FIRST TRUST

First Trust Exchange-Traded Fund IV

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FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R) (KNG)

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Semi-Annual Report
For the Six Months
Ended
April 30, 2022
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TABLE OF CONTENTS
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
SEMI-ANNUAL REPORT
APRIL 30, 2022 (UNAUDITED)

Shareholder Letter........................................................... 1
Fund Performance Overview.................................................... 2
Portfolio Management......................................................... 5
Understanding Your Fund Expenses............................................. 6
Portfolio of Investments..................................................... 7
Statement of Assets and Liabilities.......................................... 12
Statement of Operations...................................................... 13
Statements of Changes in Net Assets.......................................... 14
Financial Highlights......................................................... 15
Notes to Financial Statements................................................ 16
Additional Information....................................................... 23

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and/or Cboe Vest(SM) Financial LLC ("Cboe Vest" or the
"Sub-Advisor") and their respective representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the series of First Trust Exchange-Traded Fund IV (the "Trust") described in
this report (FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R);
hereinafter referred to as the "Fund") to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. When evaluating the information included in this
report, you are cautioned not to place undue reliance on these forward-looking
statements, which reflect the judgment of the Advisor and/or Sub-Advisors and
their respective representatives only as of the date hereof. We undertake no
obligation to publicly revise or update these forward-looking statements to
reflect events and circumstances that arise after the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that 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 investing in the Fund. See "Risk Considerations" in the Additional
Information section of this report for a discussion of certain other risks of
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.

The 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 and analysis that
provide insight into the Fund's performance and investment approach.

The statistical information that follows may help you understand the Fund's
performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the
Advisor and/or Sub-Advisor are just that: informed opinions. They should not be
considered to be promises or advice. The opinions, like the statistics, cover
the period through the date on the cover of this report. The material risks of
investing in the Fund are spelled out in the prospectus, the statement of
additional information, and other Fund regulatory filings.

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SHAREHOLDER LETTER
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
APRIL 30, 2022 (UNAUDITED)

Dear Shareholders:

First Trust is pleased to provide you with the semi-annual report for the FT
Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R) (the "Fund"),
which contains detailed information about the Fund for the six months ended
April 30, 2022.

A couple of famous financial industry quotes came to mind recently as I was
sizing up the current business climate: "There's no such thing as a free lunch"
and "Don't fight the Fed!" It seems that for some, the trillions of dollars of
financial stimulus funneled into U.S. households and businesses by the Federal
government and its agencies to help mitigate the fallout stemming from the
coronavirus ("COVID-19") pandemic, which commenced sometime around February
2020, was for all intents and purposes "free money." It was not free. From the
close of February 2020 through March 2022, the Federal Reserve (the "Fed")
expanded the U.S. money supply, known as M2, by 41% to $21.81 trillion to boost
liquidity in the financial system. Normally, M2 grows around 6.0% on a
year-over-year basis. When you factor in that all this new capital was
accompanied by a breakdown of the global supply chain, there is little wonder
why inflation is rampant.

One of the more common definitions of inflation is too many dollars chasing too
few goods. The biggest downside to the supply chain bottlenecks, such as the
severe backup of container ships at some U.S. ports, is that they have markedly
reduced the flow of imported goods to retailers. The Fed has been signaling to
Americans and the rest of the globe that, after many years of artificially low
interest rates, tighter monetary policy will likely rule the day for the
foreseeable future. Higher interest rates make borrowing capital more expensive
and that should slow consumption over time, which, in turn, should bring down
inflation. Don't fight the Fed is code for don't bet against the Fed, in my
opinion. Stay tuned!

The primary job of the Fed is price stability. Its standard inflation target
rate is 2.0%. The most recent Consumer Price Index release showed that prices
were up 8.3% on a year-over-year basis as of April 30, 2022, according to data
from the U.S. Bureau of Labor Statistics. While down from 8.5% the prior month,
it is clearly elevated and that means the Fed has some work to do to with
respect to mitigating inflation. The war between Russia and Ukraine is making
the Fed's job even tougher, particularly in the areas of food and energy. Rising
costs and potential shortages could become even bigger if the COVID-19 outbreak
in China grows. These are important events to monitor. Fed Chairman Jerome
Powell has stated that the Fed is poised to raise the Federal Funds target rate
(upper bound) by 50 basis points at each of its next two meetings (set for June
and July), which would take the rate up to 2.00%. Data from CME Group indicates
that current market pricing has the rate rising to 2.75% or 3.00% by year-end.

Securities markets do not go up in a straight line and they do not just go up
year in and year out. In fact, what we have witnessed over the past couple of
decades are often referred to as boom and bust cycles. Thankfully, it has ended
up more boom than bust. Simply put, investors, not traders of the market, need
to be willing to take the bad with the good. As the various stages of an
economic cycle come and go (expansion to contraction), the markets tend to
reprice securities to reflect the current narrative. In other words, we believe
the markets essentially heal themselves - if you let them. That is an accurate
depiction of how the markets have behaved so far in 2022, in my opinion. In
response to a softening economy, the stock and bond markets have experienced
some serious downside through the first four months of this year, as measured by
the broader market indices. As of today, Brian Wesbury, Chief Economist at First
Trust, is not forecasting a recession for the U.S. in 2022 or 2023. Whether he
is proven right or wrong, we encourage investors to stay the course.

Thank you for giving First Trust the opportunity to play a role in your
financial future. We value our relationship with you and will report on the Fund
again in six months.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.

Page 1

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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

The FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R) (the
"Fund") seeks investment results that correspond generally to the price and
yield (before the Fund's fees and expenses) of an equity index called the Cboe
S&P 500(R) Dividend Aristocrats Target Income Index Monthly Series (the
"Index").

The Fund will normally invest at least 80% of its total assets (including
investment borrowings) in the common stocks and call options that comprise the
Index. The Fund, using an indexing investment approach, attempts to replicate,
before fees and expenses, the performance of the Index. The Index is owned,
developed, maintained and calculated by S&P Opco, LLC (the "Index Provider").
The Index is a rules-based buy-write index designed with the primary goal of
generating an annualized level of income from stock dividends and option
premiums that is approximately 3% over the annual dividend yield of the S&P
500(R) Index and a secondary goal of generating capital appreciation based on
the price returns of the equity securities contained in the Index. The Index's
objective to deliver a target level of income could result in the Fund selling
securities to meet the target, which could make the Fund less tax-efficient than
other ETFs. The Index is composed of two parts: (1) an equal-weighted portfolio
of the stocks contained in the S&P 500 Dividend Aristocrats Index (the
"Aristocrat Stocks") that have options that trade on a national securities
exchange and (2) a rolling series of short (written) call options on each of the
Aristocrat Stocks (the "Covered Calls"). The S&P 500 Dividend Aristocrats Index
includes companies in the S&P 500(R) Index that have increased dividend payments
each year for at least 25 consecutive years and have a float adjusted market-cap
of at least $3 billion as of the rebalancing reference date and have an average
daily value traded of at least $5 million.

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PERFORMANCE
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AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months Ended 1 Year Ended Inception (3/26/18) Inception (3/26/18)
4/30/22 4/30/22 to 4/30/22 to 4/30/22

FUND PERFORMANCE
NAV -1.55% 3.41% 11.46% 55.98%
Market Price -1.18% 3.74% 11.57% 56.59%

INDEX PERFORMANCE
Cboe S&P 500(R) Dividend Aristocrats Target Income
Index Monthly Series -1.16% 4.21% 12.32% 60.93%
S&P 500 Dividend Aristocrats Index -1.12% 4.33% 12.90% 64.35%
S&P 500(R) Index -9.65% 0.21% 13.34% 67.03%
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Total returns for the period since inception are calculated from the inception
date of the Fund. "Average Annual Total Returns" represent the average annual
change in value of an investment over the period indicated. "Cumulative Total
Returns" represent the total change in value of an investment over the period
indicated.

The Fund's per share net asset value ("NAV") is the value of one share of the
Fund and is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of outstanding
shares. The price used to calculate market return ("Market Price") is determined
by using the midpoint of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund's NAV is calculated. Since shares of the Fund did
not trade in the secondary market until after the Fund's inception, for the
period from inception to the first day of secondary market trading in shares of
the Fund, the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
all distributions have been reinvested in the Fund at NAV and Market Price,
respectively.

An index is a statistical composite that tracks a specified financial market or
sector. Unlike the Fund, the indices do not actually hold a portfolio of
securities and therefore do not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do
not include brokerage commissions that may be payable on secondary market
transactions. If brokerage commissions were included, market returns would be
lower. The total returns presented reflect the reinvestment of dividends on
securities in the indices. The returns presented do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption or
sale of Fund shares. The investment return and principal value of shares of the
Fund will vary with changes in market conditions. Shares of the Fund may be
worth more or less than their original cost when they are redeemed or sold in
the market. The Fund's past performance is no guarantee of future performance.

Page 2

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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

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% OF TOTAL
LONG-TERM
SECTOR CLASSIFICATION INVESTMENTS
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Consumer Staples 22.0%
Industrials 18.5
Materials 12.9
Health Care 10.8
Financials 10.6
Consumer Discretionary 7.9
Information Technology 4.8
Utilities 4.7
Real Estate 4.6
Energy 3.2
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Total 100.0%
=======

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% OF NET
FUND ALLOCATION ASSETS
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Common Stock 99.6%
Money Market Fund 0.4
Call Options Written (0.1)
Net Other Assets and Liabilities 0.1
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Total 100.0%
=======

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% OF TOTAL
LONG-TERM
TOP TEN HOLDINGS INVESTMENTS
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Sherwin-Williams (The) Co. 1.8%
Roper Technologies, Inc. 1.7
Amcor PLC 1.7
Linde PLC 1.6
Brown-Forman Corp., Class B 1.6
Lowe's Cos., Inc. 1.6
Kimberly-Clark Corp. 1.6
Chubb Ltd. 1.6
Exxon Mobil Corp. 1.6
W.W. Grainger, Inc. 1.6
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Total 16.4%
=======

Page 3

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PERFORMANCE OF A $10,000 INITIAL INVESTMENT
MARCH 26, 2018 - APRIL 30, 2022

FT Cboe Vest S&P 500(R) Cboe S&P 500(R) Dividend
Dividend Aristocrats Aristocrats Target Income S&P 500 Dividend S&P 500(R)
Target Income ETF(R) Index Monthly Series Aristocrats Index Index

3/26/18 $10,000 $10,000 $10,000 $10,000
4/30/18 9,957 9,962 9,958 9,974
10/31/18 10,285 10,331 10,349 10,313
4/30/19 11,264 11,355 11,449 11,320
10/31/19 11,929 12,076 12,181 11,791
4/30/20 10,550 10,720 10,856 11,418
10/31/20 11,814 12,042 12,225 12,935
4/30/21 15,084 15,444 15,753 16,667
10/31/21 15,843 16,282 16,621 18,486
4/30/22 15,598 16,093 16,435 16,703

Performance figures assume reinvestment of all distributions and do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund's past performance does not predict future performance.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.

Page 4

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PORTFOLIO MANAGEMENT
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
SEMI-ANNUAL REPORT
APRIL 30, 2022 (UNAUDITED)

ADVISOR

First Trust Advisors L.P. ("First Trust" or the "Advisor") is the investment
advisor to FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R)
("KNG" or the "Fund"). First Trust is responsible for the ongoing monitoring of
the Fund's investment portfolio, managing the Fund's business affairs and
providing certain administrative services necessary for the management of the
Fund.

SUB-ADVISOR

Cboe Vest(SM) Financial LLC ("Cboe Vest" or the "Sub-Advisor") serves as the
investment sub-advisor to the Fund. In this capacity, Cboe Vest is responsible
for the selection and ongoing monitoring of the securities in the Fund's
investment portfolio. Cboe Vest, with principal offices at 1765 Greensboro
Station Pl., 9th Floor, McLean, Virginia 22102, was founded in 2012. Cboe Vest
had approximately $6.9 billion under management or committed to management as of
April 30, 2022.

PORTFOLIO MANAGEMENT TEAM

KARAN SOOD, DIRECTOR OF CBOE VEST
HOWARD RUBIN, MANAGING DIRECTOR OF CBOE VEST

Page 5

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

UNDERSTANDING YOUR FUND EXPENSES
APRIL 30, 2022 (UNAUDITED)

As a shareholder of FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income
ETF(R) (the "Fund"), you incur two types of costs: (1) transaction costs; and
(2) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, if any, and other Fund expenses. This Example is intended to help
you understand your ongoing costs of investing in the Fund and to compare these
costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held through the six-month period ended April 30, 2022.

ACTUAL EXPENSES

The first line in the following table provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During the Six-Month
Period" to estimate the expenses you paid on your account during this six-month
period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the following table provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as brokerage
commissions. Therefore, the second line in the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.

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ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
NOVEMBER 1, 2021 APRIL 30, 2022 PERIOD PERIOD (a)
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
Actual $1,000.00 $ 984.50 0.75% $3.69
Hypothetical (5% return before expenses) $1,000.00 $1,021.08 0.75% $3.76

(a) Expenses are equal to the annualized expense ratio as indicated in the
table multiplied by the average account value over the period (November 1,
2021 through April 30, 2022), multiplied by 181/365 (to reflect the
six-month period).

Page 6

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PORTFOLIO OF INVESTMENTS
APRIL 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------- -------------------------------------------------------------------------------------------- ----------------

COMMON STOCKS -- 99.6%

AEROSPACE & DEFENSE -- 1.6%
32,060 General Dynamics Corp. (a).................................................................. $ 7,583,152
----------------
AIR FREIGHT & LOGISTICS -- 1.6%
76,994 Expeditors International of Washington, Inc. (a)............................................ 7,627,796
----------------
BEVERAGES -- 4.8%
114,279 Brown-Forman Corp., Class B (a)............................................................. 7,706,976
117,326 Coca-Cola (The) Co. (a)..................................................................... 7,580,433
44,470 PepsiCo, Inc. (a)........................................................................... 7,635,943
----------------
22,923,352
----------------
BIOTECHNOLOGY -- 1.5%
49,394 AbbVie, Inc. (a)............................................................................ 7,254,991
----------------
BUILDING PRODUCTS -- 1.5%
118,251 A.O. Smith Corp. (a)........................................................................ 6,909,406
----------------
CAPITAL MARKETS -- 4.6%
290,092 Franklin Resources, Inc. (a)................................................................ 7,133,362
20,164 S&P Global, Inc. (a)........................................................................ 7,591,746
57,025 T. Rowe Price Group, Inc. (a)............................................................... 7,016,356
----------------
21,741,464
----------------
CHEMICALS -- 9.6%
31,515 Air Products and Chemicals, Inc. (a)........................................................ 7,376,716
38,156 Albemarle Corp. (a)......................................................................... 7,357,621
43,696 Ecolab, Inc. (a)............................................................................ 7,399,481
24,718 Linde PLC (a)............................................................................... 7,711,027
57,625 PPG Industries, Inc. (a).................................................................... 7,375,424
31,257 Sherwin-Williams (The) Co. (a).............................................................. 8,594,425
----------------
45,814,694
----------------
COMMERCIAL SERVICES & SUPPLIES -- 1.6%
18,764 Cintas Corp. (a)............................................................................ 7,454,187
----------------
CONTAINERS & PACKAGING -- 1.7%
661,100 Amcor PLC (a)............................................................................... 7,840,646
----------------
DISTRIBUTORS -- 1.6%
57,285 Genuine Parts Co. (a)....................................................................... 7,449,914
----------------
ELECTRIC UTILITIES -- 1.5%
103,523 NextEra Energy, Inc. (a).................................................................... 7,352,203
----------------
ELECTRICAL EQUIPMENT -- 1.6%
81,790 Emerson Electric Co. (a).................................................................... 7,375,822
----------------
EQUITY REAL ESTATE INVESTMENT TRUSTS -- 4.6%
21,778 Essex Property Trust, Inc. (a).............................................................. 7,170,842
62,859 Federal Realty Investment Trust (a)......................................................... 7,358,275
104,100 Realty Income Corp. (a)..................................................................... 7,220,376
----------------
21,749,493
----------------
FOOD & STAPLES RETAILING -- 4.6%
86,211 Sysco Corp. (a)............................................................................. 7,369,316
168,106 Walgreens Boots Alliance, Inc. (a).......................................................... 7,127,695
48,805 Walmart, Inc. (a)........................................................................... 7,466,677
----------------
21,963,688
----------------

See Notes to Financial Statements Page 7

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------- -------------------------------------------------------------------------------------------- ----------------

COMMON STOCKS (CONTINUED)

FOOD PRODUCTS -- 4.7%
83,050 Archer-Daniels-Midland Co. (a).............................................................. $ 7,437,958
142,881 Hormel Foods Corp. (a)...................................................................... 7,485,535
74,849 McCormick & Co., Inc. (a)................................................................... 7,527,564
----------------
22,451,057
----------------
GAS UTILITIES -- 1.5%
64,495 Atmos Energy Corp. (a)...................................................................... 7,313,733
----------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 4.6%
63,988 Abbott Laboratories (a)..................................................................... 7,262,638
30,017 Becton, Dickinson and Co. (a)............................................................... 7,419,902
71,016 Medtronic PLC (a)........................................................................... 7,411,230
----------------
22,093,770
----------------
HEALTH CARE PROVIDERS & SERVICES -- 1.5%
124,339 Cardinal Health, Inc. (a)................................................................... 7,217,879
----------------
HOTELS, RESTAURANTS & LEISURE -- 1.6%
30,601 McDonald's Corp. (a)........................................................................ 7,624,545
----------------
HOUSEHOLD PRODUCTS -- 7.8%
74,477 Church & Dwight Co., Inc. (a)............................................................... 7,265,976
50,817 Clorox (The) Co. (a)........................................................................ 7,290,715
94,396 Colgate-Palmolive Co. (a)................................................................... 7,273,212
55,271 Kimberly-Clark Corp. (a).................................................................... 7,673,273
47,476 Procter & Gamble (The) Co. (a).............................................................. 7,622,272
----------------
37,125,448
----------------
INDUSTRIAL CONGLOMERATES -- 1.6%
51,321 3M Co. (a).................................................................................. 7,401,515
----------------
INSURANCE -- 6.0%
120,807 Aflac, Inc. (a)............................................................................. 6,919,825
113,030 Brown & Brown, Inc. (a)..................................................................... 7,005,599
37,145 Chubb Ltd. (a).............................................................................. 7,668,585
56,019 Cincinnati Financial Corp. (a).............................................................. 6,871,291
----------------
28,465,300
----------------
IT SERVICES -- 3.1%
34,250 Automatic Data Processing, Inc. (a)......................................................... 7,472,665
55,375 International Business Machines Corp. (a)................................................... 7,321,129
----------------
14,793,794
----------------
LIFE SCIENCES TOOLS & SERVICES -- 1.5%
21,887 West Pharmaceutical Services, Inc. (a)...................................................... 6,895,718
----------------
MACHINERY -- 7.6%
35,393 Caterpillar, Inc. (a)....................................................................... 7,451,642
53,535 Dover Corp. (a)............................................................................. 7,136,215
37,647 Illinois Tool Works, Inc. (a)............................................................... 7,420,600
145,322 Pentair PLC (a)............................................................................. 7,375,092
54,107 Stanley Black & Decker, Inc. (a)............................................................ 6,500,956
----------------
35,884,505
----------------
METALS & MINING -- 1.5%
47,535 Nucor Corp. (a)............................................................................. 7,357,467
----------------
MULTILINE RETAIL -- 1.5%
31,676 Target Corp. (a)............................................................................ 7,242,717
----------------

Page 8 See Notes to Financial Statements

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------- -------------------------------------------------------------------------------------------- ----------------

COMMON STOCKS (CONTINUED)

MULTI-UTILITIES -- 1.5%
79,340 Consolidated Edison, Inc. (a)............................................................... $ 7,357,992
----------------
OIL, GAS & CONSUMABLE FUELS -- 3.2%
47,565 Chevron Corp. (a)........................................................................... 7,452,009
89,928 Exxon Mobil Corp. (a)....................................................................... 7,666,362
----------------
15,118,371
----------------
PHARMACEUTICALS -- 1.6%
42,170 Johnson & Johnson (a)....................................................................... 7,609,998
----------------
SOFTWARE -- 1.7%
16,859 Roper Technologies, Inc. (a)................................................................ 7,922,381
----------------
SPECIALTY RETAIL -- 1.6%
38,849 Lowe's Cos., Inc. (a)....................................................................... 7,681,613
----------------
TEXTILES, APPAREL & LUXURY GOODS -- 1.5%
140,263 VF Corp. (a)................................................................................ 7,293,676
----------------
TRADING COMPANIES & DISTRIBUTORS -- 1.6%
15,331 W.W. Grainger, Inc. (a)..................................................................... 7,665,960
----------------
TOTAL COMMON STOCKS......................................................................... 473,558,247
(Cost $459,262,794) ----------------

MONEY MARKET FUNDS -- 0.4%
1,730,631 Dreyfus Government Cash Management Fund, Institutional Shares - 0.24% (b)................... 1,730,631
(Cost $1,730,631) ----------------

TOTAL INVESTMENTS -- 100.0%................................................................. 475,288,878
(Cost $460,993,425) ----------------

NUMBER OF NOTIONAL EXERCISE EXPIRATION
CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE
---------------- -------------------------------------------------- ------------ ------------ ------------ ----------------

CALL OPTIONS WRITTEN -- (0.1)%

(27) 3M Co............................................. $ (389,394) $ 150.00 05/23/22 (4,293)
(63) A.O. Smith Corp................................... (368,109) 65.00 05/23/22 (1,890)
(34) Abbott Laboratories............................... (385,900) 120.00 05/23/22 (2,958)
(25) AbbVie, Inc....................................... (367,200) 160.00 05/23/22 (1,275)
(62) Aflac, Inc........................................ (355,136) 65.00 05/23/22 (682)
(16) Air Products and Chemicals, Inc................... (374,512) 250.00 05/23/22 (4,112)
(19) Albemarle Corp.................................... (366,377) 210.00 05/23/22 (11,248)
(347) Amcor PLC......................................... (411,542) 12.00 05/23/22 (8,675)
(42) Archer-Daniels-Midland Co......................... (376,152) 97.50 05/23/22 (2,940)
(34) Atmos Energy Corp................................. (385,560) 120.00 05/23/22 (5,100)
(18) Automatic Data Processing, Inc.................... (392,724) 230.00 05/23/22 (4,950)
(15) Becton, Dickinson and Co.......................... (370,785) 270.00 05/23/22 (2,805)
(57) Brown & Brown, Inc................................ (353,286) 70.00 05/23/22 (2,565)
(59) Brown-Forman Corp................................. (397,896) 70.00 05/23/22 (3,982)
(64) Cardinal Health, Inc.............................. (371,520) 62.50 05/23/22 (5,120)
(18) Caterpillar, Inc.................................. (378,972) 230.00 05/23/22 (2,592)
(24) Chevron Corp...................................... (376,008) 170.00 05/23/22 (3,024)
(19) Chubb Ltd......................................... (392,255) 210.00 05/23/22 (11,400)
(39) Church & Dwight Co., Inc.......................... (380,484) 105.00 05/23/22 (1,365)
(29) Cincinnati Financial Corp......................... (355,714) 140.00 05/23/22 (957)
(10) Cintas Corp....................................... (397,260) 410.00 05/23/22 (5,850)
(28) Clorox (The) Co................................... (401,716) 145.00 05/23/22 (14,840)

See Notes to Financial Statements Page 9

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2022 (UNAUDITED)

CALL OPTIONS WRITTEN (CONTINUED)

(62) Coca-Cola (The) Co................................ $ (400,582) $ 65.00 05/23/22 $ (7,378)
(50) Colgate-Palmolive Co.............................. (385,250) 80.00 05/23/22 (3,500)
(41) Consolidated Edison, Inc.......................... (380,234) 97.50 05/23/22 (2,255)
(28) Dover Corp........................................ (373,240) 145.00 05/23/22 (1,820)
(23) Ecolab, Inc....................................... (389,482) 175.00 05/23/22 (6,958)
(44) Emerson Electric Co............................... (396,792) 92.50 05/23/22 (8,888)
(12) Essex Property Trust, Inc......................... (395,124) 350.00 05/23/22 (6,900)
(42) Expeditors International of Washington, Inc....... (416,094) 95.00 05/23/22 (26,040)
(46) Exxon Mobil Corp.................................. (392,150) 87.50 05/23/22 (8,188)
(33) Federal Realty Investment Trust................... (386,298) 125.00 05/23/22 (6,138)
(158) Franklin Resources, Inc........................... (388,522) 25.00 05/23/22 (13,430)
(17) General Dynamics Corp............................. (402,101) 240.00 05/23/22 (7,939)
(31) Genuine Parts Co.................................. (403,155) 130.00 05/23/22 (14,043)
(76) Hormel Foods Corp................................. (398,164) 52.50 05/23/22 (10,260)
(21) Illinois Tool Works, Inc.......................... (413,931) 195.00 05/23/22 (15,645)
(32) International Business Machines Corp.............. (423,072) 125.00 05/23/22 (26,400)
(23) Johnson & Johnson................................. (415,058) 180.00 05/23/22 (9,154)
(32) Kimberly-Clark Corp............................... (444,256) 125.00 05/23/22 (45,760)
(13) Linde PLC......................................... (405,548) 320.00 05/23/22 (7,800)
(20) Lowe's Cos., Inc.................................. (395,460) 200.00 05/23/22 (14,760)
(40) McCormick & Co., Inc.............................. (402,280) 100.00 05/23/22 (11,080)
(16) McDonald's Corp................................... (398,656) 250.00 05/23/22 (8,544)
(37) Medtronic PLC..................................... (386,132) 110.00 05/23/22 (3,219)
(49) NextEra Energy, Inc............................... (347,998) 82.50 05/23/22 (245)
(25) Nucor Corp........................................ (386,950) 165.00 05/23/22 (9,750)
(77) Pentair PLC....................................... (390,775) 55.00 05/23/22 (4,543)
(24) PepsiCo, Inc...................................... (412,104) 170.00 05/23/22 (11,760)
(32) PPG Industries, Inc............................... (409,568) 130.00 05/23/22 (13,536)
(26) Procter & Gamble (The) Co......................... (417,430) 160.00 05/23/22 (10,270)
(56) Realty Income Corp................................ (388,416) 72.50 05/23/22 (3,080)
(9) Roper Technologies, Inc........................... (422,928) 460.00 05/23/22 (16,605)
(10) S&P Global, Inc................................... (376,500) 390.00 05/23/22 (7,000)
(16) Sherwin-Williams (The) Co......................... (439,936) 250.00 05/23/22 (44,320)
(29) Stanley Black & Decker, Inc....................... (348,435) 140.00 05/23/22 (1,160)
(47) Sysco Corp........................................ (401,756) 85.00 05/23/22 (18,894)
(29) T. Rowe Price Group, Inc.......................... (356,816) 140.00 05/23/22 (870)
(17) Target Corp....................................... (388,705) 240.00 05/23/22 (8,075)
(72) VF Corp........................................... (374,400) 55.00 05/23/22 (8,640)
(8) W.W. Grainger, Inc................................ (400,024) 490.00 05/23/22 (15,520)
(90) Walgreens Boots Alliance, Inc..................... (381,600) 45.00 05/23/22 (3,150)
(26) Walmart, Inc...................................... (397,774) 155.00 05/23/22 (7,696)
(11) West Pharmaceutical Services, Inc................. (346,566) 380.00 05/23/22 (440)
----------------
TOTAL CALL OPTIONS WRITTEN.................................................................. (554,276)
(Premiums received $884,531) ----------------

NET OTHER ASSETS AND LIABILITIES -- 0.1%.................................................... 501,419
----------------
NET ASSETS -- 100.0%........................................................................ $ 475,236,021
================

(a) All or a portion of this security is held as collateral for the options
written. At April 30, 2022, the value of these securities amount to
$24,928,764 or 5.2% of net assets.

(b) Rate shown reflects yield as of April 30, 2022.

Page 10 See Notes to Financial Statements

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2022 (UNAUDITED)

-----------------------------

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of April 30,
2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

ASSETS TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
4/30/2022 PRICES INPUTS INPUTS
--------------- --------------- --------------- ---------------

Common Stocks*........................................ $ 473,558,247 $ 473,558,247 $ -- $ --
Money Market Funds.................................... 1,730,631 1,730,631 -- --
--------------- --------------- --------------- ---------------
Total Investments..................................... $ 475,288,878 $ 475,288,878 $ -- $ --
=============== =============== =============== ===============

LIABILITIES TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
4/30/2022 PRICES INPUTS INPUTS
--------------- --------------- --------------- ---------------
Call Options Written.................................. $ (554,276) $ (554,276) $ -- $ --
=============== =============== =============== ===============

* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements Page 11

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2022 (UNAUDITED)

ASSETS:

Investments, at value.................................................. $ 475,288,878
Cash segregated as collateral for open options contracts............... 6,598
Receivables:
Investment securities sold.......................................... 40,879,523
Capital shares sold................................................. 24,598,956
Dividends........................................................... 541,370
--------------
Total Assets........................................................ 541,315,325
--------------
LIABILITIES:
Options contracts written, at value.................................... 554,276
Payables:
Investment securities purchased..................................... 41,397,093
Capital shares purchased............................................ 23,827,286
Investment advisory fees............................................ 300,649
--------------
Total Liabilities................................................... 66,079,304
--------------
NET ASSETS............................................................. $ 475,236,021
==============
NET ASSETS CONSIST OF:
Paid-in capital........................................................ $ 469,073,454
Par value.............................................................. 89,750
Accumulated distributable earnings (loss).............................. 6,072,817
--------------
NET ASSETS............................................................. $ 475,236,021
==============
NET ASSET VALUE, per share............................................. $ 52.95
==============
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share).......................................... 8,975,000
==============
Investments, at cost................................................... $ 460,993,425
==============
Premiums received on options contracts written......................... $ 884,531
==============

Page 12 See Notes to Financial Statements

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2022 (UNAUDITED)

INVESTMENT INCOME:

Dividends.............................................................. $ 4,776,095
--------------
Total investment income............................................. 4,776,095
--------------
EXPENSES:
Investment advisory fees............................................... 1,503,212
--------------
Total expenses...................................................... 1,503,212
--------------
NET INVESTMENT INCOME (LOSS)........................................... 3,272,883
--------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments......................................................... (7,387,464)
In-kind redemptions................................................. 10,320,860
Written options contracts........................................... 1,678,448
--------------
Net realized gain (loss)............................................... 4,611,844
--------------
Net change in unrealized appreciation (depreciation) on:
Investments......................................................... (20,048,289)
Written options contracts........................................... 563,854
--------------
Net change in unrealized appreciation (depreciation)................... (19,484,435)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS)................................ (14,872,591)
--------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS..................................................... $ (11,599,708)
==============

See Notes to Financial Statements Page 13

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

STATEMENTS OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR
4/30/2022 ENDED
(UNAUDITED) 10/31/2021
------------------ ------------------

OPERATIONS:
Net investment income (loss)........................................... $ 3,272,883 $ 2,613,224
Net realized gain (loss)............................................... 4,611,844 (1,477,869)
Net change in unrealized appreciation (depreciation)................... (19,484,435) 30,845,059
-------------- --------------
Net increase (decrease) in net assets resulting from operations........ (11,599,708) 31,980,414
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations.................................................. (7,698,705) (6,058,854)
-------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold.............................................. 223,946,692 201,715,231
Cost of shares redeemed................................................ (23,827,286) --
-------------- --------------
Net increase (decrease) in net assets resulting from
shareholder transactions............................................ 200,119,406 201,715,231
-------------- --------------
Total increase (decrease) in net assets................................ 180,820,993 227,636,791

NET ASSETS:
Beginning of period.................................................... 294,415,028 66,778,237
-------------- --------------
End of period.......................................................... $ 475,236,021 $ 294,415,028
============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................................ 5,375,000 1,575,000
Shares sold............................................................ 4,050,000 3,800,000
Shares redeemed........................................................ (450,000) --
-------------- --------------
Shares outstanding, end of period...................................... 8,975,000 5,375,000
============== ==============

Page 14 See Notes to Financial Statements

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)

FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

SIX MONTHS
ENDED YEAR ENDED OCTOBER 31, PERIOD
4/30/2022 -------------------------------------------- ENDED
(UNAUDITED) 2021 2020 2019 10/31/2018 (a)
-------------- ------------ ------------ ------------ --------------

Net asset value, beginning of period....... $ 54.77 $ 42.40 $ 44.69 $ 40.28 $ 40.00
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)............... 0.47 0.73 0.81 (b) 0.74 (b) 0.43 (b)
Net realized and unrealized gain (loss).... (1.27) 13.57 (1.35) (c) 5.52 0.70 (c)
---------- ---------- ---------- ---------- ----------
Total from investment operations........... (0.80) 14.30 (0.54) 6.26 1.13
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income...................... (1.02) (0.58) (1.75) (1.57) (0.40)
Net realized gain.......................... -- (1.35) -- (0.29) (0.46)
---------- ---------- ---------- ---------- ----------
Total distributions........................ (1.02) (1.93) (1.75) (1.86) (0.86)
---------- ---------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 8).................. -- -- 0.00(b)(d) 0.01 (b) 0.01 (b)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period............. $ 52.95 $ 54.77 $ 42.40 $ 44.69 $ 40.28
========== ========== ========== ========== ==========
TOTAL RETURN (e)........................... (1.55)% 34.14% (0.93)% 15.98% 2.84%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....... $ 475,236 $ 294,415 $ 66,778 $ 43,574 $ 19,134
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets.................................. 0.75% (f) 0.75% 0.75% 0.75% 0.75% (f)
Ratio of net investment income (loss) to
average net assets...................... 1.63% (f) 1.65% 1.89% 1.75% 1.73% (f)
Portfolio turnover rate (g)................ 36% 62% 86% 83% 50%

(a) Inception date is March 26, 2018, 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) 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
Statement of Operations due to share transactions for the period.

(d) Amount is less than $0.01.

(e) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net
asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods
of less than a year.

(f) Annualized.

(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 15

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (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").

The Trust currently consists of eleven funds that are offering shares. This
report covers the FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income
ETF(R) (the "Fund"), which trades under the ticker "KNG" on the Cboe BZX
Exchange, Inc. ("Cboe BZX"). 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'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(R) Dividend Aristocrats Target Income Index
Monthly Series (the "Index"). The Fund will normally invest at least 80% of its
total assets (including investment borrowings) in the common stocks and call
options that comprise the Index. The Index's primary goal is to generate an
annualized level of income from stock dividends and option premiums that is
approximately 3% over the annual dividend yield of the S&P 500(R) Index and the
Index's secondary goal is to generate capital appreciation based on the price
returns of the equity securities contained in the Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is considered an investment company and follows accounting and
reporting guidance under Financial Accounting Standards Board Accounting
Standards Codification Topic 946, "Financial Services-Investment Companies." The
following is a summary of significant accounting policies consistently followed
by the 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 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 adopted by the Trust's Board of
Trustees, and in accordance with provisions of the 1940 Act. Investments valued
by the Advisor's Pricing Committee, if any, are footnoted as such in the
footnotes to the Portfolio of Investments. The Fund's investments are valued as
follows:

Common stocks and other equity securities listed on any national or
foreign exchange (excluding The Nasdaq Stock Market LLC ("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 principal market 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 fair valued at the mean
of their most recent bid and asked price, if available, and otherwise at
their closing bid price.

Securities traded in an over-the-counter market are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise
at their closing bid price.

Shares of open-end funds are valued at fair value which is 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 Trust's Board of Trustees or its
delegate, 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

Page 16

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

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 type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
5) price quotes from dealers and/or third-party pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or
the appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might
affect the value of the security.

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:

o 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.

o 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.

o 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, 2022, 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.

Distributions received from the Fund's investments in real estate investment
trusts ("REITs") may be comprised of return of capital, capital gains and
income. The actual character of the amounts received during the year is not
known until after the REITs' fiscal year end. The Fund records the character of
distributions received from the REITs during the year based on estimates
available. The characterization of distributions received by the Fund may be
subsequently revised based on information received by the REITs after their tax
reporting periods conclude.

C. OPTIONS CONTRACTS

The Fund will employ a "partial covered call strategy," meaning that covered
calls will be written on a notional value of no more than 20% of the 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 to
generate income. 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

Page 17

FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

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 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. 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 would be included in "Net realized gain (loss) on written
options contracts" on the Statement 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, if any, are declared and paid quarterly by
the Fund, or as the Board of Trustees may determine from time to time.
Distributions of net realized gains earned by the Fund, if any, are distributed
at least annually.

Distributions from net investment income and realized capital gains are
determined in accordance with federal income tax regulations, which may differ
from U.S. GAAP. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax
character. These permanent differences are primarily due to the varying
treatment of income and gain/loss on significantly modified portfolio securities
held by the Fund and have no impact on net assets or NAV per share. Temporary
differences, which arise from recognizing certain items of income, expense and
gain/loss in different periods for 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,
2021 was as follows:

Distributions paid from:
Ordinary income................................. $ 5,267,572
Capital gains................................... 791,282
Return of capital............................... --

As of October 31, 2021, the components of distributable earnings on a tax basis
for the Fund were as follows:

Undistributed ordinary income................... $ 784,246
Accumulated capital and other gain (loss)....... --
Net unrealized appreciation (depreciation)...... 24,586,984

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 2018,
2019, 2020, and 2021 remain open to federal and state audit. As of April 30,
2022, 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, 2021, the
Fund had no capital loss carryforwards for federal income tax purposes.

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APRIL 30, 2022 (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, 2021, the Fund had no
net late year ordinary or capital losses.

As of April 30, 2022, the aggregate cost, gross unrealized appreciation, gross
unrealized depreciation, and net unrealized appreciation/(depreciation) on
investments (including short positions and derivatives, if any) for federal
income tax purposes were as follows:

Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Tax Cost Appreciation (Depreciation) (Depreciation)
---------------- ---------------- ---------------- ----------------

$ 460,108,894 $ 34,316,811 $ (19,691,103) $ 14,625,708

F. EXPENSES

Expenses, other than the investment advisory fee and other excluded expenses,
are paid by the Advisor (see Note 3).

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.

First Trust is responsible for the expenses of the 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 Fund has
agreed to pay First Trust an annual management fee equal to 0.75% of its average
daily net assets.

Cboe Vest(S)M Financial LLC ("Cboe Vest"), an affiliate of First Trust, serves
as the Fund's sub-advisor and manages the Fund's portfolio subject to First
Trust's supervision. Pursuant to the Investment Management Agreement, between
the Trust, on behalf of the Fund, and the Advisor, and the Investment
Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Advisor and
Cboe Vest, First Trust will supervise Cboe Vest and its management of the
investment of the Fund's assets and will pay Cboe Vest for its services as the
Fund's sub-advisory fee equal to 0.20% of the average daily net assets of the
Fund, less Cboe Vest's share of the Fund's expenses. Cboe 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
("BNYM"). Under the service agreements, BNYM performs custodial, fund
accounting, certain administrative services, and transfer agency services for
the Fund. As custodian, BNYM is responsible for custody of the Fund's assets. As
fund accountant and administrator, BNYM is responsible for maintaining the books
and records of the Fund's securities and cash. As transfer agent, BNYM is
responsible for maintaining shareholder records for the Fund. BNYM 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,
defined-outcome fund or an index fund.

Additionally, the Lead Independent Trustee and the Chairs of the Audit
Committee, Nominating and Governance Committee and Valuation Committee are paid
annual fees to serve in such capacities, with such compensation allocated pro
rata among each fund in the First Trust Fund Complex based on net assets.
Independent Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and Committee Chairs
rotate every three years. The officers and "Interested" Trustee receive no
compensation from the Trust for acting in such capacities.

4. REORGANIZATION

On March 1, 2021, the Board of Trustees of Cboe Vest S&P 500(R) Dividend
Aristocrats Target Income ETF(R) ("Target Fund"), an index based exchange-traded
fund ("ETF") managed by Cboe VestSM Financial LLC, approved a reorganization
into FT Cboe Vest S&P 500(R) Dividend Aristocrats Target Income ETF(R) (the
"Acquiring Fund" or "KNG"), an index based ETF managed by First Trust.

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APRIL 30, 2022 (UNAUDITED)

The reorganization resulted in a shift in the management responsibility for the
Target Fund. Other than the management responsibility, the primary
characteristics of Target Fund and the Acquiring Fund are materially the same.
The Acquiring Fund's investment objective, investment strategies, policies and
risks are identical in all material respects to those of the Target Fund.

Under the terms of the reorganization, which was tax-free, the assets of Target
Fund were transferred to, and the liabilities of Target Fund were assumed by
KNG. The shareholders of the Target Fund received shares of KNG with a value
equal to the aggregate net asset value of the shares of the Target Fund held by
them.

5. PURCHASES AND SALES OF SECURITIES

For the six months ended April 30, 2022, the cost of purchases and proceeds from
sales of investments, excluding short-term investments and in-kind transactions,
were $143,054,631 and $144,193,572, respectively.

For the six months ended April 30, 2022, the cost of in-kind purchases and
proceeds from in-kind sales were $223,755,876 and $23,722,989, respectively.

6. DERIVATIVE TRANSACTIONS

The following table presents the types of derivatives held by the Fund at April
30, 2022, 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 RISK STATEMENT OF ASSETS AND STATEMENT OF ASSETS AND
INSTRUMENTS EXPOSURE LIABILITIES LOCATION VALUE LIABILITIES LOCATION VALUE
----------- --------- ---------------------------- ---------- -------------------------- ----------

Options contracts written,
Options Equity Risk -- $ -- at value $ 554,276

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, 2022, on derivative instruments, as well as the primary
underlying risk exposure associated with the instruments.

STATEMENT OF OPERATIONS LOCATION
----------------------------------------------------------------------------------

EQUITY RISK EXPOSURE
Net realized gain (loss) on written options contracts $1,678,448
Net change in unrealized appreciation (depreciation) on
written options contracts 563,854

During the six months ended April 30, 2022, the premiums for written options
contracts opened were $4,437,437 and the premiums for written options contracts
closed, exercised and expired were $4,026,049.

7. OFFSETTING ASSETS AND LIABILITIES

The Fund is subject to a Master Netting Arrangement, which governs the terms of
certain transactions with select counterparties. The Master Netting Arrangement
allows the Fund 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.

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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

The following is a summary of the Assets and Liabilities subject to offsetting
in the Fund as of the end of the reporting period:

NET AMOUNT GROSS AMOUNT NOT OFFSET
GROSS AMOUNT OF LIABILITIES IN THE STATEMENT OF
GROSS OFFSET IN THE PRESENTED IN ASSETS AND LIABILITIES
AMOUNT OF STATEMENT OF THE STATEMENT ------------------------------
DESCRIPTION/ RECOGNIZED ASSETS AND OF ASSETS AND FINANCIAL CASH COLLATERAL NET
COUNTERPARTY LIABILITIES LIABILITIES LIABILITIES INSTRUMENTS PLEDGED AMOUNT
-------------------------------- ------------ ------------- -------------- ------------- --------------- -----------

Written Options
Societe Generale $ 554,276 $ -- $ 554,276 $ (554.276) $ -- $ --

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.

8. 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
large blocks of shares known as "Creation Units." Prior to the start of trading
on every business day, the Fund publishes through the National Securities
Clearing Corporation ("NSCC") the "basket" of securities, cash or other assets
that it will accept in exchange for a Creation Unit of the Fund's shares. An
Authorized Participant that wishes to effectuate a creation of 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.

9. 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, 2023.

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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

10. 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.

11. OTHER MATTERS

By operation of law, the Fund now operates as a diversified open-end management
investment company as defined in Section 5(b) of the 1940 Act.

12. 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.

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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Trust uses to determine
how to vote proxies and information on how the Fund voted proxies relating to
its portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website at www.ftportfolios.com; and (3) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files portfolio holdings information for each month in a fiscal quarter
within 60 days after the end of the relevant fiscal quarter on Form N-PORT.
Portfolio holdings information for the third month of each fiscal quarter will
be publicly available on the SEC's website at www.sec.gov. The Fund's complete
schedule of portfolio holdings for the second and fourth quarters of each fiscal
year is included in the semi-annual and annual reports to shareholders,
respectively, and is filed with the SEC on Form N-CSR. The semi-annual and
annual report for the Fund is available to investors within 60 days after the
period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are
available on the SEC's website listed above.

RISK CONSIDERATIONS

RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE
APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS
RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW
APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT
IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY
FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE,
RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT
WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO
REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.

CONCENTRATION RISK. To the extent that a fund is able to invest a significant
percentage of its assets in a single asset class or the securities of issuers
within the same country, state, region, industry or sector, an adverse economic,
business or political development may affect the value of the fund's investments
more than if the fund were more broadly diversified. A fund that tracks an index
will be concentrated to the extent the fund's corresponding index is
concentrated. A concentration makes a fund more susceptible to any single
occurrence and may subject the fund to greater market risk than a fund that is
more broadly diversified.

CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable
or unwilling to make dividend, interest and/or principal payments when due and
the related risk that the value of a security may decline because of concerns
about the issuer's ability to make such payments.

CYBER SECURITY RISK. The funds are susceptible to potential operational risks
through breaches in cyber security. A breach in cyber security refers to both
intentional and unintentional events that may cause a fund to lose proprietary
information, suffer data corruption or lose operational capacity. Such events
could cause a fund to incur regulatory penalties, reputational damage,
additional compliance costs associated with corrective measures and/or financial
loss. In addition, cyber security breaches of a fund's third-party service
providers, such as its administrator, transfer agent, custodian, or sub-advisor,
as applicable, or issuers in which the fund invests, can also subject a fund to
many of the same risks associated with direct cyber security breaches.

DEFINED OUTCOME FUNDS RISK. To the extent a fund's investment strategy is
designed to deliver returns tied to the price performance of an underlying ETF,
an investor may not realize the returns the fund seeks to achieve if that
investor does not hold shares for the entire target outcome period. In the event
an investor purchases shares after the first day of the target outcome period or
sells shares prior to the end of the target outcome period, the buffer that the
fund seeks to provide against a decline in the value of the underlying ETF may
not be available, the enhanced returns that the fund seeks to provide (if any)
may not be available and the investor may not participate in a gain in the value
of the underlying ETF up to the cap for the investor's investment period.
Additionally, the fund will not participate in gains of the underlying ETF above
the cap and a shareholder may lose their entire investment. If the fund seeks
enhanced returns, there are certain time periods when the value of the fund may
fall faster than the value of the underlying ETF, and it is very unlikely that,
on any given day during which the underlying ETF share price increases in value,
the fund's share price will increase at the same rate as the enhanced returns
sought by the fund, which is designed for an entire target outcome period.
Trading flexible exchange options involves risks different from, or possibly
greater than, the risks associated with investing directly in securities, such
as less liquidity and correlation and valuation risks. A fund may experience
substantial downside from specific flexible exchange option positions and
certain positions may expire worthless.

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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

DERIVATIVES RISK. To the extent a fund uses derivative instruments such as
futures contracts, options contracts and swaps, the fund may experience losses
because of adverse movements in the price or value of the underlying asset,
index or rate, which may be magnified by certain features of the derivative.
These risks are heightened when a fund's portfolio managers use derivatives to
enhance the fund's return or as a substitute for a position or security, rather
than solely to hedge (or offset) the risk of a position or security held by the
fund.

EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the
value of the fund's shares will fluctuate with changes in the value of the
equity securities. Equity securities prices fluctuate for several reasons,
including changes in investors' perceptions of the financial condition of an
issuer or the general condition of the relevant stock market, such as market
volatility, or when political or economic events affecting the issuers occur. In
addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase. Equity
securities may decline significantly in price over short or extended periods of
time, and such declines may occur in the equity market as a whole, or they may
occur in only a particular country, company, industry or sector of the market.

ETF RISK. The shares of an ETF trade like common stock and represent an interest
in a portfolio of securities. The risks of owning an ETF generally reflect the
risks of owning the underlying securities, although lack of liquidity in an ETF
could result in it being more volatile and ETFs have management fees that
increase their costs. Shares of an ETF trade on an exchange at market prices
rather than net asset value, which may cause the shares to trade at a price
greater than net asset value (premium) or less than net asset value (discount).
In times of market stress, decisions by market makers to reduce or step away
from their role of providing a market for an ETF's shares, or decisions by an
ETF's authorized participants that they are unable or unwilling to proceed with
creation and/or redemption orders of an ETF's shares, could result in shares of
the ETF trading at a discount to net asset value and in greater than normal
intraday bid-ask spreads.

FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income
securities, the fund will be subject to credit risk, income risk, interest rate
risk, liquidity risk and prepayment risk. Income risk is the risk that income
from a fund's fixed income investments could decline during periods of falling
interest rates. Interest rate risk is the risk that the value of a fund's fixed
income securities will decline because of rising interest rates. Liquidity risk
is the risk that a security cannot be purchased or sold at the time desired, or
cannot be purchased or sold without adversely affecting the price. Prepayment
risk is the risk that the securities will be redeemed or prepaid by the issuer,
resulting in lower interest payments received by the fund. In addition to these
risks, high yield securities, or "junk" bonds, are subject to greater market
fluctuations and risk of loss than securities with higher ratings, and the
market for high yield securities is generally smaller and less liquid than that
for investment grade securities.

INDEX OR MODEL CONSTITUENT RISK. Certain funds may be a constituent of one or
more indices or ETF models. As a result, such a fund may be included in one or
more index-tracking exchange-traded funds or mutual funds. Being a component
security of such a vehicle could greatly affect the trading activity involving a
fund, the size of the fund and the market volatility of the fund. Inclusion in
an index could increase demand for the fund and removal from an index could
result in outsized selling activity in a relatively short period of time. As a
result, a fund's net asset value could be negatively impacted and the fund's
market price may be significantly below its net asset value during certain
periods. In addition, index rebalances may potentially result in increased
trading activity in a fund's shares.

INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject
to Index Provider Risk. There is no assurance that the Index Provider will
compile the Index accurately, or that the Index will be determined, maintained,
constructed, reconstituted, rebalanced, composed, calculated or disseminated
accurately. To correct any such error, the Index Provider may carry out an
unscheduled rebalance or other modification of the Index constituents or
weightings, which may increase the fund's costs. The Index Provider does not
provide any representation or warranty in relation to the quality, accuracy or
completeness of data in the Index, and it does not guarantee that the Index will
be calculated in accordance with its stated methodology. Losses or costs
associated with any Index Provider errors generally will be borne by the fund
and its shareholders.

INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of
other investment vehicles, the fund will incur additional fees and expenses that
would not be present in a direct investment in those investment vehicles.
Furthermore, the fund's investment performance and risks are directly related to
the investment performance and risks of the investment vehicles in which the
fund invests.

LIBOR RISK. To the extent a fund invests in floating or variable rate
obligations that use the London Interbank Offered Rate ("LIBOR") as a reference
interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial
Conduct Authority, which regulates LIBOR, has ceased making LIBOR available as a
reference rate over a phase-out period that began December 31, 2021. There is no
assurance that any alternative reference rate, including the Secured Overnight
Financing Rate ("SOFR") will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the

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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

same volume or liquidity. The unavailability or replacement of LIBOR may affect
the value, liquidity or return on certain fund investments and may result in
costs incurred in connection with closing out positions and entering into new
trades. Any potential effects of the transition away from LIBOR on the fund or
on certain instruments in which the fund invests can be difficult to ascertain,
and they may vary depending on a variety of factors, and they could result in
losses to the fund.

MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to
management risk. In managing an actively-managed fund's investment portfolio,
the fund's portfolio managers will apply investment techniques and risk analyses
that may not have the desired result. There can be no guarantee that a fund will
meet its investment objective.

MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are
subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in
interest rates and perceived trends in securities prices. Shares of a fund could
decline in value or underperform other investments as a result of the risk of
loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a significant
negative impact on a fund and its investments. Such events may affect certain
geographic regions, countries, sectors and industries more significantly than
others. In February 2022, Russia invaded Ukraine which has caused and could
continue to cause significant market disruptions and volatility within the
markets in Russia, Europe, and the United States. The hostilities and sanctions
resulting from those hostilities could have a significant impact on certain fund
investments as well as fund performance. The outbreak of the respiratory disease
designated as COVID-19 in December 2019 has caused significant volatility and
declines in global financial markets, which have caused losses for investors.
While the development of vaccines has slowed the spread of the virus and allowed
for the resumption of "reasonably" normal business activity in the United
States, many countries continue to impose lockdown measures in an attempt to
slow the spread. Additionally, there is no guarantee that vaccines will be
effective against emerging variants of the disease.

NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities,
it is subject to additional risks not associated with securities of domestic
issuers. Non-U.S. securities are subject to higher volatility than securities of
domestic issuers due to: possible adverse political, social or economic
developments; restrictions on foreign investment or exchange of securities;
capital controls; lack of liquidity; currency exchange rates; excessive
taxation; government seizure of assets; the imposition of sanctions by foreign
governments; different legal or accounting standards; and less government
supervision and regulation of exchanges in foreign countries. Investments in
non-U.S. securities may involve higher costs than investments in U.S.
securities, including higher transaction and custody costs, as well as
additional taxes imposed by non-U.S. governments. These risks may be heightened
for securities of companies located, or with significant operations, in emerging
market countries.

OPERATIONAL RISK. Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems
failures. Each fund relies on third-parties for a range of services, including
custody. Any delay or failure relating to engaging or maintaining such service
providers may affect a fund's ability to meet its investment objective. Although
the funds and the funds' investment advisor seek to reduce these operational
risks through controls and procedures, there is no way to completely protect
against such risks.

PASSIVE INVESTMENT RISK. To the extent a fund seeks to track an index, the fund
will invest in the securities included in, or representative of, the index
regardless of their investment merit. A fund generally will not attempt to take
defensive positions in declining markets.

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as
amended (the "1940 Act"), the Fund and each other fund in the First Trust Fund
Complex, other than the closed-end funds, have adopted and implemented a
liquidity risk management program (the "Program") reasonably designed to assess
and manage the funds' liquidity risk, i.e., the risk that a fund could not meet
requests to redeem shares issued by the fund without significant dilution of
remaining investors' interests in the fund. The Board of Trustees of the First
Trust Funds has appointed First Trust Advisors, L.P. (the "Advisor") as the
person designated to administer the Program, and in this capacity the Advisor
performs its duties primarily through the activities and efforts of the First
Trust Liquidity Committee (the "Liquidity Committee").

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ADDITIONAL INFORMATION (CONTINUED)
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FT CBOE VEST S&P 500(R) DIVIDEND ARISTOCRATS TARGET INCOME ETF(R) (KNG)
APRIL 30, 2022 (UNAUDITED)

Pursuant to the Program, the Liquidity Committee classifies the liquidity of
each fund's portfolio investments into one of the four liquidity categories
specified by Rule 22e-4: highly liquid investments, moderately liquid
investments, less liquid investments and illiquid investments. The Liquidity
Committee determines certain of the inputs for this classification process,
including reasonably anticipated trade sizes and significant investor dilution
thresholds. The Liquidity Committee also determines and periodically reviews a
highly liquid investment minimum for certain funds, monitors the funds' holdings
of assets classified as illiquid investments to seek to ensure they do not
exceed 15% of a fund's net assets and establishes policies and procedures
regarding redemptions in kind.

At the April 18, 2022 meeting of the Board of Trustees, as required by Rule
22e-4 and the Program, the Advisor provided the Board with a written report
prepared by the Advisor that addressed the operation of the Program during the
period from March 16, 2021 through the Liquidity Committee's annual meeting held
on March 17, 2022 and assessed the Program's adequacy and effectiveness of
implementation during this period, including the operation of the highly liquid
investment minimum for each fund that is required under the Program to have one,
and any material changes to the Program. Note that because the Fund primarily
holds assets that are highly liquid investments, the Fund has not adopted any
highly liquid investment minimum.

As stated in the written report, during the review period, no fund breached the
15% limitation on illiquid investments, no fund with a highly liquid investment
minimum breached that minimum and no fund filed a Form N-LIQUID. The Advisor
concluded that each fund's investment strategy is appropriate for an open-end
fund; that the Program operated effectively in all material respects during the
review period; and that the Program is reasonably designed to assess and manage
the liquidity risk of each fund and to maintain compliance with Rule 22e-4.

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FIRST TRUST

First Trust Exchange-Traded Fund IV

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187

INVESTMENT SUB-ADVISOR
Cboe Vest(SM) Financial LLC
1765 Greensboro Station Pl, 9th Floor
McLean, VA 22102

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606

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