The commitment fee and agency fee are allocated amongst the funds that have access to the credit line pursuant to procedures approved by the Board of Trustees. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the six months ended April 30, 2026.
The Fund has established an account with Pershing, LLC for the purpose of purchasing or borrowing securities on margin. The Fund pays interest on any margin balance, which is calculated as the daily margin account balance times the broker’s margin interest rate. At April 30, 2026, the Fund had $44,000,000 in borrowings. The borrowings are categorized as Level 2 within the fair value hierarchy. The Fund is charged interest on debit margin balance at a rate equal to the Overnight Bank Funding Rate plus 75 basis points. Free Credit Interest Balances are charged at a rate equal to Overnight Bank Funding Rate less 40 basis points. With regard to securities held short, the Fund is credited a rebate equal to the market value of its short positions at a rate equal to the Overnight Bank Funding Rate less 35 basis points. This rebate rate applies to easy to borrow securities. Securities that are hard to borrow may earn a rebate that is less than the foregoing or may be subject to a premium charge on a security by security basis. The different rebate rate is determined at the time of a short sale request. At April 30, 2026, the Fund had $44,000,000 in borrowings with an interest rate of 4.39%. For the six months ended April 30, 2026, the Fund had margin interest expense of $778,845, as shown on the Statement of Operations. For the six months ended April 30, 2026, the average margin balance and interest rates were $34,799,619 and 4.46%, respectively.
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
Page 24
Notes to Financial Statements (Continued)
First Trust Tactical High Yield ETF (HYLS)
April 30, 2026 (Unaudited)
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 March 31, 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 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 25
Other Information
First Trust Tactical High Yield ETF (HYLS)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 26
 
 
 
First Trust Exchange-Traded Fund IV
  
First Trust Enhanced Short Maturity
ETF (FTSM)
Semi-Annual Financial Statements and Other
Information
For the Six Months Ended
April 30, 2026
Table of Contents 
First Trust Enhanced Short Maturity ETF (FTSM)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Enhanced Short Maturity 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 Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES — 47.6%
Aerospace/Defense — 1.5%
$4,971,000
Boeing (The) Co.
2.25%
06/15/26
$4,955,266
10,000,000
Howmet Aerospace, Inc.
3.75%
03/03/28
9,895,641
14,177,000
L3Harris Technologies, Inc.
3.85%
12/15/26
14,149,633
15,000,000
L3Harris Technologies, Inc.
5.40%
01/15/27
15,123,707
15,273,000
RTX Corp.
2.65%
11/01/26
15,172,284
14,818,000
RTX Corp.
5.75%
11/08/26
14,926,656
20,000,000
RTX Corp.
3.50%
03/15/27
19,898,159
 
94,121,346
Auto Manufacturers — 0.6%
9,069,000
American Honda Finance Corp., SOFR + 0.82% (a)
4.48%
03/03/28
9,069,793
11,000,000
American Honda Finance Corp., Series A, SOFR Compounded
Index + 0.93% (a)
4.58%
04/10/28
11,022,878
17,000,000
Toyota Motor Credit Corp., Series B, SOFR Compounded Index +
0.45% (a)
4.10%
01/12/28
16,989,149
 
37,081,820
Banks — 9.7%
10,000,000
Bank of America Corp. (b)
3.82%
01/20/28
9,962,334
15,836,000
Bank of America Corp. (b)
4.38%
04/27/28
15,833,223
7,000,000
Bank of New York Mellon (The) Corp. (b)
4.03%
01/22/30
6,928,184
10,000,000
Bank of New York Mellon (The) Corp., SOFR + 0.63% (a)
4.28%
01/22/30
9,996,799
10,000,000
Citigroup, Inc. (b)
4.64%
05/07/28
10,020,142
20,450,000
Citigroup, Inc. (b)
3.67%
07/24/28
20,264,513
25,352,000
Fifth Third Bank N.A. (b)
4.97%
01/28/28
25,430,560
15,000,000
Goldman Sachs Bank USA, SOFR + 0.75% (a)
4.41%
05/21/27
15,003,395
20,105,000
Goldman Sachs Group (The), Inc. (b)
4.94%
04/23/28
20,202,078
20,000,000
Goldman Sachs Group (The), Inc. (b)
4.15%
01/21/29
19,855,590
15,000,000
Goldman Sachs Group (The), Inc., SOFR + 0.71% (a)
4.36%
01/21/29
14,975,223
7,000,000
Goldman Sachs Group (The), Inc. (b)
4.15%
10/21/29
6,927,869
35,171,000
Huntington National Bank (The) (b)
4.87%
04/12/28
35,298,922
20,000,000
JPMorgan Chase & Co. (b)
5.04%
01/23/28
20,094,358
25,000,000
JPMorgan Chase & Co. (b)
3.78%
02/01/28
24,893,093
15,000,000
JPMorgan Chase & Co. (b)
5.57%
04/22/28
15,169,111
10,000,000
JPMorgan Chase & Co. (b)
4.51%
10/22/28
10,013,323
9,144,000
Morgan Stanley (b)
1.59%
05/04/27
9,141,794
15,000,000
Morgan Stanley (b)
4.24%
01/09/30
14,849,263
15,000,000
Morgan Stanley, Series I (b)
4.13%
10/18/29
14,847,334
15,000,000
Morgan Stanley Bank N.A. (b)
4.45%
10/15/27
15,010,042
15,000,000
Morgan Stanley Bank N.A. (b)
4.95%
01/14/28
15,060,976
4,000,000
Morgan Stanley Bank N.A. (b)
4.97%
07/14/28
4,024,325
6,667,000
Morgan Stanley Bank N.A. (b)
5.02%
01/12/29
6,730,106
10,000,000
Morgan Stanley Private Bank N.A. (b)
4.47%
07/06/28
10,000,314
20,000,000
PNC Bank N.A. (b)
4.54%
05/13/27
20,002,059
10,000,000
PNC Financial Services Group (The), Inc. (b)
5.10%
07/23/27
10,014,859
8,000,000
PNC Financial Services Group (The), Inc. (b)
5.30%
01/21/28
8,051,950
6,176,000
PNC Financial Services Group (The), Inc. (b)
4.08%
01/26/29
6,144,991
18,000,000
PNC Financial Services Group (The), Inc., SOFR + 0.62% (a)
4.27%
01/26/29
17,993,468
14,057,000
Santander Holdings USA, Inc. (b)
2.49%
01/06/28
13,857,641
8,000,000
State Street Corp. (b)
4.54%
04/24/28
8,021,616
19,675,000
Truist Bank (b)
4.67%
05/20/27
19,672,631
10,000,000
Truist Bank, SOFR + 0.66% (a)
4.31%
01/27/29
9,999,113
See Notes to Financial Statements
Page 1
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Banks (Continued)
$10,000,000
Truist Bank (b)
4.14%
10/23/29
$9,915,031
10,000,000
Truist Bank, Series I (b)
4.14%
01/27/29
9,955,611
15,771,000
US Bancorp (b)
2.22%
01/27/28
15,527,873
21,000,000
US Bank N.A. (b)
4.73%
05/15/28
21,076,785
15,000,000
Wells Fargo & Co. (b)
5.71%
04/22/28
15,181,329
15,000,000
Wells Fargo & Co. (b)
4.08%
09/15/29
14,850,813
10,000,000
Wells Fargo & Co. (b)
4.18%
01/23/30
9,913,013
10,000,000
Wells Fargo & Co., SOFR + 0.74% (a)
4.39%
01/23/30
9,957,380
15,000,000
Wells Fargo & Co., Series W (b)
4.90%
01/24/28
15,054,461
15,000,000
Zions Bancorp N.A. (b)
4.48%
02/09/29
14,926,340
 
620,649,835
Beverages — 1.6%
19,347,000
Constellation Brands, Inc.
3.70%
12/06/26
19,295,020
15,000,000
Constellation Brands, Inc.
4.35%
05/09/27
15,008,326
19,529,000
Keurig Dr Pepper, Inc.
2.55%
09/15/26
19,398,984
10,000,000
Keurig Dr Pepper, Inc., SOFR + 0.58% (a)
4.24%
11/15/26
10,008,307
10,000,000
Keurig Dr Pepper, Inc.
4.35%
05/15/28
9,962,043
29,881,000
Molson Coors Beverage Co.
3.00%
07/15/26
29,805,563
 
103,478,243
Biotechnology — 0.4%
13,096,000
Amgen, Inc.
2.60%
08/19/26
13,038,306
15,000,000
Amgen, Inc.
3.20%
11/02/27
14,785,572
 
27,823,878
Building Materials — 1.4%
28,511,000
Amrize Finance U.S. LLC
4.60%
04/07/27
28,600,058
22,500,000
Amrize Finance U.S. LLC
4.70%
04/07/28
22,594,622
32,613,000
CRH America Finance, Inc. (c)
3.40%
05/09/27
32,347,955
8,611,000
Martin Marietta Materials, Inc.
3.45%
06/01/27
8,530,398
 
92,073,033
Commercial Services — 2.7%
14,584,000
Ashtead Capital, Inc. (c)
1.50%
08/12/26
14,458,582
29,700,000
Ashtead Capital, Inc. (c)
4.38%
08/15/27
29,531,962
20,000,000
Global Payments, Inc.
4.50%
11/15/28
19,846,377
22,098,000
PayPal Holdings, Inc., SOFR + 0.67% (a)
4.32%
03/06/28
22,140,481
20,000,000
Quanta Services, Inc.
4.75%
08/09/27
20,088,783
10,629,000
Quanta Services, Inc.
4.30%
08/09/28
10,617,884
25,000,000
S&P Global, Inc.
2.45%
03/01/27
24,660,854
30,000,000
TR Finance LLC
3.35%
05/15/26
29,985,956
 
171,330,879
Computers — 0.3%
1,110,000
Dell International LLC / EMC Corp.
4.90%
10/01/26
1,111,892
19,000,000
Dell International LLC / EMC Corp.
4.75%
04/01/28
19,117,953
 
20,229,845
Cosmetics/Personal Care — 0.5%
35,000,000
Haleon US Capital LLC
3.38%
03/24/27
34,715,393
Diversified Financial Services — 1.1%
15,000,000
American Express Co. (b)
5.10%
02/16/28
15,090,039
14,394,000
American Express Co., SOFR + 0.59% (a)
4.26%
02/09/29
14,419,338
See Notes to Financial Statements
Page 2
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Diversified Financial Services (Continued)
$10,000,000
American Express Co. (b)
4.73%
04/25/29
$10,054,801
10,000,000
American Express Co., SOFR + 0.81% (a)
4.46%
07/20/29
10,019,636
5,375,000
Intercontinental Exchange, Inc.
3.10%
09/15/27
5,291,609
8,000,000
Intercontinental Exchange, Inc.
3.95%
12/01/28
7,933,620
10,054,000
LSEG U.S. Fin Corp. (c)
4.25%
03/23/29
9,977,398
 
72,786,441
Electric — 2.2%
13,223,000
AEP Transmission Co. LLC
3.10%
12/01/26
13,141,829
15,000,000
Constellation Energy Generation LLC
3.90%
01/08/28
14,885,657
15,000,000
Constellation Energy Generation LLC, SOFR + 0.60% (a)
4.25%
01/08/28
14,987,446
8,745,000
Georgia Power Co., SOFR Compounded Index + 0.28% (a)
3.93%
09/15/26
8,736,360
15,000,000
Georgia Power Co.
4.00%
10/01/28
14,910,400
4,206,000
Mid-Atlantic Interstate Transmission LLC (c)
4.10%
05/15/28
4,181,885
3,000,000
Public Service Co. of Colorado
4.15%
03/13/29
2,984,297
5,318,000
San Diego Gas & Electric Co.
2.50%
05/15/26
5,314,799
20,000,000
Virginia Electric & Power Co., Series A
3.50%
03/15/27
19,894,799
10,822,017
Virginia Power Fuel Securitization LLC, Series A-1
5.09%
05/01/27
10,902,142
8,921,000
Vistra Operations Co. LLC (c)
5.05%
12/30/26
8,959,512
13,418,000
Vistra Operations Co. LLC (c)
3.70%
01/30/27
13,353,191
10,000,000
Vistra Operations Co. LLC (c)
4.30%
10/15/28
9,888,844
 
142,141,161
Electrical Components & Equipments — 0.2%
9,992,000
Molex Electronic Technologies LLC (c)
4.75%
04/30/28
10,039,382
Electronics — 0.5%
8,706,000
Amphenol Corp.
3.80%
11/15/27
8,657,679
5,000,000
Amphenol Corp., SOFR + 0.53% (a)
4.19%
11/15/27
4,995,611
15,000,000
Amphenol Corp.
3.90%
11/15/28
14,882,507
4,381,000
Keysight Technologies, Inc.
4.60%
04/06/27
4,389,695
 
32,925,492
Environmental Control — 0.5%
30,000,000
Veralto Corp.
5.50%
09/18/26
30,099,256
Food — 3.4%
25,000,000
Campbell’s (The) Co.
5.20%
03/19/27
25,190,786
10,000,000
Campbell’s (The) Co.
4.15%
03/15/28
9,899,748
25,567,000
Conagra Brands, Inc.
5.30%
10/01/26
25,658,293
10,848,000
General Mills, Inc.
4.70%
01/30/27
10,892,450
13,232,000
General Mills, Inc.
3.20%
02/10/27
13,143,561
10,000,000
General Mills, Inc.
4.20%
04/17/28
9,949,461
28,568,000
Kraft Heinz Foods Co.
3.00%
06/01/26
28,534,964
20,000,000
Kraft Heinz Foods Co.
3.88%
05/15/27
19,910,515
10,000,000
Mars, Inc. (c)
4.60%
03/01/28
10,062,210
10,192,000
McCormick & Co., Inc.
3.40%
08/15/27
10,067,630
19,847,000
Mondelez International, Inc.
2.63%
03/17/27
19,594,941
20,953,000
Sysco Corp.
3.30%
07/15/26
20,915,789
15,000,000
Sysco Corp.
3.25%
07/15/27
14,785,323
 
218,605,671
Healthcare-Products — 2.3%
12,352,000
Agilent Technologies, Inc.
3.05%
09/22/26
12,297,838
30,000,000
Alcon Finance Corp. (c)
2.75%
09/23/26
29,823,090
See Notes to Financial Statements
Page 3
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Healthcare-Products (Continued)
$20,000,000
Augusta SpinCo Corp.
4.32%
09/23/27
$19,974,492
25,000,000
GE HealthCare Technologies, Inc.
5.65%
11/15/27
25,459,499
30,602,000
Solventum Corp.
5.45%
02/25/27
30,815,002
30,000,000
Zimmer Biomet Holdings, Inc.
4.70%
02/19/27
30,126,102
 
148,496,023
Healthcare-Services — 2.7%
25,000,000
Cigna Group (The)
3.40%
03/01/27
24,847,045
30,000,000
Elevance Health, Inc.
4.50%
10/30/26
30,059,939
17,000,000
Elevance Health, Inc.
4.00%
09/15/28
16,859,628
20,000,000
HCA, Inc.
5.38%
09/01/26
20,015,763
18,974,000
HCA, Inc.
4.50%
02/15/27
18,975,026
15,090,000
HCA, Inc.
3.13%
03/15/27
14,950,210
8,000,000
HCA, Inc.
5.00%
03/01/28
8,069,491
12,000,000
Quest Diagnostics, Inc.
4.60%
12/15/27
12,043,497
25,000,000
Universal Health Services, Inc.
1.65%
09/01/26
24,776,481
 
170,597,080
Insurance — 2.1%
30,000,000
Aon North America, Inc.
5.13%
03/01/27
30,202,578
23,000,000
Arthur J. Gallagher & Co.
4.60%
12/15/27
23,074,626
29,370,000
Brown & Brown, Inc.
4.60%
12/23/26
29,433,548
20,000,000
Brown & Brown, Inc.
4.70%
06/23/28
20,066,340
30,975,000
Willis North America, Inc.
4.65%
06/15/27
31,055,879
 
133,832,971
Lodging — 0.7%
30,000,000
Hyatt Hotels Corp.
5.75%
01/30/27
30,269,304
10,000,000
Marriott International, Inc.
4.20%
07/15/27
9,983,679
7,741,000
Marriott International, Inc., Series R
3.13%
06/15/26
7,732,170
 
47,985,153
Machinery-Construction & Mining — 0.4%
25,000,000
Caterpillar Financial Services Corp., SOFR + 0.40% (a)
4.05%
01/10/28
25,006,730
Media — 0.5%
30,000,000
FactSet Research Systems, Inc.
2.90%
03/01/27
29,615,868
Miscellaneous Manufacturing — 0.1%
3,479,000
Teledyne Technologies, Inc.
2.25%
04/01/28
3,343,821
Packaging & Containers — 0.8%
19,543,000
Amcor Flexibles North America, Inc.
4.80%
03/17/28
19,664,382
15,000,000
Amcor Flexibles North America, Inc.
4.25%
03/08/29
14,872,466
17,388,000
Packaging Corp. of America
3.40%
12/15/27
17,124,094
 
51,660,942
Pharmaceuticals — 2.3%
5,000,000
AbbVie, Inc., SOFR Compounded Index + 0.48% (a)
4.14%
03/03/28
5,008,494
25,000,000
Becton Dickinson & Co.
3.70%
06/06/27
24,824,243
13,351,000
Becton Dickinson & Co.
4.69%
02/13/28
13,405,010
4,460,000
Cardinal Health, Inc.
4.70%
11/15/26
4,471,603
15,000,000
Cencora, Inc.
4.63%
12/15/27
15,062,618
5,000,000
Cencora, Inc.
3.95%
02/13/29
4,932,097
15,000,000
CVS Health Corp.
2.88%
06/01/26
14,981,048
14,111,000
CVS Health Corp.
3.63%
04/01/27
14,035,628
See Notes to Financial Statements
Page 4
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Pharmaceuticals (Continued)
$10,000,000
CVS Health Corp.
1.30%
08/21/27
$9,609,434
10,000,000
Novartis Capital Corp., SOFR Compounded Index + 0.65% (a)
4.30%
03/16/29
10,058,118
34,139,000
PRA Health Sciences, Inc. (c)
2.88%
07/15/26
33,949,955
 
150,338,248
Pipelines — 2.2%
12,975,000
Energy Transfer, L.P.
3.90%
07/15/26
12,969,516
20,820,000
Energy Transfer, L.P.
6.05%
12/01/26
21,018,393
15,000,000
Energy Transfer, L.P.
4.40%
03/15/27
15,012,544
33,389,000
Kinder Morgan, Inc.
1.75%
11/15/26
32,969,732
19,498,000
Plains All American Pipeline, L.P. / PAA Finance Corp.
4.50%
12/15/26
19,516,217
18,715,000
Sabine Pass Liquefaction LLC
5.00%
03/15/27
18,762,575
21,820,000
Spectra Energy Partners, L.P.
3.38%
10/15/26
21,744,674
 
141,993,651
Real Estate Investment Trusts — 1.3%
30,000,000
Crown Castle, Inc.
3.70%
06/15/26
29,976,798
8,135,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
4.50%
09/01/26
8,133,850
24,601,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
4.25%
12/01/26
24,546,838
14,455,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
5.75%
02/01/27
14,530,017
3,584,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
3.75%
02/15/27
3,559,120
 
80,746,623
Retail — 0.3%
19,779,000
O’Reilly Automotive, Inc.
5.75%
11/20/26
19,932,059
Software — 4.2%
30,000,000
Autodesk, Inc.
3.50%
06/15/27
29,692,192
5,852,000
Cadence Design Systems, Inc.
4.20%
09/10/27
5,846,509
5,000,000
Fidelity National Information Services, Inc.
4.70%
07/15/27
5,000,614
6,499,000
Fidelity National Information Services, Inc.
1.65%
03/01/28
6,168,079
8,747,000
Fidelity National Information Services, Inc., Series 10Y
4.25%
05/15/28
8,650,811
25,088,000
Fiserv, Inc.
3.20%
07/01/26
25,042,444
20,000,000
Oracle Corp.
2.65%
07/15/26
19,929,420
19,486,000
Roper Technologies, Inc.
3.80%
12/15/26
19,450,948
18,666,000
Roper Technologies, Inc.
4.25%
09/15/28
18,532,654
20,000,000
Salesforce, Inc.
4.50%
03/15/28
20,023,464
10,000,000
Salesforce, Inc.
4.65%
03/15/29
10,021,189
30,000,000
Synopsys, Inc.
4.55%
04/01/27
30,119,328
10,000,000
Synopsys, Inc.
4.65%
04/01/28
10,062,293
29,891,000
VMware LLC
1.40%
08/15/26
29,664,072
30,000,000
Workday, Inc.
3.50%
04/01/27
29,798,591
 
268,002,608
Telecommunications — 1.1%
21,843,000
AT&T, Inc.
4.25%
03/01/27
21,845,174
10,826,000
AT&T, Inc.
2.30%
06/01/27
10,597,628
35,000,000
T-Mobile USA, Inc.
3.75%
04/15/27
34,865,207
 
67,308,009
Total Corporate Bonds and Notes
3,046,961,461
(Cost $3,045,408,173)
See Notes to Financial Statements
Page 5
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES — 18.2%
37 Capital CLO II
$700,000
Series 2022-1A, Class A1R, 3 Mo. CME Term SOFR +
1.29% (a) (c)
4.96%
07/15/34
$701,047
522 Funding CLO Ltd.
4,000,000
Series 2017-1A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.18% (a) (c)
5.12%
10/20/34
4,007,776
250,000
Series 2020-6A, Class A1R2, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.87%
10/23/34
250,291
AGL CLO 1 Ltd.
280,000
Series 2019-1A, Class ARR, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.88%
10/20/34
280,325
AGL CLO 13 Ltd.
380,000
Series 2021-13A, Class A1R, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.78%
10/20/34
380,326
AGL Core CLO 36 Ltd.
156,250
Series 2024-36A, Class X, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.62%
01/23/38
156,426
Allegro CLO X Ltd.
69,064
Series 2019-1A, Class ARR, 3 Mo. CME Term SOFR +
1.13% (a) (c)
4.81%
04/20/32
69,065
Alloya Auto Receivables Trust
4,828,441
Series 2025-1A, Class A2 (c)
4.78%
10/25/27
4,833,216
7,820,000
Series 2025-1A, Class A3 (c)
4.69%
12/26/28
7,833,066
Ally Auto Receivables Trust
2,606,628
Series 2024-1, Class A3
5.08%
12/15/28
2,618,221
4,710,409
Series 2025-1, Class A2
4.03%
07/17/28
4,711,432
American Credit Acceptance Receivables Trust
1,737,684
Series 2025-3, Class A (c)
4.73%
01/12/29
1,740,152
AmeriCredit Automobile Receivables Trust
10,000,000
Series 2025-1, Class A3 (c)
4.12%
05/20/30
9,977,335
AMMC CLO 24 Ltd.
5,000,000
Series 2021-24A, Class AR, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.88%
01/20/35
5,005,954
Anchorage Capital CLO 18 Ltd.
300,000
Series 2021-18A, Class A1, 3 Mo. CME Term SOFR +
1.41% (a) (c)
5.08%
04/15/34
300,506
Anchorage Capital CLO 6 Ltd.
3,428,571
Series 2015-6A, Class XR4, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.77%
07/22/38
3,433,507
Apidos CLO XXXV
2,000,000
Series 2021-35A, Class A, 3 Mo. CME Term SOFR + CSA +
1.05% (a) (c)
4.99%
04/20/34
2,003,145
Ares LIV CLO Ltd.
840,000
Series 2019-54A, Class XR2, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.77%
07/15/38
841,175
Ares LXIII CLO Ltd.
2,083,333
Series 2022-63A, Class XR, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.72%
10/15/38
2,085,908
Ares XLI CLO Ltd.
900,000
Series 2016-41A, Class AR2, 3 Mo. CME Term SOFR + CSA +
1.07% (a) (c)
5.00%
04/15/34
901,426
See Notes to Financial Statements
Page 6
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Atlantic Avenue Ltd.
$250,000
Series 2024-3A, Class A, 3 Mo. CME Term SOFR +
1.26% (a) (c)
4.94%
01/20/35
$250,001
Atlas Senior Loan Fund XV Ltd.
192,376
Series 2019-15A, Class A1R, 3 Mo. CME Term SOFR +
1.22% (a) (c)
4.89%
10/23/32
192,377
Atlas Senior Loan Fund XVIII Ltd.
800,000
Series 2021-18A, Class A1R, 3 Mo. CME Term SOFR +
1.11% (a) (c)
4.79%
01/18/35
799,414
Bain Capital Credit CLO
5,000,000
Series 2019-1A, Class AR3, 3 Mo. CME Term SOFR +
0.98% (a) (c)
4.66%
04/19/34
4,999,813
Bain Capital Credit CLO Ltd.
4,190,394
Series 2020-1A, Class A1RR, 3 Mo. CME Term SOFR +
0.99% (a) (c)
4.67%
04/18/33
4,191,496
375,000
Series 2021-6A, Class A1R, 3 Mo. CME Term SOFR +
1.09% (a) (c)
4.76%
10/21/34
375,318
833,333
Series 2023-3A, Class XR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.67%
10/24/38
834,258
1,000,000
Series 2024-3A, Class A1, 3 Mo. CME Term SOFR +
1.48% (a) (c)
5.16%
07/16/37
1,002,457
Bank of America Auto Trust
9,358,242
Series 2024-1A, Class A3 (c)
5.35%
11/15/28
9,423,928
1,164,175
Series 2025-1A, Class A2A (c)
4.52%
11/22/27
1,165,306
1,017,381
Series 2025-1A, Class A2B, 30 Day Average SOFR +
0.55% (a) (c)
4.19%
11/22/27
1,017,754
Battalion CLO IX Ltd.
2,466,266
Series 2015-9A, Class ARR, 3 Mo. CME Term SOFR +
0.96% (a) (c)
4.63%
07/15/31
2,466,314
Battalion CLO VIII Ltd.
762,800
Series 2015-8A, Class A2R3, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.68%
07/18/30
762,831
Battalion CLO X Ltd.
4,522,910
Series 2016-10A, Class A1R3, 3 Mo. CME Term SOFR +
1.14% (a) (c)
4.81%
01/24/35
4,527,802
Battalion CLO XIV Ltd.
4,966,424
Series 2019-14A, Class AR2, 3 Mo. CME Term SOFR +
1.14% (a) (c)
4.82%
01/20/35
4,970,360
Battalion CLO XXI Ltd.
7,490,868
Series 2021-21A, Class AR, 3 Mo. CME Term SOFR +
1.15% (a) (c)
4.82%
07/15/34
7,498,772
Battalion CLO XXII Ltd.
599,118
Series 2021-22A, Class AR, 3 Mo. CME Term SOFR +
1.18% (a) (c)
4.86%
01/20/35
599,721
Battery Park CLO Ltd.
190,000
Series 2019-1A, Class AR, 3 Mo. CME Term SOFR +
1.40% (a) (c)
5.07%
07/15/36
190,374
Beechwood Park CLO Ltd.
1,900,000
Series 2019-1A, Class A1RR, 3 Mo. CME Term SOFR +
1.07% (a) (c)
4.75%
01/17/35
1,899,533
Black Diamond CLO Ltd.
785,000
Series 2021-1A, Class A1AR, 3 Mo. CME Term SOFR +
1.25% (a) (c)
4.91%
11/22/34
786,080
See Notes to Financial Statements
Page 7
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Black Diamond CLO Ltd. (Continued)
$1,500,000
Series 2022-1A, Class XR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.67%
04/25/39
$1,501,849
100,000
Series 2024-1A, Class A1, 3 Mo. CME Term SOFR +
1.65% (a) (c)
5.32%
10/25/37
100,398
BlueMountain CLO Ltd.
10,400,000
Series 2015-4A, Class CR2, 3 Mo. CME Term SOFR +
1.30% (a) (c)
4.98%
04/20/30
10,411,158
2,218,464
Series 2016-3A, Class A1R2, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.85%
11/15/30
2,218,595
BlueMountain CLO XXII Ltd.
76,453
Series 2018-22A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.08% (a) (c)
5.01%
07/15/31
76,455
BlueMountain CLO XXVIII Ltd.
3,333,333
Series 2021-28A, Class X, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.72%
03/31/38
3,337,021
BlueMountain CLO XXXI Ltd.
10,000,000
Series 2021-31A, Class A1R, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.78%
04/19/34
10,008,960
BMW Vehicle Lease Trust
2,787,681
Series 2024-1, Class A3
4.98%
03/25/27
2,790,197
3,962,827
Series 2025-2, Class A2A
3.94%
11/26/27
3,962,673
BMW Vehicle Owner Trust
11,001,496
Series 2024-A, Class A3
5.18%
02/26/29
11,089,840
Canyon CLO Ltd.
395,181
Series 2018-1A, Class A, 3 Mo. CME Term SOFR + CSA +
1.07% (a) (c)
5.00%
07/15/31
395,188
Capital Four U.S. CLO I Ltd.
1,000,000
Series 2021-1A, Class AR, 3 Mo. CME Term SOFR +
1.14% (a) (c)
4.82%
01/18/35
999,754
Carlyle Global Market Strategies CLO Ltd.
15,000,000
Series 2016-1A, Class A1R3, 3 Mo. CME Term SOFR +
1.09% (a) (c)
4.77%
04/20/34
15,013,681
Carlyle U.S. CLO Ltd.
1,000,000
Series 2017-2A, Class AR2, 3 Mo. CME Term SOFR +
1.49% (a) (c)
5.17%
07/20/37
1,001,249
CarMax Auto Owner Trust
240,178
Series 2022-4, Class A3
5.34%
08/16/27
240,325
3,443,774
Series 2025-2, Class A2A
4.59%
07/17/28
3,451,639
3,440,907
Series 2025-2, Class A2B, 30 Day Average SOFR + 0.69% (a)
4.33%
07/17/28
3,445,469
13,000,000
Series 2026-1, Class A2A
3.87%
04/16/29
12,981,831
CarMax Select Receivables Trust
1,625,651
Series 2025-A, Class A2A
4.76%
05/15/28
1,628,888
3,251,301
Series 2025-A, Class A2B, 30 Day Average SOFR + 0.68% (a)
4.32%
05/15/28
3,254,277
CarVal CLO I Ltd.
1,804,835
Series 2018-1A, Class AR, 3 Mo. CME Term SOFR +
1.23% (a) (c)
4.91%
07/16/31
1,804,857
CarVal CLO Ltd.
350,000
Series 2023-1A, Class A1R, 3 Mo. CME Term SOFR +
1.44% (a) (c)
5.12%
07/20/37
351,069
See Notes to Financial Statements
Page 8
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
CarVal CLO VI-C Ltd.
$4,375,000
Series 2022-1A, Class XR, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.62%
03/21/38
$4,379,705
CBAM Ltd.
1,000,000
Series 2017-2A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.19% (a) (c)
5.13%
07/17/34
1,001,861
CFIP CLO Ltd.
4,000,000
Series 2021-1A, Class A, 3 Mo. CME Term SOFR + CSA +
1.22% (a) (c)
5.16%
01/20/35
4,007,383
Chase Auto Owner Trust
4,815,341
Series 2024-1A, Class A3 (c)
5.13%
05/25/29
4,839,462
CIFC Funding Ltd.
200,000
Series 2021-1A, Class A1R, 3 Mo. CME Term SOFR +
1.42% (a) (c)
5.09%
07/25/37
200,616
3,000,000
Series 2024-3A, Class A1, 3 Mo. CME Term SOFR +
1.48% (a) (c)
5.15%
07/21/37
3,009,185
Citizens Auto Receivables Trust
5,867,267
Series 2024-2, Class A3 (c)
5.33%
08/15/28
5,891,782
Clover CLO LLC
833,333
Series 2018-1A, Class XR, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.73%
04/20/37
834,328
Columbia Cent CLO Ltd.
10,000,000
Series 2021-31A, Class A1R, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.78%
04/20/34
10,008,980
250,000
Series 2022-32A, Class A1R2, 3 Mo. CME Term SOFR +
1.12% (a) (c)
4.79%
07/24/34
250,265
100,000
Series 2024-33A, Class A1, 3 Mo. CME Term SOFR +
1.60% (a) (c)
5.28%
04/20/37
100,372
CoreVest American Finance Trust
2,634,869
Series 2021-1, Class A (c)
1.57%
04/15/53
2,591,314
CQS US CLO Ltd.
1,350,000
Series 2021-1A, Class AR, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.88%
01/20/35
1,351,612
Crown City CLO V
500,000
Series 2023-5A, Class A1R, 3 Mo. CME Term SOFR +
1.60% (a) (c)
5.28%
04/20/37
501,875
Crown Point CLO 8 Ltd.
500,000
Series 2019-8A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.19% (a) (c)
5.12%
10/20/34
500,974
Dell Equipment Finance Trust
2,916,548
Series 2024-1, Class A3 (c)
5.39%
03/22/30
2,931,151
4,748,275
Series 2024-2, Class A2 (c)
4.69%
08/22/30
4,753,026
DLLAA LLC
3,300,406
Series 2025-1A, Class A2 (c)
4.70%
10/20/27
3,308,609
Dryden 37 Senior Loan Fund
59,347
Series 2015-37A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.10% (a) (c)
5.03%
01/15/31
59,348
Dryden 40 Senior Loan Fund
124,792
Series 2015-40A, Class AR2, 3 Mo. CME Term SOFR + CSA +
0.89% (a) (c)
4.80%
08/15/31
124,796
See Notes to Financial Statements
Page 9
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Dryden 45 Senior Loan Fund
$2,000,000
Series 2016-45A, Class BRR, 3 Mo. CME Term SOFR +
1.65% (a) (c)
5.32%
10/15/30
$2,003,973
Dryden 53 CLO Ltd.
11,075,295
Series 2017-53A, Class AR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.67%
01/15/31
11,075,422
Dryden 54 Senior Loan Fund
6,200,525
Series 2017-54A, Class BR, 3 Mo. CME Term SOFR +
1.50% (a) (c)
5.17%
10/19/29
6,200,642
Dryden 55 CLO Ltd.
539,472
Series 2018-55A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.02% (a) (c)
4.95%
04/15/31
539,484
Dryden 60 CLO Ltd.
102,271
Series 2018-60A, Class A, 3 Mo. CME Term SOFR + CSA +
1.05% (a) (c)
4.98%
07/15/31
102,273
Dryden 61 CLO Ltd.
9,607,371
Series 2018-61A, Class A1R2, 3 Mo. CME Term SOFR +
1.08% (a) (c)
4.76%
01/17/32
9,607,453
Dryden 64 CLO Ltd.
1,200,000
Series 2018-64A, Class B, 3 Mo. CME Term SOFR + CSA +
1.40% (a) (c)
5.34%
04/18/31
1,202,391
Dryden 80 CLO Ltd.
3,804,696
Series 2019-80A, Class ARR, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.63%
01/17/33
3,804,750
Eaton Vance CLO Ltd.
976,000
Series 2019-1A, Class AR2, 3 Mo. CME Term SOFR +
1.51% (a) (c)
5.18%
07/15/37
979,394
Elevation CLO Ltd.
1,500,000
Series 2026-19A, Class X, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.62%
03/31/38
1,501,742
Elmwood CLO 29 Ltd.
150,000
Series 2024-5A, Class AR1, 3 Mo. CME Term SOFR +
1.52% (a) (c)
5.20%
04/20/37
150,504
Elmwood CLO VIII Ltd.
5,000,000
Series 2021-1A, Class AR, 3 Mo. CME Term SOFR +
1.55% (a) (c)
5.23%
04/20/37
5,016,825
Exeter Automobile Receivables Trust
1,421,899
Series 2025-3A, Class A2
4.83%
01/18/28
1,422,830
5,000,000
Series 2026-1A, Class A2
4.08%
09/15/28
5,000,335
4,649,000
Series 2026-1A, Class A3
4.03%
03/15/30
4,637,156
Exeter Select Automobile Receivables Trust
3,218,742
Series 2025-1, Class A2
4.83%
10/16/28
3,223,891
5,115,797
Series 2025-2, Class A2
4.54%
06/15/29
5,126,418
12,423,644
Series 2025-3, Class A2
4.24%
05/15/29
12,427,474
FIGRE Trust
12,569,006
Series 2026-FL1, Class A1FC, steps up to 6.49%
on 03/01/2030 (c) (d)
5.49%
03/25/56
12,620,707
Ford Credit Auto Lease Trust
14,000,000
Series 2025-A, Class A3
4.72%
06/15/28
14,061,856
Ford Credit Auto Owner Trust
7,809,094
Series 2022-C, Class A4
4.59%
12/15/27
7,815,011
2,662,254
Series 2023-A, Class A3
4.65%
02/15/28
2,667,135
See Notes to Financial Statements
Page 10
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Ford Credit Auto Owner Trust (Continued)
$7,158,350
Series 2024-A, Class A3
5.09%
12/15/28
$7,208,589
7,139,199
Series 2025-A, Class A2A
4.47%
12/15/27
7,150,036
2,365,540
Series 2025-A, Class A2B, 30 Day Average SOFR + 0.41% (a)
4.05%
12/15/27
2,366,499
8,025,554
Series 2025-B, Class A2A
3.88%
06/15/28
8,022,811
7,931,136
Series 2025-B, Class A2B, 30 Day Average SOFR + 0.30% (a)
3.94%
06/15/28
7,929,006
Fortress Credit BSL VII Ltd.
135,790
Series 2019-1A, Class A1R, 3 Mo. CME Term SOFR +
1.09% (a) (c)
4.76%
07/23/32
135,661
Fortress Credit Bsl XI Ltd.
6,000,000
Series 2021-3A, Class A, 3 Mo. CME Term SOFR + CSA +
1.25% (a) (c)
5.19%
07/20/34
6,011,665
Fortress Credit BSL XIX Ltd.
750,001
Series 2023-2A, Class XR, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.77%
07/24/36
751,094
Gallatin CLO VIII Ltd.
80,355
Series 2017-1A, Class A1R, 3 Mo. CME Term SOFR + CSA +
1.09% (a) (c)
5.02%
07/15/31
80,356
GLS Auto Receivables Issuer Trust
13,500,000
Series 2026-1A, Class A2 (c)
4.04%
11/15/28
13,492,359
GLS Auto Select Receivables Issuer Trust
2,800,000
Series 2026-1A, Class A2 (c)
4.05%
02/17/32
2,791,518
GM Financial Consumer Automobile Receivables Trust
981,327
Series 2023-2, Class A3
4.47%
02/16/28
982,556
993,298
Series 2024-4, Class A2B, 30 Day Average SOFR + 0.40% (a)
4.04%
10/18/27
993,345
1,681,317
Series 2025-3, Class A2A
4.32%
06/16/28
1,684,481
1,681,317
Series 2025-3, Class A2B, 30 Day Average SOFR + 0.30% (a)
3.94%
06/16/28
1,682,131
Goldentree Loan Management U.S. CLO 11 Ltd.
600,000
Series 2021-11A, Class AR, 3 Mo. CME Term SOFR +
1.08% (a) (c)
4.76%
10/20/34
600,394
Greywolf CLO IV Ltd.
20,000,000
Series 2019-1A, Class A1R2, 3 Mo. CME Term SOFR +
1.24% (a) (c)
4.92%
04/17/34
20,025,135
HalseyPoint CLO 4 Ltd.
6,300,000
Series 2021-4A, Class A, 3 Mo. CME Term SOFR + CSA +
1.22% (a) (c)
5.16%
04/20/34
6,311,228
Halseypoint CLO 5 Ltd.
4,000,000
Series 2021-5A, Class A1A, 3 Mo. CME Term SOFR + CSA +
1.21% (a) (c)
5.14%
01/30/35
4,004,929
Honda Auto Receivables Owner Trust
16,880,654
Series 2024-1, Class A3
5.21%
08/15/28
16,983,471
Hyundai Auto Lease Securitization Trust
432,541
Series 2024-A, Class A3 (c)
5.02%
03/15/27
432,753
6,645,591
Series 2024-B, Class A3 (c)
5.41%
05/17/27
6,661,425
2,031,061
Series 2024-C, Class A2A (c)
4.77%
03/15/27
2,032,925
6,718,284
Series 2025-B, Class A2A (c)
4.58%
09/15/27
6,732,829
4,249,389
Series 2025-B, Class A2B, 30 Day Average SOFR +
0.70% (a) (c)
4.34%
09/15/27
4,255,200
2,466,000
Series 2026-A, Class A3 (c)
3.97%
12/15/28
2,458,698
7,000,000
Series 2026-A, Class A4 (c)
4.01%
12/17/29
6,952,583
Hyundai Auto Receivables Trust
5,574,140
Series 2023-C, Class A3
5.54%
10/16/28
5,614,605
See Notes to Financial Statements
Page 11
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Hyundai Auto Receivables Trust (Continued)
$423,014
Series 2024-C, Class A2A
4.53%
09/15/27
$423,288
4,383,961
Series 2025-A, Class A2B, 30 Day Average SOFR + 0.34% (a)
3.98%
12/15/27
4,384,829
ICG U.S. CLO Ltd.
554,568
Series 2015-2RA, Class A1R, 3 Mo. CME Term SOFR +
0.99% (a) (c)
4.67%
01/16/33
554,575
Jamestown CLO XVI Ltd.
250,000
Series 2021-16A, Class AR, 3 Mo. CME Term SOFR +
1.12% (a) (c)
4.79%
07/25/34
250,264
Jamestown CLO XVII Ltd.
5,000,000
Series 2021-17A, Class AR, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.87%
01/25/35
5,006,014
John Deere Owner Trust
3,595,757
Series 2023-B, Class A3
5.18%
03/15/28
3,613,151
20,747,596
Series 2024-A, Class A3
4.96%
11/15/28
20,877,842
1,751,142
Series 2024-C, Class A2B, 30 Day Average SOFR + 0.43% (a)
4.07%
08/16/27
1,751,434
KKR CLO 14 Ltd.
92,250
Series 14, Class AR, 3 Mo. CME Term SOFR + CSA +
1.15% (a) (c)
5.08%
07/15/31
92,252
KKR CLO 24 Ltd.
81,084
Series 24, Class A1R, 3 Mo. CME Term SOFR + CSA +
1.08% (a) (c)
5.02%
04/20/32
81,085
KKR CLO 25 Ltd.
600,000
Series 25, Class AR2, 3 Mo. CME Term SOFR + 0.95% (a) (c)
4.62%
07/15/34
599,718
KKR CLO 33 Ltd.
6,750,000
Series 33A, Class AR, 3 Mo. CME Term SOFR + 1.08% (a) (c)
4.76%
07/20/34
6,754,991
KKR CLO 40 Ltd.
4,400,000
Series 40A, Class AR, 3 Mo. CME Term SOFR + 1.30% (a) (c)
4.98%
10/20/34
4,407,006
KKR CLO 41 Ltd.
5,500,000
Series 2022-41A, Class A1, 3 Mo. CME Term SOFR +
1.33% (a) (c)
5.00%
04/15/35
5,509,126
KKR CLO 46 Ltd.
450,000
Series 2023-46A, Class X, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.78%
10/20/37
450,526
LAD Auto Receivables Trust
5,994,723
Series 2025-2A, Class A2 (c)
4.30%
07/17/28
5,999,612
LCM 29 Ltd.
91,006
Series 29A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.07% (a) (c)
5.00%
04/15/31
91,010
5,000,000
Series 31A, Class AR, 3 Mo. CME Term SOFR + 1.28% (a) (c)
4.96%
07/20/34
5,008,728
LCM 37 Ltd.
180,253
Series 37A, Class A1R, 3 Mo. CME Term SOFR + 1.06% (a) (c)
4.73%
04/15/34
180,257
Madison Park Funding XXXIII Ltd.
203,186
Series 2019-33A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.03% (a) (c)
4.96%
10/15/32
203,189
Magnetite XL Ltd.
3,000,000
Series 2024-40A, Class A1, 3 Mo. CME Term SOFR +
1.45% (a) (c)
5.12%
07/15/37
3,009,120
Magnetite XXI Ltd.
11,500,000
Series 2019-21A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.02% (a) (c)
4.96%
04/20/34
11,516,788
See Notes to Financial Statements
Page 12
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
MAN GLG U.S. CLO Ltd.
$1,500,000
Series 2021-1A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.30% (a) (c)
5.23%
07/15/34
$1,503,033
Marble Point CLO XXII Ltd.
3,000,000
Series 2021-2A, Class AR, 3 Mo. CME Term SOFR +
1.22% (a) (c)
4.89%
07/25/34
3,003,445
Mercedes-Benz Auto Lease Trust
7,295,000
Series 2026-A, Class A3
3.93%
01/15/30
7,251,373
Mercedes-Benz Auto Receivables Trust
490,667
Series 2022-1, Class A3
5.21%
08/16/27
491,192
3,609,942
Series 2023-1, Class A3
4.51%
11/15/27
3,614,012
15,704,142
Series 2024-1, Class A3
4.80%
04/16/29
15,775,617
1,981,374
Series 2025-1, Class A2B, 30 Day Average SOFR + 0.32% (a)
3.96%
02/15/28
1,981,484
10,000,000
Series 2025-1, Class A3
4.78%
12/17/29
10,081,913
Mountain View CLO XIV Ltd.
500,000
Series 2019-1A, Class A1R, 3 Mo. CME Term SOFR +
1.16% (a) (c)
6.81%
10/15/34
500,509
Mountain View CLO XIX Ltd.
4,000,000
Series 2025-1A, Class X, 3 Mo. CME Term SOFR + CSA +
0.90% (a) (c)
4.68%
10/17/38
4,004,906
Mountain View CLO XV Ltd.
825,000
Series 2019-2A, Class A1R, 3 Mo. CME Term SOFR +
1.67% (a) (c)
5.34%
07/15/37
827,143
MP CLO VIII Ltd.
7,500,000
Series 2015-2A, Class AR3, 3 Mo. CME Term SOFR +
1.05% (a) (c) (e)
0.00%
04/28/34
7,501,995
Neuberger Berman Loan Advisers CLO 34 Ltd.
4,000,000
Series 2019-34A, Class XR2, 3 Mo. CME Term SOFR +
0.97% (a) (c)
4.65%
07/20/39
4,004,345
Neuberger Berman Loan Advisers CLO 39 Ltd.
290,000
Series 2020-39A, Class A1R, 3 Mo. CME Term SOFR +
1.53% (a) (c)
5.21%
04/20/38
290,976
Neuberger Berman Loan Advisers CLO 43 Ltd.
1,000,000
Series 2021-43A, Class AR, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.73%
07/17/36
1,000,731
Neuberger Berman Loan Advisers CLO 50 Ltd.
2,000,000
Series 2022-50A, Class AR2, 3 Mo. CME Term SOFR +
1.04% (a) (c)
4.71%
07/23/36
1,997,881
Nissan Auto Lease Trust
7,136,304
Series 2024-A, Class A3
4.91%
04/15/27
7,139,754
4,059,191
Series 2024-B, Class A2A
5.05%
06/15/27
4,065,766
Obra CLO Ltd.
220,000
Series 2025-2A, Class A1, 3 Mo. CME Term SOFR +
1.54% (a) (c)
5.22%
07/20/38
220,630
OCP CLO Ltd.
363,637
Series 2020-20A, Class XR2, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.68%
04/18/37
363,784
Octagon 54 Ltd.
10,300,000
Series 2021-1A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.12% (a) (c)
5.05%
07/15/34
10,317,008
See Notes to Financial Statements
Page 13
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
OFSI BSL X Ltd.
$150,000
Series 2021-10A, Class AR, 3 Mo. CME Term SOFR +
1.27% (a) (c)
4.95%
04/20/34
$150,232
OHA Credit Funding 12-R Ltd.
1,785,000
Series 2022-12RA, Class X, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.63%
07/20/37
1,786,876
OHA Credit Partners XI Ltd.
425,000
Series 2015-11A, Class A1R2, 3 Mo. CME Term SOFR +
1.46% (a) (c)
5.14%
04/20/37
426,266
OZLM XV Ltd.
2,636,477
Series 2016-15A, Class A1R3, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.73%
04/20/33
2,637,813
OZLM XXIV Ltd.
25,188
Series 2019-24A, Class A1AR, 3 Mo. CME Term SOFR + CSA
+ 1.16% (a) (c)
5.10%
07/20/32
25,191
Pagaya AI Debt Grantor Trust
6,918,667
Series 2026-R1, Class A (c)
4.71%
12/15/33
6,901,324
10,000,000
Series 2026-R2, Class A1 (c)
4.34%
04/15/27
10,000,930
703,094
Series 2024-5, Class A (c)
6.28%
10/15/31
703,617
3,215,199
Series 2024-10, Class A (c)
5.18%
06/15/32
3,224,920
2,248,543
Series 2024-11, Class A (c)
5.09%
07/15/32
2,255,912
2,685,482
Series 2025-6, Class A (c) (f)
4.41%
04/15/33
2,680,408
7,134,282
Series 2025-7, Class A1 (c)
4.27%
11/16/26
7,134,630
1,501,732
Series 2025-7, Class A2 (c)
4.53%
05/15/33
1,494,799
5,589,101
Series 2025-R3, Class A (c)
4.84%
01/18/33
5,585,386
3,000,000
Series 2026-1, Class A1 (c)
4.23%
02/15/27
2,999,892
1,500,000
Series 2026-1, Class A2 (c)
4.74%
09/15/33
1,498,131
Palmer Square Loan Funding Ltd.
16,931,480
Series 2025-2A, Class A1, 3 Mo. CME Term SOFR +
0.94% (a) (c)
4.61%
07/15/33
16,923,328
Park Avenue Institutional Advisers CLO Ltd.
15,000,000
Series 2019-2A, Class A1RR, 3 Mo. CME Term SOFR +
1.05% (a) (c)
4.72%
10/15/34
15,009,692
PFS Financing Corp.
10,000,000
Series 2025-C, Class A, 30 Day Average SOFR + 0.95% (a) (c)
4.59%
04/15/29
10,037,966
15,000,000
Series 2025-E, Class A, 30 Day Average SOFR + 0.70% (a) (c)
4.34%
07/15/29
15,024,915
Pikes Peak CLO
350,000
Series 2018-2A, Class ARR, 3 Mo. CME Term SOFR +
1.22% (a) (c)
4.90%
10/11/34
350,409
Porsche Financial Auto Securitization Trust
781,280
Series 2023-1A, Class A3 (c)
4.81%
09/22/28
782,825
5,585,477
Series 2025-1A, Class A2A (c)
3.91%
03/22/29
5,584,158
Porsche Innovative Lease Owner Trust
3,143,158
Series 2025-1A, Class A2B, 30 Day Average SOFR +
0.50% (a) (c)
4.14%
12/20/27
3,145,069
4,333,000
Series 2025-1A, Class A3 (c)
4.61%
10/20/28
4,359,596
RCKT Trust
1,150,424
Series 2025-1A, Class A (c)
4.90%
07/25/34
1,152,883
RCKTL Trust
4,135,594
Series 2025-2A, Class A (c)
4.48%
11/27/34
4,141,210
Research-Driven Pagaya Motor Asset Trust
2,975,719
Series 2024-3A, Class A (c)
5.28%
03/25/33
2,983,896
See Notes to Financial Statements
Page 14
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Research-Driven Pagaya Motor Asset Trust (Continued)
$9,779,474
Series 2025-1A, Class A (c)
5.04%
06/27/33
$9,799,005
14,959,916
Series 2026-R1A, Class A (c)
5.66%
07/25/34
14,980,476
Research-Driven Pagaya Motor Trust
6,250,000
Series 2025-5A, Class A3 (c)
4.84%
06/26/34
6,258,729
9,400,000
Series 2025-6A, Class A3 (c)
5.01%
08/25/34
9,385,827
Rockford Tower CLO Ltd.
62,885
Series 2018-1A, Class A, 3 Mo. CME Term SOFR + CSA +
1.10% (a) (c)
5.02%
05/20/31
62,891
459,547
Series 2019-2A, Class AR2, 3 Mo. CME Term SOFR +
1.13% (a) (c)
4.79%
08/20/32
459,543
Romark CLO IV Ltd.
5,000,000
Series 2021-4A, Class A1R, 3 Mo. CME Term SOFR +
1.14% (a) (c)
4.82%
07/10/34
5,003,644
Romark CLO V Ltd.
5,000,000
Series 2021-5A, Class AR, 3 Mo. CME Term SOFR +
1.19% (a) (c)
4.86%
01/15/35
5,002,750
RR 28 Ltd.
1,000,000
Series 2024-28RA, Class XR2, 3 Mo. CME Term SOFR +
0.90% (a) (c)
4.58%
04/15/41
1,001,200
Sandstone Peak III Ltd.
5,000,000
Series 2024-1A, Class A1, 3 Mo. CME Term SOFR +
1.63% (a) (c)
5.30%
04/25/37
5,018,897
Santander Drive Auto Receivables Trust
540,097
Series 2022-6, Class C
4.96%
11/15/28
540,486
5,455,008
Series 2024-4, Class A3
4.85%
01/16/29
5,464,716
4,062,259
Series 2025-3, Class A2
4.63%
10/16/28
4,069,478
Saranac CLO VIII Ltd.
1,671,525
Series 2020-8A, Class AN, 3 Mo. CME Term SOFR + CSA +
1.35% (a) (c)
5.27%
02/20/33
1,671,579
SBNA Auto Lease Trust
6,215,371
Series 2025-A, Class A3 (c)
4.83%
04/20/28
6,235,794
SBNA Auto Receivables Trust
10,750,000
Series 2024-A, Class B (c)
5.29%
09/17/29
10,852,033
SCCU Auto Receivables Trust
4,944,575
Series 2025-1A, Class A2 (c)
4.67%
11/15/28
4,955,157
7,500,000
Series 2025-1A, Class A3 (c)
4.57%
01/15/31
7,520,257
Sound Point CLO XX Ltd.
116,721
Series 2018-2A, Class A, 3 Mo. CME Term SOFR + CSA +
1.10% (a) (c)
5.03%
07/26/31
116,693
Sound Point CLO XXVI Ltd.
250,000
Series 2020-1A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.17% (a) (c)
5.11%
07/20/34
250,454
Sound Point CLO XXXII Ltd.
2,000,000
Series 2021-4A, Class AR, 3 Mo. CME Term SOFR +
1.03% (a) (c)
4.70%
10/25/34
2,000,948
Southwick Park CLO LLC
7,067,980
Series 2019-4A, Class A1RR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.68%
07/20/32
7,068,092
See Notes to Financial Statements
Page 15
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Steele Creek CLO Ltd.
$180,279
Series 2017-1A, Class B, 3 Mo. CME Term SOFR + CSA +
1.60% (a) (c)
5.53%
10/15/30
$180,528
336,031
Series 2018-1A, Class B, 3 Mo. CME Term SOFR + CSA +
1.48% (a) (c)
5.41%
04/15/31
336,039
Stellantis Financial Underwritten Enhanced Lease Trust
12,244,870
Series 2025-AA, Class A2 (c)
4.63%
07/20/27
12,265,867
Symphony CLO XIX Ltd.
22,673
Series 2018-19A, Class A, 3 Mo. CME Term SOFR + CSA +
0.96% (a) (c)
4.90%
04/16/31
22,681
Symphony CLO XXII Ltd.
601,144
Series 2020-22A, Class A1AR, 3 Mo. CME Term SOFR +
1.18% (a) (c)
4.86%
04/18/33
601,149
Symphony CLO XXIX Ltd.
3,600,000
Series 2021-29A, Class XR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.67%
10/15/35
3,604,363
Symphony CLO XXXII Ltd.
3,573,000
Series 2022-32A, Class XR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.67%
10/23/35
3,577,348
TCI-Flatiron CLO Ltd.
3,224,275
Series 2018-1A, Class AR2, 3 Mo. CME Term SOFR +
0.95% (a) (c)
4.62%
07/29/35
3,223,877
Thayer Park CLO Ltd.
1,000,000
Series 2017-1A, Class A1RR, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.68%
04/20/34
999,758
THL Credit Wind River CLO Ltd.
700,000
Series 2017-3A, Class AR2, 3 Mo. CME Term SOFR +
1.20% (a) (c)
4.87%
04/15/35
700,795
250,000
Series 2020-1A, Class A1R, 3 Mo. CME Term SOFR +
1.57% (a) (c)
5.25%
07/20/37
250,866
T-Mobile U.S. Trust
17,000,000
Series 2024-2A, Class A (c)
4.25%
05/21/29
17,015,174
6,500,000
Series 2025-2A, Class A (c)
4.34%
04/22/30
6,514,729
Toyota Auto Receivables Owner Trust
1,501,247
Series 2022-D, Class A3
5.30%
09/15/27
1,505,751
1,435,658
Series 2023-B, Class A3
4.71%
02/15/28
1,439,248
4,425,205
Series 2023-D, Class A3
5.54%
08/15/28
4,461,239
9,366,373
Series 2024-A, Class A3
4.83%
10/16/28
9,410,196
3,353,153
Series 2025-B, Class A2A
4.46%
03/15/28
3,357,572
3,173,331
Series 2025-B, Class A2B, 30 Day Average SOFR + 0.54% (a)
4.18%
03/15/28
3,175,596
Toyota Lease Owner Trust
16,267,082
Series 2024-A, Class A4 (c)
5.26%
06/20/28
16,286,053
15,000,000
Series 2026-A, Class A2A (c)
3.70%
02/22/28
14,959,299
Tralee CLO V Ltd.
5,000,000
Series 2018-5A, Class A1RR, 3 Mo. CME Term SOFR +
1.08% (a) (c)
4.76%
10/20/34
4,998,751
Trestles CLO VIII Ltd.
2,000,000
Series 2025-8A, Class A1, 3 Mo. CME Term SOFR +
1.33% (a) (c)
5.01%
06/11/35
2,003,445
Trimaran Cavu Ltd.
1,000,000
Series 2021-3A, Class A, 3 Mo. CME Term SOFR + CSA +
1.21% (a) (c)
5.15%
01/18/35
1,001,848
See Notes to Financial Statements
Page 16
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Trinitas CLO XIV Ltd.
$925,429
Series 2020-14A, Class A1R2, 3 Mo. CME Term SOFR +
1.10% (a) (c)
4.77%
01/25/34
$926,306
Trinitas CLO XIX Ltd.
195,608
Series 2022-19A, Class A1R, 3 Mo. CME Term SOFR +
1.11% (a) (c)
4.79%
10/20/33
195,610
Trinitas CLO XV Ltd.
10,000,000
Series 2021-15A, Class A1R, 3 Mo. CME Term SOFR +
1.12% (a) (c)
4.78%
04/22/34
10,010,773
Trinitas CLO XVI Ltd.
5,000,000
Series 2021-16A, Class A1R, 3 Mo. CME Term SOFR +
1.13% (a) (c)
4.81%
07/20/34
5,005,307
USB Auto Owner Trust
7,085,316
Series 2025-1A, Class A2 (c)
4.51%
06/15/28
7,095,586
Venture 32 CLO Ltd.
75,973
Series 2018-32A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.10% (a) (c)
5.04%
07/18/31
75,974
Venture 37 CLO Ltd.
444,870
Series 2019-37A, Class A1RR, 3 Mo. CME Term SOFR +
1.25% (a) (c)
4.92%
07/15/32
444,876
Venture 42 CLO Ltd.
10,665,000
Series 2021-42A, Class A1A, 3 Mo. CME Term SOFR + CSA +
1.13% (a) (c)
5.06%
04/15/34
10,681,846
Venture CLO Ltd.
130,052
Series 2018-34A, Class AR, 3 Mo. CME Term SOFR +
1.28% (a) (c)
4.95%
10/15/31
130,054
82,909
Series 2019-36A, Class A1AR, 3 Mo. CME Term SOFR + CSA
+ 1.13% (a) (c)
5.07%
04/20/32
82,910
Verizon Master Trust
4,227,000
Series 2024-3, Class A1A
5.34%
04/22/30
4,280,083
12,510,000
Series 2025-3, Class A1A
4.51%
03/20/30
12,564,117
12,500,000
Series 2025-3, Class A1B, 30 Day Average SOFR + 0.55% (a)
4.19%
03/20/30
12,523,369
4,306,000
Series 2025-9, Class A1A
3.96%
10/21/30
4,299,496
Vibrant CLO XI Ltd.
2,375,000
Series 2019-11A, Class X, 3 Mo. CME Term SOFR +
1.00% (a) (c)
4.68%
04/20/39
2,377,105
Volkswagen Auto Lease Trust
16,991,638
Series 2024-A, Class A3
5.21%
06/21/27
17,046,266
Volkswagen Auto Loan Enhanced Trust
6,570,864
Series 2025-1, Class A2A
4.51%
01/20/28
6,580,488
2,132,013
Series 2025-1, Class A2B, 30 Day Average SOFR + 0.44% (a)
4.08%
01/20/28
2,132,797
Voya CLO Ltd.
276,699
Series 2013-3A, Class A1RR, 3 Mo. CME Term SOFR + CSA +
1.15% (a) (c)
5.09%
10/18/31
276,700
25,662
Series 2018-2A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.00% (a) (c)
4.93%
07/15/31
25,663
Westlake Automobile Receivables Trust
4,281,475
Series 2025-2A, Class A2A (c)
4.66%
09/15/28
4,290,366
4,281,475
Series 2025-2A, Class A2B, 30 Day Average SOFR +
0.58% (a) (c)
4.22%
09/15/28
4,283,919
4,165,245
Series 2025-3A, Class A2 (c)
4.31%
04/17/28
4,168,571
See Notes to Financial Statements
Page 17
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Westlake Automobile Receivables Trust (Continued)
$2,618,606
Series 2025-P1, Class A2 (c)
4.65%
02/15/28
$2,622,599
10,000,000
Series 2026-1A, Class A2A (c)
4.02%
09/15/28
9,996,649
Wind River CLO Ltd.
250,000
Series 2021-4A, Class AR, 3 Mo. CME Term SOFR +
1.23% (a) (c)
4.90%
01/20/35
250,352
World Omni Auto Receivables Trust
1,337,923
Series 2023-A, Class A3
4.83%
05/15/28
1,340,452
3,284,361
Series 2025-B, Class A2A
4.38%
08/15/28
3,288,107
3,276,170
Series 2025-B, Class A2B, 30 Day Average SOFR + 0.47% (a)
4.11%
08/15/28
3,277,259
4,929,419
Series 2025-D, Class A2A
3.91%
02/15/29
4,926,587
15,000,000
Series 2026-A, Class A2A
3.71%
04/16/29
14,974,387
World Omni Automobile Lease Securitization Trust
2,040,457
Series 2025-A, Class A2B, 30 Day Average SOFR + 0.39% (a)
4.03%
12/15/27
2,041,013
Total Asset-Backed Securities
1,163,863,157
(Cost $1,162,433,758)
 
Principal
Value
Description
Annualized
Yield on Date
of
Purchase
Stated
Maturity
Value
COMMERCIAL PAPER — 12.5%
Banks — 4.8%
25,000,000
Australia & New Zealand Banking Group Ltd.
4.07%
06/05/26
24,903,993
15,000,000
Canadian Imperial Bank of Commerce
3.91%
02/05/27
15,000,000
25,000,000
Commonwealth Bank of Australia
3.93%
02/12/27
25,000,000
25,000,000
ING US Funding LLC
3.84%
06/12/26
25,000,000
15,000,000
Lloyds Bank PLC
3.88%
05/06/26
15,000,000
15,000,000
National Australia Bank Ltd.
3.81%
06/02/26
15,000,000
20,000,000
National Australia Bank Ltd.
3.89%
10/06/26
20,000,000
20,000,000
Royal Bank of Canada
3.93%
01/25/27
20,000,000
25,000,000
Skandinaviska Enskilda Banken AB
4.00%
06/12/26
24,885,514
25,000,000
Skandinaviska Enskilda Banken AB
3.92%
08/26/26
25,000,000
25,000,000
Svenska Handelsbanken AB
3.90%
08/14/26
25,000,000
25,000,000
Swedbank AB
4.02%
07/01/26
25,000,000
25,000,000
Swedbank AB
3.95%
11/09/26
25,000,000
20,000,000
Westpac Banking Corp.
3.90%
02/23/27
19,993,515
 
304,783,022
Beverages — 0.4%
6,000,000
Bacardi-Martini B.V.
4.11%
05/01/26
6,000,000
20,200,000
Keurig Dr Pepper, Inc.
4.19%
05/08/26
20,183,771
 
26,183,771
Building Materials — 0.7%
17,000,000
Amrize Finance U.S. LLC
3.98%
05/05/26
16,992,594
30,000,000
Vulcan Materials Co.
3.85%
05/01/26
30,000,000
 
46,992,594
Commercial Services — 0.8%
15,000,000
Global Payments, Inc.
4.28%
05/04/26
14,994,723
35,800,000
Quanta Services, Inc.
4.15%
05/01/26
35,800,000
 
50,794,723
See Notes to Financial Statements
Page 18
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Annualized
Yield on Date
of
Purchase
Stated
Maturity
Value
COMMERCIAL PAPER (Continued)
Electric — 0.5%
$30,000,000
Southern California Edison Co.
4.11%
05/01/26
$30,000,000
Food — 0.5%
30,000,000
J M Smucker Co. (The)
4.01%
05/05/26
29,986,830
Healthcare-Services — 0.1%
5,000,000
HCA, Inc.
4.16%
05/07/26
4,996,583
Insurance — 0.3%
20,000,000
Aon Corp.
4.00%
05/01/26
19,999,907
Packaging & Containers — 0.6%
22,200,000
WRKCo, Inc.
3.98%
05/04/26
22,192,745
15,000,000
WRKCo, Inc.
4.08%
05/11/26
14,983,248
 
37,175,993
Pipelines — 2.0%
20,000,000
Enbridge U.S., Inc.
4.06%
05/12/26
19,975,534
40,000,000
Energy Transfer, L.P.
3.93%
05/01/26
40,000,000
10,000,000
ONEOK, Inc.
4.09%
05/07/26
9,993,280
60,000,000
Targa Resources Corp.
3.95%
05/01/26
60,000,000
 
129,968,814
Retail — 1.2%
15,000,000
Alimentation Couche-Tard, Inc.
3.99%
05/12/26
14,981,984
65,000,000
AutoNation, Inc.
4.11%
05/01/26
65,000,000
 
79,981,984
Software — 0.3%
17,450,000
Fidelity National Information Services, Inc.
4.11%
05/07/26
17,438,216
Water — 0.3%
20,000,000
American Water Capital Corp.
4.01%
05/11/26
19,978,046
Total Commercial Paper
798,280,483
(Cost $798,280,483)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES — 10.9%
Aerospace/Defense — 0.1%
4,487,000
BAE Systems PLC (c)
5.00%
03/26/27
4,519,242
Banks — 7.4%
25,000,000
Banco Santander S.A., SOFR + 0.28% (a)
3.91%
05/06/26
25,000,737
25,000,000
Bank of Montreal, SOFR + 0.62% (a)
4.27%
01/13/28
25,039,329
15,000,000
Bank of Montreal (b)
4.06%
09/22/28
14,936,940
5,000,000
Barclays PLC (b)
5.83%
05/09/27
5,001,213
4,996,000
Barclays PLC
4.34%
01/10/28
4,984,509
9,412,000
Barclays PLC (b)
5.09%
02/25/29
9,495,806
10,000,000
Barclays PLC (b)
4.22%
05/24/30
9,866,350
25,000,000
BNP Paribas S.A., SOFR + 0.33% (a)
3.96%
07/10/26
25,010,850
12,000,000
Canadian Imperial Bank of Commerce (b)
4.51%
09/11/27
12,002,485
9,850,000
Canadian Imperial Bank of Commerce, SOFR Compounded Index
+ 0.93% (a)
4.58%
09/11/27
9,865,513
20,000,000
Canadian Imperial Bank of Commerce (b)
4.24%
09/08/28
19,956,883
See Notes to Financial Statements
Page 19
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Banks (Continued)
$20,000,000
Cooperatieve Rabobank U.A., SOFR Compounded Index +
0.62% (a)
4.28%
08/28/26
$20,025,018
24,968,000
Cooperatieve Rabobank U.A. (b) (c)
3.65%
04/06/28
24,784,968
15,000,000
Danske Bank A/S (b) (c)
5.43%
03/01/28
15,129,730
4,393,000
DNB Bank ASA (b) (c)
1.61%
03/30/28
4,282,001
8,814,000
ING Groep NV (b)
4.02%
03/28/28
8,778,881
5,000,000
Lloyds Banking Group PLC (b)
1.63%
05/11/27
4,996,055
15,000,000
Lloyds Banking Group PLC (b)
5.46%
01/05/28
15,101,886
10,000,000
Lloyds Banking Group PLC (b)
3.57%
11/07/28
9,876,896
10,000,000
Lloyds Banking Group PLC (b)
4.24%
02/10/30
9,904,591
15,000,000
Royal Bank of Canada (b)
5.07%
07/23/27
15,021,930
10,000,000
Royal Bank of Canada (b)
4.72%
03/27/28
10,032,270
5,000,000
Royal Bank of Canada (b)
4.97%
01/24/29
5,044,490
5,000,000
Royal Bank of Canada (b)
4.50%
08/06/29
5,005,506
20,000,000
Skandinaviska Enskilda Banken AB, SOFR Compounded Index +
0.68% (a) (c)
4.33%
03/12/29
19,997,648
25,000,000
Svenska Handelsbanken, SOFR + 0.29% (a)
3.92%
05/29/26
25,003,600
25,000,000
Svenska Handelsbanken, SOFR + 0.27% (a)
3.90%
02/11/27
24,986,093
15,000,000
Svenska Handelsbanken, SOFR + 0.27% (a)
3.90%
03/03/27
15,026,624
20,000,000
Toronto-Dominion Bank (The), Series F, SOFR + 0.58% (a)
4.23%
01/13/28
20,017,010
5,385,000
Toronto-Dominion Bank (The)
4.86%
01/31/28
5,429,628
10,000,000
UBS AG (b)
4.86%
01/10/28
10,039,079
20,000,000
UBS AG, SOFR + 0.81% (a)
4.46%
03/16/29
20,032,965
24,401,000
UBS Group AG  (b) (c)
4.70%
08/05/27
24,407,507
 
474,084,991
Food — 0.3%
20,000,000
Mondelez International Holdings Netherlands B.V. (c)
1.25%
09/24/26
19,772,540
Healthcare-Products — 0.4%
27,395,000
Smith & Nephew PLC
5.15%
03/20/27
27,557,736
Healthcare-Services — 0.3%
20,000,000
Icon Investments Six DAC
5.81%
05/08/27
20,157,428
Leisure Time — 0.2%
15,000,000
VOC Escrow Ltd. (c)
5.00%
02/15/28
14,988,427
Packaging & Containers — 0.5%
30,495,000
CCL Industries, Inc. (c)
3.25%
10/01/26
30,338,937
Pipelines — 0.7%
10,473,000
Enbridge, Inc.
1.60%
10/04/26
10,364,446
15,000,000
Enbridge, Inc.
5.90%
11/15/26
15,123,197
20,000,000
Enbridge, Inc.
4.25%
12/01/26
20,004,903
 
45,492,546
Retail — 0.5%
15,000,000
Alimentation Couche-Tard, Inc. (c)
3.55%
07/26/27
14,845,447
15,000,000
Alimentation Couche-Tard, Inc. (c)
4.15%
09/29/28
14,907,279
 
29,752,726
See Notes to Financial Statements
Page 20
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Transportation — 0.5%
$20,000,000
Canadian Pacific Railway Co.
1.75%
12/02/26
$19,732,736
10,000,000
Canadian Pacific Railway Co.
4.00%
03/15/29
9,889,286
 
29,622,022
Total Foreign Corporate Bonds and Notes
696,286,595
(Cost $696,260,965)
MORTGAGE-BACKED SECURITIES — 5.8%
Collateralized Mortgage Obligations — 5.2%
BRAVO Residential Funding Trust
 
 
2,543,062
Series 2021-NQM1, Class A1 (c)
0.94%
02/25/49
2,415,753
8,383,254
Series 2025-NQM5, Class A1 (c) (f)
5.50%
02/25/65
8,430,124
CIM Trust
 
 
503,480
Series 2019-INV1, Class A2, 30 Day Average SOFR + CSA +
1.00% (a) (c)
4.76%
02/25/49
489,431
397,548
Series 2019-INV2, Class A11, 30 Day Average SOFR + CSA +
0.95% (a) (c)
4.71%
05/25/49
381,806
3,257,713
Series 2019-INV3, Class A11, 30 Day Average SOFR + CSA +
0.95% (a) (c)
4.71%
08/25/49
3,168,637
COLT Mortgage Loan Trust
 
 
1,309,633
Series 2020-2R, Class A1 (c)
1.33%
10/26/65
1,247,659
4,835,278
Series 2025-12, Class A1FC, steps up to 5.94%
on 01/01/2030 (c) (d)
4.94%
01/26/71
4,824,015
Connecticut Avenue Securities Trust
 
 
3,141,303
Series 2024-R04, Class 1A1, 30 Day Average SOFR +
1.00% (a) (c)
4.65%
05/25/44
3,145,516
19,129,912
Series 2024-R05, Class 2A1, 30 Day Average SOFR +
1.00% (a) (c)
4.65%
07/25/44
19,162,680
3,300,356
Series 2024-R06, Class 1A1, 30 Day Average SOFR +
1.15% (a) (c)
4.80%
09/25/44
3,311,921
5,234,358
Series 2025-R01, Class 1A1, 30 Day Average SOFR +
0.95% (a) (c)
4.60%
01/25/45
5,239,720
13,925,777
Series 2025-R02, Class 1A1, 30 Day Average SOFR +
1.00% (a) (c)
4.65%
02/25/45
13,953,197
9,264,004
Series 2025-R03, Class 2A1, 30 Day Average SOFR +
1.45% (a) (c)
5.10%
03/25/45
9,318,413
12,502,873
Series 2025-R04, Class 1A1, 30 Day Average SOFR +
1.00% (a) (c)
4.65%
05/25/45
12,524,031
11,947,595
Series 2025-R05, Class 2A1, 30 Day Average SOFR +
1.00% (a) (c)
4.65%
07/25/45
11,977,281
15,798,238
Series 2025-R06, Class 1A1, 30 Day Average SOFR +
0.90% (a) (c)
4.55%
09/25/45
15,815,610
23,763,526
Series 2026-R01, Class 2A1, 30 Day Average SOFR +
0.85% (a) (c)
4.50%
01/25/46
23,771,142
16,436,263
Series 2026-R02, Class 1A1, 30 Day Average SOFR +
0.95% (a) (c)
4.60%
02/25/46
16,461,734
10,000,000
Series 2026-R03, Class 2A1, 30 Day Average SOFR +
1.10% (a) (c)
4.74%
04/25/46
10,006,180
Credit Suisse Mortgage Trust
 
 
2,146,847
Series 2019-AFC1, Class A1 (c)
3.57%
07/25/49
2,092,784
1,726,353
Series 2020-NQM1, Class A1 (c)
2.21%
05/25/65
1,665,850
See Notes to Financial Statements
Page 21
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
EFMT
 
 
$9,486,435
Series 2025-NQM6, Class A1FC, steps up to 5.97%
on 12/01/2029 (c) (d)
4.97%
12/25/70
$9,483,639
Federal Home Loan Mortgage Corporation STACR REMIC Trust
 
 
12,906,250
Series 2025-DNA3, Class A1, 30 Day Average SOFR +
0.95% (a) (c)
4.60%
09/25/45
12,925,686
13,950,000
Series 2025-DNA4, Class A1, 30 Day Average SOFR +
0.90% (a) (c)
4.55%
10/25/45
13,962,291
GCAT Trust
 
 
817,196
Series 2020-NQM1, Class A1 (c)
3.25%
01/25/60
809,410
HOMES Trust
 
 
6,275,995
Series 2025-AFC1, Class A1, steps up to 6.73%
on 01/01/2029 (c) (d)
5.73%
01/25/60
6,323,803
JP Morgan Mortgage Trust
 
 
2,285,796
Series 2019-7, Class A11, 1 Mo. CME Term SOFR + CSA +
0.90% (a) (c)
4.67%
02/25/50
2,238,717
131,499
Series 2019-8, Class A11, 1 Mo. CME Term SOFR + CSA +
0.85% (a) (c)
4.62%
03/25/50
128,960
1,444,188
Series 2019-INV1, Class A11, 1 Mo. CME Term SOFR + CSA +
0.95% (a) (c)
4.72%
09/25/49
1,424,735
2,689,228
Series 2020-2, Class A11, 1 Mo. CME Term SOFR + CSA +
0.80% (a) (c)
4.57%
07/25/50
2,593,965
21,048
Series 2020-LTV1, Class A11, 1 Mo. CME Term SOFR + CSA +
1.00% (a) (c)
4.79%
06/25/50
21,044
6,000,000
Series 2026-LTV1, Class A1 (c) (f)
5.42%
09/25/56
6,007,079
MFA Trust
 
 
10,234,852
Series 2025-NQM2, Class A1, steps up to 6.68%
on 05/01/2029 (c) (d)
5.68%
05/27/70
10,306,191
Morgan Stanley Residential Mortgage Loan Trust
 
 
9,186,751
Series 2025-NQM7, Class A1 (c)
4.98%
09/25/70
9,164,984
New Residential Mortgage Loan Trust
 
 
4,539,874
Series 2025-NQM7, Class A1FC, steps up to 5.95%
on 12/01/2029 (c) (d)
4.95%
10/26/65
4,529,239
OBX Trust
 
 
1,309,406
Series 2020-INV1, Class A11, 1 Mo. CME Term SOFR + CSA +
0.90% (a) (c)
4.69%
12/25/49
1,282,691
6,187,682
Series 2025-NQM21, Class A1FC, steps up to 5.92%
on 11/01/2029 (c) (d)
4.92%
10/25/65
6,181,572
6,926,490
Series 2026-NQM4, Class A1FC, steps up to 6.08%
on 03/01/2030 (c) (d)
5.08%
02/25/66
6,932,583
PRKCM Trust
 
 
7,573,951
Series 2025-HOME1, Class A1A, steps up to 6.55%
on 03/01/2029 (c) (d)
5.55%
02/25/60
7,612,083
PRPM Trust
 
 
4,702,752
Series 2025-NQM4, Class A1 (c) (f)
4.98%
07/25/70
4,682,007
5,943,787
Series 2025-NQM6, Class A1FC, steps up to 5.94%
on 12/01/2029 (c) (d)
4.94%
12/25/70
5,932,088
14,531,916
Series 2026-NQM1, Class A1FC, steps up to 6.09%
on 03/01/2030 (c) (d)
5.09%
02/25/71
14,491,493
5,000,000
Series 2026-NQM2, Class A1FC, steps up to 6.27%
on 05/01/2030 (c) (d)
5.26%
04/25/71
5,012,147
See Notes to Financial Statements
Page 22
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Santander Mortgage Asset Receivable Trust
 
 
$18,987,483
Series 2026-NQM3, Class A1FC, steps up to 6.09%
on 03/01/2030 (c) (d)
5.09%
03/25/66
$18,979,585
Starwood Mortgage Residential Trust
 
 
592,438
Series 2020-1, Class A1 (c)
2.28%
02/25/50
572,548
Structured Agency Credit Risk
 
 
12,025,000
Series 2026-DNA1, Class A1, 30 Day Average SOFR +
0.85% (a) (c)
4.50%
02/25/46
12,028,480
 
333,030,504
Commercial Mortgage-Backed Securities — 0.6%
Arbor Multifamily Mortgage Securities Trust
 
 
7,604,926
Series 2020-MF1, Class ASB (c)
2.58%
05/15/53
7,365,321
BANK
 
 
237,342
Series 2017-BNK6, Class ASB
3.29%
07/15/60
236,776
63,465
Series 2017-BNK7, Class ASB
3.27%
09/15/60
63,098
727,433
Series 2020-BN30, Class ASB
1.67%
12/15/53
691,553
BBCMS Mortgage Trust
 
 
2,600,000
Series 2017-C1, Class A4
3.67%
02/15/50
2,582,019
126,995
Series 2018-C2, Class ASB
4.24%
12/15/51
126,530
Benchmark Mortgage Trust
 
 
2,548,813
Series 2019-B9, Class AAB
3.93%
03/15/52
2,536,261
3,741,000
Series 2021-B26, Class ASB
2.26%
06/15/54
3,598,679
CD Mortgage Trust
 
 
117,394
Series 2016-CD2, Class ASB
3.35%
11/10/49
117,015
1,037,960
Series 2017-CD3, Class AAB
3.45%
02/10/50
1,034,611
Citigroup Commercial Mortgage Trust
 
 
109,825
Series 2017-P7, Class AAB
3.51%
04/14/50
109,569
CSAIL Commercial Mortgage Trust
 
 
46,806
Series 2017-CX10, Class ASB
3.33%
11/15/50
46,668
646,863
Series 2019-C15, Class ASB
3.90%
03/15/52
644,569
Hilton USA Trust
 
 
1,000,000
Series 2016-HHV, Class A (c)
3.72%
11/05/38
995,982
JPMCC Commercial Mortgage Securities Trust
 
 
856,337
Series 2017-JP5, Class ASB
3.55%
03/15/50
853,946
Morgan Stanley Bank of America Merrill Lynch Trust
 
 
85,632
Series 2017-C33, Class ASB
3.40%
05/15/50
85,367
1,313,031
Series 2017-C34, Class ASB
3.35%
11/15/52
1,304,601
Morgan Stanley Capital I
 
 
4,770,000
Series 2017-HR2, Class A4
3.59%
12/15/50
4,701,672
Morgan Stanley Capital I Trust
 
 
259,329
Series 2016-BNK2, Class ASB
2.86%
11/15/49
258,599
UBS Commercial Mortgage Trust
 
 
5,826,000
Series 2017-C3, Class A3
3.17%
08/15/50
5,770,083
224,465
Series 2017-C6, Class ASB
3.50%
12/15/50
223,474
6,188,338
Series 2018-C9, Class ASB
4.09%
03/15/51
6,167,724
See Notes to Financial Statements
Page 23
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Wells Fargo Commercial Mortgage Trust
 
 
$1,377,994
Series 2017-C40, Class ASB
3.40%
10/15/50
$1,370,850
59,280
Series 2017-C41, Class ASB
3.39%
11/15/50
58,983
 
40,943,950
Total Mortgage-Backed Securities
373,974,454
(Cost $374,324,663)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 3.5%
Collateralized Mortgage Obligations — 2.0%
Fannie Mae Grantor Trust
 
 
14,809,646
Series 2017-T1, Class A
2.90%
06/25/27
14,583,149
Federal Home Loan Mortgage Corporation
 
 
25,641,794
Series 5250, Class FB, 30 Day Average SOFR + 0.64% (a)
4.29%
08/25/52
25,496,931
Federal Home Loan Mortgage Corporation Seasoned Credit Risk
Transfer Trust
 
 
9,553,639
Series 2024-1, Class MA1
3.00%
11/25/63
9,492,266
Federal Home Loan Mortgage Corporation STACR REMIC Trust
 
 
15,793,333
Series 2024-HQA2, Class A1, 30 Day Average SOFR +
1.25% (a) (c)
4.90%
08/25/44
15,864,428
10,681,369
Series 2025-DNA1, Class A1, 30 Day Average SOFR +
0.95% (a) (c)
4.60%
01/25/45
10,693,039
6,267,102
Series 2025-DNA2, Class A1, 30 Day Average SOFR +
1.10% (a) (c)
4.75%
05/25/45
6,290,687
10,702,352
Series 2025-HQA1, Class A1, 30 Day Average SOFR +
0.95% (a) (c)
4.60%
02/25/45
10,719,814
Federal National Mortgage Association
 
 
586,839
Series 2014-20, Class NA
3.00%
06/25/33
581,101
135,451
Series 2015-28, Class GC
2.50%
06/25/34
134,778
2,651,591
Series 2016-75, Class FC, 30 Day Average SOFR + CSA +
0.40% (a)
4.16%
10/25/46
2,630,706
2,331,785
Series 2016-90, Class FA, 30 Day Average SOFR + CSA +
0.40% (a)
4.16%
12/25/46
2,314,476
14,101,290
Series 2022-47, Class FA, 30 Day Average SOFR + 0.55% (a)
4.20%
08/25/52
14,003,393
15,535,157
Series 2025-39, Class CA
3.50%
02/25/36
15,344,789
Seasoned Loans Structured Transaction Trust
 
 
3,067,718
Series 2018-2, Class A1
3.50%
11/25/28
3,008,789
 
131,158,346
Commercial Mortgage-Backed Securities — 1.5%
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates
 
 
4,597,892
Series K057, Class A2
2.57%
07/25/26
4,577,055
9,072,000
Series K058, Class A2
2.65%
08/25/26
9,024,932
4,563,009
Series K064, Class A1
2.89%
10/25/26
4,543,284
651,648
Series K067, Class A1
2.90%
03/25/27
648,129
86,034
Series K070, Class A1
3.03%
04/25/27
85,485
5,885,275
Series K071, Class A1
3.07%
10/25/27
5,833,876
1,354,359
Series K076, Class A1
3.73%
12/25/27
1,350,528
10,000,000
Series K078, Class A2
3.85%
06/25/28
9,925,549
10,191,034
Series K079, Class A1
3.73%
02/25/28
10,150,542
10,207,650
Series K080, Class A1
3.74%
04/25/28
10,164,537
4,757,830
Series K157, Class A1
3.99%
06/25/30
4,749,108
See Notes to Financial Statements
Page 24
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates (Continued)
 
 
$7,314,591
Series KF127, Class AS, 30 Day Average SOFR + 0.21% (a)
3.86%
12/25/28
$7,272,036
2,842,899
Series KF68, Class A, 30 Day Average SOFR + CSA +
0.49% (a)
4.26%
07/25/26
2,842,966
1,373,166
Series KI07, Class A, 30 Day Average SOFR + 0.17% (a)
3.82%
09/25/26
1,370,007
452,230
Series KL1E, Class A1E
2.84%
02/25/27
449,245
921,478
Series KW08, Class A1
3.42%
02/25/28
917,774
Federal National Mortgage Association
 
 
2,243,723
Series 2018-M7, Class A2 (f)
3.13%
03/25/28
2,203,996
7,806,166
Series 2018-M8, Class A2 (f)
3.42%
06/25/28
7,688,273
358,557
Series 2016-M6, Class A2
2.49%
05/25/26
357,625
483,697
Series 2016-M9, Class A2
2.29%
06/25/26
481,784
1,701,065
Series 2016-M11, Class A2
2.37%
07/25/26
1,693,851
821,140
Series 2016-M12, Class A2
2.52%
09/25/26
816,352
1,336,736
Series 2017-M7, Class A2
2.96%
02/25/27
1,324,842
2,958,634
Series 2018-M15, Class APT (g)
3.20%
12/25/26
2,940,604
Federal National Mortgage Association Alternative Credit
Enhancement Securities
 
 
1,813,125
Series 2017-M8, Class A2
3.06%
05/25/27
1,795,171
 
93,207,551
Pass-Through Securities — 0.0%
Federal National Mortgage Association
30
Pool BM1299
5.00%
03/01/27
30
Total U.S. Government Agency Mortgage-Backed Securities
224,365,927
(Cost $224,326,446)
U.S. GOVERNMENT BONDS AND NOTES — 1.0%
62,691,000
U.S. Treasury Note
3.75%
04/30/27
62,674,549
(Cost $62,807,322)
 
 
CERTIFICATES OF DEPOSIT — 0.2%
Banks — 0.2%
15,000,000
Toronto-Dominion Bank (The)
3.86%
05/15/26
15,000,323
(Cost $15,000,000)
 
 
Total Investments — 99.7%
6,381,406,949
(Cost $6,378,841,810)
Net Other Assets and Liabilities — 0.3%
17,688,093
Net Assets — 100.0%
$6,399,095,042
 
(a)
Floating or variable rate security.
(b)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2026. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(c)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $1,622,815,663 or 25.4% of net assets.
(d)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
See Notes to Financial Statements
Page 25
First Trust Enhanced Short Maturity ETF (FTSM)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(e)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial
Statements).
(f)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(g)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
REMIC
–  Real Estate Mortgage Investment Conduit
SOFR
–  Secured Overnight Financing Rate
STACR
–  Structured Agency Credit Risk
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$3,046,961,461
$—
$3,046,961,461
$—
Asset-Backed Securities
1,163,863,157
—
1,163,863,157
—
Commercial Paper*
798,280,483
—
798,280,483
—
Foreign Corporate Bonds and Notes*
696,286,595
—
696,286,595
—
Mortgage-Backed Securities
373,974,454
—
373,974,454
—
U.S. Government Agency Mortgage-Backed Securities
224,365,927
—
224,365,927
—
U.S. Government Bonds and Notes
62,674,549
—
62,674,549
—
Certificates of Deposit*
15,000,323
—
15,000,323
—
Total Investments
$6,381,406,949
$—
$6,381,406,949
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 26
First Trust Enhanced Short Maturity ETF (FTSM)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$6,381,406,949
Cash
20,030,381
Receivables:
Interest
37,740,819
Capital shares sold
8,966,544
Total Assets
6,448,144,693
 
LIABILITIES:
Payables:
Investment securities purchased
26,015,416
Distributions to shareholders
21,486,844
Investment advisory fees
1,547,391
Total Liabilities
49,049,651
NET ASSETS
$6,399,095,042
 
NET ASSETS consist of:
Paid-in capital
$6,397,593,249
Par value
1,070,497
Accumulated distributable earnings (loss)
431,296
NET ASSETS
$6,399,095,042
NET ASSET VALUE, per share
$59.78
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
107,049,724
Investments, at cost
$6,378,841,810
See Notes to Financial Statements
Page 27
First Trust Enhanced Short Maturity ETF (FTSM)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$138,575,593
Foreign withholding tax
(12,057
)
Total investment income
138,563,536
 
EXPENSES:
Investment advisory fees
11,513,045
 
Other expenses
5,035
Total expenses
11,518,080
Less fees waived by the investment advisor
(853,993
)
Net expenses
10,664,087
NET INVESTMENT INCOME (LOSS)
127,899,449
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments
3,419,402
Net change in unrealized appreciation (depreciation) on investments
(16,159,880
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(12,740,478
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$115,158,971
See Notes to Financial Statements
Page 28
First Trust Enhanced Short Maturity ETF (FTSM)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$127,899,449
$275,728,305
Net realized gain (loss)
3,419,402
6,137,312
Net change in unrealized appreciation (depreciation)
(16,159,880
)
4,652,085
Net increase (decrease) in net assets resulting from operations
115,158,971
286,517,702
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(127,137,517
)
(275,110,774
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
842,171,524
 
1,143,968,143
 
Cost of shares redeemed
(593,756,599
) 
(1,153,483,619
) 
Net increase (decrease) in net assets resulting from shareholder transactions
248,414,925
(9,515,476
)
Total increase (decrease) in net assets
236,436,379
1,891,452
 
NET ASSETS:
Beginning of period
6,162,658,663
6,160,767,211
End of period
$6,399,095,042
$6,162,658,663
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
102,899,724
103,049,724
Shares sold
14,050,000
19,100,000
Shares redeemed
(9,900,000
)
(19,250,000
)
Shares outstanding, end of period
107,049,724
102,899,724
See Notes to Financial Statements
Page 29
First Trust Enhanced Short Maturity ETF (FTSM)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$59.89
$59.78
$59.43
$59.29
$59.89
$60.03
Income from investment
operations:
Net investment income (loss)
1.21
 (a)
2.63
 (a)
2.95
 (a)
2.61
 (a)
0.64
 
0.28
 
Net realized and unrealized gain
(loss)
(0.11
) 
0.11
 
0.37
 
0.14
 
(0.60
) 
(0.15
) 
Total from investment operations
1.10
 
2.74
 
3.32
 
2.75
 
0.04
 
0.13
 
Distributions paid to
shareholders from:
Net investment income
(1.21
) 
(2.63
) 
(2.97
) 
(2.61
) 
(0.64
) 
(0.27
) 
Net asset value, end of period
$59.78
 
$59.89
 
$59.78
 
$59.43
 
$59.29
 
$59.89
 
Total return (b)
1.83
% 
4.69
% 
5.70
% 
4.72
% 
0.08
% 
0.22
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$6,399,095
 
$6,162,659
 
$6,160,767
 
$7,536,271
 
$6,883,764
 
$4,410,979
 
Ratio of total expenses to average
net assets
0.37
% (c)
0.45
% 
0.44
% 
0.45
% 
0.45
% 
0.45
% 
Ratio of net expenses to average
net assets
0.34
% (c)
0.45
% 
0.44
% 
0.35
% 
0.25
% 
0.25
% 
Ratio of net investment income
(loss) to average net assets
4.08
% (c)
4.39
% 
4.93
% 
4.38
% 
1.26
% 
0.47
% 
Portfolio turnover rate (d)
36
% 
76
% 
62
% 
64
% 
56
% 
82
% 
 
(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 30
Notes to Financial Statements
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Enhanced Short Maturity ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “FTSM” on Nasdaq, 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 (“ETF”). The Fund’s investment objective is to seek current income, consistent with preservation of capital and daily liquidity. Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. corporations and governments, municipal obligations, privately issued securities and other debt securities bearing fixed or floating interest rates. The Fund may also invest in money market securities. 100% of the Fund’s net assets invested in debt securities will be invested in debt securities that are, at the time of purchase, investment grade. For purposes of such minimum investment, investment grade securities are those securities that are, at the time of purchase, rated as investment grade (i.e., rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (“NRSRO”) rating such securities, or if unrated, debt securities determined by the Fund’s investment advisor to be of comparable quality. In the case of a split rating on a security between one or more of the NRSROs, the Fund will consider the highest rating. Additionally, for newly-issued debt securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. The Fund may invest in investment companies, such as ETFs, that invest primarily in debt securities. The Fund intends to limit its investments in privately-issued, non-agency sponsored mortgage-, asset-backed securities and ‘AAA’-rated collateralized loan obligations (“CLOs”) up to 35% of its net assets. Up to 10% of the Fund’s net assets may be invested in ‘AAA’-rated CLOs. Under normal market conditions, the Fund’s portfolio is expected to have an average duration of less than one year and an average maturity of less than three years. 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 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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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:
Page 31
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
Corporate bonds, corporate notes, U.S. government securities, mortgage-backed securities, asset-backed securities, certificates of deposit and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
Commercial paper is fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
Page 32
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
15)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund held $7,501,995 of when-issued or delayed-delivery securities. At April 30, 2026, the Fund had no forward purchase commitments.
C. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
Page 33
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$278,336,815
Capital gains
—
Return of capital
—
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$(40,731
)
Accumulated capital and other gain (loss)
(6,250,992
)
Net unrealized appreciation (depreciation)
18,701,565
D. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $6,250,992 of 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 October 31, 2025, the Fund utilized $6,145,701 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$6,378,841,810
$8,523,553
$(5,958,414
)
$2,565,139
E. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
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
Page 34
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
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, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses with the exception of those attributable to affiliated funds, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.29% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectuses or statements of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.45000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.43875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.42750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.41625
%
Fund net assets greater than $10 billion
0.40500
%
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.16% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $853,993.
Pursuant to a separate contractual agreement between the Trust, on behalf of the Fund, and First Trust, First Trust agrees to offset acquired fund fees and expenses attributable to the Fund from its investment in other investment companies managed by First Trust, by reducing the management fees otherwise payable to First Trust by the Fund pursuant to the Management Agreement by the proportional amount of the Fund’s acquired fund fees and expenses. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust’s Board of Trustees or (ii) upon the termination of the Fund’s management agreement with First Trust.
First Trust does not have the right to recover the fees waived that are attributable to the assets invested in other investment companies advised by First Trust. During the six months ended April 30, 2026, there were no such fees waived by the Advisor.
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.
Page 35
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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
The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2026, were $219,569,540 and $1,835,044,722, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2026 were $138,107,444 and $1,501,701,829, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
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, 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
Page 36
Notes to Financial Statements (Continued)
First Trust Enhanced Short Maturity ETF (FTSM)
April 30, 2026 (Unaudited)
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 March 31, 2027.
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 37
Other Information
First Trust Enhanced Short Maturity ETF (FTSM)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 38
 
 
 
First Trust Exchange-Traded Fund IV
  
First Trust High Income Strategic Focus
ETF (HISF)
Semi-Annual Financial Statements and Other
Information
For the Six Months Ended
April 30, 2026
Table of Contents 
First Trust High Income Strategic Focus ETF (HISF)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust High Income Strategic Focus ETF (the “Fund”) will achieve its investment objectives. 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 High Income Strategic Focus ETF (HISF)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS — 100.0%
Capital Markets (a) — 100.0%
1,214,755
First Trust Core Investment
Grade ETF
$25,388,380
158,654
First Trust Emerging Markets
Local Currency Bond ETF
4,654,908
438,029
First Trust Intermediate Duration
Investment Grade Corporate
ETF
9,097,862
239,907
First Trust Limited Duration
Investment Grade Corporate
ETF
4,546,238
294,745
First Trust Long Duration
Opportunities ETF
6,339,965
182,383
First Trust Low Duration
Opportunities ETF
9,091,793
255,722
First Trust Preferred Securities
and Income ETF
4,631,125
101,307
First Trust Senior Loan Fund
4,565,906
208,166
First Trust Smith Opportunistic
Fixed Income ETF
9,069,793
220,182
First Trust Structured Credit
Income Opportunities ETF
4,546,758
223,931
First Trust Tactical High Yield
ETF
9,172,214
Total Exchange-Traded Funds
91,104,942
(Cost $91,336,424)
MONEY MARKET FUNDS — 0.0%
40,588
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.53% (b)
40,588
(Cost $40,588)
Total Investments — 100.0%
91,145,530
(Cost $91,377,012)
Net Other Assets and
Liabilities — (0.0)%
(7,259
)
Net Assets — 100.0%
$91,138,271
 
(a)
Represents investments in affiliated funds.
(b)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds*
$91,104,942
$91,104,942
$—
$—
Money Market Funds
40,588
40,588
—
—
Total Investments
$91,145,530
$91,145,530
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 1
First Trust High Income Strategic Focus ETF (HISF)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value - Affiliated
$91,104,942
Investments, at value - Unaffiliated
40,588
Total investments, at value
91,145,530
Dividends receivable
113
Total Assets
91,145,643
 
LIABILITIES:
Investment advisory fees payable
7,372
Total Liabilities
7,372
NET ASSETS
$91,138,271
 
NET ASSETS consist of:
Paid-in capital
$102,636,559
Par value
20,500
Accumulated distributable earnings (loss)
(11,518,788
)
NET ASSETS
$91,138,271
NET ASSET VALUE, per share
$44.46
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
2,050,002
Investments, at cost - Affiliated
$91,336,424
Investments, at cost - Unaffiliated
$40,588
Total investments, at cost
$91,377,012
See Notes to Financial Statements
Page 2
First Trust High Income Strategic Focus ETF (HISF)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Dividends - Affiliated
$2,054,997
Dividends - Unaffiliated
2,144
Foreign withholding tax
(249
)
Total investment income
2,056,892
 
EXPENSES:
Investment advisory fees
55,278
 
Other expenses
34
Total expenses
55,312
Less fees waived by the investment advisor
(9,796
)
Net expenses
45,516
NET INVESTMENT INCOME (LOSS)
2,011,376
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Affiliated
(682,842
)
Investments - Unaffiliated
1,633
Distribution of capital gains from investment companies - Affiliated
56,304
Net realized gain (loss)
(624,905
)
Net change in unrealized appreciation (depreciation) on affiliated investments
(976,017
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(1,600,922
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$410,454
See Notes to Financial Statements
Page 3
First Trust High Income Strategic Focus ETF (HISF)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$2,011,376
$2,249,033
Net realized gain (loss)
(624,905
)
(1,400,201
)
Net change in unrealized appreciation (depreciation)
(976,017
)
2,450,150
Net increase (decrease) in net assets resulting from operations
410,454
3,298,982
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(1,987,287
)
(2,260,104
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
33,894,618
 
20,123,832
 
Cost of shares redeemed
—
 
(8,869,378
) 
Net increase (decrease) in net assets resulting from shareholder transactions
33,894,618
11,254,454
Total increase (decrease) in net assets
32,317,785
12,293,332
 
NET ASSETS:
Beginning of period
58,820,486
46,527,154
End of period
$91,138,271
$58,820,486
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
1,300,002
1,050,002
Shares sold
750,000
450,000
Shares redeemed
—
(200,000
)
Shares outstanding, end of period
2,050,002
1,300,002
See Notes to Financial Statements
Page 4
First Trust High Income Strategic Focus ETF (HISF)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$45.25
$44.31
$41.92
$43.51
$50.34
$44.98
Income from investment operations:
Net investment income (loss)
1.17
 (a)
2.08
 (a)
2.09
 (a)
1.59
 (a)
0.99
 
1.47
 
Net realized and unrealized gain (loss)
(0.82
) 
0.94
 
2.36
 
(1.32
) 
(6.12
) 
5.80
 (b)
Total from investment operations
0.35
 
3.02
 
4.45
 
0.27
 
(5.13
) 
7.27
 
Distributions paid to shareholders from:
Net investment income
(1.14
) 
(2.08
) 
(2.06
) 
(1.86
) 
(1.70
) 
(1.91
) 
Net asset value, end of period
$44.46
 
$45.25
 
$44.31
 
$41.92
 
$43.51
 
$50.34
 
Total return (c)
0.77
% 
7.00
% 
10.73
% 
0.52
% 
(10.38
)% 
16.33
% (b)
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$91,138
 
$58,820
 
$46,527
 
$29,341
 
$39,162
 
$70,477
 
Ratio of total expenses to average net assets (d)
0.14
% (e)
0.21
% (f)
0.20
% 
0.20
% 
0.46
% 
0.85
% 
Ratio of net expenses to average net assets (d)
0.12
% (e)
0.18
% (f)
0.19
% 
0.20
% 
0.30
% 
0.42
% 
Ratio of net investment income (loss) to average net
assets (d)
5.25
% (e)
4.69
% 
4.72
% 
3.60
% 
2.83
% 
2.94
% 
Portfolio turnover rate (g)
21
% 
32
% 
36
% 
38
% (h)
149
% 
101
% 
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $1,758 in connection with a trade error, which represents less than $0.01 per
share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the Advisor.
(d)
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.
(e)
Annualized.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.20% and
0.17%, respectively.
(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.
(h)
The variation in the portfolio turnover rate is due to the change in the Fund’s investment strategy effective February 28, 2022, which resulted in a
rebalance of the Fund’s portfolio.
See Notes to Financial Statements
Page 5
Notes to Financial Statements
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 High Income Strategic Focus ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “HISF” on Nasdaq, Inc. (“Nasdaq”). 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 (“ETF”). The Fund’s primary investment objective is to seek risk-adjusted income. The Fund’s secondary investment objective is capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing in a portfolio of U.S.-listed exchange-traded funds (“Underlying ETFs”) that is designed to follow the High Income Model (the “High Income Model”) developed by the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”). The Fund, through its investments in the Underlying ETFs comprising the High Income Model, seeks to provide investors with a diversified income stream by holding a blend of fixed income assets that are actively managed to seek levels of high income and total return. The High Income Model is principally composed of ETFs for which First Trust serves as investment advisor. Therefore, a significant portion of the ETFs in which the Fund invests are advised by First Trust. However, the Fund may also invest in ETFs other than First Trust ETFs.
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 Advisor’s Pricing Committee 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. All other assets of the Fund initially expressed in foreign currencies will be converted to U.S. dollars using exchange rates in effect at the time of valuation. The Fund’s investments are valued as follows:
Exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
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
Page 6
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
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)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
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 April 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.
C. Foreign Currency
The books and records of the Fund are maintained in U.S. dollars. Foreign currencies and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. 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.
Page 7
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
D. Affiliated Transactions
The Fund invests in securities of affiliated funds. The Fund’s investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds’ financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.
Amounts relating to investments in affiliated funds at April 30, 2026, and for the six months then ended are as follows:
 
Security Name
Shares at
4/30/2026
Value at
10/31/2025
Purchases
Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
4/30/2026
Dividend
Income
First Trust Core Investment
Grade ETF
1,214,755
$13,554,011
$12,314,730
$—
$(480,361
)
$—
$25,388,380
$534,369
First Trust Emerging Markets
Local Currency Bond ETF
158,654
2,931,446
1,812,714
(55,112
)
(34,011
)
(129
)
4,654,908
119,518
First Trust Intermediate
Duration Investment Grade
Corporate ETF
438,029
5,868,269
3,418,771
—
(189,178
)
—
9,097,862
180,212
First Trust Limited Duration
Investment Grade
Corporate ETF
239,907
2,932,704
1,696,527
(25,334
)
(57,257
)
(402
)
4,546,238
89,039
First Trust Long Duration
Opportunities ETF
294,745
2,952,289
3,490,421
(8,452
)
(94,208
)
(85
)
6,339,965
90,199
First Trust Low Duration
Opportunities ETF
182,383
8,826,026
3,740,195
(3,452,328
)
(33,164
)
11,064
9,091,793
180,992
First Trust Preferred
Securities and Income ETF
255,722
2,951,132
3,914,253
(2,116,944
)
(50,287
)
(67,029
)
4,631,125
144,421
First Trust Senior Loan Fund
101,307
—
4,540,407
—
25,499
—
4,565,906
23,808
First Trust Smith
Opportunistic Fixed
Income ETF
208,166
7,060,952
3,999,347
(1,766,353
)
(186,456
)
(37,697
)
9,069,793
211,939
First Trust Structured Credit
Income Opportunities ETF
220,182
—
4,541,119
—
5,639
—
4,546,758
20,917
First Trust Tactical High
Yield ETF
223,931
11,683,641
6,379,887
(8,420,517
)
117,767
(588,564
)
9,172,214
459,583
 
$58,760,470
$49,848,371
$(15,845,040
)
$(976,017
)
$(682,842
)
$91,104,942
$2,054,997
Distribution of capital gains from investment in First Trust Core Investment Grade ETF, First Trust Intermediate Duration Investment Grade Corporate ETF and First Trust Limited Duration Investment Grade Corporate ETF were $32,262, $17,742, and $6,300, respectively.
E. 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 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.
Page 8
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$2,260,104
Capital gains
—
Return of capital
—
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$13,117
Accumulated capital and other gain (loss)
(10,515,083
)
Net unrealized appreciation (depreciation)
560,011
F. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $10,515,083 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.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$91,377,012
$236,259
$(467,741
)
$(231,482
)
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 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
Page 9
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
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, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.10% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.200
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.195
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.190
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.185
%
Fund net assets greater than $10 billion up to and including $15 billion
0.180
%
Fund net assets greater than $15 billion
0.170
%
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.10% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $9,796.
In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund’s total annual operating expenses.
Pursuant to contractual agreement, First Trust has agreed to waive 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, taxes and extraordinary expenses but including acquired fund fees and expenses) exceed 0.87% of its average daily net assets (the “Expense Cap”) at least through March 1, 2027. Expenses reimbursed and fees waived under such agreement are not subject to recovery by First Trust.
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.
Page 10
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 April 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $16,011,836 and $15,845,040, respectively.
For the six months ended April 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales were $33,836,535 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, 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.
Page 11
Notes to Financial Statements (Continued)
First Trust High Income Strategic Focus ETF (HISF)
April 30, 2026 (Unaudited)
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 March 31, 2027.
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 High Income Strategic Focus ETF (HISF)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 13
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust Low Duration Opportunities ETF (LMBS)
Table of Contents 
First Trust Low Duration Opportunities ETF (LMBS)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Low Duration Opportunities ETF (the “Fund”) will achieve its investment objectives. 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 Low Duration Opportunities ETF (LMBS)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 75.2%
Collateralized Mortgage Obligations — 36.4%
Federal Home Loan Mortgage Corporation
 
 
$216
Series 1998-2089, Class PJ, IO
7.00%
10/15/28
$10
878
Series 1998-2102, Class Z
6.00%
12/15/28
891
83,456
Series 2002-2410, Class OG
6.38%
02/15/32
84,985
34,316
Series 2002-2437, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 7.90% (a)
4.15%
01/15/29
1,521
76,021
Series 2003-2557, Class HL
5.30%
01/15/33
76,510
53,312
Series 2003-2564, Class AC
5.50%
02/15/33
54,536
123,732
Series 2003-2574, Class PE
5.50%
02/15/33
127,405
51,349
Series 2003-2577, Class LI, IO
5.50%
02/15/33
4,920
465,000
Series 2003-2581, Class LL
5.25%
03/15/33
472,497
4,089
Series 2003-2597, Class AE
5.50%
04/15/33
4,109
615,000
Series 2003-2613, Class LL
5.00%
05/15/33
622,316
312,456
Series 2003-2626, Class ZW
5.00%
06/15/33
316,950
681,154
Series 2003-2626, Class ZX
5.00%
06/15/33
672,387
156,287
Series 2004-2793, Class PE
5.00%
05/15/34
158,005
801,628
Series 2004-2891, Class ZA
6.50%
11/15/34
846,075
188,378
Series 2004-2907, Class DZ
4.00%
12/15/34
184,992
773,611
Series 2005-2973, Class GE
5.50%
05/15/35
794,274
56,683
Series 2005-3031, Class BI, IO, (30 Day Average SOFR + CSA)
×-1+ 6.69% (a)
2.94%
08/15/35
5,007
1,180,530
Series 2005-3054, Class ZW
6.00%
10/15/35
1,240,913
27,593
Series 2005-3074, Class ZH
5.50%
11/15/35
27,811
69,853
Series 2006-243, Class 11, IO, STRIPS (b)
7.00%
08/15/36
6,797
86,277
Series 2006-3117, Class ZU
6.00%
02/15/36
91,765
3,302,830
Series 2006-3196, Class ZK
6.50%
04/15/32
3,404,426
22,359
Series 2007-3274, Class B
6.00%
02/15/37
23,374
114,789
Series 2007-3322, Class NF, (30 Day Average SOFR + CSA) ×
2,566.67 - 16,683.33%, 0.00% Floor (c)
0.00%
05/15/37
101,514
25,148
Series 2007-3340, Class PF, 30 Day Average SOFR + CSA +
0.30% (c)
4.05%
07/15/37
24,851
38,914
Series 2007-3360, Class CB
5.50%
08/15/37
40,124
123,281
Series 2008-3406, Class B
6.00%
01/15/38
127,695
68,553
Series 2008-3413, Class B
5.50%
04/15/37
70,466
122,454
Series 2008-3420, Class AZ
5.50%
02/15/38
126,377
98,027
Series 2008-3448, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (a)
2.30%
05/15/38
1,487
859,261
Series 2009-3542, Class ZP
5.00%
06/15/39
869,810
177,000
Series 2009-3550, Class LL
4.50%
07/15/39
174,682
918,798
Series 2009-3563, Class ZP
5.00%
08/15/39
911,687
410,651
Series 2009-3572, Class JS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.80% (a)
3.05%
09/15/39
18,406
40,998
Series 2009-3585, Class QZ
5.00%
08/15/39
41,003
65,904
Series 2009-3587, Class FX, 30 Day Average SOFR + CSA +
0.00% (c)
3.75%
12/15/37
59,259
206,092
Series 2009-3593, Class F, 30 Day Average SOFR + CSA +
0.50% (c)
4.28%
03/15/36
204,515
754,621
Series 2009-3605, Class NC
5.50%
06/15/37
779,602
370,268
Series 2010-3622, Class PB
5.00%
01/15/40
374,347
152,000
Series 2010-3645, Class WD
4.50%
02/15/40
149,785
303,945
Series 2010-3667, Class PL
5.00%
05/15/40
308,517
See Notes to Financial Statements
Page 1
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$550,000
Series 2010-3714, Class PB
4.75%
08/15/40
$543,376
25,445
Series 2010-3735, Class JI, IO
4.50%
10/15/30
1,505
134,092
Series 2010-3740, Class SC, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.25%
10/15/40
13,207
1,569,840
Series 2011-3796, Class PB
5.00%
01/15/41
1,589,085
2,025,525
Series 2011-3820, Class NC
4.50%
03/15/41
2,010,244
1,131,275
Series 2011-3895, Class PW
4.50%
07/15/41
1,123,800
2,198,161
Series 2011-3925, Class ZD
4.50%
09/15/41
2,150,477
5,266,278
Series 2011-3954, Class GS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.25%
11/15/41
630,047
229,044
Series 2012-267, Class S5, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (a)
2.25%
08/15/42
21,876
4,665,731
Series 2012-276, Class S5, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (a)
2.25%
09/15/42
445,538
239,741
Series 2012-3999, Class WA (b)
5.54%
08/15/40
246,720
1,878,000
Series 2012-4000, Class PY
4.50%
02/15/42
1,753,130
11,352
Series 2012-4015, Class KB
1.75%
05/15/41
10,569
25,680
Series 2012-4021, Class IP, IO
3.00%
03/15/27
190
1,346,766
Series 2012-4026, Class GZ
4.50%
04/15/42
1,271,197
6,591
Series 2012-4030, Class IL, IO (d)
3.50%
04/15/27
35
785,962
Series 2012-4090, Class YZ
4.50%
08/15/42
704,376
19,028
Series 2012-4097, Class ES, IO, (30 Day Average SOFR + CSA)
×-1+ 6.10% (a)
2.35%
08/15/42
2,000
1,682,465
Series 2012-4097, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (a)
2.30%
08/15/42
167,405
2,447,000
Series 2012-4098, Class PE
4.00%
08/15/42
2,269,327
37,120
Series 2012-4103, Class HI, IO
3.00%
09/15/27
475
21,166
Series 2012-4116, Class AS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.15% (a)
2.40%
10/15/42
2,617
105,947
Series 2012-4121, Class HI, IO
3.50%
10/15/27
1,204
196,432
Series 2012-4136, Class TU, IO, (30 Day Average SOFR + CSA)
×-22.50+ 139.5%, 4.50% Cap (a)
4.50%
08/15/42
31,117
38,514
Series 2012-4145, Class YI, IO
3.00%
12/15/27
462
137,790
Series 2013-299, Class S1, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (a)
2.25%
01/15/43
15,494
27,281
Series 2013-303, Class C2, IO, STRIPS
3.50%
01/15/28
380
5,777
Series 2013-304, Class C37, IO, STRIPS
3.50%
12/15/27
75
3,589,426
Series 2013-314, Class PO, PO, STRIPS
(e)
09/15/43
2,775,789
4,641,892
Series 2013-4170, Class CO, PO
(e)
11/15/32
4,227,167
905,000
Series 2013-4176, Class HE
4.00%
03/15/43
838,786
732,650
Series 2013-4177, Class GL
3.00%
03/15/33
705,083
550,548
Series 2013-4193, Class AI, IO
3.00%
04/15/28
9,917
826,035
Series 2013-4193, Class PB
4.00%
04/15/43
753,811
19,745,000
Series 2013-4199, Class BZ
3.50%
05/15/43
18,588,407
500,000
Series 2013-4211, Class PB
3.00%
05/15/43
440,972
15,831,343
Series 2013-4213, Class GZ
3.50%
06/15/43
14,991,349
15,246,911
Series 2013-4218, Class ZK
2.50%
02/15/43
12,610,473
5,388,000
Series 2013-4224, Class ME
4.00%
07/15/43
5,014,573
11,838
Series 2013-4226, Class NS, (30 Day Average SOFR + CSA) ×
-3+ 10.50%, 0.00% Floor (a)
0.00%
01/15/43
6,057
See Notes to Financial Statements
Page 2
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$2,750,000
Series 2013-4247, Class AY
4.50%
09/15/43
$2,609,572
15,872,436
Series 2014-4316, Class BZ
3.00%
03/15/44
14,646,011
5,850,908
Series 2014-4329, Class VZ
4.00%
04/15/44
5,678,096
400,195
Series 2014-4387, Class IE, IO
2.50%
11/15/28
5,430
14,641,195
Series 2015-4499, Class CZ
3.50%
08/15/45
12,834,130
345,402
Series 2015-4512, Class W (b) (f)
5.41%
05/15/38
354,024
44,656
Series 2015-4520, Class AI, IO
3.50%
10/15/35
3,680
321,349
Series 2016-4546, Class PZ
4.00%
12/15/45
236,068
543,964
Series 2016-4546, Class ZT
4.00%
01/15/46
396,504
166,973
Series 2016-4568, Class MZ
4.00%
04/15/46
115,259
7,234,662
Series 2016-4570, Class ST, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.25%
04/15/46
756,921
8,183,689
Series 2016-4587, Class ZH
4.00%
03/15/44
7,733,860
599,765
Series 2016-4591, Class GI, IO
4.00%
12/15/44
59,044
771,702
Series 2016-4600, Class WT
3.50%
07/15/36
697,735
136,619
Series 2016-4605, Class KS, (30 Day Average SOFR + CSA) ×
-1.57+ 4.71%, 0.00% Floor (a)
0.00%
08/15/43
75,254
42,787
Series 2016-4609, Class YI, IO (d)
4.00%
04/15/54
555
13,230,934
Series 2016-4639, Class HZ
3.25%
04/15/53
11,039,920
600,000
Series 2017-4681, Class JY
2.50%
05/15/47
504,059
2,008,156
Series 2018-4774, Class SL, IO, (30 Day Average SOFR + CSA)
×-1+ 6.20% (a)
2.45%
04/15/48
212,490
4,192,256
Series 2018-4790, Class ZA
4.00%
05/15/48
3,761,804
11,900,391
Series 2018-4798, Class GZ
4.00%
06/15/48
11,280,051
3,288,650
Series 2018-4826, Class ME
3.50%
09/15/48
2,966,548
2,042,462
Series 2018-4833, Class PY
4.00%
10/15/48
1,910,293
418,713
Series 2018-4842, Class FA, 30 Day Average SOFR + CSA +
0.35% (c)
4.10%
11/15/48
409,297
3,753,180
Series 2019-4872, Class BZ
4.00%
04/15/49
3,431,724
2,713,357
Series 2019-4902, Class FB, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
08/25/49
2,663,712
5,189,993
Series 2019-4910, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (a)
2.30%
06/15/49
615,661
8,039,428
Series 2019-4919, Class FP, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
09/25/49
7,888,860
8,168,259
Series 2019-4928, Class F, 30 Day Average SOFR + CSA +
0.50% (c)
4.26%
11/25/49
8,037,518
6,541,513
Series 2019-4937, Class MF, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
12/25/49
6,425,423
6,459,937
Series 2019-4938, Class BS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.24%
12/25/49
756,342
2,038,424
Series 2019-4942, Class FA, 30 Day Average SOFR + CSA +
0.50% (c)
4.26%
01/25/50
2,005,432
6,773,872
Series 2019-4943, Class NS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.24%
01/25/50
720,069
13,625,307
Series 2020-4959, Class JF, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
03/25/50
13,367,487
8,706,789
Series 2020-4959, Class LB
3.00%
03/25/40
7,896,754
2,515,155
Series 2020-4974, Class IA, IO
3.50%
12/25/49
621,532
See Notes to Financial Statements
Page 3
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$3,966,760
Series 2020-4980, Class FP, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
07/25/49
$3,883,302
12,570,407
Series 2020-4990, Class AF, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
07/25/50
12,308,512
6,647,965
Series 2020-4994, Class FT, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
01/25/50
6,505,652
3,748,774
Series 2020-5002, Class FJ, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
07/25/50
3,673,173
29,879,517
Series 2020-5004, Class F, 30 Day Average SOFR + CSA +
0.35% (c)
4.11%
07/25/50
29,123,078
22,908,898
Series 2020-5004, Class FG, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
08/25/50
22,372,087
7,743,900
Series 2020-5034, Class IO, IO (b)
2.38%
10/15/45
650,919
8,815,818
Series 2021-5178, Class HL
2.00%
01/25/52
6,109,195
15,873,717
Series 2022-5201, Class PF, 30 Day Average SOFR + 0.30% (c)
3.95%
03/25/52
15,473,021
2,890,501
Series 2022-5202, Class NV
3.00%
01/25/37
2,644,933
13,093,342
Series 2022-5208, Class HZ
3.50%
03/25/52
11,468,548
15,100,838
Series 2022-5208, Class Z
3.00%
04/25/52
11,964,104
9,750,000
Series 2022-5210, Class LB
3.00%
08/25/50
7,615,875
13,858,442
Series 2022-5220, Class KZ
4.00%
02/25/51
12,564,923
5,064,581
Series 2022-5221, Class VE
3.50%
07/25/33
4,865,860
33,673,000
Series 2022-5221, Class YC
4.00%
05/25/52
31,276,095
5,601,782
Series 2022-5222, Class BZ
3.50%
05/25/37
5,242,673
5,243,385
Series 2022-5222, Class DP
3.25%
05/25/52
5,066,657
3,438,053
Series 2022-5224, Class BE
3.50%
08/25/44
3,346,678
14,966,510
Series 2022-5224, Class DZ
4.00%
04/25/52
13,638,900
26,789,410
Series 2022-5224, Class HL
4.00%
04/25/52
24,816,389
12,153,605
Series 2022-5225, Class HZ
4.00%
08/25/51
10,527,991
16,182,151
Series 2022-5225, Class NZ
4.00%
05/25/52
14,125,561
9,596,249
Series 2022-5228, Class DZ
4.50%
06/25/52
8,576,443
8,917,916
Series 2022-5230, Class DL
3.50%
09/25/44
7,705,738
9,012,171
Series 2022-5232, Class GO, PO
(e)
08/25/51
4,082,512
26,539,664
Series 2022-5251, Class PO, PO
(e)
08/25/52
19,218,825
9,767,374
Series 2022-5255, Class KZ
4.00%
09/25/52
8,885,782
24,279,239
Series 2022-5256, Class FC, 30 Day Average SOFR + 0.75% (c)
4.40%
09/25/52
24,169,300
4,427,513
Series 2022-5259, Class FA, 30 Day Average SOFR + 0.70% (c)
4.35%
09/25/52
4,395,525
21,385,550
Series 2022-5266, Class FA, 30 Day Average SOFR + 0.82% (c)
4.47%
09/25/52
21,234,221
7,871,994
Series 2022-5270, Class AL
3.00%
11/25/48
5,916,231
7,727,399
Series 2022-5282, Class MB
4.75%
06/25/42
7,728,176
8,686,535
Series 2023-402, Class PO, PO, STRIPS
(e)
09/25/53
7,273,928
2,150,424
Series 2023-5339, Class GO, PO
(e)
09/25/53
1,771,703
13,132,348
Series 2023-5350, Class PO, PO
(e)
11/25/53
11,140,287
4,508,131
Series 2023-5357, Class OB, PO
(e)
11/25/53
3,576,783
2,951,666
Series 2024-413, Class PO, PO, STRIPS
(e)
05/25/54
2,527,014
16,542,754
Series 2024-5410, Class PO, PO
(e)
05/25/54
12,497,566
11,532,776
Series 2024-5445, Class BS, 30 Day Average SOFR ×-2+
12.03% (a)
4.73%
08/25/54
10,496,490
13,250,541
Series 2024-5476, Class FA, 30 Day Average SOFR + 1.10% (c)
4.75%
11/25/54
13,348,107
26,383,151
Series 2024-5478, Class NF, 30 Day Average SOFR + 1.30% (c)
4.95%
12/25/54
26,680,167
See Notes to Financial Statements
Page 4
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$19,981,112
Series 2025-5508, Class FE, 30 Day Average SOFR + 1.60% (c)
5.25%
02/25/55
$20,284,661
29,853,466
Series 2026-5642, Class FN, 30 Day Average SOFR + 0.90% (c)
4.55%
03/25/56
29,857,577
Federal Home Loan Mortgage Corporation Seasoned Credit Risk
Transfer Trust
 
 
1,910,926
Series 2017-4, Class M (g)
4.75%
06/25/57
1,897,583
4,068,775
Series 2018-2, Class MA
3.50%
11/25/57
3,971,874
24,530,512
Series 2018-4, Class MA
3.50%
03/25/58
23,786,074
17,210,555
Series 2019-1, Class MA
3.50%
07/25/58
16,669,140
15,940,393
Series 2019-2, Class MA
3.50%
08/26/58
15,363,855
12,506,224
Series 2019-2, Class MV
3.50%
08/25/58
11,773,779
8,404,631
Series 2019-3, Class HA
3.00%
10/25/58
7,915,815
9,155,224
Series 2019-3, Class MV
3.50%
10/25/58
8,678,878
2,735,117
Series 2019-4, Class MA
3.00%
02/25/59
2,572,716
Federal Home Loan Mortgage Corporation Seasoned Loans
Structured Transaction Trust
 
 
11,839,366
Series 2019-2, Class A1C
2.75%
09/25/29
11,335,617
11,000,000
Series 2019-2, Class A2C
2.75%
09/25/29
10,474,671
2,914,657
Series 2019-3, Class A1C
2.75%
11/25/29
2,773,484
17,406,417
Series 2021-1, Class AC
2.25%
05/26/31
16,078,706
23,026,625
Series 2024-2, Class VF, 30 Day Average SOFR + 1.25% (c) (g)
4.90%
10/25/34
23,483,876
2,053,819
Series 2025-1, Class YF, 30 Day Average SOFR + 1.10% (c) (g)
4.75%
05/25/35
2,085,421
29,887,000
Series 2025-2, Class A2
3.00%
10/25/35
25,422,809
Federal Home Loan Mortgage Corporation STACR REMIC Trust
 
 
5,639,721
Series 2024-DNA2, Class A1, 30 Day Average SOFR +
1.25% (c) (g)
4.90%
05/25/44
5,665,054
8,000,000
Series 2024-HQA1, Class M2, 30 Day Average SOFR +
2.00% (c) (g)
5.65%
03/25/44
8,061,861
1,347,500
Series 2025-DNA1, Class A1, 30 Day Average SOFR +
0.95% (c) (g)
4.60%
01/25/45
1,348,972
2,412,500
Series 2025-HQA1, Class A1, 30 Day Average SOFR +
0.95% (c) (g)
4.60%
02/25/45
2,416,436
Federal National Mortgage Association
 
 
177
Series 1996-51, Class AY, IO (d)
7.00%
12/18/26
1
170
Series 2001-34, Class SR, IO, (30 Day Average SOFR + CSA) ×
-1+ 8.10% (a)
4.35%
08/18/31
2
558
Series 2001-42, Class SB, (30 Day Average SOFR + CSA) ×-16
+ 128.00%, 8.50% Cap (a)
8.50%
09/25/31
558
2,800
Series 2002-22, Class G
6.50%
04/25/32
2,907
86,204
Series 2002-80, Class CZ
4.50%
09/25/32
83,010
32,262
Series 2002-320, Class 2, IO, STRIPS
7.00%
04/25/32
4,293
28,961
Series 2002-323, Class 6, IO, STRIPS
6.00%
01/25/32
2,666
70,609
Series 2002-324, Class 2, IO, STRIPS
6.50%
07/25/32
8,360
739
Series 2003-14, Class AT
4.00%
03/25/33
736
7,093
Series 2003-21, Class OA
4.00%
03/25/33
7,035
32,139
Series 2003-32, Class UI, IO
6.00%
05/25/33
4,458
171,492
Series 2003-45, Class JB
5.50%
06/25/33
175,269
3,578
Series 2003-63, Class F1, 30 Day Average SOFR + CSA +
0.30% (c)
4.06%
11/25/27
3,573
355,000
Series 2003-71, Class NH
4.29%
08/25/33
347,981
104,440
Series 2003-345, Class 14, IO, STRIPS
6.00%
03/25/34
11,799
See Notes to Financial Statements
Page 5
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$19,172
Series 2003-348, Class 17, IO, STRIPS
7.50%
12/25/33
$1,830
28,808
Series 2003-348, Class 18, IO, STRIPS (b)
7.50%
12/25/33
3,375
119,340
Series 2004-25, Class LC
5.50%
04/25/34
122,440
130,171
Series 2004-25, Class UC
5.50%
04/25/34
133,551
53,507
Series 2004-28, Class ZH
5.50%
05/25/34
53,471
62,333
Series 2004-60, Class AC
5.50%
04/25/34
62,264
644,834
Series 2005-2, Class S, IO, (30 Day Average SOFR + CSA) ×-1
+ 6.60% (a)
2.84%
02/25/35
50,080
147,726
Series 2005-2, Class TB, IO, (30 Day Average SOFR + CSA) ×
-1+ 5.90%, 0.40% Cap (a)
0.40%
07/25/33
1,002
71,582
Series 2005-29, Class ZT
5.00%
04/25/35
69,784
30,992
Series 2005-40, Class SA, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.70% (a)
2.94%
05/25/35
2,404
388,031
Series 2005-52, Class TZ
6.50%
06/25/35
408,881
1,193,586
Series 2005-57, Class KZ
6.00%
07/25/35
1,237,972
18,371
Series 2005-79, Class NS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.09% (a)
2.33%
09/25/35
1,430
1,208,906
Series 2005-86, Class WZ
5.50%
10/25/35
1,224,368
129,608
Series 2005-95, Class WZ
6.00%
11/25/35
130,753
54,095
Series 2005-359, Class 6, IO, STRIPS
5.00%
11/25/35
6,761
41,590
Series 2005-362, Class 13, IO, STRIPS
6.00%
08/25/35
5,424
19,542
Series 2006-5, Class 2A2, 30 Day Average SOFR + CSA +
0.14% (c)
5.48%
02/25/35
19,915
8,823,005
Series 2006-5, Class N2, IO (f)
0.00%
02/25/35
5,989
20,489
Series 2006-15, Class IS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.58% (a)
2.82%
03/25/36
2,089
151,881
Series 2006-20, Class PI, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.68% (a)
2.92%
11/25/30
6,297
33,101
Series 2006-31, Class PZ
6.00%
05/25/36
34,303
23,748
Series 2006-85, Class MZ
6.50%
09/25/36
24,941
120,182
Series 2006-117, Class GF, 30 Day Average SOFR + CSA +
0.35% (c)
4.11%
12/25/36
118,892
1,030,035
Series 2006-118, Class A1, 30 Day Average SOFR + CSA +
0.06% (c)
3.84%
12/25/36
1,007,312
7,542
Series 2007-25, Class FB, 30 Day Average SOFR + CSA +
0.33% (c)
4.09%
04/25/37
7,448
936,698
Series 2007-57, Class ZG
4.75%
06/25/37
914,627
664,175
Series 2007-60, Class ZS
4.75%
07/25/37
659,584
404,313
Series 2007-68, Class AE
6.50%
07/25/37
421,864
158,450
Series 2007-116, Class PB
5.50%
08/25/35
162,327
34,544
Series 2007-117, Class MD
5.50%
07/25/37
35,283
1,492,982
Series 2007-W10, Class 3A (f)
5.48%
06/25/47
1,501,441
147,760
Series 2008-3, Class FZ, 30 Day Average SOFR + CSA +
0.55% (c)
4.31%
02/25/38
144,137
14,594
Series 2008-8, Class ZA
5.00%
02/25/38
14,175
980
Series 2008-17, Class IP, IO (d)
6.50%
02/25/38
12
1,169,786
Series 2009-37, Class NZ
5.71%
02/25/37
1,198,933
4,400,000
Series 2009-50, Class GX
5.00%
07/25/39
4,439,471
1,734,005
Series 2009-85, Class J
4.50%
10/25/39
1,730,103
120,103
Series 2009-91, Class HL
5.00%
11/25/39
121,485
See Notes to Financial Statements
Page 6
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$97,000
Series 2009-92, Class DB
5.00%
11/25/39
$97,958
1,017,745
Series 2009-103, Class PZ
6.00%
12/25/39
1,047,527
85,122
Series 2009-106, Class SN, IO, (30 Day Average SOFR + CSA)
×-1+ 6.25% (a)
2.49%
01/25/40
5,555
325,796
Series 2009-109, Class PZ
4.50%
01/25/40
308,933
35,490
Series 2009-115, Class HZ
5.00%
01/25/40
35,931
234,456
Series 2010-3, Class DZ
4.50%
02/25/40
219,245
92,538
Series 2010-21, Class KO, PO
(e)
03/25/40
81,533
500,000
Series 2010-35, Class EP
5.50%
04/25/40
499,830
193,754
Series 2010-38, Class KC
4.50%
04/25/40
192,996
250,334
Series 2010-45, Class WB
5.00%
05/25/40
253,913
217,260
Series 2010-68, Class BI, IO
5.50%
07/25/50
55,501
52,410
Series 2010-115, Class PO, PO
(e)
04/25/40
46,024
119,822
Series 2010-129, Class SM, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (a)
2.24%
11/25/40
6,511
2,821,000
Series 2010-142, Class DL
4.00%
12/25/40
2,710,277
104,960
Series 2011-9, Class AZ
5.00%
05/25/40
106,018
1,507,000
Series 2011-10, Class AY
6.00%
02/25/41
1,551,869
52,808
Series 2011-30, Class LS, IO (b)
1.94%
04/25/41
4,014
159,188
Series 2011-30, Class ZB
5.00%
04/25/41
156,847
187,805
Series 2011-52, Class GB
5.00%
06/25/41
189,785
95,115
Series 2011-74, Class TQ, IO, (30 Day Average SOFR + CSA) ×
-6.43+ 55.93%, 4.50% Cap (a)
4.50%
12/25/33
9,470
750,000
Series 2011-105, Class MB
4.00%
10/25/41
673,631
2,102,120
Series 2011-111, Class PZ
4.50%
11/25/41
2,056,904
1,301,245
Series 2011-123, Class JS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.65% (a)
2.89%
03/25/41
50,591
776,952
Series 2012-39, Class PB
4.25%
04/25/42
759,781
285,648
Series 2012-52, Class BZ
4.00%
05/25/42
270,850
12,467
Series 2012-66, Class DI, IO
3.50%
06/25/27
129
326,569
Series 2012-103, Class HI, IO
3.00%
09/25/27
3,569
98,966
Series 2012-118, Class IB, IO
3.50%
11/25/42
14,350
4,895,341
Series 2012-122, Class SD, IO, (30 Day Average SOFR + CSA)
×-1+ 6.10% (a)
2.34%
11/25/42
494,266
435,138
Series 2012-133, Class KO, PO
(e)
12/25/42
224,648
232,937
Series 2012-138, Class MA
1.00%
12/25/42
202,606
663,937
Series 2012-146, Class QA
1.00%
01/25/43
576,851
184,413
Series 2012-409, Class 49, IO, STRIPS (b)
3.50%
11/25/41
25,451
199,131
Series 2012-409, Class 53, IO, STRIPS (b)
3.50%
04/25/42
27,532
690,000
Series 2013-10, Class HQ
2.50%
02/25/43
479,714
63,781
Series 2013-13, Class IK, IO
2.50%
03/25/28
1,040
7,053,444
Series 2013-19, Class ZD
3.50%
03/25/43
6,411,975
56,378
Series 2013-23, Class ZB
3.00%
03/25/43
39,381
750,000
Series 2013-41, Class DB
3.00%
05/25/43
612,043
698,932
Series 2013-43, Class IX, IO
4.00%
05/25/43
125,995
386,748
Series 2013-52, Class MD
1.25%
06/25/43
329,245
299,422
Series 2013-55, Class AI, IO
3.00%
06/25/33
22,363
13,145,010
Series 2013-75, Class ZG
3.25%
07/25/43
11,005,582
379,979
Series 2013-105, Class BN
4.00%
05/25/43
353,370
See Notes to Financial Statements
Page 7
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$85,661
Series 2013-105, Class KO, PO
(e)
10/25/43
$75,867
195,852
Series 2013-106, Class KN
3.00%
10/25/43
157,824
11,799,679
Series 2013-115, Class Z
3.00%
11/25/33
11,326,441
29,483,148
Series 2013-119, Class VZ
3.00%
10/25/33
28,480,913
27,776,484
Series 2013-119, Class ZB
3.00%
12/25/33
26,680,460
1,003,000
Series 2013-130, Class QY
4.50%
06/25/41
994,794
17,373,181
Series 2013-136, Class DZ
3.00%
01/25/44
15,890,952
14,726
Series 2014-29, Class GI, IO
3.00%
05/25/29
337
202,556
Series 2014-46, Class KA (b)
6.50%
08/25/44
196
31,641,280
Series 2014-60, Class EZ
3.00%
10/25/44
28,926,854
44,924
Series 2014-68, Class GI, IO
4.50%
10/25/43
1,940
692,314
Series 2014-82, Class GZ
4.00%
12/25/44
596,064
10,791
Series 2014-84, Class LI, IO
3.50%
12/25/26
74
1,867,000
Series 2015-16, Class MY
3.50%
04/25/45
1,595,468
10,216,796
Series 2015-49, Class LE
3.00%
07/25/45
9,833,089
4,587,286
Series 2016-2, Class EZ
2.50%
02/25/46
4,215,938
8,774,460
Series 2016-37, Class PY
3.00%
06/25/46
7,334,329
11,628,311
Series 2016-40, Class MS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.00% (a)
2.24%
07/25/46
1,353,152
11,510,000
Series 2016-50, Class GY
3.00%
08/25/46
9,360,250
3,511,640
Series 2016-62, Class SB, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.10% (a)
2.34%
09/25/46
269,116
4,720,945
Series 2016-63, Class AF, 30 Day Average SOFR + CSA +
0.50% (c)
4.26%
09/25/46
4,656,696
2,194,544
Series 2016-73, Class PI, IO
3.00%
08/25/46
365,235
250,179
Series 2016-74, Class HI, IO
3.50%
10/25/46
44,731
2,063,655
Series 2016-83, Class FA, 30 Day Average SOFR + CSA +
0.50% (c)
4.26%
11/25/46
2,035,683
142,512
Series 2016-84, Class DF, 30 Day Average SOFR + CSA +
0.42% (c)
4.20%
11/25/46
139,722
12,784,239
Series 2017-3, Class LZ
3.50%
02/25/47
11,664,987
597,364
Series 2017-46, Class BY
3.00%
06/25/47
441,413
13,618,207
Series 2017-50, Class BZ
3.00%
07/25/47
12,081,596
4,589,425
Series 2017-84, Class ZK
3.50%
10/25/57
3,929,347
2,488,717
Series 2017-87, Class ZA
4.00%
11/25/57
2,083,668
2,936,203
Series 2018-17, Class Z
3.50%
03/25/48
2,489,737
837,285
Series 2018-45, Class FT, 30 Day Average SOFR + CSA +
0.30% (c)
4.06%
06/25/48
816,291
2,232,244
Series 2018-72, Class FB, 30 Day Average SOFR + CSA +
0.35% (c)
4.11%
10/25/58
2,162,963
23,028,975
Series 2018-84, Class ZM
4.00%
11/25/48
21,590,671
2,815,584
Series 2018-86, Class DL
3.50%
12/25/48
2,601,971
1,512,687
Series 2018-92, Class DB
3.50%
01/25/49
1,392,194
5,440,401
Series 2018-94, Class AZ
4.00%
01/25/49
5,146,433
9,544,227
Series 2019-17, Class GZ
4.00%
11/25/56
8,572,459
6,626,152
Series 2019-18, Class FL, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
05/25/49
6,534,898
3,172,064
Series 2019-33, Class F, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
07/25/49
3,123,170
See Notes to Financial Statements
Page 8
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$3,086,733
Series 2019-33, Class FK, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
07/25/49
$3,029,630
4,898,513
Series 2019-38, Class CF, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
07/25/49
4,812,644
8,544,825
Series 2019-41, Class SN, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.05% (a)
2.29%
08/25/49
720,068
11,930,696
Series 2019-70, Class WA, PO
(e)
11/25/42
10,397,036
8,148,585
Series 2020-9, Class SJ, IO, (30 Day Average SOFR + CSA) ×-1
+ 6.00% (a)
2.24%
02/25/50
964,145
12,175,339
Series 2020-12, Class FL, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
03/25/50
11,947,523
11,969,763
Series 2020-20, Class KI, IO
4.00%
03/25/50
3,527,758
3,717,586
Series 2020-22, Class FA, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
04/25/50
3,639,425
13,694,273
Series 2020-34, Class FA, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
06/25/50
13,434,818
5,648,051
Series 2020-38, Class NF, 30 Day Average SOFR + CSA +
0.45% (c)
4.21%
06/25/50
5,533,999
10,938,420
Series 2020-47, Class FA, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
07/25/50
10,712,137
4,626,530
Series 2020-49, Class FB, 30 Day Average SOFR + CSA +
0.40% (c)
4.16%
07/25/50
4,521,051
9,295,207
Series 2020-93, Class NI, IO
3.00%
01/25/51
780,774
5,912,139
Series 2021-18, Class JC
1.50%
04/25/36
5,432,310
24,241,203
Series 2022-57, Class FB, 30 Day Average SOFR + 0.70% (c)
4.35%
09/25/52
23,975,926
23,240,535
Series 2022-62, Class FM, 30 Day Average SOFR + 0.65% (c)
4.30%
09/25/52
22,946,523
33,614,785
Series 2022-66, Class CF, 30 Day Average SOFR + 0.80% (c)
4.45%
10/25/52
33,354,597
27,085,836
Series 2022-69, Class FA, 30 Day Average SOFR + 0.82% (c)
4.47%
10/25/52
26,893,537
17,528,599
Series 2022-70, Class FA, 30 Day Average SOFR + 0.86% (c)
4.51%
10/25/52
17,427,736
4,607,393
Series 2023-40, Class DO, PO
(e)
09/25/53
3,674,174
6,484,589
Series 2023-44, Class PO, PO
(e)
10/25/53
5,317,707
12,122,937
Series 2024-20, Class QZ
4.00%
10/25/45
10,930,506
11,093,679
Series 2024-20, Class ZA
4.00%
10/25/45
10,007,726
25,281,913
Series 2024-26, Class PO, PO
(e)
05/25/54
19,752,423
13,053,137
Series 2024-28, Class CZ
4.00%
05/25/44
11,847,663
4,406,311
Series 2024-39, Class AV
3.00%
11/25/33
4,185,478
5,042,574
Series 2024-60, Class GV
4.00%
11/25/35
5,014,254
4,983,980
Series 2024-60, Class VA
4.50%
10/25/35
4,946,072
2,067,159
Series 2024-74, Class VT
4.50%
11/25/35
2,043,388
12,064,355
Series 2024-81, Class FE, 30 Day Average SOFR + 1.15% (c)
4.80%
07/25/54
12,176,397
12,898,096
Series 2024-84, Class FD, 30 Day Average SOFR + 1.15% (c)
4.80%
11/25/54
13,020,076
30,079,246
Series 2024-91, Class FL, 30 Day Average SOFR + 1.35% (c)
5.00%
12/25/54
30,447,865
20,516,683
Series 2024-98, Class FG, 30 Day Average SOFR + 1.00% (c)
4.65%
11/25/54
20,651,434
15,471,921
Series 2025-6, Class LF, 30 Day Average SOFR + 1.80% (c)
5.45%
02/25/55
15,703,641
5,445,180
Series 2025-32, Class FD, 30 Day Average SOFR + 1.75% (c)
5.40%
05/25/55
5,521,141
11,831,410
Series 2025-49, Class FA, 30 Day Average SOFR + 0.80% (c)
4.45%
06/25/55
11,777,554
28,263,895
Series 2025-49, Class FD, 30 Day Average SOFR + 0.80% (c)
4.45%
06/25/55
28,134,028
7,284,096
Series 2025-60, Class EZ
4.00%
07/25/48
6,035,969
28,514,645
Series 2026-5, Class CF, 30 Day Average SOFR + 1.05% (c)
4.70%
02/25/56
28,486,119
See Notes to Financial Statements
Page 9
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association Grantor Trust
 
 
$10,857,843
Series 2002-T8, Class A (f)
6.78%
07/25/32
$11,290,621
1,479,822
Series 2005-T1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.40% (c)
4.17%
05/25/35
1,448,019
Government National Mortgage Association
 
 
1,870,475
Series 2003-35, Class TZ
5.75%
04/16/33
1,866,475
156,812
Series 2003-62, Class MZ
5.50%
07/20/33
156,509
52,181
Series 2004-37, Class B
6.00%
04/17/34
52,134
303,196
Series 2004-49, Class MZ
6.00%
06/20/34
303,505
21,355
Series 2004-68, Class ZC
6.00%
08/20/34
21,428
25,969
Series 2004-71, Class ST, (1 Mo. CME Term SOFR + CSA) ×
-6.25+ 44.50%, 7.00% Cap (a)
7.00%
09/20/34
26,063
93,839
Series 2004-88, Class SM, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.10% (a)
2.32%
10/16/34
443
289,925
Series 2004-105, Class JZ
5.00%
12/20/34
289,266
146,485
Series 2004-105, Class KA
5.00%
12/16/34
146,198
288,722
Series 2005-3, Class JZ
5.00%
01/16/35
286,919
288,722
Series 2005-3, Class KZ
5.00%
01/16/35
287,283
63,598
Series 2005-33, Class AY
5.50%
04/16/35
63,500
58,294
Series 2005-41, Class PA
4.00%
05/20/35
57,712
1,124,673
Series 2005-78, Class ZA
5.00%
10/16/35
1,122,121
106,338
Series 2005-93, Class PO, PO
(e)
06/20/35
89,876
331,891
Series 2006-38, Class OH
6.50%
08/20/36
331,131
231,864
Series 2006-61, Class ZA
5.00%
11/20/36
231,619
567,957
Series 2007-16, Class OZ
6.00%
04/20/37
568,606
73,739
Series 2007-27, Class SD, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.20% (a)
2.42%
05/20/37
397
55,993
Series 2007-41, Class OL, PO
(e)
07/20/37
47,861
109,840
Series 2007-42, Class SB, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.75% (a)
2.97%
07/20/37
2,621
342,453
Series 2007-71, Class ZD
6.00%
11/20/37
341,741
181,591
Series 2007-81, Class FZ, 1 Mo. CME Term SOFR + CSA +
0.35% (c)
4.13%
12/20/37
177,607
53,332
Series 2008-33, Class XS, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 7.70% (a)
3.92%
04/16/38
1,732
280,073
Series 2008-47, Class ML
5.25%
06/16/38
283,594
81,998
Series 2008-54, Class PE
5.00%
06/20/38
82,876
247,364
Series 2008-71, Class JI, IO
6.00%
04/20/38
2,466
68,678
Series 2009-14, Class KI, IO
6.50%
03/20/39
3,146
22,535
Series 2009-14, Class KS, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.30% (a)
2.52%
03/20/39
629
52,213
Series 2009-25, Class SE, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 7.60% (a)
3.82%
09/20/38
628
1,836,210
Series 2009-29, Class PC
7.00%
05/20/39
1,931,927
506,471
Series 2009-32, Class SZ
5.50%
05/16/39
503,865
3,732,287
Series 2009-57, Class VB
5.00%
06/16/39
3,725,681
350,089
Series 2009-61, Class PZ
7.50%
08/20/39
367,502
5,010,906
Series 2009-61, Class WQ, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.25% (a)
2.47%
11/16/35
396,380
669,551
Series 2009-69, Class ZB
6.00%
08/20/39
670,683
455,000
Series 2009-75, Class JN
5.50%
09/16/39
458,107
See Notes to Financial Statements
Page 10
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Government National Mortgage Association (Continued)
 
 
$760,202
Series 2009-78, Class KZ
5.50%
09/16/39
$753,864
58,394
Series 2009-79, Class OK, PO
(e)
11/16/37
48,705
178,870
Series 2009-81, Class TZ
5.50%
09/20/39
174,334
55,415
Series 2009-94, Class AL
5.00%
10/20/39
57,023
2,071,629
Series 2009-106, Class SL, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.10% (a)
2.32%
04/20/36
57,793
61,542
Series 2009-106, Class WZ
5.50%
11/16/39
59,158
732,000
Series 2009-126, Class LB
5.00%
12/20/39
739,042
6,586
Series 2010-4, Class WA
3.00%
01/16/40
6,324
1,178,557
Series 2010-59, Class ZD
6.50%
05/20/40
1,272,772
689,538
Series 2010-85, Class SL, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.60% (a)
2.82%
07/20/37
16,509
89,000
Series 2010-116, Class BM
4.50%
09/16/40
86,291
1,406,100
Series 2010-116, Class JB
5.00%
06/16/40
1,394,967
397,352
Series 2010-157, Class OP, PO
(e)
12/20/40
344,084
329,596
Series 2011-4, Class PZ
5.00%
01/20/41
328,306
771,202
Series 2011-35, Class BP
4.50%
03/16/41
767,023
48,846
Series 2011-48, Class LI, IO
5.50%
01/16/41
2,326
3,580,195
Series 2011-61, Class WS, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.47% (a)
2.69%
02/20/38
19,438
26,668
Series 2011-63, Class BI, IO
6.00%
02/20/38
115
819,285
Series 2011-81, Class IC, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.72%, 0.62% Cap (a)
0.62%
07/20/35
1,111
239,265
Series 2011-129, Class CL
5.00%
03/20/41
238,083
25,039
Series 2011-151, Class TB, IO, (1 Mo. CME Term SOFR +
CSA) ×-70+ 465.50%, 3.50% Cap (a)
3.50%
04/20/41
2,117
3,885,816
Series 2012-84, Class QS, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.10% (a)
2.32%
07/16/42
303,413
6,711,842
Series 2012-84, Class SJ, (1 Mo. CME Term SOFR + CSA) ×
-0.57+ 2.51% (a)
0.35%
07/16/42
4,149,900
251,623
Series 2012-108, Class KB
2.75%
09/16/42
198,309
358,477
Series 2012-143, Class TI, IO
3.00%
12/16/27
3,402
906,223
Series 2012-149, Class PC (b)
6.26%
12/20/42
939,788
43,018
Series 2013-5, Class IA, IO
3.50%
10/16/42
4,991
2,223,000
Series 2013-20, Class QM
2.63%
02/16/43
1,873,053
90,896
Series 2013-69, Class PI, IO
5.00%
05/20/43
6,982
953,680
Series 2013-70, Class PM
2.50%
05/20/43
756,205
533,607
Series 2013-130, Class WS, IO, (1 Mo. CME Term SOFR +
CSA) ×-1+ 6.10% (a)
2.32%
09/20/43
58,912
688,000
Series 2013-183, Class PB
4.50%
12/20/43
656,209
277,094
Series 2014-44, Class IC, IO (d)
3.00%
04/20/28
552
3,970,293
Series 2014-44, Class ID, IO (b) (f)
0.32%
03/16/44
33,629
10,854
Series 2014-91, Class JI, IO
4.50%
01/20/40
545
692,877
Series 2014-94, Class Z
4.50%
01/20/44
675,252
1,792,648
Series 2014-116, Class SB, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 5.60% (a)
1.82%
08/20/44
139,034
693,441
Series 2014-118, Class TV, IO, (1 Mo. CME Term SOFR +
CSA) ×-1+ 6.25% (a)
2.47%
05/20/44
66,758
10,092,703
Series 2015-24, Class BZ
3.00%
02/20/45
9,009,134
2,553,467
Series 2015-66, Class LI, IO
5.00%
05/16/45
153,273
See Notes to Financial Statements
Page 11
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Government National Mortgage Association (Continued)
 
 
$2,457
Series 2015-95, Class IK, IO (b) (d)
0.00%
05/16/37
$0
5,790,229
Series 2015-123, Class ZA
3.50%
09/20/45
5,412,610
236,453
Series 2015-137, Class WA (b) (f)
5.55%
01/20/38
243,289
170,512
Series 2015-138, Class MI, IO
4.50%
08/20/44
11,951
19,960
Series 2015-151, Class KW (b)
4.18%
04/20/34
19,775
28,942,439
Series 2015-164, Class MZ
3.00%
09/20/45
22,564,527
216,977
Series 2016-16, Class KZ
3.00%
02/16/46
174,771
8,120,295
Series 2016-20, Class FN, 1 Mo. CME Term SOFR + CSA +
0.40% (c)
4.18%
02/20/46
7,982,670
4,138,283
Series 2016-37, Class AF, 1 Mo. CME Term SOFR + CSA +
0.47% (c)
4.25%
11/20/43
4,076,412
8,146
Series 2016-55, Class PB (b)
5.38%
03/20/31
8,220
621,305
Series 2016-69, Class WI, IO
4.50%
05/20/46
125,563
1,613,863
Series 2016-75, Class SA, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.00% (a)
2.22%
05/20/40
124,674
309,040
Series 2016-78, Class UI, IO
4.00%
06/20/46
62,371
7,231,381
Series 2016-83, Class BP
3.00%
06/20/46
6,041,712
186,396
Series 2016-99, Class JA (b)
5.49%
11/20/45
192,761
1,164,993
Series 2016-109, Class ZM
3.50%
08/20/36
1,058,010
3,801,564
Series 2016-111, Class PI, IO
3.50%
06/20/45
454,677
4,996,257
Series 2016-120, Class AS, IO, (1 Mo. CME Term SOFR +
CSA) ×-1+ 6.10% (a)
2.32%
09/20/46
689,724
464,000
Series 2016-141, Class PC
5.00%
10/20/46
443,620
365,553
Series 2016-145, Class LZ
3.00%
10/20/46
256,385
5,827,610
Series 2016-156, Class ZM
3.50%
11/20/46
5,282,815
303,000
Series 2016-160, Class LE
2.50%
11/20/46
208,769
113,588
Series 2016-167, Class KI, IO
6.00%
12/16/46
12,062
1,536,175
Series 2017-12, Class SD, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.10% (a)
2.32%
01/20/47
198,536
1,123,620
Series 2017-17, Class KZ
4.50%
02/20/47
1,006,962
2,283,296
Series 2017-32, Class DI, IO
5.50%
05/20/35
201,890
6,815,327
Series 2017-33, Class PZ
3.00%
02/20/47
5,783,956
2,595,710
Series 2017-56, Class BI, IO
6.00%
04/16/47
329,672
2,486,493
Series 2017-123, Class IO, IO
5.00%
08/16/47
423,111
3,027,559
Series 2017-130, Class LS, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.20% (a)
2.42%
08/16/47
298,160
1,776,097
Series 2017-133, Class JI, IO
7.00%
06/20/41
173,130
2,302,822
Series 2017-186, Class TI, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 6.50%, 0.50% Cap (a)
0.50%
05/20/40
26,534
998,722
Series 2018-44, Class Z
2.50%
09/20/47
752,394
5,757,804
Series 2018-78I, Class EZ
3.00%
04/20/48
5,261,695
2,774,479
Series 2018-79, Class IO, IO
5.00%
06/20/48
320,828
3,381,155
Series 2018-131, Class IA, IO
5.00%
04/20/44
449,623
10,000,000
Series 2018-134, Class KB
3.50%
10/20/48
9,206,763
5,265,890
Series 2018-155, Class KD
4.00%
11/20/48
4,979,281
2,411,793
Series 2018-160, Class GY
4.50%
11/20/48
2,273,039
694,144
Series 2019-27, Class DI, IO
5.50%
01/20/40
98,730
7,148,210
Series 2019-128, Class EF, 1 Mo. CME Term SOFR + CSA +
0.57%, 4.00% Cap (c)
4.00%
10/20/49
6,611,868
See Notes to Financial Statements
Page 12
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Government National Mortgage Association (Continued)
 
 
$1,624,593
Series 2019-128, Class ES, IO, (1 Mo. CME Term SOFR + CSA)
×-1+ 3.43%, 0.00% Floor (a)
0.00%
10/20/49
$11,975
3,000,000
Series 2020-62, Class IC, IO
2.50%
01/20/50
603,096
14,014,801
Series 2020-62, Class WI, IO
2.50%
08/20/49
2,530,389
7,097,422
Series 2020-84, Class IM, IO
2.50%
05/20/50
1,455,461
19,759,118
Series 2020-84, Class IO, IO
2.50%
04/20/50
4,248,465
4,993,855
Series 2021-46, Class IL, IO
3.00%
03/20/51
631,654
35,938,334
Series 2022-63, Class AZ
3.00%
08/20/51
29,826,330
18,752,462
Series 2022-63, Class BZ
3.50%
11/20/46
15,792,718
21,178,506
Series 2022-63, Class HZ
2.50%
11/20/51
15,558,573
12,318,553
Series 2022-63, Class MZ
3.00%
05/20/51
9,454,294
17,556,958
Series 2022-65, Class BZ
3.50%
04/20/52
13,801,741
8,030,066
Series 2022-68, Class DZ
3.50%
04/20/52
6,233,850
13,995,980
Series 2022-68, Class MZ
3.50%
04/20/52
11,408,074
14,712,961
Series 2022-68, Class XA
3.50%
02/20/49
14,212,693
14,447,945
Series 2022-68, Class Z
3.50%
04/20/52
11,738,499
19,425,507
Series 2022-68, Class ZC
3.50%
04/20/52
15,258,479
8,025,517
Series 2022-69, Class FA, 30 Day Average SOFR + 0.75% (c)
4.39%
04/20/52
7,542,779
12,991,946
Series 2022-69, Class QL
3.00%
04/20/52
11,355,171
10,497,937
Series 2022-76, Class PG
4.00%
04/20/52
10,327,018
10,917,513
Series 2022-78, Class AM
3.50%
04/20/52
8,250,937
15,577,930
Series 2022-90, Class KZ
3.00%
04/20/51
11,769,625
9,161,419
Series 2022-90, Class ZG
1.50%
02/20/52
4,745,865
22,341,349
Series 2022-124, Class EY
4.00%
07/20/52
19,169,271
12,000,000
Series 2022-124, Class MY
3.50%
07/20/52
10,323,218
23,600,000
Series 2022-139, Class AL
4.00%
07/20/51
21,696,146
7,043,387
Series 2022-146, Class MF, 30 Day Average SOFR + 0.45% (c)
4.09%
08/20/52
6,942,506
10,992,463
Series 2022-154, Class EZ
3.50%
09/20/52
8,908,279
11,106,000
Series 2022-191, Class BY
4.00%
08/20/41
10,594,312
10,173,000
Series 2022-204, Class YC
4.00%
07/20/52
9,390,311
10,738,770
Series 2023-81, Class YD
4.00%
06/20/53
9,572,374
6,880,056
Series 2023-169, Class EO, PO
(e)
05/20/53
5,618,975
10,985,734
Series 2024-181, Class FQ, 30 Day Average SOFR + 1.15% (c)
4.79%
11/20/54
11,080,943
4,528,955
Series 2025-4, Class FY, 30 Day Average SOFR + 1.60% (c)
5.24%
01/20/55
4,568,302
20,807,118
Series 2025-83, Class SB, (30 Day Average SOFR) ×-2.50+
14.50% (a)
5.40%
05/20/55
20,033,811
18,874,513
Series 2025-95, Class DC, (30 Day Average SOFR) ×-2.50+
14.63% (a)
5.52%
05/20/55
17,535,670
34,026,596
Series 2025-98, Class SX, (30 Day Average SOFR) ×-1.80+
10.44% (a)
3.89%
06/20/55
31,221,008
31,231,954
Series 2025-131, Class ST, (30 Day Average SOFR) ×-1.80+
10.89% (a)
4.34%
08/20/55
27,311,594
 
2,244,079,205
Commercial Mortgage-Backed Securities — 7.8%
Federal Home Loan Mortgage Corporation Multiclass Certificates
 
 
79,276,000
Series 2020-RR02, Class DX, IO (b)
1.82%
09/27/28
2,782,144
150,334,000
Series 2020-RR06, Class BX, IO (b)
1.84%
05/27/33
11,078,458
37,600,000
Series 2020-RR09, Class AX, IO (b)
2.63%
11/27/28
1,991,766
47,500,000
Series 2020-RR09, Class BX, IO (b)
2.20%
02/27/29
2,456,937
See Notes to Financial Statements
Page 13
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Federal Home Loan Mortgage Corporation Multiclass Certificates
(Continued)
 
 
$96,907,000
Series 2020-RR10, Class X, IO (b)
2.01%
12/27/27
$1,640,917
112,919,000
Series 2020-RR11, Class AX, IO (b)
2.84%
01/27/29
5,307,554
38,965,237
Series 2020-RR11, Class BX, IO (b)
2.52%
12/27/28
908,864
34,897,468
Series 2020-RR14, Class X, IO (f)
2.13%
03/27/34
4,304,177
31,542,633
Series 2021-P009, Class X, IO (f)
1.37%
01/25/31
716,043
3,861,266
Series 2021-P011, Class X1, IO (f)
1.74%
09/25/45
398,285
112,345,000
Series 2021-RR15, Class X, IO (f)
1.56%
10/27/34
9,747,861
100,924,000
Series 2021-RR18, Class X, IO (f)
1.90%
10/27/28
3,311,912
20,098,730
Series 2021-RR19, Class X, IO (f)
2.01%
04/27/29
762,013
55,000,000
Series 2021-RR20, Class X, IO (f)
1.85%
04/25/33
5,600,947
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates
 
 
8,120,219
Series 2015-K047, Class X3, IO (d) (f)
4.20%
06/25/43
813
296,300
Series 2018-KSW4, Class A, 30 Day Average SOFR + CSA +
0.43% (c)
4.20%
10/25/28
295,896
71,253,041
Series 2019-K097, Class X1, IO (f)
1.21%
07/25/29
2,168,202
55,360,008
Series 2019-K099, Class X1, IO (f)
0.99%
09/25/29
1,396,965
57,790,000
Series 2019-K099, Class XAM, IO (f)
1.26%
09/25/29
1,941,164
121,631,948
Series 2019-K100, Class X1, IO (f)
0.76%
09/25/29
2,299,805
67,154,641
Series 2019-K101, Class X1, IO (b)
0.94%
10/25/29
1,660,694
64,993,000
Series 2019-K102, Class XAM, IO (b)
1.21%
10/25/29
2,124,082
59,029,000
Series 2019-K103, Class XAM, IO (f)
1.02%
11/25/29
1,666,953
15,639,970
Series 2019-K735, Class X1, IO (d) (f)
1.08%
05/25/26
454
35,100,281
Series 2019-K736, Class X1, IO (f)
1.37%
07/25/26
32,457
28,252,445
Series 2019-K1510, Class X1, IO (f)
0.63%
01/25/34
747,848
15,390,306
Series 2019-K1511, Class X1, IO (f)
0.92%
03/25/34
659,886
155,146,029
Series 2019-K1512, Class X1, IO (f)
1.05%
04/25/34
7,446,141
55,899,076
Series 2019-K1513, Class X1, IO (f)
0.98%
08/25/34
2,681,317
5,731,303
Series 2019-KJ24, Class A2
2.82%
09/25/27
5,667,817
35,529,637
Series 2020-K109, Class XAM, IO (f)
1.91%
04/25/30
2,291,580
112,355,428
Series 2020-K110, Class X1, IO (f)
1.75%
04/25/30
5,932,097
24,006,055
Series 2020-K110, Class XAM, IO (f)
1.95%
04/25/30
1,565,569
29,273,633
Series 2020-K112, Class XAM, IO (f)
1.77%
05/25/30
1,830,170
82,019,000
Series 2020-K113, Class XAM, IO (f)
1.68%
06/25/30
4,787,876
53,269,611
Series 2020-K114, Class XAM, IO (f)
1.43%
06/25/30
2,643,771
155,632,205
Series 2020-K115, Class X1, IO (f)
1.41%
06/25/30
7,137,355
55,537,412
Series 2020-K115, Class XAM, IO (f)
1.64%
07/25/30
3,200,577
70,619,985
Series 2020-K116, Class X1, IO (f)
1.51%
07/25/30
3,395,698
55,652,865
Series 2020-K116, Class XAM, IO (f)
1.70%
08/25/30
3,381,585
8,000,000
Series 2020-K117, Class A2
1.41%
08/25/30
7,123,443
63,500,000
Series 2020-K117, Class XAM, IO (f)
1.53%
09/25/30
3,510,242
75,773,485
Series 2020-K118, Class X1, IO (f)
1.04%
09/25/30
2,628,719
37,151,661
Series 2020-K118, Class XAM, IO (f)
1.26%
09/25/30
1,707,085
51,000,000
Series 2020-K119, Class XAM, IO (f)
1.23%
10/25/30
2,293,521
77,535,017
Series 2020-K120, Class XAM, IO (f)
1.31%
10/25/30
3,766,938
24,471,000
Series 2020-K121, Class XAM, IO (f)
1.29%
11/25/30
1,194,652
76,100,670
Series 2020-K122, Class X1, IO (f)
0.95%
11/25/30
2,501,155
35,410,560
Series 2020-K122, Class XAM, IO (f)
1.17%
11/25/30
1,565,249
See Notes to Financial Statements
Page 14
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates (Continued)
 
 
$64,546,758
Series 2020-K737, Class X1, IO (b)
0.72%
10/25/26
$96,781
38,645,000
Series 2020-K738, Class XAM, IO (b)
1.49%
03/25/27
391,277
120,494,784
Series 2020-K739, Class X1, IO (f)
1.27%
09/25/27
1,149,014
46,072,531
Series 2020-K739, Class XAM, IO (f)
1.66%
09/25/27
732,834
70,811,000
Series 2020-K740, Class XAM, IO (f)
1.20%
10/25/27
987,750
88,711,063
Series 2020-K1515, Class X1, IO (f)
1.63%
02/25/35
8,175,683
43,943,640
Series 2020-K1516, Class X1, IO (f)
1.62%
05/25/35
4,523,255
56,317,038
Series 2020-K1517, Class X1, IO (f)
1.43%
07/25/35
4,930,895
114,256,289
Series 2020-KG04, Class X1, IO (f)
0.93%
11/25/30
3,518,180
5,700,000
Series 2021-K123, Class A2
1.62%
12/25/30
5,082,213
4,725,000
Series 2021-K124, Class A2
1.66%
12/25/30
4,212,685
64,367,000
Series 2021-K128, Class XAM, IO (f)
0.83%
03/25/31
2,123,062
132,385,811
Series 2021-K129, Class X1, IO (f)
1.13%
05/25/31
5,193,826
43,636,000
Series 2021-K129, Class XAM, IO (f)
1.32%
05/25/31
2,346,063
66,360,633
Series 2021-K130, Class X1, IO (f)
1.14%
06/25/31
2,913,364
41,565,013
Series 2021-K130, Class XAM, IO (f)
1.32%
07/25/31
2,357,838
58,530,863
Series 2021-K131, Class XAM, IO (f)
1.04%
07/25/31
2,605,542
78,491,000
Series 2021-K132, Class XAM, IO (f)
0.95%
09/25/31
3,166,531
107,703,000
Series 2021-K741, Class XAM, IO (f)
1.03%
12/25/27
1,362,137
102,778,955
Series 2021-K744, Class X1, IO (f)
0.96%
07/25/28
1,697,641
9,251,265
Series 2021-K1522, Class A1
1.91%
11/25/35
7,935,327
158,193,872
Series 2021-KG05, Class X1, IO (f)
0.40%
01/25/31
1,928,320
4,766,359
Series 2022-K142, Class A1
2.40%
12/25/31
4,458,121
200,000,000
Series 2022-K148, Class XAM, IO (f)
0.39%
08/25/32
3,197,254
4,533,430
Series 2022-K150, Class A1
4.00%
12/25/31
4,493,870
641,673
Series 2022-K152, Class A1
3.78%
01/25/32
635,341
4,899,096
Series 2023-K154, Class A1
4.36%
02/25/32
4,914,468
10,000,000
Series 2023-KJ47, Class A2
5.43%
06/25/31
10,322,790
113,233,000
Series 2024-K757, Class XAM, IO (f)
1.18%
08/25/31
5,297,691
11,475,000
Series 2024-KJ51, Class A2
4.70%
01/25/32
11,516,447
9,700,000
Series 2024-KJ52, Class A2
4.76%
01/25/32
9,782,752
213,452,835
Series 2025-K541, Class X1, IO (f)
0.81%
02/25/30
4,773,062
Federal National Mortgage Association Alternative Credit
Enhancement Securities
 
 
7,433,814
Series 2017-M8, Class A2
3.06%
05/25/27
7,360,202
23,520,747
Series 2023-M1, Class 2A1 (f)
4.05%
12/25/37
22,691,302
27,279,533
Series 2023-M1, Class Z (f)
4.05%
01/25/53
21,057,083
13,805,414
Series 2024-M3, Class Z (f)
4.66%
04/25/53
11,720,958
Government National Mortgage Association
 
 
1,287,589
Series 2011-31, Class Z (b)
3.45%
09/16/52
1,148,284
20,582,078
Series 2012-120, Class Z (b)
2.46%
01/16/55
13,415,859
85,345
Series 2013-74, Class AG (f)
2.55%
12/16/53
71,437
3,623
Series 2013-194, Class AE (b)
2.75%
11/16/44
3,448
18,064,736
Series 2015-30, Class DZ
2.95%
05/16/55
16,231,122
2,440,864
Series 2015-125, Class VA (b)
2.70%
05/16/35
2,351,421
3,476,482
Series 2017-23, Class Z
2.50%
05/16/59
2,029,818
4,523,409
Series 2017-35, Class Z
2.50%
05/16/59
2,765,642
1,933,767
Series 2017-106, Class AE
2.60%
12/16/56
1,626,764
See Notes to Financial Statements
Page 15
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Government National Mortgage Association (Continued)
 
 
$2,884,631
Series 2017-146, Class Z
2.60%
09/16/57
$1,773,866
4,729,826
Series 2018-4, Class Z
2.50%
10/16/59
2,581,317
18,915,708
Series 2018-123, Class Z
2.50%
06/16/60
13,875,402
27,053,819
Series 2018-170, Class Z
2.50%
11/16/60
19,668,289
19,987,748
Series 2019-7, Class Z
2.50%
01/16/61
12,614,272
2,076,458
Series 2019-104, Class Z
2.80%
05/16/61
1,093,956
6,700,000
Series 2020-161, Class B
2.00%
08/16/62
3,387,321
9,382,547
Series 2020-169, Class Z
1.83%
06/16/62
3,247,702
27,111,643
Series 2021-31, Class IO, IO (f)
0.94%
01/16/61
1,848,320
24,235,275
Series 2022-43, Class Z
2.00%
09/16/61
12,053,312
20,665,093
Series 2022-106, Class Z
2.00%
05/16/63
11,871,883
49,596,181
Series 2024-32, Class IO, IO (f)
0.70%
06/16/63
2,604,043
38,869,353
Series 2025-21, Class IO, IO (f)
0.95%
04/16/65
2,735,252
69,668,180
Series 2025-153, Class IO, IO (f)
0.85%
09/16/67
5,227,008
197,873,544
Series 2025-206, Class IO, IO (f)
0.80%
04/16/64
11,955,757
 
480,088,708
Pass-Through Securities — 31.0%
Federal Home Loan Mortgage Corporation
358,883
Pool 760043, 5 Yr. Constant Maturity Treasury Rate + 1.39% (c)
5.07%
12/01/48
361,038
44,672
Pool A19763
5.00%
04/01/34
44,536
208,592
Pool A47828
3.50%
08/01/35
202,426
78,296
Pool A47937
5.50%
08/01/35
79,953
48,109
Pool A48972
5.50%
05/01/36
49,698
44,804
Pool A54675
5.50%
01/01/36
46,283
96,168
Pool A65324
5.50%
09/01/37
98,725
53,586
Pool A97294
4.00%
02/01/41
51,676
473,977
Pool B70791
4.00%
06/01/39
468,593
1,366
Pool C01310
6.50%
03/01/32
1,419
6,556
Pool C03458
5.00%
02/01/40
6,648
63,443
Pool C04269
3.00%
10/01/42
58,144
8,593
Pool C91482
3.50%
07/01/32
8,414
6,392
Pool G01443
6.50%
08/01/32
6,639
123,687
Pool G02017
5.00%
12/01/35
125,411
67,243
Pool G04814
5.50%
10/01/38
69,226
6,331
Pool G05173
4.50%
11/01/31
6,302
57,294
Pool G05275
5.50%
02/01/39
58,390
34,728
Pool G05449
4.50%
05/01/39
34,496
103,811
Pool G06583
5.00%
06/01/41
105,264
247,036
Pool G07100
5.50%
07/01/40
254,144
29,528
Pool G07266
4.00%
12/01/42
28,329
207,468
Pool G07329
4.00%
01/01/43
200,132
213,187
Pool G07683
4.00%
03/01/44
205,777
1,011
Pool G08113
6.50%
02/01/36
1,065
914
Pool G14348
4.00%
10/01/26
913
438
Pool G15949
4.00%
01/01/29
437
6,137
Pool G60020
4.50%
12/01/43
5,998
214,711
Pool G60114
5.50%
06/01/41
221,798
372,659
Pool G60168
4.50%
07/01/45
367,516
141,498
Pool G60194
3.50%
08/01/45
132,211
See Notes to Financial Statements
Page 16
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal Home Loan Mortgage Corporation (Continued)
$125,082
Pool G60808
3.00%
10/01/46
$112,905
1,857
Pool H09034
5.50%
05/01/37
1,870
57,366
Pool N70075
5.00%
01/01/35
57,216
146,249
Pool N70081
5.50%
07/01/38
147,883
35,992
Pool Q07189
4.00%
04/01/42
34,719
11,900
Pool Q07479
3.50%
04/01/42
11,239
50,067
Pool Q11791
3.50%
10/01/42
47,172
33,555
Pool Q11836
3.50%
10/01/42
31,548
240,270
Pool Q14034
3.50%
12/01/42
226,672
295,180
Pool Q54651
4.50%
03/01/48
290,679
357,998
Pool Q55037
4.50%
04/01/48
352,638
1,406,727
Pool Q61217
4.00%
01/01/49
1,340,878
7,440,369
Pool SC0252
3.00%
01/01/42
6,837,926
9,805,031
Pool SD0844
3.50%
07/01/47
9,206,685
7,628,487
Pool SD0887
3.50%
09/01/49
7,123,402
12,115,382
Pool SD0948
3.00%
05/01/47
11,016,800
16,637,627
Pool SD0949
3.00%
09/01/48
15,200,013
11,986,182
Pool SD0954
3.00%
02/01/47
10,972,491
7,935,926
Pool SD0961
3.50%
11/01/48
7,398,996
8,065,194
Pool SD1169
3.50%
02/01/48
7,543,346
14,607,160
Pool SD1170
3.50%
09/01/49
13,630,775
4,180,191
Pool SD1289
3.00%
10/01/50
3,759,684
5,318,592
Pool SD1361
3.50%
02/01/50
4,971,411
29,098,228
Pool SD3140
3.50%
06/01/52
26,540,882
8,182,172
Pool SD4005
4.00%
12/01/49
7,830,751
14,843,503
Pool SD6833
3.00%
02/01/50
13,055,818
14,264,304
Pool SD7509
3.00%
11/01/49
12,736,402
3,818,949
Pool SD7550
3.00%
02/01/52
3,408,504
15,022,022
Pool SE9110
2.00%
04/01/52
11,823,001
5,515,870
Pool SF5029
3.50%
02/01/46
5,171,763
26,564,015
Pool SL0847
3.50%
04/01/49
24,527,474
13,778,021
Pool SL1390
4.00%
07/01/50
13,141,846
64,209,990
Pool SL1523
3.50%
07/01/50
59,036,587
112,124,797
Pool SL2533
4.00%
05/01/49
105,975,388
19,759,144
Pool SL3824
3.50%
09/01/47
18,199,613
116,068
Pool U50165
4.00%
05/01/32
114,983
1,131,890
Pool U59020
4.00%
06/01/35
1,114,007
621,992
Pool U64762
4.50%
10/01/45
615,194
29,336
Pool U80212
3.50%
02/01/33
28,488
52,825
Pool U90245
3.50%
10/01/42
49,594
517,203
Pool U90690
3.50%
06/01/42
485,572
6,663
Pool U90932
3.00%
02/01/43
6,103
77,824
Pool U99096
4.50%
05/01/44
77,263
8,129,887
Pool ZA4196
3.00%
04/01/43
7,431,334
11,644,316
Pool ZL8982
3.50%
01/01/45
10,891,564
733,196
Pool ZS2492
6.50%
04/01/35
760,729
14,993,933
Pool ZS9446
3.50%
08/01/45
14,068,743
20,402,315
Pool ZS9776
3.50%
08/01/46
18,997,678
38,213,997
Pool ZT0779
3.00%
09/01/47
34,098,847
See Notes to Financial Statements
Page 17
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association
$21,381
Pool 190371
6.50%
07/01/36
$22,720
11,789
Pool 255190
5.50%
05/01/34
12,035
35,497
Pool 256181
5.50%
03/01/36
35,683
3,041
Pool 256808
5.50%
07/01/37
3,009
28,004
Pool 256936
6.00%
10/01/37
29,046
13,886,070
Pool 310208
3.00%
03/01/48
12,246,366
14,111,116
Pool 310211
3.50%
07/01/48
12,995,129
20,734,012
Pool 310230
3.50%
02/01/48
19,054,567
4,724
Pool 555851
6.50%
01/01/33
4,901
139,512
Pool 735415
6.50%
12/01/32
145,157
9,967
Pool 747097
6.00%
10/01/29
9,995
85,475
Pool 788149
5.50%
05/01/33
86,627
133,704
Pool 850000
5.50%
01/01/36
137,951
27,052
Pool 871039
5.50%
02/01/37
27,112
39,231
Pool 888163
7.00%
12/01/33
41,415
5,985
Pool 890149
6.50%
10/01/38
6,365
458,563
Pool 890556
4.50%
10/01/43
450,486
4,960
Pool 930562
5.00%
02/01/39
5,024
75,483
Pool 953115
5.50%
11/01/38
77,120
14,701
Pool 976871
6.50%
08/01/36
15,250
8,060
Pool 995097
6.50%
10/01/37
8,570
21,865
Pool 995228
6.50%
11/01/38
23,251
53,092
Pool AA3303
5.50%
06/01/38
53,672
748,647
Pool AB2506
5.00%
03/01/41
757,068
1,997,933
Pool AB2959
4.50%
07/01/40
1,945,096
306,514
Pool AB8676
3.50%
05/01/42
285,727
2,503
Pool AD5222
4.50%
05/01/30
2,504
96,680
Pool AE0137
4.50%
03/01/36
95,924
1,592,939
Pool AE7733
5.00%
11/01/40
1,613,295
344,023
Pool AE9959
5.00%
03/01/41
347,429
185,796
Pool AH0979
3.50%
01/01/41
173,142
60,996
Pool AH1141
4.50%
12/01/40
60,515
50,131
Pool AI6093
4.50%
06/01/31
50,198
13,481
Pool AI6581
4.50%
07/01/41
13,375
1,026,883
Pool AI9124
4.00%
08/01/42
989,368
702,380
Pool AI9158
6.50%
01/01/41
758,768
36,572
Pool AL0212
5.50%
02/01/38
37,253
38,080
Pool AL2142
6.50%
09/01/38
40,375
47,617
Pool AL2892
3.50%
12/01/42
44,715
291,673
Pool AL3093
3.50%
02/01/43
273,836
356,859
Pool AL5890
4.50%
03/01/43
354,042
249,963
Pool AL7637
5.00%
01/01/42
248,937
566,583
Pool AL7905
4.50%
03/01/34
563,847
48,590,847
Pool AL9394
3.00%
11/01/46
43,283,815
9,435,986
Pool AL9401
4.00%
02/01/46
9,080,952
4,901,791
Pool AL9566
3.50%
06/01/46
4,597,906
838,321
Pool AL9777
4.50%
01/01/47
824,960
148,464
Pool AP1197
3.50%
09/01/42
139,754
81,958
Pool AP7963
4.00%
09/01/42
78,880
See Notes to Financial Statements
Page 18
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association (Continued)
$1,132,940
Pool AQ0411
3.50%
10/01/42
$1,067,173
163,720
Pool AQ9999
3.00%
02/01/43
149,763
1,563,365
Pool AS1719
5.00%
02/01/44
1,576,402
122,296
Pool AS7211
3.00%
04/01/46
111,896
25,536,458
Pool AS7738
3.00%
08/01/46
22,909,806
33,396,017
Pool AS7749
3.50%
08/01/46
30,947,485
143,379
Pool AS9990
4.50%
07/01/47
140,739
47,989
Pool AT0332
3.00%
04/01/43
44,128
52,490
Pool AY0013
4.50%
01/01/45
50,926
14,664,153
Pool BF0207
4.50%
04/01/47
14,465,212
9,449
Pool BH9428
4.50%
09/01/47
9,266
30,564
Pool BJ6232
5.00%
04/01/48
30,598
284,072
Pool BJ9100
4.50%
02/01/48
279,526
200,176
Pool BJ9111
4.50%
03/01/48
197,233
762,103
Pool BJ9124
4.50%
04/01/48
750,050
8,249,726
Pool BM3867
4.00%
02/01/46
7,949,144
2,912,681
Pool BM4785
4.50%
10/01/38
2,913,296
3,915,989
Pool BM5671
4.50%
01/01/49
3,857,631
8,018,199
Pool BM6429
3.00%
09/01/48
7,071,721
17,760,540
Pool BM6732
4.00%
11/01/48
17,099,971
13,514,741
Pool BM7079
4.00%
10/01/48
12,867,829
5,892,694
Pool BM7129
3.00%
01/01/47
5,390,610
15,111,983
Pool BM7521
3.50%
10/01/48
14,013,423
25,339,475
Pool BM7665
3.50%
02/01/48
23,434,261
762,430
Pool BN4059
4.00%
12/01/48
715,067
6,735,000
Pool BS3035
1.39%
09/01/28
6,332,015
3,474,903
Pool BV8046
4.50%
09/01/52
3,401,233
2,779,370
Pool CA2947
4.00%
12/01/48
2,646,738
16,645,319
Pool CA8513
2.50%
01/01/51
14,006,015
47,276,412
Pool FA1024
2.50%
05/01/51
39,785,215
22,185,139
Pool FA1348
4.50%
09/01/52
21,978,062
15,848,288
Pool FA1641
4.50%
09/01/50
15,582,727
48,002,384
Pool FA2450
4.00%
03/01/47
45,973,149
23,571,729
Pool FA5031
3.50%
05/01/47
21,725,945
11,501,743
Pool FA5146
4.50%
01/01/50
11,410,979
1,260,438
Pool FM1284
3.50%
02/01/46
1,183,401
1,083,852
Pool FM1285
4.00%
10/01/43
1,043,938
10,243,606
Pool FM2197
4.50%
03/01/47
10,102,687
21,495,082
Pool FM2863
3.50%
09/01/48
20,015,802
58,203,759
Pool FM2972
4.00%
12/01/44
56,091,947
67,077,369
Pool FM3003
4.00%
05/01/49
64,491,031
4,995,029
Pool FM8218
4.00%
04/01/48
4,777,277
3,331,693
Pool FM9408
4.50%
06/01/46
3,271,137
13,394,536
Pool FP0122
4.50%
07/01/51
13,064,335
10,144,913
Pool FS0045
3.00%
09/01/47
9,165,849
10,537,323
Pool FS0074
3.00%
01/01/47
9,643,358
26,160,647
Pool FS0742
3.50%
05/01/44
24,587,502
9,441,200
Pool FS1046
4.50%
11/01/49
9,269,692
15,462,199
Pool FS1385
3.50%
11/01/48
14,434,874
See Notes to Financial Statements
Page 19
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association (Continued)
$27,337,607
Pool FS1797
3.50%
07/01/46
$25,629,353
6,697,181
Pool FS1884
4.00%
05/01/42
6,438,232
31,694,647
Pool FS2044
4.50%
07/01/44
31,258,512
20,098,581
Pool FS2127
3.50%
06/01/48
18,764,447
6,108,642
Pool FS2787
4.00%
10/01/48
5,886,603
12,511,053
Pool FS2796
3.50%
08/01/47
11,707,074
13,673,907
Pool FS2925
3.00%
08/01/48
12,503,039
31,514,224
Pool FS3541
3.50%
08/01/52
28,745,987
1,072,600
Pool FS4013
4.00%
04/01/42
1,038,657
1,147,350
Pool FS4015
5.50%
03/01/49
1,178,793
20,900,957
Pool FS4157
4.00%
05/01/49
19,906,468
45,211,053
Pool FS8780
3.00%
07/01/50
40,624,786
21,339
Pool MA0096
4.50%
06/01/29
21,353
10,476
Pool MA0295
5.00%
01/01/30
10,576
14,601
Pool MA1222
4.00%
10/01/32
14,436
34,581
Pool MA1228
3.00%
09/01/42
31,634
1,591
Pool MA2509
3.00%
01/01/46
1,403
115,091
Pool MA3101
4.50%
08/01/47
112,954
80,518
Pool MA3123
5.00%
08/01/47
80,952
11,337,015
Pool MA4271
1.50%
02/01/51
8,478,730
6,417,889
Pool MA4341
2.50%
05/01/51
5,292,979
8,731,000
Pool TBA
4.00%
06/15/41
8,503,117
2,076,000
Pool TBA (h)
2.50%
06/15/56
1,737,952
14,083,000
Pool TBA
3.00%
06/15/56
12,323,444
52,967,000
Pool TBA
3.50%
06/15/56
48,186,502
43,203,000
Pool TBA (h)
5.00%
06/15/56
42,521,726
94,493,000
Pool TBA (h)
5.50%
06/15/56
94,867,072
4,951,000
Pool TBA
3.00%
07/15/56
4,329,319
48,390,000
Pool TBA
4.00%
07/15/56
45,291,913
81,494,000
Pool TBA
5.50%
07/15/56
81,733,845
Government National Mortgage Association
17,113
Pool 3227
6.00%
04/20/32
17,690
21,898
Pool 487108
6.00%
04/15/29
22,084
11,714
Pool 553144
5.50%
04/15/33
11,868
49,351
Pool 604338
5.00%
05/15/33
49,913
36,343
Pool 604897
5.00%
12/15/33
36,398
47,529
Pool 605389
5.00%
04/15/34
47,875
92,741
Pool 615403
4.50%
08/15/33
92,121
3,693
Pool 627123
5.50%
03/15/34
3,725
57,048
Pool 638704
5.50%
11/15/36
60,104
38,024
Pool 653143
4.90%
04/15/36
37,889
194,490
Pool 658324
5.50%
03/15/37
201,031
9,530
Pool 687833
6.00%
08/15/38
9,945
35,441
Pool 706840
4.50%
05/15/40
35,684
147,393
Pool 706855
4.50%
09/15/40
148,402
154,324
Pool 711483
4.00%
01/15/40
149,808
78,112
Pool 711543
4.00%
11/15/40
75,825
505,871
Pool 711563
4.50%
03/15/41
509,337
2,651,356
Pool 720225
4.50%
07/15/39
2,615,248
See Notes to Financial Statements
Page 20
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Government National Mortgage Association (Continued)
$163,701
Pool 723216
4.50%
08/15/40
$161,103
39,718
Pool 723248
5.00%
10/15/39
40,611
136,708
Pool 724230
5.00%
08/15/39
139,202
36,880
Pool 724267
5.00%
09/15/39
37,553
106,822
Pool 724340
4.50%
09/15/39
105,701
68,568
Pool 725272
4.50%
11/15/39
67,854
22,904
Pool 726394
4.50%
10/15/39
22,679
130,174
Pool 733595
4.50%
04/15/40
128,475
53,629
Pool 733733
5.00%
06/15/40
54,505
348,529
Pool 736317
4.25%
06/20/36
342,100
67,249
Pool 736617
4.00%
12/15/35
65,507
538,341
Pool 737673
4.50%
11/15/40
528,836
110,397
Pool 737996
4.00%
02/15/41
105,069
74,729
Pool 743673
4.50%
07/15/40
74,146
195,527
Pool 745478
5.00%
08/20/40
196,275
425,948
Pool 748939
4.00%
09/20/40
404,487
53,496
Pool 754384
4.50%
03/20/42
53,899
199,954
Pool 762905
4.50%
04/15/41
196,995
584,163
Pool 769102
4.50%
07/20/41
577,728
146,355
Pool 781623
5.00%
06/15/33
147,679
21,561
Pool 781697
6.00%
11/15/33
22,398
121,907
Pool 781824
5.50%
11/15/34
124,216
4,571
Pool 781862
5.50%
01/15/35
4,704
2,679
Pool 782070
7.00%
06/15/32
2,722
27,527
Pool 782810
4.50%
11/15/39
27,377
46,653
Pool 783091
5.50%
06/15/40
48,557
86,934
Pool 783375
5.00%
08/15/41
88,218
119,415
Pool 783760
5.00%
02/15/42
122,100
2,104,180
Pool 784063
5.00%
09/20/45
2,134,817
267,347
Pool 784343
5.00%
02/15/41
273,259
2,769,018
Pool 784752
4.00%
03/15/45
2,688,097
841,205
Pool 785020
3.00%
05/20/50
733,955
1,618,780
Pool AC0197
4.00%
12/20/42
1,547,663
20,632
Pool AG8899
4.00%
12/20/43
19,613
471,311
Pool AI6317
4.50%
06/20/44
459,677
232,749
Pool AK2389
4.50%
11/20/44
227,481
55,168
Pool AN4469
5.00%
12/15/40
55,713
127,582
Pool AR8421
5.00%
10/20/41
129,154
641,290
Pool BB1216
4.50%
06/20/47
624,802
329,469
Pool BB4731
4.00%
07/20/47
309,651
246,858
Pool BB4757
4.00%
08/20/47
234,798
82,103
Pool BB4769
4.00%
08/20/47
77,280
210,217
Pool BD0483
4.50%
11/20/47
204,814
294,491
Pool BF0415
5.00%
06/20/35
293,583
255,053
Pool BL6909
5.00%
03/20/49
255,360
55,272
Pool MA1162
6.00%
07/20/43
58,123
7,984
Pool MA2215
3.50%
09/20/44
7,175
50,916
Pool MA2759
6.00%
01/20/45
53,502
25,052
Pool MA2897
6.00%
03/20/45
26,344
See Notes to Financial Statements
Page 21
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Government National Mortgage Association (Continued)
$1,134,535
Pool MA5714
6.00%
01/20/49
$1,185,530
66,441,115
Pool MA7192
2.00%
02/20/51
54,735,105
42,246,000
Pool TBA (h)
3.50%
06/15/56
38,153,418
7,571,000
Pool TBA (h)
4.00%
06/15/56
7,060,997
26,659,000
Pool TBA (h)
4.50%
06/15/56
25,686,363
5,000,000
Pool TBA
5.50%
06/15/56
5,028,886
3,501,000
Pool TBA
4.00%
07/15/56
3,264,069
2,500,000
Pool TBA
5.00%
07/15/56
2,470,974
 
1,911,225,577
Total U.S. Government Agency Mortgage-Backed Securities
4,635,393,490
(Cost $4,756,570,189)
U.S. GOVERNMENT BONDS AND NOTES — 10.6%
10,000,000
U.S. Treasury Bond
2.50%
02/15/45
6,948,437
5,000,000
U.S. Treasury Bond
2.88%
08/15/45
3,679,102
11,500,000
U.S. Treasury Bond
3.00%
11/15/45
8,616,016
7,436,000
U.S. Treasury Bond
2.50%
02/15/46
5,080,589
15,562,000
U.S. Treasury Bond
2.25%
08/15/46
10,050,256
3,718,000
U.S. Treasury Bond
2.88%
11/15/46
2,692,500
2,000,000
U.S. Treasury Bond
2.25%
08/15/49
1,230,313
6,361,000
U.S. Treasury Bond
2.00%
02/15/50
3,661,551
19,500,000
U.S. Treasury Bond
1.38%
08/15/50
9,423,984
33,300,000
U.S. Treasury Bond, STRIPS
(e)
11/15/33
24,160,865
14,450,000
U.S. Treasury Bond, STRIPS
(e)
02/15/34
10,347,159
23,400,000
U.S. Treasury Bond, STRIPS
(e)
05/15/34
16,554,065
13,500,000
U.S. Treasury Bond, STRIPS
(e)
08/15/34
9,427,057
70,333,000
U.S. Treasury Bond, STRIPS
(e)
11/15/34
48,489,130
63,418,000
U.S. Treasury Bond, STRIPS
(e)
02/15/35
43,179,941
63,205,000
U.S. Treasury Bond, STRIPS
(e)
05/15/35
42,497,339
10,200,000
U.S. Treasury Bond, STRIPS
(e)
08/15/35
6,769,850
13,500,000
U.S. Treasury Bond, STRIPS
(e)
11/15/35
8,839,604
27,339,000
U.S. Treasury Bond, STRIPS
(e)
02/15/36
17,658,459
9,185,000
U.S. Treasury Bond, STRIPS
(e)
05/15/36
5,850,712
10,000,000
U.S. Treasury Bond, STRIPS
(e)
08/15/36
6,280,622
14,000,000
U.S. Treasury Bond, STRIPS
(e)
02/15/37
8,552,425
8,600,000
U.S. Treasury Bond, STRIPS
(e)
05/15/37
5,181,330
23,853,000
U.S. Treasury Bond, STRIPS
(e)
05/15/38
13,543,378
3,833,000
U.S. Treasury Bond, STRIPS
(e)
08/15/38
2,144,868
10,000,000
U.S. Treasury Bond, STRIPS
(e)
05/15/39
5,351,383
22,500,000
U.S. Treasury Bond, STRIPS
(e)
11/15/39
11,673,448
42,024,000
U.S. Treasury Bond, STRIPS
(e)
02/15/40
21,446,870
20,000,000
U.S. Treasury Bond, STRIPS
(e)
05/15/40
10,059,688
28,500,000
U.S. Treasury Bond, STRIPS
(e)
08/15/40
14,103,075
28,300,000
U.S. Treasury Bond, STRIPS
(e)
11/15/40
13,785,484
25,825,000
U.S. Treasury Bond, STRIPS
(e)
02/15/41
12,387,722
35,750,000
U.S. Treasury Bond, STRIPS
(e)
05/15/41
16,885,023
5,000,000
U.S. Treasury Bond, STRIPS
(e)
05/15/42
2,225,026
34,000,000
U.S. Treasury Bond, STRIPS
(e)
08/15/42
14,888,108
5,340,000
U.S. Treasury Bond, STRIPS
(e)
11/15/43
2,168,846
5,220,000
U.S. Treasury Bond, STRIPS
(e)
08/15/44
2,027,723
See Notes to Financial Statements
Page 22
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES (Continued)
$5,350,000
U.S. Treasury Bond, STRIPS
(e)
11/15/44
$2,050,163
31,690,200
U.S. Treasury Inflation Indexed Bond (i) (j)
2.13%
04/15/29
32,677,616
31,151,700
U.S. Treasury Inflation Indexed Bond (j)
1.63%
10/15/29
31,820,427
30,000,000
U.S. Treasury Note (i)
4.13%
02/15/27
30,086,706
4,000,000
U.S. Treasury Note
4.50%
04/15/27
4,027,718
10,000,000
U.S. Treasury Note
4.13%
11/15/27
10,037,305
15,000,000
U.S. Treasury Note
4.25%
01/15/28
15,089,648
18,000,000
U.S. Treasury Note
2.88%
05/15/28
17,644,570
58,600,000
U.S. Treasury Note (i)
4.13%
07/31/28
58,895,289
Total U.S. Government Bonds and Notes
650,191,390
(Cost $656,542,118)
MORTGAGE-BACKED SECURITIES — 8.1%
Collateralized Mortgage Obligations — 5.9%
Arroyo Mortgage Trust
 
 
9,000,000
Series 2019-2, Class M1 (g)
4.76%
04/25/49
8,732,227
1,214,130
Series 2019-3, Class A3 (g)
3.42%
10/25/48
1,170,015
1,298,708
Series 2021-1R, Class A2 (g)
1.48%
10/25/48
1,200,167
1,792,997
Series 2021-1R, Class A3 (g)
1.64%
10/25/48
1,655,716
BRAVO Residential Funding Trust
 
 
717,625
Series 2021-NQM1, Class A2 (g)
1.26%
02/25/49
683,396
1,794,061
Series 2021-NQM1, Class A3 (g)
1.33%
02/25/49
1,708,040
743,320
Series 2025-NQM3, Class A1 (g)
5.57%
03/25/65
747,963
Chase Home Lending Mortgage Trust
 
 
1,636,314
Series 2019-ATR2, Class A11, 1 Mo. CME Term SOFR + CSA
+ 0.90% (c) (g)
4.67%
07/25/49
1,600,467
Chase Mortgage Finance Corp.
 
 
13,541,964
Series 2026-CINV1, Class A11, 30 Day Average SOFR +
1.20% (c) (g)
4.85%
01/25/57
13,562,998
CIM Trust
 
 
615,565
Series 2019-INV1, Class A11 (g)
4.00%
02/25/49
588,639
Citigroup Global Markets Mortgage Securities VII, Inc.
 
 
208
Series 2003-UP2, Class PO1, PO (d)
(e)
12/25/18
208
COLT Mortgage Loan Trust
 
 
3,770,160
Series 2025-4, Class A1, steps up to 6.79% on 05/01/2029 (g) (k)
5.79%
04/25/70
3,805,925
Connecticut Avenue Securities Trust
 
 
4,754,942
Series 2022-R02, Class 2M2, 30 Day Average SOFR +
3.00% (c) (g)
6.65%
01/25/42
4,815,452
1,074,802
Series 2024-R01, Class 1M1, 30 Day Average SOFR +
1.05% (c) (g)
4.70%
01/25/44
1,075,055
4,224,650
Series 2024-R04, Class 1A1, 30 Day Average SOFR +
1.00% (c) (g)
4.65%
05/25/44
4,230,316
4,510,708
Series 2024-R05, Class 2A1, 30 Day Average SOFR +
1.00% (c) (g)
4.65%
07/25/44
4,518,434
4,862,956
Series 2025-R02, Class 1A1, 30 Day Average SOFR +
1.00% (c) (g)
4.65%
02/25/45
4,872,531
Credit Suisse Mortgage Trust
 
 
214,634
Series 2018-RPL9, Class A (g)
3.85%
09/25/57
206,428
397,952
Series 2021-RPL4, Class A1 (g)
4.15%
12/27/60
396,952
882,286
Series 2021-RPL6, Class A1 (g)
2.00%
10/25/60
798,590
Ellington Financial Mortgage Trust
 
 
2,422,000
Series 2019-2, Class M1 (g)
3.47%
11/25/59
2,338,236
See Notes to Financial Statements
Page 23
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Ellington Financial Mortgage Trust (Continued)
 
 
$5,177,084
Series 2022-2, Class A1 (g)
5.30%
04/25/67
$5,165,237
5,258,194
Series 2023-1, Class A1, steps up to 6.73% on 01/01/2027 (g) (k)
5.73%
02/25/68
5,255,653
2,882,907
Series 2025-NQM6, Class A1 (b) (g)
5.00%
12/25/70
2,875,925
1,281,014
Series 2026-AE1, Class A29, 30 Day Average SOFR +
1.15% (c) (g)
4.80%
11/25/60
1,281,929
1,492,893
Series 2026-NQM3, Class A1 (b) (g)
5.03%
03/25/71
1,489,644
FARM Mortgage Trust
 
 
4,747,896
Series 2024-1, Class A (f) (g)
4.68%
10/01/53
4,594,397
5,362,910
Series 2024-2, Class A (f) (g)
5.16%
08/01/54
5,237,627
Federal Home Loan Mortgage Corporation Seasoned Credit Risk
Transfer Trust
 
 
9,016,875
Series 2017-1, Class M2 (g)
4.00%
01/25/56
8,798,782
Flagstar Mortgage Trust
 
 
74,481
Series 2018-2, Class A4 (g)
3.50%
04/25/48
71,031
3,240,195
Series 2018-4, Class B1 (f) (g)
4.12%
07/25/48
3,020,123
1,120,845
Series 2019-2, Class A11 (g)
3.50%
12/25/49
1,010,768
GCAT Trust
 
 
10,693,687
Series 2025-INV5, Class A28, 30 Day Average SOFR +
1.50% (c) (g)
5.15%
12/25/55
10,750,081
GS Mortgage-Backed Securities Trust
 
 
215,273
Series 2019-PJ3, Class A1 (g)
3.50%
03/25/50
202,608
2,722,174
Series 2021-PJ6, Class A8 (g)
2.50%
11/25/51
2,445,904
10,000,000
Series 2022-LTV1, Class A14 (g)
3.00%
06/25/52
7,223,594
7,313,365
Series 2025-PJ11, Class A27, 30 Day Average SOFR +
1.35% (c) (g)
5.00%
05/25/56
7,324,354
HOMES Trust
 
 
3,857,497
Series 2024-AFC1, Class A1, steps up to 6.22%
on 09/01/2028 (g) (k)
5.22%
08/25/59
3,866,717
2,173,462
Series 2025-AFC2, Class A1A, steps up to 6.47%
on 06/01/2029 (g) (k)
5.47%
06/25/60
2,184,459
2,739,495
Series 2025-AFC4, Class A1 (b) (g)
5.15%
11/25/60
2,739,435
4,428,817
Series 2026-AFC1, Class A1 (b) (g)
4.85%
02/25/61
4,405,587
JP Morgan Mortgage Trust
 
 
3,029
Series 2004-S2, Class 5A1
5.50%
12/25/19
2,942
1,008,850
Series 2019-1, Class A5 (g)
4.00%
05/25/49
943,028
445,156
Series 2019-8, Class A15 (g)
3.50%
03/25/50
403,092
4,910,951
Series 2019-INV1, Class B1 (f) (g)
4.93%
09/25/49
4,789,736
824,574
Series 2019-INV2, Class A15 (g)
3.50%
02/25/50
747,795
2,981,439
Series 2020-INV1, Class A15 (g)
3.50%
08/25/50
2,679,978
11,850,000
Series 2025-3, Class A1C, steps up to 6.64%
on 04/01/2029 (g) (k)
5.64%
09/25/55
11,797,922
3,000,000
Series 2025-5MPR, Class A1C, steps up to 6.82%
on 05/01/2029 (g) (k)
5.82%
11/25/55
2,997,778
2,899,426
Series 2026-1, Class A11, 30 Day Average SOFR + 1.10% (c) (g)
4.75%
07/25/56
2,882,543
Mello Mortgage Capital Acceptance
 
 
3,487,748
Series 2018-MTG2, Class A9 (g)
4.31%
10/25/48
3,337,167
MetLife Securitization Trust
 
 
3,365,543
Series 2018-1A, Class A (g)
3.75%
03/25/57
3,266,141
See Notes to Financial Statements
Page 24

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
MFRA Trust
 
 
$10,424,148
Series 2024-NQM3, Class A1, steps up to 6.72%
on 12/01/2028 (g) (k)
5.72%
12/25/69
$10,496,533
1,559,114
Series 2025-NQM1, Class A1, steps up to 6.44%
on 02/01/2029 (g) (k)
5.44%
03/25/70
1,563,881
2,780,175
Series 2025-NQM5, Class A1 (b) (g)
5.19%
11/25/70
2,783,293
3,296,583
Series 2026-NQM1, Class A1 (b) (g)
5.05%
02/25/71
3,289,135
Morgan Stanley Residential Mortgage Loan Trust
 
 
3,340,901
Series 2025-SPL1, Class A1 (b) (g)
4.25%
02/25/65
3,256,736
New Residential Mortgage Loan Trust
 
 
2,473,673
Series 2015-2A, Class B1 (g)
4.50%
08/25/55
2,456,170
2,360,411
Series 2016-1A, Class A1 (g)
3.75%
03/25/56
2,277,069
1,769,396
Series 2016-3A, Class B1 (g)
4.00%
09/25/56
1,732,280
6,205,480
Series 2018-4A, Class A1S, 1 Mo. CME Term SOFR + CSA +
0.75% (c) (g)
4.52%
01/25/48
6,130,315
OBX Trust
 
 
450,870
Series 2018-EXP1, Class 1A3 (g)
4.00%
04/25/48
430,130
5,604,079
Series 2026-J1, Class AF, 30 Day Average SOFR + 1.35% (c) (g)
5.00%
02/25/56
5,612,353
9,245,000
Series 2026-NQM4, Class A1LC, steps up to 6.23%
on 03/01/2030 (g) (k)
5.23%
02/25/66
9,250,305
Onslow Bay Mortgage Loan Trust
 
 
4,976,693
Series 2021-NQM4, Class A1 (g)
1.96%
10/25/61
4,274,978
1,799,274
Series 2025-NQM6, Class A1, steps up to 6.60%
on 03/01/2029 (g) (k)
5.60%
03/25/65
1,813,739
PMT Loan Trust
 
 
13,227,500
Series 2025-CNF2, Class A26, 30 Day Average SOFR +
1.40% (c) (g)
5.05%
01/25/57
13,287,206
4,179,143
Series 2025-INV11, Class A36, 30 Day Average SOFR +
1.35% (c) (g)
5.00%
11/25/56
4,200,732
PRKCM Trust
 
 
1,945,731
Series 2025-AFC2, Class A1 (b) (g)
5.02%
12/25/60
1,939,620
2,284,144
Series 2025-HOME1, Class A1A, steps up to 6.55%
on 03/01/2029 (g) (k)
5.55%
02/25/60
2,295,644
797,258
Series 2025-HOME1, Class A1B, steps up to 6.65%
on 03/01/2029 (g) (k)
5.65%
02/25/60
801,043
Provident Funding Mortgage Trust
 
 
966,844
Series 2019-1, Class A5 (g)
3.00%
12/25/49
837,275
2,108,532
Series 2020-1, Class A5 (g)
3.00%
02/25/50
1,836,076
PRPM LLC
 
 
334,341
Series 2024-8, Class A1, steps up to 8.90% on 12/25/2027 (g) (k)
5.90%
12/25/29
334,455
7,840,000
Series 2024-RCF2, Class A2, steps up to 4.75%
on 03/25/2028 (g) (k)
3.75%
03/25/54
7,636,388
3,948,504
Series 2024-RPL2, Class A1, steps up to 4.50%
on 05/25/2028 (g) (k)
3.50%
05/25/54
3,858,895
8,240,004
Series 2024-RPL3, Class A1, steps up to 5.00%
on 11/25/2028 (g) (k)
4.00%
11/25/54
8,059,676
14,052,615
Series 2024-RPL4, Class A1, steps up to 5.00%
on 12/25/2028 (g) (k)
4.00%
12/25/54
13,734,585
4,984,367
Series 2025-2, Class A1, steps up to 9.47% on 05/01/2028 (g) (k)
6.47%
05/25/30
4,971,695
3,608,756
Series 2025-7, Class A1, steps up to 8.50% on 08/01/2028 (g) (k)
5.50%
08/25/30
3,609,790
See Notes to Financial Statements
Page 25
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
PRPM LLC (Continued)
 
 
$1,228,141
Series 2025-RCF4, Class A1, steps up to 5.50%
on 08/01/2029 (g) (k)
4.50%
08/25/55
$1,209,490
1,675,820
Series 2025-RCF5, Class A1, steps up to 5.84%
on 10/01/2029 (g) (k)
4.84%
10/25/55
1,662,900
2,678,892
Series 2025-RCF6, Class A1, steps up to 5.94%
on 12/01/2029 (g) (k)
4.94%
12/25/55
2,657,295
1,729,215
Series 2025-RPL3, Class A1, steps up to 4.25%
on 04/01/2028 (g) (k)
3.25%
04/25/55
1,676,306
4,963,737
Series 2025-RPL4, Class A1, steps up to 4.00%
on 05/01/2029 (g) (k)
3.00%
05/25/55
4,722,895
PRPM Trust
 
 
4,049,849
Series 2025-NQM2, Class A1, steps up to 6.69%
on 05/01/2029 (g) (k)
5.69%
04/25/70
4,074,900
1,954,444
Series 2025-NQM6, Class A1 (b) (g)
4.99%
12/25/70
1,945,776
3,409,020
Series 2026-NQM1, Class A1 (b) (g)
5.13%
02/25/71
3,403,641
Redwood Funding Trust
 
 
2,944,006
Series 2025-3, Class A (g)
6.23%
12/27/56
2,970,403
8,999,000
Series 2026-2, Class A (g) (l)
6.26%
11/27/56
8,998,987
Santander Mortgage Asset Receivable Trust
 
 
4,333,126
Series 2026-NQM3, Class A1 (b) (g)
5.18%
03/25/66
4,332,958
Sequoia Mortgage Trust
 
 
152,354
Series 2017-CH1, Class A13 (g)
4.00%
08/25/47
144,376
4,205,080
Series 2018-CH1, Class B1B (g)
4.42%
03/25/48
4,045,486
Starwood Mortgage Residential Trust
 
 
6,338,685
Series 2022-3, Class A1 (g)
5.16%
03/25/67
6,323,311
TIAA Bank Mortgage Loan Trust
 
 
681,889
Series 2018-3, Class A1 (g)
4.00%
11/25/48
647,421
Towd Point Mortgage Trust
 
 
1,850,000
Series 2017-4, Class B4 (g)
3.63%
06/25/57
1,448,633
5,355,142
Series 2019-1, Class A1 (g)
3.75%
03/25/58
5,215,601
2,476,172
Series 2019-HY2, Class A1, 1 Mo. CME Term SOFR + CSA +
1.00% (c) (g)
4.77%
05/25/58
2,522,590
TRK Trust
 
 
2,334,127
Series 2021-INV1, Class A1 (g)
1.15%
07/25/56
2,113,701
Vista Point Securitization Trust
 
 
4,724,771
Series 2020-1, Class M1 (g)
4.15%
03/25/65
4,704,977
Wells Fargo Mortgage Backed Securities Trust
 
 
155,608
Series 2019-1, Class A1 (g)
3.92%
11/25/48
147,354
WinWater Mortgage Loan Trust
 
 
434,592
Series 2016-1, Class 2A3 (g)
3.00%
12/20/30
421,308
2,509,671
Series 2016-1, Class B1 (f) (g)
3.78%
01/20/46
2,409,170
 
363,069,208
Commercial Mortgage-Backed Securities — 2.2%
Arbor Multifamily Mortgage Securities Trust
 
 
7,400,000
Series 2020-MF1, Class A4 (g)
2.50%
05/15/53
6,900,836
2,963,000
Series 2020-MF1, Class AS (g)
3.06%
05/15/53
2,760,889
BANK
 
 
7,661,670
Series 2019-BN23, Class XA, IO (f)
0.80%
12/15/52
155,560
See Notes to Financial Statements
Page 26
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
BANK (Continued)
 
 
$8,142,139
Series 2020-BN26, Class XA, IO (f)
1.31%
03/15/63
$270,551
3,450,000
Series 2022-BNK43, Class ASB
4.50%
08/15/55
3,438,724
BBCMS Mortgage Trust
 
 
8,812,000
Series 2018-TALL, Class A, 1 Mo. CME Term SOFR + CSA +
0.87% (c) (g)
4.57%
03/15/37
8,341,608
Benchmark Mortgage Trust
 
 
75,072,729
Series 2024-V6, Class XA, IO (f)
1.58%
03/15/57
2,479,585
BMO Mortgage Trust
 
 
78,498,463
Series 2024-5C3, Class XA, IO (f)
1.35%
02/15/57
2,045,819
64,624,306
Series 2025-C13, Class XA, IO (f)
1.22%
10/15/58
4,891,375
BOCA Commercial Mortgage Trust
 
 
4,650,000
Series 2025-BOCA, Class A, 1 Mo. CME Term SOFR +
1.60% (c) (g)
5.25%
12/15/42
4,663,242
BPR Trust
 
 
4,207,570
Series 2021-WILL, Class A, 1 Mo. CME Term SOFR + CSA +
1.75% (c) (g)
5.52%
06/15/38
4,206,265
BWAY Trust
 
 
3,753,000
Series 2025-1535, Class A (f) (g)
6.52%
05/05/42
3,798,960
2,859,000
Series 2025-1535, Class B (f) (g)
7.71%
05/05/42
2,972,983
BX Commercial Mortgage Trust
 
 
2,900,000
Series 2020-VIV4, Class A (g)
2.84%
03/09/44
2,696,902
3,410,000
Series 2026-CSMO, Class A, 1 Mo. CME Term SOFR +
1.40% (c) (g)
5.05%
02/15/43
3,417,118
BX Trust
 
 
3,500,000
Series 2025-DELC, Class A, 1 Mo. CME Term SOFR +
1.55% (c) (g)
5.20%
12/15/42
3,508,728
5,740,000
Series 2025-GW, Class A, 1 Mo. CME Term SOFR +
1.60% (c) (g)
5.26%
07/15/42
5,752,084
3,245,000
Series 2025-VOLT, Class A, 1 Mo. CME Term SOFR +
1.70% (c) (g)
5.35%
12/15/44
3,248,616
CFCRE Commercial Mortgage Trust
 
 
194,166,726
Series 2017-C8, Class XA, IO (f)
1.60%
06/15/50
1,497,744
Citigroup Commercial Mortgage Trust
 
 
58,185,054
Series 2016-P4, Class XA, IO (d) (f)
1.90%
07/10/49
2,938
COMM Mortgage Trust
 
 
41,260,000
Series 2024-277P, Class X, IO (f) (g)
0.89%
08/10/44
892,586
Credit Suisse Mortgage Trust
 
 
3,205,000
Series 2019-UVIL, Class A (g)
3.16%
12/15/41
3,014,102
CSAIL Commercial Mortgage Trust
 
 
55,687,498
Series 2020-C19, Class XA, IO (f)
1.21%
03/15/53
1,751,450
FIVE Mortgage Trust
 
 
25,977,590
Series 2023-V1, Class XA, IO (b)
0.87%
02/10/56
238,012
GGP Trust
 
 
6,500,000
Series 2026-2PAK, Class A (f) (m)
6.03%
04/10/43
6,483,574
GS Mortgage Securities Trust
 
 
4,025,000
Series 2024-FAIR, Class A (f) (g)
6.07%
07/15/29
4,100,087
Hilton USA Trust
 
 
4,250,000
Series 2016-HHV, Class A (g)
3.72%
11/05/38
4,232,924
Houston Galleria Mall Trust
 
 
5,425,000
Series 2025-HGLR, Class A (f) (g)
5.64%
02/05/45
5,558,223
See Notes to Financial Statements
Page 27
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
JP Morgan Chase Commercial Mortgage Securities Trust
 
 
$1,462,209
Series 2017-JP5, Class A4
3.46%
03/15/50
$1,459,694
3,561,390
Series 2018-PHH, Class A, 1 Mo. CME Term SOFR + CSA +
1.21% (c) (g)
4.91%
06/15/35
2,368,431
6,215,000
Series 2025-PHNY, Class A, 1 Mo. CME Term SOFR +
1.64% (c) (g)
5.30%
01/15/41
6,227,443
JW Trust
 
 
3,500,000
Series 2024-BERY, Class A, 1 Mo. CME Term SOFR +
1.59% (c) (g)
5.25%
11/15/39
3,510,877
Morgan Stanley Capital I Trust
 
 
4,527,000
Series 2018-MP, Class A (f) (g)
4.42%
07/11/40
4,255,614
MSWF Commercial Mortgage Trust
 
 
22,130,142
Series 2023-1, Class XA, IO (f)
1.09%
05/15/56
1,036,239
NRTH Commercial Mortgage Trust
 
 
5,611,500
Series 2025-PARK, Class A, 1 Mo. CME Term SOFR +
1.39% (c) (g)
5.05%
10/15/40
5,615,824
NY Commercial Mortgage Trust
 
 
3,230,000
Series 2025-299P, Class A (f) (g)
5.85%
02/10/47
3,355,405
NYO Commercial Mortgage Trust
 
 
5,300,000
Series 2021-1290, Class A, 1 Mo. CME Term SOFR + CSA +
1.10% (c) (g)
4.86%
11/15/38
5,298,224
One Bryant Park Trust
 
 
2,250,000
Series 2019-OBP, Class A (g)
2.52%
09/15/54
2,084,095
SKY Trust
 
 
1,218,649
Series 2025-LINE, Class A, 1 Mo. CME Term SOFR +
2.59% (c) (g)
6.24%
04/15/42
1,224,109
Wells Fargo Commercial Mortgage Trust
 
 
3,519,700
Series 2018-C47, Class AS
4.67%
09/15/61
3,490,346
5,100,000
Series 2025-B33RP, Class A, 1 Mo. CME Term SOFR +
1.35% (c) (g)
5.00%
08/15/42
5,102,700
 
138,350,486
Total Mortgage-Backed Securities
501,419,694
(Cost $503,306,993)
ASSET-BACKED SECURITIES — 1.5%
Capital Street Master Trust
2,500,000
Series 2025-1, Class A, 30 Day Average SOFR + 1.10% (c) (g)
4.74%
08/16/29
2,497,684
CoreVest American Finance Trust
772,154
Series 2020-3, Class A (g)
1.36%
08/15/53
768,288
1,922,884
Series 2021-1, Class A (g)
1.57%
04/15/53
1,891,098
831,328
Series 2021-2, Class A (g)
1.41%
07/15/54
811,537
503,766
Series 2021-3, Class A (g)
1.90%
10/15/54
499,286
Exeter Select Automobile Receivables Trust
4,250,000
Series 2025-1, Class D
6.14%
09/15/31
4,355,976
FIGRE Trust
3,867,387
Series 2026-FL1, Class A1FC, steps up to 6.49%
on 03/01/2030 (g) (k)
5.49%
03/25/56
3,883,294
5,672,200
Series 2026-FL1, Class A1LC, steps up to 6.49%
on 03/01/2030 (g) (k)
5.49%
03/25/56
5,670,942
FNA VI LLC
2,063,176
Series 2021-1A, Class A (g)
1.35%
01/10/32
1,920,676
See Notes to Financial Statements
Page 28
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Gracie Point International Funding LLC
$16,300,000
Series 2025-1A, Class A, 30 Day Average SOFR + 1.50% (c) (g)
5.15%
08/15/28
$16,327,053
GSAMP Trust
595,885
Series 2006-SEA1, Class M2, 1 Mo. CME Term SOFR + CSA +
1.65% (c) (g)
3.50%
05/25/36
854,358
Island Finance Trust
3,000,000
Series 2025-1A, Class A (g)
6.54%
03/19/35
3,021,296
Oscar US Funding XVII LLC
4,900,000
Series 2024-2A, Class A3 (g)
4.47%
03/12/29
4,898,570
Pagaya AI Debt Grantor Trust
2,360,823
Series 2024-10, Class A (g)
5.18%
06/15/32
2,367,961
2,838,785
Series 2024-11, Class A (g)
5.09%
07/15/32
2,848,089
3,364,214
Series 2025-1, Class A2 (g)
5.16%
07/15/32
3,376,405
1,428,238
Series 2025-2, Class A (b) (g)
4.96%
10/15/32
1,433,011
3,229,004
Series 2025-4, Class A2 (g)
5.37%
01/17/33
3,248,850
2,295,557
Series 2025-5, Class A2 (g)
5.11%
03/15/33
2,302,121
PFS Financing Corp.
2,500,000
Series 2025-C, Class A, 30 Day Average SOFR + 0.95% (c) (g)
4.59%
04/15/29
2,509,492
Progress Residential Trust
5,472,158
Series 2025-SFR1, Class A (g)
3.40%
02/17/42
5,199,344
4,341,000
Series 2025-SFR3, Class A (g)
3.39%
07/17/42
4,104,598
Research-Driven Pagaya Motor Asset Trust
3,254,802
Series 2025-1A, Class A (g)
5.04%
06/27/33
3,261,302
5,699,016
Series 2026-R1A, Class A (g)
5.66%
07/25/34
5,706,848
Research-Driven Pagaya Motor Trust
8,000,000
Series 2025-5A, Class A3 (g)
4.84%
06/26/34
8,011,173
Total Asset-Backed Securities
91,769,252
(Cost $91,016,389)
U.S. GOVERNMENT AGENCY SECURITIES — 0.1%
5,000,000
Tennessee Valley Authority
5.25%
02/01/55
4,876,685
(Cost $4,826,150)
 
 
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS — 0.1%
Capital Markets — 0.1%
20,000
First Trust AAA CMBS ETF (n)
406,442
90,000
First Trust Intermediate Government Opportunities ETF (n)
1,819,800
73,956
First Trust Long Duration Opportunities ETF (n)
1,590,794
22,500
First Trust Structured Credit Income Opportunities ETF (n)
464,625
Total Exchange-Traded Funds
4,281,661
(Cost $4,439,520)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 10.9%
$50,000,000
U.S. Treasury Bill
(e)
05/05/26
49,980,361
60,000,000
U.S. Treasury Bill
(e)
05/07/26
59,964,073
75,000,000
U.S. Treasury Bill
(e)
05/12/26
74,918,203
50,000,000
U.S. Treasury Bill
(e)
05/14/26
49,935,406
See Notes to Financial Statements
Page 29
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS (Continued)
$50,000,000
U.S. Treasury Bill
(e)
05/19/26
$49,910,356
60,000,000
U.S. Treasury Bill
(e)
05/21/26
59,880,917
50,000,000
U.S. Treasury Bill
(e)
05/26/26
49,875,694
60,000,000
U.S. Treasury Bill
(e)
05/28/26
59,839,575
60,000,000
U.S. Treasury Bill
(e)
06/04/26
59,796,495
30,000,000
U.S. Treasury Bill
(e)
06/09/26
29,883,325
30,000,000
U.S. Treasury Bill
(e)
06/11/26
29,877,171
20,000,000
U.S. Treasury Bill
(e)
06/18/26
19,903,917
20,000,000
U.S. Treasury Bill
(e)
06/23/26
19,893,153
20,000,000
U.S. Treasury Bill
(e)
06/25/26
19,889,282
10,000,000
U.S. Treasury Bill
(e)
06/30/26
9,939,594
10,000,000
U.S. Treasury Bill
(e)
07/16/26
9,924,396
10,000,000
U.S. Treasury Bill
(e)
07/23/26
9,917,173
10,000,000
U.S. Treasury Bill
(e)
08/25/26
9,883,718
Total U.S. Treasury Bills
673,212,809
(Cost $673,201,735)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.0%
64,076,728
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.52% (o)
64,076,728
(Cost $64,076,728)
Total Investments — 107.5%
6,625,221,709
(Cost $6,753,979,822)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (1.3)%
Pass-Through Securities — (1.3)%
Federal National Mortgage Association
$(4,090,000)
Pool TBA
3.50%
07/15/56
(3,716,706
)
(63,285,000)
Pool TBA
4.50%
07/15/56
(60,788,766
)
Government National Mortgage Association
(20,999,000)
Pool TBA (h)
3.00%
06/15/56
(18,691,151
)
Total Investments Sold Short — (1.3)%
(83,196,623
)
(Proceeds $84,054,881)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.3)%
Call Options Written — (0.0)%
(657)
3 Month SOFR Futures, expiring December 2027
$(158,345,212
)
$97.50
12/10/27
(238,162
)
(306)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(63,380,250
)
105.00
05/22/26
(4,782
)
(90)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(18,641,250
)
104.50
08/21/26
(16,875
)
(18)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(3,728,250
)
104.75
08/21/26
(2,531
)
(586)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(63,155,234
)
109.50
08/21/26
(155,656
)
See Notes to Financial Statements
Page 30
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Call Options Written (Continued)
(197)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
$(21,231,367
)
$110.00
08/21/26
$(38,477
)
(147)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(15,842,695
)
111.00
08/21/26
(16,078
)
(76)
U.S. 10-Year Treasury Note Futures, expiring June
2026
(8,405,125
)
116.00
05/22/26
(0
)
(70)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(7,726,250
)
109.00
08/21/26
(150,937
)
(127)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(14,017,625
)
113.00
08/21/26
(49,609
)
(111)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(12,251,625
)
114.00
08/21/26
(27,750
)
(92)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(10,154,500
)
115.00
08/21/26
(15,813
)
(228)
U.S. Treasury Long Bond Futures, expiring June
2026
(25,728,375
)
120.00
05/22/26
(3,563
)
(210)
U.S. Treasury Long Bond Futures, expiring June
2026
(23,697,188
)
121.00
05/22/26
(3,281
)
(468)
U.S. Treasury Long Bond Futures, expiring June
2026
(52,810,875
)
122.00
05/22/26
(7,313
)
(296)
U.S. Treasury Long Bond Futures, expiring June
2026
(33,401,750
)
123.00
05/22/26
(0
)
(57)
U.S. Treasury Long Bond Futures, expiring June
2026
(6,432,094
)
128.00
05/22/26
(0
)
(178)
U.S. Treasury Long Bond Futures, expiring
September 2026
(20,002,750
)
113.00
08/21/26
(394,937
)
(192)
U.S. Treasury Long Bond Futures, expiring
September 2026
(21,576,000
)
116.00
08/21/26
(210,000
)
(764)
U.S. Treasury Long Bond Futures, expiring
September 2026
(85,854,500
)
118.00
08/21/26
(537,187
)
(72)
U.S. Treasury Long Bond Futures, expiring
September 2026
(8,091,000
)
119.00
08/21/26
(40,500
)
(412)
U.S. Treasury Long Bond Futures, expiring
September 2026
(46,298,500
)
120.00
08/21/26
(193,125
)
(185)
U.S. Treasury Long Bond Futures, expiring
September 2026
(20,789,375
)
121.00
08/21/26
(72,266
)
(43)
U.S. Treasury Long Bond Futures, expiring
December 2026
(4,816,000
)
120.00
11/20/26
(32,922
)
(262)
Ultra 10-Year U.S. Treasury Note Futures, expiring
June 2026
(29,569,156
)
117.00
05/22/26
(8,188
)
(225)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(25,882,031
)
122.00
05/22/26
(3,516
)
(19)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(2,185,594
)
124.00
05/22/26
(0
)
(18)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(2,070,563
)
125.00
05/22/26
(0
)
(15)
Ultra U.S. Treasury Long Bond Futures, expiring
September 2026
(1,719,375
)
120.00
08/21/26
(15,000
)
Total Call Options Written
(2,238,468
)
(Premiums received $4,917,268)
Put Options Written — (0.3)%
(500)
3 Month SOFR Futures, expiring December 2027
(120,506,250
)
95.00
12/10/27
(196,875
)
See Notes to Financial Statements
Page 31
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Put Options Written (Continued)
(305)
3 Month SOFR Futures, expiring December 2027
$(73,508,813
)
$95.50
12/10/27
$(173,469
)
(887)
3 Month SOFR Futures, expiring December 2027
(213,778,087
)
96.00
12/10/27
(742,862
)
(543)
3 Month SOFR Futures, expiring December 2027
(130,869,787
)
96.38
12/10/27
(627,844
)
(720)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(149,130,000
)
103.25
05/22/26
(90,000
)
(290)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(60,066,250
)
103.50
05/22/26
(77,032
)
(420)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(86,992,500
)
103.75
05/22/26
(223,125
)
(838)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(173,570,750
)
103.88
05/22/26
(602,312
)
(111)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(22,990,875
)
104.00
05/22/26
(104,063
)
(244)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(26,984,875
)
107.00
05/22/26
(3,813
)
(507)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(105,012,375
)
103.00
08/21/26
(190,125
)
(209)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(43,289,125
)
103.25
08/21/26
(107,766
)
(248)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(51,367,000
)
103.50
08/21/26
(174,375
)
(18)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(3,728,250
)
103.75
08/21/26
(17,156
)
(720)
U.S. 5-Year Treasury Note Futures, expiring June
2026
(77,641,875
)
108.75
05/22/26
(703,125
)
(367)
U.S. 5-Year Treasury Note Futures, expiring June
2026
(39,575,789
)
109.00
05/22/26
(441,547
)
(403)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(43,432,695
)
107.00
08/21/26
(239,281
)
(1,651)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(177,933,945
)
107.50
08/21/26
(1,264,047
)
(45)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(4,849,805
)
108.00
08/21/26
(44,648
)
(1,200)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(129,328,125
)
108.50
08/21/26
(1,528,126
)
(36)
U.S. 5-Year Treasury Note Futures, expiring
December 2026
(3,879,000
)
106.50
11/20/26
(25,031
)
(85)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(9,381,875
)
109.00
08/21/26
(67,734
)
(36)
U.S. Treasury Long Bond Futures, expiring June
2026
(4,062,375
)
106.00
05/22/26
(1,688
)
(244)
U.S. Treasury Long Bond Futures, expiring June
2026
(27,533,875
)
109.00
05/22/26
(38,125
)
(70)
U.S. Treasury Long Bond Futures, expiring June
2026
(7,899,063
)
110.00
05/22/26
(18,594
)
(1,124)
U.S. Treasury Long Bond Futures, expiring June
2026
(126,836,375
)
112.00
05/22/26
(790,312
)
(735)
U.S. Treasury Long Bond Futures, expiring June
2026
(82,940,156
)
114.00
05/22/26
(1,228,828
)
(18)
U.S. Treasury Long Bond Futures, expiring
September 2026
(2,022,750
)
106.00
08/21/26
(14,625
)
See Notes to Financial Statements
Page 32
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Put Options Written (Continued)
(108)
U.S. Treasury Long Bond Futures, expiring
September 2026
$(12,136,500
)
$108.00
08/21/26
$(124,875
)
(61)
U.S. Treasury Long Bond Futures, expiring
September 2026
(6,854,875
)
109.00
08/21/26
(84,828
)
(277)
U.S. Treasury Long Bond Futures, expiring
September 2026
(31,127,875
)
110.00
08/21/26
(463,109
)
(394)
U.S. Treasury Long Bond Futures, expiring
September 2026
(44,275,750
)
111.00
08/21/26
(788,000
)
(144)
U.S. Treasury Long Bond Futures, expiring
September 2026
(16,182,000
)
112.00
08/21/26
(342,000
)
(178)
U.S. Treasury Long Bond Futures, expiring
September 2026
(20,002,750
)
113.00
08/21/26
(506,187
)
(734)
U.S. Treasury Long Bond Futures, expiring
September 2026
(82,483,250
)
116.00
08/21/26
(3,440,625
)
(93)
U.S. Treasury Long Bond Futures, expiring
December 2026
(10,416,000
)
105.00
11/20/26
(98,813
)
(139)
U.S. Treasury Long Bond Futures, expiring
December 2026
(15,568,000
)
110.00
11/20/26
(330,125
)
(90)
Ultra 10-Year U.S. Treasury Note Futures, expiring
June 2026
(10,157,344
)
111.00
05/22/26
(26,719
)
(22)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(2,530,688
)
112.00
05/22/26
(7,563
)
(65)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(7,477,031
)
113.00
05/22/26
(34,531
)
(144)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(16,564,500
)
115.00
05/22/26
(175,500
)
(19)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(2,185,594
)
116.00
05/22/26
(32,656
)
Total Put Options Written
(16,192,059
)
(Premiums received $13,883,360)
Total Written Options
(18,430,527
)
(Premiums received $18,800,628)
Net Other Assets and Liabilities — (5.9)%
(360,737,810
)
Net Assets — 100.0%
$6,162,856,749
Futures Contracts at April 30, 2026 (See Note 2D - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts Long
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
2,084
Jun-2026
$431,648,500
$(2,435,536
)
 
 
Futures Contracts Short
 
 
 
 
U.S. 5-Year Treasury Notes
2,881
Jun-2026
$(310,675,338
)
$3,286,011
U.S. 10-Year Treasury Notes
3,135
Jun-2026
(346,711,406
)
6,497,424
U.S. Treasury Long-Term Bond Futures
2,524
Jun-2026
(284,817,625
)
4,861,154
Ultra 10-Year U.S. Treasury Notes
9,630
Jun-2026
(1,086,835,781
)
23,204,676
Ultra U.S. Treasury Bond Futures
2,951
Jun-2026
(339,457,219
)
5,954,881
 
$(2,368,497,369
)
$43,804,146
 
Total
$(1,936,848,869
)
$41,368,610
 
See Notes to Financial Statements
Page 33
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(a)
Inverse floating rate security.
(b)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(c)
Floating or variable rate security.
(d)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(e)
Zero coupon security.
(f)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(g)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $604,547,412 or 9.8% of net assets.
(h)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA
Transactions in the Notes to Financial Statements).
(i)
All or a portion of this security is segregated as collateral for open futures and options contracts. At April 30, 2026, the
segregated value of these securities amounts to $94,931,593.
(j)
Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is
calculated on the basis of the current adjusted principal value.
(k)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
(l)
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of
Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
April 30, 2026, securities noted as such are valued at $8,998,987 or 0.1% of net assets.
(m)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial
Statements).
(n)
Investment in an affiliated fund.
(o)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
IO
–  Interest-Only Security - Principal amount shown represents par value on which interest payments are based
PO
–  Principal-Only Security
REMIC
–  Real Estate Mortgage Investment Conduit
SOFR
–  Secured Overnight Financing Rate
STACR
–  Structured Agency Credit Risk
STRIPS
–  Separate Trading of Registered Interest and Principal of Securities
TBA
–  To-Be-Announced Security
See Notes to Financial Statements
Page 34
First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed
Securities
$4,635,393,490
$—
$4,635,393,490
$—
U.S. Government Bonds and Notes
650,191,390
—
650,191,390
—
Mortgage-Backed Securities
501,419,694
—
501,419,694
—
Asset-Backed Securities
91,769,252
—
91,769,252
—
U.S. Government Agency Securities
4,876,685
—
4,876,685
—
Exchange-Traded Funds*
4,281,661
4,281,661
—
—
U.S. Treasury Bills
673,212,809
—
673,212,809
—
Money Market Funds
64,076,728
64,076,728
—
—
Total Investments
6,625,221,709
68,358,389
6,556,863,320
—
Futures Contracts**
43,804,146
43,804,146
—
—
Total
$6,669,025,855
$112,162,535
$6,556,863,320
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed
Securities Sold Short
$(83,196,623
)
$—
$(83,196,623
)
$—
Written Options
(18,430,527
)
(18,430,527
)
—
—
Futures Contracts**
(2,435,536
)
(2,435,536
)
—
—
Total
$(104,062,686
)
$(20,866,063
)
$(83,196,623
)
$—
 
*
See Portfolio of Investments for industry breakout.
**
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current
day’s variation margin is presented on the Statement of Assets and Liabilities.
See Notes to Financial Statements
Page 35
First Trust Low Duration Opportunities ETF (LMBS)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value - Unaffiliated
$6,620,940,048
Investments, at value - Affiliated
4,281,661
Total investments, at value
6,625,221,709
Cash segregated as collateral
3,744,832
Receivables:
Investment securities sold
2,351,572,539
Interest
21,692,102
Capital shares sold
17,457,444
Dividends
168,368
Total Assets
9,019,856,994
 
LIABILITIES:
Investments sold short, at value
83,196,623
Options contracts written, at value
18,430,527
Payables:
Investment securities purchased
2,748,708,619
Variation margin
3,456,040
Investment advisory fees
3,208,436
Total Liabilities
2,857,000,245
NET ASSETS
$6,162,856,749
 
NET ASSETS consist of:
Paid-in capital
$6,339,945,276
Par value
1,236,500
Accumulated distributable earnings (loss)
(178,325,027
)
NET ASSETS
$6,162,856,749
NET ASSET VALUE, per share
$49.84
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
123,650,002
Investments, at cost - Unaffiliated
$6,749,540,302
Investments, at cost - Affiliated
$4,439,520
Total investments, at cost
$6,753,979,822
Investments sold short, proceeds
$84,054,881
Premiums received on options contracts written
$18,800,628
See Notes to Financial Statements
Page 36
First Trust Low Duration Opportunities ETF (LMBS)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$102,240,527
Dividends - Unaffiliated
1,020,211
Dividends - Affiliated
93,237
Total investment income
103,353,975
 
EXPENSES:
Investment advisory fees
18,536,097
 
Other expenses
3,911
Total expenses
18,540,008
Less fees waived by the investment advisor
(10,543
)
Net expenses
18,529,465
NET INVESTMENT INCOME (LOSS)
84,824,510
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Unaffiliated
990,274
Investments sold short
(39,463
)
Written options contracts
16,333,022
Futures contracts
(19,893,970
)
Net realized gain (loss)
(2,610,137
)
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated
(28,265,726
)
Investments - Affiliated
(72,435
)
Investments sold short
792,331
Written options contracts
(6,682,806
)
Futures contracts
65,006,057
Net change in unrealized appreciation (depreciation)
30,777,421
NET REALIZED AND UNREALIZED GAIN (LOSS)
28,167,284
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$112,991,794
See Notes to Financial Statements
Page 37
First Trust Low Duration Opportunities ETF (LMBS)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$84,824,510
$212,476,867
Net realized gain (loss)
(2,610,137
)
86,028,036
Net change in unrealized appreciation (depreciation)
30,777,421
42,901,395
Net increase (decrease) in net assets resulting from operations
112,991,794
341,406,298
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(119,884,002
)
(207,519,004
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
588,355,991
 
942,672,173
 
Cost of shares redeemed
(5,005,080
) 
(36,639,953
) 
Net increase (decrease) in net assets resulting from shareholder transactions
583,350,911
906,032,220
Total increase (decrease) in net assets
576,458,703
1,039,919,514
 
NET ASSETS:
Beginning of period
5,586,398,046
4,546,478,532
End of period
$6,162,856,749
$5,586,398,046
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
112,000,002
93,600,002
Shares sold
11,750,000
19,150,000
Shares redeemed
(100,000
)
(750,000
)
Shares outstanding, end of period
123,650,002
112,000,002
See Notes to Financial Statements
Page 38
First Trust Low Duration Opportunities ETF (LMBS)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$49.88
$48.57
$46.76
$46.97
$50.40
$51.45
Income from investment
operations:
Net investment income (loss)
0.72
 (a)
2.09
 (a)
2.05
 (a)
1.72
 (a)
0.85
 
0.39
 
Net realized and unrealized gain
(loss)
0.26
 
1.26
 
1.91
 
(0.17
) 
(3.32
) 
(0.40
) 
Total from investment operations
0.98
 
3.35
 
3.96
 
1.55
 
(2.47
) 
(0.01
) 
Distributions paid to
shareholders from:
Net investment income
(1.02
) 
(2.04
) 
(2.09
) 
(1.76
) 
(0.69
) 
(0.36
) 
Net realized gain
—
 
—
 
—
 
—
 
(0.27
) 
—
 
Return of capital
—
 
—
 
(0.06
) 
—
 
—
 
(0.68
) 
Total distributions
(1.02
) 
(2.04
) 
(2.15
) 
(1.76
) 
(0.96
) 
(1.04
) 
Net asset value, end of period
$49.84
 
$49.88
 
$48.57
 
$46.76
 
$46.97
 
$50.40
 
Total return (b)
1.96
% 
7.06
% 
8.59
% 
3.29
% 
(4.96
)% 
(0.02
)% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$6,162,857
 
$5,586,398
 
$4,546,479
 
$3,827,625
 
$4,863,247
 
$6,780,968
 
Ratio of total expenses to average
net assets (c)
0.64
% (d)
0.65
% 
0.64
% 
0.64
% 
0.65
% 
0.65
% 
Ratio of net expenses to average
net assets (c)
0.64
% (d)
0.65
% 
0.64
% 
—
 
—
 
—
 
Ratio of net investment income
(loss) to average net assets (c)
2.92
% (d)
4.27
% 
4.25
% 
3.60
% 
1.66
% 
0.75
% 
Portfolio turnover rate (e)
105
% 
268
% 
413
% 
646
% (f)
831
% (f)
495
% (f)
 
(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 by the investment advisor.
(c)
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.
(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.
(f)
The portfolio turnover rate not including mortgage dollar rolls was 556%, 641%, and 368% for the years ended October 31, 2023, 2022, and
2021, respectively.
See Notes to Financial Statements
Page 39
Notes to Financial Statements
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Low Duration Opportunities ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “LMBS” on Nasdaq, Inc. (“Nasdaq”). 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 (“ETF”). The Fund’s primary investment objective is to generate current income. The Fund’s secondary investment objective is to provide capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 60% of its net assets (including investment borrowings) in mortgage-related debt securities and other mortgage-related instruments (collectively, “Mortgage-Related Investments”). The Fund normally expects to invest in Mortgage-Related Investments tied to residential and commercial mortgages. Mortgage-Related Investments consist of: (1) residential mortgage-backed securities (RMBS); (2) commercial mortgage-backed securities (CMBS); (3) stripped mortgage-backed securities (SMBS), which are mortgage-backed securities where mortgage payments are divided up between paying the loan’s principal and paying the loan’s interest; and (4) collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits (REMICs) where they are divided into multiple classes with each class being entitled to a different share of the principal and/or interest payments received from the pool of underlying assets. The Fund may also invest in securities of other investment companies, including ETFs, that invest primarily in Mortgage-Related Investments. The Fund will limit its investments in Mortgage-Related Investments that are neither issued nor guaranteed by Government Entities(1) to 20% of its net assets (including investment borrowings). The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”). The Fund may also invest in to-be-announced transactions (“TBA Transactions”). Further, the Fund may enter into short sales as part of its overall portfolio management strategies or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets (including investment borrowings). Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets (including investment borrowings) in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the Advisor to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations, the Fund will consider the highest rating. The Fund targets an estimated effective duration of three years or less.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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
(1)
“Government Entities” means the U.S. government, its agencies and instrumentalities, and U.S. government-sponsored entities.
Page 40
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 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 Advisor’s Pricing Committee 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:
U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
ETFs 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.
Exchange-traded futures contracts are valued at the end of the day settlement price.
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially
Page 41
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be
Page 42
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund held $6,483,574 of when-issued or delayed-delivery securities. At April 30, 2026, the Fund held $124,501,959 of forward purchase commitments and $18,691,151 of forward purchase commitments sold short.
C. Short Sales
Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund’s portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund’s portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.
D. Futures Contracts
The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in “Net realized gain (loss) on futures contracts” on the Statement of Operations.
Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of “Net change in unrealized appreciation (depreciation) on futures contracts” on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in “Variation margin” payable or receivable on the Statement of Assets and Liabilities.
If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.
E. Options Contracts
The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts and exchange-listed U.S. Treasury futures contracts. The Fund may also invest up to 20% of its net assets in over-the-counter derivatives. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.
The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a
Page 43
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in “Options contracts written, at value” on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in “Premiums paid on options contracts purchased” on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.
The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund’s securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund’s holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in “Net realized gain (loss) on written options contracts” on the Statement of Operations. Realized gains and losses on purchased options are included in “Net realized gain (loss) on purchased options contracts” on the Statement of Operations.
The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund’s custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.
The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund’s successful use of options on futures contracts depends on the Advisor’s ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.
F. Interest-Only Securities
An interest-only security (“IO Security”) is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.
G. Principal-Only Securities
A principal-only security (“PO Security”) is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.
Page 44
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
H. Stripped Mortgage-Backed Securities
Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security’s principal or interest payments. Mortgage-backed securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security known as an IO Security and all of the principal is distributed to holders of another type of security known as a PO Security. These securities, if any, are identified on the Portfolio of Investments.
I. Mortgage Dollar Rolls and TBA Transactions
The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s investment advisor. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.
J. Affiliated Transactions
The Fund invests in securities of affiliated funds. The Fund’s investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds’ financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.
Amounts relating to investments in affiliated funds at April 30, 2026, and for the six months then ended are as follows:
 
Security Name
Shares at
4/30/2026
Value at
10/31/2025
Purchases
Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
4/30/2026
Dividend
Income
First Trust AAA CMBS ETF
20,000
$410,202
$—
$—
$(3,760
)
$—
$406,442
$10,660
First Trust Intermediate Government
Opportunities ETF
90,000
1,234,200
619,003
—
(33,403
)
—
1,819,800
35,250
First Trust Long Duration Opportunities ETF
73,956
1,623,704
—
—
(32,910
)
—
1,590,794
34,389
First Trust Structured Credit Income
Opportunities ETF
22,500
466,987
—
—
(2,362
)
—
464,625
12,938
 
$3,735,093
$619,003
$—
$(72,435
)
$—
$4,281,661
$93,237
K. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
Page 45
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$204,646,004
Capital gains
—
Return of capital
—
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$(18,646,455
)
Accumulated capital and other gain (loss)
(46,433,011
)
Net unrealized appreciation (depreciation)
(106,353,353
)
L. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $46,433,011 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 October 31, 2025, the Fund utilized $20,490,329 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$6,651,124,313
$103,096,380
$(189,257,524
)
$(86,161,144
)
M. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
N. 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
Page 46
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
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, 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
0.65000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
Fund net assets greater than $10 billion
0.58500
%
In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund’s total annual operating expenses.
Pursuant to a contractual agreement between the Trust, on behalf of LMBS, and First Trust, the management fees paid to First Trust will be reduced by the proportional amount of the Fund’s acquired fund fees and expenses that are attributed to the Fund’s investment in the shares of investment companies advised by First Trust. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust’s Board of Trustees or (ii) the termination of LMBS’s investment management agreement with First Trust; however, it is expected to remain in place at least until June 30, 2027. First Trust does not have the right to recover the waived fees. For the six months ended April 30, 2026, First Trust waived $10,543 of management fees.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 47
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026, were $4,162,569,035 and $180,610,318, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026 were $3,493,368,188 and $81,819,954, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $2,584,565,543 and $2,394,817,664, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by the Fund at April 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statement of Assets and
Liabilities Location
Value
Statement of Assets and
Liabilities Location
Value
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
$—
Options contracts written,
at value
$18,430,527
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
43,804,146
Unrealized depreciation on
futures contracts*
2,435,536
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund’s Portfolio of Investments. Only the
current day’s variation margin is presented on the Statement of Assets and Liabilities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
Statement of Operations Location
Interest Rate Risk Exposure
Net realized gain (loss) on:
Written options contracts
$16,333,022
Futures contracts
(19,893,970
)
Net change in unrealized appreciation
(depreciation) on:
Written options contracts
(6,682,806
)
Futures contracts
65,006,057
During the six months ended April 30, 2026, the premiums for written options contracts opened were $25,588,508 and the premiums for written options contracts closed, exercised and expired were $18,909,132.
The average notional value of futures contracts outstanding during the six months ended April 30, 2026, which is indicative of the volume of this derivative type, was $2,554,462,867.
The Fund does not have the right to offset financial assets and financial liabilities related to options contracts on the 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
Page 48
Notes to Financial Statements (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
April 30, 2026 (Unaudited)
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 March 31, 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 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 49
Other Information
First Trust Low Duration Opportunities ETF (LMBS)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 50
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Table of Contents 
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust SSI Strategic Convertible Securities 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 SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CONVERTIBLE CORPORATE BONDS AND NOTES — 82.4%
Aerospace & Defense — 2.1%
$667,000
AeroVironment, Inc.
(a)
07/15/30
$678,339
246,000
Astronics Corp. (b)
(a)
01/15/31
366,471
863,000
BWX Technologies, Inc. (b)
(a)
11/01/30
935,492
200,000
Intuitive Machines, Inc. (b)
2.50%
10/01/30
444,560
 
 
 
2,424,862
Automobiles — 1.1%
265,000
NIO, Inc.
4.63%
10/15/30
277,985
985,000
Rivian Automotive, Inc.
3.63%
10/15/30
1,021,544
 
 
 
1,299,529
Banks — 0.3%
164,000
Morgan Stanley Finance LLC, Series B
1.00%
11/23/27
324,350
Biotechnology — 6.1%
304,000
Alnylam Pharmaceuticals, Inc.
1.00%
09/15/27
376,230
461,000
Arrowhead Pharmaceuticals, Inc.
(a)
01/15/32
525,724
348,000
Bridgebio Pharma, Inc.
1.75%
03/01/31
574,865
596,000
Bridgebio Pharma, Inc. (b)
0.75%
02/01/33
592,960
213,000
Celcuity, Inc.
2.75%
08/01/31
547,410
356,000
Cogent Biosciences, Inc.
1.63%
11/15/31
422,216
323,000
CRISPR Therapeutics AG (b)
1.73%
03/01/31
337,600
573,000
Cytokinetics, Inc. (b)
1.75%
10/01/31
732,724
484,000
Halozyme Therapeutics, Inc.
1.00%
08/15/28
616,858
980,000
Ionis Pharmaceuticals, Inc. (b)
(a)
12/01/30
1,018,587
97,000
Mirum Pharmaceuticals, Inc.
4.00%
05/01/29
305,841
337,000
PTC Therapeutics, Inc.
1.50%
09/15/26
428,201
509,000
Revolution Medicines, Inc.
0.50%
05/01/33
568,162
 
 
 
7,047,378
Broadline Retail — 1.2%
1,002,000
Alibaba Group Holding Ltd.
0.50%
06/01/31
1,448,140
Capital Markets — 3.7%
492,000
Coinbase Global, Inc.
0.25%
04/01/30
479,331
408,000
Coinbase Global, Inc. (b)
(a)
10/01/32
345,474
408,000
Galaxy Digital Holdings, L.P. (b)
2.50%
12/01/29
586,296
1,526,000
Morgan Stanley Finance LLC (c) (d)
0.13%
04/26/30
1,902,540
809,000
WisdomTree, Inc. (b)
4.63%
08/15/30
952,193
 
 
 
4,265,834
Communications Equipment — 4.6%
914,000
Lumentum Holdings, Inc. (b)
0.38%
03/15/32
4,479,423
231,000
Viavi Solutions, Inc. (b)
0.63%
03/01/31
901,477
 
 
 
5,380,900
Construction & Engineering — 1.4%
505,000
Fluor Corp.
1.13%
08/15/29
678,594
518,000
Granite Construction, Inc.
3.25%
06/15/30
955,062
 
 
 
1,633,656
Consumer Finance — 0.3%
165,000
SoFi Technologies, Inc. (b)
1.25%
03/15/29
304,796
See Notes to Financial Statements
Page 1
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)
Diversified Telecommunication Services — 0.9%
$700,000
AST SpaceMobile, Inc. (b)
2.00%
01/15/36
$713,825
339,000
AST SpaceMobile, Inc. (b)
2.25%
04/15/36
316,626
 
 
 
1,030,451
Electric Utilities — 4.6%
520,000
Alliant Energy Corp. (b)
3.25%
05/30/28
559,494
537,000
Duke Energy Corp. (b)
3.00%
03/15/29
535,523
350,000
Evergy, Inc.
4.50%
12/15/27
477,488
600,000
FirstEnergy Corp. (b)
3.88%
01/15/31
667,500
1,416,000
NextEra Energy Capital Holdings, Inc.
3.00%
03/01/27
2,059,926
690,000
PG&E Corp.
4.25%
12/01/27
707,422
343,000
PPL Capital Funding, Inc.
2.88%
03/15/28
395,565
 
 
 
5,402,918
Electrical Equipment — 2.0%
304,000
Array Technologies, Inc. (b)
2.88%
07/01/31
395,200
1,090,000
Bloom Energy Corp. (b)
(a)
11/15/30
1,900,088
 
 
 
2,295,288
Electronic Equipment, Instruments & Components — 1.9%
355,000
Advanced Energy Industries, Inc.
2.50%
09/15/28
1,011,714
547,000
Mirion Technologies, Inc. (b)
(a)
10/01/31
543,171
654,000
OSI Systems, Inc. (b)
0.50%
02/01/31
700,238
 
 
 
2,255,123
Energy Equipment & Services — 1.3%
533,000
Liberty Energy, Inc. (b)
(a)
03/01/31
642,532
585,000
Solaris Energy Infrastructure, Inc.
0.25%
10/01/31
896,512
 
 
 
1,539,044
Entertainment — 3.0%
455,000
IMAX Corp. (b)
0.75%
11/15/30
509,941
535,000
Liberty Media Corp.
2.25%
08/15/27
626,218
179,000
Live Nation Entertainment, Inc.
3.13%
01/15/29
280,958
1,825,000
Live Nation Entertainment, Inc.
2.88%
01/15/30
2,036,700
 
 
 
3,453,817
Financial Services — 0.4%
310,000
HAT Holdings I LLC / HAT Holdings II LLC (b)
3.75%
08/15/28
494,218
Food Products — 0.3%
308,000
Freshpet, Inc.
3.00%
04/01/28
378,932
Ground Transportation — 0.8%
730,000
Uber Technologies, Inc.
0.88%
12/01/28
893,703
Health Care Equipment & Supplies — 1.6%
433,000
Alphatec Holdings, Inc.
0.75%
03/15/30
431,008
400,000
Integer Holdings Corp.
1.88%
03/15/30
389,000
391,000
IRhythm Technologies, Inc.
1.50%
09/01/29
450,237
484,000
Lantheus Holdings, Inc.
2.63%
12/15/27
617,463
 
 
 
1,887,708
Health Care Providers & Services — 0.5%
552,000
Guardant Health, Inc. (b)
(a)
05/15/33
579,255
Health Care REITs — 1.1%
573,000
Welltower OP LLC (b)
2.75%
05/15/28
1,308,445
See Notes to Financial Statements
Page 2
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)
Hotels, Restaurants & Leisure — 1.1%
$300,000
Cheesecake Factory (The), Inc.
2.00%
03/15/30
$331,725
472,000
NCL Corp., Ltd.
0.88%
04/15/30
497,370
466,000
Trip.com Group Ltd.
0.75%
06/15/29
502,314
 
 
 
1,331,409
Independent Power and Renewable Electricity Producers — 0.6%
512,000
Ormat Technologies, Inc.
2.50%
07/15/27
686,387
Interactive Media & Services — 2.0%
807,000
Morgan Stanley Finance LLC
0.13%
02/07/28
2,368,739
IT Services — 5.2%
771,000
Akamai Technologies, Inc. (b)
0.25%
05/15/33
1,013,287
100,000
Applied Digital Corp.
2.75%
06/01/30
368,550
617,000
Cloudflare, Inc.
(a)
08/15/26
718,055
641,000
Cloudflare, Inc. (b)
(a)
06/15/30
737,468
776,000
CoreWeave, Inc. (b)
1.75%
12/01/31
1,008,373
321,000
CoreWeave, Inc. (b)
1.75%
10/01/32
385,842
290,000
DigitalOcean Holdings, Inc. (b)
(a)
08/15/30
747,910
912,000
Snowflake, Inc.
(a)
10/01/27
1,041,504
 
 
 
6,020,989
Life Sciences Tools & Services — 0.4%
435,000
Tempus AI, Inc. (b)
0.75%
07/15/30
455,336
Machinery — 0.4%
500,000
JBT Marel Corp. (b)
0.38%
09/15/30
471,250
Metals & Mining — 0.9%
117,000
Equinox Gold Corp.
4.75%
10/15/28
273,371
262,000
MP Materials Corp. (b)
3.00%
03/01/30
827,789
 
 
 
1,101,160
Multi-Utilities — 1.7%
540,000
CenterPoint Energy, Inc. (b)
3.00%
08/01/28
572,892
450,000
CenterPoint Energy, Inc. (b)
2.88%
05/15/29
454,320
761,000
WEC Energy Group, Inc.
4.38%
06/01/27
930,323
 
 
 
1,957,535
Oil, Gas & Consumable Fuels — 2.1%
678,000
Centrus Energy Corp. (b)
(a)
08/15/32
810,210
382,000
Crescent Energy Co. (b)
2.75%
03/15/31
440,446
355,000
Energy Fuels, Inc. (b)
0.75%
11/01/31
474,280
336,000
Golar LNG Ltd. (b)
2.75%
12/15/30
406,224
260,000
Northern Oil & Gas, Inc.
3.63%
04/15/29
276,640
 
 
 
2,407,800
Passenger Airlines — 0.3%
362,000
Joby Aviation, Inc.
0.75%
02/15/32
334,624
Pharmaceuticals — 2.2%
745,000
Jazz Investments I Ltd.
3.13%
09/15/30
1,114,892
470,000
Ligand Pharmaceuticals, Inc. (b)
0.75%
10/01/30
631,351
783,000
Zoetis, Inc. (b)
0.25%
06/15/29
775,953
 
 
 
2,522,196
See Notes to Financial Statements
Page 3
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CONVERTIBLE CORPORATE BONDS AND NOTES (Continued)
Professional Services — 1.2%
$404,000
BlackSky Technology, Inc. (b)
8.25%
08/01/33
$578,649
249,000
Planet Labs PBC (b)
0.50%
10/15/30
805,826
 
 
 
1,384,475
Retail REITs — 0.5%
547,000
Realty Income Corp. (b)
3.50%
01/15/29
572,983
Semiconductors & Semiconductor Equipment — 7.5%
381,000
Cohu, Inc. (b)
1.50%
01/15/31
728,243
632,000
Impinj, Inc. (b)
(a)
09/15/29
610,828
535,000
MACOM Technology Solutions Holdings, Inc.
(a)
12/15/29
943,472
650,000
Microchip Technology, Inc. (b)
(a)
02/15/30
743,763
652,000
MKS, Inc.
1.25%
06/01/30
1,284,114
281,000
Nova Ltd. (b)
(a)
09/15/30
484,585
1,760,000
ON Semiconductor Corp.
0.50%
03/01/29
2,148,080
695,000
Semtech Corp. (b)
(a)
10/15/30
930,779
684,000
Ultra Clean Holdings, Inc. (b)
(a)
03/15/31
849,220
 
 
 
8,723,084
Software — 10.1%
338,000
Bitdeer Technologies Group (b)
4.88%
07/01/31
356,624
511,000
Cipher Digital, Inc. (b)
(a)
10/01/31
710,290
240,000
Cleanspark, Inc.
(a)
06/15/30
287,640
610,000
Core Scientific, Inc. (b)
(a)
06/15/31
758,687
594,000
CyberArk Software Ltd. (b)
(a)
06/15/30
648,173
109,000
InterDigital, Inc.
3.50%
06/01/27
418,397
1,385,000
IREN Ltd. (b)
(a)
07/01/31
1,203,219
573,000
MARA Holdings, Inc.
(a)
03/01/30
544,350
433,000
MARA Holdings, Inc.
2.13%
09/01/31
445,492
1,095,000
Nebius Group N.V. (b)
1.00%
09/15/30
1,418,353
1,264,000
Nebius Group N.V. (b)
1.25%
03/15/31
1,406,706
675,000
Nebius Group N.V. (b)
2.75%
09/15/32
856,575
128,000
Riot Platforms, Inc.
0.75%
01/15/30
183,046
396,000
Strategy, Inc.
0.63%
09/15/28
494,604
550,000
Strategy, Inc.
0.88%
03/15/31
610,638
375,000
Terawulf, Inc. (b)
1.00%
09/01/31
729,187
515,000
Terawulf, Inc. (b)
(a)
05/01/32
704,159
 
 
 
11,776,140
Specialized REITs — 0.6%
661,000
Digital Realty Trust, L.P. (b)
1.88%
11/15/29
743,295
Specialty Retail — 0.9%
287,000
Burlington Stores, Inc.
1.25%
12/15/27
468,241
360,000
GameStop Corp.
(a)
04/01/30
387,900
162,000
Wayfair, Inc.
3.25%
09/15/27
199,827
 
 
 
1,055,968
Technology Hardware, Storage & Peripherals — 5.5%
148,000
Seagate HDD Cayman
3.50%
06/01/28
1,205,941
455,000
Western Digital Corp.
3.00%
11/15/28
5,230,475
 
 
 
6,436,416
Total Convertible Corporate Bonds and Notes
95,998,133
(Cost $71,921,465)
See Notes to Financial Statements
Page 4
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
 
Shares
Description
 
Stated
Coupon
Stated
Maturity
Value
CONVERTIBLE PREFERRED SECURITIES — 14.5%
Aerospace & Defense — 3.0%
37,945
Boeing (The) Co.
6.00%
10/15/27
$2,739,629
15,755
VSE Corp.
5.75%
02/01/29
728,196
 
 
 
3,467,825
Banks — 2.3%
900
Bank of America Corp., Series L
7.25%
(e)
1,100,493
1,300
Wells Fargo & Co., Series L
7.50%
(e)
1,548,053
 
 
 
2,648,546
Capital Markets — 0.9%
8,685
Ares Management Corp., Series B
6.75%
10/01/27
340,799
16,120
KKR & Co., Inc., Series D
6.25%
03/01/28
715,406
 
 
 
1,056,205
Chemicals — 1.3%
19,350
Albemarle Corp.
7.25%
03/01/27
1,508,139
Electric Utilities — 2.0%
10,410
NextEra Energy, Inc.
7.38%
02/15/29
546,733
10,245
PG&E Corp., Series A
6.00%
12/01/27
430,905
8,000
PPL Corp.
7.00%
02/15/29
403,520
19,310
Southern (The) Co., Series A
7.13%
12/15/28
1,004,699
 
 
 
2,385,857
Financial Services — 0.2%
4,335
Apollo Global Management, Inc.
6.75%
07/31/26
284,940
Health Care Providers & Services — 1.1%
7,780
BrightSpring Health Services, Inc.
6.75%
02/01/27
1,229,551
Semiconductors & Semiconductor Equipment — 1.0%
14,460
Microchip Technology, Inc.
7.50%
03/15/28
1,137,568
Software — 1.1%
25,630
Oracle Corp., Series D
6.50%
01/15/29
1,247,412
Technology Hardware, Storage & Peripherals — 0.9%
14,225
Hewlett Packard Enterprise Co.
7.63%
09/01/27
1,089,920
Trading Companies & Distributors — 0.7%
14,985
QXO, Inc.
5.50%
05/15/28
847,851
Total Convertible Preferred Securities
16,903,814
(Cost $14,668,268)
 
Shares
Description
Value
MONEY MARKET FUNDS — 2.6%
3,067,744
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (f)
3,067,744
(Cost $3,067,744)
Total Investments — 99.5%
115,969,691
(Cost $89,657,477)
Net Other Assets and Liabilities — 0.5%
567,869
Net Assets — 100.0%
$116,537,560
 
See Notes to Financial Statements
Page 5
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(a)
Zero coupon security.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $47,917,184 or 41.1% of net assets.
(c)
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of
Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
April 30, 2026, securities noted as such are valued at $1,902,540 or 1.6% 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)
Perpetual maturity.
(f)
Rate shown reflects yield as of April 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 April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Convertible Corporate Bonds and Notes:
Capital Markets
$4,265,834
$—
$2,363,294
$1,902,540
Other Industry Categories*
91,732,299
—
91,732,299
—
Convertible Preferred Securities*
16,903,814
16,903,814
—
—
Money Market Funds
3,067,744
3,067,744
—
—
Total Investments
$115,969,691
$19,971,558
$94,095,593
$1,902,540
 
*
See Portfolio of Investments for industry breakout.
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. As of April 30, 2026, the Level 3 investment was valued using an unadjusted broker quote.
See Notes to Financial Statements
Page 6
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
The following table presents the activity of the Fund’s investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented.
 
Beginning Balance at October 31, 2025
Convertible Corporate Bonds and Notes
$1,862,254
Net Realized Gain (Loss)
—
Net Change in Unrealized Appreciation/Depreciation
40,286
Purchases
—
Sales
—
Transfers In
—
Transfers Out
—
Ending Balance at April 30, 2026
Convertible Corporate Bonds and Notes
1,902,540
Total Level 3 holdings
$1,902,540
 
There was a net change of $40,286 in unrealized appreciation (depreciation) from the Level 3 investment held as of April 30, 2026.
See Notes to Financial Statements
Page 7
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$115,969,691
Receivables:
Investment securities sold
397,446
Interest
235,955
Dividends
22,459
Total Assets
116,625,551
 
LIABILITIES:
Investment advisory fees payable
87,991
Total Liabilities
87,991
NET ASSETS
$116,537,560
 
NET ASSETS consist of:
Paid-in capital
$105,038,070
Par value
23,500
Accumulated distributable earnings (loss)
11,475,990
NET ASSETS
$116,537,560
NET ASSET VALUE, per share
$49.59
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
2,350,002
Investments, at cost
$89,657,477
See Notes to Financial Statements
Page 8
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Dividends
$400,640
Interest
(738,589
)
Total investment income
(337,949
)
 
EXPENSES:
Investment advisory fees
502,665
 
Other expenses
65
Total expenses
502,730
NET INVESTMENT INCOME (LOSS)
(840,679
)
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
6,733,757
In-kind redemptions
480,332
Net realized gain (loss)
7,214,089
Net change in unrealized appreciation (depreciation) on investments
5,806,090
NET REALIZED AND UNREALIZED GAIN (LOSS)
13,020,179
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$12,179,500
See Notes to Financial Statements
Page 9
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$(840,679
)
$(1,132,986
)
Net realized gain (loss)
7,214,089
9,698,656
Net change in unrealized appreciation (depreciation)
5,806,090
10,970,313
Net increase (decrease) in net assets resulting from operations
12,179,500
19,535,983
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(649,251
)
(1,914,252
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
16,094,210
 
72,310,865
 
Cost of shares redeemed
(24,378,745
) 
(46,339,047
) 
Net increase (decrease) in net assets resulting from shareholder transactions
(8,284,535
)
25,971,818
Total increase (decrease) in net assets
3,245,714
43,593,549
 
NET ASSETS:
Beginning of period
113,291,846
69,698,297
End of period
$116,537,560
$113,291,846
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
2,550,002
1,950,002
Shares sold
350,000
1,850,000
Shares redeemed
(550,000
)
(1,250,000
)
Shares outstanding, end of period
2,350,002
2,550,002
See Notes to Financial Statements
Page 10
First Trust SSI Strategic Convertible Securities ETF (FCVT)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$44.43
$35.74
$29.71
$32.12
$52.22
$40.14
Income from investment operations:
Net investment income (loss)
(0.36
) (a)
(0.50
) (a)
(0.17
) (a)
(0.42
) (a)
(1.39
) 
(1.33
) 
Net realized and unrealized gain (loss)
5.80
 
10.03
 
6.79
 
(1.50
) 
(8.63
) 
14.42
 
Total from investment operations
5.44
 
9.53
 
6.62
 
(1.92
) 
(10.02
) 
13.09
 
Distributions paid to shareholders from:
Net investment income
(0.28
) 
(0.84
) 
(0.59
) 
(0.49
) 
(1.39
) 
(0.62
) 
Net realized gain
—
 
—
 
—
 
—
 
(8.69
) 
(0.39
) 
Total distributions
(0.28
) 
(0.84
) 
(0.59
) 
(0.49
) 
(10.08
) 
(1.01
) 
Net asset value, end of period
$49.59
 
$44.43
 
$35.74
 
$29.71
 
$32.12
 
$52.22
 
Total return (b)
12.29
% 
27.07
% 
22.40
% 
(6.08
)% 
(22.76
)% 
32.74
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$116,538
 
$113,292
 
$69,698
 
$81,690
 
$173,454
 
$305,460
 
Ratio of total expenses to average net assets
0.95
% (c)
0.96
% (d)
0.95
% 
0.95
% 
0.95
% 
0.95
% 
Ratio of net investment income (loss) to average
net assets
(1.59
)% (c)
(1.31
)% 
(0.51
)% 
(1.32
)% 
(3.44
)% 
(2.60
)% 
Portfolio turnover rate (e)
44
% 
122
% 
100
% 
90
% 
94
% 
135
% 
 
(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 0.95%.
(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
Notes to Financial Statements
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 SSI Strategic Convertible Securities ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “FCVT” on Nasdaq, Inc. (“Nasdaq”). 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 investment objective of the Fund is to seek total return. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities. There can be no assurances 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 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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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:
Convertible preferred 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.
Convertible corporate bonds, notes and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
Page 12
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
 6)
bids and offers; and
 7)
reference data including market research publications.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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.
Fair valuation of a debt security will be based on the consideration of all available information, including, but not limited to, the following:
 1)
the most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of the security;
 6)
the financial statements of the issuer;
 7)
the credit quality and cash flow of the issuer, based on the sub-advisor’s or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer’s management;
13)
the prospects for the issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry; and
14)
other relevant factors.
Fair valuation of an equity security will be based on the consideration of all available information, 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;
Page 13
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
 2)
the type of security;
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund had no when-issued, delayed-delivery or forward purchase commitments.
The Fund invests in convertible securities that are acquired at a price significantly above the principal value. Consequently, the amortization of premium may exceed the interest income earned on the securities.
C. 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 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,
Page 14
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
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 during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$1,914,252
Capital gains
—
Return of capital
—
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$68,261
Accumulated capital and other gain (loss)
(19,127,167
)
Net unrealized appreciation (depreciation)
19,004,647
D. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $19,127,167 of 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 October 31, 2025, the Fund utilized $7,165,771 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$89,657,477
$27,368,045
$(1,055,831
)
$26,312,214
E. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
Page 15
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
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 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 supervising 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.
The Fund and First Trust have retained SSI Investment Management LLC (“SSI” or the “Sub-Advisor”) to serve as its investment sub-advisor. In this capacity, SSI is responsible for the selection and on-going monitoring of the securities in the Fund’s investment portfolio. Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust will supervise SSI and its management of the investment of the Fund’s assets and will pay SSI for its services as the Fund’s sub-advisor. SSI receives a sub-advisory fee from First Trust equal to 50% of any remaining monthly investment management fee paid to First Trust after the average Fund expenses accrued during the most recent twelve months are subtracted from the investment management fee in a given month. During any period in which the Advisor’s management fee is reduced in accordance with the breakpoints described below, the investment sub-advisory fee (which is based on the Advisor’s management fee) paid to SSI will be reduced to reflect the reduction in the Advisor’s management fee.
First Trust will also be responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, 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. 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
0.95000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.92625
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.90250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.87875
%
Fund net assets greater than $10 billion
0.85500
%
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, prior to January 1, 2026, allocated pro rata among each fund
Page 16
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 April 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $45,726,773 and $56,905,756, respectively.
For the six months ended April 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales were $8,827,060 and $4,264,751, 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, 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 March 31, 2027.
Page 17
Notes to Financial Statements (Continued)
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 30, 2026 (Unaudited)
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 18
Other Information
First Trust SSI Strategic Convertible Securities ETF (FCVT)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 19
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust Long Duration Opportunities ETF (LGOV)
Table of Contents 
First Trust Long Duration Opportunities ETF (LGOV)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Long Duration Opportunities 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 Long Duration Opportunities ETF (LGOV)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 76.3%
Collateralized Mortgage Obligations — 56.0%
FARM Mortgage Trust
 
 
$3,750,000
Series 2024-1, Class A2 (a) (b)
4.68%
10/01/53
$3,462,526
3,250,000
Series 2024-2, Class A2 (a) (b)
5.16%
08/01/54
3,044,499
Federal Home Loan Mortgage Corporation
 
 
3,932,064
Series 2015-4471, Class JB
3.50%
09/15/43
3,356,365
6,402,347
Series 2015-4499, Class CZ
3.50%
08/15/45
5,612,148
4,913,328
Series 2017-4680, Class YZ
3.50%
05/15/47
4,420,981
4,442,000
Series 2017-4738, Class TY
3.00%
12/15/47
3,583,685
4,752,762
Series 2019-4924, Class XB
3.00%
10/25/49
3,505,629
7,922,799
Series 2021-5135, Class BZ
2.50%
08/25/51
5,041,363
3,782,497
Series 2021-5140, Class ZD
2.00%
08/25/51
2,292,116
13,216,448
Series 2021-5179, Class GZ
2.00%
01/25/52
7,741,680
18,127,547
Series 2022-5202, Class ZN
3.00%
05/25/51
12,595,502
6,529,674
Series 2022-5204, Class HZ
2.50%
03/25/52
4,077,222
13,338,822
Series 2022-5213, Class DB
3.00%
04/25/52
11,679,731
7,453,000
Series 2022-5224, Class HL
4.00%
04/25/52
6,904,092
6,345,140
Series 2022-5243, Class ZB
3.50%
06/15/43
5,218,594
22,884,487
Series 2023-5299, Class ZA
3.00%
03/25/52
16,810,120
Federal Home Loan Mortgage Corporation Seasoned Loans
Structured Transaction Trust
 
 
10,000,000
Series 2024-2, Class A2 (a)
3.25%
10/25/34
8,866,150
12,000,000
Series 2025-1, Class A2
3.00%
05/25/35
10,360,478
Federal National Mortgage Association
 
 
1,162,723
Series 2005-74, Class NZ
6.00%
09/25/35
1,229,131
25,040,207
Series 2012-134, Class ZC
2.50%
12/25/42
19,840,252
1,584,331
Series 2013-19, Class ZD
3.50%
03/25/43
1,440,246
6,203,000
Series 2013-95, Class PY
3.00%
09/25/43
4,948,114
4,748,350
Series 2015-89, Class CZ
4.00%
08/25/45
4,433,829
7,208,539
Series 2016-94, Class MB
2.50%
12/25/46
5,791,179
3,248,839
Series 2018-76, Class ZL
4.00%
10/25/58
2,996,818
2,394,804
Series 2018-84, Class ZM
4.00%
11/25/48
2,245,234
2,800,000
Series 2021-91, Class DB
2.50%
01/25/42
2,277,660
8,668,059
Series 2022-22, Class HZ
2.50%
05/25/52
6,076,014
1,365,236
Series 2023-44, Class PO, PO
(c)
10/25/53
1,119,566
10,965,186
Series 2023-59, Class CZ
2.50%
11/25/49
7,766,284
15,500,000
Series 2024-6, Class AL
2.00%
03/25/44
12,062,467
11,291,765
Series 2024-20, Class QZ
4.00%
10/25/45
10,181,090
11,093,678
Series 2024-20, Class ZA
4.00%
10/25/45
10,007,726
5,033,778
Series 2024-20, Class ZQ
4.00%
10/25/45
4,448,707
10,654,516
Series 2024-26, Class PO, PO
(c)
05/25/54
8,324,232
14,260,858
Series 2025-40, Class EZ
4.50%
11/25/48
12,013,512
11,967,585
Series 2025-44, Class CZ
3.50%
07/25/50
9,702,337
Government National Mortgage Association
 
 
1,869,000
Series 2010-61, Class KE
5.00%
05/16/40
1,868,285
7,547,549
Series 2014-94, Class Z
4.50%
01/20/44
7,355,563
2,350,044
Series 2015-164, Class MZ
3.00%
09/20/45
1,832,176
6,000,000
Series 2016-83, Class BP
3.00%
06/20/46
5,012,911
4,777,122
Series 2016-111, Class PB
2.50%
08/20/46
3,587,685
11,500,367
Series 2018-53, Class BZ
3.50%
04/20/48
10,124,256
3,510,000
Series 2022-30, Class AL
3.00%
02/20/52
2,476,206
See Notes to Financial Statements
Page 1
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Government National Mortgage Association (Continued)
 
 
$13,475,374
Series 2022-124, Class MY
3.50%
07/20/52
$11,592,436
10,147,137
Series 2022-128, Class PN
4.00%
07/20/52
8,825,840
4,775,400
Series 2022-137, Class JY
4.00%
08/20/52
4,194,317
3,200,000
Series 2022-139, Class AL
4.00%
07/20/51
2,941,850
13,700,000
Series 2023-81, Class YD
4.00%
06/20/53
12,211,969
17,448,566
Series 2023-164, Class AZ
3.00%
01/20/52
12,900,212
5,344,880
Series 2024-1, Class ZE
4.00%
01/20/44
4,887,535
8,067,647
Series 2024-1, Class ZH
5.00%
05/20/46
8,089,550
10,518,418
Series 2024-43, Class EZ
3.50%
04/20/52
8,248,760
19,680,990
Series 2024-59, Class Z
1.25%
07/20/50
11,362,428
2,917,402
Series 2025-83, Class SB, (30 Day Average SOFR) ×-2.50+
14.50% (d)
5.40%
05/20/55
2,808,976
2,600,798
Series 2025-95, Class DC, (30 Day Average SOFR) ×-2.50+
14.63% (d)
5.52%
05/20/55
2,416,313
4,448,013
Series 2025-98, Class SX, (30 Day Average SOFR) ×-1.80+
10.44% (d)
3.89%
06/20/55
4,081,262
 
372,295,809
Commercial Mortgage-Backed Securities — 7.9%
Federal Home Loan Mortgage Corporation Multiclass Certificates
 
 
4,722,428
Series 2020-RR14, Class X, IO (b)
2.13%
03/27/34
582,454
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates
 
 
3,727,000
Series 2018-K155, Class A3
3.75%
04/25/33
3,549,649
1,936,000
Series 2019-K95, Class XAM, IO (b)
1.37%
06/25/29
72,238
2,050,000
Series 2019-K1510, Class A3
3.79%
01/25/34
1,941,121
16,929,337
Series 2019-K1511, Class X1, IO (b)
0.92%
03/25/34
725,874
485,000
Series 2019-K1512, Class A3
3.06%
04/25/34
436,117
1,800,000
Series 2019-K1514, Class A2
2.86%
10/25/34
1,578,602
9,960,382
Series 2020-K111, Class XAM, IO (b)
1.91%
05/25/30
656,427
7,550,000
Series 2020-K120, Class XAM, IO (b)
1.31%
10/25/30
366,807
7,561,578
Series 2020-K1515, Class X1, IO (b)
1.63%
02/25/35
696,881
18,117,475
Series 2020-K1516, Class X1, IO (b)
1.62%
05/25/35
1,864,888
2,142,000
Series 2020-K1517, Class A2
1.72%
07/25/35
1,701,260
43,828,740
Series 2021-K129, Class X1, IO (b)
1.13%
05/25/31
1,719,511
25,500,000
Series 2021-K131, Class XAM, IO (b)
1.04%
07/25/31
1,135,150
2,570,000
Series 2021-K1519, Class A2
2.01%
12/25/35
2,047,206
5,000,000
Series 2021-K1520, Class A2
2.44%
02/25/36
4,126,507
186,944,000
Series 2022-K140, Class XAM, IO (b)
0.40%
01/25/32
2,924,643
120,735,270
Series 2023-K153, Class X1, IO (b)
0.60%
12/25/32
3,360,570
5,000,000
Series 2023-KG08, Class A2
4.13%
05/25/33
4,897,295
37,000,000
Series 2024-K165, Class XAM, IO (b)
1.09%
09/25/34
2,490,026
116,051,000
Series 2024-K167, Class XAM, IO (b)
0.55%
11/25/34
3,337,633
Federal National Mortgage Association Alternative Credit
Enhancement Securities
 
 
13,695,411
Series 2024-M3, Class Z (b)
4.66%
04/25/53
11,627,564
Government National Mortgage Association
 
 
952,675
Series 2020-159, Class Z (e)
2.50%
10/16/62
334,328
522,380
Series 2020-197, Class Z (b)
2.25%
10/16/62
156,094
See Notes to Financial Statements
Page 2
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Government National Mortgage Association (Continued)
 
 
$224,606
Series 2021-4, Class Z (b)
2.00%
09/16/62
$59,345
966,191
Series 2021-28, Class Z (b)
2.00%
10/16/62
287,089
 
52,675,279
Pass-Through Securities — 12.4%
Federal Home Loan Mortgage Corporation
1,100,735
Pool QB1397
2.50%
07/01/50
924,865
11,247,161
Pool SD7509
3.00%
11/01/49
10,042,437
15,477,680
Pool SD7550
3.00%
02/01/52
13,814,201
Federal National Mortgage Association
14,837,874
Pool AL9394
3.00%
11/01/46
13,217,300
4,727,735
Pool BM7421
2.00%
03/01/51
3,721,053
3,668,031
Pool FM9134
3.00%
06/01/51
3,302,543
13,073,226
Pool FM9712
3.50%
11/01/50
12,157,679
6,663,789
Pool FS2459
3.00%
02/01/52
5,997,154
7,386,964
Pool MA4025
2.50%
05/01/50
6,147,237
Government National Mortgage Association
15,558,479
Pool MA7192
2.00%
02/20/51
12,817,289
 
82,141,758
Total U.S. Government Agency Mortgage-Backed Securities
507,112,846
(Cost $506,722,060)
U.S. GOVERNMENT BONDS AND NOTES — 17.9%
3,500,000
U.S. Treasury Bond
4.63%
02/15/46
3,342,773
5,300,000
U.S. Treasury Bond
3.00%
08/15/48
3,846,020
2,500,000
U.S. Treasury Bond
3.00%
02/15/49
1,805,371
6,000,000
U.S. Treasury Bond
2.25%
08/15/49
3,690,938
34,800,000
U.S. Treasury Bond
1.38%
08/15/50
16,818,187
16,300,000
U.S. Treasury Bond
1.63%
11/15/50
8,403,414
7,600,000
U.S. Treasury Bond
1.88%
11/15/51
4,122,406
10,000,000
U.S. Treasury Bond, STRIPS
(c)
02/15/34
7,160,663
2,000,000
U.S. Treasury Bond, STRIPS
(c)
11/15/34
1,378,844
2,000,000
U.S. Treasury Bond, STRIPS
(c)
02/15/35
1,361,757
9,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/35
6,051,357
4,500,000
U.S. Treasury Bond, STRIPS
(c)
08/15/35
2,986,699
6,000,000
U.S. Treasury Bond, STRIPS
(c)
02/15/36
3,875,444
6,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/36
3,821,913
5,000,000
U.S. Treasury Bond, STRIPS
(c)
02/15/37
3,054,438
6,300,000
U.S. Treasury Bond, STRIPS
(c)
05/15/38
3,577,046
3,500,000
U.S. Treasury Bond, STRIPS
(c)
02/15/39
1,901,645
11,700,000
U.S. Treasury Bond, STRIPS
(c)
08/15/39
6,162,247
6,000,000
U.S. Treasury Bond, STRIPS
(c)
11/15/39
3,112,920
4,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/40
2,011,938
2,000,000
U.S. Treasury Bond, STRIPS
(c)
11/15/40
974,239
5,175,000
U.S. Treasury Bond, STRIPS
(c)
02/15/41
2,482,341
3,500,000
U.S. Treasury Bond, STRIPS
(c)
08/15/41
1,628,633
13,500,000
U.S. Treasury Bond, STRIPS
(c)
11/15/41
6,188,773
5,000,000
U.S. Treasury Bond, STRIPS
(c)
02/15/42
2,255,392
2,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/42
906,143
5,000,000
U.S. Treasury Bond, STRIPS
(c)
08/15/42
2,230,367
See Notes to Financial Statements
Page 3
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES (Continued)
$5,000,000
U.S. Treasury Bond, STRIPS
(c)
11/15/42
$2,195,221
5,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/43
2,092,220
6,300,000
U.S. Treasury Bond, STRIPS
(c)
08/15/43
2,641,533
3,380,288
U.S. Treasury Inflation Indexed Bond (f)
2.13%
04/15/29
3,485,612
3,530,526
U.S. Treasury Inflation Indexed Bond (f)
1.63%
10/15/29
3,606,315
Total U.S. Government Bonds and Notes
119,172,809
(Cost $121,332,982)
U.S. GOVERNMENT AGENCY SECURITIES — 2.8%
3,000,000
Tennessee Valley Authority
4.25%
09/15/52
2,508,734
6,000,000
Tennessee Valley Authority
5.25%
02/01/55
5,852,022
10,000,000
Tennessee Valley Authority
5.38%
04/01/56
9,978,344
Total U.S. Government Agency Securities
18,339,100
(Cost $19,123,708)
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS — 0.3%
Capital Markets — 0.3%
90,000
First Trust Intermediate Government Opportunities ETF (g)
1,819,800
(Cost $1,804,216)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 1.2%
$2,000,000
U.S. Treasury Bill
(c)
05/05/26
1,999,215
2,000,000
U.S. Treasury Bill
(c)
05/07/26
1,998,802
2,000,000
U.S. Treasury Bill
(c)
05/14/26
1,997,416
1,000,000
U.S. Treasury Bill
(c)
05/19/26
998,207
1,000,000
U.S. Treasury Bill
(c)
05/28/26
997,326
Total U.S. Treasury Bills
7,990,966
(Cost $7,990,834)
Total Investments — 98.5%
654,435,521
(Cost $656,973,800)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 0.0%
Call Options Purchased — 0.0%
100
U.S. 2-Year Treasury Note Futures, expiring June
2026
$20,712,500
$103.88
05/22/26
9,375
100
U.S. 2-Year Treasury Note Futures, expiring June
2026
20,712,500
104.00
05/22/26
6,250
100
U.S. 5-Year Treasury Note Futures, expiring June
2026
10,783,594
109.00
05/22/26
3,906
100
U.S. 10-Year Treasury Note Futures, expiring June
2026
11,059,375
112.50
05/22/26
4,688
Total Purchased Options
24,219
(Cost $75,267)
 
See Notes to Financial Statements
Page 4
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (2.1)%
Pass-Through Securities — (2.1)%
Federal National Mortgage Association
$(10,000,000)
Pool TBA (h)
3.50%
06/15/56
$(9,097,457
)
(5,000,000)
Pool TBA (h)
4.00%
06/15/56
(4,686,134
)
Total Investments Sold Short — (2.1)%
(13,783,591
)
(Proceeds $13,890,039)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.4)%
Call Options Written — (0.0)%
(71)
3 Month SOFR Futures, expiring December 2027
$(17,111,888
)
$97.50
12/10/27
(25,737
)
(Premiums received $47,026)
 
 
Put Options Written — (0.4)%
(200)
3 Month SOFR Futures, expiring September 2027
(48,167,500
)
95.75
09/10/27
(130,000
)
(100)
3 Month SOFR Futures, expiring December 2027
(24,101,250
)
95.00
12/10/27
(39,375
)
(71)
3 Month SOFR Futures, expiring December 2027
(17,111,888
)
95.50
12/10/27
(40,381
)
(161)
3 Month SOFR Futures, expiring December 2027
(38,803,013
)
96.00
12/10/27
(134,837
)
(200)
3 Month SOFR Futures, expiring December 2027
(48,202,500
)
96.38
12/10/27
(231,250
)
(100)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(20,712,500
)
103.00
08/21/26
(37,500
)
(75)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(15,534,375
)
103.38
08/21/26
(45,703
)
(75)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(15,534,375
)
103.75
08/21/26
(71,484
)
(200)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(21,554,688
)
107.50
08/21/26
(153,125
)
(100)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(10,777,344
)
107.75
08/21/26
(87,500
)
(100)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(10,777,344
)
108.00
08/21/26
(99,219
)
(100)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(10,777,344
)
108.25
08/21/26
(112,500
)
(250)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(26,943,359
)
108.50
08/21/26
(318,359
)
(75)
U.S. 5-Year Treasury Note Futures, expiring
December 2026
(8,081,250
)
106.00
11/20/26
(41,602
)
(50)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(5,518,750
)
108.00
08/21/26
(28,125
)
(100)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(11,037,500
)
108.50
08/21/26
(67,188
)
(75)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(8,278,125
)
109.00
08/21/26
(59,766
)
(75)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(8,278,125
)
110.50
08/21/26
(100,781
)
(50)
U.S. 10-Year Treasury Note Futures, expiring
December 2026
(5,511,719
)
106.00
11/20/26
(24,219
)
(100)
U.S. Treasury Long Bond Futures, expiring
September 2026
(11,237,500
)
104.00
08/21/26
(56,250
)
(150)
U.S. Treasury Long Bond Futures, expiring
September 2026
(16,856,250
)
105.00
08/21/26
(100,781
)
See Notes to Financial Statements
Page 5
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Put Options Written (Continued)
(100)
U.S. Treasury Long Bond Futures, expiring
September 2026
$(11,237,500
)
$106.00
08/21/26
$(81,250
)
(50)
U.S. Treasury Long Bond Futures, expiring
September 2026
(5,618,750
)
107.00
08/21/26
(48,438
)
(50)
U.S. Treasury Long Bond Futures, expiring
September 2026
(5,618,750
)
108.00
08/21/26
(57,813
)
(50)
U.S. Treasury Long Bond Futures, expiring
September 2026
(5,618,750
)
109.00
08/21/26
(69,531
)
(50)
U.S. Treasury Long Bond Futures, expiring
September 2026
(5,618,750
)
110.00
08/21/26
(83,594
)
(125)
U.S. Treasury Long Bond Futures, expiring
September 2026
(14,046,875
)
111.00
08/21/26
(250,000
)
(50)
U.S. Treasury Long Bond Futures, expiring
September 2026
(5,618,750
)
113.00
08/21/26
(142,187
)
(25)
U.S. Treasury Long Bond Futures, expiring
December 2026
(2,800,000
)
105.00
11/20/26
(26,563
)
Total Put Options Written
(2,739,321
)
(Premiums received $1,897,921)
Total Written Options
(2,765,058
)
(Premiums received $1,944,947)
Net Other Assets and Liabilities — 4.0%
26,587,191
Net Assets — 100.0%
$664,498,282
Futures Contracts at April 30, 2026 (See Note 2D - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts Long
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
98
Jun-2026
$20,298,250
$(12,034
)
U.S. 5-Year Treasury Notes
940
Jun-2026
101,365,782
(1,347,640
)
U.S. 10-Year Treasury Notes
957
Jun-2026
105,838,219
(1,772,452
)
Ultra U.S. Treasury Bond Futures
786
Jun-2026
90,414,562
(2,022,726
)
 
$317,916,813
$(5,154,852
)
 
Futures Contracts Short
 
 
 
 
U.S. Treasury Long-Term Bond Futures
624
Jun-2026
$(70,414,500
)
$1,945,306
Ultra 10-Year U.S. Treasury Notes
1,524
Jun-2026
(171,997,688
)
3,833,091
 
$(242,412,188
)
$5,778,397
 
Total
$75,504,625
$623,545
 
(a)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $15,373,175 or 2.3% of net assets.
(b)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(c)
Zero coupon security.
(d)
Inverse floating rate security.
See Notes to Financial Statements
Page 6
First Trust Long Duration Opportunities ETF (LGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(e)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(f)
Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is
calculated on the basis of the current adjusted principal value.
(g)
Investment in an affiliated fund.
(h)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA
Transactions in the Notes to Financial Statements).
 
Abbreviations throughout the Portfolio of Investments:
IO
–  Interest-Only Security - Principal amount shown represents par value on which interest payments are based
PO
–  Principal-Only Security
SOFR
–  Secured Overnight Financing Rate
STRIPS
–  Separate Trading of Registered Interest and Principal of Securities
TBA
–  To-Be-Announced Security
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed Securities
$507,112,846
$—
$507,112,846
$—
U.S. Government Bonds and Notes
119,172,809
—
119,172,809
—
U.S. Government Agency Securities
18,339,100
—
18,339,100
—
Exchange-Traded Funds*
1,819,800
1,819,800
—
—
U.S. Treasury Bills
7,990,966
—
7,990,966
—
Total Investments
654,435,521
1,819,800
652,615,721
—
Purchased Options
24,219
24,219
—
—
Futures Contracts**
5,778,397
5,778,397
—
—
Total
$660,238,137
$7,622,416
$652,615,721
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed Securities
Sold Short
$(13,783,591
)
$—
$(13,783,591
)
$—
Written Options
(2,765,058
)
(2,765,058
)
—
—
Futures Contracts**
(5,154,852
)
(5,154,852
)
—
—
Total
$(21,703,501
)
$(7,919,910
)
$(13,783,591
)
$—
 
*
See Portfolio of Investments for industry breakout.
**
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current
day’s variation margin is presented on the Statement of Assets and Liabilities.
See Notes to Financial Statements
Page 7
First Trust Long Duration Opportunities ETF (LGOV)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value - Unaffiliated
$652,615,721
Investments, at value - Affiliated
1,819,800
Total investments, at value
654,435,521
Options contracts purchased, at value
24,219
Cash segregated as collateral
9,853,196
Receivables:
Investment securities sold
183,773,731
Interest
2,408,523
Dividends
6,572
Total Assets
850,501,762
 
LIABILITIES:
Investments sold short, at value
13,783,591
Options contracts written, at value
2,765,058
Due to custodian
781,609
Payables:
Investment securities purchased
168,348,478
Investment advisory fees
269,570
Variation margin
55,174
Total Liabilities
186,003,480
NET ASSETS
$664,498,282
 
NET ASSETS consist of:
Paid-in capital
$677,468,051
Par value
309,000
Accumulated distributable earnings (loss)
(13,278,769
)
NET ASSETS
$664,498,282
NET ASSET VALUE, per share
$21.50
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
30,900,002
Investments, at cost - Unaffiliated
$655,169,584
Investments, at cost - Affiliated
$1,804,216
Total investments, at cost
$656,973,800
Premiums paid on options contracts purchased
$75,267
Investments sold short, proceeds
$13,890,039
Premiums received on options contracts written
$1,944,947
See Notes to Financial Statements
Page 8
First Trust Long Duration Opportunities ETF (LGOV)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$15,614,130
Dividends - Unaffiliated
168,060
Dividends - Affiliated
35,250
Total investment income
15,817,440
 
EXPENSES:
Investment advisory fees
1,897,045
 
Other expenses
536
Total expenses
1,897,581
Less fees waived by the investment advisor
(91,322
)
Net expenses
1,806,259
NET INVESTMENT INCOME (LOSS)
14,011,181
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Unaffiliated
(209,241
)
Investments sold short
466,170
Purchased options contracts
(231,705
)
Written options contracts
927,565
Futures contracts
(4,165,892
)
Net realized gain (loss)
(3,213,103
)
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated
(12,165,095
)
Investments - Affiliated
(33,404
)
Investments sold short
118,525
Purchased options contracts
77,360
Written options contracts
(1,091,665
)
Futures contracts
2,173,088
Net change in unrealized appreciation (depreciation)
(10,921,191
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(14,134,294
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(123,113
)
See Notes to Financial Statements
Page 9
First Trust Long Duration Opportunities ETF (LGOV)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$14,011,181
$26,947,146
Net realized gain (loss)
(3,213,103
)
8,362,570
Net change in unrealized appreciation (depreciation)
(10,921,191
)
12,699,773
Net increase (decrease) in net assets resulting from operations
(123,113
)
48,009,489
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(14,213,501
)
(26,394,002
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
30,624,119
 
137,865,147
 
Cost of shares redeemed
(8,729,985
) 
(123,789,149
) 
Net increase (decrease) in net assets resulting from shareholder transactions
21,894,134
14,075,998
Total increase (decrease) in net assets
7,557,520
35,691,485
 
NET ASSETS:
Beginning of period
656,940,762
621,249,277
End of period
$664,498,282
$656,940,762
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
29,900,002
29,200,002
Shares sold
1,400,000
6,500,000
Shares redeemed
(400,000
)
(5,800,000
)
Shares outstanding, end of period
30,900,002
29,900,002
See Notes to Financial Statements
Page 10
First Trust Long Duration Opportunities ETF (LGOV)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$21.97
$21.28
$19.48
$21.43
$27.71
$28.97
Income from investment operations:
Net investment income (loss)
0.46
 (a)
0.88
 (a)
0.87
 (a)
0.84
 (a)
0.49
 
0.47
 
Net realized and unrealized gain (loss)
(0.46
) 
0.67
 
1.79
 (b)
(2.05
) 
(6.36
) 
(0.77
) 
Total from investment operations
—
 
1.55
 
2.66
 
(1.21
) 
(5.87
) 
(0.30
) 
Distributions paid to shareholders from:
Net investment income
(0.47
) 
(0.86
) 
(0.82
) 
(0.70
) 
(0.38
) 
(0.47
) 
Net realized gain
—
 
—
 
—
 
—
 
—
 
(0.45
) 
Return of capital
—
 
—
 
(0.04
) 
(0.04
) 
(0.03
) 
(0.04
) 
Total distributions
(0.47
) 
(0.86
) 
(0.86
) 
(0.74
) 
(0.41
) 
(0.96
) 
Net asset value, end of period
$21.50
 
$21.97
 
$21.28
 
$19.48
 
$21.43
 
$27.71
 
Total return (c)
(0.04
)% 
7.47
% 
13.70
% (b)
(5.97
)% 
(21.37
)% 
(1.02
)% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$664,498
 
$656,941
 
$621,249
 
$185,995
 
$18,214
 
$33,251
 
Ratio of total expenses to average net assets (d)
0.57
% (e)
0.66
% (f)
0.65
% 
0.65
% 
0.65
% 
0.69
% (g)
Ratio of net expenses to average net assets (d)
0.54
% (e)
0.66
% (f)
0.65
% 
0.65
% 
0.65
% 
0.69
% (g)
Ratio of net investment income (loss) to average
net assets (d)
4.22
% (e)
4.13
% 
4.09
% 
3.93
% 
1.79
% 
1.61
% 
Portfolio turnover rate (h)
92
% 
158
% 
182
% 
218
% 
98
% (i)
142
% (i)
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $7,880, which represents less than $0.01 per share. Since the advisor reimbursed
the Fund, there was no effect on the Fund’s total return.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the investment advisor.
(d)
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.
(e)
Annualized.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.65%.
(g)
Includes excise tax. If this excise tax expense was not included, the expense ratio would have been 0.65%.
(h)
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.
(i)
The portfolio turnover rate not including mortgage dollar rolls was 69% and 69% for the years ended October 31, 2022 and October 31, 2021,
respectively.
See Notes to Financial Statements
Page 11
Notes to Financial Statements
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Long Duration Opportunities ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “LGOV” 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 (“ETF”). The Fund’s primary investment objective is to generate current income with a focus on preservation of capital. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in a portfolio of investment-grade debt securities issued or guaranteed by the U.S. government, its agencies or government-sponsored entities, including publicly-issued U.S. Treasury securities and mortgage-related securities. The Fund may also invest in ETFs that principally invest in such securities. The Fund’s investments in mortgage-related securities may include investments in fixed or adjustable-rate securities structured as “pass-through” securities and collateralized mortgage obligations, including residential and commercial mortgage-backed securities, stripped mortgage-backed securities and real estate mortgage investment conduits. The Fund will invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). The Fund may purchase government-sponsored mortgage-related securities in “to-be-announced” transactions (“TBA Transactions”), including mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s portfolio managers. In addition to its investment in securities issued or guaranteed by the U.S. government, its agencies and government-sponsored entities, the Fund may invest up to 20% of its net assets in other types of debt securities, including privately-issued, non-agency sponsored asset-backed and mortgage-related securities, futures contracts, options, swap agreements, cash and cash equivalents, and ETFs that invest principally in fixed income securities. Further, the Fund may enter into short sales as part of its overall portfolio management strategy, or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets. Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the portfolio managers to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations, the Fund will consider the highest rating. Under normal market conditions, the portfolio managers will manage the Fund’s portfolio to have a weighted average effective duration of eight or more years.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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
Page 12
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
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:
U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
ETFs 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.
Shares of open-end funds are valued based on NAV per share.
Exchange-traded futures contracts are valued at the end of the day settlement price.
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV or make it difficult or
Page 13
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only); and
14)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest
Page 14
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund had no when-issued or delayed-delivery securities. At April 30, 2026, the Fund held $13,783,591 of forward purchase commitments sold short.
C. Short Sales
Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund’s portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund’s portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.
D. Futures Contracts
The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in “Net realized gain (loss) on futures contracts” on the Statement of Operations.
Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of “Net change in unrealized appreciation (depreciation) on futures contracts” on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in “Variation margin” payable or receivable on the Statement of Assets and Liabilities.
If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.
E. Options Contracts
In the normal course of pursuing its investment objective, the Fund may invest up to 20% of its net assets in derivative instruments in connection with hedging strategies. The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts, exchange-listed U.S. Treasury futures contracts and exchange-listed options on secured overnight financing rate futures contracts. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.
The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a
Page 15
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in “Options contracts written, at value” on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in “Premiums paid on options contracts purchased” on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.
The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund’s securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund’s holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in “Net realized gain (loss) on written options contracts” on the Statement of Operations. Realized gains and losses on purchased options are included in “Net realized gain (loss) on purchased options contracts” on the Statement of Operations.
The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund’s custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.
The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund’s successful use of options on futures contracts depends on the Advisor’s ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.
F. Interest-Only Securities
An interest-only security (“IO Security”) is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.
G. Principal-Only Securities
A principal-only security (“PO Security”) is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.
Page 16
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
H. Stripped Mortgage-Backed Securities
Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security’s principal or interest payments. Mortgage-backed securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security known as an IO Security and all of the principal is distributed to holders of another type of security known as a PO Security. These securities, if any, are identified on the Portfolio of Investments.
I. Mortgage Dollar Rolls and TBA Transactions
The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s investment advisor. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.
J. Affiliated Transactions
The Fund invests in securities of affiliated funds. The Fund’s investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds’ financial statements may be found at SEC.gov. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statement of Operations.
Amounts relating to investments in affiliated funds at April 30, 2026, and for the six months then ended are as follows:
 
Security Name
Shares at
4/30/2026
Value at
10/31/2025
Purchases
Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
4/30/2026
Dividend
Income
First Trust Intermediate Government
Opportunities ETF
90,000
$1,234,200
$619,004
$—
$(33,404
)
$—
$1,819,800
$35,250
K. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$26,394,002
Capital gains
—
Return of capital
—
Page 17
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
As of October 31, 2025, the components of distributable earnings on a tax basis for the Fund were as follows:
 
Undistributed ordinary income
$359,896
Accumulated capital and other gain (loss)
(8,544,316
)
Net unrealized appreciation (depreciation)
9,242,265
L. 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, 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 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 April 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. At October 31, 2025, for federal income tax purposes, the Fund had $8,544,316 of 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 October 31, 2025, the Fund utilized $4,523,499 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$641,214,081
$14,090,086
$(16,769,531
)
$(2,679,445
)
M. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
N. 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.
Page 18
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
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, custody, fund administration, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, pro rata share of fees and expenses attributable to investments in other investment companies (“acquired fund fees and expenses”), 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.49% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.65000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
Fund net assets greater than $10 billion
0.58500
%
In addition, the Fund incurs acquired fund fees and expenses. The total of the unitary management fee and acquired fund fees and expenses represents the Fund’s total annual operating expenses.
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.16% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $91,322.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 19
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026, were $333,488,392 and $619,003, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026 were $299,608,096 and $0, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $345,361,106 and $301,777,316, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by the Fund at April 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statement of Assets and
Liabilities Location
Value
Statement of Assets and
Liabilities Location
Value
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
$24,219
Options contracts written,
at value
$2,765,058
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
5,778,397
Unrealized depreciation on
futures contracts*
5,154,852
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund’s Portfolio of Investments. Only the
current day’s variation margin is presented on the Statement of Assets and Liabilities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
Statement of Operations Location
Interest Rate Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$(231,705
)
Written options contracts
927,565
Futures contracts
(4,165,892
)
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
77,360
Written options contracts
(1,091,665
)
Futures contracts
2,173,088
The average notional value of futures contracts outstanding during the six months ended April 30, 2026, which is indicative of the volume of this derivative type, was $676,846,186.
During the six months ended April 30, 2026, the premiums for purchased options contracts opened were $960,312 and the premiums for purchased options contracts closed, exercised and expired were $1,055,203.
During the six months ended April 30, 2026, the premiums for written options contracts opened were $3,807,978 and the premiums for written options contracts closed, exercised and expired were $2,462,641.
The Fund does not have the right to offset financial assets and financial liabilities related to futures and options contracts on the Statement of Assets and Liabilities.
Page 20
Notes to Financial Statements (Continued)
First Trust Long Duration Opportunities ETF (LGOV)
April 30, 2026 (Unaudited)
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 March 31, 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 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 21
Other Information
First Trust Long Duration Opportunities ETF (LGOV)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 22
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust Limited Duration Investment Grade Corporate
ETF (FSIG)
Table of Contents 
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Limited Duration Investment Grade Corporate 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 Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES — 76.5%
Aerospace/Defense — 0.6%
 
 
$3,500,000
Boeing (The) Co.
5.15%
05/01/30
$3,557,452
2,000,000
Boeing (The) Co.
3.25%
02/01/35
1,731,106
3,500,000
Huntington Ingalls Industries, Inc.
5.35%
01/15/30
3,572,459
 
8,861,017
Banking — 15.6%
 
 
3,500,000
American Express Co. (a)
5.39%
07/28/27
3,508,892
889,000
American Express Co. (a)
5.10%
02/16/28
894,336
3,000,000
American Express Co. (a)
4.73%
04/25/29
3,016,440
1,500,000
American Express Co. (a)
5.28%
07/27/29
1,528,204
8,000,000
American Express Co. (a) (b)
4.44%
05/03/30
7,985,775
1,263,000
American Express Co. (a)
5.09%
01/30/31
1,285,612
10,000,000
Bank of America Corp. (a)
4.95%
07/22/28
10,060,736
5,395,000
Bank of America Corp. (a)
5.20%
04/25/29
5,468,596
6,000,000
Bank of America Corp. (a)
4.62%
05/09/29
6,015,630
7,500,000
Bank of America Corp. (a)
4.46%
02/06/32
7,397,881
2,000,000
Bank of New York Mellon (The) Corp. (a)
6.32%
10/25/29
2,089,829
3,000,000
Bank of New York Mellon (The) Corp. (a)
4.94%
02/11/31
3,042,195
8,000,000
Bank of New York Mellon (The) Corp. (a)
4.54%
04/23/32
7,971,138
4,000,000
Citigroup, Inc. (a)
4.54%
09/19/30
3,985,820
7,000,000
Citigroup, Inc. (a)
4.50%
09/11/31
6,923,366
600,000
Fifth Third Bancorp (a)
6.34%
07/27/29
621,485
5,400,000
Fifth Third Bancorp (a)
4.90%
09/06/30
5,421,314
3,500,000
Fifth Third Bancorp (a)
4.34%
04/25/33
3,380,006
600,000
Fifth Third Bank N.A. (a)
4.97%
01/28/28
601,859
3,000,000
Goldman Sachs Group (The), Inc. (a)
4.94%
04/23/28
3,014,486
1,892,000
Goldman Sachs Group (The), Inc. (a)
4.15%
01/21/29
1,878,339
3,500,000
Goldman Sachs Group (The), Inc. (a)
6.48%
10/24/29
3,654,626
2,000,000
Goldman Sachs Group (The), Inc. (a)
4.59%
04/20/30
1,995,891
1,500,000
Goldman Sachs Group (The), Inc. (a)
4.69%
10/23/30
1,500,262
7,000,000
Goldman Sachs Group (The), Inc. (a)
4.37%
10/21/31
6,868,673
2,500,000
Goldman Sachs Group (The), Inc. (a)
4.52%
01/21/32
2,464,152
4,750,000
Huntington Bancshares, Inc. (a)
5.27%
01/15/31
4,829,847
4,000,000
Huntington Bancshares, Inc. (a)
4.62%
01/28/32
3,954,831
3,500,000
Huntington Bancshares, Inc. (a)
5.02%
05/17/33
3,490,186
913,000
Huntington National Bank (The) (a)
4.87%
04/12/28
916,321
5,000,000
JPMorgan Chase & Co. (a)
5.04%
01/23/28
5,023,590
10,500,000
JPMorgan Chase & Co. (a)
4.85%
07/25/28
10,558,784
1,000,000
JPMorgan Chase & Co. (a)
4.51%
10/22/28
1,001,332
2,500,000
JPMorgan Chase & Co. (a)
4.92%
01/24/29
2,520,567
7,500,000
JPMorgan Chase & Co. (a)
4.01%
04/23/29
7,441,537
3,500,000
JPMorgan Chase & Co. (a)
5.30%
07/24/29
3,558,822
2,500,000
JPMorgan Chase & Co. (a)
5.01%
01/23/30
2,530,165
1,000,000
JPMorgan Chase & Co. (a)
4.60%
10/22/30
1,002,708
3,500,000
JPMorgan Chase & Co. (a)
4.35%
01/22/32
3,447,308
10,500,000
Morgan Stanley (a)
5.45%
07/20/29
10,694,410
2,000,000
Morgan Stanley (a)
5.66%
04/18/30
2,054,848
5,250,000
Morgan Stanley (a)
4.49%
01/16/32
5,167,013
5,000,000
Morgan Stanley (a)
4.71%
03/12/32
4,962,519
3,500,000
Morgan Stanley, Series I (a)
4.13%
10/18/29
3,464,378
3,500,000
Morgan Stanley, Series I (a)
4.36%
10/22/31
3,438,524
See Notes to Financial Statements
Page 1
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Banking (Continued)
 
 
$4,000,000
PNC Financial Services Group (a)
4.90%
05/13/31
$4,031,860
8,000,000
State Street Corp. (a)
4.56%
04/23/32
7,963,268
3,500,000
Truist Bank (a)
4.14%
10/23/29
3,470,261
1,750,000
Truist Financial Corp. (a)
6.05%
06/08/27
1,752,709
4,000,000
Truist Financial Corp. (a)
4.87%
01/26/29
4,029,638
2,000,000
U.S. Bancorp (a)
6.79%
10/26/27
2,023,382
5,000,000
Wells Fargo & Co. (a)
5.71%
04/22/28
5,060,443
7,000,000
Wells Fargo & Co. (a)
4.08%
09/15/29
6,930,380
2,500,000
Wells Fargo & Co. (a)
5.20%
01/23/30
2,542,669
6,500,000
Wells Fargo & Co. (a)
5.15%
04/23/31
6,613,351
1,250,000
Wells Fargo & Co., Series W (a)
4.90%
01/24/28
1,254,538
3,500,000
Zions Bancorp N.A. (a)
4.70%
08/18/28
3,499,947
3,500,000
Zions Bancorp N.A. (a)
4.48%
02/09/29
3,482,813
 
235,288,492
Brokerage/Asset Managers/Exchanges — 2.7%
 
 
5,000,000
Blackstone Reg Finance Co. LLC
4.30%
11/03/30
4,933,477
8,000,000
Citadel Securities Global Holdings LLC (c)
5.50%
06/18/30
8,143,108
4,516,000
Jane Street Group / JSG Finance, Inc. (c)
6.75%
05/01/33
4,641,775
2,000,000
LPL Holdings, Inc.
4.90%
04/03/28
2,006,360
6,000,000
LPL Holdings, Inc. (c)
4.00%
03/15/29
5,845,272
2,000,000
LSEG U.S. Fin Corp. (c)
4.25%
03/23/29
1,984,762
4,000,000
LSEG U.S. Fin Corp. (c)
4.50%
03/23/31
3,966,494
9,500,000
Nasdaq, Inc.
5.35%
06/28/28
9,679,461
 
41,200,709
Building Materials — 2.9%
 
 
10,945,000
American Builders & Contractors Supply Co., Inc. (c)
4.00%
01/15/28
10,818,360
10,001,000
Amrize Finance U.S. LLC
4.70%
04/07/28
10,043,058
3,000,000
Amrize Finance U.S. LLC
4.95%
04/07/30
3,034,650
3,500,000
CRH America Finance, Inc. (c)
3.95%
04/04/28
3,473,612
3,500,000
CRH America Finance, Inc.
4.40%
02/09/31
3,457,215
3,000,000
JH North America Holdings, Inc. (c)
5.88%
01/31/31
3,000,958
4,812,000
QXO Building Products, Inc. (c)
6.75%
04/30/32
4,911,490
2,274,000
Standard Building Solutions, Inc. (c)
6.25%
08/01/33
2,275,089
2,000,000
Vulcan Materials Co.
4.95%
12/01/29
2,033,179
 
43,047,611
Cable Satellite — 0.7%
 
 
7,500,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.05%
03/30/29
7,520,853
3,000,000
DISH Network Corp. (c)
11.75%
11/15/27
3,098,985
 
10,619,838
Construction Machinery — 2.1%
 
 
1,004,000
Ashtead Capital, Inc. (c)
4.38%
08/15/27
998,319
3,500,000
Ashtead Capital, Inc. (c)
4.00%
05/01/28
3,453,067
6,000,000
Ashtead Capital, Inc. (c)
5.50%
08/11/32
6,131,964
6,000,000
RB Global Holdings, Inc. (c)
6.75%
03/15/28
6,088,850
14,300,000
United Rentals North America, Inc. (c)
6.00%
12/15/29
14,553,782
 
31,225,982
Consumer Cyclical Services — 0.4%
 
 
6,000,000
Sodexo, Inc. (c)
5.15%
08/15/30
6,068,849
See Notes to Financial Statements
Page 2
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Consumer Products — 0.2%
 
 
$2,500,000
Haleon US Capital LLC
3.63%
03/24/32
$2,355,550
Diversified Manufacturing — 1.4%
 
 
5,000,000
Roller Bearing Co. of America, Inc. (c)
4.38%
10/15/29
4,895,169
5,000,000
Veralto Corp.
5.35%
09/18/28
5,101,162
3,000,000
Veralto Corp.
5.45%
09/18/33
3,072,902
7,500,000
Vertiv Group Corp. (c)
4.13%
11/15/28
7,414,752
 
20,483,985
Electric — 5.6%
 
 
3,000,000
AEP Transmission Co. LLC
5.38%
06/15/35
3,050,840
7,000,000
Alabama Power Co., Series C
4.30%
03/15/31
6,927,568
3,000,000
Baltimore Gas and Electric Co.
5.45%
06/01/35
3,070,172
3,500,000
CenterPoint Energy Houston Electric LLC, Series ai.
4.45%
10/01/32
3,453,893
636,000
Constellation Energy Generation LLC
4.40%
01/15/31
629,537
6,231,000
Constellation Energy Generation LLC (c)
3.75%
03/01/31
5,953,239
2,000,000
Duke Energy Florida LLC
4.20%
12/01/30
1,977,264
3,500,000
Entergy Arkansas LLC
5.15%
01/15/33
3,567,716
8,000,000
FirstEnergy Pennsylvania Electric Co. (c)
4.55%
03/15/31
7,958,068
3,565,000
FirstEnergy Transmission LLC
4.75%
01/15/33
3,529,099
2,500,000
MidAmerican Energy Co.
6.75%
12/30/31
2,780,952
7,000,000
NRG Energy, Inc. (c)
4.73%
10/15/30
6,928,935
3,000,000
Oncor Electric Delivery Co. LLC
4.65%
11/01/29
3,024,764
4,000,000
Oncor Electric Delivery Co. LLC (c)
4.50%
03/15/31
3,974,998
9,091,000
Public Service Electric and Gas Co., Series R
4.20%
01/01/31
8,989,965
6,400,000
Trans-Allegheny Interstate Line Co. (c)
5.00%
01/15/31
6,495,426
3,000,000
Vistra Operations Co. LLC (c)
5.05%
12/30/26
3,012,951
5,049,000
Vistra Operations Co. LLC (c)
4.60%
10/15/30
4,958,652
2,000,000
Wisconsin Electric Power Co.
4.15%
10/15/30
1,973,419
3,000,000
Wisconsin Public Service Corp.
4.25%
01/15/31
2,970,450
 
85,227,908
Environmental — 0.2%
 
 
3,500,000
GFL Environmental Holdings U.S., Inc. (c)
5.50%
02/01/34
3,447,250
Finance Companies — 1.2%
 
 
3,645,000
Rocket Cos., Inc. (c)
6.13%
08/01/30
3,700,951
2,000,000
Rocket Cos., Inc. (c)
6.38%
08/01/33
2,026,890
7,000,000
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (c)
3.88%
03/01/31
6,502,816
5,836,000
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (c)
4.00%
10/15/33
5,262,625
 
17,493,282
Food and Beverage — 6.3%
 
 
5,000,000
Campbell’s (The) Co.
5.20%
03/19/27
5,038,157
5,000,000
Campbell’s (The) Co.
5.20%
03/21/29
5,053,994
3,500,000
Campbell’s (The) Co.
4.55%
03/21/31
3,397,522
3,995,000
Conagra Brands, Inc.
5.30%
10/01/26
4,009,265
6,000,000
Conagra Brands, Inc.
5.00%
08/01/30
6,005,616
4,000,000
Constellation Brands, Inc.
4.35%
05/09/27
4,002,220
2,500,000
Constellation Brands, Inc.
4.80%
01/15/29
2,516,175
6,000,000
Constellation Brands, Inc.
4.80%
05/01/30
6,050,196
2,500,000
J.M. Smucker (The) Co.
5.90%
11/15/28
2,587,729
2,975,000
Keurig Dr Pepper, Inc.
2.55%
09/15/26
2,955,194
5,000,000
Keurig Dr Pepper, Inc.
5.10%
03/15/27
5,027,306
See Notes to Financial Statements
Page 3
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Food and Beverage (Continued)
 
 
$5,500,000
Keurig Dr Pepper, Inc.
3.43%
06/15/27
$5,440,163
2,000,000
Keurig Dr Pepper, Inc.
4.60%
05/25/28
2,002,103
6,000,000
Lamb Weston Holdings, Inc. (c)
4.88%
05/15/28
5,962,362
3,000,000
Lamb Weston Holdings, Inc. (c)
4.13%
01/31/30
2,876,241
7,500,000
Mars, Inc. (c)
5.00%
03/01/32
7,610,292
3,500,000
McCormick & Co., Inc.
4.95%
04/15/33
3,483,578
3,000,000
Performance Food Group, Inc. (c)
6.13%
09/15/32
3,044,760
4,500,000
Post Holdings, Inc. (c)
6.25%
02/15/32
4,591,561
4,000,000
Sysco Corp.
4.40%
07/25/31
3,913,766
9,500,000
US Foods, Inc. (c)
4.75%
02/15/29
9,402,992
 
94,971,192
Gaming — 0.9%
 
 
722,000
VICI Properties, L.P.
4.75%
04/01/28
723,450
3,500,000
VICI Properties, L.P.
5.13%
05/15/32
3,471,232
3,500,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
3.75%
02/15/27
3,475,703
6,000,000
VICI Properties, L.P. / VICI Note Co., Inc. (c)
4.63%
12/01/29
5,907,885
 
13,578,270
Health Insurance — 1.9%
 
 
3,620,000
Centene Corp.
4.25%
12/15/27
3,600,397
2,000,000
Centene Corp.
4.63%
12/15/29
1,950,757
6,000,000
Elevance Health, Inc.
4.10%
03/01/28
5,971,372
9,000,000
Molina Healthcare, Inc. (c)
4.38%
06/15/28
8,878,258
2,500,000
UnitedHealth Group, Inc.
4.70%
04/15/29
2,527,746
3,500,000
UnitedHealth Group, Inc.
5.30%
02/15/30
3,596,551
2,500,000
UnitedHealth Group, Inc.
4.90%
04/15/31
2,539,773
 
29,064,854
Healthcare — 10.0%
 
 
6,000,000
180 Medical, Inc. (c)
3.88%
10/15/29
5,787,771
2,000,000
180 Medical, Inc. (c)
5.30%
10/08/35
1,959,213
8,240,000
Alcon Finance Corp. (c)
3.00%
09/23/29
7,842,836
3,000,000
Alcon Finance Corp. (c)
5.38%
12/06/32
3,070,056
4,000,000
Augusta SpinCo Corp.
4.40%
03/23/29
3,987,915
4,000,000
Augusta SpinCo Corp.
4.66%
03/23/31
3,992,196
3,000,000
Avantor Funding, Inc. (c)
4.63%
07/15/28
2,958,648
5,000,000
Becton Dickinson & Co.
3.70%
06/06/27
4,964,849
2,500,000
Becton Dickinson & Co.
4.87%
02/08/29
2,524,419
3,250,000
Cardinal Health, Inc.
4.50%
09/15/30
3,233,856
3,000,000
Cencora, Inc.
4.85%
12/15/29
3,037,109
3,572,000
Cencora, Inc.
4.60%
02/13/33
3,514,508
2,500,000
Charles River Laboratories International, Inc. (c)
4.25%
05/01/28
2,456,500
2,500,000
Charles River Laboratories International, Inc. (c)
3.75%
03/15/29
2,392,182
3,000,000
Cigna Group (The)
4.38%
10/15/28
3,000,661
4,345,000
Cigna Group (The)
2.40%
03/15/30
4,024,079
3,000,000
Cigna Group (The)
5.13%
05/15/31
3,065,470
3,000,000
Cigna Group (The)
5.40%
03/15/33
3,087,076
5,000,000
CVS Health Corp.
5.45%
09/15/35
5,049,522
2,000,000
HCA, Inc.
4.50%
02/15/27
2,000,108
5,000,000
HCA, Inc.
5.20%
06/01/28
5,068,360
1,000,000
HCA, Inc.
4.30%
11/15/30
982,841
See Notes to Financial Statements
Page 4
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Healthcare (Continued)
 
 
$4,000,000
HCA, Inc.
4.70%
05/15/31
$3,982,122
3,000,000
HCA, Inc.
5.50%
06/01/33
3,069,729
7,000,000
Illumina, Inc.
4.75%
12/12/30
6,975,626
5,000,000
IQVIA, Inc. (c)
5.00%
05/15/27
4,998,331
11,000,000
IQVIA, Inc.
5.70%
05/15/28
11,206,690
11,000,000
Medline Borrower, L.P. (c)
3.88%
04/01/29
10,692,686
4,659,000
PRA Health Sciences, Inc. (c)
2.88%
07/15/26
4,633,201
2,000,000
Quest Diagnostics, Inc.
4.63%
12/15/29
2,013,629
5,000,000
Solventum Corp.
5.45%
02/25/27
5,034,802
3,101,000
Solventum Corp.
5.40%
03/01/29
3,171,383
2,500,000
Solventum Corp.
5.45%
03/13/31
2,569,518
2,500,000
Solventum Corp.
5.60%
03/23/34
2,556,539
4,000,000
Universal Health Services, Inc.
4.63%
10/15/29
3,975,682
3,500,000
Universal Health Services, Inc.
2.65%
10/15/30
3,163,205
5,000,000
Zimmer Biomet Holdings, Inc.
5.05%
02/19/30
5,073,426
 
151,116,744
Lodging — 0.6%
 
 
1,647,000
Hilton Domestic Operating Co., Inc. (c)
5.50%
03/31/34
1,635,841
3,500,000
Hyatt Hotels Corp.
5.75%
01/30/27
3,531,419
3,000,000
Hyatt Hotels Corp.
5.05%
03/30/28
3,030,230
1,000,000
Hyatt Hotels Corp.
5.25%
06/30/29
1,015,927
 
9,213,417
Media Entertainment — 0.4%
 
 
6,000,000
AppLovin Corp.
5.13%
12/01/29
6,048,905
Midstream — 0.6%
 
 
4,667,000
Sunoco, L.P. (c)
5.63%
03/15/31
4,686,163
1,000,000
Venture Global Plaquemines LNG LLC (c)
6.13%
12/15/30
1,031,743
3,000,000
Venture Global Plaquemines LNG LLC (c)
7.50%
05/01/33
3,328,194
 
9,046,100
Other Industrial — 1.6%
 
 
3,345,000
AECOM (c)
6.00%
08/01/33
3,374,848
6,000,000
Jacobs Solutions, Inc.
4.75%
03/03/31
5,939,076
3,500,000
Quanta Services, Inc.
2.90%
10/01/30
3,260,836
11,500,000
Quanta Services, Inc.
4.50%
01/15/31
11,423,009
 
23,997,769
Packaging — 1.4%
 
 
4,000,000
Amcor Flexibles North America, Inc.
4.25%
03/08/29
3,965,991
11,500,000
Berry Global, Inc.
5.50%
04/15/28
11,716,856
3,000,000
Crown Americas LLC
5.25%
04/01/30
3,013,482
3,000,000
Crown Americas LLC
5.88%
06/01/33
3,023,916
 
21,720,245
Paper — 0.4%
 
 
5,302,000
Packaging Corp. of America
5.70%
12/01/33
5,516,323
Pharmaceuticals — 0.4%
 
 
6,000,000
AbbVie, Inc.
4.13%
03/15/31
5,906,168
Property & Casualty Insurance — 5.5%
 
 
1,818,000
Aon North America, Inc.
5.15%
03/01/29
1,851,181
5,500,000
Aon North America, Inc.
5.30%
03/01/31
5,632,231
See Notes to Financial Statements
Page 5
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Property & Casualty Insurance (Continued)
 
 
$2,500,000
Aon North America, Inc.
5.45%
03/01/34
$2,555,890
10,000,000
Arthur J. Gallagher & Co.
4.85%
12/15/29
10,099,367
5,500,000
Arthur J. Gallagher & Co.
5.50%
03/02/33
5,640,690
4,494,000
Arthur J. Gallagher & Co.
5.45%
07/15/34
4,559,136
6,031,000
Brown & Brown, Inc.
4.50%
03/15/29
6,008,573
2,250,000
Brown & Brown, Inc.
4.90%
06/23/30
2,247,839
4,500,000
Brown & Brown, Inc.
2.38%
03/15/31
3,983,752
5,500,000
Brown & Brown, Inc.
4.20%
03/17/32
5,220,049
3,500,000
Brown & Brown, Inc.
5.55%
06/23/35
3,490,897
1,000,000
Marsh & McLennan Cos., Inc.
4.65%
03/15/30
1,005,504
8,635,000
Ryan Specialty LLC (c)
4.38%
02/01/30
8,390,543
7,806,000
Ryan Specialty LLC (c)
5.88%
08/01/32
7,809,018
3,750,000
Willis North America, Inc.
4.65%
06/15/27
3,759,792
7,000,000
Willis North America, Inc.
4.55%
03/15/31
6,916,302
3,000,000
Willis North America, Inc.
5.35%
05/15/33
3,043,370
 
82,214,134
Technology — 12.2%
 
 
7,500,000
Atlassian Corp.
5.25%
05/15/29
7,545,236
5,485,000
Autodesk, Inc.
3.50%
06/15/27
5,428,723
6,504,000
Autodesk, Inc.
2.40%
12/15/31
5,732,794
11,500,000
CoStar Group, Inc. (c)
2.80%
07/15/30
10,449,562
22,174,000
Crowdstrike Holdings, Inc.
3.00%
02/15/29
21,142,004
1,000,000
Dell International LLC / EMC Corp.
4.15%
02/15/29
992,848
9,670,000
FactSet Research Systems, Inc.
2.90%
03/01/27
9,546,182
5,000,000
FactSet Research Systems, Inc.
3.45%
03/01/32
4,534,207
15,667,000
Fair Isaac Corp. (c)
6.00%
05/15/33
15,463,550
3,500,000
Fidelity National Information Services, Inc.
4.70%
07/15/27
3,500,430
3,000,000
Fidelity National Information Services, Inc.
5.10%
07/15/32
3,003,466
3,500,000
Fidelity National Information Services, Inc., Series 10Y
4.25%
05/15/28
3,461,511
7,000,000
Global Payments, Inc.
4.50%
11/15/28
6,946,232
3,500,000
Global Payments, Inc.
4.88%
11/15/30
3,441,339
3,500,000
Global Payments, Inc.
5.20%
11/15/32
3,421,123
5,000,000
Keysight Technologies, Inc.
4.60%
04/06/27
5,009,924
3,000,000
Molex Electronic Technologies LLC (c)
4.75%
04/30/28
3,014,226
3,500,000
Molex Electronic Technologies LLC (c)
5.25%
04/30/32
3,565,185
19,500,000
MSCI, Inc. (c)
4.00%
11/15/29
18,946,702
1,167,000
MSCI, Inc.
5.25%
09/01/35
1,149,319
2,500,000
MSCI, Inc.
5.15%
03/15/36
2,423,351
2,250,000
Oracle Corp.
2.30%
03/25/28
2,148,619
3,000,000
Oracle Corp.
4.50%
05/06/28
2,984,713
1,000,000
Oracle Corp.
6.15%
11/09/29
1,030,581
6,500,000
PTC, Inc. (c)
4.00%
02/15/28
6,349,937
2,063,000
Roper Technologies, Inc.
4.25%
09/15/28
2,048,262
3,000,000
Roper Technologies, Inc.
4.75%
02/15/32
2,974,320
7,650,000
Salesforce, Inc.
4.65%
03/15/29
7,666,210
6,000,000
SS&C Technologies, Inc. (c)
5.50%
09/30/27
5,998,188
5,000,000
TR Finance LLC
3.35%
05/15/26
4,997,659
3,500,000
Verisk Analytics, Inc.
5.25%
06/05/34
3,500,011
See Notes to Financial Statements
Page 6
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Technology (Continued)
 
 
$3,000,000
VMware LLC
4.70%
05/15/30
$3,017,841
3,000,000
Workday, Inc.
3.80%
04/01/32
2,794,220
 
184,228,475
Wireless — 0.5%
 
 
2,500,000
Crown Castle, Inc.
3.65%
09/01/27
2,472,754
1,500,000
Crown Castle, Inc.
5.00%
01/11/28
1,512,282
1,000,000
Crown Castle, Inc.
4.80%
09/01/28
1,005,141
2,000,000
T-Mobile USA, Inc.
4.95%
03/15/28
2,021,505
 
7,011,682
Wirelines — 0.2%
 
 
3,500,000
Frontier Communications Holdings LLC (c)
5.00%
05/01/28
3,500,000
Total Corporate Bonds and Notes
1,152,454,751
(Cost $1,149,963,591)
FOREIGN CORPORATE BONDS AND NOTES — 20.0%
Banking — 9.8%
4,000,000
Banco Santander S.A.
4.60%
04/15/29
3,991,608
3,600,000
Banco Santander S.A.
4.55%
11/06/30
3,552,257
3,500,000
Bank of Montreal (a)
4.35%
09/22/31
3,460,157
5,000,000
Bank of Montreal, Series J (a)
4.34%
03/19/30
4,974,710
5,000,000
Bank of Montreal, Series J (a)
4.44%
01/14/32
4,933,692
588,000
Barclays PLC (a)
5.09%
02/25/29
593,236
3,727,000
Barclays PLC (a)
4.94%
09/10/30
3,746,447
3,818,000
Barclays PLC (a)
4.52%
02/24/32
3,739,647
6,000,000
Canadian Imperial Bank of Commerce (a)
4.86%
01/13/28
6,018,531
3,500,000
Canadian Imperial Bank of Commerce (a)
4.24%
09/08/28
3,492,454
6,500,000
Canadian Imperial Bank of Commerce (a)
4.86%
03/30/29
6,549,096
3,500,000
Canadian Imperial Bank of Commerce (a)
4.28%
01/29/30
3,475,404
6,000,000
Cooperatieve Rabobank U.A. (a) (c)
4.99%
05/27/31
6,060,744
3,500,000
Cooperatieve Rabobank U.A. (a) (c)
5.71%
01/21/33
3,638,682
5,250,000
Credit Agricole S.A. (a) (c)
5.22%
05/27/31
5,315,586
1,750,000
Credit Agricole S.A. (a) (c)
4.82%
09/25/33
1,716,979
5,000,000
DNB Bank ASA (a) (c)
4.83%
03/30/32
4,994,246
8,000,000
ING Groep N.V. (a)
4.80%
03/23/32
7,967,736
2,500,000
Lloyds Banking Group PLC
4.38%
03/22/28
2,498,140
3,750,000
Lloyds Banking Group PLC (a)
5.09%
11/26/28
3,783,431
7,000,000
Lloyds Banking Group PLC (a)
4.24%
02/10/30
6,933,214
6,000,000
Royal Bank of Canada (a)
4.40%
04/17/30
5,976,273
4,412,000
Royal Bank of Canada (a)
4.61%
05/03/32
4,387,152
1,000,000
Santander UK Group Holdings PLC (a)
4.32%
09/22/29
992,486
10,500,000
Skandinaviska Enskilda Banken AB (c)
4.50%
09/03/30
10,427,974
7,500,000
Swedbank AB (c)
4.90%
03/30/31
7,550,311
1,615,000
Toronto-Dominion Bank (The)
4.86%
01/31/28
1,628,384
3,000,000
Toronto-Dominion Bank (The)
4.57%
06/02/28
3,012,932
3,500,000
Toronto-Dominion Bank (The)
4.81%
06/03/30
3,530,756
4,000,000
Toronto-Dominion Bank (The)
4.87%
04/22/33
3,978,742
7,500,000
UBS Group AG (a) (c)
5.43%
02/08/30
7,655,839
7,000,000
UBS Group AG (a) (c)
4.40%
09/23/31
6,877,938
 
147,454,784
See Notes to Financial Statements
Page 7
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Building Materials — 0.8%
$5,200,000
Cemex S.A.B. de C.V. (c)
5.45%
11/19/29
$5,252,725
2,000,000
Cemex S.A.B. de C.V. (c)
3.88%
07/11/31
1,893,784
5,000,000
CRH SMW Finance DAC
5.20%
05/21/29
5,111,329
 
12,257,838
Environmental — 0.6%
9,500,000
GFL Environmental, Inc. (c)
3.50%
09/01/28
9,280,080
Gaming — 0.4%
100,000
Flutter Treasury DAC (c)
6.38%
04/29/29
101,768
5,947,000
Flutter Treasury DAC (c)
5.88%
06/04/31
5,929,397
 
6,031,165
Healthcare — 0.8%
8,000,000
Icon Investments Six DAC
5.85%
05/08/29
8,153,090
3,000,000
Icon Investments Six DAC
6.00%
05/08/34
3,067,137
 
11,220,227
Leisure — 0.5%
6,000,000
Carnival Corp. (c)
5.88%
06/15/31
6,088,644
1,460,000
Carnival Corp. (c)
5.75%
08/01/32
1,469,166
 
7,557,810
Packaging — 0.9%
5,000,000
CCL Industries, Inc. (c)
3.25%
10/01/26
4,974,412
9,550,000
CCL Industries, Inc. (c)
3.05%
06/01/30
8,958,168
 
13,932,580
Paper — 0.9%
13,000,000
Smurfit Kappa Treasury ULC
5.20%
01/15/30
13,247,510
Pharmaceuticals — 0.4%
2,900,000
Teva Pharmaceutical Finance Netherlands III B.V.
6.75%
03/01/28
2,976,348
3,470,000
Teva Pharmaceutical Finance Netherlands IV B.V.
5.75%
12/01/30
3,563,652
 
6,540,000
Property & Casualty Insurance — 0.5%
8,250,000
Aon Corp. / Aon Global Holdings PLC
2.85%
05/28/27
8,133,682
Railroads — 0.5%
7,500,000
Canadian Pacific Railway Co.
4.00%
03/15/29
7,416,964
Restaurants — 0.5%
7,000,000
1011778 BC ULC / New Red Finance, Inc. (c)
5.63%
09/15/29
7,071,561
Retailers — 2.2%
7,000,000
Alimentation Couche-Tard, Inc. (c)
4.15%
09/29/28
6,956,730
5,000,000
Alimentation Couche-Tard, Inc. (c)
2.95%
01/25/30
4,720,260
6,000,000
Belron UK Finance PLC (c)
5.75%
10/15/29
6,064,029
10,500,000
Gildan Activewear, Inc. (c)
4.70%
10/07/30
10,396,524
4,500,000
Gildan Activewear, Inc. (c)
5.40%
10/07/35
4,407,811
 
32,545,354
Technology — 1.2%
13,000,000
Constellation Software, Inc. (c)
5.16%
02/16/29
13,050,143
See Notes to Financial Statements
Page 8
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Technology (Continued)
$2,500,000
Constellation Software, Inc. (c)
5.46%
02/16/34
$2,450,037
3,000,000
Elastic N.V. (c)
4.13%
07/15/29
2,849,692
 
18,349,872
Total Foreign Corporate Bonds and Notes
301,039,427
(Cost $300,956,868)
 
Principal
Value
Description
Annualized
Yield on Date
of
Purchase
Stated
Maturity
Value
COMMERCIAL PAPER — 2.6%
Building Materials — 1.0%
 
 
15,000,000
Vulcan Materials Co.
3.85%
05/01/26
15,000,000
Food and Beverage — 0.6%
 
 
9,300,000
Bacardi-Martini B.V.
4.11%
05/01/26
9,300,000
Midstream — 1.0%
 
 
15,000,000
Energy Transfer, L.P.
3.93%
05/01/26
15,000,000
Total Commercial Paper
39,300,000
(Cost $39,300,000)
 
Principal
Value
Description
Rate (d)
Stated
Maturity (e)
Value
SENIOR FLOATING-RATE LOAN INTERESTS — 0.2%
Finance Companies — 0.2%
 
 
3,424,498
Corpay Technologies Operating Company LLC (FleetCor), Term
Loan B5, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor
5.40%
04/28/28
3,433,059
(Cost $3,424,497)
 
 
Total Investments — 99.3%
1,496,227,237
(Cost $1,493,644,956)
Net Other Assets and Liabilities — 0.7%
11,007,881
Net Assets — 100.0%
$1,507,235,118
 
(a)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2026. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(b)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial
Statements).
(c)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $514,225,866 or 34.1% of net assets.
See Notes to Financial Statements
Page 9
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(d)
Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically
predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, (iii) the prime rate offered by one or more United States banks or (iv) the
certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that establishes a minimum SOFR rate. When a range
of rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor,
but different SOFR reset dates.
(e)
Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior
Loans may be substantially less than the stated maturities shown.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
SOFR
–  Secured Overnight Financing Rate
 
Country Allocation†
% of Net
Assets
United States
79.3%
Canada
9.0
Ireland
2.3
United Kingdom
1.9
Netherlands
1.8
Sweden
1.2
Switzerland
1.0
Multi-National
0.5
Panama
0.5
Spain
0.5
Mexico
0.5
France
0.5
Norway
0.3
Total Investments
99.3
Net Other Assets and Liabilities
0.7
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of incorporation.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$1,152,454,751
$—
$1,152,454,751
$—
Foreign Corporate Bonds and Notes*
301,039,427
—
301,039,427
—
Commercial Paper*
39,300,000
—
39,300,000
—
Senior Floating-Rate Loan Interests*
3,433,059
—
3,433,059
—
Total Investments
$1,496,227,237
$—
$1,496,227,237
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 10
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$1,496,227,237
Cash
306,596
Receivables:
Interest
16,214,315
Capital shares sold
1,894,194
Investment securities sold
1,136,537
Total Assets
1,515,778,879
 
LIABILITIES:
Payables:
Investment securities purchased
8,001,260
Investment advisory fees
542,501
Total Liabilities
8,543,761
NET ASSETS
$1,507,235,118
 
NET ASSETS consist of:
Paid-in capital
$1,500,330,736
Par value
796,500
Accumulated distributable earnings (loss)
6,107,882
NET ASSETS
$1,507,235,118
NET ASSET VALUE, per share
$18.92
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
79,650,002
Investments, at cost
$1,493,644,956
See Notes to Financial Statements
Page 11
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$36,146,241
Total investment income
36,146,241
 
EXPENSES:
Investment advisory fees
3,570,100
 
Other expenses
986
Total expenses
3,571,086
Less fees waived by the investment advisor
(134,187
)
Net expenses
3,436,899
NET INVESTMENT INCOME (LOSS)
32,709,342
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments
4,103,116
Net change in unrealized appreciation (depreciation) on investments
(20,813,357
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(16,710,241
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$15,999,101
See Notes to Financial Statements
Page 12
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$32,709,342
$58,242,078
Net realized gain (loss)
4,103,116
4,444,276
Net change in unrealized appreciation (depreciation)
(20,813,357
)
13,292,894
Net increase (decrease) in net assets resulting from operations
15,999,101
75,979,248
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(36,079,486
)
(59,018,627
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
149,256,069
 
237,424,580
 
Cost of shares redeemed
(15,261,055
) 
(97,550,952
) 
Net increase (decrease) in net assets resulting from shareholder transactions
133,995,014
139,873,628
Total increase (decrease) in net assets
113,914,629
156,834,249
 
NET ASSETS:
Beginning of period
1,393,320,489
1,236,486,240
End of period
$1,507,235,118
$1,393,320,489
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
72,650,002
65,350,002
Shares sold
7,800,000
12,450,000
Shares redeemed
(800,000
)
(5,150,000
)
Shares outstanding, end of period
79,650,002
72,650,002
See Notes to Financial Statements
Page 13
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended 
10/31/2022 (a)
 
2025
2024
2023
Net asset value, beginning of period
$19.18
$18.92
$18.25
$18.38
$20.00
Income from investment operations:
Net investment income (loss)
0.43
 (b)
0.86
 (b)
0.87
 (b)
0.85
 (b)
0.39
 
Net realized and unrealized gain (loss)
(0.21
) 
0.27
 
0.67
 
(0.17
) 
(1.64
) 
Total from investment operations
0.22
 
1.13
 
1.54
 
0.68
 
(1.25
) 
Distributions paid to shareholders from:
Net investment income
(0.44
) 
(0.86
) 
(0.86
) 
(0.81
) 
(0.37
) 
Net realized gain
(0.04
) 
(0.01
) 
—
 
—
 
—
 
Return of capital
—
 
—
 
(0.01
) 
—
 
—
 
Total distributions
(0.48
) 
(0.87
) 
(0.87
) 
(0.81
) 
(0.37
) 
Net asset value, end of period
$18.92
 
$19.18
 
$18.92
 
$18.25
 
$18.38
 
Total return (c)
1.12
% 
6.11
% 
8.58
% 
3.68
% 
(6.28
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$1,507,235
 
$1,393,320
 
$1,236,486
 
$782,012
 
$16,542
 
Ratio of total expenses to average net assets
0.49
% (d)
0.56
% (e)
0.55
% 
0.55
% 
0.55
% (d)
Ratio of net expenses to average net assets
0.48
% (d)
0.56
% (e)
0.55
% 
0.45
% 
0.45
% (d)
Ratio of net investment income (loss) to average net
assets
4.53
% (d)
4.53
% 
4.63
% 
4.62
% 
2.33
% (d)
Portfolio turnover rate (f)
30
% 
36
% 
22
% 
38
% 
113
% 
 
(a)
Inception date is November 17, 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
fees had not been waived 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 0.55%.
(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 14
Notes to Financial Statements
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Limited Duration Investment Grade Corporate ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “FSIG” 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 primary investment objective of the Fund is to deliver current income. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. At least 80% of the Fund’s net assets will be invested in corporate debt securities that are, at the time of purchase, investment grade (i.e. rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (“NRSRO”) rating such securities, or if unrated, debt securities determined by the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), to be of comparable quality. In the case of a split rating between one or more of the NRSROs, the Fund will consider the highest rating. For an unrated security to be considered investment grade, the Advisor will consider, at the time of purchase, whether such security is of comparable quality based on fundamental credit analysis of the unrated security and comparable securities that are rated by an NRSRO. Additionally, for newly-issued debt securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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 Advisor’s Pricing Committee 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:
Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
Page 15
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Senior Floating-Rate Loan Interests (“Senior Loans”)(1) are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.
Commercial paper and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
(1)
The terms “security” and “securities” used throughout the Notes to Financial Statements include Senior Loans.
Page 16
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
16)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund held $7,985,775 of when-issued or delayed-delivery securities. At April 30, 2026, the Fund had no forward purchase commitments.
Consent fees, upfront origination fees, and amendment fees from Senior Loans, if any, are included in “Other income” under Investment Income on the Statement of Operations.
C. Unfunded Loan Commitments
The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower’s discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees, if any, are included in “Other income” under Investment Income on the Statement of Operations. As of April 30, 2026, the Fund had no unfunded loan commitments.
Page 17
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)
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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$58,227,253
Capital gains
791,374
Return of capital
—
As of October 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)
2,824,019
Net unrealized appreciation (depreciation)
23,364,248
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, 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 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 April 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. At October 31, 2025, the Fund had no capital loss carryforwards available for federal income tax purposes.
During the taxable year ended October 31, 2025, the Fund utilized $781,365 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
Page 18
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)
As of April 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)
$1,493,644,956
$9,579,170
$(6,996,889
)
$2,582,281
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, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.44% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.49500
%
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.11% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $134,187.
Page 19
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 April 30, 2026, the cost of purchases and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were $543,145,800 and $421,068,535, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
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, 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.
Page 20
Notes to Financial Statements (Continued)
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 30, 2026 (Unaudited)
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 March 31, 2027.
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 21
Other Information
First Trust Limited Duration Investment Grade Corporate ETF (FSIG)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 22
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
(KNG)
FT Vest SMID Rising Dividend Achievers Target Income ETF
(SDVD)
FT Vest Technology Dividend Target Income ETF (TDVI)
FT Vest Dow Jones Internet & Target Income ETF (FDND)
Table of Contents 
First Trust Exchange-Traded Fund IV
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund IV (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(s). 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 S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 100.2%
Aerospace & Defense — 1.5%
150,617
General Dynamics Corp. (a)
$51,857,433
Air Freight & Logistics — 2.9%
266,985
C.H. Robinson Worldwide, Inc. (a)
48,540,543
324,739
Expeditors International of Washington, Inc. (a)
48,025,651
 
96,566,194
Beverages — 4.3%
1,705,359
Brown-Forman Corp., Class B (a)
43,947,101
656,347
Coca-Cola (The) Co. (a)
51,693,890
316,480
PepsiCo, Inc. (a)
50,158,915
 
145,799,906
Biotechnology — 1.5%
239,026
AbbVie, Inc. (a)
50,510,974
Building Products — 1.4%
754,410
A.O. Smith Corp. (a)
46,652,714
Capital Markets — 5.9%
204,015
FactSet Research Systems, Inc. (a)
46,429,734
1,799,892
Franklin Resources, Inc. (a)
53,942,763
110,260
S&P Global, Inc. (a)
47,547,420
494,544
T. Rowe Price Group, Inc. (a)
50,878,687
 
198,798,604
Chemicals — 8.6%
166,324
Air Products and Chemicals, Inc. (a)
49,905,516
247,097
Albemarle Corp. (a)
48,603,980
181,026
Ecolab, Inc. (a)
47,175,376
99,081
Linde PLC (a)
49,653,452
442,022
PPG Industries, Inc. (a)
47,959,387
146,526
Sherwin-Williams (The) Co. (a)
47,124,227
 
290,421,938
Commercial Services & Supplies — 1.4%
278,164
Cintas Corp. (a)
48,598,032
Consumer Staples Distribution & Retail — 4.4%
655,556
Sysco Corp. (a)
48,976,589
371,151
Target Corp. (a)
48,156,842
378,311
Walmart, Inc. (a)
49,910,570
 
147,044,001
Containers & Packaging — 1.4%
1,192,922
Amcor PLC (a)
45,378,753
Distributors — 1.4%
426,340
Genuine Parts Co. (a)
45,716,438
Electric Utilities — 3.1%
733,748
Eversource Energy (a)
51,875,984
541,159
NextEra Energy, Inc. (a)
52,968,643
 
104,844,627
Electrical Equipment — 1.4%
338,529
Emerson Electric Co. (a)
47,543,013
Food Products — 5.9%
702,120
Archer-Daniels-Midland Co. (a)
52,336,025
See Notes to Financial Statements
Page 1
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Food Products (Continued)
2,307,251
Hormel Foods Corp. (a)
$49,536,679
512,106
J.M. Smucker (The) Co. (a)
50,201,751
943,230
McCormick & Co., Inc. (a)
47,953,813
 
200,028,268
Gas Utilities — 1.5%
268,021
Atmos Energy Corp. (a)
50,918,630
Health Care Equipment & Supplies — 4.2%
528,786
Abbott Laboratories (a)
48,008,481
312,905
Becton Dickinson & Co. (a)
46,635,361
597,916
Medtronic PLC (a)
48,413,259
 
143,057,101
Health Care Providers & Services — 1.4%
239,259
Cardinal Health, Inc. (a)
46,148,276
Hotels, Restaurants & Leisure — 1.4%
162,434
McDonald’s Corp. (a)
47,688,998
Household Products — 7.4%
526,006
Church & Dwight Co., Inc. (a)
51,054,142
492,211
Clorox (The) Co. (a)
47,468,829
599,304
Colgate-Palmolive Co. (a)
51,156,589
507,548
Kimberly-Clark Corp. (a)
49,957,950
344,499
Procter & Gamble (The) Co. (a)
50,672,358
 
250,309,868
Insurance — 6.8%
422,774
Aflac, Inc. (a)
48,056,721
711,082
Brown & Brown, Inc. (a)
42,771,582
148,893
Chubb Ltd. (a)
48,688,011
294,540
Cincinnati Financial Corp. (a)
48,186,744
193,141
Erie Indemnity Co., Class A (a)
42,284,359
 
229,987,417
IT Services — 1.3%
191,759
International Business Machines Corp. (a)
44,292,494
Life Sciences Tools & Services — 1.6%
178,470
West Pharmaceutical Services, Inc. (a)
53,110,887
Machinery — 8.8%
61,252
Caterpillar, Inc. (a)
54,521,018
222,576
Dover Corp. (a)
50,393,432
180,885
Illinois Tool Works, Inc. (a)
46,670,139
173,419
Nordson Corp. (a)
50,022,710
544,828
Pentair PLC (a)
43,973,068
643,004
Stanley Black & Decker, Inc. (a)
50,257,193
 
295,837,560
Metals & Mining — 1.6%
235,649
Nucor Corp. (a)
53,089,363
Multi-Utilities — 1.5%
453,176
Consolidated Edison, Inc. (a)
50,524,592
See Notes to Financial Statements
Page 2
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels — 3.0%
263,625
Chevron Corp. (a)
$50,961,349
330,474
Exxon Mobil Corp. (a)
51,002,052
 
101,963,401
Personal Care Products — 1.5%
2,834,051
Kenvue, Inc. (a)
49,680,914
Pharmaceuticals — 1.5%
216,790
Johnson & Johnson (a)
49,829,182
Professional Services — 1.5%
241,677
Automatic Data Processing, Inc. (a)
51,221,023
Residential REITs — 1.5%
193,668
Essex Property Trust, Inc. (a)
50,975,354
Retail REITs — 2.9%
441,187
Federal Realty Investment Trust (a)
48,927,638
766,079
Realty Income Corp. (a)
49,212,915
 
98,140,553
Software — 1.4%
135,092
Roper Technologies, Inc. (a)
47,931,993
Specialty Retail — 1.4%
195,187
Lowe’s Cos., Inc. (a)
46,608,704
Trading Companies & Distributors — 2.9%
1,072,847
Fastenal Co. (a)
48,203,016
41,869
W.W. Grainger, Inc. (a)
48,624,563
 
96,827,579
Total Common Stocks
3,377,904,784
(Cost $3,235,671,553)
MONEY MARKET FUNDS — 0.3%
9,069,288
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
9,069,288
(Cost $9,069,288)
Total Investments — 100.5%
3,386,974,072
(Cost $3,244,740,841)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.5)%
Call Options Written — (0.5)%
(1,159)
A.O. Smith Corp.
$(7,167,256
)
$65.00
05/15/26
(46,360
)
(693)
Abbott Laboratories
(6,291,747
)
97.50
05/15/26
(14,553
)
(387)
AbbVie, Inc.
(8,178,084
)
210.00
05/15/26
(224,460
)
(771)
Aflac, Inc.
(8,763,957
)
115.00
05/15/26
(80,955
)
(318)
Air Products and Chemicals, Inc.
(9,541,590
)
290.00
05/15/26
(326,586
)
(465)
Albemarle Corp.
(9,146,550
)
200.00
05/15/26
(495,225
)
(1,974)
Amcor PLC
(7,509,096
)
42.00
05/15/26
(59,220
)
(1,237)
Archer-Daniels-Midland Co.
(9,220,598
)
67.50
05/15/26
(1,008,155
)
(497)
Atmos Energy Corp.
(9,442,006
)
185.00
05/15/26
(273,847
)
(326)
Automatic Data Processing, Inc.
(6,909,244
)
200.00
05/15/26
(456,400
)
(506)
Becton Dickinson & Co.
(7,541,424
)
160.00
05/15/26
(70,840
)
(1,072)
Brown & Brown, Inc.
(6,448,080
)
70.00
05/15/26
(3,216
)
See Notes to Financial Statements
Page 3
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Call Options Written (Continued)
(2,989)
Brown-Forman Corp.
$(7,702,653
)
$30.00
05/15/26
$(44,835
)
(467)
C.H. Robinson Worldwide, Inc.
(8,490,527
)
185.00
05/15/26
(254,515
)
(402)
Cardinal Health, Inc.
(7,753,776
)
210.00
05/15/26
(16,080
)
(130)
Caterpillar, Inc.
(11,571,430
)
790.00
05/15/26
(1,315,600
)
(502)
Chevron Corp.
(9,704,162
)
185.00
05/15/26
(542,160
)
(279)
Chubb Ltd.
(9,123,300
)
330.00
05/15/26
(136,431
)
(912)
Church & Dwight Co., Inc.
(8,851,872
)
95.00
05/15/26
(316,464
)
(517)
Cincinnati Financial Corp.
(8,458,120
)
165.00
05/15/26
(115,033
)
(428)
Cintas Corp.
(7,477,588
)
180.00
05/15/26
(63,130
)
(757)
Clorox (The) Co.
(7,300,508
)
105.00
05/15/26
(60,560
)
(1,163)
Coca-Cola (The) Co.
(9,159,788
)
75.00
05/15/26
(476,830
)
(988)
Colgate-Palmolive Co.
(8,433,568
)
85.00
05/15/26
(247,000
)
(806)
Consolidated Edison, Inc.
(8,986,094
)
110.00
05/15/26
(194,246
)
(401)
Dover Corp.
(9,079,041
)
220.00
05/15/26
(403,005
)
(299)
Ecolab, Inc.
(7,791,940
)
280.00
05/15/26
(18,538
)
(560)
Emerson Electric Co.
(7,864,640
)
145.00
05/15/26
(155,400
)
(299)
Erie Indemnity Co.
(6,546,007
)
240.00
05/15/26
(23,920
)
(325)
Essex Property Trust, Inc.
(8,554,325
)
250.00
05/15/26
(463,125
)
(1,173)
Eversource Energy
(8,293,110
)
70.00
05/15/26
(175,950
)
(515)
Expeditors International of Washington, Inc.
(7,616,335
)
145.00
05/15/26
(350,200
)
(627)
Exxon Mobil Corp.
(9,676,491
)
145.00
05/15/26
(674,025
)
(295)
FactSet Research Systems, Inc.
(6,713,610
)
230.00
05/15/26
(182,900
)
(1,877)
Fastenal Co.
(8,433,361
)
45.00
05/15/26
(197,085
)
(817)
Federal Realty Investment Trust
(9,060,530
)
110.00
05/15/26
(179,740
)
(3,287)
Franklin Resources, Inc.
(9,851,139
)
27.00
05/15/26
(1,084,710
)
(229)
General Dynamics Corp.
(7,884,470
)
340.00
05/15/26
(169,460
)
(614)
Genuine Parts Co.
(6,583,922
)
115.00
05/15/26
(21,490
)
(3,427)
Hormel Foods Corp.
(7,357,769
)
21.00
05/15/26
(205,620
)
(322)
Illinois Tool Works, Inc.
(8,307,922
)
270.00
05/15/26
(43,470
)
(281)
International Business Machines Corp.
(6,490,538
)
250.00
05/15/26
(23,885
)
(819)
J.M. Smucker (The) Co.
(8,028,657
)
95.00
05/15/26
(327,600
)
(384)
Johnson & Johnson
(8,826,240
)
240.00
05/15/26
(38,400
)
(4,817)
Kenvue, Inc.
(8,444,201
)
18.00
05/15/26
(101,157
)
(837)
Kimberly-Clark Corp.
(8,238,591
)
100.00
05/15/26
(100,440
)
(191)
Linde PLC
(9,571,774
)
495.00
05/15/26
(357,552
)
(302)
Lowe’s Cos., Inc.
(7,211,458
)
250.00
05/15/26
(63,420
)
(1,258)
McCormick & Co., Inc.
(6,395,672
)
55.00
05/15/26
(30,192
)
(274)
McDonald’s Corp.
(8,044,366
)
310.00
05/15/26
(30,688
)
(835)
Medtronic PLC
(6,760,995
)
85.00
05/15/26
(21,710
)
(998)
NextEra Energy, Inc.
(9,768,424
)
92.50
05/15/26
(600,796
)
(307)
Nordson Corp.
(8,855,415
)
280.00
05/15/26
(356,120
)
(464)
Nucor Corp.
(10,453,456
)
195.00
05/15/26
(1,372,048
)
(781)
Pentair PLC (c)
(6,303,451
)
92.50
05/15/26
(15,620
)
(570)
PepsiCo, Inc.
(9,033,930
)
155.00
05/15/26
(284,430
)
(744)
PPG Industries, Inc.
(8,072,400
)
115.00
05/15/26
(63,984
)
(573)
Procter & Gamble (The) Co.
(8,428,257
)
145.00
05/15/26
(223,470
)
(1,355)
Realty Income Corp.
(8,704,520
)
65.00
05/15/26
(88,075
)
(207)
Roper Technologies, Inc.
(7,344,567
)
360.00
05/15/26
(145,935
)
(158)
S&P Global, Inc.
(6,813,434
)
440.00
05/15/26
(118,500
)
(235)
Sherwin-Williams (The) Co.
(7,557,835
)
350.00
05/15/26
(11,750
)
See Notes to Financial Statements
Page 4
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Call Options Written (Continued)
(1,002)
Stanley Black & Decker, Inc.
$(7,831,632
)
$70.00
05/15/26
$(821,640
)
(1,088)
Sysco Corp.
(8,128,448
)
77.50
05/15/26
(54,400
)
(789)
T. Rowe Price Group, Inc.
(8,117,232
)
95.00
05/15/26
(615,420
)
(789)
Target Corp.
(10,237,275
)
125.00
05/15/26
(456,831
)
(79)
W.W. Grainger, Inc.
(9,174,665
)
1,160.00
05/15/26
(261,885
)
(701)
Walmart, Inc.
(9,248,293
)
125.00
05/15/26
(549,584
)
(328)
West Pharmaceutical Services, Inc.
(9,760,952
)
270.00
05/15/26
(964,320
)
Total Written Options
(19,291,191
)
(Premiums received $19,445,771)
Net Other Assets and Liabilities — 0.0%
1,676,028
Net Assets — 100.0%
$3,369,358,909
 
(a)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $566,985,060.
(b)
Rate shown reflects yield as of April 30, 2026.
(c)
This investment is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board
of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
April 30, 2026, investments noted as such are valued at $(15,620) or (0.0)% of net assets.
 
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 April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$3,377,904,784
$3,377,904,784
$—
$—
Money Market Funds
9,069,288
9,069,288
—
—
Total Investments
$3,386,974,072
$3,386,974,072
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(19,291,191
)
$(15,756,533
)
$(3,534,658
)
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 5
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.7%
6,096
Curtiss-Wright Corp. (a)
$4,390,339
4,099
Huntington Ingalls Industries, Inc.
1,493,225
23,992
Woodward, Inc. (a)
8,708,856
 
14,592,420
Automobile Components — 0.7%
15,123
Lear Corp. (a)
1,922,587
35,042
Visteon Corp. (a)
3,914,542
 
5,837,129
Banks — 16.3%
69,140
Associated Banc-Corp.
1,946,982
141,078
Bank OZK (a)
6,794,316
16,134
BOK Financial Corp. (a)
2,158,568
121,480
Commerce Bancshares, Inc. (a)
6,320,604
51,407
Cullen/Frost Bankers, Inc. (a)
7,450,416
64,643
East West Bancorp, Inc. (a)
8,175,400
86,114
Enterprise Financial Services Corp. (a)
4,979,111
74,805
Fifth Third Bancorp (a)
3,797,102
320,818
First BanCorp (a)
7,789,461
1,826
First Citizens BancShares, Inc., Class A (a)
3,622,455
52,744
First Interstate BancSystem, Inc., Class A
1,871,885
40,082
First Merchants Corp. (a)
1,620,916
263,673
Fulton Financial Corp. (a)
5,692,700
27,869
Hancock Whitney Corp. (a)
1,881,436
234,948
Home BancShares, Inc. (a)
6,313,053
331,262
Huntington Bancshares, Inc. (a)
5,551,951
24,765
Independent Bank Corp. (a)
1,931,422
72,339
International Bancshares Corp. (a)
5,189,600
17,115
M&T Bank Corp. (a)
3,741,852
12,420
Nicolet Bankshares, Inc. (a)
1,819,282
161,212
OFG Bancorp (a)
7,409,304
35,090
Pinnacle Financial Partners, Inc. (a)
3,471,805
23,969
Prosperity Bancshares, Inc. (a)
1,669,441
130,332
Regions Financial Corp. (a)
3,720,979
39,343
ServisFirst Bancshares, Inc. (a)
3,132,490
70,559
SouthState Bank Corp. (a)
6,891,498
59,010
UMB Financial Corp. (a)
7,445,292
49,827
Wintrust Financial Corp. (a)
7,502,451
91,502
Zions Bancorp N.A. (a)
5,803,057
 
135,694,829
Beverages — 0.9%
37,577
Coca-Cola Consolidated, Inc. (a)
7,705,915
Building Products — 3.2%
95,403
A.O. Smith Corp. (a)
5,899,722
46,889
Advanced Drainage Systems, Inc. (a)
6,998,183
9,820
Allegion PLC (a)
1,350,054
5,181
Carlisle Cos., Inc. (a)
1,840,602
4,977
CSW Industrials, Inc. (a)
1,449,302
See Notes to Financial Statements
Page 6
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Building Products (Continued)
37,761
Simpson Manufacturing Co., Inc. (a)
$7,202,156
34,570
Zurn Elkay Water Solutions Corp. (a)
1,796,257
 
26,536,276
Capital Markets — 4.5%
26,170
Cboe Global Markets, Inc. (a)
7,853,356
31,342
Federated Hermes, Inc. (a)
1,820,657
106,768
Interactive Brokers Group, Inc., Class A (a)
8,488,056
52,242
Northern Trust Corp. (a)
8,689,934
79,547
SEI Investments Co. (a)
7,213,322
35,373
T. Rowe Price Group, Inc. (a)
3,639,174
 
37,704,499
Chemicals — 1.5%
30,889
Balchem Corp. (a)
4,992,280
135,936
Element Solutions, Inc. (a)
5,789,515
14,824
PPG Industries, Inc.
1,608,404
 
12,390,199
Commercial Services & Supplies — 3.8%
84,007
Brady Corp., Class A (a)
6,873,453
63,702
Brink’s (The) Co. (a)
6,800,189
28,893
MSA Safety, Inc. (a)
4,807,506
50,949
Tetra Tech, Inc.
1,646,672
26,984
UniFirst Corp. (a)
6,894,682
50,677
Veralto Corp. (a)
4,469,711
 
31,492,213
Construction & Engineering — 5.5%
61,796
AECOM (a)
5,197,044
8,507
Comfort Systems USA, Inc. (a)
15,655,007
11,115
EMCOR Group, Inc. (a)
9,910,912
60,284
Primoris Services Corp. (a)
10,920,446
24,236
Tutor Perini Corp.
2,252,009
4,030
Valmont Industries, Inc. (a)
2,047,401
 
45,982,819
Construction Materials — 0.4%
30,824
United States Lime & Minerals, Inc. (a)
3,318,820
Consumer Finance — 1.3%
51,867
PROG Holdings, Inc.
1,858,395
144,477
SLM Corp. (a)
3,334,529
69,499
Synchrony Financial (a)
5,295,824
 
10,488,748
Consumer Staples Distribution & Retail — 1.0%
54,818
PriceSmart, Inc. (a)
8,602,041
Containers & Packaging — 0.2%
12,723
AptarGroup, Inc.
1,573,581
Diversified Consumer Services — 2.4%
6,344
Graham Holdings Co., Class B (a)
7,121,203
59,801
H&R Block, Inc. (a)
1,897,486
See Notes to Financial Statements
Page 7
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
154,399
OneSpaWorld Holdings Ltd. (a)
$3,807,479
209,222
Perdoceo Education Corp. (a)
7,100,995
 
19,927,163
Electric Utilities — 0.4%
39,558
Otter Tail Corp. (a)
3,530,156
Electrical Equipment — 4.0%
21,496
Acuity, Inc. (a)
6,228,896
56,929
EnerSys (a)
12,140,678
3,823
Hubbell, Inc. (a)
1,942,734
45,695
Powell Industries, Inc. (a)
12,669,853
 
32,982,161
Electronic Equipment, Instruments & Components — 1.7%
21,208
Badger Meter, Inc. (a)
2,564,259
41,714
Benchmark Electronics, Inc. (a)
3,422,634
41,031
ePlus, Inc. (a)
3,474,915
43,740
Napco Security Technologies, Inc. (a)
2,044,845
11,644
TD SYNNEX Corp.
2,656,928
 
14,163,581
Energy Equipment & Services — 3.2%
149,001
Cactus, Inc., Class A (a)
8,302,336
359,370
NOV, Inc. (a)
7,352,710
100,390
Weatherford International PLC (a)
11,078,037
 
26,733,083
Financial Services — 2.2%
87,222
Enact Holdings, Inc. (a)
3,726,996
30,887
Jack Henry & Associates, Inc. (a)
4,748,876
244,298
MGIC Investment Corp. (a)
6,469,011
44,608
Radian Group, Inc. (a)
1,598,305
27,290
Voya Financial, Inc.
2,236,688
 
18,779,876
Food Products — 2.0%
70,986
Cal-Maine Foods, Inc. (a)
5,484,378
54,660
Ingredion, Inc. (a)
6,107,709
39,186
Marzetti (The) Company (a)
5,105,152
 
16,697,239
Health Care Equipment & Supplies — 1.0%
72,713
LeMaitre Vascular, Inc. (a)
7,980,252
Health Care Providers & Services — 1.7%
14,484
Chemed Corp. (a)
6,155,410
8,519
Ensign Group (The), Inc. (a)
1,590,412
37,920
National HealthCare Corp. (a)
6,571,157
 
14,316,979
Hotels, Restaurants & Leisure — 0.4%
14,868
Expedia Group, Inc. (a)
3,692,765
Household Durables — 2.5%
27,620
Installed Building Products, Inc. (a)
7,969,751
36,358
La-Z-Boy, Inc. (a)
1,263,077
See Notes to Financial Statements
Page 8
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Household Durables (Continued)
54,394
PulteGroup, Inc. (a)
$6,655,650
35,353
Toll Brothers, Inc. (a)
5,025,075
 
20,913,553
Household Products — 0.8%
30,041
WD-40 Co. (a)
6,307,408
Insurance — 8.8%
30,387
Assurant, Inc. (a)
7,179,536
77,622
Assured Guaranty Ltd. (a)
6,357,242
14,676
Axis Capital Holdings Ltd. (a)
1,473,617
31,789
Cincinnati Financial Corp. (a)
5,200,680
73,248
CNA Financial Corp. (a)
3,532,751
5,484
Everest Group Ltd.
1,956,472
51,097
First American Financial Corp. (a)
3,583,433
37,239
Hanover Insurance Group (The), Inc. (a)
6,989,388
84,706
Lincoln National Corp. (a)
3,202,734
119,953
Old Republic International Corp. (a)
4,792,122
25,403
Primerica, Inc. (a)
7,145,102
33,163
Reinsurance Group of America, Inc. (a)
7,012,648
63,964
Selective Insurance Group, Inc. (a)
5,369,778
42,471
Unum Group (a)
3,413,819
90,275
W.R. Berkley Corp. (a)
6,033,078
 
73,242,400
Interactive Media & Services — 0.5%
107,267
Match Group, Inc. (a)
4,013,931
IT Services — 0.7%
20,646
VeriSign, Inc. (a)
5,546,754
Machinery — 10.4%
34,390
Alamo Group, Inc. (a)
5,964,602
66,923
Allison Transmission Holdings, Inc. (a)
8,991,105
140,508
Atmus Filtration Technologies, Inc. (a)
8,908,207
9,092
Crane Co.
1,615,921
41,589
Donaldson Co., Inc. (a)
3,666,902
16,998
Dover Corp. (a)
3,848,517
12,384
Esab Corp. (a)
1,216,976
23,077
Flowserve Corp. (a)
1,699,390
34,764
Fortive Corp. (a)
2,078,539
34,625
Franklin Electric Co., Inc. (a)
3,469,079
76,891
Graco, Inc. (a)
6,172,040
8,409
IDEX Corp. (a)
1,831,901
37,858
ITT, Inc. (a)
8,114,484
7,863
Lincoln Electric Holdings, Inc. (a)
2,083,695
67,365
Mueller Industries, Inc. (a)
9,123,242
128,963
Mueller Water Products, Inc., Class A (a)
3,596,778
19,442
Snap-on, Inc. (a)
7,454,063
23,818
Watts Water Technologies, Inc., Class A (a)
7,149,211
 
86,984,652
See Notes to Financial Statements
Page 9
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Media — 1.8%
113,143
Fox Corp., Class A (a)
$7,183,449
102,876
New York Times (The) Co., Class A (a)
8,130,290
 
15,313,739
Metals & Mining — 0.7%
195,546
Hecla Mining Co. (a)
3,523,739
8,545
Royal Gold, Inc. (a)
1,994,232
 
5,517,971
Oil, Gas & Consumable Fuels — 0.7%
21,984
Core Natural Resources, Inc. (a)
1,972,844
9,191
Texas Pacific Land Corp. (a)
4,077,771
 
6,050,615
Personal Care Products — 0.7%
64,046
Interparfums, Inc. (a)
5,842,276
Professional Services — 3.1%
25,928
CSG Systems International, Inc. (a)
2,084,871
66,040
Exponent, Inc. (a)
4,417,416
155,426
Genpact Ltd. (a)
5,401,054
23,445
Jacobs Solutions, Inc. (a)
3,034,017
37,941
Paycom Software, Inc. (a)
4,809,401
65,711
UL Solutions, Inc., Class A (a)
5,946,188
 
25,692,947
Semiconductors & Semiconductor Equipment — 0.6%
53,588
Universal Display Corp. (a)
4,666,979
Software — 3.2%
191,305
Clear Secure, Inc., Class A (a)
10,213,774
95,584
Dolby Laboratories, Inc., Class A (a)
6,130,758
22,727
InterDigital, Inc. (a)
6,739,919
102,525
Pegasystems, Inc. (a)
3,747,289
 
26,831,740
Specialty Retail — 2.1%
16,457
Dick’s Sporting Goods, Inc. (a)
3,734,423
125,968
Gap (The), Inc. (a)
3,097,553
36,285
Williams-Sonoma, Inc. (a)
6,575,205
11,190
Winmark Corp. (a)
4,257,683
 
17,664,864
Technology Hardware, Storage & Peripherals — 0.6%
44,869
NetApp, Inc. (a)
4,970,139
Textiles, Apparel & Luxury Goods — 1.4%
22,190
Kontoor Brands, Inc. (a)
1,627,858
20,637
Ralph Lauren Corp. (a)
7,401,254
19,381
Tapestry, Inc. (a)
2,811,020
 
11,840,132
Tobacco — 0.4%
46,496
Turning Point Brands, Inc. (a)
3,751,297
See Notes to Financial Statements
Page 10
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Trading Companies & Distributors — 0.9%
25,851
Applied Industrial Technologies, Inc. (a)
$7,903,943
Total Common Stocks
833,778,084
(Cost $754,687,990)
MONEY MARKET FUNDS — 0.2%
1,822,660
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
1,822,660
(Cost $1,822,660)
Total Investments — 100.1%
835,600,744
(Cost $756,510,650)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.1)%
Call Options Written — (0.1)%
(357)
Russell 2000® Index
$(99,956,609
)
$2,785.00
05/01/26
(719,712
)
(Premiums received $1,220,416)
 
 
Net Other Assets and Liabilities — (0.0)%
(258,274
)
Net Assets — 100.0%
$834,622,758
 
(a)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $32,750,201.
(b)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$833,778,084
$833,778,084
$—
$—
Money Market Funds
1,822,660
1,822,660
—
—
Total Investments
$835,600,744
$835,600,744
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(719,712
)
$(719,712
)
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 11
FT Vest Technology Dividend Target Income ETF (TDVI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Communications Equipment — 5.4%
95,618
Cisco Systems, Inc. (a)
$8,749,047
9,030
Ituran Location and Control Ltd. (a)
520,128
15,756
Motorola Solutions, Inc. (a)
6,917,357
210,441
Nokia Oyj, ADR (a)
2,716,793
82,998
Telefonaktiebolaget LM Ericsson, ADR (a)
980,206
2,408
Ubiquiti, Inc. (a)
2,436,920
 
22,320,451
Diversified Telecommunication Services — 7.5%
271,258
AT&T, Inc. (a)
7,087,971
7,840
Chunghwa Telecom Co., Ltd., ADR (a)
339,786
245,412
Comcast Corp., Class A (a)
6,635,940
27,684
Iridium Communications, Inc. (a)
1,081,614
54,218
KT Corp., ADR (a)
1,161,892
4,863
Shenandoah Telecommunications Co. (a)
76,495
25,388
Telefonica Brasil S.A., ADR (a)
402,908
28,705
Telkom Indonesia Persero Tbk PT, ADR (a)
485,402
552,980
TELUS Corp. (a)
6,928,839
151,535
Verizon Communications, Inc. (a)
7,278,226
 
31,479,073
Electronic Equipment, Instruments & Components — 4.7%
33,042
Amphenol Corp., Class A (a)
4,866,095
8,911
Avnet, Inc. (a)
735,247
2,211
Benchmark Electronics, Inc. (a)
181,413
13,885
CDW Corp. (a)
1,900,995
699
Climb Global Solutions, Inc. (a)
11,659
33,674
Corning, Inc. (a)
5,530,618
862
ePlus, Inc. (a)
73,003
18,441
Ingram Micro Holding Corp. (a)
567,430
1,308
PC Connection, Inc. (a)
83,372
4,879
TD SYNNEX Corp. (a)
1,113,290
18,678
TE Connectivity PLC (a)
3,953,385
13,928
Vishay Intertechnology, Inc. (a)
403,494
 
19,420,001
Entertainment — 0.1%
35,074
Tencent Music Entertainment Group, ADR (a)
321,629
Interactive Media & Services — 0.7%
33,224
Autohome, Inc., ADR (a)
618,963
17,802
JOYY, Inc., ADR (a)
1,050,140
29,486
Match Group, Inc. (a)
1,103,366
35,562
Weibo Corp., ADR (a)
299,077
 
3,071,546
IT Services — 8.3%
17,122
Amdocs Ltd. (a)
1,107,280
6,194
CGI, Inc. (a)
405,335
48,507
Cognizant Technology Solutions Corp., Class A (a)
2,566,020
126,523
International Business Machines Corp. (a)
29,224,283
4,899
VeriSign, Inc. (a)
1,316,165
69,167
Wipro Ltd., ADR (a)
141,101
 
34,760,184
See Notes to Financial Statements
Page 12
FT Vest Technology Dividend Target Income ETF (TDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Professional Services — 2.3%
16,942
Concentrix Corp. (a)
$403,558
10,418
KBR, Inc. (a)
390,571
6,199
Leidos Holdings, Inc. (a)
925,015
2,995
Paycom Software, Inc. (a)
379,646
11,234
RELX PLC, ADR (a)
411,052
3,816
Science Applications International Corp. (a)
369,274
17,579
SS&C Technologies Holdings, Inc. (a)
1,218,225
57,872
Thomson Reuters Corp. (a)
5,537,772
 
9,635,113
Semiconductors & Semiconductor Equipment — 39.7%
9,039
Amkor Technology, Inc. (a)
630,470
28,636
Analog Devices, Inc. (a)
11,519,117
19,996
Applied Materials, Inc. (a)
7,888,222
12,141
ASE Technology Holding Co., Ltd., ADR (a)
381,349
2,352
ASML Holding N.V. (a)
3,384,504
95,109
Broadcom, Inc. (a)
39,701,350
27,864
Himax Technologies, Inc., ADR (a)
327,402
3,353
KLA Corp. (a)
5,868,924
3,245
Kulicke & Soffa Industries, Inc. (a)
277,447
69,536
Microchip Technology, Inc. (a)
6,460,590
1,413
Monolithic Power Systems, Inc. (a)
2,281,161
23,795
NXP Semiconductors N.V. (a)
6,985,974
5,127
Power Integrations, Inc. (a)
372,784
106,741
QUALCOMM, Inc. (a)
19,168,549
2,733
Silicon Motion Technology Corp., ADR (a)
597,926
37,508
Skyworks Solutions, Inc. (a)
2,631,936
5,544
STMicroelectronics N.V. (a)
305,696
40,567
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (a)
16,066,966
143,283
Texas Instruments, Inc. (a)
40,273,986
28,597
United Microelectronics Corp., ADR (a)
373,477
4,187
Universal Display Corp. (a)
364,646
 
165,862,476
Software — 20.1%
4,710
A10 Networks, Inc. (a)
125,662
5,555
Adeia, Inc. (a)
176,927
11,761
Bentley Systems, Inc., Class B (a)
383,644
5,359
Clear Secure, Inc., Class A (a)
286,117
6,505
Dolby Laboratories, Inc., Class A (a)
417,231
70,711
Gen Digital, Inc. (a)
1,364,015
1,984
InterDigital, Inc. (a)
588,375
15,962
Intuit, Inc. (a)
6,201,237
4,312
Karooooo Ltd. (a)
211,094
77,384
Microsoft Corp. (a)
31,555,647
57,316
Open Text Corp. (a)
1,298,781
199,647
Oracle Corp. (a)
32,221,029
5,250
Roper Technologies, Inc. (a)
1,862,752
36,887
Salesforce, Inc. (a)
6,511,662
4,287
SAP SE, ADR (a)
726,604
 
83,930,777
See Notes to Financial Statements
Page 13
FT Vest Technology Dividend Target Income ETF (TDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals — 6.1%
24,956
Dell Technologies, Inc., Class C (a)
$5,214,556
173,687
Hewlett Packard Enterprise Co. (a)
4,996,975
296,493
HP, Inc. (a)
6,184,844
13,350
Logitech International S.A. (a)
1,325,388
21,844
NetApp, Inc. (a)
2,419,660
8,170
Seagate Technology Holdings PLC (a)
5,503,639
 
25,645,062
Wireless Telecommunication Services — 5.0%
52,138
America Movil S.A.B. de C.V., ADR (a)
1,386,871
74,880
Millicom International Cellular S.A. (a)
6,355,814
167,918
Rogers Communications, Inc., Class B (a)
6,117,253
9,291
SK Telecom Co., Ltd., ADR (a)
347,576
34,999
T-Mobile US, Inc. (a)
6,842,305
 
21,049,819
Total Common Stocks
417,496,131
(Cost $382,589,199)
MONEY MARKET FUNDS — 0.2%
743,802
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
743,802
(Cost $743,802)
Total Investments — 100.1%
418,239,933
(Cost $383,333,001)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.1)%
Call Options Written — (0.1)%
(76)
S&P 500 Weeklys
$(54,788,476
)
$7,165.00
05/01/26
(434,872
)
(Premiums received $474,882)
 
 
Net Other Assets and Liabilities — 0.0%
89,021
Net Assets — 100.0%
$417,894,082
 
(a)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $12,486,185.
(b)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
See Notes to Financial Statements
Page 14
FT Vest Technology Dividend Target Income ETF (TDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$417,496,131
$417,496,131
$—
$—
Money Market Funds
743,802
743,802
—
—
Total Investments
$418,239,933
$418,239,933
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(434,872
)
$(434,872
)
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 15
FT Vest Dow Jones Internet & Target Income ETF (FDND)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.3%
Broadline Retail — 13.8%
4,193
Amazon.com, Inc. (a) (b)
$1,111,397
2,031
eBay, Inc. (b)
210,168
 
1,321,565
Commercial Services & Supplies — 1.4%
4,004
Copart, Inc. (a) (b)
132,572
Communications Equipment — 16.1%
2,602
Arista Networks, Inc. (a) (b)
449,391
633
Ciena Corp. (a) (b)
333,958
7,450
Cisco Systems, Inc. (b)
681,675
254
F5, Inc. (a) (b)
82,271
 
1,547,295
Diversified Consumer Services — 0.2%
180
Duolingo, Inc. (a) (b)
19,818
Entertainment — 9.5%
7,961
Netflix, Inc. (a) (b)
745,229
2,974
ROBLOX Corp., Class A (a) (b)
164,343
 
909,572
Financial Services — 2.1%
4,139
PayPal Holdings, Inc. (b)
207,530
Health Care Technology — 1.1%
680
Veeva Systems, Inc., Class A (a) (b)
106,060
Hotels, Restaurants & Leisure — 11.2%
1,904
Airbnb, Inc., Class A (a) (b)
267,245
2,320
Booking Holdings, Inc. (b)
390,595
1,681
DoorDash, Inc., Class A (a) (b)
283,501
2,227
DraftKings, Inc., Class A (a) (b)
51,934
788
Flutter Entertainment PLC (a) (b)
85,049
 
1,078,324
Interactive Media & Services — 20.2%
1,602
Alphabet, Inc., Class A (b)
616,450
1,287
Alphabet, Inc., Class C (b)
491,557
1,361
Meta Platforms, Inc., Class A (b)
832,809
 
1,940,816
IT Services — 9.4%
647
Akamai Technologies, Inc. (a) (b)
66,628
1,426
Cloudflare, Inc., Class A (a) (b)
292,287
1,086
CoreWeave, Inc., Class A (a) (b)
121,198
608
GoDaddy, Inc., Class A (a) (b)
52,768
762
Okta, Inc. (a) (b)
56,121
1,538
Snowflake, Inc. (a) (b)
209,891
371
VeriSign, Inc. (b)
99,673
 
898,566
Professional Services — 0.3%
220
Paycom Software, Inc. (b)
27,887
Software — 11.4%
763
Atlassian Corp., Class A (a) (b)
52,334
644
Box, Inc., Class A (a) (b)
15,585
See Notes to Financial Statements
Page 16
FT Vest Dow Jones Internet & Target Income ETF (FDND)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
1,476
Datadog, Inc., Class A (a) (b)
$195,113
900
Docusign, Inc. (a) (b)
41,391
784
Dropbox, Inc., Class A (a) (b)
19,043
237
HubSpot, Inc. (a) (b)
52,557
1,701
MARA Holdings, Inc. (a) (b)
20,395
1,216
Nutanix, Inc., Class A (a) (b)
49,722
2,067
Salesforce, Inc. (b)
364,888
1,610
Samsara, Inc., Class A (a) (b)
46,271
958
Workday, Inc., Class A (a) (b)
117,259
1,194
Zoom Communications, Inc. (a) (b)
115,997
 
1,090,555
Specialty Retail — 2.6%
636
Carvana Co. (a) (b)
251,729
Total Common Stocks
9,532,289
(Cost $9,415,114)
MONEY MARKET FUNDS — 0.1%
5,738
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (c)
5,738
(Cost $5,738)
Total Investments — 99.4%
9,538,027
(Cost $9,420,852)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.1)%
Call Options Written — (0.1)%
(52)
Nasdaq-100 Micro Index
$(1,427,504
)
$273.00
05/01/26
(11,700
)
(Premiums received $16,559)
 
 
Net Other Assets and Liabilities — 0.7%
69,048
Net Assets — 100.0%
$9,595,375
 
(a)
Non-income producing security.
(b)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $1,265,164.
(c)
Rate shown reflects yield as of April 30, 2026.
See Notes to Financial Statements
Page 17
FT Vest Dow Jones Internet & Target Income ETF (FDND)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$9,532,289
$9,532,289
$—
$—
Money Market Funds
5,738
5,738
—
—
Total Investments
$9,538,027
$9,538,027
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(11,700
)
$(11,700
)
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 18
This page intentionally left blank.
Page 19
First Trust Exchange-Traded Fund IV
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
 
 
FT Vest S&P
500® Dividend
Aristocrats
Target Income
ETF®
(KNG)
FT Vest SMID
Rising Dividend
Achievers
Target Income
ETF
(SDVD)
FT Vest
Technology
Dividend Target
Income ETF
(TDVI)
FT Vest Dow
Jones Internet
& Target
Income ETF
(FDND)
ASSETS:
Investments, at value
$3,386,974,072
$835,600,744
$418,239,933
$9,538,027
Due from broker
3,000
100
100
100
Cash segregated as collateral
—
121,779
52,112
22,769
Receivables:
Investment securities sold
228,894,659
—
—
51,810
Capital shares sold
141,736,644
1,148,071
1,508,658
—
Dividends
4,475,885
204,941
240,709
87
Interest
—
—
1,071
—
Reclaims
—
—
3,526
—
Total Assets
3,762,084,260
837,075,635
420,046,109
9,612,793
 
LIABILITIES:
Options contracts written, at value
19,291,191
719,712
434,872
11,700
Payables:
Investment securities purchased
230,610,825
1,149,124
1,505,439
—
Capital shares redeemed
140,748,532
—
—
—
Investment advisory fees
2,074,803
584,041
211,716
5,718
Total Liabilities
392,725,351
2,452,877
2,152,027
17,418
NET ASSETS
$3,369,358,909
$834,622,758
$417,894,082
$9,595,375
 
NET ASSETS consist of:
Paid-in capital
$3,662,290,685
$773,265,975
$380,884,795
$9,705,971
Par value
682,250
363,500
138,500
4,500
Accumulated distributable earnings (loss)
(293,614,026
)
60,993,283
36,870,787
(115,096
)
NET ASSETS
$3,369,358,909
$834,622,758
$417,894,082
$9,595,375
NET ASSET VALUE, per share
$49.39
$22.96
$30.17
$21.32
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
68,225,000
36,350,002
13,850,002
450,002
Investments, at cost
$3,244,740,841
$756,510,650
$383,333,001
$9,420,852
Premiums received on options contracts written
$19,445,771
$1,220,416
$474,882
$16,559
See Notes to Financial Statements
Page 20
First Trust Exchange-Traded Fund IV
Statements of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
 
FT Vest S&P
500® Dividend
Aristocrats
Target Income
ETF®
(KNG)
FT Vest SMID
Rising Dividend
Achievers
Target Income
ETF
(SDVD)
FT Vest
Technology
Dividend Target
Income ETF
(TDVI)
FT Vest Dow
Jones Internet
& Target
Income ETF
(FDND)
INVESTMENT INCOME:
Dividends
$43,526,467
$6,549,856
$2,726,048
$17,037
Foreign withholding tax
—
(31,571
)
(110,191
)
—
Total investment income
43,526,467
6,518,285
2,615,857
17,037
 
EXPENSES:
Investment advisory fees
12,794,519
 
3,231,457
 
989,982
 
36,040
 
Other expenses
2,937
504
71
5
Total expenses
12,797,456
3,231,961
990,053
36,045
NET INVESTMENT INCOME (LOSS)
30,729,011
3,286,324
1,625,804
(19,008
)
 
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments
(164,737,524
)
(14,878,151
)
(7,662,414
)
(271,894
)
In-kind redemptions
145,603,819
36,954,383
20,192,986
552,689
Written options contracts
46,532,832
(942,432
)
339,097
(28,680
)
Foreign currency transactions
—
—
(1,638
)
—
Net realized gain (loss)
27,399,127
21,133,800
12,868,031
252,115
Net change in unrealized appreciation (depreciation)
on:
Investments
166,170,566
72,181,432
16,677,103
(1,093,140
)
Written options contracts
(727,651
)
503,710
50,087
4,972
Net change in unrealized appreciation (depreciation)
165,442,915
72,685,142
16,727,190
(1,088,168
)
NET REALIZED AND UNREALIZED GAIN
(LOSS)
192,842,042
93,818,942
29,595,221
(836,053
)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS
$223,571,053
$97,105,266
$31,221,025
$(855,061
)
See Notes to Financial Statements
Page 21
First Trust Exchange-Traded Fund IV
Statements of Changes in Net Assets
 
 
FT Vest S&P 500® Dividend
Aristocrats Target Income ETF®
(KNG)
FT Vest SMID Rising Dividend
Achievers Target Income ETF
(SDVD)
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$30,729,011
$62,487,040
$3,286,324
$4,772,136
Net realized gain (loss)
27,399,127
104,503,224
21,133,800
14,234,533
Net change in unrealized appreciation (depreciation)
165,442,915
(148,683,508
)
72,685,142
5,878,233
Net increase (decrease) in net assets resulting from
operations
223,571,053
18,306,756
97,105,266
24,884,902
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(146,455,336
)
(314,612,482
)
(32,433,796
)
(36,795,094
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
443,477,530
 
1,445,392,657
 
372,532,594
 
725,638,133
 
Cost of shares redeemed
(648,235,253
) 
(1,072,258,738
) 
(258,636,525
) 
(211,319,952
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(204,757,723
)
373,133,919
113,896,069
514,318,181
Total increase (decrease) in net assets
(127,642,006
)
76,828,193
178,567,539
502,407,989
 
NET ASSETS:
Beginning of period
3,497,000,915
3,420,172,722
656,055,219
153,647,230
End of period
$3,369,358,909
$3,497,000,915
$834,622,758
$656,055,219
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
72,375,000
65,225,000
31,200,002
7,050,002
Shares sold
8,850,000
28,850,000
16,900,000
34,400,000
Shares redeemed
(13,000,000
)
(21,700,000
)
(11,750,000
)
(10,250,000
)
Shares outstanding, end of period
68,225,000
72,375,000
36,350,002
31,200,002
See Notes to Financial Statements
Page 22
First Trust Exchange-Traded Fund IV
Statements of Changes in Net Assets (Continued)
 
FT Vest Technology Dividend
Target Income ETF (TDVI)
FT Vest Dow Jones Internet &
Target Income ETF (FDND)
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
$1,625,804
$1,290,336
$(19,008
)
$(25,106
)
12,868,031
9,496,702
252,115
482,806
16,727,190
17,601,397
(1,088,168
)
1,233,104
31,221,025
28,388,435
(855,061
)
1,690,804
(10,839,362
)
(7,593,834
)
(383,312
)
(466,629
)
266,549,051
 
171,131,006
 
3,160,992
 
8,734,670
 
(67,924,060
) 
(35,437,489
) 
(3,133,181
) 
(1,196,950
) 
198,624,991
135,693,517
27,811
7,537,720
219,006,654
156,488,118
(1,210,562
)
8,761,895
198,887,428
42,399,310
10,805,937
2,044,042
$417,894,082
$198,887,428
$9,595,375
$10,805,937
6,850,002
1,750,002
450,002
100,002
9,500,000
6,500,000
150,000
400,000
(2,500,000
)
(1,400,000
)
(150,000
)
(50,000
)
13,850,002
6,850,002
450,002
450,002
See Notes to Financial Statements
Page 23
First Trust Exchange-Traded Fund IV
Financial Highlights
For a share outstanding throughout each period
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® (KNG)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$48.32
$52.44
$47.36
$50.28
$54.77
$42.40
Income from investment operations:
Net investment income (loss)
0.44
 (a)
0.85
 (a)
0.83
 (a)
0.86
 (a)
0.81
 
0.73
 
Net realized and unrealized gain (loss)
2.74
 
(0.66
) 
8.79
 
(0.94
) 
(3.28
) 
13.57
 
Total from investment operations
3.18
 
0.19
 
9.62
 
(0.08
) 
(2.47
) 
14.30
 
Distributions paid to shareholders
from:
Net investment income
(2.11
) 
(1.22
) 
(0.89
) 
(2.10
) 
(1.45
) 
(0.58
) 
Net realized gain
—
 
(3.09
) 
(3.65
) 
(0.74
) 
(0.57
) 
(1.35
) 
Total distributions
(2.11
) 
(4.31
) 
(4.54
) 
(2.84
) 
(2.02
) 
(1.93
) 
Net asset value, end of period
$49.39
 
$48.32
 
$52.44
 
$47.36
 
$50.28
 
$54.77
 
Total return (b)
6.60
% 
0.39
% 
20.80
% 
(0.43
)% 
(4.52
)% 
34.14
% 
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$3,369,359
 
$3,497,001
 
$3,420,173
 
$1,459,956
 
$506,568
 
$294,415
 
Ratio of total expenses to average net
assets
0.74
% (c)
0.75
% 
0.75
% 
0.75
% 
0.75
% 
0.75
% 
Ratio of net investment income (loss)
to average net assets
1.79
% (c)
1.71
% 
1.60
% 
1.69
% 
1.55
% 
1.65
% 
Portfolio turnover rate (d)
79
% 
152
% 
206
% 
92
% 
55
% 
62
% 
 
(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 24
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended
10/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$21.03
$21.79
$17.61
$19.88
Income from investment operations:
Net investment income (loss) (b)
0.09
 
0.24
 
0.33
 
0.07
 
Net realized and unrealized gain (loss)
2.77
 
0.82
 
5.68
 
(1.96
) 
Total from investment operations
2.86
 
1.06
 
6.01
 
(1.89
) 
Distributions paid to shareholders from:
Net investment income
(0.93
) 
(0.74
) 
(0.32
) 
(0.14
) 
Net realized gain
—
 
(1.08
) 
(1.51
) 
(0.24
) 
Total distributions
(0.93
) 
(1.82
) 
(1.83
) 
(0.38
) 
Net asset value, end of period
$22.96
 
$21.03
 
$21.79
 
$17.61
 
Total return (c)
13.83
% 
5.18
% 
34.82
% 
(9.56
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$834,623
 
$656,055
 
$153,647
 
$3,522
 
Ratio of total expenses to average net assets
0.85
% (d)
0.86
% (e)
0.85
% 
0.85
% (d)
Ratio of net investment income (loss) to average net assets
0.86
% (d)
1.14
% 
1.58
% 
1.70
% (d)
Portfolio turnover rate (f)
21
% 
122
% 
94
% 
29
% 
 
(a)
Inception date is August 9, 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 0.85%.
(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 and in-kind transactions.
See Notes to Financial Statements
Page 25
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Technology Dividend Target Income ETF (TDVI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended
10/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$29.03
$24.23
$18.54
$19.78
Income from investment operations:
Net investment income (loss) (b)
0.17
 
0.36
 
0.35
 
0.09
 
Net realized and unrealized gain (loss)
2.09
 
6.48
 
7.20
 
(0.97
) 
Total from investment operations
2.26
 
6.84
 
7.55
 
(0.88
) 
Distributions paid to shareholders from:
Net investment income
(1.12
) 
(0.85
) 
(0.33
) 
(0.25
) 
Net realized gain
—
 
(1.19
) 
(1.53
) 
(0.11
) 
Total distributions
(1.12
) 
(2.04
) 
(1.86
) 
(0.36
) 
Net asset value, end of period
$30.17
 
$29.03
 
$24.23
 
$18.54
 
Total return (c)
8.13
% 
29.85
% 
41.71
% 
(4.45
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$417,894
 
$198,887
 
$42,399
 
$1,854
 
Ratio of total expenses to average net assets
0.75
% (d)
0.76
% (e)
0.75
% 
0.75
% (d)
Ratio of net investment income (loss) to average net assets
1.23
% (d)
1.42
% 
1.50
% 
1.94
% (d)
Portfolio turnover rate (f)
16
% 
44
% 
70
% 
27
% 
 
(a)
Inception date is August 9, 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 0.75%.
(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 26
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Dow Jones Internet & Target Income ETF (FDND)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025
Period
Ended
10/31/2024 (a)
 
Net asset value, beginning of period
$24.01
$20.44
$20.35
Income from investment operations:
Net investment income (loss) (b)
(0.04
) 
(0.10
) 
(0.04
) 
Net realized and unrealized gain (loss)
(1.80
) 
5.49
 
1.06
 
Total from investment operations
(1.84
) 
5.39
 
1.02
 
Distributions paid to shareholders from:
Net investment income
(0.85
) 
(0.48
) 
—
 
Net realized gain
—
 
(1.34
) 
(0.93
) 
Total distributions
(0.85
) 
(1.82
) 
(0.93
) 
Net asset value, end of period
$21.32
 
$24.01
 
$20.44
 
Total return (c)
(7.59
)% 
27.24
% 
5.33
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$9,595
 
$10,806
 
$2,044
 
Ratio of total expenses to average net assets
0.75
% (d)
0.76
% (e)
0.75
% (d)
Ratio of net investment income (loss) to average net assets
(0.40
)% (d)
(0.45
)% 
(0.37
)% (d)
Portfolio turnover rate (f)
11
% 
42
% 
194
% 
 
(a)
Inception date is March 20, 2024, 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 0.75%.
(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 27
Notes to Financial Statements
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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, each listed and traded on the Cboe BZX Exchange, Inc.
 
FT Vest S&P 500® Dividend Aristocrats Target Income ETF® – KNG
FT Vest SMID Rising Dividend Achievers Target Income ETF – SDVD
FT Vest Technology Dividend Target Income ETF – TDVI
FT Vest Dow Jones Internet & Target Income ETF – FDND
Each of SDVD, TDVI and FDND operates as a non-diversified series of the Trust. KNG operates as a diversified series of the Trust. 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, with the exception of KNG, is an actively managed exchange-traded fund (“ETF”).
KNG’s investment objective seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Cboe S&P 500® Dividend Aristocrats Target Income Index Monthly Series (the “Index”). KNG will normally invest at least 80% of its total assets (including investment borrowings) in the securities that comprise the Index. The Index is designed with the primary goal of generating an annualized level of income that is approximately 8% over the annual dividend yield of the S&P 500® Index and a secondary goal of generating limited capital appreciation based on the returns of the equity components of the Index.
SDVD’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, SDVD will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Small-Mid Cap Rising Dividend AchieversTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000® Index or ETFs that track the Russell 2000® Index. Under normal market conditions, SDVD will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of small- and/or mid-capitalization companies.
TDVI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, TDVI will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq Technology DividendTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100® Index and/or the S&P 500® Index, or ETFs that track the Nasdaq-100® Index or the S&P 500® Index. Under normal market conditions, TDVI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of technology companies (i.e., securities classified under the Technology Industry or Telecommunications Industry as defined by the Industry Classification Benchmark (ICB)).
FDND’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, FDND will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities intended to track the Dow Jones Internet Composite Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100® Index or ETFs that track the Nasdaq-100® Index. Under normal market conditions, FDND will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities and/or investments that provide exposure to securities of Internet Companies and securities intended to provide income to FDND in the form of option premiums. “Internet Companies” are companies that generate at least 50% of sales or revenue from the Internet, and belong to either the “Internet Commerce” sector (i.e., online retail, search, financial services, investment products, social media, advertising, and travel platforms, and internet radio) or the “Internet Services” sector (i.e., various services performed via the internet, cloud computing, enterprise software, networking capabilities, website creation tools, and digital marketing platforms).
Page 28
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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.
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade 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;
Page 29
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
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 April 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.
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. Options Contracts
Each Fund is subject to equity price risk in the normal course of pursuing their investment objectives. KNG will employ a “partial covered call strategy,” meaning that covered calls will be typically written on a notional value less than the total value of each underlying stock contained in the S&P 500® Dividend Aristocrats Index (the “Aristocrat Stocks”), such that the short position in each call option is “covered” by a portion of the corresponding Aristocrat Stock held by the Fund, however, the notional value of the covered calls will not exceed 100% of the value of each underlying Aristocrat Stock. SDVD will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the Russell 2000® Index or exchange-traded funds that track the Russell 2000® Index. TDVI will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the Nasdaq-100® Index and/or the S&P 500® Index, or exchange-traded funds that track the Nasdaq-100® Index or the S&P 500® Index. FDND will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the Nasdaq-100® Index or exchange-traded funds that track the Nasdaq-100® Index. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and
Page 30
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.
When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is included in “Options contracts written, at value” on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. Any gain or loss on written options is included in “Net realized gain (loss) on written options contracts” on the Statements of Operations. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.
D. 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.
The tax character of distributions paid by each Fund during the fiscal year ended October 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
$262,050,784
$52,561,698
$—
FT Vest SMID Rising Dividend Achievers Target Income ETF
36,795,094
—
—
FT Vest Technology Dividend Target Income ETF
7,593,834
—
—
FT Vest Dow Jones Internet & Target Income ETF
466,629
—
—
As of October 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)
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
$—
$—
$(370,729,743
)
FT Vest SMID Rising Dividend Achievers Target Income ETF
—
—
(3,678,187
)
FT Vest Technology Dividend Target Income ETF
—
—
16,489,124
FT Vest Dow Jones Internet & Target Income ETF
(23,427
)
—
1,146,704
E. 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
Page 31
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 KNG, the taxable years ended 2022, 2023, 2024 and 2025 remain open to federal and state audit. For SDVD and TDVI, the taxable years ended 2023, 2024 and 2025 remain open to federal and state audit. For FDND, the taxable years ended 2024 and 2025 remain open to federal and state audit. As of April 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 October 31, 2025, the Funds had no non-expiring capital loss carryforwards available for federal income tax purposes.
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 October 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
FT Vest Dow Jones Internet & Target Income ETF
$23,427
$—
 
As of April 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 S&P 500® Dividend Aristocrats Target Income
ETF®
$3,225,295,070
$300,727,858
$(158,340,047
)
$142,387,811
FT Vest SMID Rising Dividend Achievers Target Income
ETF
755,290,234
106,795,150
(27,204,352
)
79,590,798
FT Vest Technology Dividend Target Income ETF
382,858,119
56,166,140
(21,219,198
)
34,946,942
FT Vest Dow Jones Internet & Target Income ETF
9,404,293
1,540,000
(1,417,966
)
122,034
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,
Page 32
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), 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 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 schedules:
 
Breakpoints
KNG
TDVI
FDND
Fund net assets up to and including $2.5 billion
0.75000
%
0.75000
%
0.75000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.73125
%
0.73125
%
0.73125
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.71250
%
0.71250
%
0.71250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.69375
%
0.69375
%
0.69375
%
Fund net assets greater than $10 billion
0.67500
%
0.67500
%
0.67500
%
 
Breakpoints
SDVD
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
%
Vest Financial LLC (“Vest”), 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 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 0.20% of the average daily net assets of each Fund. Vest’s fee is paid by the Advisor out of its 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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 33
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended April 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
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
$2,733,245,410
$2,738,042,089
FT Vest SMID Rising Dividend Achievers Target Income ETF
156,876,494
186,174,271
FT Vest Technology Dividend Target Income ETF
44,012,619
52,397,789
FT Vest Dow Jones Internet & Target Income ETF
1,042,285
1,527,254
For the six months ended April 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
$444,902,423
$647,007,674
FT Vest SMID Rising Dividend Achievers Target Income ETF
370,810,231
257,557,747
FT Vest Technology Dividend Target Income ETF
266,127,963
68,031,372
FT Vest Dow Jones Internet & Target Income ETF
3,156,972
3,133,199
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at April 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
KNG
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
$—
Options contracts written,
at value
$19,291,191
SDVD
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
—
Options contracts written,
at value
719,712
TDVI
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
—
Options contracts written,
at value
434,872
FDND
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
—
Options contracts written,
at value
11,700
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
KNG  
SDVD  
TDVI  
FDND  
Equity Risk Exposure
Net realized gain (loss) on written options
contracts
$46,532,832
$(942,432
)
$339,097
$(28,680
)
Net change in unrealized appreciation
(depreciation) on written options contracts
(727,651
)
503,710
50,087
4,972
The Funds, except KNG, do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.
Page 34
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
The following table presents the premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the six months ended April 30, 2026, on each Fund’s options contracts.
 
 
Premiums for
written options
contracts opened
Premiums for
written options
contracts closed,
exercised and
expired
KNG
$118,465,951
$119,903,365
SDVD
28,488,229
28,158,777
TDVI
8,400,699
8,153,240
FDND
390,754
388,682
6. Offsetting on the Statements of Assets and Liabilities
KNG is subject to a Master Netting Arrangement, which governs the terms of certain transactions with select counterparties. The Master Netting Arrangement allows KNG to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangement also specifies collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangement, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of Master Netting Arrangement.
The following is a summary of the Statements of Assets and Liabilities subject to offsetting in KNG as of the end of the reporting period:
 
Description/
Counterparty
Gross
Amount of
Recognized
Liabilities
Gross
Amount
Offset in the
Statements of
Assets and
Liabilities
Net Amount
of Liabilities
Presented in
the
Statements of
Assets and
Liabilities
Gross Amount Not Offset
in the Statements of
Assets and Liabilities
Net
Amount
Financial
Instruments
Cash
Collateral
Pledged
Written Options
Societe General
$19,291,191
$—
$19,291,191
$(19,291,191
)
$—
$—
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
7. 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
Page 35
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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.
8. 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 March 31, 2027.
9. 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.
10. 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 36
Other Information
First Trust Exchange-Traded Fund IV
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Disclaimers
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®
The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”), a division of S&P Global; Cboe® is a registered trademark of Cboe. The Index, S&P, and Cboe trademarks have been licensed for use by the Sub-Advisor, and in turn, sub-licensed by the Advisor, including for use by the fund. The fund is not sponsored, endorsed, sold, or promoted by Cboe and/or its affiliates (the “Cboe Group”), or S&P and/or its affiliates (together, the “S&P Group”). Neither the Cboe Group nor the S&P Group make any representation regarding the advisability of investing in the fund and shall have no liability whatsoever in connection with the fund.
FT Vest SMID Rising Dividend Achievers Target Income ETF
FT Vest Technology Dividend Target Income ETF
Nasdaq®, Nasdaq US Small-Mid Cap Rising Dividend AchieversTM Index and Nasdaq Technology DividendTM 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 Funds have not been passed on by the Corporations as to its 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.
FT Vest Dow Jones Internet & Target Income ETF
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.
Page 37
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
FT Vest Rising Dividend Achievers Target Income ETF
(RDVI)
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
FT Vest Growth Strength & Target Income ETF (FGSI)
Table of Contents 
First Trust Exchange-Traded Fund IV
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund IV (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
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 Rising Dividend Achievers Target Income ETF (RDVI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 100.0%
Aerospace & Defense — 1.8%
190,054
General Electric Co. (a)
$55,102,356
Banks — 9.5%
827,051
Bank of America Corp. (a)
44,214,146
396,627
East West Bancorp, Inc. (a)
50,161,417
186,201
JPMorgan Chase & Co. (a)
58,323,739
280,330
PNC Financial Services Group (The), Inc. (a)
62,513,590
1,094,131
Regions Financial Corp. (a)
31,237,440
562,529
U.S. Bancorp (a)
31,872,893
182,064
Wells Fargo & Co.
14,971,123
 
293,294,348
Beverages — 1.3%
201,575
Coca-Cola Consolidated, Inc. (a)
41,336,985
Biotechnology — 0.4%
18,975
Regeneron Pharmaceuticals, Inc.
13,416,463
Broadline Retail — 1.1%
316,560
eBay, Inc. (a)
32,757,629
Capital Markets — 7.2%
88,826
Ameriprise Financial, Inc. (a)
42,173,696
518,130
Bank of New York Mellon (The) Corp. (a)
69,621,128
12,631
Blackrock, Inc. (a)
13,459,594
155,766
Charles Schwab (The) Corp.
14,274,396
163,034
Raymond James Financial, Inc. (a)
25,811,543
364,744
State Street Corp. (a)
55,747,473
 
221,087,830
Commercial Services & Supplies — 1.2%
419,095
Veralto Corp. (a)
36,964,179
Construction & Engineering — 0.6%
219,615
AECOM (a)
18,469,621
Consumer Finance — 3.2%
169,521
American Express Co. (a)
54,763,759
574,163
Synchrony Financial (a)
43,751,221
 
98,514,980
Consumer Staples Distribution & Retail — 1.5%
44,463
Costco Wholesale Corp. (a)
45,109,047
Electrical Equipment — 3.1%
88,747
GE Vernova, Inc. (a)
96,153,825
Electronic Equipment, Instruments & Components — 0.5%
101,529
Amphenol Corp., Class A
14,952,176
Energy Equipment & Services — 2.6%
1,140,045
Baker Hughes Co. (a)
79,426,935
Entertainment — 0.6%
86,094
Electronic Arts, Inc. (a)
17,422,843
Financial Services — 3.5%
77,056
Mastercard, Inc., Class A (a)
38,753,004
320,906
PayPal Holdings, Inc.
16,090,227
160,892
Visa, Inc., Class A (a)
53,068,617
 
107,911,848
See Notes to Financial Statements
Page 1
FT Vest Rising Dividend Achievers Target Income ETF (RDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Food Products — 0.9%
259,078
Ingredion, Inc. (a)
$28,949,376
Ground Transportation — 0.5%
77,278
Old Dominion Freight Line, Inc. (a)
16,416,165
Health Care Equipment & Supplies — 1.6%
304,156
Abbott Laboratories (a)
27,614,323
104,485
ResMed, Inc. (a)
22,339,938
 
49,954,261
Health Care Providers & Services — 1.4%
78,591
Elevance Health, Inc. (a)
29,583,224
17,202
McKesson Corp. (a)
14,023,071
 
43,606,295
Hotels, Restaurants & Leisure — 2.5%
275,816
Booking Holdings, Inc. (a)
46,436,382
124,616
Expedia Group, Inc. (a)
30,950,876
 
77,387,258
Household Durables — 2.1%
116,688
Lennar Corp., Class A (a)
10,536,927
447,823
PulteGroup, Inc. (a)
54,795,622
 
65,332,549
Insurance — 11.3%
131,308
Aflac, Inc. (a)
14,925,780
260,817
Allstate (The) Corp. (a)
56,665,102
181,936
Chubb Ltd. (a)
59,493,072
175,673
Cincinnati Financial Corp. (a)
28,740,103
405,817
Hartford Insurance Group (The), Inc. (a)
55,519,824
164,147
MetLife, Inc. (a)
13,148,175
159,936
Progressive (The) Corp. (a)
32,191,918
190,909
Travelers (The) Cos., Inc. (a)
58,253,972
342,656
Unum Group (a)
27,542,689
 
346,480,635
Interactive Media & Services — 4.5%
226,984
Alphabet, Inc., Class A (a)
87,343,443
82,118
Meta Platforms, Inc., Class A (a)
50,248,825
 
137,592,268
IT Services — 2.3%
218,626
Accenture PLC, Class A (a)
39,070,652
567,834
Cognizant Technology Solutions Corp., Class A (a)
30,038,419
 
69,109,071
Machinery — 7.6%
118,349
Allison Transmission Holdings, Inc.
15,900,188
146,733
Dover Corp. (a)
33,221,818
553,892
Mueller Industries, Inc. (a)
75,013,594
400,972
PACCAR, Inc. (a)
47,635,474
160,152
Snap-on, Inc. (a)
61,402,277
 
233,173,351
Media — 0.5%
223,700
Fox Corp., Class A (a)
14,202,713
See Notes to Financial Statements
Page 2
FT Vest Rising Dividend Achievers Target Income ETF (RDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Pharmaceuticals — 0.6%
79,748
Johnson & Johnson (a)
$18,330,078
Professional Services — 1.4%
207,077
Automatic Data Processing, Inc. (a)
43,887,899
Semiconductors & Semiconductor Equipment — 16.0%
258,499
Applied Materials, Inc. (a)
101,975,270
53,548
KLA Corp. (a)
93,727,742
441,536
Lam Research Corp. (a)
113,854,473
35,960
Micron Technology, Inc.
18,597,074
50,074
Monolithic Power Systems, Inc. (a)
80,839,966
332,669
NVIDIA Corp. (a)
66,390,752
85,251
QUALCOMM, Inc. (a)
15,309,375
 
490,694,652
Software — 3.0%
120,033
Microsoft Corp. (a)
48,947,057
236,851
Salesforce, Inc. (a)
41,811,307
 
90,758,364
Specialty Retail — 4.2%
332,221
Ross Stores, Inc. (a)
75,676,621
298,947
Williams-Sonoma, Inc. (a)
54,172,186
 
129,848,807
Technology Hardware, Storage & Peripherals — 1.0%
113,659
Apple, Inc. (a)
30,841,370
Textiles, Apparel & Luxury Goods — 0.5%
38,892
Ralph Lauren Corp. (a)
13,948,227
Total Common Stocks
3,072,434,404
(Cost $2,710,464,433)
MONEY MARKET FUNDS — 0.1%
4,589,002
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
4,589,002
(Cost $4,589,002)
Total Investments — 100.1%
3,077,023,406
(Cost $2,715,053,435)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.1)%
Call Options Written — (0.1)%
(715)
S&P 500 Weeklys
$(515,444,215
)
$7,165.00
05/01/26
(4,091,230
)
(Premiums received $4,467,643)
 
 
Net Other Assets and Liabilities — 0.0%
570,719
Net Assets — 100.0%
$3,073,502,895
 
(a)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $128,848,890.
(b)
Rate shown reflects yield as of April 30, 2026.
See Notes to Financial Statements
Page 3
FT Vest Rising Dividend Achievers Target Income ETF (RDVI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$3,072,434,404
$3,072,434,404
$—
$—
Money Market Funds
4,589,002
4,589,002
—
—
Total Investments
$3,077,023,406
$3,077,023,406
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(4,091,230
)
$(4,091,230
)
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 4
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 50.0%
Beverages — 5.0%
41,254
Coca-Cola (The) Co. (a)
$3,249,165
Biotechnology — 5.1%
9,662
Amgen, Inc. (a)
3,345,467
Diversified Telecommunication Services — 5.1%
69,892
Verizon Communications, Inc. (a)
3,356,913
Health Care Providers & Services — 4.9%
8,762
UnitedHealth Group, Inc. (a)
3,246,146
Hotels, Restaurants & Leisure — 5.0%
11,246
McDonald’s Corp. (a)
3,301,713
Household Products — 5.0%
22,256
Procter & Gamble (The) Co. (a)
3,273,635
Oil, Gas & Consumable Fuels — 5.0%
16,973
Chevron Corp. (a)
3,281,051
Pharmaceuticals — 4.9%
29,384
Merck & Co., Inc. (a)
3,208,145
Specialty Retail — 5.0%
10,070
Home Depot (The), Inc. (a)
3,311,016
Textiles, Apparel & Luxury Goods — 5.0%
73,378
NIKE, Inc., Class B (a)
3,255,048
Total Common Stocks
32,828,299
(Cost $31,952,729)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 61.6%
$41,500,000
U.S. Treasury Bill (a)
(b)
01/21/27
40,424,307
(Cost $40,466,247)
 
 
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
58,456
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (c)
58,456
(Cost $58,456)
Total Investments — 111.7%
73,311,062
(Cost $72,477,432)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 0.5%
Call Options Purchased — 0.5%
96
Amgen, Inc.
$3,324,000
$511.45
01/26/27
20,064
169
Chevron Corp.
3,266,939
260.24
01/26/27
48,165
413
Coca-Cola (The) Co.
3,252,788
110.03
01/26/27
4,956
101
Home Depot (The), Inc
3,320,880
554.89
01/26/27
3,737
112
McDonald’s Corp.
3,288,208
470.43
01/26/27
1,344
293
Merck & Co., Inc.
3,198,974
161.07
01/26/27
26,370
733
NIKE, Inc.
3,251,588
92.57
01/26/27
22,723
See Notes to Financial Statements
Page 5
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS (Continued)
Call Options Purchased (Continued)
222
Procter & Gamble (The) Co.
$3,265,398
$223.55
01/26/27
$3,774
88
UnitedHealth Group, Inc.
3,260,224
429.16
01/26/27
174,592
698
Verizon Communications, Inc.
3,352,494
65.03
01/26/27
22,336
Total Purchased Options
328,061
(Cost $309,332)
WRITTEN OPTIONS — (25.0)%
Call Options Written — (0.1)%
(13)
Amgen, Inc.
(450,125
)
345.00
05/01/26
(10,075
)
(25)
Chevron Corp.
(483,275
)
185.00
05/01/26
(21,625
)
(58)
Coca-Cola (The) Co
(456,808
)
76.00
05/01/26
(16,704
)
(12)
Home Depot (The), Inc
(394,560
)
335.00
05/01/26
(672
)
(14)
McDonald’s Corp.
(411,026
)
300.00
05/01/26
(98
)
(40)
Merck & Co., Inc.
(436,720
)
112.00
05/01/26
(800
)
(71)
NIKE, Inc.
(314,956
)
44.50
05/01/26
(2,556
)
(29)
Procter & Gamble (The) Co
(426,561
)
148.00
05/01/26
(1,363
)
(15)
UnitedHealth Group, Inc.
(555,720
)
355.00
05/01/26
(24,375
)
(98)
Verizon Communications, Inc.
(470,694
)
46.50
05/01/26
(14,798
)
Total Call Options Written
(93,066
)
(Premiums received $80,278)
Put Options Written — (24.9)%
(96)
Amgen, Inc.
(3,324,000
)
511.45
01/26/27
(1,529,952
)
(169)
Chevron Corp.
(3,266,939
)
260.24
01/26/27
(1,140,581
)
(413)
Coca-Cola (The) Co.
(3,252,788
)
110.03
01/26/27
(1,225,784
)
(101)
Home Depot, Inc.
(3,320,880
)
554.89
01/26/27
(2,182,206
)
(112)
McDonald’s Corp.
(3,288,208
)
470.43
01/26/27
(1,880,032
)
(293)
Merck & Co., Inc.
(3,198,974
)
161.07
01/26/27
(1,479,064
)
(733)
NIKE, Inc.
(3,251,588
)
92.57
01/26/27
(3,415,047
)
(222)
Procter & Gamble (The) Co.
(3,265,398
)
223.55
01/26/27
(1,622,598
)
(88)
UnitedHealth Group, Inc.
(3,260,224
)
429.16
01/26/27
(630,520
)
(698)
Verizon Communications, Inc.
(3,352,494
)
65.03
01/26/27
(1,213,822
)
Total Put Options Written
(16,319,606
)
(Premiums received $16,083,211)
Total Written Options
(16,412,672
)
(Premiums received $16,163,489)
Net Other Assets and Liabilities — 12.8%
8,381,955
Net Assets — 100.0%
$65,608,406
 
(a)
All or a portion of this security is pledged as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $44,836,277.
(b)
Zero coupon security.
(c)
Rate shown reflects yield as of April 30, 2026.
See Notes to Financial Statements
Page 6
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$32,828,299
$32,828,299
$—
$—
U.S. Treasury Bills
40,424,307
—
40,424,307
—
Money Market Funds
58,456
58,456
—
—
Total Investments
73,311,062
32,886,755
40,424,307
—
Purchased Options
328,061
—
328,061
—
Total
$73,639,123
$32,886,755
$40,752,368
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options:
Call Options Written
$(93,066
)
$(93,066
)
$—
$—
Put Options Written
(16,319,606
)
—
(16,319,606
)
—
Total
$(16,412,672
)
$(93,066
)
$(16,319,606
)
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 7
FT Vest Growth Strength & Target Income ETF (FGSI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.8%
92
Northrop Grumman Corp. (a)
$53,312
Beverages — 2.0%
794
Monster Beverage Corp. (a) (b)
61,194
Biotechnology — 6.0%
623
Incyte Corp. (a) (b)
59,353
457
Neurocrine Biosciences, Inc. (a) (b)
60,173
104
United Therapeutics Corp. (a) (b)
59,421
 
178,947
Building Products — 2.1%
128
Trane Technologies PLC (a)
63,045
Capital Markets — 8.2%
134
Ameriprise Financial, Inc.
63,622
660
Charles Schwab (The) Corp.
60,482
745
Interactive Brokers Group, Inc., Class A (a)
59,228
134
Moody’s Corp. (a)
61,888
 
245,220
Commercial Services & Supplies — 2.0%
1,821
Copart, Inc. (a) (b)
60,293
Communications Equipment — 2.1%
371
Arista Networks, Inc. (a) (b)
64,075
Construction & Engineering — 2.3%
76
EMCOR Group, Inc.
67,767
Electronic Equipment, Instruments & Components — 2.0%
403
Amphenol Corp., Class A (a)
59,350
Entertainment — 2.0%
626
Netflix, Inc. (a) (b)
58,600
Financial Services — 4.1%
489
Apollo Global Management, Inc.
62,944
117
Mastercard, Inc., Class A (a)
58,842
 
121,786
Ground Transportation — 2.0%
790
Uber Technologies, Inc. (a) (b)
58,942
Health Care Equipment & Supplies — 7.7%
952
Dexcom, Inc. (a) (b)
56,692
130
Intuitive Surgical, Inc. (b)
59,489
267
ResMed, Inc. (a)
57,087
177
Stryker Corp.
55,778
 
229,046
Health Care Providers & Services — 1.9%
186
Cencora, Inc. (a)
57,290
Hotels, Restaurants & Leisure — 3.9%
430
Airbnb, Inc., Class A (a) (b)
60,355
1,700
Chipotle Mexican Grill, Inc. (a) (b)
57,783
 
118,138
Household Durables — 1.9%
228
Garmin Ltd. (a)
57,260
See Notes to Financial Statements
Page 8
FT Vest Growth Strength & Target Income ETF (FGSI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Insurance — 3.9%
365
Cincinnati Financial Corp.
$59,714
346
Marsh & McLennan Cos., Inc. (a)
58,028
 
117,742
Interactive Media & Services — 1.8%
88
Meta Platforms, Inc., Class A (a)
53,848
Machinery — 4.2%
97
Cummins, Inc. (a)
65,088
278
ITT, Inc.
59,586
 
124,674
Metals & Mining — 1.9%
523
Newmont Corp. (a)
58,100
Pharmaceuticals — 2.1%
66
Eli Lilly & Co. (a)
61,684
Professional Services — 2.0%
393
Leidos Holdings, Inc.
58,643
Semiconductors & Semiconductor Equipment — 6.3%
150
Broadcom, Inc. (a)
62,614
41
Monolithic Power Systems, Inc. (a)
66,191
302
NVIDIA Corp. (a)
60,270
 
189,075
Software — 16.1%
128
AppLovin Corp., Class A (a) (b)
57,133
196
Cadence Design Systems, Inc. (a) (b)
64,600
744
Fortinet, Inc. (a) (b)
62,727
155
Intuit, Inc. (a)
60,217
144
Microsoft Corp.
58,720
416
Palantir Technologies, Inc., Class A (a) (b)
57,870
363
Palo Alto Networks, Inc. (b)
65,093
630
ServiceNow, Inc. (a) (b)
55,635
 
481,995
Specialty Retail — 4.0%
267
Ross Stores, Inc. (a)
60,820
379
TJX (The) Cos., Inc. (a)
59,408
 
120,228
Textiles, Apparel & Luxury Goods — 5.6%
541
Deckers Outdoor Corp. (b)
55,290
157
Ralph Lauren Corp. (a)
56,306
391
Tapestry, Inc.
56,711
 
168,307
Total Common Stocks
2,988,561
(Cost $2,995,650)
MONEY MARKET FUNDS — 0.1%
3,625
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (c)
3,625
(Cost $3,625)
Total Investments — 100.0%
2,992,186
(Cost $2,999,275)
 
See Notes to Financial Statements
Page 9
FT Vest Growth Strength & Target Income ETF (FGSI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.1)%
Call Options Written — (0.1)%
(8)
S&P 500® Mini Index
$(576,720
)
$716.00
05/01/26
$(4,536
)
(Premiums received $5,251)
 
 
Net Other Assets and Liabilities — 0.1%
4,116
Net Assets — 100.0%
$2,991,766
 
(a)
All or a portion of this security is held as collateral for the options written. At April 30, 2026, the value of these securities
amounts to $1,063,131.
(b)
Non-income producing security.
(c)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$2,988,561
$2,988,561
$—
$—
Money Market Funds
3,625
3,625
—
—
Total Investments
$2,992,186
$2,992,186
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(4,536
)
$(4,536
)
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 10
This page intentionally left blank.
Page 11
First Trust Exchange-Traded Fund IV
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
 
 
FT Vest Rising
Dividend
Achievers
Target Income
ETF
(RDVI)
FT Vest DJIA®
Dogs 10 Target
Income ETF
(DOGG)
FT Vest Growth
Strength &
Target Income
ETF
(FGSI)
ASSETS:
Investments, at value
$3,077,023,406
$73,311,062
$2,992,186
Options contracts purchased, at value
—
328,061
—
Due from broker
100
64,161
100
Cash segregated as collateral
281,696
—
5,489
Receivables:
Capital shares sold
6,866,697
5,336,908
—
Dividends
2,128,595
86,727
607
Investment securities sold
—
13,883,298
—
Total Assets
3,086,300,494
93,010,217
2,998,382
 
LIABILITIES:
Options contracts written, at value
4,091,230
16,412,672
4,536
Payables:
Investment securities purchased
6,867,552
5,572,488
—
Investment advisory fees
1,838,817
38,916
2,080
Capital shares redeemed
—
5,377,735
—
Total Liabilities
12,797,599
27,401,811
6,616
NET ASSETS
$3,073,502,895
$65,608,406
$2,991,766
 
NET ASSETS consist of:
Paid-in capital
$2,804,809,991
$61,782,947
$3,143,490
Par value
1,119,000
30,500
1,500
Accumulated distributable earnings (loss)
267,573,904
3,794,959
(153,224
)
NET ASSETS
$3,073,502,895
$65,608,406
$2,991,766
NET ASSET VALUE, per share
$27.47
$21.51
$19.94
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
111,900,002
3,050,002
150,002
Investments, at cost
$2,715,053,435
$72,477,432
$2,999,275
Premiums paid on options contracts purchased
$—
$309,332
$—
Premiums received on options contracts written
$4,467,643
$16,163,489
$5,251
See Notes to Financial Statements
Page 12
First Trust Exchange-Traded Fund IV
Statements of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
 
FT Vest Rising
Dividend
Achievers
Target Income
ETF
(RDVI)
FT Vest DJIA®
Dogs 10 Target
Income ETF
(DOGG)
FT Vest Growth
Strength &
Target Income
ETF
(FGSI)
INVESTMENT INCOME:
Dividends
$21,280,851
$449,823
$9,253
Interest
—
641,734
—
Total investment income
21,280,851
1,091,557
9,253
 
EXPENSES:
Investment advisory fees
10,163,186
 
201,343
 
12,590
 
Other expenses
1,527
31
—
Total expenses
10,164,713
201,374
12,590
NET INVESTMENT INCOME (LOSS)
11,116,138
890,183
(3,337
)
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(56,012,790
)
(891,928
)
(75,312
)
In-kind redemptions
102,962,912
5,962,657
75,780
Purchased options contracts
—
(49,326
)
—
Written options contracts
6,244,069
654,374
10,180
Net realized gain (loss)
53,194,191
5,675,777
10,648
Net change in unrealized appreciation (depreciation) on:
Investments
243,226,636
281,856
42,127
Purchased options contracts
—
38,545
—
Written options contracts
522,532
(1,144,218
)
775
Net change in unrealized appreciation (depreciation)
243,749,168
(823,817
)
42,902
NET REALIZED AND UNREALIZED GAIN (LOSS)
296,943,359
4,851,960
53,550
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$308,059,497
$5,742,143
$50,213
See Notes to Financial Statements
Page 13
First Trust Exchange-Traded Fund IV
Statements of Changes in Net Assets
 
 
FT Vest Rising Dividend
Achievers Target Income ETF
(RDVI)
FT Vest DJIA® Dogs 10 Target
Income ETF (DOGG)
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$11,116,138
$21,421,817
$890,183
$1,496,889
Net realized gain (loss)
53,194,191
179,375,755
5,675,777
702,115
Net change in unrealized appreciation (depreciation)
243,749,168
58,345,855
(823,817
)
1,200,102
Net increase (decrease) in net assets resulting from
operations
308,059,497
259,143,427
5,742,143
3,399,106
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(117,003,547
)
(165,556,439
)
(2,456,162
)
(3,315,178
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
1,059,685,195
 
2,049,680,748
 
59,248,731
 
34,577,955
 
Cost of shares redeemed
(613,555,559
) 
(1,135,165,579
) 
(39,314,665
) 
(26,468,272
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
446,129,636
914,515,169
19,934,066
8,109,683
Total increase (decrease) in net assets
637,185,586
1,008,102,157
23,220,047
8,193,611
 
NET ASSETS:
Beginning of period
2,436,317,309
1,428,215,152
42,388,359
34,194,748
End of period
$3,073,502,895
$2,436,317,309
$65,608,406
$42,388,359
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
95,100,002
58,450,002
2,100,002
1,700,002
Shares sold
40,200,000
83,250,000
2,750,000
1,750,000
Shares redeemed
(23,400,000
)
(46,600,000
)
(1,800,000
)
(1,350,000
)
Shares outstanding, end of period
111,900,002
95,100,002
3,050,002
2,100,002
 
(a)
Inception date is June 25, 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 14
 
FT Vest Growth Strength &
Target Income ETF (FGSI)
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
$(3,337
)
$(1,335
)
10,648
163,105
42,902
(49,276
)
50,213
112,494
(126,032
)
(56,451
)
3,070,599
 
4,057,958
 
(2,050,776
) 
(2,066,239
) 
1,019,823
1,991,719
944,004
2,047,762
2,047,762
—
$2,991,766
$2,047,762
100,002
—
150,000
200,002
(100,000
)
(100,000
)
150,002
100,002
See Notes to Financial Statements
Page 15
First Trust Exchange-Traded Fund IV
Financial Highlights
For a share outstanding throughout each period
FT Vest Rising Dividend Achievers Target Income ETF (RDVI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended 
10/31/2022 (a)
 
2025
2024
2023
Net asset value, beginning of period
$25.62
$24.43
$20.17
$21.21
$19.79
Income from investment operations:
Net investment income (loss)
0.11
 (b)
0.28
 (b)
0.34
 (b)
0.44
 (b)
0.00
 (c)
Net realized and unrealized gain (loss)
2.86
 
3.04
 
5.97
 
0.47
 (d)
1.42
 
Total from investment operations
2.97
 
3.32
 
6.31
 
0.91
 
1.42
 
Distributions paid to shareholders from:
Net investment income
(1.12
) 
(0.64
) 
(0.65
) 
(0.47
) 
—
 
Net realized gain
—
 
(1.49
) 
(1.40
) 
(1.48
) 
—
 
Total distributions
(1.12
) 
(2.13
) 
(2.05
) 
(1.95
) 
—
 
Net asset value, end of period
$27.47
 
$25.62
 
$24.43
 
$20.17
 
$21.21
 
Total return (e)
11.83
% 
14.25
% 
32.07
% 
4.02
% 
7.18
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$3,073,503
 
$2,436,317
 
$1,428,215
 
$476,045
 
$2,121
 
Ratio of total expenses to average net assets
0.75
% (f)
0.76
% (g)
0.75
% 
0.75
% 
0.75
% (f)
Ratio of net investment income (loss) to average net
assets
0.82
% (f)
1.12
% 
1.43
% 
2.07
% 
1.47
% (f)
Portfolio turnover rate (h)
19
% 
106
% 
78
% 
86
% 
0
% 
 
(a)
Inception date is October 19, 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)
Realized and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the
period and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(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.
(f)
Annualized.
(g)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.75%.
(h)
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 16
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest DJIA® Dogs 10 Target Income ETF (DOGG)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended
10/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$20.18
$20.11
$18.95
$19.91
Income from investment operations:
Net investment income (loss) (b)
0.35
 
0.82
 
0.94
 
0.41
 
Net realized and unrealized gain (loss)
1.94
 
1.05
 
2.13
 
(0.43
) 
Total from investment operations
2.29
 
1.87
 
3.07
 
(0.02
) 
Distributions paid to shareholders from:
Net investment income
(0.96
) 
(1.47
) 
(1.91
) 
(0.94
) 
Net realized gain
—
 
(0.33
) 
—
 
—
 
Total distributions
(0.96
) 
(1.80
) 
(1.91
) 
(0.94
) 
Net asset value, end of period
$21.51
 
$20.18
 
$20.11
 
$18.95
 
Total return (c)
11.41
% 
9.78
% 
16.42
% 
(0.19
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$65,608
 
$42,388
 
$34,195
 
$7,579
 
Ratio of total expenses to average net assets
0.75
% (d)
0.76
% (e)
0.75
% 
0.75
% (d)
Ratio of net investment income (loss) to average net assets
3.32
% (d)
4.14
% 
4.59
% 
4.04
% (d)
Portfolio turnover rate (f)
441
% 
803
% 
570
% 
198
% 
 
(a)
Inception date is April 26, 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 0.75%.
(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 17
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Growth Strength & Target Income ETF (FGSI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
 
Net asset value, beginning of period
$20.48
$19.91
Income from investment operations:
Net investment income (loss) (b)
(0.02
) 
(0.01
) 
Net realized and unrealized gain (loss)
0.32
 
1.14
 
Total from investment operations
0.30
 
1.13
 
Distributions paid to shareholders from:
Net investment income
(0.84
) 
(0.26
) 
Net realized gain
—
 
(0.30
) 
Total distributions
(0.84
) 
(0.56
) 
Net asset value, end of period
$19.94
 
$20.48
 
Total return (c)
1.57
% 
5.70
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$2,992
 
$2,048
 
Ratio of total expenses to average net assets
0.85
% (d)
0.85
% (d)
Ratio of net investment income (loss) to average net assets
(0.23
)% (d)
(0.18
)% (d)
Portfolio turnover rate (e)
54
% 
60
% 
 
(a)
Inception date is June 25, 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 and in-kind transactions.
See Notes to Financial Statements
Page 18
Notes to Financial Statements
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 except for RDVI which is a diversified series of the Trust. The shares of each Fund are listed and traded on the Cboe BZX Exchange, Inc., with the exception of FGSI which is listed and traded on Nasdaq, Inc. (“Nasdaq”).
 
FT Vest Rising Dividend Achievers Target Income ETF – RDVI
FT Vest DJIA® Dogs 10 Target Income ETF – DOGG
FT Vest Growth Strength & Target Income ETF – FGSI
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”).
RDVI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, RDVI will pursue its investment objectives by investing primarily in U.S. exchange traded equity securities contained in the Nasdaq US Rising Dividend AchieversTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the S&P 500® Index or ETFs that track the S&P 500® Index. Under normal market conditions, RDVI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities.
DOGG’s investment objective seeks to provide current income with a secondary objective of providing capital appreciation. Under normal market conditions, DOGG will pursue its investment objectives by investing primarily in common stocks, exchange-traded options (including FLexible EXchange options (“FLEX Options”)) and short-term U.S. Treasury securities. DOGG seeks to provide exposure to the “Dogs of the Dow,” the ten highest dividend-yielding stocks in the Dow Jones Industrial Average (“DJIA”) on an annual basis. DOGG will purchase securities comprising the Dogs of the Dow and gain synthetic exposure to the price movements of the securities comprising the Dogs of the Dow through the use of a combination of puts, calls and U.S. Treasury securities (the “Synthetic Replication”). DOGG will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities comprising the Dogs of the Dow or in options contracts that utilize Dogs of the Dow constituents as the reference asset. Through its investments in securities comprising the Dogs of the Dow and portfolio of investments that reference the Dogs of the Dow, DOGG seeks to provide exposure to a concentrated portfolio of large-capitalization U.S. equity securities while providing a consistent level of income that, when annualized, is approximately 8% (before fees and expenses) above the annualized yield of the DJIA (the “Target Income Level”).
FGSI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, FGSI will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities intended to track The Growth StrengthTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the S&P 500® Index, or ETFs that track the S&P 500® Index. Under normal market conditions, FGSI will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities and/or investments that provide exposure to securities of Growth Strength Companies and investments intended to provide income to FGSI in the form of option premiums. Growth Strength Companies are those companies with strong balance sheets, a high degree of liquidity, the ability to generate earnings and cash flow growth and a record of financial strength and profit growth.
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.
Page 19
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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. 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.
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.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade 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.
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;
Page 20
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
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 April 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. Options Contracts and FLEX Options
RDVI and FGSI are subject to equity price risk in the normal course of pursuing their investment objectives. RDVI and FGSI will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the S&P 500® Index or ETFs that track the S&P 500® Index. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.
When DOGG sells call options as a means to generate income to achieve the Target Income Level, DOGG will employ a covered call strategy that seeks to sell call options having a strike price roughly equal to the value of each equity security held by DOGG (such options are said to be “at-the-money”) on some or all of the equity securities purchased by DOGG.
When utilizing Synthetic Replication, DOGG may utilize 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 that are otherwise standardized in typical listed options contract. The Synthetic Replication is achieved through the combination of a purchasing a call and selling a put generally at the same strike price which synthetically creates the upside and downside participation in the price returns of the Dogs of the Dow.
When a Fund 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 Statements of Assets and Liabilities. When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is included in “Options contracts written, at value” on the Statements of Assets and
Page 21
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes. Gain or loss on purchased options, if any, is included in “Net realized gain (loss) on purchased options contracts” on the Statements of Operations. Gain or loss on written options, if any, is presented separately as “Net realized gain (loss) on written options contracts” 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 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.
The tax character of distributions paid by each Fund during the fiscal period ended October 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
FT Vest Rising Dividend Achievers Target Income ETF
$148,822,064
$16,734,375
$—
FT Vest DJIA® Dogs 10 Target Income ETF
3,315,178
—
—
FT Vest Growth Strength & Target Income ETF
56,451
—
—
As of October 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)
FT Vest Rising Dividend Achievers Target Income ETF
$—
$—
$76,517,954
FT Vest DJIA® Dogs 10 Target Income ETF
—
—
508,978
FT Vest Growth Strength & Target Income ETF
—
—
(77,405
)
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. For RDVI, the taxable years ended 2022, 2023, 2024 and 2025 remain open to federal and state audit. For DOGG, the taxable years ended 2023, 2024 and 2025 remain open to federal and state audit. For FGSI, the taxable period 2025 remains open to federal and state audit. As of April 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
Page 22
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
when there has been a 50% change in ownership. At October 31, 2025, the Funds had no non-expiring capital loss carryforwards available for federal income tax purposes.
Certain losses realized during the current fiscal period may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal period ended October 31, 2025, the Funds had no net late year ordinary or capital losses.
As of April 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 Rising Dividend Achievers Target Income ETF
$2,710,585,792
$494,777,717
$(132,431,333
)
$362,346,384
FT Vest DJIA® Dogs 10 Target Income ETF
56,623,275
3,167,788
(2,564,612
)
603,176
FT Vest Growth Strength & Target Income ETF
2,994,024
176,443
(182,817
)
(6,374
)
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.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), 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 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
RDVI
DOGG
FGSI
Fund net assets up to and including $2.5 billion
0.75000
%
0.75000
%
0.85000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.73125
%
0.73125
%
0.82875
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.71250
%
0.71250
%
0.80750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.69375
%
0.69375
%
0.78625
%
Fund net assets greater than $10 billion
0.67500
%
0.67500
%
0.76500
%
Vest Financial LLC (“Vest”), 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 Vest, First Trust will
Page 23
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 0.20% of the average daily net assets of each Fund. Vest’s fee is paid by the Advisor out of its 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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 April 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
FT Vest Rising Dividend Achievers Target Income ETF
$511,081,163
$606,720,988
FT Vest DJIA® Dogs 10 Target Income ETF
119,851,314
118,992,436
FT Vest Growth Strength & Target Income ETF
1,541,740
1,738,641
For the six months ended April 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
FT Vest Rising Dividend Achievers Target Income ETF
$1,057,679,972
$613,058,550
FT Vest DJIA® Dogs 10 Target Income ETF
58,885,649
39,213,299
FT Vest Growth Strength & Target Income ETF
3,046,152
1,948,868
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at April 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
RDVI
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
$—
Options contracts written,
at value
$4,091,230
DOGG
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
328,061
Options contracts written,
at value
16,412,672
Page 24
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 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
FGSI
 
 
 
Options contracts
Equity Risk
Options contracts
purchased, at value
$—
Options contracts written,
at value
$4,536
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
RDVI  
DOGG  
FGSI  
Equity Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$—
$(49,326
)
$—
Written options contracts
6,244,069
654,374
10,180
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
—
38,545
—
Written options contracts
522,532
(1,144,218
)
775
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 six months ended April 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
RDVI
$—
$—
$102,211,439
$101,041,427
DOGG
316,664
65,185
17,901,338
12,595,744
FGSI
—
—
124,557
122,480
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
Page 25
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 March 31, 2027 for all the Funds, with the exception of FGSI, which will not pay fees any time before June 23, 2027.
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 26
Other Information
First Trust Exchange-Traded Fund IV
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Disclaimer
Nasdaq® and Nasdaq US Rising Dividend AchieversTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
The “Dow Jones Industrial Average” is a product of S&P Dow Jones Indices LLC (“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®” and “DJIA” are trademarks 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, 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.
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. The Fund has notbeen passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 27
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust Intermediate Duration Investment Grade
Corporate ETF (FIIG)
Table of Contents 
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Intermediate Duration Investment Grade Corporate 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 Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES — 81.4%
Aerospace/Defense — 1.4%
 
 
$2,250,000
Boeing (The) Co.
6.63%
02/15/38
$2,465,965
2,000,000
Boeing (The) Co.
3.55%
03/01/38
1,658,246
750,000
HEICO Corp.
5.35%
08/01/33
763,733
1,600,000
Howmet Aerospace, Inc.
5.95%
02/01/37
1,702,915
3,000,000
Huntington Ingalls Industries, Inc.
5.75%
01/15/35
3,110,145
 
9,701,004
Banking — 14.1%
 
 
2,500,000
American Express Co. (a)
4.92%
07/20/33
2,506,593
1,000,000
American Express Co. (a)
5.67%
04/25/36
1,036,137
3,350,000
Bank of America Corp. (a)
4.57%
04/27/33
3,297,577
1,500,000
Bank of America Corp. (a)
5.87%
09/15/34
1,573,668
2,500,000
Bank of America Corp. (a)
5.47%
01/23/35
2,554,960
5,000,000
Bank of America Corp. (a)
5.05%
02/06/37
4,924,624
1,500,000
Citigroup, Inc. (a)
4.91%
05/24/33
1,496,654
4,500,000
Citigroup, Inc. (a)
5.17%
09/11/36
4,460,088
3,500,000
Fifth Third Bancorp (a)
4.34%
04/25/33
3,380,006
3,000,000
Fifth Third Bancorp (a)
5.14%
01/29/37
2,930,724
3,500,000
Goldman Sachs Group (The), Inc. (a)
3.10%
02/24/33
3,169,886
1,500,000
Goldman Sachs Group (The), Inc. (a)
5.33%
07/23/35
1,506,116
2,000,000
Goldman Sachs Group (The), Inc. (a)
5.02%
10/23/35
1,968,423
1,500,000
Goldman Sachs Group (The), Inc. (a)
4.94%
10/21/36
1,455,688
1,500,000
Goldman Sachs Group (The), Inc. (a)
5.07%
01/21/37
1,467,010
4,000,000
Huntington Bancshares, Inc. (a)
5.02%
05/17/33
3,988,783
1,500,000
Huntington Bancshares, Inc. (a)
5.71%
02/02/35
1,535,586
2,050,000
JPMorgan Chase & Co. (a)
4.91%
07/25/33
2,056,525
5,050,000
JPMorgan Chase & Co. (a)
5.77%
04/22/35
5,265,973
6,000,000
JPMorgan Chase & Co. (a)
4.90%
01/22/37
5,851,133
6,295,000
Morgan Stanley (a)
5.25%
04/21/34
6,359,872
3,375,000
Morgan Stanley (a)
5.83%
04/19/35
3,512,624
800,000
Morgan Stanley (a)
5.32%
07/19/35
806,640
2,500,000
Morgan Stanley (a)
5.07%
01/30/37
2,447,089
1,000,000
PNC Financial Services Group (The), Inc. (a)
4.81%
10/21/32
998,897
1,500,000
PNC Financial Services Group (The), Inc. (a)
6.04%
10/28/33
1,583,724
1,500,000
PNC Financial Services Group (The), Inc. (a)
5.40%
07/23/35
1,522,616
1,500,000
Regions Financial Corp. (a)
5.50%
09/06/35
1,507,539
3,000,000
State Street Corp. (a)
5.09%
04/24/37
2,976,444
2,000,000
Truist Financial Corp., Medium-Term Note (a)
5.87%
06/08/34
2,082,238
1,000,000
Truist Financial Corp., Medium-Term Note (a)
5.71%
01/24/35
1,029,417
3,250,000
US Bancorp (a)
4.84%
02/01/34
3,215,290
3,000,000
Wells Fargo & Co. (a)
4.90%
07/25/33
2,994,713
3,500,000
Wells Fargo & Co. (a)
5.21%
12/03/35
3,495,841
1,500,000
Wells Fargo & Co. (a)
4.89%
09/15/36
1,461,797
2,055,000
Wells Fargo & Co. (a)
4.96%
01/23/37
2,002,876
 
94,423,771
Brokerage/Asset Managers/Exchanges — 4.0%
 
 
1,000,000
Blackstone Reg Finance Co., LLC
5.00%
12/06/34
989,206
2,000,000
Blackstone Reg Finance Co., LLC
4.95%
02/15/36
1,944,849
3,000,000
Charles Schwab (The) Corp. (a)
5.85%
05/19/34
3,149,542
3,000,000
Citadel Securities Global Holdings LLC (b)
5.50%
06/18/30
3,053,666
See Notes to Financial Statements
Page 1
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Brokerage/Asset Managers/Exchanges
(Continued)
 
 
$2,968,000
Jane Street Group / JSG Finance, Inc. (b)
6.75%
05/01/33
$3,050,662
1,000,000
LPL Holdings, Inc.
5.15%
06/15/30
1,007,760
1,500,000
LSEG U.S. Fin Corp. (b)
4.50%
03/23/31
1,487,435
3,500,000
LSEG U.S. Fin Corp. (b)
5.25%
03/23/36
3,489,148
2,700,000
Nasdaq, Inc.
5.55%
02/15/34
2,790,125
6,250,000
Raymond James Financial, Inc.
4.90%
09/11/35
6,103,977
 
27,066,370
Building Materials — 3.2%
 
 
5,500,000
Amrize Finance U.S. LLC
5.40%
04/07/35
5,608,851
2,250,000
Builders FirstSource, Inc. (b)
6.38%
03/01/34
2,241,646
4,050,000
CRH America Finance, Inc.
5.40%
05/21/34
4,138,520
1,000,000
JH North America Holdings, Inc. (b)
6.13%
07/31/32
1,002,889
500,000
Martin Marietta Materials, Inc.
5.15%
12/01/34
503,519
3,000,000
QXO Building Products, Inc. (b)
6.75%
04/30/32
3,062,026
2,817,000
Standard Building Solutions, Inc. (b)
6.25%
08/01/33
2,818,350
2,000,000
Vulcan Materials Co.
5.35%
12/01/34
2,037,833
 
21,413,634
Cable Satellite — 0.5%
 
 
2,500,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.85%
12/01/35
2,440,708
1,000,000
DISH Network Corp. (b)
11.75%
11/15/27
1,032,995
 
3,473,703
Construction Machinery — 1.0%
 
 
3,200,000
Ashtead Capital, Inc. (b)
2.45%
08/12/31
2,827,976
3,650,000
Ashtead Capital, Inc. (b)
5.80%
04/15/34
3,746,430
 
6,574,406
Consumer Cyclical Services — 1.0%
 
 
6,375,000
Sodexo, Inc. (b)
5.80%
08/15/35
6,503,682
Diversified Manufacturing — 0.8%
 
 
5,000,000
Veralto Corp.
5.45%
09/18/33
5,121,504
Electric — 4.4%
 
 
2,000,000
AEP Transmission Co. LLC
5.38%
06/15/35
2,033,893
2,000,000
Baltimore Gas and Electric Co.
5.45%
06/01/35
2,046,781
2,500,000
CenterPoint Energy Houston Electric LLC, Series AQ
4.95%
08/15/35
2,476,642
3,000,000
CenterPoint Energy Houston Electric LLC, Series AR
4.85%
04/01/36
2,937,398
500,000
DTE Electric Co.
5.25%
05/15/35
507,283
800,000
Duke Energy Florida LLC
4.85%
12/01/35
786,890
545,000
Duke Energy Indiana LLC, Series DDDD
4.95%
03/15/36
535,807
2,000,000
Duke Energy Progress LLC
5.05%
03/15/35
2,005,498
515,000
Duke Energy Progress LLC
6.30%
04/01/38
555,719
5,000,000
FirstEnergy Transmission LLC
5.00%
01/15/35
4,935,650
1,500,000
Florida Power & Light Co.
4.13%
02/01/42
1,278,431
1,500,000
NRG Energy, Inc. (b)
4.73%
10/15/30
1,484,772
1,500,000
NRG Energy, Inc. (b)
5.41%
10/15/35
1,472,021
2,750,000
PECO Energy Co.
4.88%
09/15/35
2,727,510
2,750,000
Vistra Operations Co. LLC (b)
5.70%
12/30/34
2,778,721
1,000,000
Vistra Operations Co. LLC (b)
5.25%
10/15/35
971,037
 
29,534,053
See Notes to Financial Statements
Page 2
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Environmental — 0.2%
 
 
$1,500,000
GFL Environmental Holdings U.S., Inc. (b)
5.50%
02/01/34
$1,477,393
Finance Companies — 1.1%
 
 
2,037,000
Rocket Cos., Inc. (b)
6.38%
08/01/33
2,064,387
1,000,000
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (b)
3.88%
03/01/31
928,974
4,578,000
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (b)
4.00%
10/15/33
4,128,221
 
7,121,582
Food and Beverage — 9.2%
 
 
3,000,000
Bimbo Bakeries USA, Inc. (b)
5.38%
01/09/36
3,005,553
3,000,000
Campbell’s (The) Co.
5.40%
03/21/34
2,918,188
3,500,000
Campbell’s (The) Co.
4.75%
03/23/35
3,225,444
3,357,000
Conagra Brands, Inc.
5.75%
08/01/35
3,378,460
2,250,000
Conagra Brands, Inc.
5.30%
11/01/38
2,097,736
2,000,000
Constellation Brands, Inc.
4.75%
05/09/32
1,989,389
3,000,000
Constellation Brands, Inc.
4.95%
11/01/35
2,915,072
2,500,000
Constellation Brands, Inc.
4.50%
05/09/47
2,063,937
3,510,000
J.M. Smucker (The) Co.
6.20%
11/15/33
3,744,261
1,625,000
J.M. Smucker (The) Co.
6.50%
11/15/43
1,708,213
5,350,000
Keurig Dr. Pepper, Inc.
5.15%
05/15/35
5,240,080
2,500,000
Kraft Heinz Foods Co.
5.20%
03/15/32
2,534,554
450,000
Kraft Heinz Foods Co.
6.50%
02/09/40
471,284
2,050,000
Kraft Heinz Foods Co.
5.00%
06/04/42
1,813,567
2,030,000
Lamb Weston Holdings, Inc. (b)
4.38%
01/31/32
1,913,101
4,500,000
Mars, Inc. (b)
5.00%
03/01/32
4,566,175
2,500,000
McCormick & Co., Inc.
4.70%
10/15/34
2,407,315
2,150,000
Mondelez International, Inc.
4.75%
08/28/34
2,108,393
2,000,000
Performance Food Group, Inc. (b)
6.13%
09/15/32
2,029,840
2,450,000
Post Holdings, Inc. (b)
6.25%
02/15/32
2,499,850
3,000,000
Sysco Corp.
4.95%
03/25/36
2,879,786
6,000,000
US Foods, Inc. (b)
5.75%
04/15/33
6,026,910
 
61,537,108
Gaming — 0.9%
 
 
1,250,000
VICI Properties, L.P.
4.95%
02/15/30
1,250,461
3,750,000
VICI Properties, L.P.
5.13%
05/15/32
3,719,177
1,075,000
VICI Properties, L.P.
5.75%
04/01/34
1,091,929
 
6,061,567
Health Insurance — 1.9%
 
 
250,000
Centene Corp.
4.63%
12/15/29
243,845
2,400,000
Centene Corp.
3.00%
10/15/30
2,158,939
1,150,000
Elevance Health, Inc.
4.10%
05/15/32
1,105,606
2,875,000
Elevance Health, Inc.
5.38%
06/15/34
2,925,339
1,900,000
Elevance Health, Inc.
4.63%
05/15/42
1,680,699
1,500,000
Molina Healthcare, Inc. (b)
3.88%
05/15/32
1,347,308
1,364,000
UnitedHealth Group, Inc.
5.30%
06/15/35
1,391,812
750,000
UnitedHealth Group, Inc.
6.88%
02/15/38
853,350
1,125,000
UnitedHealth Group, Inc.
5.50%
07/15/44
1,092,524
 
12,799,422
Healthcare — 9.1%
 
 
4,250,000
180 Medical, Inc. (b)
5.30%
10/08/35
4,163,327
5,500,000
Alcon Finance Corp. (b)
5.38%
12/06/32
5,628,436
See Notes to Financial Statements
Page 3
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Healthcare (Continued)
 
 
$3,000,000
Augusta SpinCo Corp.
4.95%
03/23/33
$2,986,273
600,000
Becton Dickinson & Co.
5.11%
02/08/34
604,439
1,928,000
Cencora, Inc.
4.60%
02/13/33
1,896,968
1,150,000
Charles River Laboratories International, Inc. (b)
4.00%
03/15/31
1,074,388
3,150,000
Cigna Group (The)
5.40%
03/15/33
3,241,429
1,000,000
Cigna Group (The)
5.25%
01/15/36
1,003,528
3,700,000
Cigna Group (The)
4.80%
08/15/38
3,481,192
2,000,000
CVS Health Corp.
6.00%
06/01/44
1,975,439
500,000
GE HealthCare Technologies, Inc.
4.95%
12/15/35
487,464
5,775,000
HCA, Inc.
5.50%
06/01/33
5,909,228
1,500,000
HCA, Inc.
4.90%
11/15/35
1,452,523
2,400,000
HCA, Inc.
5.13%
06/15/39
2,271,248
4,500,000
IQVIA, Inc. (b)
6.25%
06/01/32
4,588,407
1,000,000
Quest Diagnostics, Inc.
6.40%
11/30/33
1,087,936
3,250,000
Quest Diagnostics, Inc.
5.00%
12/15/34
3,239,189
6,750,000
Solventum Corp.
5.60%
03/23/34
6,902,656
2,150,000
Stryker Corp.
4.10%
04/01/43
1,783,406
1,750,000
Universal Health Services, Inc.
2.65%
10/15/30
1,581,603
1,000,000
Universal Health Services, Inc.
5.05%
10/15/34
963,205
4,500,000
Zimmer Biomet Holdings, Inc.
5.20%
09/15/34
4,507,859
 
60,830,143
Home Construction — 0.1%
 
 
420,000
PulteGroup, Inc.
6.38%
05/15/33
453,345
Lodging — 1.9%
 
 
3,000,000
Hilton Domestic Operating Co., Inc. (b)
5.88%
03/15/33
3,039,474
353,000
Hilton Domestic Operating Co., Inc. (b)
5.50%
03/31/34
350,608
1,000,000
Hyatt Hotels Corp.
5.38%
12/15/31
1,019,544
4,250,000
Hyatt Hotels Corp.
5.75%
03/30/32
4,400,984
1,500,000
Hyatt Hotels Corp.
5.40%
12/15/35
1,484,370
1,200,000
Marriott International, Inc.
5.10%
04/15/32
1,218,782
1,500,000
Marriott International, Inc.
4.50%
05/01/33
1,454,312
 
12,968,074
Media Entertainment — 0.4%
 
 
2,750,000
AppLovin Corp.
5.38%
12/01/31
2,777,909
Midstream — 0.8%
 
 
1,962,000
Sunoco, L.P. (b)
5.88%
03/15/34
1,955,959
1,000,000
Venture Global Plaquemines LNG LLC (b)
7.50%
05/01/33
1,109,398
1,000,000
Venture Global Plaquemines LNG LLC (b)
6.50%
06/15/34
1,046,858
1,000,000
Venture Global Plaquemines LNG LLC (b)
6.75%
01/15/36
1,063,515
 
5,175,730
Other Industrial — 1.7%
 
 
2,118,000
AECOM (b)
6.00%
08/01/33
2,136,899
3,000,000
Jacobs Solutions, Inc.
5.38%
03/03/36
2,914,397
3,500,000
Quanta Services, Inc.
5.25%
08/09/34
3,550,896
3,000,000
Quanta Services, Inc.
5.10%
08/09/35
2,988,478
 
11,590,670
Other Utility — 0.5%
 
 
3,000,000
American Water Capital Corp.
5.20%
04/01/36
3,004,526
See Notes to Financial Statements
Page 4
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Packaging — 2.1%
 
 
$2,000,000
Amcor Flexibles North America, Inc.
5.13%
03/12/36
$1,950,095
2,500,000
Ball Corp.
3.13%
09/15/31
2,268,470
4,750,000
Berry Global, Inc.
5.65%
01/15/34
4,871,008
2,750,000
Crown Americas LLC
5.25%
04/01/30
2,762,358
2,000,000
Crown Americas LLC
5.88%
06/01/33
2,015,944
 
13,867,875
Paper — 1.2%
 
 
650,000
Graphic Packaging International LLC (b)
3.75%
02/01/30
607,597
1,650,000
Graphic Packaging International LLC (b)
6.38%
07/15/32
1,648,824
4,700,000
Packaging Corp. of America
5.70%
12/01/33
4,889,988
1,061,000
Packaging Corp. of America
5.20%
08/15/35
1,058,329
 
8,204,738
Pharmaceuticals — 1.1%
 
 
3,000,000
Biogen, Inc.
5.75%
05/15/35
3,125,526
2,000,000
Teva Pharmaceutical Finance Co. LLC
6.15%
02/01/36
2,097,337
2,500,000
Zoetis, Inc.
4.70%
02/01/43
2,230,769
 
7,453,632
Property & Casualty Insurance — 6.2%
 
 
4,750,000
Aon North America, Inc.
5.45%
03/01/34
4,856,191
2,000,000
Arthur J. Gallagher & Co.
5.50%
03/02/33
2,051,160
2,150,000
Arthur J. Gallagher & Co.
5.45%
07/15/34
2,181,162
1,500,000
Arthur J. Gallagher & Co.
5.15%
02/15/35
1,486,781
1,050,000
Arthur J. Gallagher & Co.
5.75%
03/02/53
1,005,932
1,000,000
Arthur J. Gallagher & Co.
5.55%
02/15/55
930,563
4,750,000
Brown & Brown, Inc.
4.20%
03/17/32
4,508,224
4,250,000
Brown & Brown, Inc.
5.65%
06/11/34
4,296,245
1,900,000
Brown & Brown, Inc.
5.55%
06/23/35
1,895,058
1,500,000
Marsh & McLennan Cos., Inc.
4.95%
03/15/36
1,480,066
1,000,000
Marsh & McLennan Cos., Inc.
4.75%
03/15/39
945,798
1,000,000
Marsh & McLennan Cos., Inc.
5.35%
11/15/44
951,493
4,603,000
Ryan Specialty LLC (b)
4.38%
02/01/30
4,472,689
3,796,000
Ryan Specialty LLC (b)
5.88%
08/01/32
3,797,468
4,050,000
Willis North America, Inc.
5.35%
05/15/33
4,108,550
2,500,000
Willis North America, Inc.
5.15%
03/15/36
2,444,985
 
41,412,365
Restaurants — 0.4%
 
 
3,000,000
Yum! Brands, Inc.
5.38%
04/01/32
3,004,092
Technology — 11.4%
 
 
5,700,000
Atlassian Corp.
5.50%
05/15/34
5,565,266
1,250,000
Block, Inc.
6.50%
05/15/32
1,274,492
6,159,000
CoStar Group, Inc. (b)
2.80%
07/15/30
5,596,422
4,750,000
Dell International LLC / EMC Corp.
5.30%
04/01/32
4,843,869
2,000,000
Dell International LLC / EMC Corp.
4.75%
10/06/32
1,978,478
6,250,000
FactSet Research Systems, Inc.
3.45%
03/01/32
5,667,759
7,083,000
Fair Isaac Corp. (b)
6.00%
05/15/33
6,991,021
1,000,000
Fidelity National Information Services, Inc.
5.10%
07/15/32
1,001,155
2,600,000
Fidelity National Information Services, Inc.
3.10%
03/01/41
1,880,130
3,500,000
Global Payments, Inc.
5.20%
11/15/32
3,421,123
3,500,000
Global Payments, Inc.
5.55%
11/15/35
3,377,711
See Notes to Financial Statements
Page 5
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Technology (Continued)
 
 
$5,750,000
Molex Electronic Technologies LLC (b)
5.25%
04/30/32
$5,857,089
3,135,000
MSCI, Inc. (b)
3.88%
02/15/31
2,977,708
3,038,000
MSCI, Inc.
5.25%
09/01/35
2,991,972
4,000,000
MSCI, Inc.
5.15%
03/15/36
3,877,362
1,500,000
Oracle Corp.
4.80%
09/26/32
1,426,861
750,000
Oracle Corp.
6.25%
11/09/32
770,099
2,000,000
QTS Fayetteville I DC1-2 LLC / QTS TRS Fayetteville I DC1-
2 LLC (b)
5.70%
04/15/36
1,945,968
6,250,000
Roper Technologies, Inc.
4.90%
10/15/34
6,059,118
2,000,000
Salesforce, Inc.
5.20%
03/15/33
1,996,995
1,200,000
Verisk Analytics, Inc.
5.75%
04/01/33
1,246,573
1,750,000
Verisk Analytics, Inc.
5.25%
06/05/34
1,750,006
2,000,000
Verisk Analytics, Inc.
5.50%
06/15/45
1,873,959
2,500,000
Workday, Inc.
3.80%
04/01/32
2,328,517
 
76,699,653
Wireless — 0.6%
 
 
2,000,000
Crown Castle, Inc.
5.10%
05/01/33
1,984,177
1,000,000
T-Mobile USA, Inc.
4.63%
01/15/33
981,760
900,000
T-Mobile USA, Inc.
5.20%
01/15/33
915,394
 
3,881,331
Wirelines — 0.2%
 
 
1,500,000
Verizon Communications, Inc.
4.75%
01/15/33
1,480,670
Total Corporate Bonds and Notes
545,613,952
(Cost $549,612,794)
FOREIGN CORPORATE BONDS AND NOTES — 13.2%
Banking — 5.8%
1,000,000
Banco Santander S.A.
5.44%
04/15/36
993,168
3,000,000
Barclays PLC (a)
5.75%
08/09/33
3,092,432
3,500,000
Canadian Imperial Bank of Commerce
6.09%
10/03/33
3,741,719
8,000,000
Cooperatieve Rabobank U.A. (a) (b)
5.71%
01/21/33
8,316,988
3,750,000
Credit Agricole S.A. (a) (b)
4.82%
09/25/33
3,679,241
3,000,000
ING Groep NV (a)
5.42%
03/23/37
2,997,996
4,500,000
Lloyds Banking Group PLC (a)
4.94%
11/04/36
4,345,517
1,000,000
Santander UK Group Holdings PLC (a)
5.14%
09/22/36
968,813
3,000,000
Toronto-Dominion Bank (The)
4.87%
04/22/33
2,984,057
1,500,000
Toronto-Dominion Bank (The)
4.93%
10/15/35
1,469,570
3,500,000
UBS Group AG (a) (b)
4.84%
11/06/33
3,449,505
2,750,000
UBS Group AG (a) (b)
5.58%
05/09/36
2,798,211
 
38,837,217
Environmental — 0.2%
1,400,000
Waste Connections, Inc.
5.00%
03/01/34
1,410,908
Gaming — 0.1%
933,000
Flutter Treasury DAC (b)
5.88%
06/04/31
930,238
Healthcare — 1.7%
9,100,000
Icon Investments Six DAC
6.00%
05/08/34
9,303,649
1,900,000
Smith & Nephew PLC
5.40%
03/20/34
1,930,637
 
11,234,286
See Notes to Financial Statements
Page 6
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Leisure — 0.6%
$2,000,000
Carnival Corp. (b)
5.88%
06/15/31
$2,029,548
620,000
Carnival Corp. (b)
5.75%
08/01/32
623,893
1,500,000
Royal Caribbean Cruises Ltd.
4.75%
05/15/33
1,455,418
 
4,108,859
Paper — 0.9%
5,700,000
Smurfit Kappa Treasury ULC
5.44%
04/03/34
5,807,620
Pharmaceuticals — 0.1%
1,000,000
Teva Pharmaceutical Finance Netherlands III BV
6.00%
12/01/32
1,041,875
Property & Casualty Insurance — 0.3%
1,830,000
Aon Corp. / Aon Global Holdings PLC
5.35%
02/28/33
1,873,121
Restaurants — 0.5%
3,505,000
1011778 BC ULC / New Red Finance, Inc. (b)
4.00%
10/15/30
3,336,404
Retailers — 1.8%
750,000
Alimentation Couche-Tard, Inc. (b)
5.27%
02/12/34
758,372
5,250,000
Alimentation Couche-Tard, Inc. (b)
5.08%
09/29/35
5,197,452
2,000,000
Gildan Activewear, Inc. (b)
4.70%
10/07/30
1,980,290
4,500,000
Gildan Activewear, Inc. (b)
5.40%
10/07/35
4,407,811
 
12,343,925
Technology — 1.2%
7,000,000
Constellation Software, Inc. (b)
5.46%
02/16/34
6,860,103
1,000,000
Elastic N.V. (b)
4.13%
07/15/29
949,897
 
7,810,000
Total Foreign Corporate Bonds and Notes
88,734,453
(Cost $89,431,515)
 
Principal
Value
Description
Annualized
Yield on Date
of
Purchase
Stated
Maturity
Value
COMMERCIAL PAPER — 2.4%
Building Materials — 1.0%
 
 
6,500,000
Vulcan Materials Co.
3.85%
05/01/26
6,500,000
Food and Beverage — 0.7%
 
 
4,700,000
Bacardi-Martini B.V.
4.11%
05/01/26
4,700,000
Midstream — 0.7%
 
 
5,000,000
Energy Transfer, L.P.
3.93%
05/01/26
5,000,000
Total Commercial Paper
16,200,000
(Cost $16,200,000)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES — 1.6%
4,000,000
U.S. Treasury Bond
3.00%
11/15/45
2,996,875
See Notes to Financial Statements
Page 7
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES (Continued)
$8,000,000
U.S. Treasury Bond, STRIPS
(c)
11/15/45
$2,896,525
5,000,000
U.S. Treasury Note
4.13%
02/15/36
4,894,922
Total U.S. Government Bonds and Notes
10,788,322
(Cost $10,784,508)
Total Investments — 98.6%
661,336,727
(Cost $666,028,817)
Net Other Assets and Liabilities — 1.4%
9,539,307
Net Assets — 100.0%
$670,876,034
 
(a)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2026. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $176,381,176 or 26.3% of net assets.
(c)
Zero coupon security.
 
Abbreviations throughout the Portfolio of Investments:
STRIPS
–  Separate Trading of Registered Interest and Principal of Securities
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$545,613,952
$—
$545,613,952
$—
Foreign Corporate Bonds and Notes*
88,734,453
—
88,734,453
—
Commercial Paper*
16,200,000
—
16,200,000
—
U.S. Government Bonds and Notes
10,788,322
—
10,788,322
—
Total Investments
$661,336,727
$—
$661,336,727
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 8
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$661,336,727
Cash
278,672
Receivables:
Interest
8,138,668
Capital shares sold
5,192,230
Investment securities sold
1,136,537
Total Assets
676,082,834
 
LIABILITIES:
Payables:
Investment securities purchased
4,938,845
Investment advisory fees
267,955
Total Liabilities
5,206,800
NET ASSETS
$670,876,034
 
NET ASSETS consist of:
Paid-in capital
$674,261,680
Par value
323,500
Accumulated distributable earnings (loss)
(3,709,146
)
NET ASSETS
$670,876,034
NET ASSET VALUE, per share
$20.74
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
32,350,002
Investments, at cost
$666,028,817
See Notes to Financial Statements
Page 9
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$16,591,948
Total investment income
16,591,948
 
EXPENSES:
Investment advisory fees
1,810,883
 
Other expenses
366
Total expenses
1,811,249
Less fees waived by the investment advisor
(86,440
)
Net expenses
1,724,809
NET INVESTMENT INCOME (LOSS)
14,867,139
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments
943,858
Net change in unrealized appreciation (depreciation) on investments
(13,613,875
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(12,670,017
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$2,197,122
See Notes to Financial Statements
Page 10
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$14,867,139
$21,855,392
Net realized gain (loss)
943,858
1,911,398
Net change in unrealized appreciation (depreciation)
(13,613,875
)
9,655,315
Net increase (decrease) in net assets resulting from operations
2,197,122
33,422,105
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(16,564,366
)
(21,996,752
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
72,684,489
 
238,914,950
 
Cost of shares redeemed
—
 
(14,647,025
) 
Net increase (decrease) in net assets resulting from shareholder transactions
72,684,489
224,267,925
Total increase (decrease) in net assets
58,317,245
235,693,278
 
NET ASSETS:
Beginning of period
612,558,789
376,865,511
End of period
$670,876,034
$612,558,789
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
28,900,002
18,200,002
Shares sold
3,450,000
11,400,000
Shares redeemed
—
(700,000
)
Shares outstanding, end of period
32,350,002
28,900,002
See Notes to Financial Statements
Page 11
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
Period
Ended
10/31/2023 (a)
 
10/31/2025
10/31/2024
Net asset value, beginning of period
$21.20
$20.71
$19.04
$20.00
Income from investment operations:
Net investment income (loss) (b)
0.49
 
0.95
 
0.94
 
0.23
 
Net realized and unrealized gain (loss)
(0.40
) 
0.49
 
1.67
 (c)
(1.01
) 
Total from investment operations
0.09
 
1.44
 
2.61
 
(0.78
) 
Distributions paid to shareholders from:
Net investment income
(0.49
) 
(0.94
) 
(0.94
) 
(0.18
) 
Net realized gain
(0.06
) 
(0.01
) 
—
 
—
 
Total distributions
(0.55
) 
(0.95
) 
(0.94
) 
(0.18
) 
Net asset value, end of period
$20.74
 
$21.20
 
$20.71
 
$19.04
 
Total return (d)
0.39
% 
7.11
% 
13.82
% 
(3.91
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$670,876
 
$612,559
 
$376,866
 
$9,521
 
Ratio of total expenses to average net assets
0.57
% (e)
0.66
% (f)
0.65
% 
0.65
% (e)
Ratio of net expenses to average net assets
0.54
% (e)
0.66
% (f)
0.65
% 
0.65
% (e)
Ratio of net investment income (loss) to average net assets
4.67
% (e)
4.56
% 
4.60
% 
4.78
% (e)
Portfolio turnover rate (g)
23
% 
31
% 
6
% 
7
% 
 
(a)
Inception date is August 2, 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)
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. The total returns would have been lower during
certain periods if certain fees had not been waived by the investment advisor.
(e)
Annualized.
(f)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.65%.
(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 12
Notes to Financial Statements
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Intermediate Duration Investment Grade Corporate ETF (the “Fund”), a non-diversified series of the Trust, which trades under the ticker “FIIG” 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 investment objective of the Fund is to deliver current income and long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. Corporate debt securities may have fixed or floating interest rates. The corporate debt securities in which the Fund may invest also include senior loans and covenant-lite loans, substantially all of which are expected to be covenant-lite loans.
At least 80% of the Fund’s net assets will be invested in corporate debt securities that are, at the time of purchase, investment grade (i.e., rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (“NRSRO”) rating such securities, or if unrated, debt securities determined by the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), to be of comparable quality. In the case of a split rating between one or more of the NRSROs, the Fund will consider the highest rating. For an unrated security to be considered investment grade, the Fund’s investment advisor will consider, at the time of purchase, whether such security is of comparable quality based on fundamental credit analysis of the unrated security and comparable securities that are rated by an NRSRO. Additionally, for newly-issued debt securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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 Advisor’s Pricing Committee 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:
Page 13
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
Corporate bonds, corporate notes, U.S. government securities and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
Page 14
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
16)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund had no when-issued, delayed-delivery or forward purchase commitments.
C. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$21,964,010
Capital gains
32,742
Page 15
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
Distributions paid from:
 
Return of capital
$—
As of October 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)
1,745,609
Net unrealized appreciation (depreciation)
8,912,489
D. 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, 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 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 2023, 2024, and 2025 remain open to federal and state audit. As of April 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. At October 31, 2025, the Fund had no capital loss carryforwards available for federal income tax purposes.
During the taxable year ended October 31, 2025, the Fund utilized $39,698 of capital loss carryforwards.
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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$666,028,817
$2,248,431
$(6,940,521
)
$(4,692,090
)
E. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
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 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.
Page 16
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
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, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.49% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.65000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
Fund net assets greater than $10 billion up to and including $15 billion
0.58500
%
Fund net assets greater than $15 billion
0.55250
%
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.16% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $86,440.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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
The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2026, were $10,768,639 and $197,271,978, respectively. The proceeds from sales and paydowns of
Page 17
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the six months ended April 30, 2026 were $0 and $145,784,130, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
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, 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 March 31, 2027.
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.
Page 18
Notes to Financial Statements (Continued)
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 30, 2026 (Unaudited)
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 19
Other Information
First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 20
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
First Trust Intermediate Government Opportunities ETF
(MGOV)
Table of Contents 
First Trust Intermediate Government Opportunities ETF (MGOV)
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that First Trust Intermediate Government Opportunities 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 Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.2%
Collateralized Mortgage Obligations — 42.3%
Federal Home Loan Mortgage Corporation
 
 
$1,055,423
Series 2013-4213, Class GZ
3.50%
06/15/43
$999,423
1,173,804
Series 2014-4316, Class BZ
3.00%
03/15/44
1,083,107
1,857,204
Series 2016-4639, Class HZ
3.25%
04/15/53
1,549,655
1,250,000
Series 2017-4741, Class GY
3.00%
12/15/47
1,089,204
891,317
Series 2018-4798, Class GZ
4.00%
06/15/48
844,855
350,000
Series 2020-4959, Class LB
3.00%
03/25/40
317,438
1,747,372
Series 2020-5066, Class MA
1.50%
01/25/51
1,451,148
2,102,851
Series 2021-5075, Class Q
1.50%
02/25/51
1,746,357
2,169,862
Series 2021-5082, Class LA
1.50%
03/25/51
1,773,353
780,894
Series 2022-5256, Class FC, 30 Day Average SOFR + 0.75% (a)
4.40%
09/25/52
777,358
1,070,263
Series 2023-5325, Class SA, (30 Day Average SOFR) ×-2+
11.40% (b)
4.11%
11/25/52
974,134
688,275
Series 2024-413, Class PO, PO, STRIPS
(c)
05/25/54
589,254
912,338
Series 2024-5435, Class BS, (30 Day Average SOFR) ×-2+
11.93% (b)
4.63%
07/25/54
826,170
2,003,455
Series 2026-5642, Class FN, 30 Day Average SOFR + 0.90% (a)
4.55%
03/25/56
2,003,731
Federal Home Loan Mortgage Corporation Seasoned Credit Risk
Transfer Trust
 
 
986,036
Series 2018-4, Class MA
3.50%
03/25/58
956,113
984,997
Series 2019-1, Class MA
3.50%
07/25/58
954,010
Federal Home Loan Mortgage Corporation Seasoned Loans
Structured Transaction Trust
 
 
886,593
Series 2024-2, Class VF, 30 Day Average SOFR + 1.25% (a) (d)
4.90%
10/25/34
904,199
1,250,000
Series 2025-1, Class A2
3.00%
05/25/35
1,079,216
1,306,976
Series 2025-1, Class YF, 30 Day Average SOFR + 1.10% (a) (d)
4.75%
05/25/35
1,327,086
2,200,000
Series 2025-2, Class A2
3.00%
10/25/35
1,871,388
Federal National Mortgage Association
 
 
2,108,455
Series 2012-118, Class VZ
3.00%
11/25/42
1,938,454
1,467,937
Series 2012-134, Class ZC
2.50%
12/25/42
1,163,099
1,806,162
Series 2014-60, Class EZ
3.00%
10/25/44
1,651,216
454,754
Series 2015-89, Class CZ
4.00%
08/25/45
424,632
1,350,000
Series 2016-94, Class MB
2.50%
12/25/46
1,084,560
1,378,613
Series 2022-29, Class JZ
1.50%
06/25/42
1,005,711
2,465,595
Series 2022-29, Class KZ
1.50%
06/25/42
1,861,297
1,022,017
Series 2023-54, Class PO, PO
(c)
11/25/53
862,780
1,500,000
Series 2024-6, Class AL
2.00%
03/25/44
1,167,336
1,012,993
Series 2024-26, Class PO, PO
(c)
05/25/54
791,438
2,357,534
Series 2025-49, Class FA, 30 Day Average SOFR + 0.80% (a)
4.45%
06/25/55
2,346,803
Government National Mortgage Association
 
 
1,447,557
Series 2015-123, Class ZA
3.50%
09/20/45
1,353,152
600,000
Series 2022-139, Class AL
4.00%
07/20/51
551,597
1,745,000
Series 2022-191, Class BY
4.00%
08/20/41
1,664,602
1,200,000
Series 2023-81, Class YD
4.00%
06/20/53
1,069,662
1,164,984
Series 2025-4, Class FY, 30 Day Average SOFR + 1.60% (a)
5.24%
01/20/55
1,175,105
 
43,228,643
Commercial Mortgage-Backed Securities — 4.6%
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates
 
 
1,153,315
Series 2016-K152, Class A1
2.83%
05/25/30
1,117,416
See Notes to Financial Statements
Page 1
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass Through Certificates (Continued)
 
 
$19,753
Series 2018-KSW4, Class A, 30 Day Average SOFR + CSA +
0.43% (a)
4.20%
10/25/28
$19,726
6,196,096
Series 2019-K1512, Class X1, IO (e)
1.05%
04/25/34
297,378
3,016,964
Series 2020-K110, Class X1, IO (e)
1.75%
04/25/30
159,288
7,700,000
Series 2020-K740, Class XAM, IO (e)
1.20%
10/25/27
107,408
13,041,349
Series 2020-KG04, Class X1, IO (e)
0.93%
11/25/30
401,569
8,000,000
Series 2021-K129, Class XAM, IO (e)
1.32%
05/25/31
430,115
22,137,973
Series 2021-KG05, Class X1, IO (e)
0.40%
01/25/31
269,853
5,180,000
Series 2024-K165, Class XAM, IO (e)
1.09%
09/25/34
348,604
7,058,000
Series 2024-K757, Class XAM, IO (e)
1.18%
08/25/31
330,214
4,117,048
Series 2025-K546, Class X1, IO (e)
1.06%
05/25/30
131,853
Government National Mortgage Association
 
 
4,129,523
Series 2021-31, Class IO, IO (e)
0.94%
01/16/61
281,528
4,769,574
Series 2024-47, Class AI, IO
0.75%
06/16/64
249,756
4,153,333
Series 2025-21, Class IO, IO (e)
0.95%
04/16/65
292,272
4,827,950
Series 2025-206, Class IO, IO (e)
0.80%
04/16/64
291,711
 
4,728,691
Pass-Through Securities — 35.3%
Federal Home Loan Mortgage Corporation
365,636
Pool SD4005
4.00%
12/01/49
349,932
2,144,610
Pool SL1523
3.50%
07/01/50
1,971,819
148,980
Pool U90690
3.50%
06/01/42
139,869
370,862
Pool ZL8982
3.50%
01/01/45
346,887
379,204
Pool ZS9446
3.50%
08/01/45
355,806
901,719
Pool ZS9776
3.50%
08/01/46
839,638
1,661,049
Pool ZT2264
4.00%
03/01/44
1,607,157
Federal National Mortgage Association
581,247
Pool 310208
3.00%
03/01/48
512,612
422,802
Pool 310211
3.50%
07/01/48
389,365
1,464,096
Pool AL9394
3.00%
11/01/46
1,304,189
1,298,840
Pool AS7738
3.00%
08/01/46
1,165,243
897,399
Pool AS7749
3.50%
08/01/46
831,604
1,090,431
Pool BF0207
4.50%
04/01/47
1,075,638
2,102,354
Pool BM4963
3.00%
05/01/48
1,881,788
350,909
Pool BM6732
4.00%
11/01/48
337,858
403,009
Pool BM7079
4.00%
10/01/48
383,718
404,303
Pool BM7129
3.00%
01/01/47
369,854
2,469,695
Pool BM7521
3.50%
10/01/48
2,290,162
1,286,738
Pool FA1348
4.50%
09/01/52
1,274,728
386,464
Pool FS0704
4.00%
03/01/47
369,590
278,518
Pool FS4157
4.00%
05/01/49
265,266
3,407,748
Pool MA4057
2.50%
06/01/50
2,835,847
1,284,512
Pool MA4199
1.50%
11/01/50
960,642
385,488
Pool MA4271
1.50%
02/01/51
288,299
3,856,718
Pool MA4319
2.00%
04/01/51
3,035,473
3,378,056
Pool MA4392
2.50%
07/01/51
2,785,928
1,029,000
Pool TBA (f)
3.50%
05/15/56
936,771
30,000
Pool TBA (f)
5.00%
05/15/56
29,560
See Notes to Financial Statements
Page 2
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association (Continued)
$1,752,000
Pool TBA (f)
5.50%
05/15/56
$1,760,989
1,052,000
Pool TBA (f)
2.50%
06/15/56
880,696
803,000
Pool TBA
5.50%
06/15/56
806,179
110,000
Pool TBA
3.00%
07/15/56
96,188
1,305,000
Pool TBA
5.50%
07/15/56
1,308,841
Government National Mortgage Association
1,870,514
Pool MA7192
2.00%
02/20/51
1,540,955
100,000
Pool TBA (f)
4.00%
05/15/56
93,322
214,000
Pool TBA
5.00%
05/15/56
212,176
370,000
Pool TBA
3.50%
06/15/56
334,156
58,000
Pool TBA
4.50%
06/15/56
55,884
58,000
Pool TBA
5.00%
06/15/56
57,381
55,000
Pool TBA
4.00%
07/15/56
51,278
 
36,133,288
Total U.S. Government Agency Mortgage-Backed Securities
84,090,622
(Cost $83,598,616)
U.S. GOVERNMENT BONDS AND NOTES — 13.8%
1,972,000
U.S. Treasury Bond, STRIPS
(c)
11/15/33
1,430,788
3,000,000
U.S. Treasury Bond, STRIPS
(c)
05/15/34
2,122,316
1,500,000
U.S. Treasury Bond, STRIPS
(c)
08/15/34
1,047,451
1,087,000
U.S. Treasury Bond, STRIPS
(c)
11/15/34
749,402
1,100,000
U.S. Treasury Bond, STRIPS
(c)
02/15/35
748,966
1,650,000
U.S. Treasury Bond, STRIPS
(c)
05/15/35
1,109,415
1,000,000
U.S. Treasury Bond, STRIPS
(c)
08/15/35
663,711
114,000
U.S. Treasury Bond, STRIPS
(c)
11/15/35
74,646
980,000
U.S. Treasury Bond, STRIPS
(c)
05/15/38
556,429
54,000
U.S. Treasury Bond, STRIPS
(c)
08/15/38
30,217
79,000
U.S. Treasury Bond, STRIPS
(c)
05/15/40
39,736
160,000
U.S. Treasury Bond, STRIPS
(c)
11/15/43
64,984
180,000
U.S. Treasury Bond, STRIPS
(c)
08/15/44
69,921
250,000
U.S. Treasury Bond, STRIPS
(c)
11/15/44
95,802
1,200,000
U.S. Treasury Note
3.50%
01/15/29
1,187,625
4,200,000
U.S. Treasury Note
3.50%
02/15/29
4,155,047
Total U.S. Government Bonds and Notes
14,146,456
(Cost $14,380,572)
MORTGAGE-BACKED SECURITIES — 8.6%
Collateralized Mortgage Obligations — 6.9%
Chase Mortgage Finance Corp.
 
 
976,349
Series 2026-CINV1, Class A11, 30 Day Average SOFR +
1.20% (a) (d)
4.85%
01/25/57
977,866
Fidelis Mortgage Trust
 
 
405,000
Series 2025-RTL2, Class A1, steps up to 6.57%
on 02/25/2028 (d)
5.57%
07/25/40
406,405
HOMES Trust
 
 
246,045
Series 2026-AFC1, Class A1 (d) (g)
4.85%
02/25/61
244,755
JP Morgan Mortgage Trust
 
 
603,102
Series 2022-LTV1, Class A2 (d)
3.51%
07/25/52
543,889
277,705
Series 2026-1, Class A11, 30 Day Average SOFR + 1.10% (a) (d)
4.75%
07/25/56
276,088
See Notes to Financial Statements
Page 3
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
MFRA Trust
 
 
$247,863
Series 2026-NQM1, Class A1 (d) (g)
5.05%
02/25/71
$247,303
OBX Trust
 
 
380,000
Series 2022-NQM2, Class A1B (d)
4.38%
01/25/62
353,908
409,341
Series 2026-J1, Class AF, 30 Day Average SOFR + 1.35% (a) (d)
5.00%
02/25/56
409,946
155,000
Series 2026-NQM4, Class A1LC, steps up to 6.23%
on 03/01/2030 (d) (h)
5.23%
02/25/66
155,089
PMT Loan Trust
 
 
363,404
Series 2025-INV11, Class A36, 30 Day Average SOFR +
1.35% (a) (d)
5.00%
11/25/56
365,281
PRPM LLC
 
 
260,000
Series 2024-RCF1, Class A2, steps up to 5.00%
on 01/25/2028 (d) (h)
4.00%
01/25/54
255,423
100,000
Series 2024-RCF1, Class A3, steps up to 5.00%
on 01/25/2028 (d) (h)
4.00%
01/25/54
97,907
260,000
Series 2024-RCF2, Class A2, steps up to 4.75%
on 03/25/2028 (d) (h)
3.75%
03/25/54
253,247
PRPM Trust
 
 
558,413
Series 2025-NQM6, Class A1 (d) (g)
4.99%
12/25/70
555,936
243,501
Series 2026-NQM1, Class A1 (d) (g)
5.13%
02/25/71
243,117
394,386
Series 2026-RCF1, Class A1, steps up to 5.85%
on 01/01/2030 (d) (h)
4.85%
01/25/56
392,535
Redwood Funding Trust
 
 
251,000
Series 2026-2, Class A (d) (i)
6.26%
11/27/56
251,000
Santander Mortgage Asset Receivable Trust
 
 
155,000
Series 2026-NQM3, Class A1LC, steps up to 6.23%
on 03/01/2030 (d) (h)
5.23%
03/25/66
154,719
Sequoia Mortgage Trust
 
 
260,142
Series 2026-HYB1, Class A1B (d)
4.67%
04/25/56
254,689
SG Residential Mortgage Trust
 
 
608,091
Series 2022-1, Class A1 (d)
3.17%
03/27/62
575,800
 
7,014,903
Commercial Mortgage-Backed Securities — 1.7%
BBCMS Mortgage Trust
 
 
440,000
Series 2018-TALL, Class A, 1 Mo. CME Term SOFR + CSA +
0.87% (a) (d)
4.57%
03/15/37
416,512
BMO Mortgage Trust
 
 
500,000
Series 2023-C7, Class A5
6.16%
12/15/56
529,882
BWAY Trust
 
 
275,000
Series 2025-1535, Class B (d) (e)
7.71%
05/05/42
285,964
GGP Trust
 
 
250,000
Series 2026-2PAK, Class A (e) (j)
6.03%
04/10/43
249,368
KRE Commercial Mortgage Trust
 
 
260,000
Series 2026-ICNA, Class A, 1 Mo. CME Term SOFR +
1.85% (a) (d)
5.50%
05/15/43
261,153
 
1,742,879
Total Mortgage-Backed Securities
8,757,782
(Cost $8,779,971)
See Notes to Financial Statements
Page 4
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES — 1.2%
FIGRE Trust
$255,000
Series 2026-FL1, Class A1LC, steps up to 6.49%
on 03/01/2030 (d) (h)
5.49%
03/25/56
$254,944
Pagaya AI Debt Grantor Trust
134,530
Series 2026-R1, Class A (d)
4.71%
12/15/33
134,192
Research-Driven Pagaya Motor Asset Trust
220,001
Series 2025-1A, Class A (d)
5.04%
06/27/33
220,440
403,680
Series 2026-R1A, Class A (d)
5.66%
07/25/34
404,235
Research-Driven Pagaya Motor Trust
255,000
Series 2025-5A, Class A3 (d)
4.84%
06/26/34
255,356
Total Asset-Backed Securities
1,269,167
(Cost $1,268,774)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.1%
1,083,410
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.52% (k)
1,083,410
(Cost $1,083,410)
Total Investments — 106.9%
109,347,437
(Cost $109,111,343)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 0.0%
Call Options Purchased — 0.0%
16
Ultra 10-Year U.S. Treasury Note Futures, expiring
June 2026
$1,805,750
$118.00
05/22/26
250
(Cost $2,292)
 
 
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES SOLD SHORT — (3.2)%
Pass-Through Securities — (3.2)%
Federal National Mortgage Association
$(1,453,000)
Pool TBA (f)
3.00%
06/15/56
(1,271,459
)
(389,000)
Pool TBA (f)
3.50%
06/15/56
(353,891
)
(223,000)
Pool TBA (f)
4.00%
06/15/56
(209,002
)
(601,000)
Pool TBA (f)
4.50%
06/15/56
(577,670
)
(406,000)
Pool TBA
5.00%
06/15/56
(399,598
)
(222,000)
Pool TBA
3.50%
07/15/56
(201,738
)
(287,000)
Pool TBA
4.50%
07/15/56
(275,679
)
Total Investments Sold Short — (3.2)%
(3,289,037
)
(Proceeds $3,317,011)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS — (0.3)%
Call Options Written — (0.0)%
(12)
3 Month SOFR Futures, expiring December 2027
$(2,892,150
)
$97.50
12/10/27
(4,350
)
See Notes to Financial Statements
Page 5
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Call Options Written (Continued)
(6)
U.S. 2-Year Treasury Note Futures, expiring June
2026
$(1,242,750
)
$105.00
05/22/26
$(94
)
(2)
U.S. 5-Year Treasury Note Futures, expiring June
2026
(215,672
)
109.00
05/22/26
(78
)
(10)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(1,077,734
)
109.50
08/21/26
(2,656
)
(7)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(754,414
)
110.00
08/21/26
(1,367
)
(2)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(215,547
)
111.00
08/21/26
(219
)
(1)
U.S. 10-Year Treasury Note Futures, expiring June
2026
(110,594
)
116.00
05/22/26
(0
)
(2)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(220,750
)
109.00
08/21/26
(4,313
)
(2)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(220,750
)
113.00
08/21/26
(781
)
(1)
U.S. 10-Year Treasury Note Futures, expiring
September 2026
(110,375
)
115.00
08/21/26
(172
)
(2)
U.S. Treasury Long Bond Futures, expiring June
2026
(225,688
)
120.00
05/22/26
(31
)
(2)
U.S. Treasury Long Bond Futures, expiring June
2026
(225,688
)
121.00
05/22/26
(31
)
(7)
U.S. Treasury Long Bond Futures, expiring June
2026
(789,906
)
122.00
05/22/26
(109
)
(6)
U.S. Treasury Long Bond Futures, expiring June
2026
(677,063
)
123.00
05/22/26
(0
)
(1)
U.S. Treasury Long Bond Futures, expiring June
2026
(112,844
)
128.00
05/22/26
(0
)
(3)
U.S. Treasury Long Bond Futures, expiring
September 2026
(337,125
)
113.00
08/21/26
(6,656
)
(2)
U.S. Treasury Long Bond Futures, expiring
September 2026
(224,750
)
116.00
08/21/26
(2,188
)
(6)
U.S. Treasury Long Bond Futures, expiring
September 2026
(674,250
)
118.00
08/21/26
(4,219
)
(2)
U.S. Treasury Long Bond Futures, expiring
September 2026
(224,750
)
119.00
08/21/26
(1,125
)
(4)
U.S. Treasury Long Bond Futures, expiring
September 2026
(449,500
)
120.00
08/21/26
(1,875
)
(21)
U.S. Treasury Long Bond Futures, expiring
September 2026
(2,359,875
)
121.00
08/21/26
(8,203
)
(9)
Ultra 10-Year U.S. Treasury Note Futures, expiring
June 2026
(1,015,734
)
117.00
05/22/26
(281
)
(3)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(345,094
)
122.00
05/22/26
(47
)
Total Call Options Written
(38,795
)
(Premiums received $85,735)
Put Options Written — (0.3)%
(6)
3 Month SOFR Futures, expiring December 2027
(1,446,075
)
95.50
12/10/27
(3,412
)
(13)
3 Month SOFR Futures, expiring December 2027
(3,133,163
)
96.00
12/10/27
(10,887
)
(7)
3 Month SOFR Futures, expiring December 2027
(1,687,088
)
96.38
12/10/27
(8,094
)
(7)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(1,449,875
)
103.25
05/22/26
(875
)
See Notes to Financial Statements
Page 6
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Put Options Written (Continued)
(4)
U.S. 2-Year Treasury Note Futures, expiring June
2026
$(828,500
)
$103.50
05/22/26
$(1,063
)
(7)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(1,449,875
)
103.75
05/22/26
(3,719
)
(5)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(1,035,625
)
103.88
05/22/26
(3,594
)
(2)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(414,250
)
104.00
05/22/26
(1,875
)
(51)
U.S. 2-Year Treasury Note Futures, expiring June
2026
(5,640,281
)
107.00
05/22/26
(797
)
(11)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(2,278,375
)
103.00
08/21/26
(4,125
)
(4)
U.S. 2-Year Treasury Note Futures, expiring
September 2026
(828,500
)
103.50
08/21/26
(2,813
)
(11)
U.S. 5-Year Treasury Note Futures, expiring June
2026
(1,186,195
)
108.75
05/22/26
(10,742
)
(5)
U.S. 5-Year Treasury Note Futures, expiring June
2026
(539,180
)
109.00
05/22/26
(6,016
)
(7)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(754,414
)
107.00
08/21/26
(4,156
)
(18)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(1,939,922
)
107.50
08/21/26
(13,781
)
(1)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(107,773
)
108.00
08/21/26
(992
)
(26)
U.S. 5-Year Treasury Note Futures, expiring
September 2026
(2,802,109
)
108.50
08/21/26
(33,109
)
(1)
U.S. Treasury Long Bond Futures, expiring June
2026
(112,844
)
110.00
05/22/26
(266
)
(23)
U.S. Treasury Long Bond Futures, expiring June
2026
(2,595,406
)
112.00
05/22/26
(16,172
)
(9)
U.S. Treasury Long Bond Futures, expiring June
2026
(1,015,594
)
114.00
05/22/26
(15,047
)
(2)
U.S. Treasury Long Bond Futures, expiring
September 2026
(224,750
)
110.00
08/21/26
(3,344
)
(15)
U.S. Treasury Long Bond Futures, expiring
September 2026
(1,685,625
)
111.00
08/21/26
(30,000
)
(3)
U.S. Treasury Long Bond Futures, expiring
September 2026
(337,125
)
112.00
08/21/26
(7,125
)
(3)
U.S. Treasury Long Bond Futures, expiring
September 2026
(337,125
)
113.00
08/21/26
(8,531
)
(9)
U.S. Treasury Long Bond Futures, expiring
September 2026
(1,011,375
)
116.00
08/21/26
(42,187
)
(2)
U.S. Treasury Long Bond Futures, expiring
December 2026
(224,000
)
110.00
11/20/26
(4,750
)
(2)
Ultra 10-Year U.S. Treasury Note Futures, expiring
June 2026
(225,719
)
111.00
05/22/26
(594
)
(1)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(115,031
)
113.00
05/22/26
(531
)
See Notes to Financial Statements
Page 7
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
WRITTEN OPTIONS (Continued)
Put Options Written (Continued)
(3)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
$(345,094
)
$115.00
05/22/26
$(3,656
)
(1)
Ultra U.S. Treasury Long Bond Futures, expiring
June 2026
(115,031
)
116.00
05/22/26
(1,719
)
Total Put Options Written
(243,972
)
(Premiums received $218,709)
Total Written Options
(282,767
)
(Premiums received $304,444)
Net Other Assets and Liabilities — (3.4)%
(3,509,314
)
Net Assets — 100.0%
$102,266,569
Futures Contracts at April 30, 2026 (See Note 2D - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts Long
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
44
Jun-2026
$9,113,500
$(61,129
)
U.S. 5-Year Treasury Notes
50
Jun-2026
5,391,797
(76,997
)
U.S. Treasury Long-Term Bond Futures
64
Jun-2026
7,222,000
(219,276
)
Ultra U.S. Treasury Bond Futures
54
Jun-2026
6,211,687
(215,408
)
 
$27,938,984
$(572,810
)
 
Futures Contracts Short
 
 
 
 
U.S. 10-Year Treasury Notes
15
Jun-2026
$(1,658,906
)
$19,098
Ultra 10-Year U.S. Treasury Notes
221
Jun-2026
(24,941,922
)
580,673
 
$(26,600,828
)
$599,771
 
Total
$1,338,156
$26,961
 
(a)
Floating or variable rate security.
(b)
Inverse floating rate security.
(c)
Zero coupon security.
(d)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At April 30, 2026, securities noted as such amounted to $11,478,984 or 11.2% of net assets.
(e)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(f)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2I - Mortgage Dollar Rolls and TBA
Transactions in the Notes to Financial Statements).
(g)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(h)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
(i)
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of
Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
April 30, 2026, securities noted as such are valued at $251,000 or 0.2% of net assets.
See Notes to Financial Statements
Page 8
First Trust Intermediate Government Opportunities ETF (MGOV)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
(j)
When-issued security. The interest rate shown reflects the rate in effect at April 30, 2026. Interest will begin accruing on the
security’s first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial
Statements).
(k)
Rate shown reflects yield as of April 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
IO
–  Interest-Only Security - Principal amount shown represents par value on which interest payments are based
PO
–  Principal-Only Security
SOFR
–  Secured Overnight Financing Rate
STRIPS
–  Separate Trading of Registered Interest and Principal of Securities
TBA
–  To-Be-Announced Security
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed Securities
$84,090,622
$—
$84,090,622
$—
U.S. Government Bonds and Notes
14,146,456
—
14,146,456
—
Mortgage-Backed Securities
8,757,782
—
8,757,782
—
Asset-Backed Securities
1,269,167
—
1,269,167
—
Money Market Funds
1,083,410
1,083,410
—
—
Total Investments
109,347,437
1,083,410
108,264,027
—
Purchased Options
250
250
—
—
Futures Contracts*
599,771
599,771
—
—
Total
$109,947,458
$1,683,431
$108,264,027
$—
 
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed Securities
Sold Short
$(3,289,037
)
$—
$(3,289,037
)
$—
Written Options
(282,767
)
(282,767
)
—
—
Futures Contracts*
(572,810
)
(572,810
)
—
—
Total
$(4,144,614
)
$(855,577
)
$(3,289,037
)
$—
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s
variation margin is presented on the Statement of Assets and Liabilities.
See Notes to Financial Statements
Page 9
First Trust Intermediate Government Opportunities ETF (MGOV)
Statement of Assets and Liabilities
April 30, 2026 (Unaudited)
 
ASSETS:
Investments, at value
$109,347,437
Options contracts purchased, at value
250
Cash segregated as collateral
8,155
Receivables:
Investment securities sold
23,946,915
Interest
322,533
Dividends
2,176
Total Assets
133,627,466
 
LIABILITIES:
Investments sold short, at value
3,289,037
Options contracts written, at value
282,767
Payables:
Investment securities purchased
27,720,069
Investment advisory fees
41,462
Variation margin
27,562
Total Liabilities
31,360,897
NET ASSETS
$102,266,569
 
NET ASSETS consist of:
Paid-in capital
$102,362,504
Par value
50,500
Accumulated distributable earnings (loss)
(146,435
)
NET ASSETS
$102,266,569
NET ASSET VALUE, per share
$20.25
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
5,050,002
Investments, at cost
$109,111,343
Premiums paid on options contracts purchased
$2,292
Investments sold short, proceeds
$3,317,011
Premiums received on options contracts written
$304,444
See Notes to Financial Statements
Page 10
First Trust Intermediate Government Opportunities ETF (MGOV)
Statement of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
INVESTMENT INCOME:
Interest
$816,258
Dividends
33,963
Total investment income
850,221
 
EXPENSES:
Investment advisory fees
247,220
 
Other expenses
51
Total expenses
247,271
Less fees waived by the investment advisor
(11,377
)
Net expenses
235,894
NET INVESTMENT INCOME (LOSS)
614,327
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
6,247
Investments sold short
35,069
Purchased options contracts
(1,344
)
Written options contracts
195,759
Futures contracts
(129,459
)
Net realized gain (loss)
106,272
Net change in unrealized appreciation (depreciation) on:
Investments
24,395
Investments sold short
27,664
Purchased options contracts
(886
)
Written options contracts
(41,403
)
Futures contracts
(12,841
)
Net change in unrealized appreciation (depreciation)
(3,071
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
103,201
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$717,528
See Notes to Financial Statements
Page 11
First Trust Intermediate Government Opportunities ETF (MGOV)
Statements of Changes in Net Assets
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year
Ended
10/31/2025 
OPERATIONS:
Net investment income (loss)
$614,327
$3,475,132
Net realized gain (loss)
106,272
37,975
Net change in unrealized appreciation (depreciation)
(3,071
)
1,219,780
Net increase (decrease) in net assets resulting from operations
717,528
4,732,887
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(2,214,501
)
(2,794,764
)
Return of capital
—
(477,488
)
Total distributions to shareholders
(2,214,501
)
(3,272,252
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
42,179,996
 
26,285,939
 
Cost of shares redeemed
(1,013,907
) 
(25,445,262
) 
Net increase (decrease) in net assets resulting from shareholder transactions
41,166,089
840,677
Total increase (decrease) in net assets
39,669,116
2,301,312
 
NET ASSETS:
Beginning of period
62,597,453
60,296,141
End of period
$102,266,569
$62,597,453
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
3,050,002
3,000,002
Shares sold
2,050,000
1,300,000
Shares redeemed
(50,000
)
(1,250,000
)
Shares outstanding, end of period
5,050,002
3,050,002
See Notes to Financial Statements
Page 12
First Trust Intermediate Government Opportunities ETF (MGOV)
Financial Highlights
For a share outstanding throughout each period
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Year Ended October 31,
Period
Ended
10/31/2023 (a)
 
2025
2024
Net asset value, beginning of period
$20.52
$20.10
$18.92
$20.00
Income from investment operations:
Net investment income (loss) (b)
0.14
 
1.08
 
1.10
 
0.22
 
Net realized and unrealized gain (loss)
0.10
 
0.36
 
1.06
 (c) (d)
(1.15
) 
Total from investment operations
0.24
 
1.44
 
2.16
 
(0.93
) 
Distributions paid to shareholders from:
Net investment income
(0.51
) 
(0.82
) 
(0.84
) 
(0.15
) 
Net realized gain
—
 
(0.05
) 
—
 
—
 
Return of capital
—
 
(0.15
) 
(0.14
) 
—
 
Total distributions
(0.51
) 
(1.02
) 
(0.98
) 
(0.15
) 
Net asset value, end of period
$20.25
 
$20.52
 
$20.10
 
$18.92
 
Total return (e)
1.09
% 
7.36
% 
11.51
% (d)
(4.66
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$102,267
 
$62,597
 
$60,296
 
$14,193
 
Ratio of total expenses to average net assets (f)
0.56
% (g)
0.66
% (h)
0.65
% 
0.65
% (g)
Ratio of net expenses to average net assets (f)
0.54
% (g)
0.66
% (h)
0.65
% 
0.65
% (g)
Ratio of net investment income (loss) to average net assets (f)
1.40
% (g)
5.39
% 
5.48
% 
4.63
% (g)
Portfolio turnover rate (i)
71
% 
230
% 
344
% 
143
% (j)
 
(a)
Inception date is August 2, 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)
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)
The Fund received a payment from the advisor in the amount of $71, which represents less than $0.01 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 during
certain periods if certain fees had not been waived by the investment advisor.
(f)
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.
(g)
Annualized.
(h)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been 0.65%.
(i)
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.
(j)
The portfolio turnover rate not including mortgage dollar rolls was 121% for the period ended October 31, 2023.
See Notes to Financial Statements
Page 13
Notes to Financial Statements
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 Intermediate Government Opportunities ETF (the “Fund”), a non-diversified series of the Trust, which trades under the ticker “MGOV” 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 (“ETF”). The Fund’s investment objective is to seek to maximize long-term total return. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of debt securities issued or guaranteed by the U.S. government (including U.S. Treasury bonds, notes and bills), its agencies or government-sponsored entities (“Government Securities”). The Fund’s investments in Government Securities include publicly-issued U.S. Treasury securities and mortgage-related securities such as pass-through securities, collateralized mortgage obligations and commercial mortgage-backed securities. The Fund may also invest in exchange-traded funds that principally invest in Government Securities as well as futures contracts, options and swap agreements that utilize Government Securities as their reference asset. The Fund may purchase mortgage-related securities in “to-be-announced” (“TBA”) transactions, including mortgage dollar rolls. The Fund may invest in fixed or floating rate securities.
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. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. 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:
U.S. government securities, mortgage-backed securities, asset-backed securities, and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
Page 14
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
 6)
bids and offers; and
 7)
reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
ETFs 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.
Exchange-traded futures contracts are valued at the end of the day settlement price.
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the borrower/issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of a security;
 6)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 7)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;
Page 15
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
16)
other relevant factors.
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 April 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
The Fund invests in interest-only securities. For these securities, if there is a change in the estimated cash flows, based on an evaluation of current information, then the estimated yield is adjusted. Additionally, if the evaluation of current information indicates a permanent impairment of the security, the cost basis of the security is written down and a loss is recognized. Debt obligations may be placed on non-accrual status and the related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At April 30, 2026, the Fund held $249,368 of when-issued or delayed-delivery securities. At April 30, 2026, the Fund held $3,117,825 of forward purchase commitments and $2,213,697 of forward purchase commitments sold short.
Page 16
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
C. Short Sales
Short sales are utilized to manage interest rate and spread risk, and are transactions in which securities or other instruments (such as options, forwards, futures or other derivative contracts) are sold that are not currently owned in the Fund’s portfolio. When a Fund engages in a short sale, the Fund must borrow the security sold short and deliver the security to the counterparty. Short selling allows the Fund to profit from a decline in a market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The Fund is charged a fee or premium to borrow the securities sold short and is obligated to repay the lenders of the securities. Any dividends or interest that accrues on the securities during the period of the loan are due to the lenders. A gain, limited to the price at which the security was sold short, or a loss, unlimited in size, will be recognized upon the termination of the short sale; which is effected by the Fund purchasing the security sold short and delivering the security to the lender. Any such gain or loss may be offset, completely or in part, by the change in the value of the long portion of the Fund’s portfolio. The Fund is subject to the risk it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.
D. Futures Contracts
The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against or gain exposure to changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in “Net realized gain (loss) on futures contracts” on the Statement of Operations.
Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of “Net change in unrealized appreciation (depreciation) on futures contracts” on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in “Variation margin” payable or receivable on the Statement of Assets and Liabilities.
If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.
E. Options Contracts
The Fund may invest in exchange-listed options on U.S. Treasury securities, exchange-listed options on U.S. Treasury futures contracts, exchange-listed U.S. Treasury futures contracts and exchange-listed options on secured overnight financing rate futures contracts. The Fund uses derivative instruments primarily to hedge interest rate risk and actively manage interest rate exposure. The primary risk exposure is interest rate risk.
The Fund may purchase (buy) or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures option contract may be closed out by an offsetting purchase or sale of a futures option of the same series. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in “Options contracts written, at value” on the Statement of Assets and Liabilities. When the Fund purchases (buys) an option, the premium paid represents the cost of the option, which is included in “Premiums paid on options contracts purchased” on the Statement of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.
Page 17
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
The Fund uses options on futures contracts in connection with hedging strategies. Generally, these strategies are applied under the same market and market sector conditions in which the Fund uses put and call options on securities. The purchase of put options on futures contracts is analogous to the purchase of puts on securities so as to hedge the Fund’s securities holdings against the risk of declining market prices. The writing of a call option or the purchasing of a put option on a futures contract constitutes a partial hedge against declining prices of securities which are deliverable upon exercise of the futures contract. If the price at expiration of a written call option is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund’s holdings of securities. If the price when the option is exercised is above the exercise price, however, the Fund will incur a loss, which may be offset, in whole or in part, by the increase in the value of the securities held by the Fund that were being hedged. Writing a put option or purchasing a call option on a futures contract serves as a partial hedge against an increase in the value of the securities the Fund intends to acquire. Realized gains and losses on written options are included in “Net realized gain (loss) on written options contracts” on the Statement of Operations. Realized gains and losses on purchased options are included in “Net realized gain (loss) on purchased options contracts” on the Statement of Operations.
The Fund is required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. The Fund will pledge in a segregated account at the Fund’s custodian, liquid assets, such as cash, U.S. government securities or other high-grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be pledged in the segregated account whenever the total value of the pledged assets falls below the amount due on the underlying obligation.
The risks associated with the use of options on future contracts include the risk that the Fund may close out its position as a writer of an option only if a liquid secondary market exists for such options, which cannot be assured. The Fund’s successful use of options on futures contracts depends on the Advisor’s ability to correctly predict the movement in prices on futures contracts and the underlying instruments, which may prove to be incorrect. In addition, there may be imperfect correlation between the instruments being hedged and the futures contract subject to option.
F. Interest-Only Securities
An interest-only security (“IO Security”) is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.
G. Principal-Only Securities
A principal-only security (“PO Security”) is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.
H. Stripped Mortgage-Backed Securities
Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security’s principal or interest payments. Mortgage-backed securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security known as an IO Security and all of the principal is distributed to holders of another type of security known as a PO Security. These securities, if any, are identified on the Portfolio of Investments.
I. Mortgage Dollar Rolls and TBA Transactions
The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s investment advisor. In a mortgage dollar roll, the Fund will sell (or
Page 18
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in the Fund. The Fund may also invest in TBA Transactions. A TBA Transaction is a method of trading mortgage-backed securities. TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price.
J. 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
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.
The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:
 
Distributions paid from:
 
Ordinary income
$2,703,213
Capital gains
91,551
Return of capital
477,488
As of October 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)
—
Net unrealized appreciation (depreciation)
1,350,538
K. 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, 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 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 2023, 2024, and 2025 remain open to federal and state audit. As of April 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. At October 31, 2025, the Fund had no non-expiring capital loss carryforwards available for federal income tax purposes.
During the taxable year ended October 31, 2025, the Fund utilized $83,862 of capital loss carryforwards.
Page 19
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 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 October 31, 2025, the Fund had no net late year ordinary or capital losses.
As of April 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)
$105,492,180
$1,689,537
$(1,378,873
)
$310,664
L. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
M. 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, 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. Effective February 1, 2026, the Board of Trustees approved a permanent contractual reduction of the annual unitary management fee for the Fund to 0.49% of average daily net assets. In connection with the adoption of the reduced annual unitary management fee, the Board of Trustees also approved, effective February 1, 2026, the termination of the temporary fee waiver for the Fund that was put in place on January 1, 2026 (described below). Additionally, under the Fund’s new fee structure, the Fund is no longer eligible for any breakpoint discounts described in the Fund’s prospectus or statement of additional information.
Prior to February 1, 2026, the annual unitary management fee payable by the Fund to First Trust for these services was 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
0.65000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
Fund net assets greater than $10 billion up to and including $15 billion
0.58500
%
Fund net assets greater than $15 billion
0.55250
%
Page 20
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
From January 1, 2026 to January 31, 2026, the Advisor waived management fees of 0.16% of average daily net assets. During any period in which such waiver was in effect, the Fund was not eligible for any breakpoint discounts. During the six months ended April 30, 2026, the Advisor waived fees of $11,377.
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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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
The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026, were $72,632,516 and $11,406,240, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments and investments sold short, for the six months ended April 30, 2026 were $34,789,478 and $1,362,109, respectively. The cost of purchases to cover short sales and the proceeds from short sales were $22,097,631 and $26,119,590, respectively.
For the six months ended April 30, 2026, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by the Fund at April 30, 2026, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statement of Assets and
Liabilities Location
Value
Statement of Assets and
Liabilities Location
Value
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
$250
Options contracts written,
at value
$282,767
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
599,771
Unrealized depreciation on
futures contracts*
572,810
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund’s Portfolio of Investments. Only the
current day’s variation margin is presented on the Statement of Assets and Liabilities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
Statement of Operations Location
Interest Rate Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$(1,344
)
Page 21
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
Statement of Operations Location
Written options contracts
$195,759
Futures contracts
(129,459
)
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
(886
)
Written options contracts
(41,403
)
Futures contracts
(12,841
)
The average notional value of futures contracts outstanding during the six months ended April 30, 2026, which is indicative of the volume of this derivative type, was $45,475,133.
During the six months ended April 30, 2026, the premiums for purchased options contracts opened were $2,292 and the premiums for purchased options contracts closed, exercised and expired were $1,344.
During the six months ended April 30, 2026, the premiums for written options contracts opened were $412,759 and the premiums for written options contracts closed, exercised and expired were $232,381.
The Fund does not have the right to offset financial assets and financial liabilities related to futures and options contracts on the 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
Page 22
Notes to Financial Statements (Continued)
First Trust Intermediate Government Opportunities ETF (MGOV)
April 30, 2026 (Unaudited)
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 March 31, 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 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 23
Other Information
First Trust Intermediate Government Opportunities ETF (MGOV)
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 24
 
 
 
Semi-Annual Financial
Statements and
Other Information
For the Six Months Ended
April 30, 2026
 
First Trust Exchange-Traded Fund IV
 
FT Vest 20+ Year Treasury & Target Income ETF (LTTI)
FT Vest High Yield & Target Income ETF (HYTI)
FT Vest Investment Grade & Target Income ETF (LQTI)
Table of Contents 
First Trust Exchange-Traded Fund IV
Semi-Annual Financial Statements and Other Information
April 30, 2026 
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded Fund IV (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
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 20+ Year Treasury & Target Income ETF (LTTI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 1.1%
$51,000
U.S. Treasury Bill
(a)
05/28/26
$50,864
51,000
U.S. Treasury Bill
(a)
06/30/26
50,692
51,000
U.S. Treasury Bill
(a)
07/30/26
50,543
Total U.S. Treasury Bills
152,099
(Cost $152,102)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.2%
167,426
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
167,426
(Cost $167,426)
Total Investments — 2.3%
319,525
(Cost $319,528)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 97.0%
Call Options Purchased — 97.0%
1,604
iShares®20+ Year Treasury Bond ETF
$13,733,448
$0.87
07/31/26
13,435,104
(Cost $13,617,235)
 
 
WRITTEN OPTIONS — (0.0)%
Call Options Written — (0.0)%
(311)
iShares®20+ Year Treasury Bond ETF
(2,662,782
)
86.35
05/01/26
(933
)
(Premiums received $13,824)
 
 
Net Other Assets and Liabilities — 0.7%
93,583
Net Assets — 100.0%
$13,847,279
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$152,099
$—
$152,099
$—
Money Market Funds
167,426
167,426
—
—
Total Investments
319,525
167,426
152,099
—
Purchased Options
13,435,104
—
13,435,104
—
Total
$13,754,629
$167,426
$13,587,203
$—
 
See Notes to Financial Statements
Page 1
FT Vest 20+ Year Treasury & Target Income ETF (LTTI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(933
)
$—
$(933
)
$—
See Notes to Financial Statements
Page 2
FT Vest High Yield & Target Income ETF (HYTI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 1.8%
$484,500
U.S. Treasury Bill
(a)
05/28/26
$483,205
484,500
U.S. Treasury Bill
(a)
06/30/26
481,574
484,500
U.S. Treasury Bill
(a)
07/30/26
480,157
Total U.S. Treasury Bills
1,444,936
(Cost $1,444,968)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.1%
929,584
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
929,584
(Cost $929,584)
Total Investments — 2.9%
2,374,520
(Cost $2,374,552)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 96.3%
Call Options Purchased — 96.3%
10,164
iShares® iBoxx® $ High Yield Corporate Bond
ETF
$81,698,232
$0.80
07/31/26
79,319,856
(Cost $79,556,065)
 
 
WRITTEN OPTIONS — (0.0)%
Call Options Written — (0.0)%
(3,701)
iShares® iBoxx® $ High Yield Corporate Bond
ETF
(29,748,638
)
80.09
05/01/26
(14,804
)
(Premiums received $60,062)
 
 
Net Other Assets and Liabilities — 0.8%
638,663
Net Assets — 100.0%
$82,318,235
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$1,444,936
$—
$1,444,936
$—
Money Market Funds
929,584
929,584
—
—
Total Investments
2,374,520
929,584
1,444,936
—
Purchased Options
79,319,856
—
79,319,856
—
Total
$81,694,376
$929,584
$80,764,792
$—
 
See Notes to Financial Statements
Page 3
FT Vest High Yield & Target Income ETF (HYTI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(14,804
)
$—
$(14,804
)
$—
See Notes to Financial Statements
Page 4
FT Vest Investment Grade & Target Income ETF (LQTI)
Portfolio of Investments
April 30, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 1.3%
$1,192,800
U.S. Treasury Bill
(a)
05/28/26
$1,189,611
1,221,200
U.S. Treasury Bill
(a)
06/30/26
1,213,823
1,221,200
U.S. Treasury Bill
(a)
07/30/26
1,210,255
Total U.S. Treasury Bills
3,613,689
(Cost $3,613,773)
 
Shares
Description
Value
MONEY MARKET FUNDS — 1.1%
3,178,493
Dreyfus Government Cash Management Fund, Institutional Shares - 3.53% (b)
3,178,493
(Cost $3,178,493)
Total Investments — 2.4%
6,792,182
(Cost $6,792,266)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS — 96.9%
Call Options Purchased — 96.9%
25,188
iShares® iBoxx® $ Investment Grade Corporate
Bond ETF
$274,171,380
$1.10
07/31/26
267,471,372
(Cost $269,600,966)
 
 
WRITTEN OPTIONS — (0.0)%
Call Options Written — (0.0)%
(7,709)
iShares® iBoxx® $ Investment Grade Corporate
Bond ETF
(83,912,465
)
109.15
05/01/26
(30,836
)
(Premiums received $111,408)
 
 
Net Other Assets and Liabilities — 0.7%
1,858,517
Net Assets — 100.0%
$276,091,235
 
(a)
Zero coupon security.
(b)
Rate shown reflects yield as of April 30, 2026.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of April 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Treasury Bills
$3,613,689
$—
$3,613,689
$—
Money Market Funds
3,178,493
3,178,493
—
—
Total Investments
6,792,182
3,178,493
3,613,689
—
Purchased Options
267,471,372
—
267,471,372
—
Total
$274,263,554
$3,178,493
$271,085,061
$—
 
See Notes to Financial Statements
Page 5
FT Vest Investment Grade & Target Income ETF (LQTI)
Portfolio of Investments (Continued)
April 30, 2026 (Unaudited)
LIABILITIES TABLE
 
Total
Value at
4/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(30,836
)
$—
$(30,836
)
$—
See Notes to Financial Statements
Page 6
This page intentionally left blank.
Page 7
First Trust Exchange-Traded Fund IV
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
 
 
FT Vest 20+
Year Treasury
& Target
Income ETF
(LTTI)
FT Vest High
Yield & Target
Income ETF
(HYTI)
FT Vest
Investment
Grade & Target
Income ETF
(LQTI)
ASSETS:
Investments, at value
$319,525
$2,374,520
$6,792,182
Options contracts purchased, at value
13,435,104
79,319,856
267,471,372
Due from broker
206
207
207
Receivables:
Investment securities sold
100,491
678,799
1,996,040
Dividends
374
1,998
7,343
Total Assets
13,855,700
82,375,380
276,267,144
 
LIABILITIES:
Options contracts written, at value
933
14,804
30,836
Payables:
Investment advisory fees
7,475
42,163
144,757
Investment securities purchased
13
178
316
Total Liabilities
8,421
57,145
175,909
NET ASSETS
$13,847,279
$82,318,235
$276,091,235
 
NET ASSETS consist of:
Paid-in capital
$15,076,034
$83,571,240
$285,259,788
Par value
7,500
42,500
142,000
Accumulated distributable earnings (loss)
(1,236,255
)
(1,295,505
)
(9,310,553
)
NET ASSETS
$13,847,279
$82,318,235
$276,091,235
NET ASSET VALUE, per share
$18.46
$19.37
$19.44
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
750,002
4,250,002
14,200,002
Investments, at cost
$319,528
$2,374,552
$6,792,266
Premiums paid on options contracts purchased
$13,617,235
$79,556,065
$269,600,966
Premiums received on options contracts written
$13,824
$60,062
$111,408
See Notes to Financial Statements
Page 8
First Trust Exchange-Traded Fund IV
Statements of Operations
For the Six Months Ended April 30, 2026 (Unaudited)
 
 
FT Vest 20+
Year Treasury
& Target
Income ETF
(LTTI)
FT Vest High
Yield & Target
Income ETF
(HYTI)
FT Vest
Investment
Grade & Target
Income ETF
(LQTI)
INVESTMENT INCOME:
Interest
$2,108
$12,205
$35,221
Dividends
2,648
9,333
36,771
Total investment income
4,756
21,538
71,992
 
EXPENSES:
Investment advisory fees
54,245
 
194,229
 
756,567
 
Other expenses
9
14
35
Total expenses
54,254
194,243
756,602
NET INVESTMENT INCOME (LOSS)
(49,498
)
(172,705
)
(684,610
)
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
3
—
—
Purchased options contracts
(341,182
)
1,936,734
2,585,877
Written options contracts
71,987
(29,784
)
181,123
Net realized gain (loss)
(269,192
)
1,906,950
2,767,000
Net change in unrealized appreciation (depreciation) on:
Investments
3
(8
)
(10
)
Purchased options contracts
(179,437
)
(228,883
)
(2,107,695
)
Written options contracts
13,357
46,739
85,467
Net change in unrealized appreciation (depreciation)
(166,077
)
(182,152
)
(2,022,238
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(435,269
)
1,724,798
744,762
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$(484,767
)
$1,552,093
$60,152
See Notes to Financial Statements
Page 9
First Trust Exchange-Traded Fund IV
Statements of Changes in Net Assets
 
 
FT Vest 20+ Year Treasury &
Target Income ETF (LTTI)
FT Vest High Yield & Target
Income ETF (HYTI)
 
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
OPERATIONS:
Net investment income (loss)
$(49,498
)
$(43,213
)
$(172,705
)
$(81,599
)
Net realized gain (loss)
(269,192
)
94,395
1,906,950
1,507,763
Net change in unrealized appreciation (depreciation)
(166,077
)
(3,166
)
(182,152
)
(8,831
)
Net increase (decrease) in net assets resulting from
operations
(484,767
)
48,016
1,552,093
1,417,333
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(748,322
)
(51,182
)
(2,838,767
)
(1,244,618
)
Return of capital
—
(555,280
)
—
—
Total distributions to shareholders
(748,322
)
(606,462
)
(2,838,767
)
(1,244,618
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
6,785,868
 
19,320,886
 
48,867,002
 
59,508,549
 
Cost of shares redeemed
(7,578,538
) 
(2,889,402
) 
(3,928,600
) 
(21,014,757
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(792,670
)
16,431,484
44,938,402
38,493,792
Total increase (decrease) in net assets
(2,025,759
)
15,873,038
43,651,728
38,666,507
 
NET ASSETS:
Beginning of period
15,873,038
—
38,666,507
—
End of period
$13,847,279
$15,873,038
$82,318,235
$38,666,507
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
800,002
—
1,950,002
—
Shares sold
350,000
950,002
2,500,000
3,000,002
Shares redeemed
(400,000
)
(150,000
)
(200,000
)
(1,050,000
)
Shares outstanding, end of period
750,002
800,002
4,250,002
1,950,002
 
(a)
Inception date is February 12, 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 10
 
FT Vest Investment Grade &
Target Income ETF (LQTI)
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
$(684,610
)
$(276,229
)
2,767,000
4,446,706
(2,022,238
)
(26,868
)
60,152
4,143,609
(9,939,697
)
(3,574,617
)
—
—
(9,939,697
)
(3,574,617
)
140,704,231
 
160,395,906
 
(13,683,105
) 
(2,015,244
) 
127,021,126
158,380,662
117,141,581
158,949,654
158,949,654
—
$276,091,235
$158,949,654
7,850,002
—
7,050,000
7,950,002
(700,000
)
(100,000
)
14,200,002
7,850,002
See Notes to Financial Statements
Page 11
First Trust Exchange-Traded Fund IV
Financial Highlights
For a share outstanding throughout each period
FT Vest 20+ Year Treasury & Target Income ETF (LTTI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
 
Net asset value, beginning of period
$19.84
$19.89
Income from investment operations:
Net investment income (loss) (b)
(0.06
) 
(0.08
) 
Net realized and unrealized gain (loss)
(0.48
) 
1.11
 
Total from investment operations
(0.54
) 
1.03
 
Distributions paid to shareholders from:
Net investment income
(0.84
) 
—
 
Net realized gain
—
 
(0.09
) 
Return of capital
—
 
(0.99
) 
Total distributions
(0.84
) 
(1.08
) 
Net asset value, end of period
$18.46
 
$19.84
 
Total return (c)
(2.81
)% 
5.34
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$13,847
 
$15,873
 
Ratio of total expenses to average net assets
0.65
% (d)
0.66
% (d) (e)
Ratio of net investment income (loss) to average net assets
(0.59
)% (d)
(0.60
)% (d)
Portfolio turnover rate (f)
0
% 
0
% 
 
(a)
Inception date is February 12, 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)
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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 12
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest High Yield & Target Income ETF (HYTI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
 
Net asset value, beginning of period
$19.83
$19.99
Income from investment operations:
Net investment income (loss) (b)
(0.06
) 
(0.08
) 
Net realized and unrealized gain (loss)
0.59
 
1.19
 
Total from investment operations
0.53
 
1.11
 
Distributions paid to shareholders from:
Net investment income
(0.99
) 
(0.52
) 
Net realized gain
—
 
(0.75
) 
Total distributions
(0.99
) 
(1.27
) 
Net asset value, end of period
$19.37
 
$19.83
 
Total return (c)
2.74
% 
5.74
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$82,318
 
$38,667
 
Ratio of total expenses to average net assets
0.65
% (d)
0.66
% (d) (e)
Ratio of net investment income (loss) to average net assets
(0.58
)% (d)
(0.58
)% (d)
Portfolio turnover rate (f)
0
% 
0
% 
 
(a)
Inception date is February 12, 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)
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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 13
First Trust Exchange-Traded Fund IV
Financial Highlights (Continued)
For a share outstanding throughout each period
FT Vest Investment Grade & Target Income ETF (LQTI)
 
 
Six Months
Ended
4/30/2026 
(Unaudited)
Period
Ended
10/31/2025 (a)
 
Net asset value, beginning of period
$20.25
$20.07
Income from investment operations:
Net investment income (loss) (b)
(0.06
) 
(0.08
) 
Net realized and unrealized gain (loss)
0.13
 
1.38
 
Total from investment operations
0.07
 
1.30
 
Distributions paid to shareholders from:
Net investment income
(0.88
) 
—
 
Net realized gain
—
 
(1.12
) 
Total distributions
(0.88
) 
(1.12
) 
Net asset value, end of period
$19.44
 
$20.25
 
Total return (c)
0.32
% 
6.62
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$276,091
 
$158,950
 
Ratio of total expenses to average net assets
0.65
% (d)
0.66
% (d) (e)
Ratio of net investment income (loss) to average net assets
(0.59
)% (d)
(0.59
)% (d)
Portfolio turnover rate (f)
0
% 
0
% 
 
(a)
Inception date is February 12, 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)
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, derivatives and in-kind transactions.
See Notes to Financial Statements
Page 14
Notes to Financial Statements
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, 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 20+ Year Treasury & Target Income ETF – LTTI
FT Vest High Yield & Target Income ETF – HYTI
FT Vest Investment Grade & Target Income ETF – LQTI
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”).
LTTI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options (“FLEX Options”), on the iShares® 20+ Year Treasury Bond ETF (the “Underlying ETF”). 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 U.S. Treasury securities.
HYTI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including FLEX Options, on the iShares® iBoxx® $ High Yield Corporate Bond ETF (the “Underlying ETF”). 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 high yield securities or income producing securities.
LQTI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including FLEX Options, on the iShares® iBoxx® $ Investment Grade Corporate Bond ETF (the “Underlying ETF”). 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 investment grade securities or income producing securities.
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 15
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 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:
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.
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.
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 most recent price provided by a pricing service;
 2)
available market prices for the fixed-income security;
 3)
the fundamental business data relating to the issuer;
 4)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 5)
the type, size and cost of the security;
 6)
the financial statements of the issuer;
 7)
the credit quality and cash flow of the issuer, based on the sub-advisor’s or external analysis;
 8)
the information as to any transactions in or offers for the security;
 9)
the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;
10)
the coupon payments;
11)
the quality, value and salability of collateral, if any, securing the security;
12)
the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer’s management;
13)
the prospects for the issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry; and
14)
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:
Page 16
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 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 April 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. 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 call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that each Fund holds that reference the Underlying ETF will give each Fund 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 each Fund purchases or sells the option. 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 April 30, 2026 are FLEX Options.
D. 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.
The tax character of distributions paid by each Fund during the fiscal period ended October 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
FT Vest 20+ Year Treasury & Target Income ETF
$51,182
$—
$555,280
FT Vest High Yield & Target Income ETF
1,244,618
—
—
Page 17
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
FT Vest Investment Grade & Target Income ETF
$3,574,617
$—
$—
As of October 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)
FT Vest 20+ Year Treasury & Target Income ETF
$—
$—
$(3,166
)
FT Vest High Yield & Target Income ETF
—
—
(8,831
)
FT Vest Investment Grade & Target Income ETF
595,860
—
(26,868
)
E. 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. The taxable period ended 2025 remains open to federal and state audit. As of April 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 October 31, 2025, the Funds had no capital loss carryforwards available for federal income tax purposes.
As of April 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 20+ Year Treasury & Target Income ETF
$13,922,939
$12,892
$(182,135
)
$(169,243
)
FT Vest High Yield & Target Income ETF
81,870,555
45,266
(236,249
)
(190,983
)
FT Vest Investment Grade & Target Income ETF
276,281,824
80,592
(2,129,698
)
(2,049,106
)
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
Page 18
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees (if any), 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 each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.65000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
Fund net assets greater than $10 billion
0.58500
%
Vest Financial LLC (“Vest”), 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 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 0.20% of the average daily net assets of each Fund. Vest’s fee is paid by the Advisor out of its 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, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, 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 April 30, 2026, the Funds had no purchases or sales of investments, excluding short-term investments and in-kind transactions. For securities transactions purposes, the options are considered short-term investments.
For the six months ended April 30, 2026, the Funds had no in-kind transactions.
Page 19
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at April 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
LTTI
 
 
 
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
$13,435,104
Options contracts written,
at value
$933
HYTI
 
 
 
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
79,319,856
Options contracts written,
at value
14,804
LQTI
 
 
 
Options contracts
Interest Rate Risk
Options contracts
purchased, at value
267,471,372
Options contracts written,
at value
30,836
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2026, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
LTTI  
HYTI  
LQTI  
Interest Rate Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
$(341,182
)
$1,936,734
$2,585,877
Written options contracts
71,987
(29,784
)
181,123
Net change in unrealized appreciation
(depreciation) on:
Purchased options contracts
(179,437
)
(228,883
)
(2,107,695
)
Written options contracts
13,357
46,739
85,467
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 six months ended April 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
LTTI
$38,627,706
$40,438,965
$376,410
$376,918
HYTI
185,179,097
142,872,220
834,563
796,036
LQTI
645,721,448
530,117,225
3,987,865
3,982,547
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
Page 20
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund IV
April 30, 2026 (Unaudited)
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 March 31, 2027.
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 21
Other Information
First Trust Exchange-Traded Fund IV
April 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 April 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 April 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)
Not applicable for the most recent fiscal half year.
Page 22