Table of Contents

First Trust Enhanced Short Maturity ETF (FTSM)
Annual Report
October 31, 2023

Shareholder Letter	1
Fund Performance Overview	2
Portfolio Commentary	5
Understanding Your Fund Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	25
Statement of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	36
Additional Information	37
Board of Trustees and Officers	43
Privacy Policy	45

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 its 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 (First Trust Enhanced Short Maturity ETF; 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 its 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.

By reading the portfolio commentary from the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the 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.

Shareholder Letter

First Trust Enhanced Short Maturity ETF (FTSM)
Annual Letter from the Chairman and CEO
October 31, 2023

Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust Enhanced Short Maturity ETF (the “Fund”), which contains detailed information about the Fund for the twelve months ended October 31, 2023.

The Bureau of Economic Analysis recently announced that U.S. real gross domestic product (“GDP”) grew by a staggering 4.9% in the third quarter of 2023 and is now up 2.9% on a year-over-year basis from where it stood in the third quarter of 2022. The most recent quarter’s GDP data represents the fastest growth rate for any quarter since 2014. Consumer spending, which rose by 4.0% over the period, was responsible for 2.7 percentage points of the total increase in GDP. Whether the consumer can keep up this pace of spending remains to be seen, especially given recent news that excess savings from the pandemic-era stimulus have likely been depleted. From a global perspective, the International Monetary Fund (“IMF”) notes that progress in fighting inflation has led to lower economic growth. In their October 2023 publication of the World Economic Outlook, the IMF projected that the growth in world economic output is expected to slow from 3.5% in 2022 to 2.9% in 2024. The economic growth in advanced economies is projected to plummet from 2.6% in 2022 to 1.4% in 2024.

In the notes to their September 2023 meeting, the Federal Open Market Committee revealed that they may need to keep interest rates “higher for longer” as they continue to battle stubbornly high inflation. As many investors are likely aware, a higher Federal Funds target rate can have deep implications for consumers, such as driving up the cost of borrowing for homes, automobiles, and other large purchases. The American consumer has yet to feel the full weight of those burdens, in my opinion. That said, the data reveals a different story among corporate America. S&P Global Market Intelligence reported that a total of 516 U.S. corporations filed for bankruptcy protection on a year-to-date basis through September 30, 2023, up from a total of 263 corporate bankruptcy filings over the same period last year. Higher interest rates and Treasury bond yields have also sapped demand for commercial property loans. Data from Trepp, LLC, a leading provider of data and analytics to the commercial real estate and banking markets, revealed that just $28.2 billion of loans converted into commercial mortgage-backed securities have been issued in 2023, the lowest figure since 2011.

The financial markets battled a myriad of headwinds over the past year, from geopolitical uncertainty resulting from war (the conflicts between Israel and Hamas and Russia and Ukraine), to slowing global economic growth and sticky inflation. Brian Wesbury, Chief Economist at First Trust, notes that a U.S. economic recession is likely to begin at some point early next year. While calls for a recession may concern some investors, the following may offer solace. Data from Bloomberg reveals that the S&P 500® Index has posted positive total returns over the 3-year period following every recession since 1948.

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,

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

Page 1

Fund Performance Overview (Unaudited)

First Trust Enhanced Short Maturity ETF (FTSM)

The First Trust Enhanced Short Maturity ETF’s (the “Fund”) investment objective is to seek current income, consistent with preservation of capital and daily liquidity. Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. corporations and governments, municipal obligations, privately issued securities and other debt securities bearing fixed or floating interest rates. The Fund may also invest in money market securities. Shares of the Fund are listed on Nasdaq, Inc. under the ticker symbol “FTSM.”

The Fund’s investment advisor, First Trust Advisors L.P. (the “Advisor”), selects securities for the portfolio by evaluating fixed income sectors and macro market trends while completing bottom-up analysis of individual securities. Portfolio securities are selected based upon relative value in the context of overall portfolio duration. Key inputs for the screens in the securities selection process include, but are not limited to, credit quality, yield, interest rate sensitivity and liquidity. The Fund’s holdings are systematically monitored for meaningful changes in performance and risk measures. A security will generally be sold when the Advisor believes that a security can be substituted for a similar investment that represents better relative value; it lacks adequate compensation for embedded credit risk; or when rebalancing the portfolio to maintain diversification. Under normal market conditions, the Fund’s portfolio is expected to have an average duration of less than one year and an average maturity of less than three years.

Performance
		Average Annual Total Returns		Cumulative Total Returns
	1 Year Ended 10/31/23	5 Years Ended 10/31/23	Inception (8/5/14) to 10/31/23	5 Years Ended 10/31/23	Inception (8/5/14) to 10/31/23
Fund Performance
NAV	4.72%	1.79%	1.49%	9.29%	14.61%
Market Price	4.74%	1.79%	1.49%	9.29%	14.63%
Index Performance
ICE BofA 0-1 Year U.S. Treasury Index	4.68%	1.75%	1.28%	9.08%	12.47%

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 periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods 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 the Securities and Exchange Commission’s 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 was calculated. Since shares of the Fund did not trade in the secondary market until after its 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 index does not actually hold a portfolio of securities and therefore does 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 index. 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

Fund Performance Overview (Unaudited) (Continued)

First Trust Enhanced Short Maturity ETF (FTSM) (Continued)

Asset Classification	% of Total Investments & Cash
Corporate Bonds and Notes	45.6%
Commercial Paper	30.0
Foreign Corporate Bonds and Notes	9.0
Asset-Backed Securities	6.0
U.S. Government Bonds and Notes	4.3
U.S. Government Agency Mortgage-Backed Securities	3.7
Mortgage-Backed Securities	0.8
Certificates of Deposit	0.3
U.S. Treasury Bills	0.3
Cash	0.0(1)
Total	100.0%

Credit Quality(2)	% of Total Investments & Cash
Government & Agency	8.4%
AAA	4.1
AA+	0.4
AA-	0.9
A+	3.0
A	6.4
A-	10.8
BBB+	15.1
BBB	14.4
BBB-	3.2
BB+	0.2
Not Rated	33.1
Cash	0.0(1)
Total	100.0%

Top Ten Holdings	% of Total Investments
U.S. Treasury Note, 4.63%, 06/30/25	1.6%
U.S. Treasury Note, 4.63%, 02/28/25	1.6
U.S. Treasury Note, 3.88%, 04/30/25	1.0
AutoNation, Inc., 5.93%, 11/01/23	0.6
Global Payments, Inc., 5.96%, 11/01/23	0.6
Plains All American Pipeline, L.P., 5.73%, 11/01/23	0.6
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, 3.17%, 10/25/24	0.6
Spectra Energy Partners, L.P., 4.75%, 03/15/24	0.6
Bayer US Finance II LLC, 3.88%, 12/15/23	0.6
Aon Global Ltd., 4.00%, 11/27/23	0.5
Total	8.3%

(1)

Amount is less than 0.1%.

(2)

The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization

(NRSRO) of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured highest to lowest on a scale that generally

ranges from AAA to D for long-term ratings and A-1+ to C for short-term ratings. Investment grade is defined as those issuers that have a long-

term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. The credit ratings shown relate to the credit worthiness of the

issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury and U.S. Agency mortgage-backed securities

appear under “Government & Agency.” Credit ratings are subject to change.

Page 3

Fund Performance Overview (Unaudited) (Continued)

First Trust Enhanced Short Maturity ETF (FTSM) (Continued)

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 index

does not actually hold a portfolio of securities

and therefore does 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.

Performance in securitized product investment

strategies can be impacted from the benefits of

purchasing odd lot positions. The impact of

these investments can be particularly

meaningful when funds have limited assets

under management and may not be a

sustainable source of performance as a fund

grows in size.

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

Portfolio Commentary

First Trust Enhanced Short Maturity ETF (FTSM)

Annual Report

October 31, 2023 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to First Trust Enhanced Short Maturity ETF (the “Fund” or “FTSM”). First Trust is responsible for the selection and 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.

Portfolio Management Team

The following persons serve as portfolio managers of the Fund:

Todd Larson, CFA – Senior Vice President and Portfolio Manager
Jeremiah Charles – Senior Vice President and Portfolio Manager
James Snyder – Senior Vice President and Portfolio Manager
Eric R. Maisel, CFA – Senior Vice President and Portfolio Manager
Scott Skowronski, CFA – Senior Vice President and Portfolio Manager

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Each portfolio manager has served as part of the portfolio management team of the Fund since 2014, except for Eric R. Maisel who has served as part of the portfolio management team of the Fund since 2015, and Scott Skowronski, who has served as part of the portfolio management team of the Fund since 2022.

Commentary

The Fund is an actively managed exchange-traded fund that seeks current income, consistent with preservation of capital and daily liquidity.

Market Recap

At the beginning of the 12-month period ended October 31, 2023, inflation remained stubbornly elevated with the November 2022 Consumer Price Index (“CPI”) printing 7.1%. At the same time, the Federal Reserve (the “Fed”) continued to reiterate its commitment to bring inflation back to the 2.0% target rate. As of October 31, 2022, the Fed had just increased the Federal Funds target rate by 75 basis points (“bps”) in each of its last three Federal Open Market Committee (“FOMC”) meetings, shifting the upper bound of the Federal Funds target rate to 3.25%. And despite the equivalent of seventeen 25 bps rate increases in 2022, inflation consistently exceeded the Fed’s 2.00% stated inflation target as the labor market remained robust. Notably, at the December 2022 FOMC meeting, the Fed projected a higher-than-expected terminal Federal Funds target rate of 5.00-5.25%, indicating the Fed’s view that inflation would remain persistent. In sum, the Fed increased the Federal Funds target rate by 4.25% in 2022, while the 10-Year U.S. Treasury yield increased from 1.51% at the beginning of the year to 3.88% at year-end. As the result of such stark shifts in the Treasury market, negative returns permeated the bond market in 2022.

Inflation continued to run in excess of the Fed’s 2.0% target in the first quarter of 2023, as evidenced by the CPI printing 6.0% in February 2023. In response, the Fed raised its policy rate twice during the first quarter to 4.75%-5.00% while maintaining its terminal Federal Funds target rate of 5.00-5.25%. In early March, after a strong labor market report, the bond market expected a terminal Federal Funds target rate of 5.50-5.75%, higher than the Fed’s own “dot plot” projection. However, by quarter-end, investors had hastily reduced rate expectations amid chaos in the banking sector, pricing in a terminal Federal Funds target rate of 4.75-5.00%. Thus, in the first quarter of 2023, the market effectively moved from expecting as many as three more rate hikes in 2023, to as many as four rate cuts by January 2024.

The banking turmoil proved to be relatively brief, owing to liquidity support from the Fed. At the same time, inflation continued to be elevated and the labor market robust. This led the Fed to hike again at its May 2023 meeting and then held it unchanged in June at 5.00-5.25%. Forecasts for the Federal Funds target rate also rebalanced higher, with the peak terminal rate trading near 5.50%, and holding above 5.00% through June of 2024. As market expectations shifted, interest rates across the treasury curve continued to move higher, particularly on the short end of the curve where interest rates are most sensitive to Fed policy. While the S&P 500® Index traded near 4,500 at the end of the second quarter, nearly 1,000 points above its bottom in October 2022, the 2-Year/10-Year U.S. Treasury yield curve remained over 100 bps inverted, marking its steepest inversion since the 1980s. Further, the 3-Month/10-Year U.S. Treasury yield curve remained inverted, after initially inverting in November 2022.

Page 5

Portfolio Commentary (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

Annual Report

October 31, 2023 (Unaudited)

The FOMC raised its target rate to 5.25-5.50% at its July 2023 meeting in a continued attempt to mitigate inflation. In response, the yield curve bear steepened (long-term rates increased faster than short term rates) in what would be a theme for the remainder of the reporting period. The highly anticipated Jackson Hole Fed conference in August 2023 did not deliver much new information and the ensuing uncertainty generated more rate volatility and weighed on risk assets. At its September 2023 meeting, the FOMC held its target rate steady and upwardly revised its economic growth outlook for both this year and next, while reducing its 2024 rate cut projection from 100 bps to 50 bps; this proved a catalyst for higher yields, spread volatility, and lower equity values in the concluding weeks of the reporting period. As the fourth quarter of 2023 commences, the market seemingly expects the Fed to hold rates at these higher levels further into the future. The market’s apparent expectation of a “soft landing” (no imminent recession) likely supports the recent rate move, as the absence of a recession suggests the potential for stronger, and more sustained, economic expansion, resulting in the need for higher interest rates for a longer period of time.

For the 12-month period ended October 31, 2023, the 10-Year U.S. Treasury yield increased 80 bps to 4.87%, the 2-Year U.S. Treasury yield increased 57 bps to 5.07%, and the 1-Year U.S. Treasury yield increased 82 bps to 5.45%. Commercial paper yields also rose on the back of Fed interest rate hikes. The average yield on 90-day Tier 1 commercial paper increased 119 bps to 5.62%.

Performance Analysis

The Fund returned 4.72% based on net asset value and 4.74% based on market price for the 12-month period ended October 31, 2023. This compares to the ICE BofA 0-1 Year U.S. Treasury Index’s (the “Benchmark”) return of 4.68%.

As a result of interest rate hikes from the Fed, yields on front-end securities, like those held by the Fund, are at the highest level since 2007. The income (yield) from these securities was the leading driver of the Fund’s return during the period. Compared to the Benchmark, the Fund’s allocation to corporate credit and securitized assets were primary drivers of relative performance. On the other hand, the Fund’s allocation to securities longer than one year to maturity, was a detractor from performance as interest rates rose. The allocations to corporate bonds, both fixed and floating-rate, and commercial mortgage-backed securities were leading sources of outperformance. The allocation to Treasurys and commercial paper detracted on a relative basis although the absolute return contribution from both sectors was very positive. Within corporate credit, industries delivering the best results were consumer cyclical, real estate investment trusts and communications while capital goods and basics were leading detractors. The Fund’s largest weights in corporate credit were in banking and consumer non-cyclical and the allocation to each was accretive to relative performance. From a rating quality perspective, BBB-rated bonds had better returns compared to those with an A rating due to better contribution from credit spread.

Throughout the reporting period, the Fund maintained a diversified allocation with an emphasis on securities having a high level of liquidity. Overall credit risk was kept low as the investment strategy focused on high quality, short-term holdings. The Fund’s weighted average maturity was kept around six months and effective duration approximately five months. By maintaining a low duration and low average maturity, the strategy successfully achieved its objective of seeking current income. By capturing rising interest rates, the Fund was able to raise its distribution rate during the period from an annualized rate of 3.2% to 4.9%.

Market and Fund Outlook

The investment team continues to capture yield through floating-rate securities, cash equivalents, and short-maturity fixed rate bonds within an interest rate managed framework. The investment team expects the Fed to stay the course, likely holding its policy rate around today’s range of 5.25-5.50%, with the possibility of an additional rate hike in 2023. The real 10-Year U.S. Treasury yield was 2.46% at the end of the reporting period. Higher real rates have historically placed pressure on the overall business cycle. Consequently, this hiking cycle is likely much closer to its end than its beginning, in our opinion. While the Fed may leak an additional hike into the market, we believe today’s fixed income markets are much more balanced when it comes to income and interest rate risk. Further, with interest rates at these elevated levels, the current bond math is significantly more supportive of future positive returns, in our opinion. Valuations in short maturity corporate bonds remain attractive, as market yields have shifted starkly higher, reaching levels well above average over the past two decades.

The investment team expects to extend the Fund’s duration where appropriate, while keeping corporate credit (both commercial paper and corporate bonds) as the largest exposure. The Fund will also seek to maintain its allocation to securitized debt (asset-backed securities/mortgage-backed securities) for diversification purposes, particularly when valuations present compelling opportunities relative to U.S. Treasuries and corporate bonds. As always, the focus will be in the senior part of the capital structure.

Page 6

First Trust Enhanced Short Maturity ETF (FTSM)

Understanding Your Fund Expenses

October 31, 2023 (Unaudited)

As a shareholder of First Trust Enhanced Short Maturity ETF (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 October 31, 2023.

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.

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period (a)	Expenses Paid During the Six-Month Period (b)
First Trust Enhanced Short Maturity ETF (FTSM)
Actual	$1,000.00	$1,022.80	0.42%	$2.14
Hypothetical (5% return before expenses)	$1,000.00	$1,023.09	0.42%	$2.14

(a)	These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements.
(b)	Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (May 1, 2023 through October 31, 2023), multiplied by 184/365 (to reflect the six-month period).

Page 8

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES — 45.9%
	Aerospace/Defense — 0.3%
$25,000,000	Northrop Grumman Corp.	2.93%	01/15/25	$24,153,116
	Auto Manufacturers — 1.2%
6,159,000	BMW US Capital LLC, SOFR Compounded Index + 0.53% (a) (b)	5.90%	04/01/24	6,163,224
4,000,000	Daimler Trucks Finance North America LLC (a)	1.13%	12/14/23	3,978,279
5,000,000	Daimler Trucks Finance North America LLC, SOFR + 0.60% (a) (b)	5.96%	12/14/23	5,000,704
15,000,000	General Motors Financial Co., Inc., SOFR + 0.76% (b)	6.12%	03/08/24	14,987,694
7,000,000	Hyundai Capital America (a)	1.00%	09/17/24	6,690,410
3,000,000	Nissan Motor Acceptance Co. LLC, 3 Mo. CME Term SOFR + CSA + 0.64% (a) (b)	6.30%	03/08/24	2,995,463
10,000,000	Toyota Motor Credit Corp., Series B, SOFR + 0.29% (b)	5.65%	09/13/24	9,987,482
1,000,000	Toyota Motor Credit Corp., Medium-Term Note	2.50%	03/22/24	987,535
32,775,000	Volkswagen Group of America Finance LLC (a)	4.25%	11/13/23	32,755,800
5,000,000	Volkswagen Group of America Finance LLC (a)	5.80%	09/12/25	4,978,429
				88,525,020
	Banks — 8.3%
12,263,000	Bank of America Corp., SOFR + 0.69% (b)	6.07%	04/22/25	12,241,449
6,004,000	Bank of America Corp. (c)	3.37%	01/23/26	5,772,355
10,397,000	Bank of America Corp., Medium-Term Note	4.13%	01/22/24	10,355,399
30,000,000	Bank of America Corp., Medium-Term Note	4.00%	04/01/24	29,772,711
8,964,000	Bank of America Corp., Medium-Term Note (c)	3.09%	10/01/25	8,689,264
25,000,000	Bank of America N.A.	5.65%	08/18/25	24,933,835
12,215,000	Bank of New York Mellon (The) Corp. (c)	4.41%	07/24/26	11,864,126
8,000,000	Bank of New York Mellon (The) Corp., Medium-Term Note	1.60%	04/24/25	7,507,289
9,612,000	Bank of New York Mellon (The) Corp., Medium-Term Note (c)	5.22%	11/21/25	9,537,324
13,500,000	Bank of New York Mellon (The) Corp., Medium-Term Note (c)	5.15%	05/22/26	13,329,816
14,727,000	Citigroup, Inc.	3.75%	06/16/24	14,537,029
24,094,000	Fifth Third Bancorp	3.65%	01/25/24	23,923,053
9,210,000	Fifth Third Bank N.A. (c)	5.85%	10/27/25	8,973,803
7,000,000	Goldman Sachs Group (The), Inc.	1.22%	12/06/23	6,969,561
26,116,000	Goldman Sachs Group (The), Inc.	3.63%	02/20/24	25,920,667
26,844,000	Goldman Sachs Group (The), Inc.	3.00%	03/15/24	26,551,113
12,500,000	Goldman Sachs Group (The), Inc., SOFR + 0.50% (b)	5.86%	09/10/24	12,468,408
4,000,000	Goldman Sachs Group (The), Inc., SOFR + 0.49% (b)	5.87%	10/21/24	3,990,949
15,000,000	Goldman Sachs Group (The), Inc.	5.70%	11/01/24	14,946,374
4,900,000	JPMorgan Chase & Co.	3.88%	09/10/24	4,806,706
10,000,000	JPMorgan Chase & Co., SOFR + 0.54% (b)	5.89%	06/01/25	9,961,759
15,500,000	JPMorgan Chase & Co., SOFR + 0.58% (b)	5.95%	06/23/25	15,449,056
30,000,000	JPMorgan Chase & Co. (c)	5.55%	12/15/25	29,780,499
30,000,000	Morgan Stanley, Series F	3.88%	04/29/24	29,717,532
12,515,000	Morgan Stanley, Global Medium-Term Note	3.70%	10/23/24	12,235,416
15,000,000	Morgan Stanley, Global Medium-Term Note (c)	0.79%	01/22/25	14,775,585
30,344,000	Morgan Stanley, Medium-Term Note, SOFR + 0.46% (b)	5.84%	01/25/24	30,345,247
21,500,000	Morgan Stanley Bank N.A.	5.48%	07/16/25	21,412,791
15,325,000	PNC Financial Services Group (The), Inc. (c)	5.81%	06/12/26	15,126,303
22,639,000	PNC Financial Services Group (The), Inc.	3.50%	01/23/24	22,510,650
12,762,000	PNC Financial Services Group (The), Inc. (c)	5.67%	10/28/25	12,635,385
566,000	State Street Corp. (c)	4.86%	01/26/26	556,543
18,000,000	State Street Corp. (c)	5.10%	05/18/26	17,749,739
18,740,000	Truist Bank, Series BNKT	3.20%	04/01/24	18,518,932

See Notes to Financial Statements

Page 9

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES (Continued)
	Banks (Continued)
$16,275,000	Truist Financial Corp., Medium-Term Note	3.75%	12/06/23	$16,226,847
12,000,000	Truist Financial Corp., Medium-Term Note, SOFR + 0.40% (b)	5.76%	06/09/25	11,746,963
12,795,000	U.S. Bancorp, Medium-Term Note	3.70%	01/30/24	12,726,443
14,758,000	Wells Fargo & Co., Medium-Term Note	3.75%	01/24/24	14,674,007
10,160,000	Wells Fargo & Co., Medium-Term Note	3.30%	09/09/24	9,922,198
15,000,000	Wells Fargo & Co., Medium-Term Note (c)	2.41%	10/30/25	14,395,351
18,250,000	Wells Fargo Bank N.A.	5.55%	08/01/25	18,190,369
				625,748,846
	Beverages — 1.4%
5,000,000	Anheuser-Busch InBev Worldwide, Inc., 3 Mo. CME Term SOFR + CSA + 0.74% (b)	6.43%	01/12/24	5,002,078
40,000,000	Constellation Brands, Inc.	3.60%	05/09/24	39,483,955
13,168,000	Constellation Brands, Inc.	4.75%	11/15/24	13,011,112
15,000,000	Constellation Brands, Inc.	5.00%	02/02/26	14,740,750
30,227,000	Keurig Dr Pepper, Inc.	0.75%	03/15/24	29,645,544
				101,883,439
	Biotechnology — 0.8%
15,000,000	Amgen, Inc.	3.63%	05/22/24	14,814,530
30,000,000	Amgen, Inc.	5.25%	03/02/25	29,766,606
7,000,000	Amgen, Inc.	5.51%	03/02/26	6,964,548
12,081,000	Gilead Sciences, Inc.	3.70%	04/01/24	11,971,925
				63,517,609
	Building Materials — 0.6%
16,145,000	CRH America, Inc. (a)	3.88%	05/18/25	15,607,471
30,715,000	Martin Marietta Materials, Inc.	4.25%	07/02/24	30,396,222
				46,003,693
	Chemicals — 0.3%
17,471,000	PPG Industries, Inc.	2.40%	08/15/24	16,979,309
3,140,000	Westlake Corp.	0.88%	08/15/24	3,012,358
				19,991,667
	Commercial Services — 0.3%
3,049,000	Global Payments, Inc.	1.50%	11/15/24	2,901,888
23,580,000	Verisk Analytics, Inc.	4.00%	06/15/25	22,850,777
				25,752,665
	Computers — 0.3%
26,294,000	Apple, Inc.	2.85%	05/11/24	25,921,941
	Cosmetics/Personal Care — 0.3%
19,955,000	Haleon US Capital LLC	3.02%	03/24/24	19,696,513
1,000,000	Kenvue, Inc.	5.50%	03/22/25	998,638
				20,695,151
	Diversified Financial Services — 1.2%
11,165,000	American Express Co.	3.38%	05/03/24	11,028,282
15,000,000	American Express Co.	2.50%	07/30/24	14,633,861
15,000,000	American Express Co. (c)	4.99%	05/01/26	14,716,214
6,956,000	American Express Co. (c)	6.34%	10/30/26	6,976,975
8,000,000	Capital One Financial Corp., SOFR + 0.69% (b)	6.05%	12/06/24	7,908,015

See Notes to Financial Statements

Page 10

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES (Continued)
	Diversified Financial Services (Continued)
$15,000,000	Intercontinental Exchange, Inc.	3.65%	05/23/25	$14,507,985
20,000,000	Nasdaq, Inc.	5.65%	06/28/25	19,933,627
				89,704,959
	Electric — 3.9%
22,171,000	Alabama Power Co., Series 13-A	3.55%	12/01/23	22,128,568
7,070,000	CenterPoint Energy, Inc., SOFR Compounded Index + 0.65% (b)	5.99%	05/13/24	7,068,105
27,440,000	CenterPoint Energy, Inc.	2.50%	09/01/24	26,641,311
10,537,000	Delmarva Power & Light Co.	3.50%	11/15/23	10,527,235
36,703,000	Duke Energy Corp.	3.75%	04/15/24	36,347,806
8,320,000	FirstEnergy Transmission LLC (a)	4.35%	01/15/25	8,108,743
2,000,000	Florida Power & Light Co.	3.25%	06/01/24	1,970,652
10,000,000	NextEra Energy Capital Holdings, Inc., SOFR Compounded Index + 0.40% (b)	5.74%	11/03/23	10,000,001
30,000,000	NextEra Energy Capital Holdings, Inc.	4.26%	09/01/24	29,521,591
15,000,000	Oncor Electric Delivery Co. LLC	2.75%	06/01/24	14,719,052
5,000,000	Pacific Gas and Electric Co.	3.85%	11/15/23	4,995,923
25,570,000	Public Service Enterprise Group, Inc.	0.84%	11/08/23	25,547,111
12,468,000	Southwestern Public Service Co.	3.30%	06/15/24	12,273,114
8,000,000	Trans-Allegheny Interstate Line Co. (a)	3.85%	06/01/25	7,734,947
29,943,000	Virginia Electric and Power Co.	3.45%	02/15/24	29,722,733
8,775,000	Virginia Electric and Power Co., Series A	3.10%	05/15/25	8,421,518
30,990,000	WEC Energy Group, Inc.	0.80%	03/15/24	30,420,606
9,283,000	WEC Energy Group, Inc.	5.00%	09/27/25	9,150,093
				295,299,109
	Environmental Control — 0.9%
38,630,000	Republic Services, Inc.	2.50%	08/15/24	37,586,094
14,547,000	Republic Services, Inc.	3.20%	03/15/25	14,042,464
5,412,000	Waste Management, Inc.	3.50%	05/15/24	5,347,176
12,296,000	Waste Management, Inc.	3.13%	03/01/25	11,904,053
				68,879,787
	Food — 0.9%
28,596,000	Conagra Brands, Inc.	4.30%	05/01/24	28,330,709
25,219,000	McCormick & Co., Inc.	3.15%	08/15/24	24,668,911
11,330,000	Mondelez International, Inc.	2.13%	03/17/24	11,168,178
				64,167,798
	Healthcare-Products — 2.0%
15,000,000	Abbott Laboratories	3.40%	11/30/23	14,972,287
10,000,000	Baxter International, Inc., SOFR Compounded Index + 0.26% (b)	5.62%	12/01/23	9,996,351
9,177,000	Baxter International, Inc.	1.32%	11/29/24	8,722,786
10,000,000	Baxter International, Inc., SOFR Compounded Index + 0.44% (b)	5.80%	11/29/24	9,937,772
4,242,000	Boston Scientific Corp.	3.45%	03/01/24	4,204,844
18,995,000	Stryker Corp.	0.60%	12/01/23	18,910,054
40,000,000	Stryker Corp.	3.38%	05/15/24	39,484,794
5,143,000	Stryker Corp.	3.38%	11/01/25	4,925,506
20,452,000	Thermo Fisher Scientific, Inc.	1.22%	10/18/24	19,552,046
5,177,000	Zimmer Biomet Holdings, Inc.	1.45%	11/22/24	4,930,743
19,174,000	Zimmer Biomet Holdings, Inc.	3.55%	04/01/25	18,528,323
				154,165,506

See Notes to Financial Statements

Page 11

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES (Continued)
	Healthcare-Services — 3.2%
$15,245,000	Aetna, Inc.	3.50%	11/15/24	$14,863,520
32,000,000	Elevance Health, Inc.	3.50%	08/15/24	31,377,504
25,000,000	Elevance Health, Inc.	3.35%	12/01/24	24,339,530
11,669,000	Elevance Health, Inc.	2.38%	01/15/25	11,198,942
2,455,000	Elevance Health, Inc.	5.35%	10/15/25	2,436,746
16,667,000	Elevance Health, Inc.	4.90%	02/08/26	16,359,891
38,000,000	HCA, Inc.	5.00%	03/15/24	37,852,441
25,000,000	HCA, Inc.	5.38%	02/01/25	24,740,334
17,042,000	Humana, Inc.	3.85%	10/01/24	16,712,206
12,600,000	Humana, Inc.	4.50%	04/01/25	12,382,149
14,800,000	Humana, Inc.	5.70%	03/13/26	14,712,631
6,600,000	Roche Holdings, Inc. (a)	0.45%	03/05/24	6,483,363
10,000,000	UnitedHealth Group, Inc.	3.50%	02/15/24	9,930,393
6,591,000	UnitedHealth Group, Inc.	0.55%	05/15/24	6,417,685
10,000,000	UnitedHealth Group, Inc.	3.75%	07/15/25	9,741,788
				239,549,123
	Insurance — 2.0%
5,000,000	Athene Global Funding, SOFR Compounded Index + 0.70% (a) (b)	6.05%	05/24/24	4,982,990
3,000,000	Brighthouse Financial Global Funding, SOFR + 0.76% (a) (b)	6.14%	04/12/24	2,989,390
32,052,000	Brown & Brown, Inc.	4.20%	09/15/24	31,503,492
40,000,000	Marsh & McLennan Cos., Inc.	3.88%	03/15/24	39,697,707
5,906,000	Marsh & McLennan Cos., Inc.	3.50%	06/03/24	5,821,152
6,642,000	Marsh & McLennan Cos., Inc.	3.50%	03/10/25	6,441,764
7,000,000	Metropolitan Life Global Funding I, SOFR + 0.30% (a) (b)	5.67%	09/27/24	6,994,992
5,000,000	New York Life Global Funding, SOFR Compounded Index + 0.43% (a) (b)	5.79%	06/06/24	5,001,817
13,054,000	Principal Life Global Funding II, SOFR + 0.45% (a) (b)	5.83%	04/12/24	13,056,309
5,000,000	Principal Life Global Funding II, SOFR + 0.38% (a) (b)	5.73%	08/23/24	4,997,441
28,905,000	Willis North America, Inc.	3.60%	05/15/24	28,499,177
				149,986,231
	Internet — 0.1%
1,000,000	Netflix, Inc.	5.75%	03/01/24	998,710
10,366,000	Netflix, Inc.	5.88%	02/15/25	10,372,088
				11,370,798
	Lodging — 0.3%
11,169,000	Hyatt Hotels Corp.	5.38%	04/23/25	11,029,016
11,016,000	Marriott International, Inc.	3.60%	04/15/24	10,891,299
				21,920,315
	Machinery-Construction & Mining — 0.3%
20,000,000	Caterpillar Financial Services Corp.	5.15%	08/11/25	19,891,926
	Machinery-Diversified — 0.2%
15,000,000	John Deere Capital Corp., Medium-Term Note	5.15%	03/03/25	14,967,642
2,000,000	John Deere Capital Corp., Medium-Term Note	4.95%	06/06/25	1,987,213
				16,954,855
	Media — 1.2%
11,612,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3 Mo. CME Term SOFR + CSA + 1.65% (b)	7.29%	02/01/24	11,635,488
38,587,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.50%	02/01/24	38,277,004

See Notes to Financial Statements

Page 12

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES (Continued)
	Media (Continued)
$19,017,000	Comcast Corp.	3.70%	04/15/24	$18,861,151
18,099,000	Comcast Corp.	5.25%	11/07/25	18,006,035
				86,779,678
	Miscellaneous Manufacturing — 0.3%
25,000,000	Parker-Hannifin Corp.	3.65%	06/15/24	24,637,047
	Pharmaceuticals — 6.0%
17,842,000	AbbVie, Inc.	3.75%	11/14/23	17,829,124
32,501,000	AbbVie, Inc.	3.85%	06/15/24	32,065,985
15,425,000	AbbVie, Inc.	2.60%	11/21/24	14,908,030
13,689,000	AbbVie, Inc.	3.80%	03/15/25	13,329,570
10,000,000	AbbVie, Inc.	3.60%	05/14/25	9,677,555
35,000,000	AmerisourceBergen Corp.	3.40%	05/15/24	34,524,754
40,000,000	Astrazeneca Finance LLC	0.70%	05/28/24	38,878,714
41,852,000	Bayer US Finance II LLC (a)	3.88%	12/15/23	41,738,150
35,000,000	Becton Dickinson & Co.	3.36%	06/06/24	34,448,336
10,861,000	Becton Dickinson & Co.	3.73%	12/15/24	10,596,440
10,066,000	Bristol-Myers Squibb Co.	2.90%	07/26/24	9,861,939
30,358,000	Cigna Group (The)	3.50%	06/15/24	29,894,425
5,574,000	Cigna Group (The)	3.25%	04/15/25	5,373,272
5,257,000	Cigna Group (The)	5.69%	03/15/26	5,238,629
29,320,000	CVS Health Corp.	4.00%	12/05/23	29,260,239
11,450,000	CVS Health Corp.	3.38%	08/12/24	11,219,756
21,995,000	CVS Health Corp.	2.63%	08/15/24	21,422,446
40,000,000	McKesson Corp.	3.80%	03/15/24	39,677,150
19,350,000	McKesson Corp.	5.25%	02/15/26	19,136,115
25,000,000	Novartis Capital Corp.	3.40%	05/06/24	24,697,277
5,429,000	Zoetis, Inc.	4.50%	11/13/25	5,298,466
3,012,000	Zoetis, Inc.	5.40%	11/14/25	2,990,883
				452,067,255
	Pipelines — 4.2%
30,014,000	Energy Transfer, L.P.	5.88%	01/15/24	30,007,379
10,679,000	Energy Transfer, L.P.	4.50%	04/15/24	10,597,472
14,014,000	Energy Transfer, L.P. / Regency Energy Finance Corp.	4.50%	11/01/23	14,014,000
40,393,000	Enterprise Products Operating LLC	3.90%	02/15/24	40,169,978
28,311,000	Enterprise Products Operating LLC	3.75%	02/15/25	27,569,758
12,000,000	Kinder Morgan Energy Partners, L.P.	4.15%	02/01/24	11,937,248
21,139,000	Kinder Morgan Energy Partners, L.P.	4.30%	05/01/24	20,950,313
38,549,000	Kinder Morgan, Inc. (a)	5.63%	11/15/23	38,535,630
4,800,000	Sabine Pass Liquefaction LLC	5.75%	05/15/24	4,792,937
20,000,000	Sabine Pass Liquefaction LLC	5.63%	03/01/25	19,875,205
43,047,000	Spectra Energy Partners, L.P.	4.75%	03/15/24	42,845,385
18,413,000	Williams Cos., (The), Inc.	4.50%	11/15/23	18,402,784
34,985,000	Williams Cos., (The), Inc.	4.30%	03/04/24	34,769,536
				314,467,625
	Real Estate Investment Trusts — 0.2%
15,190,000	Public Storage Operating Co., SOFR + 0.47% (b)	5.85%	04/23/24	15,188,476

See Notes to Financial Statements

Page 13

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
CORPORATE BONDS AND NOTES (Continued)
	Retail — 0.6%
$30,000,000	AutoZone, Inc.	3.13%	04/18/24	$29,605,155
15,034,000	AutoZone, Inc.	3.63%	04/15/25	14,555,077
				44,160,232
	Semiconductors — 0.1%
5,820,000	Microchip Technology, Inc.	0.98%	09/01/24	5,577,560
1,727,000	Qorvo, Inc. (a)	1.75%	12/15/24	1,634,158
				7,211,718
	Software — 2.8%
12,407,000	Autodesk, Inc.	4.38%	06/15/25	12,133,899
9,054,000	Cadence Design Systems, Inc.	4.38%	10/15/24	8,931,395
17,700,000	Fidelity National Information Services, Inc.	0.60%	03/01/24	17,380,059
21,210,000	Fidelity National Information Services, Inc.	4.50%	07/15/25	20,719,184
30,000,000	Fiserv, Inc.	2.75%	07/01/24	29,353,414
5,000,000	Infor, Inc. (a)	1.75%	07/15/25	4,613,659
34,555,000	Oracle Corp.	3.40%	07/08/24	33,967,025
25,119,000	Oracle Corp.	2.95%	11/15/24	24,366,000
17,000,000	Oracle Corp.	5.80%	11/10/25	17,000,117
9,346,000	Roper Technologies, Inc.	2.35%	09/15/24	9,059,353
20,178,000	VMware, Inc.	1.00%	08/15/24	19,382,981
16,940,000	VMware, Inc.	4.50%	05/15/25	16,549,668
				213,456,754
	Telecommunications — 0.8%
10,000,000	AT&T, Inc., 3 Mo. CME Term SOFR + CSA + 1.18% (b)	6.85%	06/12/24	10,050,592
30,000,000	T-Mobile USA, Inc.	3.50%	04/15/25	28,990,795
15,000,000	Verizon Communications, Inc.	3.50%	11/01/24	14,662,636
10,000,000	Verizon Communications, Inc.	3.38%	02/15/25	9,698,904
				63,402,927
	Transportation — 0.6%
17,620,000	CSX Corp.	3.40%	08/01/24	17,300,704
25,000,000	Union Pacific Corp.	3.65%	02/15/24	24,835,473
1,539,000	Union Pacific Corp.	3.75%	03/15/24	1,526,846
				43,663,023
	Water — 0.3%
16,425,000	American Water Capital Corp.	3.85%	03/01/24	16,316,628
6,063,000	American Water Capital Corp.	3.40%	03/01/25	5,870,264
				22,186,892
	Total Corporate Bonds and Notes			3,461,305,181
	(Cost $3,476,323,733)

Principal Value	Description	Annualized Yield on Date of Purchase	Stated Maturity	Value
COMMERCIAL PAPER — 30.2%
	Aerospace/Defense — 0.3%
15,000,000	L3Harris Technologies, Inc.	5.72%	11/27/23	14,939,154
10,000,000	L3Harris Technologies, Inc.	5.72%	11/29/23	9,956,312
				24,895,466

See Notes to Financial Statements

Page 14

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Annualized Yield on Date of Purchase	Stated Maturity	Value
COMMERCIAL PAPER (Continued)
	Auto Manufacturers — 1.3%
$18,164,000	American Honda Finance Corp.	5.65%	11/16/23	$18,121,942
40,000,000	General Motors Financial Co., Inc.	5.53%	11/01/23	40,000,000
15,000,000	VW Credit, Inc.	5.71%	11/15/23	14,967,226
17,000,000	VW Credit, Inc.	5.73%	11/21/23	16,946,806
10,000,000	VW Credit, Inc.	5.76%	11/29/23	9,956,021
				99,991,995
	Banks — 1.7%
15,000,000	ANZ New Zealand Int’l Ltd., SOFR + 0.36%	5.67%	11/02/23	15,000,000
15,000,000	Barclays Bank PLC	5.95%	04/10/24	14,617,146
15,000,000	National Australia Bank Ltd.	5.83%	03/04/24	14,709,289
15,000,000	Skandinaviska Enskilda Banken AB	5.88%	04/10/24	14,621,811
15,000,000	Svenska Handelsbanken AB, SOFR + 0.65%	5.95%	03/21/24	14,999,972
15,000,000	Svenska Handelsbanken AB	5.88%	04/10/24	14,621,811
12,000,000	Toronto-Dominion Bank (The)	5.16%	11/01/23	12,000,000
15,000,000	Toronto-Dominion Bank (The), SOFR + 0.68%	5.99%	04/11/24	15,000,000
13,000,000	Westpac Banking Corp.	5.25%	01/26/24	12,841,285
				128,411,314
	Beverages — 0.8%
25,000,000	Bacardi-Martini B.V.	6.07%	11/28/23	24,888,290
15,000,000	Bacardi-Martini B.V.	6.05%	12/06/23	14,913,506
20,000,000	Diageo Capital PLC	5.66%	11/07/23	19,981,400
				59,783,196
	Biotechnology — 1.0%
30,000,000	CSLB Holdings, Inc.	5.70%	11/01/23	30,000,000
25,650,000	CSLB Holdings, Inc.	5.64%-5.66%	11/02/23	25,646,030
20,000,000	CSLB Holdings, Inc.	5.64%	11/03/23	19,993,825
				75,639,855
	Building Materials — 0.2%
18,000,000	Vulcan Materials Co.	5.69%	11/14/23	17,963,578
	Chemicals — 2.9%
9,200,000	Albemarle Corp.	5.99%	11/01/23	9,200,000
20,000,000	Albemarle Corp.	6.00%	11/08/23	19,977,029
15,000,000	Eastman Chemical Co.	5.59%	11/07/23	14,986,231
17,000,000	EIDP, Inc.	5.67%	11/08/23	16,981,541
15,000,000	EIDP, Inc.	5.71%	11/29/23	14,934,606
25,000,000	EIDP, Inc.	5.71%-5.72%	11/30/23	24,887,054
11,300,000	EIDP, Inc.	5.75%	12/04/23	11,241,533
38,000,000	FMC Corp.	6.03%	11/01/23	38,000,000
20,000,000	Nutrien Ltd.	5.79%	11/30/23	19,908,388
20,000,000	Nutrien Ltd.	5.80%	12/05/23	19,892,488
15,000,000	PPG Industries, Inc.	5.65%	11/02/23	14,997,677
15,000,000	PPG Industries, Inc.	5.71%	11/06/23	14,988,286
				219,994,833
	Commercial Services — 1.4%
20,000,000	ERAC USA Finance LLC	5.65%	11/10/23	19,972,160
15,000,000	ERAC USA Finance LLC	5.66%	11/17/23	14,962,885

See Notes to Financial Statements

Page 15

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Annualized Yield on Date of Purchase	Stated Maturity	Value
COMMERCIAL PAPER (Continued)
	Commercial Services (Continued)
$50,000,000	Global Payments, Inc.	5.96%	11/01/23	$50,000,000
20,000,000	Global Payments, Inc.	6.14%	11/09/23	19,973,101
				104,908,146
	Diversified Financial Services — 1.2%
25,000,000	ABN AMRO Funding USA LLC	5.30%	11/06/23	24,981,863
25,000,000	Intercontinental Exchange, Inc.	5.65%	11/06/23	24,980,649
20,000,000	Intercontinental Exchange, Inc.	5.59%	11/09/23	19,975,533
20,000,000	Intercontinental Exchange, Inc.	5.59%	11/10/23	19,972,479
				89,910,524
	Electric — 3.1%
10,800,000	American Electric Power Co., Inc.	5.62%	11/09/23	10,786,710
20,000,000	American Electric Power Co., Inc.	5.67%	11/14/23	19,959,726
20,000,000	American Electric Power Co., Inc.	5.71%	12/12/23	19,872,444
20,000,000	Dominion Energy, Inc.	5.64%	12/01/23	19,907,653
16,500,000	DTE Energy Co.	5.66%	11/06/23	16,487,212
19,955,000	DTE Energy Co.	5.65%	11/16/23	19,908,811
20,000,000	NextEra Energy Capital Holdings, Inc.	5.72%	11/28/23	19,915,732
20,000,000	NextEra Energy Capital Holdings, Inc.	5.72%	12/04/23	19,897,022
18,050,000	Sempra	5.64%	11/09/23	18,027,727
20,000,000	Sempra	5.63%	11/10/23	19,972,269
20,000,000	Sempra	5.64%	11/20/23	19,941,468
15,000,000	Southern California Edison Co.	5.64%	11/02/23	14,997,683
15,000,000	Southern California Edison Co.	5.64%	11/10/23	14,979,171
				234,653,628
	Electronics — 1.0%
20,000,000	Arrow Electronics, Inc.	6.01%	11/03/23	19,993,414
20,000,000	Arrow Electronics, Inc.	5.84%	11/09/23	19,974,420
20,000,000	Arrow Electronics, Inc.	6.02%	11/28/23	19,911,398
4,000,000	Jabil, Inc.	6.11%	11/01/23	4,000,000
10,000,000	Jabil, Inc.	6.18%	11/02/23	9,998,307
				73,877,539
	Food — 1.6%
20,000,000	Campbell Soup Co.	5.62%	11/13/23	19,963,122
27,000,000	Campbell Soup Co.	5.63%	11/20/23	26,921,043
30,000,000	Conagra Brands, Inc.	5.73%	11/01/23	30,000,000
20,000,000	Conagra Brands, Inc.	5.84%	11/10/23	19,971,218
27,000,000	Sysco Corp.	5.53%	11/01/23	27,000,000
				123,855,383
	Gas — 1.0%
22,000,000	NiSource, Inc.	5.64%	11/02/23	21,996,600
20,000,000	NiSource, Inc.	5.62%	11/03/23	19,993,838
15,500,000	NiSource, Inc.	5.66%	11/09/23	15,480,788
15,000,000	NiSource, Inc.	5.64%	11/13/23	14,972,216
				72,443,442
	Healthcare-Products — 0.3%
25,000,000	DENTSPLY SIRONA, Inc.	5.70%	11/07/23	24,976,587

See Notes to Financial Statements

Page 16

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Annualized Yield on Date of Purchase	Stated Maturity	Value
COMMERCIAL PAPER (Continued)
	Healthcare-Services — 0.8%
$20,000,000	Humana, Inc.	5.46%	11/01/23	$20,000,000
22,000,000	Humana, Inc.	5.70%	11/14/23	21,955,407
15,000,000	Humana, Inc.	5.70%	11/16/23	14,964,918
				56,920,325
	Lodging — 0.1%
7,000,000	Marriott International, Inc.	5.64%	11/10/23	6,990,274
	Mining — 0.5%
20,000,000	Glencore Funding LLC	5.81%	11/03/23	19,993,639
15,000,000	Glencore Funding LLC	5.74%	11/06/23	14,988,207
				34,981,846
	Oil & Gas — 1.0%
20,000,000	Marathon Oil Corp.	6.14%	11/14/23	19,956,371
20,000,000	Suncor Energy, Inc.	5.72%	11/09/23	19,974,937
35,000,000	Suncor Energy, Inc.	5.72%	11/15/23	34,923,329
				74,854,637
	Pharmaceuticals — 0.3%
25,000,000	Cigna Group (The)	5.64%	11/01/23	25,000,000
	Pipelines — 2.4%
15,000,000	Enbridge US, Inc.	5.64%	11/13/23	14,972,216
20,000,000	Kinder Morgan, Inc.	5.53%	11/01/23	20,000,000
47,000,000	Plains All American Pipeline, L.P.	5.73%-5.81%	11/01/23	47,000,000
31,900,000	Plains All American Pipeline, L.P.	5.78%-5.79%	11/03/23	31,889,893
40,000,000	Targa Resources Corp.	6.08%	11/01/23	40,000,000
13,000,000	Targa Resources Corp.	6.27%	11/03/23	12,995,538
15,000,000	Targa Resources Corp.	6.26%	11/06/23	14,987,139
				181,844,786
	Real Estate Investment Trusts — 1.2%
20,000,000	Alexandria Real Estate Equities, Inc.	5.64%	11/13/23	19,962,960
20,000,000	Crown Castle, Inc.	5.97%	11/07/23	19,980,167
19,500,000	Crown Castle, Inc.	6.09%	11/09/23	19,473,991
10,000,000	Crown Castle, Inc.	6.09%	11/14/23	9,978,359
20,000,000	Crown Castle, Inc.	6.09%	11/28/23	19,910,285
				89,305,762
	Retail — 2.9%
20,000,000	Alimentation Couche-Tard, Inc.	5.58%	11/02/23	19,996,942
25,000,000	Alimentation Couche-Tard, Inc.	5.62%	11/07/23	24,976,930
15,000,000	Alimentation Couche-Tard, Inc.	5.62%	11/14/23	14,970,037
20,000,000	Alimentation Couche-Tard, Inc.	5.67%	11/15/23	19,956,570
10,000,000	Alimentation Couche-Tard, Inc.	5.64%	11/20/23	9,970,704
50,000,000	AutoNation, Inc.	5.93%	11/01/23	50,000,000
38,000,000	O’Reilly Automotive, Inc.	5.63%	11/06/23	37,970,567
20,000,000	O’Reilly Automotive, Inc.	5.68%	11/13/23	19,962,705
20,000,000	O’Reilly Automotive, Inc.	5.70%	11/20/23	19,940,824
				217,745,279

See Notes to Financial Statements

Page 17

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Annualized Yield on Date of Purchase	Stated Maturity	Value
COMMERCIAL PAPER (Continued)
	Semiconductors — 0.6%
$25,000,000	Microchip Technology, Inc.	5.68%	11/17/23	$24,937,856
19,250,000	Microchip Technology, Inc.	5.69%	11/28/23	19,169,376
				44,107,232
	Software — 0.9%
14,700,000	Fidelity National Information Services, Inc.	5.65%	11/07/23	14,686,358
14,250,000	Fidelity National Information Services, Inc.	5.62%	11/08/23	14,234,649
20,000,000	Fidelity National Information Services, Inc.	5.65%	11/10/23	19,972,168
20,000,000	Fidelity National Information Services, Inc.	5.67%	11/20/23	19,941,124
				68,834,299
	Telecommunications — 1.2%
15,000,000	AT&T, Inc.	5.85%	12/19/23	14,888,000
25,000,000	Bell Telephone Co. of Canada or Bell Canada (The)	5.65%	11/14/23	24,949,772
8,875,000	Verizon Communications, Inc.	5.62%	11/27/23	8,839,608
27,500,000	Verizon Communications, Inc.	5.65%	12/04/23	27,360,238
10,530,000	Verizon Communications, Inc.	5.67%	12/11/23	10,464,938
				86,502,556
	Transportation — 0.5%
14,200,000	Canadian National Railway Co.	5.59%	11/14/23	14,171,771
22,000,000	Canadian Pacific Railway Co.	5.59%	11/08/23	21,976,451
				36,148,222
	Total Commercial Paper			2,274,540,704
	(Cost $2,274,540,704)

Principal Value	Description	Stated Coupon	Stated Maturity	Value
FOREIGN CORPORATE BONDS AND NOTES — 9.0%
	Banks — 4.3%
31,043,000	Bank of Montreal, Series E, Medium-Term Note	3.30%	02/05/24	30,819,404
10,000,000	Bank of Montreal, Medium-Term Note, SOFR Compounded Index + 0.32% (b)	5.69%	07/09/24	9,983,143
30,000,000	Bank of Montreal, Series H, Medium-Term Note	4.25%	09/14/24	29,519,180
25,000,000	Bank of Nova Scotia (The), SOFR Compounded Index + 0.45% (b)	5.82%	04/15/24	24,993,565
8,000,000	Bank of Nova Scotia (The), SOFR + 0.38% (b)	5.76%	07/31/24	8,003,007
5,000,000	Banque Federative du Credit Mutuel S.A., SOFR Compounded Index + 0.41% (a) (b)	5.77%	02/04/25	4,968,469
5,000,000	Danske Bank A/S (a) (c)	0.98%	09/10/25	4,763,065
10,000,000	Deutsche Bank AG/New York NY, Series E, SOFR + 0.50% (b)	5.84%	11/08/23	9,999,595
6,200,000	Federation des Caisses Desjardins du Quebec, SOFR + 0.43% (a) (b)	5.78%	05/21/24	6,196,580
5,000,000	Macquarie Group Ltd., SOFR + 0.71% (a) (b)	6.09%	10/14/25	4,969,478
5,000,000	National Bank of Canada, SOFR + 0.49% (b)	5.83%	08/06/24	4,993,994
14,885,000	NatWest Markets PLC, SOFR + 0.53% (a) (b)	5.87%	08/12/24	14,857,042
18,454,000	Royal Bank of Canada, Global Medium-Term Note, SOFR Compounded Index + 0.30% (b)	5.68%	01/19/24	18,445,715
15,000,000	Royal Bank of Canada, Global Medium-Term Note	3.97%	07/26/24	14,801,702
8,000,000	Royal Bank of Canada, SOFR Compounded Index + 0.36% (b)	5.74%	07/29/24	7,990,919
10,000,000	Royal Bank of Canada, Medium-Term Note	5.66%	10/25/24	9,969,187

See Notes to Financial Statements

Page 18

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
	Banks (Continued)
$20,000,000	Royal Bank of Canada, Global Medium-Term Note	4.95%	04/25/25	$19,707,061
10,000,000	Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.44% (a) (b)	5.80%	09/16/24	9,985,074
3,374,000	Toronto-Dominion Bank (The), Medium-Term Note	2.35%	03/08/24	3,332,437
10,000,000	Toronto-Dominion Bank (The), Medium-Term Note, SOFR + 0.91% (b)	6.27%	03/08/24	10,011,808
26,662,000	Toronto-Dominion Bank (The), Global Medium-Term Note	3.25%	03/11/24	26,410,093
5,000,000	UBS AG/London, SOFR + 0.45% (a) (b)	5.79%	08/09/24	4,991,117
19,646,000	UBS AG/London, SOFR + 0.47% (a) (b)	5.82%	01/13/25	19,569,230
20,000,000	UBS AG/London	5.80%	09/11/25	19,898,935
9,214,000	UBS Group AG (a) (c)	4.49%	08/05/25	9,064,897
				328,244,697
	Beverages — 0.2%
5,103,000	Bacardi Ltd. (a)	4.45%	05/15/25	4,963,326
11,000,000	JDE Peet’s N.V. (a)	0.80%	09/24/24	10,485,057
				15,448,383
	Chemicals — 0.3%
20,000,000	Nutrien Ltd.	5.90%	11/07/24	19,961,583
	Food — 0.3%
25,080,000	Mondelez International Holdings Netherlands B.V. (a)	2.25%	09/19/24	24,279,226
	Healthcare-Products — 0.2%
15,279,000	DH Europe Finance II Sarl	2.20%	11/15/24	14,728,373
	Insurance — 1.1%
41,710,000	Aon Global Ltd.	4.00%	11/27/23	41,648,699
40,000,000	Aon Global Ltd.	3.50%	06/14/24	39,385,220
				81,033,919
	Oil & Gas — 0.5%
36,036,000	Canadian Natural Resources Ltd.	3.80%	04/15/24	35,656,496
	Oil & Gas Services — 0.2%
15,776,000	Schlumberger Investment S.A.	3.65%	12/01/23	15,746,503
	Pharmaceuticals — 1.1%
35,729,000	GlaxoSmithKline Capital PLC	3.00%	06/01/24	35,174,020
20,000,000	Pfizer Investment Enterprises Pte. Ltd.	4.65%	05/19/25	19,753,601
28,748,000	Takeda Pharmaceutical Co., Ltd.	4.40%	11/26/23	28,716,979
				83,644,600
	Pipelines — 0.2%
5,362,000	Enbridge, Inc.	2.15%	02/16/24	5,298,276
3,000,000	Enbridge, Inc., SOFR Compounded Index + 0.63% (b)	5.98%	02/16/24	3,002,101
8,092,000	Enbridge, Inc.	3.50%	06/10/24	7,970,273
				16,270,650
	Semiconductors — 0.5%
40,000,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.63%	01/15/24	39,798,199
	Transportation — 0.1%
5,000,000	Canadian Pacific Railway Co.	1.35%	12/02/24	4,762,451
	Total Foreign Corporate Bonds and Notes			679,575,080
	(Cost $682,299,322)

See Notes to Financial Statements

Page 19

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
ASSET-BACKED SECURITIES — 6.1%
	BMW Vehicle Lease Trust
$15,000,000	Series 2023-1, Class A3	5.16%	11/25/25	$14,865,794
16,000,000	Series 2023-2, Class A2	5.95%	08/25/25	16,004,520
	BMW Vehicle Owner Trust
1,644,583	Series 2022-A, Class A2A	2.52%	12/26/24	1,639,551
15,000,000	Series 2023-A, Class A2A	5.72%	04/27/26	14,978,734
	Chase Auto Owner Trust
4,765,967	Series 2022-AA, Class A2 (a)	3.86%	10/27/25	4,742,024
	Dell Equipment Finance Trust
12,000,000	Series 2023-1, Class A2 (a)	5.65%	09/22/28	11,960,392
16,250,000	Series 2023-2, Class A2 (a)	5.84%	01/22/29	16,223,033
19,000,000	Series 2023-3, Class A2 (a)	6.10%	04/23/29	18,986,429
	DT Auto Owner Trust
806,066	Series 2022-1A, Class A (a)	1.58%	04/15/26	803,201
	Flagship Credit Auto Trust
1,882,181	Series 2021-3, Class A (a)	0.36%	07/15/27	1,853,539
	Ford Credit Auto Owner Trust
1,184,927	Series 2022-B, Class A2A	3.44%	02/15/25	1,181,360
11,267,893	Series 2023-A, Class A2A	5.14%	03/15/26	11,215,558
	GLS Auto Receivables Issuer Trust
222,139	Series 2022-1A, Class A (a)	1.98%	08/15/25	221,726
	GM Financial Automobile Leasing Trust
292,653	Series 2022-3, Class A2A	4.01%	10/21/24	291,956
9,743,855	Series 2023-2, Class A2A	5.44%	10/20/25	9,711,376
	GM Financial Consumer Automobile Receivables Trust
2,333,368	Series 2022-2, Class A2	2.52%	05/16/25	2,323,134
	Honda Auto Receivables Owner Trust
6,511,625	Series 2022-2, Class A2	3.81%	03/18/25	6,476,187
17,756,000	Series 2023-2, Class A2	5.41%	04/15/26	17,676,867
	Hyundai Auto Receivables Trust
532,553	Series 2022-A, Class A2A	1.81%	02/18/25	531,125
	John Deere Owner Trust
12,309,823	Series 2022-C, Class A2	4.98%	08/15/25	12,267,696
14,000,000	Series 2023-A, Class A2	5.28%	03/16/26	13,955,459
30,000,000	Series 2023-B, Class A2	5.59%	06/15/26	29,952,471
15,000,000	Series 2023-C, Class A2	5.76%	08/17/26	14,990,971
	Mercedes-Benz Auto Lease Trust
16,000,000	Series 2023-A, Class A2	5.24%	11/17/25	15,932,440
	Mercedes-Benz Auto Receivables Trust
8,450,000	Series 2022-1, Class A3	5.21%	08/16/27	8,363,777
25,000,000	Series 2023-2, Class A2	5.92%	11/16/26	25,004,662
	MVW Owner Trust
1,137,535	Series 2018-1A, Class A (a)	3.45%	01/21/36	1,112,645
	OSCAR US Funding XIV LLC
1,619,488	Series 2022-1A, Class A2 (a)	1.60%	03/10/25	1,613,062
	T-Mobile US Trust
10,322,000	Series 2022-1A, Class A (a)	4.91%	05/22/28	10,184,710
	Toyota Auto Receivables Owner Trust
3,842,888	Series 2022-C, Class A2A	3.83%	08/15/25	3,818,493
16,000,000	Series 2023-B, Class A2A	5.28%	05/15/26	15,926,379
15,000,000	Series 2023-C, Class A2A	5.60%	08/17/26	14,953,030

See Notes to Financial Statements

Page 20

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
ASSET-BACKED SECURITIES (Continued)
	Verizon Master Trust
$20,862,000	Series 2022-3, Class A, steps up to 3.76% on 11/20/23 (d)	3.01%	05/20/27	$20,830,989
15,000,000	Series 2022-5, Class A1A, steps up to 4.47% on 01/20/24 (d)	3.72%	07/20/27	14,925,190
10,000,000	Series 2022-6, Class A	3.67%	01/22/29	9,641,007
40,000,000	Series 2022-7, Class A1A, steps up to 5.98% on 11/20/24 (d)	5.23%	11/22/27	39,665,804
36,621,000	Series 2023-2, Class A	4.89%	04/13/28	36,112,950
	Westlake Automobile Receivables Trust
4,361,608	Series 2022-1A, Class A3 (a)	2.42%	07/15/25	4,334,524
	World Omni Auto Receivables Trust
4,812,324	Series 2022-B, Class A2A	2.77%	10/15/25	4,781,825
7,922,233	Series 2022-C, Class A2	3.73%	03/16/26	7,857,930
	Total Asset-Backed Securities			457,912,520
	(Cost $459,831,737)
U.S. GOVERNMENT BONDS AND NOTES — 4.4%
120,000,000	U.S. Treasury Note	4.63%	02/28/25	118,978,125
76,000,000	U.S. Treasury Note	3.88%	04/30/25	74,536,406
120,000,000	U.S. Treasury Note	4.63%	06/30/25	118,987,500
10,863,000	U.S. Treasury Note	4.75%	07/31/25	10,792,985
5,000,000	U.S. Treasury Note	5.00%	08/31/25	4,989,844
	Total U.S. Government Bonds and Notes			328,284,860
	(Cost $330,222,212)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 3.7%
	Collateralized Mortgage Obligations — 0.1%
	Federal Home Loan Mortgage Corporation
3,198,186	Series 2017-4671, Class CA	3.50%	08/15/43	3,114,888
	Federal National Mortgage Association
1,790,036	Series 2014-20, Class NA	3.00%	06/25/33	1,707,038
1,434,038	Series 2015-28, Class GC	2.50%	06/25/34	1,365,386
1,637,464	Series 2017-18, Class VB	3.00%	05/25/40	1,614,551
				7,801,863
	Commercial Mortgage-Backed Securities — 3.6%
	Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
10,718,660	Series 2014-K037, Class A2	3.49%	01/25/24	10,663,429
12,422,108	Series 2014-K038, Class A2	3.39%	03/25/24	12,319,202
23,036,000	Series 2014-K040, Class A2	3.24%	09/25/24	22,553,658
44,492,453	Series 2014-K041, Class A2	3.17%	10/25/24	43,423,317
36,136,091	Series 2015-K043, Class A2	3.06%	12/25/24	35,094,884
15,240,825	Series 2015-K045, Class A2	3.02%	01/25/25	14,746,696
1,489,883	Series 2015-K046, Class A1	2.70%	01/25/25	1,475,403
31,802,288	Series 2015-K046, Class A2	3.21%	03/25/25	30,772,311
14,000,000	Series 2015-K048, Class A2	3.28%	06/25/25	13,524,750
34,636,018	Series 2015-K049, Class A2	3.01%	07/25/25	33,254,831
3,408,534	Series 2017-K725, Class A2	3.00%	01/25/24	3,383,016
18,000,000	Series 2017-K728, Class AM	3.13%	08/25/24	17,577,077
13,800,000	Series 2017-K729, Class A2	3.14%	10/25/24	13,478,702
539,312	Series 2017-KJ12, Class A2	3.04%	08/25/24	535,658
1,719,003	Series 2017-KL1E, Class A1E	2.84%	02/25/27	1,635,815
19,925,403	Series 2018-K732, Class A2	3.70%	05/25/25	19,386,522
				273,825,271

See Notes to Financial Statements

Page 21

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
	Pass-Through Securities — 0.0%
	Federal Home Loan Mortgage Corporation
$336	Pool G15435	5.00%	11/01/24	$326
359	Pool G15821	5.00%	07/01/25	348
1,160	Pool G15874	5.00%	06/01/26	1,123
	Federal National Mortgage Association
2,816	Pool AE0812	5.00%	07/01/25	2,725
2,017	Pool AL5764	5.00%	09/01/25	1,952
8	Pool AL5812	5.50%	05/01/25	8
627	Pool AL6212	4.50%	01/01/27	620
2,404	Pool AL6798	5.00%	09/01/25	2,326
23,902	Pool BM1299	5.00%	03/01/27	23,134
	Government National Mortgage Association
789	Pool 783524	5.00%	09/15/24	767
				33,329
	Total U.S. Government Agency Mortgage-Backed Securities			281,660,463
	(Cost $283,898,305)
MORTGAGE-BACKED SECURITIES — 0.8%
	Collateralized Mortgage Obligations — 0.5%
	BRAVO Residential Funding Trust
5,322,214	Series 2021-NQM1, Class A1 (a)	0.94%	02/25/49	4,642,826
	CIM Trust
1,070,010	Series 2019-INV1, Class A2, 30 Day Average SOFR + CSA + 1.00% (a) (b)	6.44%	02/25/49	1,028,661
601,980	Series 2019-INV2, Class A11, 30 Day Average SOFR + CSA + 0.95% (a) (b)	6.39%	05/25/49	582,017
4,477,367	Series 2019-INV3, Class A11, 30 Day Average SOFR + CSA + 0.95%, 5.50% Cap (a) (b)	5.50%	08/25/49	4,183,136
	COLT Mortgage Loan Trust
3,006,112	Series 2020-2R, Class A1 (a)	1.33%	10/26/65	2,625,079
	Credit Suisse Mortgage Trust
4,201,184	Series 2019-AFC1, Class A1 (a)	3.57%	07/25/49	3,813,996
4,376,458	Series 2020-NQM1, Class A1, steps up to 2.21% on 09/26/24 (a) (d)	1.21%	05/25/65	3,869,145
	GCAT Trust
2,489,722	Series 2020-NQM1, Class A1, steps up to 3.25% on 02/26/24 (a) (d)	2.25%	01/25/60	2,330,340
	JP Morgan Mortgage Trust
2,952,876	Series 2019-7, Class A11, 1 Mo. CME Term SOFR + CSA + 0.90% (a) (b)	6.32%	02/25/50	2,767,797
188,259	Series 2019-8, Class A11, 1 Mo. CME Term SOFR + CSA + 0.85% (a) (b)	6.28%	03/25/50	175,589
2,415,492	Series 2019-INV1, Class A11, 1 Mo. CME Term SOFR + CSA + 0.95% (a) (b)	6.38%	10/25/49	2,331,651
22,479	Series 2019-LTV2, Class A11, 1 Mo. CME Term SOFR + CSA + 0.90% (a) (b)	6.34%	12/25/49	22,483
197,113	Series 2019-LTV3, Class A11, 1 Mo. CME Term SOFR + CSA + 0.85% (a) (b)	6.28%	03/25/50	195,490

See Notes to Financial Statements

Page 22

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

Principal Value	Description	Stated Coupon	Stated Maturity	Value
MORTGAGE-BACKED SECURITIES (Continued)
	Collateralized Mortgage Obligations (Continued)
	JP Morgan Mortgage Trust (Continued)
$3,390,977	Series 2020-2, Class A11, 1 Mo. CME Term SOFR + CSA + 0.80% (a) (b)	6.00%	07/25/50	$3,182,559
357,915	Series 2020-LTV1, Class A11, 1 Mo. CME Term SOFR + CSA+ 1.00%, 6.00% Cap (a) (b)	6.00%	06/25/50	352,676
	OBX Trust
1,702,606	Series 2020-INV1, Class A11, 1 Mo. CME Term SOFR + CSA + 0.90%, 6.00% Cap (a) (b)	6.00%	12/25/49	1,583,658
	Residential Mortgage Loan Trust
196,906	Series 2019-3, Class A2 (a)	2.94%	09/25/59	190,587
	Starwood Mortgage Residential Trust
912,180	Series 2020-1, Class A1 (a)	2.28%	02/25/50	846,614
	Verus Securitization Trust
1,091,358	Series 2019-4, Class A2 (a)	3.85%	11/25/59	1,044,365
537,033	Series 2019-INV2, Class A2 (a)	4.12%	07/25/59	519,101
773,045	Series 2020-4, Class A2, steps up to 2.91% on 07/26/24 (a) (d)	1.91%	05/25/65	716,835
				37,004,605
	Commercial Mortgage-Backed Securities — 0.3%
	Citigroup Commercial Mortgage Trust
9,384,596	Series 2014-GC21, Class A4	3.58%	05/10/47	9,335,331
10,379,506	Series 2014-GC23, Class A3	3.36%	07/10/47	10,223,276
	KNDL Mortgage Trust
4,100,000	Series 2019-KNSQ, Class A, 1 Mo. CME Term SOFR + CSA + 0.95% (a) (b)	6.33%	05/15/36	4,084,133
				23,642,740
	Total Mortgage-Backed Securities			60,647,345
	(Cost $64,025,004)
CERTIFICATES OF DEPOSIT — 0.3%
	Banks — 0.3%
20,000,000	Wells Fargo Bank N.A., SOFR + 0.42% (b)	5.72%	11/17/23	20,002,996
	(Cost $20,000,000)
U.S. TREASURY BILLS — 0.3%
25,000,000	U.S. Treasury Bills	(e)	11/16/23	24,945,169
	(Cost $24,945,537)


	Total Investments — 100.7%			7,588,874,318
	(Cost $7,616,086,554)
	Net Other Assets and Liabilities — (0.7)%			(52,603,353 )
	Net Assets — 100.0%			$7,536,270,965

(a)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At October 31, 2023, securities noted as such amounted to $457,257,953 or 6.1% of net assets.
(b)	Floating or variable rate security.
(c)	Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at October 31, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.

See Notes to Financial Statements

Page 23

First Trust Enhanced Short Maturity ETF (FTSM)

Portfolio of Investments (Continued)

October 31, 2023

(d)	Step-up security. A security where the coupon increases or steps up at a predetermined date.
(e)	Zero coupon security.

Abbreviations throughout the Portfolio of Investments:
CME	– Chicago Mercantile Exchange
CSA	– Credit Spread Adjustment
SOFR	– Secured Overnight Financing Rate

Valuation Inputs

A summary of the inputs used to value the Fund’s investments as of October 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes*	$3,461,305,181	$—	$3,461,305,181	$—
Commercial Paper*	2,274,540,704	—	2,274,540,704	—
Foreign Corporate Bonds and Notes*	679,575,080	—	679,575,080	—
Asset-Backed Securities	457,912,520	—	457,912,520	—
U.S. Government Bonds and Notes	328,284,860	—	328,284,860	—
U.S. Government Agency Mortgage-Backed Securities	281,660,463	—	281,660,463	—
Mortgage-Backed Securities	60,647,345	—	60,647,345	—
Certificates of Deposit	20,002,996	—	20,002,996	—
U.S. Treasury Bills	24,945,169	—	24,945,169	—
Total Investments	$7,588,874,318	$—	$7,588,874,318	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 24

First Trust Enhanced Short Maturity ETF (FTSM)

Financial Highlights

For a share outstanding throughout each period

	Year Ended October 31,
	2023	2022	2021	2020	2019
Net asset value, beginning of period	$59.29	$59.89	$60.03	$60.09	$59.97
Income from investment operations:
Net investment income (loss)	2.61 (a)	0.64	0.28	0.85	1.48
Net realized and unrealized gain (loss)	0.14	(0.60 )	(0.15 )	(0.05 )	0.11
Total from investment operations	2.75	0.04	0.13	0.80	1.59
Distributions paid to shareholders from:
Net investment income	(2.61 )	(0.64 )	(0.27 )	(0.86 )	(1.47 )
Net asset value, end of period	$59.43	$59.29	$59.89	$60.03	$60.09
Total return (b)	4.72 %	0.08 %	0.22 %	1.34 %	2.68 %

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$7,536,271	$6,883,764	$4,410,979	$5,168,783	$5,065,750
Ratio of total expenses to average net assets	0.45 %	0.45 %	0.45 %	0.45 %	0.45 %
Ratio of net expenses to average net assets	0.35 %	0.25 %	0.25 %	0.38 %	0.39 %
Ratio of net investment income (loss) to average net assets	4.38 %	1.26 %	0.47 %	1.41 %	2.47 %
Portfolio turnover rate (c)	64 %	56 %	82 %	73 %	73 %

(a)	Based on average shares outstanding.
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(c)	Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

Page 28

Notes to Financial Statements

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

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 eighteen exchange-traded funds that are offering shares. This report covers the First Trust Enhanced Short Maturity ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “FTSM” on Nasdaq, Inc. The Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.”

The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment objective is to seek current income, consistent with preservation of capital and daily liquidity. Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. corporations and governments, municipal obligations, privately issued securities and other debt securities bearing fixed or floating interest rates. The Fund may also invest in money market securities. The Fund may invest in investment companies, such as ETFs, that invest primarily in debt securities. The Fund intends to limit its investments in privately-issued, non-agency sponsored mortgage- and asset-backed securities to 20% of its net assets. The Fund may also invest up to 20% of its net assets in floating rate loans representing amounts borrowed by companies or other entities from banks and other lenders. A significant portion of these loans may be rated below investment grade or unrated. Floating rate loans held by the Fund may be senior or subordinate obligations of the borrower and may or may not be secured by collateral. Under normal market conditions, the Fund’s portfolio is expected to have an average duration of less than one year and an average maturity of less than three years. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

2. Significant Accounting Policies

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Portfolio Valuation

The Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund’s NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund’s investments are valued as follows:

Corporate bonds, corporate notes, U.S. government securities, mortgage-backed securities, asset-backed securities, certificates of deposit and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:

Page 29

Notes to Financial Statements (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

benchmark yields;

reported trades;

broker/dealer quotes;

issuer spreads;

benchmark securities;

bids and offers; and

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Commercial paper is fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

the credit conditions in the relevant market and changes thereto;

the liquidity conditions in the relevant market and changes thereto;

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

issuer-specific conditions (such as significant credit deterioration); and

any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Senior Floating-Rate Loan Interests (“Senior Loans”)(1) are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

the most recent price provided by a pricing service;

available market prices for the fixed-income security;

the fundamental business data relating to the borrower/issuer;

an evaluation of the forces which influence the market in which these securities are purchased and sold;

the type, size and cost of a security;

(1)

The terms “security” and “securities” used throughout the Notes to Financial Statements include Senior Loans.

Page 30

Notes to Financial Statements (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

the financial statements of the borrower/issuer or the financial condition of the country of issue;

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, sub-advisor’s or portfolio manager’s analysis, as applicable, or external analysis;

the information as to any transactions in or offers for the security;

the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);

13)

the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);

14)

the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and

15)

other relevant factors.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund’s investments as of October 31, 2023, is included with the Fund’s Portfolio of Investments.

B. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates the London Interbank Offered Rates (“LIBOR”), ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. The overnight and 12-month USD LIBOR settings permanently ceased as of June 30, 2023. The FCA announced that the 1-, 3- and 6-month USD LIBOR settings will continue to be published using a synthetic methodology to serve as a fallback for non-U.S. contracts until September 2024. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of the Secured Overnight Financing Rate (“SOFR”) as a replacement rate. There is no assurance that any alternative reference rate, including 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 same volume or liquidity. At this time, it is not possible to predict the full impact of the elimination of LIBOR and the establishment of an alternative reference rate on the Fund or its investments.

Page 31

Notes to Financial Statements (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

C. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

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

The tax character of distributions paid during the fiscal years ended October 31, 2023 and 2022 was as follows:

Distributions paid from:	2023	2022
Ordinary income	$326,355,459	$46,350,806
Capital gains	—	—
Return of capital	—	—

As of October 31, 2023, the components of distributable earnings on a tax basis for the Fund were as follows:

Undistributed ordinary income	$(1,074,706 )
Accumulated capital and other gain (loss)	(14,455,601 )
Net unrealized appreciation (depreciation)	(26,972,988 )

D. Income Taxes

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2020, 2021, 2022, and 2023 remain open to federal and state audit. As of October 31, 2023, 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, 2023, for federal income tax purposes, the Fund had $14,455,601 of capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Fund’s shareholders.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2023, the Fund had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in

Page 32

Notes to Financial Statements (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Fund. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2023, there were no tax adjustments made to accumulated distributable earnings (loss) accounts due to differences between book and tax treatments.

As of October 31, 2023, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

Tax Cost	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)
$7,615,847,306	$430,149	$(27,403,137 )	$(26,972,988 )

E. 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.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund’s assets and is responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit, license fees and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses with the exception of those attributable to affiliated funds, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The annual unitary management fee payable by the Fund to First Trust for these services will be reduced at certain levels of the Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:

Breakpoints
Fund net assets up to and including $2.5 billion	0.45000 %
Fund net assets greater than $2.5 billion up to and including $5 billion	0.43875 %
Fund net assets greater than $5 billion up to and including $7.5 billion	0.42750 %
Fund net assets greater than $7.5 billion up to and including $10 billion	0.41625 %
Fund net assets greater than $10 billion	0.40500 %

First Trust had contractually agreed to waive management fees of 0.10% (0.20% prior to March 1, 2023) of average daily net assets until June 1, 2023. At that point, the waiver agreement expired and was not renewed. During any period in which the waiver agreement was in effect, the Fund was not eligible for the breakpoints described above. Pursuant to a separate contractual agreement between the Trust, on behalf of the Fund, and First Trust, the management fees paid to First Trust will be reduced by the portion of the management fees earned by First Trust from the Fund for assets invested in other investment companies advised by First Trust. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust’s Board of Trustees or (ii) upon termination of the Fund’s management agreement with First Trust; however, it is expected to remain in place at least until March 1, 2024. First Trust does not have the right to recover the fees waived that are attributable to the assets invested in other investment companies advised by First Trust. During the fiscal year ended October 31, 2023, the Advisor waived fees of $7,022,099.

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.

Page 33

Notes to Financial Statements (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the 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. Purchases and Sales of Securities

The costs of purchases of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the fiscal year ended October 31, 2023, were $821,179,727 and $2,708,663,757, respectively. The proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities, excluding short-term investments, for the fiscal year ended October 31, 2023 were $419,411,425 and $1,535,962,422, respectively.

For the fiscal year ended October 31, 2023, the Fund had no in-kind transactions.

5. Creations, Redemptions and Transaction Fees

The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with the Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in 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 the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of the Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of the Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in the Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund’s shares at or close to the NAV per share of the Fund.

The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

6. Distribution Plan

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale

Page 34

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund IV:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust Enhanced Short Maturity ETF (the “Fund”), one of the funds constituting the First Trust Exchange-Traded Fund IV, as of October 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois
December 20, 2023

We have served as the auditor of one or more First Trust investment companies since 2001.

Page 36

Additional Information

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (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.

Federal Tax Information

Distributions paid to foreign shareholders during the Fund’s fiscal year ended October 31, 2023 that were properly designated by the Fund as “interest-related dividends” or “short-term capital gain dividends,” may not be subject to federal income tax provided that the income was earned directly by such foreign shareholders.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended October 31, 2023, none qualify for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.

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

Page 37

Additional Information (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

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.

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.

Page 38

Additional Information (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

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 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. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. 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 COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund’s shares and result in increased market volatility. During any such events, a fund’s shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund’s shares may widen.

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.

Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.

Page 39

Additional Information (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE

Advisory Agreement

Board Considerations Regarding Approval of the Continuation of the Investment Management Agreement

The Board of Trustees of First Trust Exchange-Traded Fund IV (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the First Trust Enhanced Short Maturity ETF (the “Fund”). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2024 at a meeting held on June 4–5, 2023. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 17, 2023 and June 4–5, 2023, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 17, 2023, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 4–5, 2023 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.

In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Fund is an actively-managed ETF and considered the background and experience of the persons responsible for the day-to-day management of the Fund’s investments. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and the Fund’s compliance with the 1940 Act, as well as the Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 17, 2023 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund

Page 40

Additional Information (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the unitary fee rate schedule payable by the Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that the Advisor had previously agreed to reduce the unitary fee to the extent of acquired fund fees and expenses of shares of investment companies advised by the Advisor that are held by the Fund. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total expense ratio for the Fund was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board, at the April 17, 2023 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedule overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund’s performance. The Board received and reviewed information comparing the Fund’s performance for periods ended December 31, 2022 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and the benchmark index for the one-, three- and five-year periods ended December 31, 2022.

On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2022 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.

Page 41

Additional Information (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

Remuneration

First Trust Advisors L.P. (“First Trust”) is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain funds it manages, including First Trust Enhanced Short Maturity ETF (the “Fund”), in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the “Directive”). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust’s interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2022, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $7,541,592. This figure is comprised of $595,768 paid (or to be paid) in fixed compensation and $6,945,824 paid (or to be paid) in variable compensation. There were a total of 28 beneficiaries of the remuneration described above. Those amounts include $1,378,623 paid (or to be paid) to senior management of First Trust Advisors L.P. and $6,162,969 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, “Code Staff”).

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:

to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

ii.

to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

iii.

to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

Page 42

Board of Trustees and Officers

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.

Name, Year of Birth and Position with the Trust	Term of Office and Year First Elected or Appointed	Principal Occupations During Past 5 Years	Number of Portfolios in the First Trust Fund Complex Overseen by Trustee	Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee (1951)	• Indefinite Term • Since Inception	Retired; Physician, Edward-Elmhurst Medical Group (2021 to September 2023); Physician and Officer, Wheaton Orthopedics (1990 to 2021)	254	None
Thomas R. Kadlec, Trustee (1957)	• Indefinite Term • Since Inception	Retired; President, ADM Investors Services, Inc. (Futures Commission Merchant) (2010 to July 2022)	254	Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association
Denise M. Keefe, Trustee (1964)	• Indefinite Term • Since 2021	Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System)	254	Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director of RML Long Term Acute Care Hospitals; Director of Senior Helpers (since 2021); and Director of MobileHelp (since 2022)
Robert F. Keith, Trustee (1956)	• Indefinite Term • Since Inception	President, Hibs Enterprises (Financial and Management Consulting)	254	Formerly, Director of Trust Company of Illinois
Niel B. Nielson, Trustee (1954)	• Indefinite Term • Since Inception	Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services)	254	None
Bronwyn Wright, Trustee (1971)	• Indefinite Term • Since 2023	Independent Director to a number of Irish collective investment funds (2009 to Present); Various roles at international affiliates of Citibank (1994 to 2009), including Managing Director, Citibank Europe plc and Head of Securities and Fund Services, Citi Ireland (2007 to 2009)	229	None

Page 43

Board of Trustees and Officers (Continued)

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

Name, Year of Birth and Position with the Trust	Term of Office and Year First Elected or Appointed	Principal Occupations During Past 5 Years	Number of Portfolios in the First Trust Fund Complex Overseen by Trustee	Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INTERESTED TRUSTEE
James A. Bowen(1), Trustee, Chairman of the Board (1955)	• Indefinite Term • Since Inception	Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P., Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)	254	None

Name and Year of Birth	Position and Offices with Trust	Term of Office and Length of Service	Principal Occupations During Past 5 Years
OFFICERS(2)
James M. Dykas (1966)	President and Chief Executive Officer	• Indefinite Term • Since 2016	Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Derek D. Maltbie (1972)	Treasurer, Chief Financial Officer and Chief Accounting Officer	• Indefinite Term • Since 2023	Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P., July 2021 to Present. Previously, Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P., 2014 - 2021.
W. Scott Jardine (1960)	Secretary and Chief Legal Officer	• Indefinite Term • Since Inception	General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist (1970)	Vice President	• Indefinite Term • Since Inception	Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher (1966)	Chief Compliance Officer and Assistant Secretary	• Indefinite Term • Since Inception	Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
Roger F. Testin (1966)	Vice President	• Indefinite Term • Since Inception	Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland (1970)	Vice President	• Indefinite Term • Since Inception	Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.

(1)

Mr. Bowen is deemed an “interested person” of the Trust due to his position as Chief Executive Officer of First Trust Advisors L.P., investment advisor of the Trust.

(2)

The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

Page 44

First Trust Enhanced Short Maturity ETF (FTSM)

October 31, 2023 (Unaudited)

First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

Sources of Information

We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of “cookies.” For example, we may identify the pages on our website that your browser requests or visits.

Information Collected

The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

Disclosure of Information

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

Use of Website Analytics

We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: Google Analytics and AddThis.

Confidentiality and Security

With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

Policy Updates and Inquiries

As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2023

Page 45

ASSETS:
Investments, at value	$7,588,874,318
Cash	372,221
Receivables:
Interest	46,678,306
Capital shares sold	23,773,777
Total Assets	7,659,698,622

LIABILITIES:
Payables:
Investment securities purchased	89,806,575
Distributions to shareholders	30,841,533
Investment advisory fees	2,779,549
Total Liabilities	123,427,657
NET ASSETS	$7,536,270,965

NET ASSETS consist of:
Paid-in capital	$7,577,506,263
Par value	1,267,997
Accumulated distributable earnings (loss)	(42,503,295 )
NET ASSETS	$7,536,270,965
NET ASSET VALUE, per share	$59.43
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)	126,799,724
Investments, at cost	$7,616,086,554

INVESTMENT INCOME:
Interest	$367,637,961
Total investment income	367,637,961

EXPENSES:
Investment advisory fees	34,578,695
Total expenses	34,578,695
Less fees waived by the investment advisor	(7,022,099 )
Net expenses	27,556,596
NET INVESTMENT INCOME (LOSS)	340,081,365

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments	(1,584,808 )
Net change in unrealized appreciation (depreciation) on investments	20,137,007
NET REALIZED AND UNREALIZED GAIN (LOSS)	18,552,199
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$358,633,564

	Year Ended 10/31/2023	Year Ended 10/31/2022
OPERATIONS:
Net investment income (loss)	$340,081,365	$61,249,235
Net realized gain (loss)	(1,584,808 )	(194,021 )
Net change in unrealized appreciation (depreciation)	20,137,007	(47,431,584 )
Net increase (decrease) in net assets resulting from operations	358,633,564	13,623,630

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations	(341,202,280 )	(61,314,422 )

SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold	2,136,185,045	3,362,454,346
Cost of shares redeemed	(1,501,109,319 )	(841,978,719 )
Net increase (decrease) in net assets resulting from shareholder transactions	635,075,726	2,520,475,627
Total increase (decrease) in net assets	652,507,010	2,472,784,835

NET ASSETS:
Beginning of period	6,883,763,955	4,410,979,120
End of period	$7,536,270,965	$6,883,763,955

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period	116,099,724	73,649,724
Shares sold	35,900,000	56,550,000
Shares redeemed	(25,200,000 )	(14,100,000 )
Shares outstanding, end of period	126,799,724	116,099,724

	First Trust Enhanced Short Maturity ETF (FTSM)
	Annual Report For the Year Ended October 31, 2023