First Trust Exchange-Traded Fund VI
Developed International Equity Select ETF (RNDM)
Emerging Markets Equity Select ETF (RNEM)
Large Cap US Equity Select ETF (RNLC)
Mid Cap US Equity Select ETF (RNMC)
Small Cap US Equity Select ETF (RNSC)
US Equity Dividend Select ETF (RNDV)
Semi-Annual Report
For the Six Months Ended
September 30,
2021
First
Trust Exchange-Traded Fund VI
Semi-Annual
Report
September
30, 2021
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 any series of First
Trust Exchange-Traded Fund VI (the “Trust”) described in this report (each such
series is referred to as a “Fund” and collectively, the “Funds”) 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 any Fund described in this report will achieve its
investment objective. Each Fund is subject to market risk, which is the
possibility that the market values of securities owned by the Fund will decline
and that the value of the Fund’s shares may therefore be less than what you paid
for them. Accordingly, you can lose money by investing in a Fund. See “Risk
Considerations” in the Additional Information section of this report for a
discussion of certain other risks of investing in the Funds.
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 each Fund’s web page at www.ftportfolios.com.
How
to Read This Report
This
report contains information that may help you evaluate your investment. It
includes details about each Fund and presents data and analysis that provide
insight into each Fund’s performance and investment approach.
By
reading the market overview by Robert F. Carey, Chief Market Strategist of the
Advisor, you may obtain an understanding of how the market environment affected
the performance of each Fund. The statistical information that follows may help
you understand each Fund’s performance compared to that of relevant market
benchmarks.
It
is important to keep in mind that the opinions expressed by personnel of the
Advisor 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 each
Fund are spelled out in the prospectus, the statement of additional information,
and other Fund regulatory filings.
First
Trust Exchange-Traded Fund VI
Semi-Annual
Letter from the Chairman and CEO
September
30, 2021
Dear
Shareholders,
First
Trust is pleased to provide you with the semi-annual report for certain series
of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains
detailed information about the Funds for the six months ended September 30,
2021.
A
great deal has changed over the past 18 months. Suffice it to say that the
dominant story in 2020 was the onset of the coronavirus (“COVID-19”) pandemic.
It is still a huge story 20 months later, mostly due to the arrival of the Delta
variant in the U.S. and the subsequent surge in cases around mid-2021. The Delta
variant is twice as contagious as the previous variants, according to the
Centers for Disease Control and Prevention (“CDC”). Fortunately, we have come to
learn that the existing vaccines approved by the U.S. Food and Drug
Administration have been effective in providing protection against the Delta
variant, particularly with respect to keeping the people already vaccinated out
of the intensive care unit. As I’m sure you are aware, a significant percentage
of the U.S. population has chosen not to be vaccinated. These individuals have
proven to be much more vulnerable to the virus and account for the lion’s share
of hospitalizations, according to the CDC. While it is these individuals right
to choose, unless mandated by a private company or government agency, the
universe of people that have not gotten vaccinated is large enough that it has
likely delayed the full economic recovery, at least on the margin, in our
opinion. In the U.S., the path chosen by the federal government to help mitigate
the economic fallout from the pandemic has been to inject trillions of dollars
of liquidity (stimulus) into the financial system. To date, it appears to have
been effective, however, it has contributed to a new and potentially ominous
headwind for the economy: inflation.
The
Consumer Price Index came in at 5.4% year-over-year in September 2021, the
largest increase since 2008, according to data from the Bureau of Labor
Statistics (“BLS”). The BLS also reported that the Producer Price Index was up
8.6% compared to a year ago, its highest level since 1981. These two barometers
of inflation are clearly elevated. Why is rising inflation worth noting? It
tends to reduce the purchasing power of the currency one uses over time. In the
case of the U.S., it reduces how much consumers can buy with their dollars. A
modest amount of inflation can be a sign that the economy is healthy. Too much
inflation can derail an economy. While we are not even close to that point yet,
investors should monitor the direction of inflation moving forward because the
U.S. economy has yet to fully reopen from the COVID-19 pandemic and millions of
workers remain on the sideline. Earlier this year, Federal Reserve Chairman
Jerome Powell proclaimed that the spike in inflation in the U.S. would be
relatively short-lived, or “transitory.” He cited the pandemic-related
bottlenecks in the global supply chain for creating shortages in such critical
industries as semiconductors as being largely responsible for the sharp rise in
prices. With prices rising nearly across the board, his take on inflation is
losing credibility with each passing month, in my opinion. If inflation
continues to run hotter-than-expected, we believe that the Federal Reserve will
likely have to alter its easy monetary policy in favor of one that boosts
interest rates and bond yields.
The
markets have performed quite well over the past 18 months. I believe that the
combination of the federal government’s efforts in fast-tracking the vaccines,
its decisiveness in injecting trillions of dollars of capital into the financial
system to help backstop it, and the ability of millions of workers to adapt to
working efficiently from home helped boost the confidence levels of investors
throughout. Having said that, I still feel we need to fully reopen the U.S.
economy, put the millions of people out of work back to work and remedy the
global supply chain bottlenecks. While investors should be prepared for the
possibility of some additional volatility moving forward, due to inflationary
pressures, the potential for higher interest rates and bond yields, and next
year’s mid-term election season, we encourage them to stay the course.
Thank
you for giving First Trust the opportunity to play a role in your financial
future. We value our relationship with you and will report on the Funds again in
six months.
Sincerely,
James
A. Bowen
Chairman
of the Board of Trustees
Chief
Executive Officer of First Trust Advisors L.P.
First
Trust Exchange-Traded Fund VI
Semi-Annual
Report
September
30, 2021
Robert
F. Carey, CFA
Senior
Vice President and Chief Market Strategist
First
Trust Advisors L.P.
Mr.
Carey is responsible for the overall management of research and analysis of the
First Trust product line. Mr. Carey has more than 30 years of experience as an
Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial
Analyst (“CFA”) designation. He is a graduate of the University of Illinois at
Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment
Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a
guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been
quoted by several publications, including The
Wall Street Journal, The Wall Street
Reporter, Bloomberg News Service,
and Registered Rep.
State
of the Global Economy
The
International Monetary Fund (“IMF”) reported in its latest release that global
gross domestic product (“GDP”) growth is expected to come in at 5.9% in 2021 and
4.9% in 2022, up from -3.1% in 2020. Keep in mind that the onset of the
coronavirus (“COVID-19”) pandemic in the U.S. and most global regions occurred
in the first quarter of 2020. The IMF sees the U.S. economy growing at 6.0% in
2021 and 5.2% in 2022, up from -3.4% in 2020. With respect to all Advanced
Economies, the IMF is projecting GDP growth of 5.2% in 2021 and 4.5% in 2022, up
from -4.5% in 2020. Lastly, the IMF projects Emerging Market and Developing
Economies to grow at a rate of 6.4% in 2021 and 5.1% in 2022, up from -2.1% in
2020. Looking ahead to 2022, the outlook for growth is encouraging, but down a
bit from the strong pandemic-induced recovery in 2021. The IMF is concerned that
inflationary pressures stemming from the global supply chain bottlenecks could
push prices higher if the problems persist. That scenario could, in turn, cause
central banks to raise rates quickly to try and prevent inflation from
overheating.
One
of the better barometers for judging the overall business climate is mergers and
acquisitions (“M&A”) activity, in our opinion. M&A deals totaled $4.3
trillion over the first nine months of 2021, the most ever recorded for that
period, according to data from Refinitiv. The $1.52 trillion in deal value
registered in the third quarter of 2021 was the highest ever for a calendar
quarter. Executives are expanding their businesses aggressively in the current
climate.
Global
Equities Markets
With
respect to U.S. equities, the S&P 500®,
S&P MidCap 400®, and
S&P SmallCap 600® Indices
posted total returns of 9.18%, 1.81% and 1.54%, respectively, for the six-month
period ended September 30, 2021. Large-capitalization (“cap”) stocks
significantly outperformed their mid- and small-cap counterparts in the period.
Investors may have favored well-capitalized companies in the period due to the
surge in the volume of Delta variant cases of COVID-19, in our opinion. All 11
sectors that comprise the S&P 500® Index
were up on a total return basis. The top performer was the Real Estate sector,
up 14.08%, while the worst result came from the Industrials sector, up
0.06%.
A
Bloomberg survey of 21 equity strategists found that their average 2021 year-end
price target for the S&P 500® Index
was 4,466 as of September 21, 2021, up from 4,335 on August 20, 2021, according
to its own release. The highest and lowest estimates were 4,825 (up from 4,700)
and 3,800 (unchanged), respectively. On September 30, 2021, the S&P 500® Index
closed at 4,307.54, which was 5.06% below its all-time closing high of 4,536.95
on September 2, 2021. As of October 1, 2021, Bloomberg’s 2021, 2022 and 2023
consensus earnings growth rate estimates for the S&P 500® Index
stood at 44.90%, 8.95% and 9.80%, respectively.
Over
the past six months, the MSCI World ex USA and MSCI Emerging Markets Indices
posted total returns of 4.95% (USD) and -3.45% (USD), respectively, according to
Bloomberg. The Bloomberg Global Aggregate Index of higher quality debt posted a
total return of 0.42% (USD), while the Bloomberg EM Hard Currency Aggregate
Index of emerging markets debt rose by 1.99% (USD), according Bloomberg. Over
that same period, the U.S. dollar rose by 1.07% against a basket of major
currencies, as measured by the U.S. Dollar Index (DXY). The modest increase in
the dollar had little impact on the performance of these foreign indices, in our
opinion.
In
the U.S. bond market, the top-performing major debt group we track was high
yield corporate bonds. The Bloomberg U.S. Corporate High Yield Index posted a
total return of 3.65% for the six-month period ended September 30, 2021. The
worst-performing U.S. debt group that we track was long maturity Government
National Mortgage Association (“GNMAs”). The Bloomberg GNMA 30-Year Index posted
a total return of -0.02%. The yield on the benchmark 10-Year Treasury Note
(“T-Note”) increased by 25 points in the period to close at 1.49% on September
30, 2021, according to Bloomberg. For comparative purposes, the average yield on
the 10-Year T-Note was 2.04% for the 10-year period ended September 30,
2021.
Fund
Performance Overview (Unaudited)
Developed
International Equity Select ETF (RNDM)
The
Developed International Equity Select ETF (the “Fund”) seeks investment results
that correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze Developed Markets Index
(the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock
Market LLC under the ticker symbol “RNDM.” The Fund normally invests at least
90% of its net assets (including investment borrowings) in the common stocks,
depositary receipts, preferred shares and real estate investment trusts that
comprise the Index.
The
Index is designed to select low volatility developed markets (excluding the
United States) securities that are included in the NASDAQ Developed Markets
Ex-US Large Mid Cap Index (the “Base Index”) and have a minimum three-month
average daily dollar trading volume of $5 million. The Base Index is a
comprehensive, rules-based index designed to measure stock market performance of
companies in developed markets (excluding the United States), as determined by
Nasdaq, Inc. A country is classified as “developed” based on a number of
criteria including national income per capita, national market capitalization
and national trading volume. Companies are classified as operating in a country
primarily by their country of incorporation, domicile and primary exchange
listing.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
3.85%
|
16.98%
|
4.32%
|
19.83%
|
Market
Price |
3.75%
|
17.71%
|
4.39%
|
20.19%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze Developed Markets Index |
4.66%
|
18.72%
|
5.68%
|
26.68%
|
NASDAQ
Developed Markets Ex-US Large Mid Cap Index(1)
|
4.72%
|
26.95%
|
8.12%
|
39.65%
|
MSCI
World ex USA Index(1)
|
4.95%
|
26.50%
|
7.48%
|
36.17%
|
(See
Notes to Fund Performance Overview on page 16.)
(1)
|
As
previously disclosed and consistent with the Fund’s return objective, the
NASDAQ Developed Markets Ex-US Large Mid Cap Index will be used as the
Fund’s benchmark for performance attribution purposes. The MSCI World ex
USA Index was previously used as the Fund’s benchmark for performance
purposes. The Nasdaq Riskalyze Developed Markets Index, the Fund’s
underlying index, is derived from the NASDAQ Developed Markets Ex-US Large
Mid Cap Index. As such, the Advisor has determined to measure the Fund’s
relative outperformance and underperformance against the parent index,
NASDAQ Developed Markets Ex-US Large Mid Cap Index, going forward. The
MSCI World ex USA Index is reflected above for additional performance
comparison purposes. |
Riskalyze
and Nasdaq Riskalyze Developed Markets Index are trademarks or service marks of
Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain
purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted
by Riskalyze, and Riskalyze makes no representation regarding the advisability
of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
Developed
International Equity Select ETF (RNDM) (Continued)
Sector Allocation |
%
of Total Investments |
Financials
|
20.3%
|
Industrials
|
20.1
|
Consumer
Staples |
12.1
|
Health
Care |
10.6
|
Information
Technology |
9.3
|
Communication
Services |
7.3
|
Materials
|
6.5
|
Consumer
Discretionary |
4.9
|
Utilities
|
4.0
|
Real
Estate |
2.8
|
Energy
|
2.1
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Investments |
Itochu
Techno-Solutions Corp. |
3.0%
|
MS&AD
Insurance Group Holdings, Inc. |
2.5
|
Admiral
Group PLC |
2.4
|
RELX
PLC |
2.0
|
Croda
International PLC |
1.9
|
Roche
Holding AG |
1.8
|
Henkel
AG & Co., KGaA (Preference Shares) |
1.6
|
Novartis
AG |
1.5
|
Enbridge,
Inc. |
1.4
|
Mitsubishi
Corp. |
1.3
|
Total
|
19.4%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Fund
Performance Overview (Unaudited) (Continued)
Emerging
Markets Equity Select ETF (RNEM)
The
Emerging Markets Equity Select ETF (the “Fund”) seeks investment results that
correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze Emerging Markets Index
(the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock
Market LLC under the ticker symbol “RNEM.” The Fund normally invests at least
90% of its net assets (including investment borrowings) in the common stocks,
depository receipts, preferred shares and real estate investment trusts that
comprise the Index.
The
Index is designed to select low volatility emerging markets securities that are
included in the NASDAQ Emerging Markets Large Mid Cap Index (the “Base Index”)
and have a minimum three-month average daily dollar trading volume of $5
million. The Base Index is a comprehensive, rules-based index designed to
measure stock market performance of companies in emerging markets, as determined
by Nasdaq, Inc. A country is classified as “emerging” based on a number of
criteria including national income per capita, national market capitalization
and national trading volume. Emerging markets are generally characterized by
lower market efficiency and less strict standards in accounting and securities
regulation than developed markets. Companies are classified as operating in a
country primarily by their country of incorporation, domicile and primary
exchange listing.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
0.65%
|
21.63%
|
2.62%
|
11.73%
|
Market
Price |
-0.06%
|
21.66%
|
2.65%
|
11.82%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze Emerging Markets Index |
2.79%
|
26.14%
|
4.81%
|
22.26%
|
NASDAQ
Emerging Markets Large Mid Cap Index(1)
|
-2.11%
|
18.64%
|
7.81%
|
37.94%
|
MSCI
Emerging Markets Index(1)
|
-3.45%
|
18.20%
|
7.76%
|
37.69%
|
(See
Notes to Fund Performance Overview on page 16.)
(1)
|
As
previously disclosed and consistent with the Fund’s return objective, the
NASDAQ Emerging Markets Large Mid Cap Index will be used as the Fund’s
benchmark for performance attribution purposes. The MSCI Emerging Markets
Index was previously used as the Fund’s benchmark for performance
purposes. The Nasdaq Riskalyze Emerging Markets Index, the Fund’s
underlying index, is derived from the NASDAQ Emerging Markets Large Mid
Cap Index. As such, the Advisor has determined to measure the Fund’s
relative outperformance and underperformance against the parent index,
NASDAQ Emerging Markets Large Mid Cap Index, going forward. The MSCI
Emerging Markets Index is reflected above for additional performance
comparison purposes. |
Riskalyze
and Nasdaq Riskalyze Emerging Markets Index are trademarks or service marks of
Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain
purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted
by Riskalyze, and Riskalyze makes no representation regarding the advisability
of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
Emerging
Markets Equity Select ETF (RNEM) (Continued)
Sector Allocation |
%
of Total Investments |
Financials
|
27.3%
|
Materials
|
15.6
|
Information
Technology |
14.9
|
Consumer
Staples |
11.8
|
Industrials
|
6.2
|
Consumer
Discretionary |
5.7
|
Communication
Services |
4.5
|
Utilities
|
3.8
|
Real
Estate |
3.5
|
Health
Care |
3.4
|
Energy
|
3.3
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Investments |
WPG
Holdings Ltd. |
3.1%
|
Infosys
Ltd. |
3.1
|
Tata
Consultancy Services Ltd. |
3.0
|
Inventec
Corp. |
3.0
|
Compal
Electronics, Inc. |
2.7
|
China
Steel Corp. |
2.3
|
Naspers
Ltd., Class N |
2.0
|
Want
Want China Holdings Ltd. |
1.7
|
Pidilite
Industries Ltd. |
1.6
|
Hengan
International Group Co., Ltd. |
1.4
|
Total
|
23.9%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Fund
Performance Overview (Unaudited) (Continued)
Large
Cap US Equity Select ETF (RNLC)
The
Large Cap US Equity Select ETF (the “Fund”) seeks investment results that
correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze US Large Cap Index (the
“Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market
LLC under the ticker symbol “RNLC.” The Fund normally invests at least 90% of
its net assets (including investment borrowings) in the common stocks and real
estate investment trusts that comprise the Index.
The
Index is designed to select dividend-paying US large cap securities that are
included in the Nasdaq US 500 Large Cap IndexTM (the
“Base Index”) and have paid a dividend in the trailing twelve months (based on
ex-date). The Base Index is a comprehensive, rules-based index designed to
measure stock market performance of large cap US companies, as determined by
Nasdaq, Inc.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
6.05%
|
34.74%
|
13.47%
|
71.73%
|
Market
Price |
5.94%
|
34.90%
|
13.48%
|
71.78%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze US Large Cap Index |
6.37%
|
35.62%
|
14.18%
|
76.39%
|
Nasdaq
US 500 Large Cap IndexTM
|
9.11%
|
29.16%
|
16.81%
|
94.45%
|
S&P
500®
Index |
9.18%
|
30.00%
|
16.36%
|
91.26%
|
(See
Notes to Fund Performance Overview on page 16.)
Riskalyze
and Nasdaq Riskalyze US Large Cap Index are trademarks or service marks of
Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain
purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted
by Riskalyze, and Riskalyze makes no representation regarding the advisability
of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
Large
Cap US Equity Select ETF (RNLC) (Continued)
Sector Allocation |
%
of Total Investments |
Information
Technology |
30.8%
|
Health
Care |
13.7
|
Industrials
|
11.8
|
Financials
|
11.4
|
Consumer
Discretionary |
11.3
|
Consumer
Staples |
5.9
|
Communication
Services |
4.8
|
Energy
|
2.8
|
Materials
|
2.7
|
Real
Estate |
2.6
|
Utilities
|
2.2
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Investments |
Monolithic
Power Systems, Inc. |
1.1%
|
Oracle
Corp. |
0.9
|
Intuit,
Inc. |
0.9
|
NetApp,
Inc. |
0.9
|
Cognizant
Technology Solutions Corp., Class A |
0.9
|
Amphenol
Corp., Class A |
0.9
|
CDW
Corp. |
0.9
|
Microsoft
Corp. |
0.9
|
NVIDIA
Corp. |
0.9
|
Marvell
Technology, Inc. |
0.9
|
Total
|
9.2%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Fund
Performance Overview (Unaudited) (Continued)
Mid
Cap US Equity Select ETF (RNMC)
The
Mid Cap US Equity Select ETF (the “Fund”) seeks investment results that
correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze US Mid Cap Index (the
“Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market
LLC under the ticker symbol “RNMC.” The Fund normally invests at least 90% of
its net assets (including investment borrowings) in the common stocks and real
estate investment trusts that comprise the Index.
The
Index is designed to select dividend-paying US mid cap securities that are
included in the Nasdaq US 600 Mid Cap Index™ (the “Base Index”) and have paid a
dividend in the trailing twelve months (based on ex-date). The Base Index is a
comprehensive, rules-based index designed to measure stock market performance of
mid cap US companies, as determined by Nasdaq, Inc.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
3.26%
|
47.40%
|
10.51%
|
53.37%
|
Market
Price |
3.55%
|
48.07%
|
10.60%
|
53.90%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze US Mid Cap Index |
3.55%
|
48.36%
|
11.18%
|
57.38%
|
Nasdaq
US 600 Mid Cap IndexTM
|
2.56%
|
41.97%
|
13.88%
|
74.40%
|
S&P
MidCap 400®
Index |
1.81%
|
43.68%
|
11.90%
|
61.80%
|
(See
Notes to Fund Performance Overview on page 16.)
Riskalyze
and Nasdaq Riskalyze US Mid Cap Index are trademarks or service marks of
Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain
purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted
by Riskalyze, and Riskalyze makes no representation regarding the advisability
of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
Mid
Cap US Equity Select ETF (RNMC) (Continued)
Sector Allocation |
%
of Total Investments |
Industrials
|
15.8%
|
Financials
|
15.3
|
Consumer
Discretionary |
14.6
|
Health
Care |
12.4
|
Information
Technology |
11.6
|
Real
Estate |
9.1
|
Materials
|
6.8
|
Utilities
|
4.3
|
Energy
|
3.7
|
Consumer
Staples |
3.4
|
Communication
Services |
3.0
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Investments |
Hill-Rom
Holdings, Inc. |
1.8%
|
Premier,
Inc., Class A |
1.5
|
Perrigo
Co. PLC |
1.4
|
Bruker
Corp. |
1.4
|
Chemed
Corp. |
1.3
|
Encompass
Health Corp. |
1.3
|
Universal
Health Services, Inc., Class B |
1.3
|
DENTSPLY
SIRONA, Inc. |
1.2
|
Ensign
Group (The), Inc. |
1.2
|
Power
Integrations, Inc. |
0.9
|
Total
|
13.3%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Fund
Performance Overview (Unaudited) (Continued)
Small
Cap US Equity Select ETF (RNSC)
The
Small Cap US Equity Select ETF (the “Fund”) seeks investment results that
correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze US Small Cap Index (the
“Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market
LLC under the ticker symbol “RNSC.” The Fund normally invests at least 90% of
its net assets (including investment borrowings) in the common stocks and real
estate investment trusts that comprise the Index.
The
Index is designed to select dividend-paying US small cap securities that are
included in the Nasdaq US 700 Small Cap IndexTM (the
“Base Index”) and have paid a dividend in the trailing twelve months (based on
ex-date). The Base Index is a comprehensive, rules-based index designed to
measure stock market performance of small cap US companies, as determined by
Nasdaq, Inc.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
0.27%
|
55.65%
|
10.41%
|
52.76%
|
Market
Price |
0.17%
|
55.84%
|
10.45%
|
53.02%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze US Small Cap Index |
0.55%
|
56.82%
|
11.15%
|
57.23%
|
Nasdaq
US 700 Small Cap IndexTM
|
0.49%
|
57.35%
|
14.31%
|
77.27%
|
S&P
SmallCap 600®
Index |
1.54%
|
57.64%
|
12.77%
|
67.27%
|
(See
Notes to Fund Performance Overview on page 16.)
Riskalyze
and Nasdaq Riskalyze US Small Cap Index are trademarks or service marks of
Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain
purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted
by Riskalyze, and Riskalyze makes no representation regarding the advisability
of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
Small
Cap US Equity Select ETF (RNSC) (Continued)
Sector Allocation |
%
of Total Long-Term Investments |
Financials
|
19.3%
|
Industrials
|
19.0
|
Consumer
Discretionary |
12.9
|
Health
Care |
12.0
|
Information
Technology |
9.0
|
Real
Estate |
7.9
|
Materials
|
5.2
|
Consumer
Staples |
3.8
|
Energy
|
3.8
|
Communication
Services |
3.7
|
Utilities
|
3.4
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Long-Term Investments |
Atrion
Corp. |
1.9%
|
Patterson
Cos., Inc. |
1.7
|
U.S.
Physical Therapy, Inc. |
1.6
|
CONMED
Corp. |
1.6
|
National
Research Corp. |
1.6
|
Select
Medical Holdings Corp. |
1.4
|
Healthcare
Services Group, Inc. |
1.3
|
Owens
& Minor, Inc. |
1.2
|
Switch,
Inc., Class A |
1.1
|
Shutterstock,
Inc. |
1.1
|
Total
|
14.5%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Fund
Performance Overview (Unaudited) (Continued)
US
Equity Dividend Select ETF (RNDV)
The
US Equity Dividend Select ETF (the “Fund”) seeks investment results that
correspond generally to the price and yield (before the Fund’s fees and
expenses) of an equity index called the Nasdaq Riskalyze US Large Cap Select
Dividend Index (the “Index”). The shares of the Fund are listed and trade on The
Nasdaq Stock Market LLC under the ticker symbol “RNDV.” The Fund normally
invests at least 90% of its net assets (including investment borrowings) in the
common stocks and real estate investment trusts that comprise the Index.
The
Index is designed to select dividend-paying US securities that (i) are included
in the Nasdaq US 500 Large Cap IndexTM (the
“Base Index”); (ii) have paid a dividend in the trailing twelve months (based on
the ex-date); and (iii) have a trailing twelve-month dividend yield higher than
the index yield of the Base Index. The Base Index is a comprehensive,
rules-based index designed to measure stock market performance of large cap US
companies, as determined by Nasdaq, Inc.
Performance |
|
|
|
|
|
|
|
Average
Annual Total Returns |
Cumulative Total
Returns |
|
6
Months Ended 9/30/21 |
1
Year Ended 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Inception
(6/20/17) to 9/30/21 |
Fund Performance |
|
|
|
|
NAV
|
3.17%
|
36.75%
|
12.08%
|
62.92%
|
Market
Price |
3.10%
|
37.20%
|
12.08%
|
62.93%
|
Index Performance |
|
|
|
|
Nasdaq
Riskalyze US Large Cap Select Dividend Index |
3.43%
|
37.54%
|
12.71%
|
66.85%
|
Nasdaq
US 500 Large Cap IndexTM
|
9.11%
|
29.16%
|
16.81%
|
94.45%
|
S&P
500®
Index |
9.18%
|
30.00%
|
16.36%
|
91.26%
|
(See
Notes to Fund Performance Overview on page 16.)
Riskalyze
and Nasdaq Riskalyze US Large Cap Select Dividend Index are trademarks or
service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use
for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold
or promoted by Riskalyze, and Riskalyze makes no representation regarding the
advisability of trading in the Fund.
Fund
Performance Overview (Unaudited) (Continued)
US
Equity Dividend Select ETF (RNDV) (Continued)
Sector Allocation |
%
of Total Investments |
Information
Technology |
29.8%
|
Health
Care |
13.3
|
Consumer
Discretionary |
12.0
|
Industrials
|
11.6
|
Financials
|
11.5
|
Communication
Services |
6.1
|
Consumer
Staples |
5.8
|
Energy
|
2.8
|
Real
Estate |
2.6
|
Utilities
|
2.3
|
Materials
|
2.2
|
Total
|
100.0%
|
Top Ten Holdings |
%
of Total Investments |
International
Business Machines Corp. |
3.5%
|
Hewlett
Packard Enterprise Co. |
2.7
|
Broadcom,
Inc. |
2.5
|
Seagate
Technology Holdings PLC |
2.3
|
NetApp,
Inc. |
2.1
|
Omnicom
Group, Inc. |
2.0
|
Intel
Corp. |
1.9
|
HP,
Inc. |
1.9
|
Hasbro,
Inc. |
1.7
|
Texas
Instruments, Inc. |
1.7
|
Total
|
22.3%
|
Performance
figures assume reinvestment of all distributions and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund’s past performance does not predict future
performance.
Frequency
Distribution of Discounts and Premiums
Information
showing the number of days the market price of the Fund’s shares was greater (at
a premium) and less (at a discount) than the Fund’s net asset value for the most
recently completed year, and the most recently completed calendar quarters since
that year (or life of the Fund, if shorter), is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Notes
to Fund Performance Overview (Unaudited)
Total
returns for the period since inception are calculated from the inception date of
each 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.
Each
Fund’s per share net asset value (“NAV”) is the value of one share of the Fund
and is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of outstanding
shares. The price used to calculate market return (“Market Price”) is determined
by using the midpoint of the national best bid and offer price (“NBBO”) as of
the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund’s NAV was calculated. Since shares of each Fund did
not trade in the secondary market until after the Fund’s inception, for the
period from inception to the first day of secondary market trading in shares of
the Fund, the NAV of each 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 each Fund at NAV and Market Price,
respectively.
An
index is a statistical composite that tracks a specified financial market or
sector. Unlike each Fund, the indices do not actually hold a portfolio of
securities and therefore do not incur the expenses incurred by each Fund. These
expenses negatively impact the performance of each Fund. Also, market returns do
not include brokerage commissions that may be payable on secondary market
transactions. If brokerage commissions were included, market returns would be
lower. The total returns presented reflect the reinvestment of dividends on
securities in the indices. The returns presented do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption or
sale of Fund shares. The investment return and principal value of shares of each
Fund will vary with changes in market conditions. Shares of each Fund may be
worth more or less than their original cost when they are redeemed or sold in
the market. Each Fund’s past performance is no guarantee of future
performance.
First
Trust Exchange-Traded Fund VI
Understanding
Your Fund Expenses
September
30, 2021 (Unaudited)
As
a shareholder of Developed International Equity Select ETF, Emerging Markets
Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF,
Small Cap US Equity Select ETF or US Equity Dividend Select ETF (each a “Fund”
and collectively, the “Funds”), 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 Funds and to
compare these costs with the ongoing costs (in U.S. dollars) 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 September 30, 2021.
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 each Fund’s actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
each 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 Funds 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 April 1, 2021 |
Ending Account Value September 30, 2021 |
Annualized Expense Ratio Based on
the Six-Month Period |
Expenses Paid During the Six-Month Period (a)
|
Developed International Equity Select ETF (RNDM) |
Actual
|
$1,000.00
|
$1,038.50
|
0.65%
|
$3.32
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,021.81
|
0.65%
|
$3.29
|
Emerging Markets Equity Select ETF (RNEM) |
Actual
|
$1,000.00
|
$1,006.50
|
0.75%
|
$3.77
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,021.31
|
0.75%
|
$3.80
|
Large Cap US Equity Select ETF (RNLC) |
Actual
|
$1,000.00
|
$1,060.50
|
0.60%
|
$3.10
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,022.06
|
0.60%
|
$3.04
|
Mid Cap US Equity Select ETF (RNMC) |
Actual
|
$1,000.00
|
$1,032.60
|
0.60%
|
$3.06
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,022.06
|
0.60%
|
$3.04
|
Small Cap US Equity Select ETF (RNSC) |
Actual
|
$1,000.00
|
$1,002.70
|
0.60%
|
$3.01
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,022.06
|
0.60%
|
$3.04
|
US Equity Dividend Select ETF (RNDV) |
Actual
|
$1,000.00
|
$1,031.70
|
0.50%
|
$2.55
|
Hypothetical
(5% return before expenses) |
$1,000.00
|
$1,022.56
|
0.50%
|
$2.54
|
(a)
|
Expenses
are equal to the annualized expense ratios as indicated in the table
multiplied by the average account value over the period (April 1, 2021
through September 30, 2021), multiplied by 183/365 (to reflect the
six-month period). |
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) – 97.6% |
|
|
Australia –
6.2% |
|
|
1,295
|
|
AGL
Energy Ltd. (b) |
|
$5,348 |
4,826
|
|
APA
Group (b) |
|
30,060
|
1,922
|
|
ASX
Ltd. (b) |
|
110,968
|
16,700
|
|
Aurizon
Holdings Ltd. (b) |
|
45,214
|
6,810
|
|
AusNet
Services Ltd. (b) |
|
12,327
|
4,851
|
|
BHP
Group Ltd. (b) |
|
129,560
|
6,156
|
|
Brambles
Ltd. (b) |
|
47,336
|
296
|
|
Cochlear
Ltd. (b) |
|
46,313
|
3,837
|
|
Coles
Group Ltd. (b) |
|
46,608
|
1,586
|
|
Commonwealth
Bank of Australia (b) |
|
117,698
|
9,080
|
|
Computershare
Ltd. (b) |
|
117,414
|
236
|
|
CSL
Ltd. (b) |
|
49,308
|
29,181
|
|
Insurance
Australia Group Ltd. (b) |
|
101,908
|
894
|
|
Macquarie
Group Ltd. (b) |
|
115,502
|
48,774
|
|
Medibank
Pvt Ltd. (b) |
|
124,531
|
933
|
|
Ramsay
Health Care Ltd. (b) |
|
46,236
|
2,041
|
|
Rio
Tinto Ltd. (b) |
|
145,301
|
1,781
|
|
Sonic
Healthcare Ltd. (b) |
|
51,469
|
18,315
|
|
Telstra
Corp., Ltd. (b) |
|
51,320
|
4,346
|
|
Transurban
Group (b) |
|
43,801
|
1,531
|
|
Washington
H Soul Pattinson & Co., Ltd. (b) |
|
42,548
|
3,494
|
|
Wesfarmers
Ltd. (b) |
|
138,968
|
1,751
|
|
Woolworths
Group Ltd. (b) |
|
49,183
|
|
|
|
|
1,668,921
|
|
|
Austria –
0.3% |
|
|
400
|
|
ams
AG (b) (c) |
|
7,255
|
110
|
|
ANDRITZ
AG (b) |
|
6,029
|
295
|
|
Erste
Group Bank AG (b) |
|
12,953
|
221
|
|
OMV
AG (b) |
|
13,308
|
455
|
|
Raiffeisen
Bank International AG (b) |
|
11,900
|
183
|
|
Verbund
AG (b) |
|
18,508
|
190
|
|
voestalpine
AG (b) |
|
7,018
|
|
|
|
|
76,971
|
|
|
Belgium –
0.9% |
|
|
299
|
|
Ageas
S.A./N.V. (b) |
|
14,807
|
840
|
|
Anheuser-Busch
InBev S.A./N.V. (b) |
|
47,643
|
99
|
|
Elia
Group S.A./N.V. (b) |
|
11,830
|
887
|
|
Etablissements
Franz Colruyt N.V. (b) |
|
45,248
|
174
|
|
Galapagos
N.V. (b) (c) |
|
9,129
|
175
|
|
Groupe
Bruxelles Lambert S.A. (b) |
|
19,249
|
249
|
|
KBC
Group N.V. (b) |
|
22,461
|
29
|
|
Melexis
N.V. (b) |
|
3,078
|
175
|
|
Proximus
S.A.D.P. (b) |
|
3,473
|
53
|
|
Sofina
S.A. (b) |
|
21,059
|
117
|
|
Solvay
S.A. (b) |
|
14,514
|
94
|
|
Telenet
Group Holding N.V. (b) |
|
3,589
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Belgium (Continued)
|
|
|
141
|
|
UCB
S.A. (b) |
|
$15,789 |
276
|
|
Umicore
S.A. (b) |
|
16,328
|
|
|
|
|
248,197
|
|
|
Bermuda –
0.1% |
|
|
2,798
|
|
CK
Infrastructure Holdings Ltd. (b) |
|
15,606
|
1,600
|
|
Hongkong
Land Holdings Ltd. (b) |
|
7,643
|
200
|
|
Jardine
Matheson Holdings Ltd. (b) |
|
10,572
|
|
|
|
|
33,821
|
|
|
Canada –
9.2% |
|
|
1,697
|
|
Algonquin
Power & Utilities Corp. |
|
24,880
|
2,374
|
|
Bank
of Nova Scotia (The) |
|
146,121
|
1,599
|
|
BCE,
Inc. |
|
80,101
|
1,517
|
|
Canadian
Imperial Bank of Commerce |
|
168,875
|
686
|
|
Canadian
National Railway Co. |
|
79,497
|
1,043
|
|
Canadian
Pacific Railway Ltd. |
|
68,109
|
1,607
|
|
CGI,
Inc. (c) |
|
136,505
|
2,857
|
|
Dollarama,
Inc. |
|
123,925
|
604
|
|
Emera,
Inc. |
|
27,353
|
9,512
|
|
Enbridge,
Inc. |
|
378,948
|
620
|
|
Fortis,
Inc. |
|
27,505
|
160
|
|
George
Weston Ltd. |
|
17,258
|
1,154
|
|
Hydro
One Ltd. (d) (e) |
|
27,278
|
1,212
|
|
Intact
Financial Corp. |
|
160,260
|
254
|
|
Loblaw
Cos., Ltd. |
|
17,431
|
311
|
|
Metro,
Inc. |
|
15,196
|
2,807
|
|
Open
Text Corp. |
|
137,004
|
1,611
|
|
Royal
Bank of Canada |
|
160,299
|
472
|
|
Saputo,
Inc. |
|
12,003
|
3,624
|
|
TELUS
Corp. |
|
79,656
|
1,696
|
|
Thomson
Reuters Corp. |
|
187,529
|
1,430
|
|
TMX
Group Ltd. |
|
154,211
|
1,041
|
|
Toromont
Industries Ltd. |
|
86,898
|
2,278
|
|
Toronto-Dominion
Bank (The) |
|
150,806
|
249
|
|
Waste
Connections, Inc. |
|
31,384
|
|
|
|
|
2,499,032
|
|
|
Cayman
Islands – 0.3% |
|
|
3,084
|
|
CK
Asset Holdings Ltd. (b) |
|
17,794
|
3,047
|
|
CK
Hutchison Holdings Ltd. (b) |
|
20,327
|
5,333
|
|
Sands
China Ltd. (b) (c) |
|
10,914
|
16,667
|
|
Sino
Biopharmaceutical Ltd. (b) |
|
13,829
|
10,000
|
|
WH
Group Ltd. (b) (d) (e) |
|
7,121
|
13,778
|
|
Wynn
Macau Ltd. (b) (c) |
|
11,594
|
|
|
|
|
81,579
|
|
|
Denmark –
2.3% |
|
|
760
|
|
Ambu
A.S., Class B (b) |
|
22,513
|
22
|
|
AP
Moller - Maersk A.S., Class B (b) |
|
59,556
|
Page
18
See
Notes to Financial Statements
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Denmark (Continued)
|
|
|
102
|
|
Carlsberg
A.S., Class B (b) |
|
$16,641 |
397
|
|
Chr
Hansen Holding A.S. |
|
32,428
|
237
|
|
Coloplast
A.S., Class B (b) |
|
37,058
|
746
|
|
Danske
Bank A.S. (b) |
|
12,567
|
842
|
|
Demant
A.S. (b) (c) |
|
42,429
|
258
|
|
DSV
A.S. (b) |
|
61,756
|
108
|
|
Genmab
A.S. (b) (c) |
|
47,188
|
453
|
|
GN
Store Nord A.S. (b) |
|
31,331
|
1,044
|
|
H
Lundbeck A.S. (b) |
|
28,358
|
69
|
|
Netcompany
Group A.S. (b) (d) (e) |
|
7,959
|
527
|
|
Novo
Nordisk A.S., Class B (b) |
|
50,797
|
557
|
|
Novozymes
A.S., Class B (b) |
|
38,183
|
226
|
|
Orsted
A.S. (b) (d) (e) |
|
29,790
|
135
|
|
Pandora
A.S. (b) |
|
16,389
|
150
|
|
Royal
Unibrew A.S. (b) |
|
18,042
|
53
|
|
SimCorp
A.S. (b) |
|
6,262
|
592
|
|
Tryg
A.S. (b) |
|
13,420
|
1,552
|
|
Vestas
Wind Systems A/S (b) |
|
62,263
|
|
|
|
|
634,930
|
|
|
Finland –
1.4% |
|
|
392
|
|
Elisa
Oyj |
|
24,357
|
669
|
|
Fortum
Oyj (b) |
|
20,315
|
373
|
|
Huhtamaki
Oyj (b) |
|
16,774
|
420
|
|
Kesko
Oyj, Class B (b) |
|
14,487
|
258
|
|
Kojamo
Oyj (b) |
|
5,357
|
206
|
|
Kone
Oyj, Class B (b) |
|
14,471
|
1,511
|
|
Metso
Outotec Oyj (b) |
|
13,790
|
662
|
|
Neste
Oyj (b) |
|
37,345
|
5,881
|
|
Nokia
Oyj (b) (c) |
|
32,436
|
196
|
|
Nokian
Renkaat Oyj (b) |
|
7,004
|
4,156
|
|
Nordea
Bank Abp (b) |
|
53,555
|
163
|
|
Orion
Oyj, Class B (b) |
|
6,453
|
907
|
|
Sampo
Oyj, Class A (b) |
|
44,843
|
1,332
|
|
Stora
Enso Oyj, Class R (b) |
|
22,186
|
691
|
|
UPM-Kymmene
Oyj (b) |
|
24,457
|
463
|
|
Valmet
Oyj (b) |
|
16,716
|
1,608
|
|
Wartsila
OYJ Abp (b) |
|
19,150
|
|
|
|
|
373,696
|
|
|
France –
9.4% |
|
|
395
|
|
Air
Liquide S.A. (b) |
|
63,263
|
1,796
|
|
Amundi
S.A. (b) (d) (e) |
|
151,056
|
532
|
|
Arkema
S.A. (b) |
|
70,153
|
7,609
|
|
Bureau
Veritas S.A. (b) |
|
234,823
|
1,976
|
|
Carrefour
S.A. (b) |
|
35,413
|
623
|
|
Cie
Generale des Etablissements Michelin SCA (b) |
|
95,531
|
522
|
|
Danone
S.A. (b) |
|
35,589
|
3,362
|
|
Dassault
Systemes SE (b) |
|
176,927
|
6,048
|
|
Engie
S.A. (b) |
|
79,127
|
939
|
|
EssilorLuxottica
S.A. (b) |
|
179,437
|
84
|
|
Hermes
International (b) |
|
115,898
|
109
|
|
Iliad
S.A. (b) (f) |
|
22,979
|
Shares
|
|
Description
|
|
Value
|
|
|
|
France (Continued)
|
|
|
135
|
|
Kering
S.A. (b) |
|
$95,885 |
2,328
|
|
Legrand
S.A. (b) |
|
249,444
|
243
|
|
L’Oreal
S.A. (b) |
|
100,554
|
140
|
|
LVMH
Moet Hennessy Louis Vuitton SE (b) |
|
100,277
|
1,708
|
|
Orange
S.A. (b) |
|
18,472
|
191
|
|
Pernod
Ricard S.A. (b) |
|
42,109
|
194
|
|
Remy
Cointreau S.A. (b) |
|
37,560
|
1,547
|
|
Sanofi
(b) |
|
148,921
|
1,418
|
|
Schneider
Electric SE (b) |
|
236,174
|
529
|
|
SEB
S.A. (b) |
|
74,423
|
1,226
|
|
Ubisoft
Entertainment S.A. (b) (c) |
|
73,416
|
8,942
|
|
Vivendi
SE (b) |
|
112,579
|
|
|
|
|
2,550,010
|
|
|
Germany –
8.1% |
|
|
428
|
|
Allianz
SE (b) |
|
95,892
|
344
|
|
Beiersdorf
AG (b) |
|
37,118
|
586
|
|
Brenntag
SE (b) |
|
54,436
|
656
|
|
Deutsche
Boerse AG (b) |
|
106,447
|
2,356
|
|
Deutsche
Post AG (b) |
|
147,744
|
3,250
|
|
Deutsche
Telekom AG (b) |
|
65,176
|
2,178
|
|
E.ON
SE (b) |
|
26,584
|
1,415
|
|
Evonik
Industries AG (b) |
|
44,371
|
991
|
|
Fresenius
Medical Care AG & Co., KGaA (b) |
|
69,513
|
1,636
|
|
Fresenius
SE & Co., KGaA (b) |
|
78,308
|
1,045
|
|
FUCHS
PETROLUB SE (Preference Shares) |
|
48,927
|
597
|
|
Hannover
Rueck SE (b) |
|
103,962
|
4,759
|
|
Henkel
AG & Co., KGaA (Preference Shares) (b) |
|
440,248
|
1,034
|
|
Knorr-Bremse
AG (b) |
|
110,629
|
202
|
|
LEG
Immobilien SE (b) |
|
28,533
|
426
|
|
Merck
KGaA (b) |
|
92,203
|
647
|
|
RWE
AG (b) |
|
22,819
|
4,141
|
|
Scout24
AG (b) (d) (e) |
|
286,816
|
786
|
|
Siemens
AG (b) |
|
128,551
|
413
|
|
Symrise
AG (b) |
|
54,132
|
930
|
|
TAG
Immobilien AG (b) |
|
27,192
|
22,318
|
|
Telefonica
Deutschland Holding AG (b) |
|
63,422
|
700
|
|
Uniper
SE (b) |
|
29,141
|
406
|
|
Vonovia
SE (b) |
|
24,366
|
|
|
|
|
2,186,530
|
|
|
Greece –
0.0% |
|
|
354
|
|
Hellenic
Telecommunications Organization S.A. (b) |
|
6,645
|
|
|
Hong
Kong – 2.1% |
|
|
9,617
|
|
AIA
Group Ltd. (b) |
|
110,638
|
1,779
|
|
CLP
Holdings, Ltd. (b) |
|
17,129
|
3,333
|
|
Galaxy
Entertainment Group Ltd. (b) (c) |
|
17,102
|
See
Notes to Financial Statements
Page
19
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Hong
Kong (Continued) |
|
|
7,183
|
|
Hang
Lung Properties Ltd. (b) |
|
$16,370 |
6,049
|
|
Hang
Seng Bank Ltd. (b) |
|
103,612
|
4,474
|
|
Henderson
Land Development Co., Ltd. (b) |
|
17,084
|
11,466
|
|
Hong
Kong & China Gas Co., Ltd. (b) |
|
17,324
|
2,021
|
|
Hong
Kong Exchanges & Clearing Ltd. (b) |
|
124,191
|
4,489
|
|
MTR
Corp., Ltd. (b) |
|
24,159
|
4,130
|
|
New
World Development Co., Ltd. (b) |
|
16,798
|
3,027
|
|
Power
Assets Holdings Ltd. (b) |
|
17,745
|
13,131
|
|
Sino
Land Co., Ltd. (b) |
|
17,665
|
20,111
|
|
SJM
Holdings Ltd. (b) (c) |
|
13,669
|
1,204
|
|
Sun
Hung Kai Properties Ltd. (b) |
|
15,034
|
3,161
|
|
Swire
Pacific Ltd., Class A (b) |
|
18,704
|
2,222
|
|
Vitasoy
International Holdings Ltd. (b) |
|
5,631
|
7,530
|
|
Wharf
Holdings (The) Ltd. (b) |
|
24,908
|
|
|
|
|
577,763
|
|
|
Ireland –
0.6% |
|
|
1,210
|
|
AIB
Group PLC (b) (c) |
|
3,294
|
663
|
|
CRH
PLC (b) |
|
31,290
|
236
|
|
Kerry
Group PLC, Class A |
|
31,711
|
367
|
|
Kingspan
Group PLC (b) |
|
36,608
|
1,629
|
|
Ryanair
Holdings PLC (b) (c) |
|
30,804
|
660
|
|
Smurfit
Kappa Group PLC (b) |
|
34,748
|
|
|
|
|
168,455
|
|
|
Israel –
0.4% |
|
|
56
|
|
Azrieli
Group Ltd. (b) |
|
5,041
|
1,197
|
|
Bank
Hapoalim BM (b) |
|
10,514
|
1,414
|
|
Bank
Leumi Le-Israel BM (b) |
|
11,981
|
36
|
|
Elbit
Systems Ltd. (b) |
|
5,213
|
964
|
|
ICL
Group Ltd. (b) |
|
7,025
|
2,240
|
|
Israel
Discount Bank Ltd., Class A (b) (c) |
|
11,825
|
357
|
|
Mizrahi
Tefahot Bank Ltd. (b) |
|
12,024
|
94
|
|
Nice,
Ltd. (b) (c) |
|
26,617
|
1,478
|
|
Teva
Pharmaceutical Industries Ltd. (b) (c) |
|
14,497
|
|
|
|
|
104,737
|
|
|
Italy –
2.1% |
|
|
12,604
|
|
A2A
S.p.A. (b) |
|
25,827
|
276
|
|
Amplifon
S.p.A. (b) |
|
13,117
|
1,667
|
|
Assicurazioni
Generali S.p.A. (b) |
|
35,306
|
3,533
|
|
Banca
Mediolanum S.p.A. (b) |
|
38,044
|
716
|
|
Brembo
S.p.A. (b) |
|
9,021
|
490
|
|
Buzzi
Unicem S.p.A (b) |
|
11,130
|
221
|
|
De’
Longhi S.p.A. (b) |
|
7,935
|
2,303
|
|
Enel
S.p.A. (b) |
|
17,676
|
772
|
|
ERG
S.p.A. (b) |
|
22,918
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Italy (Continued)
|
|
|
2,038
|
|
FinecoBank
Banca Fineco S.p.A. (b) (c) |
|
$36,810 |
5,986
|
|
Hera
S.p.A. (b) |
|
24,405
|
1,749
|
|
Infrastrutture
Wireless Italiane S.p.A. (b) (d) (e) |
|
19,480
|
253
|
|
Interpump
Group S.p.A. (b) |
|
16,306
|
12,308
|
|
Intesa
Sanpaolo S.p.A. (b) |
|
34,844
|
3,534
|
|
Italgas
S.p.A. (b) |
|
22,597
|
3,007
|
|
Mediobanca
Banca di Credito Finanziario S.p.A. (b) (c) |
|
36,177
|
156
|
|
Moncler
S.p.A. (b) |
|
9,514
|
730
|
|
Nexi
S.P.A (b) (c) (d) (e) |
|
13,613
|
2,623
|
|
Poste
Italiane S.p.A. (b) (d) (e) |
|
36,019
|
392
|
|
Prysmian
S.p.A. (b) |
|
13,692
|
191
|
|
Recordati
Industria Chimica e Farmaceutica S.p.A. (b) |
|
11,070
|
25
|
|
Reply
S.p.A. (b) |
|
4,589
|
13,338
|
|
Snam
S.p.A. (b) |
|
73,784
|
3,038
|
|
Terna-Rete
Elettrica Nazionale S.p.A. (b) |
|
21,560
|
|
|
|
|
555,434
|
|
|
Japan –
16.2% |
|
|
1,500
|
|
Chubu
Electric Power Co., Inc. (b) |
|
17,728
|
1,600
|
|
Chugoku
Electric Power (The) Co., Inc. (b) |
|
14,595
|
4,700
|
|
ENEOS
Holdings, Inc. (b) |
|
19,093
|
800
|
|
Idemitsu
Kosan Co., Ltd. (b) |
|
21,045
|
9,600
|
|
ITOCHU
Corp. (b) |
|
279,609
|
24,500
|
|
Itochu
Techno-Solutions Corp. (b) |
|
795,628
|
4,500
|
|
Japan
Tobacco, Inc. (b) |
|
88,174
|
1,800
|
|
Kansai
Electric Power (The) Co., Inc. (b) |
|
17,442
|
1,300
|
|
Kao
Corp. (b) |
|
77,368
|
4,700
|
|
KDDI
Corp. (b) |
|
154,739
|
1,800
|
|
Kobayashi
Pharmaceutical Co., Ltd. (b) |
|
142,709
|
8,600
|
|
Medipal
Holdings Corp. (b) |
|
161,853
|
1,300
|
|
MEIJI
Holdings Co., Ltd. (b) |
|
84,048
|
11,000
|
|
Mitsubishi
Corp. (b) |
|
345,427
|
19,800
|
|
MS&AD
Insurance Group Holdings, Inc. (b) |
|
662,245
|
13,000
|
|
Nagoya
Railroad Co., Ltd. (b) |
|
239,416
|
5,600
|
|
Nippon
Telegraph & Telephone Corp. (b) |
|
155,171
|
1,200
|
|
Nissin
Foods Holdings Co., Ltd. (b) |
|
96,294
|
6,300
|
|
Ono
Pharmaceutical Co., Ltd. (b) |
|
143,664
|
1,000
|
|
Osaka
Gas Co., Ltd. (b) |
|
18,273
|
3,700
|
|
Secom
Co., Ltd. (b) |
|
267,614
|
11,100
|
|
Softbank
Corp. (b) |
|
150,569
|
6,600
|
|
Sohgo
Security Services Co., Ltd. (b) |
|
296,716
|
Page
20
See
Notes to Financial Statements
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Japan (Continued)
|
|
|
4,600
|
|
Takeda
Pharmaceutical Co., Ltd. (b) |
|
$151,721 |
|
|
|
|
4,401,141
|
|
|
Luxembourg –
0.1% |
|
|
841
|
|
ArcelorMittal
S.A. (b) |
|
25,745
|
|
|
Netherlands –
4.3% |
|
|
492
|
|
Aalberts
N.V. (b) |
|
28,399
|
2,216
|
|
ABN
AMRO Bank N.V. (b) (c) (d) (e) |
|
31,971
|
11
|
|
Adyen
N.V. (b) (c) (d) (e) |
|
30,749
|
5,668
|
|
Aegon
N.V. (b) |
|
29,257
|
217
|
|
Akzo
Nobel N.V. (b) |
|
23,710
|
49
|
|
Argenx
SE (b) (c) |
|
14,807
|
257
|
|
ASM
International N.V. (b) |
|
100,646
|
123
|
|
ASML
Holding N.V. (b) |
|
91,888
|
601
|
|
ASR
Nederland N.V. (b) |
|
27,493
|
894
|
|
BE
Semiconductor Industries N.V. (b) |
|
71,123
|
821
|
|
Davide
Campari-Milano N.V. (b) |
|
11,533
|
1,426
|
|
Euronext
N.V. (b) (d) (e) |
|
160,910
|
408
|
|
Heineken
Holding N.V. (b) |
|
35,527
|
354
|
|
Heineken
N.V. (b) |
|
36,949
|
175
|
|
IMCD
N.V. (b) |
|
33,491
|
2,201
|
|
ING
Groep N.V. (b) |
|
31,999
|
812
|
|
Just
Eat Takeaway.com N.V. (b) (c) (d) (e) |
|
59,328
|
1,305
|
|
Koninklijke
Ahold Delhaize N.V. (b) |
|
43,454
|
215
|
|
Koninklijke
DSM N.V. (b) |
|
42,995
|
4,198
|
|
Koninklijke
KPN N.V. (b) |
|
13,210
|
1,400
|
|
Koninklijke
Philips N.V. (b) |
|
62,198
|
500
|
|
Koninklijke
Vopak N.V. (b) |
|
19,701
|
551
|
|
NN
Group N.V. (b) |
|
28,863
|
673
|
|
Prosus
N.V. (b) |
|
53,867
|
354
|
|
Randstad
N.V. (b) |
|
23,834
|
496
|
|
Signify
N.V. (b) (d) (e) |
|
24,828
|
370
|
|
Wolters
Kluwer N.V. (b) |
|
39,219
|
|
|
|
|
1,171,949
|
|
|
New
Zealand – 0.3% |
|
|
1,040
|
|
a2
Milk (The) Co., Ltd. (b) (c) |
|
4,605
|
2,938
|
|
Auckland
International Airport Ltd. (b) (c) |
|
15,793
|
1,193
|
|
Fisher
& Paykel Healthcare Corp., Ltd. (b) |
|
26,241
|
2,846
|
|
Spark
New Zealand Ltd. (b) |
|
9,363
|
207
|
|
Xero
Ltd. (b) (c) |
|
20,312
|
|
|
|
|
76,314
|
|
|
Norway –
0.6% |
|
|
368
|
|
Adevinta
ASA (b) (c) |
|
6,306
|
144
|
|
Aker
ASA, Class A (b) |
|
11,320
|
516
|
|
DNB
Bank ASA (b) |
|
11,731
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Norway (Continued)
|
|
|
729
|
|
Equinor
ASA (b) |
|
$18,539 |
468
|
|
Gjensidige
Forsikring ASA (b) |
|
10,365
|
404
|
|
Mowi
ASA (b) |
|
10,251
|
4,841
|
|
NEL
ASA (b) (c) |
|
7,129
|
1,869
|
|
Norsk
Hydro ASA (b) |
|
13,950
|
1,020
|
|
Orkla
ASA (b) |
|
9,362
|
145
|
|
Salmar
ASA (b) |
|
9,622
|
472
|
|
Scatec
ASA (b) (d) (e) |
|
8,774
|
182
|
|
Schibsted
ASA, Class A (b) |
|
8,639
|
860
|
|
Telenor
ASA (b) |
|
14,475
|
161
|
|
TOMRA
Systems ASA |
|
8,422
|
231
|
|
Yara
International ASA (b) |
|
11,443
|
|
|
|
|
160,328
|
|
|
Portugal –
0.1% |
|
|
4,205
|
|
EDP
- Energias de Portugal S.A. |
|
22,089
|
714
|
|
Galp
Energia SGPS S.A. (b) |
|
8,110
|
377
|
|
Jeronimo
Martins SGPS S.A. |
|
7,515
|
|
|
|
|
37,714
|
|
|
Singapore –
0.9% |
|
|
1,300
|
|
City
Developments Ltd. (b) |
|
6,579
|
1,900
|
|
DBS
Group Holdings Ltd. (b) |
|
42,101
|
8,300
|
|
Genting
Singapore Ltd. (b) |
|
4,376
|
300
|
|
Jardine
Cycle & Carriage Ltd. (b) |
|
4,255
|
2,200
|
|
Keppel
Corp., Ltd. (b) |
|
8,401
|
4,700
|
|
Oversea-Chinese
Banking Corp., Ltd. (b) |
|
39,578
|
1,400
|
|
Singapore
Airlines Ltd. (b) (c) |
|
5,156
|
5,600
|
|
Singapore
Exchange Ltd. (b) |
|
40,997
|
5,600
|
|
Singapore
Technologies Engineering Ltd. (b) |
|
15,632
|
12,200
|
|
Singapore
Telecommunications Ltd. (b) |
|
21,963
|
2,100
|
|
United
Overseas Bank Ltd. (b) |
|
39,727
|
1,300
|
|
UOL
Group Ltd. (b) |
|
6,537
|
4,000
|
|
Wilmar
International Ltd. (b) |
|
12,358
|
|
|
|
|
247,660
|
|
|
South
Korea – 4.6% |
|
|
195
|
|
Amorepacific
Corp. (b) |
|
29,168
|
776
|
|
AMOREPACIFIC
Group (b) |
|
31,876
|
34
|
|
CJ
CheilJedang Corp. (b) |
|
11,698
|
769
|
|
Coway
Co., Ltd. (b) |
|
47,998
|
2,068
|
|
Industrial
Bank of Korea (b) |
|
18,221
|
1,648
|
|
Kakao
Corp. (b) |
|
162,078
|
1,992
|
|
Kangwon
Land, Inc. (b) |
|
47,862
|
337
|
|
KB
Financial Group, Inc. (b) |
|
15,673
|
730
|
|
Korea
Electric Power Corp. (b) |
|
14,450
|
167
|
|
Korea
Zinc Co., Ltd. (b) |
|
70,454
|
846
|
|
KT
Corp., ADR |
|
11,523
|
172
|
|
KT&G
Corp. (b) |
|
11,767
|
9
|
|
LG
Household & Health Care Ltd. (b) |
|
10,147
|
976
|
|
LG
Uplus Corp. (b) |
|
12,269
|
See
Notes to Financial Statements
Page
21
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
South
Korea (Continued) |
|
|
1,921
|
|
Mirae
Asset Securities Co., Ltd. (b) |
|
$13,854 |
435
|
|
NAVER
Corp. (b) |
|
141,143
|
213
|
|
POSCO
(b) |
|
58,651
|
875
|
|
Samsung
Electro-Mechanics Co., Ltd. (b) |
|
129,480
|
2,017
|
|
Samsung
Electronics Co., Ltd. (b) |
|
125,043
|
100
|
|
Samsung
Fire & Marine Insurance Co., Ltd. (b) |
|
19,760
|
848
|
|
Samsung
SDS Co., Ltd. (b) |
|
113,778
|
506
|
|
Shinhan
Financial Group Co., Ltd. (b) |
|
17,092
|
1,239
|
|
SK
Hynix, Inc. (b) |
|
106,066
|
43
|
|
SK
Telecom Co., Ltd. (b) |
|
11,680
|
1,875
|
|
Woori
Financial Group, Inc. (b) |
|
18,300
|
|
|
|
|
1,250,031
|
|
|
Spain –
2.3% |
|
|
88
|
|
Acciona
S.A. (b) |
|
14,630
|
444
|
|
ACS
Actividades de Construccion y Servicios S.A. (b) |
|
12,027
|
91
|
|
Aena
SME S.A. (c) (d) (e) |
|
15,738
|
623
|
|
Amadeus
IT Group S.A. (b) (c) |
|
40,976
|
6,291
|
|
Banco
Bilbao Vizcaya Argentaria S.A. (b) |
|
41,524
|
9,611
|
|
Banco
Santander S.A. (b) |
|
34,815
|
6,386
|
|
Bankinter
S.A. (b) |
|
37,365
|
10,551
|
|
CaixaBank
S.A. (b) |
|
32,719
|
596
|
|
Cellnex
Telecom S.A. (b) (d) (e) |
|
36,763
|
726
|
|
Enagas
S.A. (b) |
|
16,135
|
1,383
|
|
Endesa
S.A. (b) |
|
27,892
|
564
|
|
Ferrovial
S.A. (b) |
|
16,462
|
678
|
|
Grifols
S.A. |
|
16,555
|
2,841
|
|
Iberdrola
S.A. (b) |
|
28,582
|
1,732
|
|
Industria
de Diseno Textil S.A. (b) |
|
63,730
|
15,678
|
|
Mapfre
S.A. (b) |
|
34,169
|
1,493
|
|
Naturgy
Energy Group S.A. (b) |
|
37,580
|
2,067
|
|
Red
Electrica Corp. S.A. (b) |
|
41,469
|
1,272
|
|
Repsol
S.A. (b) |
|
16,604
|
407
|
|
Siemens
Gamesa Renewable Energy S.A. (b) (c) |
|
10,345
|
7,662
|
|
Telefonica
S.A. (b) |
|
35,955
|
|
|
|
|
612,035
|
|
|
Sweden –
3.3% |
|
|
578
|
|
AAK
AB (b) |
|
12,433
|
2,071
|
|
Assa
Abloy AB, Class B (b) |
|
60,073
|
978
|
|
Atlas
Copco AB, Class A (b) |
|
59,057
|
547
|
|
Axfood
AB (b) |
|
13,078
|
694
|
|
Castellum
AB (b) |
|
16,942
|
2,668
|
|
Epiroc
AB, Class A (b) |
|
55,313
|
414
|
|
Essity
AB, Class B (b) |
|
12,840
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Sweden (Continued)
|
|
|
692
|
|
Getinge
AB, Class B (b) |
|
$27,588 |
3,788
|
|
Hexagon
AB, Class B (b) |
|
58,593
|
593
|
|
Holmen
AB, Class B (b) |
|
26,044
|
268
|
|
ICA
Gruppen AB (b) |
|
12,296
|
1,101
|
|
Industrivarden
AB, Class C (b) |
|
34,016
|
1,927
|
|
Investor
AB, Class B (b) |
|
41,439
|
280
|
|
L
E Lundbergforetagen AB, Class B (b) |
|
15,366
|
7,678
|
|
Nibe
Industrier AB, Class B (b) |
|
96,487
|
3,500
|
|
Securitas
AB, Class B (b) |
|
55,397
|
3,151
|
|
Skandinaviska
Enskilda Banken AB, Class A (b) |
|
44,408
|
1,459
|
|
Svenska
Cellulosa AB SCA, Class B (b) |
|
22,612
|
3,536
|
|
Svenska
Handelsbanken AB, Class A (b) |
|
39,601
|
3,645
|
|
Sweco
AB, Class B |
|
57,541
|
2,180
|
|
Swedbank
AB, Class A (b) |
|
43,959
|
1,676
|
|
Swedish
Match AB |
|
14,676
|
2,247
|
|
Tele2
AB, Class B (b) |
|
33,271
|
2,233
|
|
Telefonaktiebolaget
LM Ericsson, Class B (b) |
|
25,204
|
6,820
|
|
Telia
Co., AB (b) |
|
28,055
|
|
|
|
|
906,289
|
|
|
Switzerland –
8.7% |
|
|
1,247
|
|
ABB
Ltd. (b) |
|
41,714
|
553
|
|
Baloise
Holding AG (b) |
|
83,884
|
965
|
|
Banque
Cantonale Vaudoise (b) |
|
73,372
|
80
|
|
Barry
Callebaut AG (b) |
|
181,445
|
30
|
|
BKW
AG (b) |
|
3,239
|
74
|
|
Bucher
Industries AG (b) |
|
35,136
|
21
|
|
Chocoladefabriken
Lindt & Spruengli AG |
|
234,798
|
491
|
|
DKSH
Holding AG (b) |
|
38,406
|
34
|
|
EMS-Chemie
Holding AG (b) |
|
32,124
|
59
|
|
Geberit
AG (b) |
|
43,318
|
8
|
|
Givaudan
S.A. (b) |
|
36,473
|
641
|
|
Holcim
Ltd. (b) |
|
30,887
|
132
|
|
Kuehne
+ Nagel International AG (b) |
|
45,065
|
1,621
|
|
Nestle
S.A. (b) |
|
195,314
|
4,986
|
|
Novartis
AG (b) |
|
408,848
|
74
|
|
Partners
Group Holding AG (b) |
|
115,487
|
79
|
|
PSP
Swiss Property AG (b) |
|
9,518
|
1,318
|
|
Roche
Holding AG (b) |
|
481,030
|
128
|
|
Schindler
Holding AG (b) |
|
34,364
|
13
|
|
SGS
S.A. (b) |
|
37,841
|
132
|
|
Sika
AG (b) |
|
41,735
|
791
|
|
Stadler
Rail AG |
|
33,085
|
105
|
|
Swiss
Prime Site AG (b) |
|
10,257
|
39
|
|
Swisscom
AG (b) |
|
22,444
|
221
|
|
Zurich
Insurance Group AG (b) |
|
90,371
|
|
|
|
|
2,360,155
|
Page
22
See
Notes to Financial Statements
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
United
Kingdom – 12.8% |
|
|
15,329
|
|
Admiral
Group PLC (b) |
|
$640,499 |
907
|
|
AstraZeneca
PLC (b) |
|
109,310
|
3,032
|
|
Auto
Trader Group PLC (b) (d) (e) |
|
23,911
|
2,519
|
|
British
American Tobacco PLC (b) |
|
88,050
|
33,529
|
|
ConvaTec
Group PLC (d) (e) |
|
97,582
|
4,480
|
|
Croda
International PLC (b) |
|
513,306
|
1,917
|
|
Dechra
Pharmaceuticals PLC |
|
125,274
|
2,337
|
|
Diageo
PLC (b) |
|
113,146
|
6,801
|
|
Electrocomponents
PLC (b) |
|
98,455
|
5,105
|
|
GlaxoSmithKline
PLC (b) |
|
96,348
|
2,845
|
|
Halma
PLC (b) |
|
108,518
|
28,816
|
|
J
Sainsbury PLC (b) |
|
110,445
|
2,564
|
|
National
Grid PLC (b) |
|
30,552
|
2,204
|
|
Pennon
Group PLC (b) |
|
33,595
|
1,075
|
|
Reckitt
Benckiser Group PLC (b) |
|
84,452
|
18,443
|
|
RELX
PLC (b) |
|
530,905
|
13,943
|
|
Rentokil
Initial PLC (b) |
|
109,492
|
2,743
|
|
Sage
Group (The) PLC (b) |
|
26,118
|
960
|
|
Severn
Trent PLC (b) |
|
33,609
|
592
|
|
Spirax-Sarco
Engineering PLC (b) |
|
119,114
|
30,534
|
|
Tesco
PLC (b) |
|
103,988
|
1,723
|
|
Unilever
PLC (b) |
|
93,280
|
2,392
|
|
United
Utilities Group PLC (b) |
|
31,133
|
38,300
|
|
Wm
Morrison Supermarkets PLC |
|
151,978
|
|
|
|
|
3,473,060
|
|
|
Total
Common Stocks |
|
26,489,142
|
|
|
(Cost
$23,952,474) |
|
|
REAL ESTATE INVESTMENT TRUSTS (a) – 1.8% |
|
|
Australia –
0.4% |
|
|
7,300
|
|
Dexus
(b) |
|
56,185
|
3,928
|
|
Goodman
Group (b) |
|
60,441
|
|
|
|
|
116,626
|
|
|
Belgium –
0.0% |
|
|
212
|
|
Warehouses
De Pauw CVA (b) |
|
8,590
|
|
|
Hong
Kong – 0.1% |
|
|
2,049
|
|
Link
REIT (b) |
|
17,546
|
|
|
Japan –
0.8% |
|
|
74
|
|
Daiwa
House REIT Investment Corp. (b) |
|
217,313
|
|
|
Singapore –
0.2% |
|
|
3,400
|
|
Ascendas
Real Estate Investment Trust (b) |
|
7,494
|
4,700
|
|
CapitaLand
Integrated Commercial Trust (b) |
|
6,999
|
4,900
|
|
Mapletree
Commercial Trust (b) |
|
7,426
|
3,800
|
|
Mapletree
Industrial Trust (b) |
|
7,765
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Singapore (Continued)
|
|
|
5,300
|
|
Mapletree
Logistics Trust (b) |
|
$7,923 |
|
|
|
|
37,607
|
|
|
Spain –
0.0% |
|
|
450
|
|
Inmobiliaria
Colonial Socimi S.A. |
|
4,368
|
426
|
|
Merlin
Properties Socimi S.A. (b) |
|
4,369
|
|
|
|
|
8,737
|
|
|
United
Kingdom – 0.3% |
|
|
4,190
|
|
Segro
PLC (b) |
|
67,308
|
|
|
Total
Real Estate Investment Trusts |
|
473,727
|
|
|
(Cost
$424,873) |
|
|
RIGHTS (a) – 0.0% |
|
|
Australia –
0.0% |
|
|
544
|
|
Transurban
Group, expiring 10/08/21 (c) (f) |
|
413
|
|
|
(Cost
$0) |
|
|
|
|
Total
Investments – 99.4% |
|
26,963,282
|
|
|
(Cost
$24,377,347) (g) |
|
|
|
|
Net
Other Assets and Liabilities – 0.6% |
|
167,541
|
|
|
Net
Assets – 100.0% |
|
$27,130,823 |
|
(a)
|
Portfolio
securities are categorized based upon their country of incorporation,
which can be different from the country categorization of the Fund’s
underlying index. For a breakdown of the portfolio securities by sector,
please see the Fund Performance Overview. |
(b)
|
This
security is fair valued by the Advisor’s Pricing Committee in accordance
with procedures adopted by the Trust’s Board of Trustees and in accordance
with provisions of the Investment Company Act of 1940, as amended. At
September 30, 2021, securities noted as such are valued at $23,525,270 or
86.7% of net assets. Certain of these securities are fair valued using a
factor provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York Stock Exchange
close exceeding a certain threshold. On days when this threshold is not
exceeded, these securities are typically valued at the last sale price on
the exchange on which they are principally traded. |
(c)
|
Non-income
producing security. |
(d)
|
This
security may be resold to qualified foreign investors and foreign
institutional buyers under Regulation S of the Securities Act of 1933, as
amended (the “1933 Act”). |
See
Notes to Financial Statements
Page
23
Developed
International Equity Select ETF (RNDM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
(e)
|
This
security is exempt from registration upon resale under Rule 144A of the
1933 Act and may be resold in transactions exempt from registration,
normally to qualified institutional buyers. This security is not
restricted on the foreign exchange where it trades freely without any
additional registration. As such, it does not require the additional
disclosure required of restricted securities. |
(f)
|
Pursuant
to procedures adopted by the Trust’s Board of Trustees, this security has
been determined to be illiquid by First Trust Advisors L.P., the Fund’s
advisor. |
(g)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $3,880,999 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $1,295,064. The net unrealized appreciation was $2,585,935.
|
ADR
|
American
Depositary Receipt |
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks: |
|
|
|
|
Canada
|
$ 2,499,032 |
$ 2,499,032 |
$ — |
$ — |
Denmark
|
634,930 |
32,428 |
602,502 |
— |
Finland
|
373,696 |
24,357 |
349,339 |
— |
Germany
|
2,186,530 |
48,927 |
2,137,603 |
— |
Ireland
|
168,455 |
31,711 |
136,744 |
— |
Norway
|
160,328 |
8,422 |
151,906 |
— |
Portugal
|
37,714 |
29,604 |
8,110 |
— |
South
Korea |
1,250,031 |
11,523 |
1,238,508 |
— |
Spain
|
612,035 |
32,293 |
579,742 |
— |
Sweden
|
906,289 |
72,217 |
834,072 |
— |
Switzerland
|
2,360,155 |
267,883 |
2,092,272 |
— |
United
Kingdom |
3,473,060 |
374,834 |
3,098,226 |
— |
Other
Country Categories* |
11,826,887 |
— |
11,826,887 |
— |
Real
Estate Investment Trusts: |
|
|
|
|
Spain
|
8,737 |
4,368 |
4,369 |
— |
Other
Country Categories* |
464,990 |
— |
464,990 |
— |
Rights*
|
413 |
413 |
— |
— |
Total
Investments |
$ 26,963,282 |
$ 3,438,012 |
$ 23,525,270 |
$— |
*
|
See
Portfolio of Investments for country breakout. |
Currency Exposure Diversification |
% of Total Investments |
Euro
|
29.6%
|
Japanese
Yen |
17.1
|
British
Pound Sterling |
13.1
|
Canadian
Dollar |
9.3
|
Swiss
Franc |
8.8
|
Australian
Dollar |
6.7
|
South
Korean Won |
4.6
|
Swedish
Krona |
3.6
|
Hong
Kong Dollar |
2.6
|
Danish
Krone |
2.3
|
Singapore
Dollar |
1.0
|
Norwegian
Krone |
0.6
|
Israeli
Shekel |
0.4
|
New
Zealand Dollar |
0.2
|
United
States Dollar |
0.1
|
Total
|
100.0%
|
Page
24
See
Notes to Financial Statements
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) – 99.6% |
|
|
Bermuda –
0.9% |
|
|
56,000
|
|
Beijing
Enterprises Water Group Ltd. (b) |
|
$21,921 |
129
|
|
Credicorp
Ltd. |
|
14,311
|
23,500
|
|
Shenzhen
International Holdings Ltd. (b) |
|
30,295
|
|
|
|
|
66,527
|
|
|
Brazil –
9.0% |
|
|
6,370
|
|
Ambev
S.A. |
|
17,897
|
4,195
|
|
Atacadao
S.A. |
|
13,681
|
15,209
|
|
B3
S.A. - Brasil Bolsa Balcao |
|
35,580
|
11,419
|
|
BB
Seguridade Participacoes S.A. |
|
41,832
|
4,578
|
|
Bradespar
S.A. (Preference Shares) |
|
43,941
|
3,152
|
|
Cia
Energetica de Minas Gerais (Preference Shares) |
|
8,121
|
5,167
|
|
Cia
Paranaense de Energia, Class B (Preference Shares) |
|
6,907
|
1,211
|
|
CPFL
Energia S.A. |
|
5,989
|
815
|
|
Energisa
S.A. |
|
6,571
|
2,206
|
|
Eneva
S.A. (c) |
|
6,672
|
881
|
|
Engie
Brasil Energia S.A. |
|
6,060
|
1,486
|
|
Equatorial
Energia S.A. |
|
6,917
|
4,235
|
|
Hypera
S.A. |
|
24,994
|
9,900
|
|
Itau
Unibanco Holding S.A. (Preference Shares) |
|
52,593
|
26,832
|
|
Itausa
S.A. (Preference Shares) |
|
54,888
|
3,275
|
|
JBS
S.A. |
|
22,293
|
8,861
|
|
Klabin
S.A. (c) |
|
39,393
|
2,213
|
|
Neoenergia
S.A. |
|
6,222
|
5,894
|
|
Porto
Seguro S.A. |
|
53,531
|
3,887
|
|
Raia
Drogasil S.A. |
|
16,681
|
21,154
|
|
Rumo
S.A. (c) |
|
65,221
|
8,104
|
|
Sul
America S.A. |
|
37,918
|
3,572
|
|
Suzano
S.A. (c) |
|
35,761
|
1,850
|
|
TIM
S.A. |
|
3,992
|
2,499
|
|
Vale
S.A. |
|
34,986
|
|
|
|
|
648,641
|
|
|
Cayman
Islands – 5.7% |
|
|
54,000
|
|
Agile
Group Holdings Ltd. (b) |
|
50,361
|
14,125
|
|
China
Conch Venture Holdings Ltd. (b) |
|
65,588
|
19,000
|
|
Hengan
International Group Co., Ltd. (b) |
|
101,319
|
165,000
|
|
Want
Want China Holdings Ltd. (b) |
|
124,589
|
123,000
|
|
Zhenro
Properties Group Ltd. (d) |
|
67,151
|
|
|
|
|
409,008
|
|
|
Chile –
1.1% |
|
|
120,134
|
|
Banco
de Chile (b) |
|
11,093
|
226,733
|
|
Banco
Santander Chile (b) |
|
11,349
|
4,600
|
|
Cencosud
S.A. |
|
8,896
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Chile (Continued)
|
|
|
33,483
|
|
Colbun
S.A. |
|
$5,426 |
3,365
|
|
Empresas
CMPC S.A. (b) |
|
6,333
|
933
|
|
Empresas
COPEC S.A. |
|
7,744
|
36,519
|
|
Enel
Americas S.A. (b) |
|
4,315
|
77,378
|
|
Enel
Chile S.A. (b) |
|
3,671
|
2,673
|
|
Falabella
S.A. |
|
9,363
|
201
|
|
Sociedad
Quimica y Minera de Chile S.A., Class B (Preference Shares) (b) |
|
10,819
|
|
|
|
|
79,009
|
|
|
China –
9.8% |
|
|
189,321
|
|
Agricultural
Bank of China Ltd., Class H (b) |
|
65,038
|
5,500
|
|
Anhui
Conch Cement Co., Ltd., Class H (b) |
|
29,708
|
198,146
|
|
Bank
of China Ltd., Class H (b) |
|
70,012
|
119,173
|
|
Bank
of Communications Co., Ltd., Class H (b) |
|
70,538
|
363,000
|
|
China
Cinda Asset Management Co., Ltd., Class H (b) |
|
61,303
|
148,651
|
|
China
CITIC Bank Corp., Ltd., Class H (b) |
|
67,001
|
89,449
|
|
China
Construction Bank Corp., Class H (b) |
|
63,838
|
130,449
|
|
China
Minsheng Banking Corp., Ltd., Class H (b) |
|
52,345
|
32,875
|
|
China
Shenhua Energy Co., Ltd., Class H (b) |
|
76,581
|
66,000
|
|
Guangzhou
R&F Properties Co., Ltd., Class H (b) |
|
50,785
|
105,549
|
|
Industrial
& Commercial Bank of China Ltd., Class H (b) |
|
58,508
|
6,200
|
|
Ping
An Insurance Group Co. of China Ltd., Class H (b) |
|
42,404
|
|
|
|
|
708,061
|
|
|
Colombia –
0.3% |
|
|
2,528
|
|
Bancolombia
S.A. (Preference Shares) |
|
21,909
|
|
|
Czech
Republic – 0.2% |
|
|
374
|
|
CEZ
A.S. (b) |
|
12,167
|
|
|
Hong
Kong – 3.4% |
|
|
6,175
|
|
Beijing
Enterprises Holdings Ltd. (b) |
|
24,647
|
21,450
|
|
BOC
Hong Kong Holdings Ltd. (b) |
|
64,638
|
16,000
|
|
China
Resources Power Holdings Co., Ltd. (b) |
|
45,952
|
63,000
|
|
Far
East Horizon Ltd. |
|
63,934
|
26,500
|
|
Fosun
International Ltd. (b) |
|
32,204
|
13,300
|
|
Guangdong
Investment Ltd. (b) |
|
17,356
|
|
|
|
|
248,731
|
See
Notes to Financial Statements
Page
25
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Hungary –
0.7% |
|
|
1,158
|
|
MOL
Hungarian Oil & Gas PLC (b) |
|
$9,620 |
512
|
|
OTP
Bank Nyrt (b) (c) |
|
29,959
|
302
|
|
Richter
Gedeon Nyrt |
|
8,259
|
|
|
|
|
47,838
|
|
|
India –
20.2% |
|
|
2,000
|
|
ACC
Ltd. (b) |
|
60,516
|
1,500
|
|
Asian
Paints Ltd. (b) |
|
65,386
|
1,186
|
|
Bajaj
Auto Ltd. (b) |
|
61,106
|
3,097
|
|
Bata
India Ltd. (b) |
|
74,092
|
4,977
|
|
Berger
Paints India Ltd. (b) |
|
54,098
|
400
|
|
Britannia
Industries Ltd. (b) |
|
21,240
|
929
|
|
Colgate-Palmolive
India Ltd. (b) |
|
20,843
|
2,680
|
|
Dabur
India Ltd. (b) |
|
22,238
|
993
|
|
Dr.
Reddy’s Laboratories Ltd. (b) |
|
65,141
|
1,985
|
|
Godrej
Consumer Products Ltd. (b) (c) |
|
27,457
|
596
|
|
Hindustan
Unilever Ltd. (b) |
|
21,672
|
9,798
|
|
Infosys
Ltd. (b) |
|
219,673
|
6,629
|
|
ITC
Ltd. (b) |
|
21,018
|
2,683
|
|
Larsen
& Toubro Ltd. (b) |
|
61,369
|
3,521
|
|
Marico
Ltd. (b) |
|
25,981
|
53
|
|
MRF
Ltd. (b) |
|
56,444
|
84
|
|
Nestle
India Ltd. (b) |
|
21,947
|
6,646
|
|
Petronet
LNG Ltd. (b) |
|
21,297
|
3,512
|
|
Pidilite
Industries Ltd. (b) |
|
112,461
|
9,231
|
|
Power
Grid Corp. of India Ltd. (b) |
|
23,537
|
7,501
|
|
Sun
Pharmaceutical Industries Ltd. (b) |
|
82,545
|
4,218
|
|
Tata
Consultancy Services Ltd. (b) |
|
213,761
|
2,267
|
|
Tata
Consumer Products Ltd. (b) |
|
24,775
|
565
|
|
UltraTech
Cement Ltd. (b) |
|
56,063
|
1,167
|
|
United
Breweries Ltd. (b) |
|
24,653
|
|
|
|
|
1,459,313
|
|
|
Indonesia –
3.3% |
|
|
37,033
|
|
Adaro
Energy Tbk PT (b) |
|
4,527
|
19,047
|
|
Aneka
Tambang Tbk (b) |
|
3,018
|
46,871
|
|
Astra
International Tbk PT (b) |
|
17,896
|
13,495
|
|
Bank
Central Asia Tbk PT (b) |
|
32,870
|
68,186
|
|
Bank
Mandiri Persero Tbk PT (b) |
|
29,142
|
73,248
|
|
Bank
Negara Indonesia Persero Tbk PT (b) |
|
27,269
|
97,689
|
|
Bank
Rakyat Indonesia Persero Tbk PT (b) |
|
26,039
|
4,101
|
|
Indah
Kiat Pulp & Paper Tbk PT (b) |
|
2,438
|
33,746
|
|
Indofood
Sukses Makmur Tbk PT (b) |
|
14,930
|
46,673
|
|
Kalbe
Farma Tbk PT (b) |
|
4,651
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Indonesia (Continued)
|
|
|
19,933
|
|
Merdeka
Copper Gold Tbk PT (b) (c) |
|
$3,488 |
4,111
|
|
Pabrik
Kertas Tjiwi Kimia Tbk PT (b) |
|
2,273
|
147,490
|
|
Sarana
Menara Nusantara Tbk PT (b) |
|
13,593
|
48,014
|
|
Telkom
Indonesia Persero Tbk PT (b) |
|
12,295
|
78,376
|
|
Tower
Bersama Infrastructure Tbk PT (b) |
|
16,150
|
17,892
|
|
Transcoal
Pacific Tbk PT (c) |
|
11,938
|
6,227
|
|
United
Tractors Tbk PT (b) |
|
11,205
|
9,785
|
|
Vale
Indonesia Tbk PT (b) |
|
3,115
|
|
|
|
|
236,837
|
|
|
Isle
Of Man (U.K.) – 0.1% |
|
|
863
|
|
NEPI
Rockcastle PLC |
|
5,991
|
|
|
Malaysia –
2.0% |
|
|
13,100
|
|
CIMB
Group Holdings Bhd (b) |
|
14,897
|
8,500
|
|
Dialog
Group Bhd (b) |
|
4,841
|
4,700
|
|
Genting
Bhd |
|
5,658
|
7,700
|
|
Genting
Malaysia Bhd (b) |
|
5,501
|
3,000
|
|
Hartalega
Holdings Bhd |
|
4,407
|
3,000
|
|
Hong
Leong Bank Bhd |
|
13,544
|
5,100
|
|
IHH
Healthcare Bhd (b) |
|
8,156
|
5,000
|
|
Inari
Amertron Bhd (b) |
|
4,374
|
8,300
|
|
Kossan
Rubber Industries |
|
4,580
|
6,900
|
|
Malayan
Banking Bhd (b) |
|
13,247
|
10,500
|
|
Press
Metal Aluminium Holdings Bhd (b) |
|
14,364
|
13,600
|
|
Public
Bank Bhd |
|
13,222
|
10,600
|
|
RHB
Bank Bhd (b) |
|
13,783
|
7,715
|
|
Supermax
Corp. Bhd |
|
4,404
|
6,200
|
|
Telekom
Malaysia Bhd (b) |
|
8,436
|
4,200
|
|
Tenaga
Nasional Bhd (b) |
|
9,692
|
6,100
|
|
Top
Glove Corp. Bhd |
|
4,196
|
|
|
|
|
147,302
|
|
|
Mexico –
5.0% |
|
|
21,859
|
|
Alfa
S.A.B. de C.V., Class A |
|
15,175
|
81,236
|
|
America
Movil S.A.B. de C.V., Series L |
|
71,903
|
2,637
|
|
Arca
Continental S.A.B. de C.V. |
|
16,056
|
17,888
|
|
Cemex
S.A.B. de C.V., Series CPO (c) |
|
12,921
|
1,726
|
|
Fomento
Economico Mexicano S.A.B. de C.V., Series UBD |
|
14,973
|
1,102
|
|
Gruma
S.A.B. de C.V., Class B |
|
12,596
|
1,207
|
|
Grupo
Aeroportuario del Pacifico S.A.B. de C.V., Class B |
|
14,034
|
711
|
|
Grupo
Aeroportuario del Sureste S.A.B. de C.V., Class B |
|
13,263
|
6,199
|
|
Grupo
Bimbo S.A.B. de C.V., Series A |
|
17,421
|
380
|
|
Grupo
Elektra S.A.B. de C.V. |
|
28,955
|
Page
26
See
Notes to Financial Statements
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Mexico (Continued)
|
|
|
4,534
|
|
Grupo
Financiero Banorte S.A.B. de C.V., Class O |
|
$29,058 |
8,091
|
|
Grupo
Mexico S.A.B. de C.V., Series B |
|
32,174
|
13,722
|
|
Grupo
Televisa S.A.B., Series CPO |
|
30,194
|
7,613
|
|
Kimberly-Clark
de Mexico S.A.B. de C.V., Class A |
|
12,503
|
4,727
|
|
Orbia
Advance Corp. S.A.B. de C.V. |
|
12,135
|
7,743
|
|
Wal-Mart
de Mexico S.A.B. de C.V. |
|
26,240
|
|
|
|
|
359,601
|
|
|
Netherlands –
0.1% |
|
|
307
|
|
X5
Retail Group N.V., GDR (b) (d) |
|
9,916
|
|
|
Philippines –
1.5% |
|
|
35,410
|
|
Ayala
Land, Inc. (b) |
|
23,230
|
5,550
|
|
BDO
Unibank, Inc. (b) |
|
12,021
|
12,800
|
|
Metropolitan
Bank & Trust Co. (b) |
|
10,945
|
1,865
|
|
SM
Investments Corp. (b) |
|
36,110
|
34,700
|
|
SM
Prime Holdings, Inc. (b) |
|
22,190
|
|
|
|
|
104,496
|
|
|
Poland –
1.3% |
|
|
633
|
|
Bank
Polska Kasa Opieki S.A. (b) |
|
16,363
|
252
|
|
CD
Projekt S.A. (b) |
|
12,151
|
111
|
|
Dino
Polska S.A. (c) (d) (e) |
|
9,271
|
269
|
|
KGHM
Polska Miedz S.A. (b) |
|
10,596
|
1,862
|
|
PGE
Polska Grupa Energetyczna S.A. (b) (c) |
|
4,161
|
445
|
|
Polski
Koncern Naftowy ORLEN S.A. (b) |
|
9,168
|
4,695
|
|
Polskie
Gornictwo Naftowe i Gazownictwo S.A. (b) |
|
7,623
|
1,366
|
|
Powszechna
Kasa Oszczednosci Bank Polski S.A. (b) (c) |
|
14,463
|
1,311
|
|
Powszechny
Zaklad Ubezpieczen S.A. (b) |
|
11,993
|
|
|
|
|
95,789
|
|
|
Russia –
2.4% |
|
|
10,925
|
|
Alrosa
PJSC (b) |
|
19,909
|
52,320
|
|
Credit
Bank of Moscow PJSC (b) (c) |
|
5,143
|
94,318
|
|
Inter
RAO UES PJSC (b) |
|
6,009
|
140
|
|
Magnit
PJSC (b) |
|
11,679
|
19,017
|
|
Magnitogorsk
Iron & Steel Works PJSC (b) |
|
17,863
|
49
|
|
MMC
Norilsk Nickel PJSC (b) |
|
14,615
|
2,820
|
|
Mobile
TeleSystems PJSC (b) |
|
12,724
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Russia (Continued)
|
|
|
2,141
|
|
Moscow
Exchange MICEX-RTS PJSC (b) |
|
$5,099 |
4,781
|
|
Novolipetsk
Steel PJSC (b) |
|
14,205
|
83
|
|
Polyus
PJSC (b) |
|
13,605
|
595,154
|
|
RusHydro
PJSC (b) |
|
6,611
|
754
|
|
Severstal
PAO (b) |
|
15,686
|
10,867
|
|
Sistema
PJSFC (b) |
|
4,006
|
3,924
|
|
Tatneft
PJSC (b) |
|
28,336
|
|
|
|
|
175,490
|
|
|
South
Africa – 6.7% |
|
|
1,825
|
|
Absa
Group Ltd. (b) |
|
18,468
|
2,565
|
|
African
Rainbow Minerals Ltd. (b) |
|
32,740
|
352
|
|
Anglo
American Platinum Ltd. |
|
30,491
|
761
|
|
Aspen
Pharmacare Holdings Ltd. (b) |
|
13,656
|
399
|
|
Bid
Corp., Ltd. (b) (c) |
|
8,572
|
552
|
|
Bidvest
Group (The) Ltd. (b) |
|
7,157
|
162
|
|
Capitec
Bank Holdings Ltd. |
|
19,570
|
474
|
|
Clicks
Group Ltd. |
|
8,741
|
1,736
|
|
Discovery
Ltd. (b) (c) |
|
15,862
|
411
|
|
Exxaro
Resources Ltd. |
|
4,395
|
4,459
|
|
FirstRand
Ltd. (b) |
|
19,033
|
1,172
|
|
Kumba
Iron Ore Ltd. (b) |
|
38,506
|
542
|
|
Mr
Price Group Ltd. (b) |
|
7,271
|
1,711
|
|
MultiChoice
Group (b) |
|
13,043
|
867
|
|
Naspers
Ltd., Class N (b) |
|
143,298
|
2,213
|
|
Remgro
Ltd. |
|
19,964
|
3,866
|
|
Sanlam
Ltd. |
|
16,410
|
726
|
|
Shoprite
Holdings Ltd. (b) |
|
8,597
|
600
|
|
SPAR
Group (The) Ltd. |
|
7,826
|
1,835
|
|
Standard
Bank Group Ltd. (b) |
|
17,376
|
541
|
|
Tiger
Brands Ltd. (b) |
|
6,698
|
1,748
|
|
Vodacom
Group Ltd. |
|
16,720
|
2,123
|
|
Woolworths
Holdings Ltd. (b) |
|
8,273
|
|
|
|
|
482,667
|
|
|
Taiwan –
20.0% |
|
|
26,383
|
|
Asia
Cement Corp. (b) |
|
42,932
|
15,195
|
|
Cathay
Financial Holding Co., Ltd. (b) |
|
31,329
|
69,390
|
|
China
Development Financial Holding Corp. (b) |
|
35,092
|
126,198
|
|
China
Steel Corp. (b) |
|
163,304
|
6,757
|
|
Chunghwa
Telecom Co., Ltd. (b) |
|
26,768
|
234,354
|
|
Compal
Electronics, Inc. (b) |
|
197,571
|
32,968
|
|
CTBC
Financial Holding Co., Ltd. (b) |
|
26,981
|
29,622
|
|
E.Sun
Financial Holding Co., Ltd. (b) |
|
27,875
|
11,754
|
|
Far
EasTone Telecommunications Co., Ltd. (b) |
|
25,921
|
33,148
|
|
First
Financial Holding Co., Ltd. (b) |
|
26,776
|
See
Notes to Financial Statements
Page
27
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (a) (Continued) |
|
|
Taiwan (Continued)
|
|
|
12,968
|
|
Fubon
Financial Holding Co., Ltd. (b) |
|
$35,439 |
40,098
|
|
Hua
Nan Financial Holdings Co., Ltd. (b) |
|
29,273
|
231,750
|
|
Inventec
Corp. (b) |
|
213,524
|
22,840
|
|
Mega
Financial Holding Co., Ltd. (b) |
|
26,209
|
2,339
|
|
President
Chain Store Corp. (b) |
|
23,472
|
80,279
|
|
Shin
Kong Financial Holding Co., Ltd. (b) |
|
26,675
|
56,700
|
|
SinoPac
Financial Holdings Co., Ltd. (b) |
|
28,170
|
56,843
|
|
Taishin
Financial Holding Co., Ltd. (b) |
|
36,798
|
26,946
|
|
Taiwan
Cement Corp. (b) |
|
49,076
|
35,138
|
|
Taiwan
Cooperative Financial Holding Co., Ltd. (b) |
|
27,784
|
40,098
|
|
Taiwan
High Speed Rail Corp. (b) |
|
42,539
|
7,672
|
|
Taiwan
Mobile Co., Ltd. (b) |
|
27,210
|
8,716
|
|
Uni-President
Enterprises Corp. (b) |
|
21,295
|
128,222
|
|
WPG
Holdings Ltd. (b) |
|
222,120
|
32,382
|
|
Yuanta
Financial Holding Co., Ltd. (b) |
|
28,570
|
|
|
|
|
1,442,703
|
|
|
Thailand –
4.9% |
|
|
8,400
|
|
B
Grimm Power PCL |
|
10,179
|
5,200
|
|
Bangkok
Bank PCL (b) |
|
17,819
|
17,300
|
|
Bangkok
Dusit Medical Services PCL |
|
11,658
|
65,200
|
|
Bangkok
Expressway & Metro PCL |
|
16,861
|
14,500
|
|
Berli
Jucker PCL |
|
14,142
|
61,100
|
|
BTS
Group Holdings PCL |
|
16,975
|
2,700
|
|
Bumrungrad
Hospital PCL |
|
11,292
|
17,300
|
|
Charoen
Pokphand Foods PCL |
|
13,166
|
7,400
|
|
CP
ALL PCL (b) |
|
13,912
|
2,100
|
|
Electricity
Generating PCL |
|
10,799
|
11,400
|
|
Gulf
Energy Development PCL |
|
13,982
|
39,800
|
|
Home
Product Center PCL |
|
15,998
|
53,500
|
|
Krung
Thai Bank PCL |
|
17,393
|
82,800
|
|
Land
& Houses PCL |
|
19,455
|
14,500
|
|
Osotspa
PCL |
|
14,571
|
6,700
|
|
PTT
Exploration & Production PCL |
|
23,267
|
18,800
|
|
PTT
PCL (b) |
|
21,885
|
1,400
|
|
Siam
Cement (The) PCL (b) |
|
16,568
|
5,900
|
|
Siam
Commercial Bank (The) PCL |
|
21,274
|
29,700
|
|
Thai
Beverage PCL (b) |
|
14,264
|
6,700
|
|
Tisco
Financial Group PCL |
|
18,168
|
7,000
|
|
Total
Access Communication PCL (b) |
|
8,486
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Thailand (Continued)
|
|
|
67,800
|
|
True
Corp PCL (b) |
|
$7,740 |
|
|
|
|
349,854
|
|
|
Turkey –
0.9% |
|
|
4,974
|
|
Akbank
T.A.S. |
|
2,981
|
601
|
|
Arcelik
A.S. (b) |
|
2,194
|
1,640
|
|
Aselsan
Elektronik Sanayi Ve Ticaret A.S. |
|
2,792
|
606
|
|
BIM
Birlesik Magazalar A.S. |
|
4,354
|
622
|
|
Coca-Cola
Icecek A.S. (b) |
|
5,910
|
3,095
|
|
Enka
Insaat ve Sanayi A.S. (b) |
|
3,576
|
1,523
|
|
Eregli
Demir ve Celik Fabrikalari T.A.S. (b) |
|
2,804
|
104
|
|
Ford
Otomotiv Sanayi A.S. (b) |
|
1,963
|
318
|
|
Gubre
Fabrikalari T.A.S. (c) |
|
1,740
|
2,713
|
|
Haci
Omer Sabanci Holding A.S. (b) |
|
2,957
|
1,921
|
|
KOC
Holding A.S. (b) |
|
4,890
|
695
|
|
Sasa
Polyester Sanayi A.S. (b) (f) |
|
2,082
|
608
|
|
Tofas
Turk Otomobil Fabrikasi A.S. (b) |
|
3,559
|
3,564
|
|
Turk
Telekomunikasyon A.S. |
|
3,002
|
1,614
|
|
Turkcell
Iletisim Hizmetleri A.S. (b) |
|
2,769
|
3,487
|
|
Turkiye
Garanti Bankasi A.S. (b) |
|
3,615
|
4,840
|
|
Turkiye
Is Bankasi A.S., Class C (b) |
|
2,812
|
414
|
|
Turkiye
Petrol Rafinerileri A.S. (b) (c) |
|
5,383
|
3,367
|
|
Turkiye
Sise ve Cam Fabrikalari A.S. |
|
3,101
|
10,604
|
|
Yapi
ve Kredi Bankasi A.S. |
|
2,874
|
|
|
|
|
65,358
|
|
|
Virgin
Islands (British) – 0.1% |
|
|
294
|
|
Mail.Ru
Group Ltd., GDR (b) (c) (d) |
|
6,032
|
|
|
Total
Common Stocks |
|
7,183,240
|
|
|
(Cost
$6,929,716) |
|
|
REAL ESTATE INVESTMENT TRUSTS (a) – 0.2% |
|
|
Mexico –
0.1% |
|
|
6,839
|
|
Fibra
Uno Administracion S.A. de C.V. |
|
7,783
|
|
|
South
Africa – 0.1% |
|
|
6,095
|
|
Growthpoint
Properties Ltd. |
|
5,788
|
|
|
Total
Real Estate Investment Trusts |
|
13,571
|
|
|
(Cost
$16,297) |
|
|
Page
28
See
Notes to Financial Statements
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
RIGHTS (a) – 0.0% |
|
|
Taiwan –
0.0% |
|
|
496
|
|
Fubon
Financial Holding Co., Ltd., expiring 10/18/21 (b) (c) (g) |
|
$298 |
301
|
|
Fubon
Financial Holding Co., Ltd., expiring 10/18/21 (b) (c) (g) |
|
192
|
|
|
Total
Rights |
|
490
|
|
|
(Cost
$0) |
|
|
WARRANTS (a) – 0.0% |
|
|
Thailand –
0.0% |
|
|
6,120
|
|
BTS
Group Holdings PCL, expiring 12/31/24 (b) (c) (g) |
|
0
|
12,240
|
|
BTS
Group Holdings PCL, expiring 12/31/26 (b) (c) (g) |
|
0
|
|
|
Total
Warrants |
|
0
|
|
|
(Cost
$0) |
|
|
|
|
Total
Investments – 99.8% |
|
7,197,301
|
|
|
(Cost
$6,946,013) (h) |
|
|
|
|
Net
Other Assets and Liabilities – 0.2% |
|
15,954
|
|
|
Net
Assets – 100.0% |
|
$7,213,255 |
|
(a)
|
Portfolio
securities are categorized based upon their country of incorporation,
which can be different from the country categorization of the Fund’s
underlying index. For a breakdown of the portfolio securities by sector,
please see the Fund Performance Overview. |
(b)
|
This
security is fair valued by the Advisor’s Pricing Committee in accordance
with procedures adopted by the Trust’s Board of Trustees and in accordance
with provisions of the Investment Company Act of 1940, as amended. At
September 30, 2021, securities noted as such are valued at $5,497,143 or
76.2% of net assets. Certain of these securities are fair valued using a
factor provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York Stock Exchange
close exceeding a certain threshold. On days when this threshold is not
exceeded, these securities are typically valued at the last sale price on
the exchange on which they are principally traded. |
(c)
|
Non-income
producing security. |
(d)
|
This
security may be resold to qualified foreign investors and foreign
institutional buyers under Regulation S of the Securities Act of 1933, as
amended (the “1933 Act”). |
(e)
|
This
security is exempt from registration upon resale under Rule 144A of the
1933 Act and may be resold in transactions exempt from registration,
normally to qualified institutional buyers. This security is not
restricted on the foreign exchange where it trades freely without any
additional registration. As such, it does not require the additional
disclosure required of restricted securities.
|
(f)
|
Non-income
producing security which makes payment-in-kind (“PIK”) distributions. For
the six months ended September 30, 2021, the Fund received 182 PIK shares
of Sasa Polyester Sanayi A.S. |
(g)
|
Pursuant
to procedures adopted by the Trust’s Board of Trustees, this security has
been determined to be illiquid by First Trust Advisors L.P., the Fund’s
advisor. |
(h)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $1,000,481 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $749,193. The net unrealized appreciation was $251,288.
|
GDR
|
Global
Depositary Receipt |
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks: |
|
|
|
|
Bermuda
|
$ 66,527 |
$ 14,311 |
$ 52,216 |
$ — |
Brazil
|
648,641 |
648,641 |
— |
— |
Cayman
Islands |
409,008 |
67,151 |
341,857 |
— |
Chile
|
79,009 |
31,429 |
47,580 |
— |
Colombia
|
21,909 |
21,909 |
— |
— |
Hong
Kong |
248,731 |
63,934 |
184,797 |
— |
Hungary
|
47,838 |
8,259 |
39,579 |
— |
Indonesia
|
236,837 |
11,938 |
224,899 |
— |
Isle
Of Man (U.K.) |
5,991 |
5,991 |
— |
— |
Malaysia
|
147,302 |
50,011 |
97,291 |
— |
Mexico
|
359,601 |
359,601 |
— |
— |
Poland
|
95,789 |
9,271 |
86,518 |
— |
South
Africa |
482,667 |
124,117 |
358,550 |
— |
Turkey
|
65,358 |
20,844 |
44,514 |
— |
Other
Country Categories* |
4,268,032 |
— |
4,268,032 |
— |
Real
Estate Investment Trusts* |
13,571 |
13,571 |
— |
— |
Rights*
|
490 |
— |
490 |
— |
Warrants*
|
—**
|
— |
—**
|
— |
Total
Investments |
$ 7,197,301 |
$ 1,450,978 |
$ 5,746,323 |
$— |
*
|
See
Portfolio of Investments for country breakout. |
**
|
Investment
is valued at $0. |
See
Notes to Financial Statements
Page
29
Emerging
Markets Equity Select ETF (RNEM)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Currency Exposure Diversification |
% of Total Investments |
Indian
Rupee |
20.3%
|
New
Taiwan Dollar |
20.0
|
Hong
Kong Dollar |
19.7
|
Brazilian
Real |
9.0
|
South
African Rand |
6.9
|
Mexican
Peso |
5.1
|
Thai
Baht |
4.7
|
Indonesian
Rupiah |
3.3
|
Russian
Ruble |
2.4
|
Malaysian
Ringgit |
2.0
|
Philippine
Peso |
1.5
|
Polish
Zloty |
1.3
|
Chilean
Peso |
1.1
|
Turkish
Lira |
0.9
|
Hungarian
Forint |
0.7
|
United
States Dollar |
0.4
|
Colombian
Peso |
0.3
|
Singapore
Dollar |
0.2
|
Czech
Republic Koruna |
0.2
|
Total
|
100.0%
|
Page
30
See
Notes to Financial Statements
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS – 97.3% |
|
|
Aerospace
& Defense – 1.3% |
|
|
336
|
|
General
Dynamics Corp. |
|
$65,866 |
454
|
|
HEICO
Corp. |
|
59,869
|
293
|
|
L3Harris
Technologies, Inc. |
|
64,531
|
167
|
|
Lockheed
Martin Corp. |
|
57,632
|
174
|
|
Northrop
Grumman Corp. |
|
62,666
|
742
|
|
Raytheon
Technologies Corp. |
|
63,782
|
|
|
|
|
374,346
|
|
|
Air
Freight & Logistics – 0.6% |
|
|
500
|
|
Expeditors
International of Washington, Inc. |
|
59,565
|
212
|
|
FedEx
Corp. |
|
46,490
|
304
|
|
United
Parcel Service, Inc., Class B |
|
55,358
|
|
|
|
|
161,413
|
|
|
Banks –
3.0% |
|
|
1,414
|
|
Bank
of America Corp. |
|
60,024
|
824
|
|
Citigroup,
Inc. |
|
57,828
|
1,271
|
|
Citizens
Financial Group, Inc. |
|
59,712
|
1,525
|
|
Fifth
Third Bancorp |
|
64,721
|
311
|
|
First
Republic Bank |
|
59,986
|
4,085
|
|
Huntington
Bancshares, Inc. |
|
63,154
|
375
|
|
JPMorgan
Chase & Co. |
|
61,384
|
2,823
|
|
KeyCorp
|
|
61,033
|
401
|
|
M&T
Bank Corp. |
|
59,885
|
306
|
|
PNC
Financial Services Group (The), Inc. |
|
59,866
|
2,888
|
|
Regions
Financial Corp. |
|
61,543
|
1,050
|
|
Truist
Financial Corp. |
|
61,583
|
1,023
|
|
US
Bancorp |
|
60,807
|
1,287
|
|
Wells
Fargo & Co. |
|
59,730
|
|
|
|
|
851,256
|
|
|
Beverages –
0.8% |
|
|
647
|
|
Brown-Forman
Corp., Class B |
|
43,356
|
896
|
|
Coca-Cola
(The) Co. |
|
47,013
|
207
|
|
Constellation
Brands, Inc., Class A |
|
43,613
|
1,376
|
|
Keurig
Dr. Pepper, Inc. |
|
47,004
|
327
|
|
PepsiCo,
Inc. |
|
49,184
|
|
|
|
|
230,170
|
|
|
Biotechnology –
1.1% |
|
|
977
|
|
AbbVie,
Inc. |
|
105,389
|
451
|
|
Amgen,
Inc. |
|
95,905
|
1,598
|
|
Gilead
Sciences, Inc. |
|
111,620
|
|
|
|
|
312,914
|
|
|
Building
Products – 0.9% |
|
|
1,302
|
|
Carrier
Global Corp. |
|
67,391
|
922
|
|
Johnson
Controls International PLC |
|
62,770
|
1,074
|
|
Masco
Corp. |
|
59,661
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Building
Products (Continued) |
|
|
344
|
|
Trane
Technologies PLC |
|
$59,392 |
|
|
|
|
249,214
|
|
|
Capital
Markets – 4.1% |
|
|
234
|
|
Ameriprise
Financial, Inc. |
|
61,804
|
1,138
|
|
Bank
of New York Mellon (The) Corp. |
|
58,994
|
67
|
|
BlackRock,
Inc. |
|
56,190
|
600
|
|
Blackstone,
Inc. |
|
69,804
|
801
|
|
Charles
Schwab (The) Corp. |
|
58,345
|
274
|
|
CME
Group, Inc. |
|
52,986
|
1,822
|
|
Franklin
Resources, Inc. |
|
54,150
|
154
|
|
Goldman
Sachs Group (The), Inc. |
|
58,216
|
491
|
|
Intercontinental
Exchange, Inc. |
|
56,377
|
984
|
|
KKR
& Co., Inc. |
|
59,906
|
126
|
|
MarketAxess
Holdings, Inc. |
|
53,007
|
161
|
|
Moody’s
Corp. |
|
57,173
|
636
|
|
Morgan
Stanley |
|
61,889
|
109
|
|
MSCI,
Inc. |
|
66,309
|
332
|
|
Nasdaq,
Inc. |
|
64,083
|
504
|
|
Northern
Trust Corp. |
|
54,336
|
673
|
|
Raymond
James Financial, Inc. |
|
62,104
|
142
|
|
S&P
Global, Inc. |
|
60,334
|
708
|
|
State
Street Corp. |
|
59,982
|
294
|
|
T
Rowe Price Group, Inc. |
|
57,830
|
|
|
|
|
1,183,819
|
|
|
Chemicals –
1.4% |
|
|
87
|
|
Air
Products & Chemicals, Inc. |
|
22,282
|
148
|
|
Albemarle
Corp. |
|
32,408
|
165
|
|
Celanese
Corp. |
|
24,856
|
1,093
|
|
Corteva,
Inc. |
|
45,993
|
394
|
|
Dow,
Inc. |
|
22,679
|
817
|
|
DuPont
de Nemours, Inc. |
|
55,548
|
214
|
|
Eastman
Chemical Co. |
|
21,558
|
121
|
|
Ecolab,
Inc. |
|
25,243
|
231
|
|
FMC
Corp. |
|
21,150
|
243
|
|
LyondellBasell
Industries N.V., Class A |
|
22,805
|
373
|
|
PPG
Industries, Inc. |
|
53,343
|
232
|
|
Sherwin-Williams
(The) Co. |
|
64,897
|
|
|
|
|
412,762
|
|
|
Commercial
Services & Supplies – 0.9% |
|
|
166
|
|
Cintas
Corp. |
|
63,189
|
262
|
|
Republic
Services, Inc. |
|
31,456
|
4,206
|
|
Rollins,
Inc. |
|
148,598
|
205
|
|
Waste
Management, Inc. |
|
30,619
|
|
|
|
|
273,862
|
|
|
Communications
Equipment – 1.6% |
|
|
2,777
|
|
Cisco
Systems, Inc. |
|
151,152
|
679
|
|
Motorola
Solutions, Inc. |
|
157,745
|
See
Notes to Financial Statements
Page
31
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Communications Equipment (Continued)
|
|
|
471
|
|
Ubiquiti,
Inc. |
|
$140,674 |
|
|
|
|
449,571
|
|
|
Construction
Materials – 0.4% |
|
|
180
|
|
Martin
Marietta Materials, Inc. |
|
61,502
|
363
|
|
Vulcan
Materials Co. |
|
61,405
|
|
|
|
|
122,907
|
|
|
Consumer
Finance – 1.1% |
|
|
1,169
|
|
Ally
Financial, Inc. |
|
59,677
|
383
|
|
American
Express Co. |
|
64,164
|
409
|
|
Capital
One Financial Corp. |
|
66,246
|
493
|
|
Discover
Financial Services |
|
60,565
|
1,304
|
|
Synchrony
Financial |
|
63,740
|
|
|
|
|
314,392
|
|
|
Containers
& Packaging – 0.6% |
|
|
119
|
|
Avery
Dennison Corp. |
|
24,658
|
781
|
|
Ball
Corp. |
|
70,267
|
407
|
|
International
Paper Co. |
|
22,759
|
467
|
|
Packaging
Corp. of America |
|
64,184
|
|
|
|
|
181,868
|
|
|
Distributors –
1.0% |
|
|
1,137
|
|
Genuine
Parts Co. |
|
137,838
|
314
|
|
Pool
Corp. |
|
136,405
|
|
|
|
|
274,243
|
|
|
Diversified
Telecommunication Services – 1.4% |
|
|
5,114
|
|
AT&T,
Inc. |
|
138,129
|
10,830
|
|
Lumen
Technologies, Inc. |
|
134,184
|
2,627
|
|
Verizon
Communications, Inc. |
|
141,884
|
|
|
|
|
414,197
|
|
|
Electric
Utilities – 1.2% |
|
|
340
|
|
American
Electric Power Co., Inc. |
|
27,601
|
560
|
|
Avangrid,
Inc. |
|
27,216
|
292
|
|
Duke
Energy Corp. |
|
28,496
|
498
|
|
Edison
International |
|
27,624
|
289
|
|
Entergy
Corp. |
|
28,701
|
359
|
|
Eversource
Energy |
|
29,352
|
650
|
|
Exelon
Corp. |
|
31,421
|
774
|
|
FirstEnergy
Corp. |
|
27,570
|
393
|
|
NextEra
Energy, Inc. |
|
30,858
|
1,029
|
|
PPL
Corp. |
|
28,689
|
476
|
|
Southern
(The) Co. |
|
29,498
|
437
|
|
Xcel
Energy, Inc. |
|
27,312
|
|
|
|
|
344,338
|
|
|
Electrical
Equipment – 0.9% |
|
|
474
|
|
AMETEK,
Inc. |
|
58,781
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Electrical Equipment (Continued)
|
|
|
427
|
|
Eaton
Corp. PLC |
|
$63,755 |
657
|
|
Emerson
Electric Co. |
|
61,889
|
221
|
|
Rockwell
Automation, Inc. |
|
64,983
|
|
|
|
|
249,408
|
|
|
Electronic
Equipment, Instruments & Components – 3.6% |
|
|
3,499
|
|
Amphenol
Corp., Class A |
|
256,232
|
1,371
|
|
CDW
Corp. |
|
249,549
|
753
|
|
Cognex
Corp. |
|
60,406
|
5,853
|
|
Corning,
Inc. |
|
213,576
|
1,771
|
|
TE
Connectivity Ltd. |
|
243,016
|
|
|
|
|
1,022,779
|
|
|
Energy
Equipment & Services – 0.5% |
|
|
2,249
|
|
Baker
Hughes Co. |
|
55,618
|
2,225
|
|
Halliburton
Co. |
|
48,105
|
1,607
|
|
Schlumberger
N.V. |
|
47,631
|
|
|
|
|
151,354
|
|
|
Entertainment –
0.9% |
|
|
1,507
|
|
Activision
Blizzard, Inc. |
|
116,627
|
1,000
|
|
Electronic
Arts, Inc. |
|
142,250
|
|
|
|
|
258,877
|
|
|
Food
& Staples Retailing – 1.6% |
|
|
364
|
|
Costco
Wholesale Corp. |
|
163,563
|
1,265
|
|
Kroger
(The) Co. |
|
51,144
|
623
|
|
Sysco
Corp. |
|
48,906
|
921
|
|
Walgreens
Boots Alliance, Inc. |
|
43,333
|
1,020
|
|
Walmart,
Inc. |
|
142,168
|
|
|
|
|
449,114
|
|
|
Food
Products – 1.9% |
|
|
800
|
|
Archer-Daniels-Midland
Co. |
|
48,008
|
1,063
|
|
Campbell
Soup Co. |
|
44,444
|
1,333
|
|
Conagra
Brands, Inc. |
|
45,149
|
796
|
|
General
Mills, Inc. |
|
47,617
|
278
|
|
Hershey
(The) Co. |
|
47,051
|
1,015
|
|
Hormel
Foods Corp. |
|
41,615
|
374
|
|
JM
Smucker (The) Co. |
|
44,891
|
754
|
|
Kellogg
Co. |
|
48,196
|
1,189
|
|
Kraft
Heinz (The) Co. |
|
43,779
|
549
|
|
McCormick
& Co., Inc. |
|
44,485
|
776
|
|
Mondelez
International, Inc., Class A |
|
45,148
|
657
|
|
Tyson
Foods, Inc., Class A |
|
51,864
|
|
|
|
|
552,247
|
|
|
Health
Care Equipment & Supplies – 4.7% |
|
|
949
|
|
Abbott
Laboratories |
|
112,105
|
Page
32
See
Notes to Financial Statements
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Health
Care Equipment & Supplies (Continued) |
|
|
1,367
|
|
Baxter
International, Inc. |
|
$109,948 |
452
|
|
Becton
Dickinson and Co. |
|
111,111
|
278
|
|
Cooper
(The) Cos., Inc. |
|
114,900
|
410
|
|
Danaher
Corp. |
|
124,821
|
886
|
|
Medtronic
PLC |
|
111,060
|
446
|
|
ResMed,
Inc. |
|
117,543
|
533
|
|
STERIS
PLC |
|
108,881
|
424
|
|
Stryker
Corp. |
|
111,817
|
274
|
|
Teleflex,
Inc. |
|
103,175
|
306
|
|
West
Pharmaceutical Services, Inc. |
|
129,909
|
684
|
|
Zimmer
Biomet Holdings, Inc. |
|
100,110
|
|
|
|
|
1,355,380
|
|
|
Health
Care Providers & Services – 3.1% |
|
|
423
|
|
AmerisourceBergen
Corp. |
|
50,527
|
288
|
|
Anthem,
Inc. |
|
107,366
|
1,927
|
|
Cardinal
Health, Inc. |
|
95,309
|
464
|
|
Cigna
Corp. |
|
92,874
|
581
|
|
CVS
Health Corp. |
|
49,304
|
532
|
|
HCA
Healthcare, Inc. |
|
129,127
|
248
|
|
Humana,
Inc. |
|
96,509
|
253
|
|
McKesson
Corp. |
|
50,443
|
834
|
|
Quest
Diagnostics, Inc. |
|
121,189
|
275
|
|
UnitedHealth
Group, Inc. |
|
107,454
|
|
|
|
|
900,102
|
|
|
Health
Care Technology – 0.3% |
|
|
1,407
|
|
Cerner
Corp. |
|
99,222
|
|
|
Hotels,
Restaurants & Leisure – 3.1% |
|
|
985
|
|
Darden
Restaurants, Inc. |
|
149,198
|
308
|
|
Domino’s
Pizza, Inc. |
|
146,904
|
623
|
|
McDonald’s
Corp. |
|
150,211
|
3,373
|
|
MGM
Resorts International |
|
145,545
|
1,286
|
|
Starbucks
Corp. |
|
141,859
|
1,250
|
|
Yum!
Brands, Inc. |
|
152,887
|
|
|
|
|
886,604
|
|
|
Household
Durables – 1.5% |
|
|
1,592
|
|
DR
Horton, Inc. |
|
133,680
|
994
|
|
Garmin
Ltd. |
|
154,527
|
1,448
|
|
Lennar
Corp., Class A |
|
135,649
|
|
|
|
|
423,856
|
|
|
Household
Products – 0.8% |
|
|
569
|
|
Church
& Dwight Co., Inc. |
|
46,983
|
269
|
|
Clorox
(The) Co. |
|
44,549
|
596
|
|
Colgate-Palmolive
Co. |
|
45,046
|
362
|
|
Kimberly-Clark
Corp. |
|
47,943
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Household Products (Continued)
|
|
|
359
|
|
Procter
& Gamble (The) Co. |
|
$50,188 |
|
|
|
|
234,709
|
|
|
Independent
Power & Renewable Electricity Producers – 0.1% |
|
|
1,104
|
|
AES
(The) Corp. |
|
25,204
|
|
|
Industrial
Conglomerates – 1.4% |
|
|
318
|
|
3M
Co. |
|
55,783
|
587
|
|
General
Electric Co. |
|
60,479
|
288
|
|
Honeywell
International, Inc. |
|
61,137
|
509
|
|
Roper
Technologies, Inc. |
|
227,080
|
|
|
|
|
404,479
|
|
|
Insurance –
3.2% |
|
|
1,086
|
|
Aflac,
Inc. |
|
56,613
|
447
|
|
Allstate
(The) Corp. |
|
56,908
|
1,225
|
|
American
International Group, Inc. |
|
67,240
|
244
|
|
Aon
PLC, Class A |
|
69,728
|
416
|
|
Arthur
J. Gallagher & Co. |
|
61,839
|
367
|
|
Chubb
Ltd. |
|
63,667
|
500
|
|
Cincinnati
Financial Corp. |
|
57,110
|
941
|
|
Hartford
Financial Services Group (The), Inc. |
|
66,105
|
1,067
|
|
Loews
Corp. |
|
57,543
|
414
|
|
Marsh
& McLennan Cos., Inc. |
|
62,692
|
974
|
|
MetLife,
Inc. |
|
60,125
|
922
|
|
Principal
Financial Group, Inc. |
|
59,377
|
593
|
|
Progressive
(The) Corp. |
|
53,601
|
569
|
|
Prudential
Financial, Inc. |
|
59,859
|
389
|
|
Travelers
(The) Cos., Inc. |
|
59,132
|
|
|
|
|
911,539
|
|
|
Internet
& Direct Marketing Retail – 0.5% |
|
|
2,049
|
|
eBay,
Inc. |
|
142,754
|
|
|
IT
Services – 3.4% |
|
|
215
|
|
Accenture
PLC, Class A |
|
68,783
|
319
|
|
Automatic
Data Processing, Inc. |
|
63,774
|
361
|
|
Broadridge
Financial Solutions, Inc. |
|
60,157
|
3,457
|
|
Cognizant
Technology Solutions Corp., Class A |
|
256,544
|
447
|
|
Fidelity
National Information Services, Inc. |
|
54,391
|
337
|
|
Global
Payments, Inc. |
|
53,104
|
1,633
|
|
International
Business Machines Corp. |
|
226,873
|
173
|
|
Mastercard,
Inc., Class A |
|
60,149
|
590
|
|
Paychex,
Inc. |
|
66,346
|
See
Notes to Financial Statements
Page
33
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
IT
Services (Continued) |
|
|
271
|
|
Visa,
Inc., Class A |
|
$60,365 |
|
|
|
|
970,486
|
|
|
Leisure
Products – 0.5% |
|
|
1,522
|
|
Hasbro,
Inc. |
|
135,793
|
|
|
Life
Sciences Tools & Services – 1.7% |
|
|
744
|
|
Agilent
Technologies, Inc. |
|
117,202
|
244
|
|
Bio-Techne
Corp. |
|
118,235
|
712
|
|
PerkinElmer,
Inc. |
|
123,383
|
218
|
|
Thermo
Fisher Scientific, Inc. |
|
124,550
|
|
|
|
|
483,370
|
|
|
Machinery –
2.7% |
|
|
291
|
|
Caterpillar,
Inc. |
|
55,863
|
259
|
|
Cummins,
Inc. |
|
58,161
|
179
|
|
Deere
& Co. |
|
59,978
|
420
|
|
Dover
Corp. |
|
65,310
|
907
|
|
Fortive
Corp. |
|
64,007
|
287
|
|
IDEX
Corp. |
|
59,395
|
283
|
|
Illinois
Tool Works, Inc. |
|
58,476
|
774
|
|
Otis
Worldwide Corp. |
|
63,685
|
709
|
|
PACCAR,
Inc. |
|
55,954
|
206
|
|
Parker-Hannifin
Corp. |
|
57,602
|
309
|
|
Stanley
Black & Decker, Inc. |
|
54,171
|
769
|
|
Westinghouse
Air Brake Technologies Corp. |
|
66,295
|
527
|
|
Xylem,
Inc. |
|
65,179
|
|
|
|
|
784,076
|
|
|
Media –
2.4% |
|
|
2,581
|
|
Comcast
Corp., Class A |
|
144,355
|
3,874
|
|
Fox
Corp., Class A |
|
155,386
|
1,798
|
|
Omnicom
Group, Inc. |
|
130,283
|
21,994
|
|
Sirius
XM Holdings, Inc. |
|
134,164
|
3,182
|
|
ViacomCBS,
Inc., Class B |
|
125,721
|
|
|
|
|
689,909
|
|
|
Metals
& Mining – 0.2% |
|
|
672
|
|
Freeport-McMoRan,
Inc. |
|
21,860
|
394
|
|
Newmont
Corp. |
|
21,394
|
260
|
|
Nucor
Corp. |
|
25,608
|
|
|
|
|
68,862
|
|
|
Multiline
Retail – 1.0% |
|
|
665
|
|
Dollar
General Corp. |
|
141,073
|
595
|
|
Target
Corp. |
|
136,118
|
|
|
|
|
277,191
|
|
|
Multi-Utilities –
0.8% |
|
|
360
|
|
Ameren
Corp. |
|
29,160
|
487
|
|
CMS
Energy Corp. |
|
29,088
|
401
|
|
Consolidated
Edison, Inc. |
|
29,109
|
391
|
|
Dominion
Energy, Inc. |
|
28,551
|
222
|
|
DTE
Energy Co. |
|
24,800
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Multi-Utilities (Continued)
|
|
|
482
|
|
Public
Service Enterprise Group, Inc. |
|
$29,354 |
217
|
|
Sempra
Energy |
|
27,450
|
324
|
|
WEC
Energy Group, Inc. |
|
28,577
|
|
|
|
|
226,089
|
|
|
Oil,
Gas & Consumable Fuels – 2.2% |
|
|
491
|
|
Chevron
Corp. |
|
49,812
|
845
|
|
ConocoPhillips
|
|
57,266
|
616
|
|
EOG
Resources, Inc. |
|
49,446
|
815
|
|
Exxon
Mobil Corp. |
|
47,938
|
589
|
|
Hess
Corp. |
|
46,007
|
2,821
|
|
Kinder
Morgan, Inc. |
|
47,195
|
851
|
|
Marathon
Petroleum Corp. |
|
52,600
|
1,645
|
|
Occidental
Petroleum Corp. |
|
48,659
|
924
|
|
ONEOK,
Inc. |
|
53,583
|
599
|
|
Phillips
66 |
|
41,948
|
316
|
|
Pioneer
Natural Resources Co. |
|
52,617
|
659
|
|
Valero
Energy Corp. |
|
46,506
|
1,937
|
|
Williams
(The) Cos., Inc. |
|
50,246
|
|
|
|
|
643,823
|
|
|
Personal
Products – 0.5% |
|
|
452
|
|
Estee
Lauder (The) Cos., Inc., Class A |
|
135,568
|
|
|
Pharmaceuticals –
2.7% |
|
|
1,646
|
|
Bristol-Myers
Squibb Co. |
|
97,394
|
479
|
|
Eli
Lilly & Co. |
|
110,673
|
668
|
|
Johnson
& Johnson |
|
107,882
|
1,415
|
|
Merck
& Co., Inc. |
|
106,281
|
2,809
|
|
Pfizer,
Inc. |
|
120,815
|
7,698
|
|
Viatris,
Inc. |
|
104,308
|
590
|
|
Zoetis,
Inc. |
|
114,542
|
|
|
|
|
761,895
|
|
|
Professional
Services – 1.7% |
|
|
264
|
|
Equifax,
Inc. |
|
66,903
|
474
|
|
Jacobs
Engineering Group, Inc. |
|
62,819
|
2,368
|
|
Leidos
Holdings, Inc. |
|
227,636
|
576
|
|
TransUnion
|
|
64,690
|
362
|
|
Verisk
Analytics, Inc. |
|
72,498
|
|
|
|
|
494,546
|
|
|
Road
& Rail – 1.1% |
|
|
1,972
|
|
CSX
Corp. |
|
58,647
|
388
|
|
JB
Hunt Transport Services, Inc. |
|
64,881
|
238
|
|
Norfolk
Southern Corp. |
|
56,942
|
249
|
|
Old
Dominion Freight Line, Inc. |
|
71,209
|
288
|
|
Union
Pacific Corp. |
|
56,451
|
|
|
|
|
308,130
|
Page
34
See
Notes to Financial Statements
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Semiconductors
& Semiconductor Equipment – 13.1% |
|
|
1,391
|
|
Analog
Devices, Inc. |
|
$232,965 |
1,681
|
|
Applied
Materials, Inc. |
|
216,395
|
502
|
|
Broadcom,
Inc. |
|
243,435
|
1,947
|
|
Entegris,
Inc. |
|
245,127
|
4,264
|
|
Intel
Corp. |
|
227,186
|
738
|
|
KLA
Corp. |
|
246,868
|
368
|
|
Lam
Research Corp. |
|
209,447
|
4,104
|
|
Marvell
Technology, Inc. |
|
247,512
|
1,599
|
|
Microchip
Technology, Inc. |
|
245,431
|
641
|
|
Monolithic
Power Systems, Inc. |
|
310,680
|
1,196
|
|
NVIDIA
Corp. |
|
247,763
|
1,164
|
|
NXP
Semiconductors N.V. |
|
227,993
|
1,675
|
|
QUALCOMM,
Inc. |
|
216,042
|
1,249
|
|
Skyworks
Solutions, Inc. |
|
205,810
|
1,787
|
|
Teradyne,
Inc. |
|
195,087
|
1,245
|
|
Texas
Instruments, Inc. |
|
239,301
|
|
|
|
|
3,757,042
|
|
|
Software –
5.1% |
|
|
2,041
|
|
Citrix
Systems, Inc. |
|
219,142
|
488
|
|
Intuit,
Inc. |
|
263,281
|
884
|
|
Microsoft
Corp. |
|
249,217
|
8,795
|
|
NortonLifeLock,
Inc. |
|
222,514
|
3,076
|
|
Oracle
Corp. |
|
268,012
|
3,322
|
|
SS&C
Technologies Holdings, Inc. |
|
230,547
|
|
|
|
|
1,452,713
|
|
|
Specialty
Retail – 3.0% |
|
|
1,251
|
|
Best
Buy Co., Inc. |
|
132,243
|
451
|
|
Home
Depot (The), Inc. |
|
148,045
|
742
|
|
Lowe’s
Cos., Inc. |
|
150,522
|
1,160
|
|
Ross
Stores, Inc. |
|
126,266
|
2,134
|
|
TJX
(The) Cos., Inc. |
|
140,801
|
773
|
|
Tractor
Supply Co. |
|
156,618
|
|
|
|
|
854,495
|
|
|
Technology
Hardware, Storage & Peripherals – 4.1% |
|
|
1,748
|
|
Apple,
Inc. |
|
247,342
|
16,420
|
|
Hewlett
Packard Enterprise Co. |
|
233,985
|
7,930
|
|
HP,
Inc. |
|
216,965
|
2,926
|
|
NetApp,
Inc. |
|
262,638
|
2,723
|
|
Seagate
Technology Holdings PLC |
|
224,702
|
|
|
|
|
1,185,632
|
|
|
Textiles,
Apparel & Luxury Goods – 0.9% |
|
|
931
|
|
NIKE,
Inc., Class B |
|
135,209
|
1,753
|
|
VF
Corp. |
|
117,434
|
|
|
|
|
252,643
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Tobacco –
0.3% |
|
|
1,017
|
|
Altria
Group, Inc. |
|
$46,294 |
489
|
|
Philip
Morris International, Inc. |
|
46,352
|
|
|
|
|
92,646
|
|
|
Trading
Companies & Distributors – 0.3% |
|
|
480
|
|
Fastenal
Co. |
|
24,773
|
144
|
|
WW
Grainger, Inc. |
|
56,600
|
|
|
|
|
81,373
|
|
|
Water
Utilities – 0.1% |
|
|
187
|
|
American
Water Works Co., Inc. |
|
31,610
|
|
|
Total
Common Stocks |
|
27,906,792
|
|
|
(Cost
$22,871,471) |
|
|
REAL ESTATE INVESTMENT TRUSTS – 2.6% |
|
|
Equity
Real Estate Investment Trusts – 2.6% |
|
|
169
|
|
Alexandria
Real Estate Equities, Inc. |
|
32,291
|
114
|
|
American
Tower Corp. |
|
30,257
|
147
|
|
AvalonBay
Communities, Inc. |
|
32,581
|
268
|
|
Boston
Properties, Inc. |
|
29,038
|
158
|
|
Crown
Castle International Corp. |
|
27,385
|
204
|
|
Digital
Realty Trust, Inc. |
|
29,468
|
650
|
|
Duke
Realty Corp. |
|
31,115
|
38
|
|
Equinix,
Inc. |
|
30,025
|
399
|
|
Equity
Residential |
|
32,287
|
103
|
|
Essex
Property Trust, Inc. |
|
32,933
|
188
|
|
Extra
Space Storage, Inc. |
|
31,582
|
924
|
|
Healthpeak
Properties, Inc. |
|
30,936
|
825
|
|
Invitation
Homes, Inc. |
|
31,622
|
183
|
|
Mid-America
Apartment Communities, Inc. |
|
34,175
|
257
|
|
Prologis,
Inc. |
|
32,235
|
102
|
|
Public
Storage |
|
30,304
|
461
|
|
Realty
Income Corp. |
|
29,900
|
97
|
|
SBA
Communications Corp. |
|
32,065
|
236
|
|
Simon
Property Group, Inc. |
|
30,673
|
179
|
|
Sun
Communities, Inc. |
|
33,133
|
539
|
|
Ventas,
Inc. |
|
29,758
|
992
|
|
VICI
Properties, Inc. |
|
28,183
|
370
|
|
Welltower,
Inc. |
|
30,488
|
894
|
|
Weyerhaeuser
Co. |
|
31,800
|
|
|
Total
Real Estate Investment Trusts |
|
744,234
|
|
|
(Cost
$577,814) |
|
|
|
|
Total
Investments – 99.9% |
|
28,651,026
|
|
|
(Cost
$23,449,285) (a) |
|
|
|
|
Net
Other Assets and Liabilities – 0.1% |
|
33,735
|
|
|
Net
Assets – 100.0% |
|
$28,684,761 |
See
Notes to Financial Statements
Page
35
Large
Cap US Equity Select ETF (RNLC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
|
(a)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $5,418,157 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $216,416. The net unrealized appreciation was $5,201,741.
|
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks* |
$ 27,906,792 |
$ 27,906,792 |
$ — |
$ — |
Real
Estate Investment Trusts* |
744,234 |
744,234 |
— |
— |
Total
Investments |
$ 28,651,026 |
$ 28,651,026 |
$— |
$— |
*
|
See
Portfolio of Investments for industry breakout.
|
Page
36
See
Notes to Financial Statements
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS – 89.7% |
|
|
Aerospace
& Defense – 1.4% |
|
|
967
|
|
BWX
Technologies, Inc. |
|
$52,083 |
473
|
|
Curtiss-Wright
Corp. |
|
59,683
|
266
|
|
Huntington
Ingalls Industries, Inc. |
|
51,354
|
1,191
|
|
Spirit
AeroSystems Holdings, Inc., Class A |
|
52,630
|
817
|
|
Textron,
Inc. |
|
57,035
|
|
|
|
|
272,785
|
|
|
Air
Freight & Logistics – 0.3% |
|
|
599
|
|
CH
Robinson Worldwide, Inc. |
|
52,113
|
|
|
Auto
Components – 1.1% |
|
|
1,688
|
|
BorgWarner,
Inc. |
|
72,938
|
2,473
|
|
Gentex
Corp. |
|
81,560
|
467
|
|
Lear
Corp. |
|
73,076
|
|
|
|
|
227,574
|
|
|
Automobiles –
0.8% |
|
|
1,788
|
|
Harley-Davidson,
Inc. |
|
65,459
|
724
|
|
Thor
Industries, Inc. |
|
88,878
|
|
|
|
|
154,337
|
|
|
Banks –
4.3% |
|
|
948
|
|
Bank
OZK |
|
40,745
|
461
|
|
BOK
Financial Corp. |
|
41,283
|
560
|
|
Comerica,
Inc. |
|
45,080
|
536
|
|
Commerce
Bancshares, Inc. |
|
37,348
|
356
|
|
Cullen/Frost
Bankers, Inc. |
|
42,229
|
557
|
|
East
West Bancorp, Inc. |
|
43,190
|
48
|
|
First
Citizens BancShares, Inc., Class A |
|
40,472
|
813
|
|
First
Financial Bankshares, Inc. |
|
37,357
|
2,313
|
|
First
Horizon Corp. |
|
37,679
|
726
|
|
Glacier
Bancorp, Inc. |
|
40,184
|
452
|
|
Pinnacle
Financial Partners, Inc. |
|
42,524
|
532
|
|
Popular,
Inc. |
|
41,320
|
557
|
|
Prosperity
Bancshares, Inc. |
|
39,619
|
162
|
|
Signature
Bank |
|
44,109
|
489
|
|
SouthState
Corp. |
|
36,514
|
911
|
|
Synovus
Financial Corp. |
|
39,984
|
1,095
|
|
United
Bankshares, Inc. |
|
39,836
|
2,975
|
|
Valley
National Bancorp |
|
39,597
|
749
|
|
Webster
Financial Corp. |
|
40,791
|
430
|
|
Western
Alliance Bancorp |
|
46,793
|
756
|
|
Zions
Bancorp N.A. |
|
46,789
|
|
|
|
|
863,443
|
|
|
Building
Products – 3.0% |
|
|
780
|
|
A.O.
Smith Corp. |
|
47,635
|
898
|
|
AAON,
Inc. |
|
58,675
|
482
|
|
Advanced
Drainage Systems, Inc. |
|
52,138
|
403
|
|
Allegion
PLC |
|
53,269
|
523
|
|
Armstrong
World Industries, Inc. |
|
49,931
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Building
Products (Continued) |
|
|
293
|
|
Carlisle
Cos., Inc. |
|
$58,245 |
564
|
|
Fortune
Brands Home & Security, Inc. |
|
50,433
|
160
|
|
Lennox
International, Inc. |
|
47,067
|
573
|
|
Owens
Corning |
|
48,991
|
1,123
|
|
Rexnord
Corp. |
|
72,198
|
508
|
|
Simpson
Manufacturing Co., Inc. |
|
54,341
|
|
|
|
|
592,923
|
|
|
Capital
Markets – 3.3% |
|
|
259
|
|
Affiliated
Managers Group, Inc. |
|
39,132
|
642
|
|
Apollo
Global Management, Inc. |
|
39,541
|
628
|
|
Ares
Management Corp., Class A |
|
46,365
|
860
|
|
Carlyle
Group (The), Inc. |
|
40,661
|
335
|
|
Cboe
Global Markets, Inc. |
|
41,493
|
283
|
|
Evercore,
Inc., Class A |
|
37,829
|
119
|
|
FactSet
Research Systems, Inc. |
|
46,979
|
608
|
|
Interactive
Brokers Group, Inc., Class A |
|
37,903
|
1,495
|
|
Invesco,
Ltd. |
|
36,044
|
1,168
|
|
Jefferies
Financial Group, Inc. |
|
43,368
|
883
|
|
Lazard
Ltd., Class A |
|
40,441
|
296
|
|
LPL
Financial Holdings, Inc. |
|
46,401
|
155
|
|
Morningstar,
Inc. |
|
40,150
|
645
|
|
SEI
Investments Co. |
|
38,248
|
616
|
|
Stifel
Financial Corp. |
|
41,938
|
473
|
|
Tradeweb
Markets, Inc., Class A |
|
38,209
|
|
|
|
|
654,702
|
|
|
Chemicals –
3.5% |
|
|
573
|
|
Ashland
Global Holdings, Inc. |
|
51,066
|
976
|
|
CF
Industries Holdings, Inc. |
|
54,480
|
1,443
|
|
Chemours
(The) Co. |
|
41,934
|
2,148
|
|
Element
Solutions, Inc. |
|
46,569
|
1,894
|
|
Huntsman
Corp. |
|
56,043
|
336
|
|
International
Flavors & Fragrances, Inc. |
|
44,930
|
1,574
|
|
Mosaic
(The) Co. |
|
56,223
|
156
|
|
NewMarket
Corp. |
|
52,848
|
1,084
|
|
Olin
Corp. |
|
52,303
|
211
|
|
Quaker
Chemical Corp. |
|
50,159
|
634
|
|
RPM
International, Inc. |
|
49,230
|
261
|
|
Scotts
Miracle-Gro (The) Co. |
|
38,200
|
1,547
|
|
Valvoline,
Inc. |
|
48,235
|
557
|
|
Westlake
Chemical Corp. |
|
50,765
|
|
|
|
|
692,985
|
|
|
Commercial
Services & Supplies – 0.8% |
|
|
5,209
|
|
ADT,
Inc. |
|
42,141
|
339
|
|
MSA
Safety, Inc. |
|
49,392
|
460
|
|
Tetra
Tech, Inc. |
|
68,697
|
|
|
|
|
160,230
|
See
Notes to Financial Statements
Page
37
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Communications
Equipment – 0.8% |
|
|
6,038
|
|
Juniper
Networks, Inc. |
|
$166,166 |
|
|
Construction
& Engineering – 0.9% |
|
|
456
|
|
EMCOR
Group, Inc. |
|
52,613
|
620
|
|
Quanta
Services, Inc. |
|
70,568
|
238
|
|
Valmont
Industries, Inc. |
|
55,959
|
|
|
|
|
179,140
|
|
|
Construction
Materials – 0.3% |
|
|
395
|
|
Eagle
Materials, Inc. |
|
51,808
|
|
|
Consumer
Finance – 0.6% |
|
|
667
|
|
OneMain
Holdings, Inc. |
|
36,905
|
1,100
|
|
Santander
Consumer USA Holdings, Inc. |
|
45,870
|
1,908
|
|
SLM
Corp. |
|
33,581
|
|
|
|
|
116,356
|
|
|
Containers
& Packaging – 1.8% |
|
|
399
|
|
AptarGroup,
Inc. |
|
47,621
|
549
|
|
Crown
Holdings, Inc. |
|
55,328
|
3,098
|
|
Graphic
Packaging Holding Co. |
|
58,986
|
947
|
|
Sealed
Air Corp. |
|
51,886
|
1,354
|
|
Silgan
Holdings, Inc. |
|
51,939
|
840
|
|
Sonoco
Products Co. |
|
50,047
|
1,056
|
|
WestRock
Co. |
|
52,621
|
|
|
|
|
368,428
|
|
|
Diversified
Consumer Services – 0.5% |
|
|
1,527
|
|
Service
Corp. International |
|
92,017
|
|
|
Diversified
Financial Services – 0.4% |
|
|
1,312
|
|
Equitable
Holdings, Inc. |
|
38,888
|
650
|
|
Voya
Financial, Inc. |
|
39,903
|
|
|
|
|
78,791
|
|
|
Electric
Utilities – 1.9% |
|
|
835
|
|
Alliant
Energy Corp. |
|
46,743
|
770
|
|
Evergy,
Inc. |
|
47,894
|
1,101
|
|
Hawaiian
Electric Industries, Inc. |
|
44,954
|
477
|
|
IDACORP,
Inc. |
|
49,312
|
1,155
|
|
NRG
Energy, Inc. |
|
47,159
|
1,383
|
|
OGE
Energy Corp. |
|
45,584
|
568
|
|
Pinnacle
West Capital Corp. |
|
41,100
|
1,010
|
|
Portland
General Electric Co. |
|
47,460
|
|
|
|
|
370,206
|
|
|
Electrical
Equipment – 1.5% |
|
|
300
|
|
Acuity
Brands, Inc. |
|
52,011
|
300
|
|
Hubbell,
Inc. |
|
54,201
|
420
|
|
Regal
Beloit Corp. |
|
63,143
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Electrical Equipment (Continued)
|
|
|
5,390
|
|
Vertiv
Holdings Co. |
|
$129,845 |
|
|
|
|
299,200
|
|
|
Electronic
Equipment, Instruments & Components – 3.2% |
|
|
1,305
|
|
Advanced
Energy Industries, Inc. |
|
114,514
|
2,532
|
|
Jabil,
Inc. |
|
147,793
|
220
|
|
Littelfuse,
Inc. |
|
60,119
|
3,480
|
|
National
Instruments Corp. |
|
136,520
|
1,208
|
|
SYNNEX
Corp. |
|
125,753
|
1,725
|
|
Vontier
Corp. |
|
57,960
|
|
|
|
|
642,659
|
|
|
Entertainment –
0.5% |
|
|
2,271
|
|
Warner
Music Group Corp., Class A |
|
97,063
|
|
|
Food
& Staples Retailing – 0.9% |
|
|
3,415
|
|
Albertsons
Cos., Inc., Class A |
|
106,309
|
345
|
|
Casey’s
General Stores, Inc. |
|
65,015
|
|
|
|
|
171,324
|
|
|
Food
Products – 1.9% |
|
|
860
|
|
Bunge
Ltd. |
|
69,935
|
2,774
|
|
Flowers
Foods, Inc. |
|
65,550
|
742
|
|
Ingredion,
Inc. |
|
66,045
|
833
|
|
Lamb
Weston Holdings, Inc. |
|
51,121
|
347
|
|
Lancaster
Colony Corp. |
|
58,577
|
17
|
|
Seaboard
Corp. |
|
69,700
|
|
|
|
|
380,928
|
|
|
Gas
Utilities – 0.9% |
|
|
484
|
|
Atmos
Energy Corp. |
|
42,689
|
891
|
|
National
Fuel Gas Co. |
|
46,795
|
628
|
|
ONE
Gas, Inc. |
|
39,797
|
1,005
|
|
UGI
Corp. |
|
42,833
|
|
|
|
|
172,114
|
|
|
Health
Care Equipment & Supplies – 3.0% |
|
|
4,250
|
|
DENTSPLY
SIRONA, Inc. |
|
246,712
|
2,367
|
|
Hill-Rom
Holdings, Inc. |
|
355,050
|
|
|
|
|
601,762
|
|
|
Health
Care Providers & Services – 6.6% |
|
|
567
|
|
Chemed
Corp. |
|
263,723
|
3,446
|
|
Encompass
Health Corp. |
|
258,588
|
3,102
|
|
Ensign
Group (The), Inc. |
|
232,309
|
7,728
|
|
Premier,
Inc., Class A |
|
299,537
|
1,836
|
|
Universal
Health Services, Inc., Class B |
|
254,047
|
|
|
|
|
1,308,204
|
Page
38
See
Notes to Financial Statements
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Hotels,
Restaurants & Leisure – 3.3% |
|
|
2,197
|
|
Aramark
|
|
$72,193 |
688
|
|
Choice
Hotels International, Inc. |
|
86,943
|
413
|
|
Churchill
Downs, Inc. |
|
99,153
|
851
|
|
Texas
Roadhouse, Inc. |
|
77,722
|
1,376
|
|
Travel
+ Leisure Co. |
|
75,033
|
3,494
|
|
Wendy’s
(The) Co. |
|
75,750
|
519
|
|
Wingstop,
Inc. |
|
85,080
|
1,133
|
|
Wyndham
Hotels & Resorts, Inc. |
|
87,456
|
|
|
|
|
659,330
|
|
|
Household
Durables – 2.7% |
|
|
2,012
|
|
KB
Home |
|
78,307
|
1,579
|
|
Leggett
& Platt, Inc. |
|
70,802
|
2,979
|
|
Newell
Brands, Inc. |
|
65,955
|
1,500
|
|
PulteGroup,
Inc. |
|
68,880
|
2,088
|
|
Tempur
Sealy International, Inc. |
|
96,904
|
1,417
|
|
Toll
Brothers, Inc. |
|
78,346
|
375
|
|
Whirlpool
Corp. |
|
76,448
|
|
|
|
|
535,642
|
|
|
Household
Products – 0.6% |
|
|
2,215
|
|
Reynolds
Consumer Products, Inc. |
|
60,558
|
262
|
|
WD-40
Co. |
|
60,648
|
|
|
|
|
121,206
|
|
|
Independent
Power & Renewable Electricity Producers – 0.4% |
|
|
669
|
|
Ormat
Technologies, Inc. |
|
44,562
|
2,509
|
|
Vistra
Corp. |
|
42,904
|
|
|
|
|
87,466
|
|
|
Insurance –
4.3% |
|
|
325
|
|
American
Financial Group, Inc. |
|
40,895
|
256
|
|
Assurant,
Inc. |
|
40,384
|
815
|
|
Axis
Capital Holdings Ltd. |
|
37,523
|
752
|
|
Brown
& Brown, Inc. |
|
41,698
|
878
|
|
CNA
Financial Corp. |
|
36,841
|
206
|
|
Erie
Indemnity Co., Class A |
|
36,755
|
158
|
|
Everest
Re Group Ltd. |
|
39,623
|
919
|
|
Fidelity
National Financial, Inc. |
|
41,668
|
641
|
|
First
American Financial Corp. |
|
42,979
|
419
|
|
Globe
Life, Inc. |
|
37,304
|
294
|
|
Hanover
Insurance Group (The), Inc. |
|
38,108
|
541
|
|
Kemper
Corp. |
|
36,133
|
242
|
|
Kinsale
Capital Group, Inc. |
|
39,131
|
636
|
|
Lincoln
National Corp. |
|
43,725
|
1,604
|
|
Old
Republic International Corp. |
|
37,101
|
261
|
|
Primerica,
Inc. |
|
40,097
|
350
|
|
Reinsurance
Group of America, Inc. |
|
38,941
|
268
|
|
RenaissanceRe
Holdings Ltd. |
|
37,359
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Insurance (Continued)
|
|
|
382
|
|
RLI
Corp. |
|
$38,303 |
492
|
|
Selective
Insurance Group, Inc. |
|
37,161
|
1,407
|
|
Unum
Group |
|
35,259
|
537
|
|
W.R.
Berkley Corp. |
|
39,298
|
|
|
|
|
856,286
|
|
|
IT
Services – 1.1% |
|
|
1,237
|
|
Genpact
Ltd. |
|
58,770
|
343
|
|
Jack
Henry & Associates, Inc. |
|
56,273
|
639
|
|
Maximus,
Inc. |
|
53,165
|
2,447
|
|
Western
Union (The) Co. |
|
49,478
|
|
|
|
|
217,686
|
|
|
Leisure
Products – 0.6% |
|
|
563
|
|
Brunswick
Corp. |
|
53,637
|
597
|
|
Polaris,
Inc. |
|
71,437
|
|
|
|
|
125,074
|
|
|
Life
Sciences Tools & Services – 1.4% |
|
|
3,539
|
|
Bruker
Corp. |
|
276,396
|
|
|
Machinery –
3.9% |
|
|
431
|
|
AGCO
Corp. |
|
52,810
|
1,414
|
|
Allison
Transmission Holdings, Inc. |
|
49,942
|
608
|
|
Crane
Co. |
|
57,644
|
885
|
|
Donaldson
Co., Inc. |
|
50,808
|
1,394
|
|
Flowserve
Corp. |
|
48,330
|
742
|
|
Graco,
Inc. |
|
51,918
|
613
|
|
ITT,
Inc. |
|
52,620
|
394
|
|
John
Bean Technologies Corp. |
|
55,377
|
426
|
|
Lincoln
Electric Holdings, Inc. |
|
54,865
|
256
|
|
Nordson
Corp. |
|
60,966
|
450
|
|
Oshkosh
Corp. |
|
46,067
|
251
|
|
Snap-on,
Inc. |
|
52,446
|
623
|
|
Timken
(The) Co. |
|
40,757
|
511
|
|
Toro
(The) Co. |
|
49,777
|
457
|
|
Woodward,
Inc. |
|
51,732
|
|
|
|
|
776,059
|
|
|
Media –
2.5% |
|
|
86
|
|
Cable
One, Inc. |
|
155,929
|
2,519
|
|
Interpublic
Group of (The) Cos., Inc. |
|
92,372
|
1,879
|
|
New
York Times (The) Co., Class A |
|
92,578
|
3,175
|
|
News
Corp., Class A |
|
74,708
|
553
|
|
Nexstar
Media Group, Inc., Class A |
|
84,034
|
|
|
|
|
499,621
|
|
|
Metals
& Mining – 0.9% |
|
|
332
|
|
Reliance
Steel & Aluminum Co. |
|
47,283
|
440
|
|
Royal
Gold, Inc. |
|
42,016
|
841
|
|
Steel
Dynamics, Inc. |
|
49,182
|
See
Notes to Financial Statements
Page
39
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Metals
& Mining (Continued) |
|
|
2,092
|
|
United
States Steel Corp. |
|
$45,961 |
|
|
|
|
184,442
|
|
|
Multiline
Retail – 0.3% |
|
|
1,485
|
|
Kohl’s
Corp. |
|
69,929
|
|
|
Multi-Utilities –
1.0% |
|
|
709
|
|
Black
Hills Corp. |
|
44,497
|
1,898
|
|
CenterPoint
Energy, Inc. |
|
46,691
|
1,793
|
|
MDU
Resources Group, Inc. |
|
53,198
|
1,900
|
|
NiSource,
Inc. |
|
46,037
|
|
|
|
|
190,423
|
|
|
Oil,
Gas & Consumable Fuels – 3.7% |
|
|
6,132
|
|
Antero
Midstream Corp. |
|
63,896
|
2,946
|
|
APA
Corp. |
|
63,133
|
3,644
|
|
Cabot
Oil & Gas Corp. |
|
79,294
|
1,675
|
|
Continental
Resources, Inc. |
|
77,301
|
2,180
|
|
Devon
Energy Corp. |
|
77,412
|
679
|
|
Diamondback
Energy, Inc. |
|
64,281
|
1,934
|
|
HollyFrontier
Corp. |
|
64,073
|
4,678
|
|
Marathon
Oil Corp. |
|
63,948
|
2,022
|
|
Ovintiv,
Inc. |
|
66,483
|
1,431
|
|
Targa
Resources Corp. |
|
70,420
|
40
|
|
Texas
Pacific Land Corp. |
|
48,374
|
|
|
|
|
738,615
|
|
|
Paper
& Forest Products – 0.3% |
|
|
932
|
|
Louisiana-Pacific
Corp. |
|
57,197
|
|
|
Pharmaceuticals –
1.4% |
|
|
5,864
|
|
Perrigo
Co. PLC |
|
277,543
|
|
|
Professional
Services – 2.7% |
|
|
660
|
|
Booz
Allen Hamilton Holding Corp. |
|
52,371
|
629
|
|
Exponent,
Inc. |
|
71,172
|
3,857
|
|
KBR,
Inc. |
|
151,966
|
472
|
|
ManpowerGroup,
Inc. |
|
51,108
|
631
|
|
Robert
Half International, Inc. |
|
63,308
|
1,677
|
|
Science
Applications International Corp. |
|
143,484
|
|
|
|
|
533,409
|
|
|
Road
& Rail – 0.6% |
|
|
1,236
|
|
Knight-Swift
Transportation Holdings, Inc. |
|
63,222
|
355
|
|
Landstar
System, Inc. |
|
56,026
|
|
|
|
|
119,248
|
|
|
Semiconductors
& Semiconductor Equipment – 3.9% |
|
|
6,216
|
|
Amkor
Technology, Inc. |
|
155,089
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Semiconductors
& Semiconductor Equipment (Continued) |
|
|
1,544
|
|
Brooks
Automation, Inc. |
|
$158,028 |
976
|
|
CMC
Materials, Inc. |
|
120,272
|
315
|
|
MKS
Instruments, Inc. |
|
47,537
|
1,793
|
|
Power
Integrations, Inc. |
|
177,489
|
662
|
|
Universal
Display Corp. |
|
113,176
|
|
|
|
|
771,591
|
|
|
Software –
2.0% |
|
|
2,961
|
|
CDK
Global, Inc. |
|
125,990
|
1,497
|
|
Dolby
Laboratories, Inc., Class A |
|
131,736
|
1,057
|
|
Pegasystems,
Inc. |
|
134,345
|
|
|
|
|
392,071
|
|
|
Specialty
Retail – 3.6% |
|
|
399
|
|
Advance
Auto Parts, Inc. |
|
83,347
|
2,183
|
|
American
Eagle Outfitters, Inc. |
|
56,321
|
1,562
|
|
Bath
& Body Works, Inc. |
|
98,453
|
818
|
|
Dick’s
Sporting Goods, Inc. |
|
97,972
|
1,328
|
|
Foot
Locker, Inc. |
|
60,636
|
2,435
|
|
Gap
(The), Inc. |
|
55,275
|
238
|
|
Lithia
Motors, Inc. |
|
75,456
|
1,084
|
|
Penske
Automotive Group, Inc. |
|
109,050
|
513
|
|
Williams-Sonoma,
Inc. |
|
90,970
|
|
|
|
|
727,480
|
|
|
Technology
Hardware, Storage & Peripherals – 0.6% |
|
|
6,264
|
|
Xerox
Holdings Corp. |
|
126,345
|
|
|
Textiles,
Apparel & Luxury Goods – 1.5% |
|
|
793
|
|
Carter’s,
Inc. |
|
77,111
|
832
|
|
Columbia
Sportswear Co. |
|
79,739
|
4,383
|
|
Hanesbrands,
Inc. |
|
75,212
|
695
|
|
Ralph
Lauren Corp. |
|
77,173
|
|
|
|
|
309,235
|
|
|
Thrifts
& Mortgage Finance – 1.2% |
|
|
889
|
|
Essent
Group Ltd. |
|
39,125
|
2,938
|
|
MGIC
Investment Corp. |
|
43,952
|
3,626
|
|
New
York Community Bancorp, Inc. |
|
46,667
|
647
|
|
PennyMac
Financial Services, Inc. |
|
39,551
|
1,796
|
|
Radian
Group, Inc. |
|
40,805
|
1,969
|
|
TFS
Financial Corp. |
|
37,529
|
|
|
|
|
247,629
|
|
|
Trading
Companies & Distributors – 0.8% |
|
|
1,347
|
|
Air
Lease Corp. |
|
52,991
|
626
|
|
MSC
Industrial Direct Co., Inc., Class A |
|
50,199
|
Page
40
See
Notes to Financial Statements
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Trading
Companies & Distributors (Continued) |
|
|
196
|
|
Watsco,
Inc. |
|
$51,865 |
|
|
|
|
155,055
|
|
|
Water
Utilities – 0.2% |
|
|
1,018
|
|
Essential
Utilities, Inc. |
|
46,909
|
|
|
Total
Common Stocks |
|
17,869,145
|
|
|
(Cost
$15,568,719) |
|
|
REAL ESTATE INVESTMENT TRUSTS – 10.2% |
|
|
Equity
Real Estate Investment Trusts – 9.0% |
|
|
599
|
|
Agree
Realty Corp. |
|
39,672
|
903
|
|
American
Campus Communities, Inc. |
|
43,750
|
1,086
|
|
American
Homes 4 Rent, Class A |
|
41,398
|
1,115
|
|
Americold
Realty Trust |
|
32,391
|
1,844
|
|
Brixmor
Property Group, Inc. |
|
40,771
|
318
|
|
Camden
Property Trust |
|
46,895
|
313
|
|
CoreSite
Realty Corp. |
|
43,363
|
1,148
|
|
Cousins
Properties, Inc. |
|
42,809
|
911
|
|
CubeSmart
|
|
44,138
|
590
|
|
CyrusOne,
Inc. |
|
45,672
|
1,255
|
|
Douglas
Emmett, Inc. |
|
39,671
|
256
|
|
EastGroup
Properties, Inc. |
|
42,657
|
568
|
|
Equity
LifeStyle Properties, Inc. |
|
44,361
|
360
|
|
Federal
Realty Investment Trust |
|
42,476
|
808
|
|
First
Industrial Realty Trust, Inc. |
|
42,081
|
911
|
|
Gaming
and Leisure Properties, Inc. |
|
42,197
|
1,398
|
|
Healthcare
Realty Trust, Inc. |
|
41,632
|
1,581
|
|
Healthcare
Trust of America, Inc., Class A |
|
46,892
|
934
|
|
Highwoods
Properties, Inc. |
|
40,965
|
221
|
|
Innovative
Industrial Properties, Inc. |
|
51,089
|
997
|
|
Iron
Mountain, Inc. |
|
43,320
|
1,339
|
|
JBG
SMITH Properties |
|
39,648
|
606
|
|
Kilroy
Realty Corp. |
|
40,123
|
2,024
|
|
Kimco
Realty Corp. |
|
41,998
|
404
|
|
Lamar
Advertising Co., Class A |
|
45,834
|
393
|
|
Life
Storage, Inc. |
|
45,093
|
2,100
|
|
Medical
Properties Trust, Inc. |
|
42,147
|
900
|
|
National
Retail Properties, Inc. |
|
38,871
|
1,163
|
|
Omega
Healthcare Investors, Inc. |
|
34,843
|
2,285
|
|
Physicians
Realty Trust |
|
40,262
|
285
|
|
PS
Business Parks, Inc. |
|
44,671
|
1,175
|
|
Rayonier,
Inc. |
|
41,924
|
659
|
|
Regency
Centers Corp. |
|
44,370
|
741
|
|
Rexford
Industrial Realty, Inc. |
|
42,052
|
538
|
|
Safehold,
Inc. |
|
38,677
|
528
|
|
SL
Green Realty Corp. |
|
37,404
|
882
|
|
Spirit
Realty Capital, Inc. |
|
40,607
|
1,128
|
|
STAG
Industrial, Inc. |
|
44,274
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Equity
Real Estate Investment Trusts (Continued) |
|
|
1,223
|
|
STORE
Capital Corp. |
|
$39,173 |
654
|
|
Terreno
Realty Corp. |
|
41,352
|
862
|
|
UDR,
Inc. |
|
45,669
|
904
|
|
Vornado
Realty Trust |
|
37,977
|
566
|
|
WP
Carey, Inc. |
|
41,341
|
|
|
|
|
1,806,510
|
|
|
Mortgage
Real Estate Investment Trusts – 1.2% |
|
|
2,366
|
|
AGNC
Investment Corp. |
|
37,312
|
4,500
|
|
Annaly
Capital Management, Inc. |
|
37,890
|
1,253
|
|
Blackstone
Mortgage Trust, Inc., Class A |
|
37,991
|
752
|
|
Hannon
Armstrong Sustainable Infrastructure Capital, Inc. |
|
40,217
|
3,773
|
|
New
Residential Investment Corp. |
|
41,503
|
1,527
|
|
Starwood
Property Trust, Inc. |
|
37,274
|
|
|
|
|
232,187
|
|
|
Total
Real Estate Investment Trusts |
|
2,038,697
|
|
|
(Cost
$1,826,220) |
|
|
|
|
Total
Investments – 99.9% |
|
19,907,842
|
|
|
(Cost
$17,394,939) (a) |
|
|
|
|
Net
Other Assets and Liabilities – 0.1% |
|
27,147
|
|
|
Net
Assets – 100.0% |
|
$19,934,989 |
|
(a)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $2,989,486 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $476,583. The net unrealized appreciation was $2,512,903.
|
See
Notes to Financial Statements
Page
41
Mid
Cap US Equity Select ETF (RNMC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks* |
$ 17,869,145 |
$ 17,869,145 |
$ — |
$ — |
Real
Estate Investment Trusts* |
2,038,697 |
2,038,697 |
— |
— |
Total
Investments |
$ 19,907,842 |
$ 19,907,842 |
$— |
$— |
*
|
See
Portfolio of Investments for industry breakout.
|
Page
42
See
Notes to Financial Statements
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS – 90.5% |
|
|
Aerospace
& Defense – 0.6% |
|
|
796
|
|
Kaman
Corp. |
|
$28,393 |
1,006
|
|
Maxar
Technologies, Inc. |
|
28,490
|
477
|
|
Moog,
Inc., Class A |
|
36,362
|
|
|
|
|
93,245
|
|
|
Air
Freight & Logistics – 0.2% |
|
|
447
|
|
Forward
Air Corp. |
|
37,110
|
|
|
Auto
Components – 1.1% |
|
|
2,713
|
|
Dana,
Inc. |
|
60,337
|
491
|
|
LCI
Industries |
|
66,103
|
550
|
|
Patrick
Industries, Inc. |
|
45,815
|
|
|
|
|
172,255
|
|
|
Automobiles –
0.5% |
|
|
949
|
|
Winnebago
Industries, Inc. |
|
68,755
|
|
|
Banks –
10.5% |
|
|
603
|
|
Ameris
Bancorp |
|
31,284
|
1,492
|
|
Associated
Banc-Corp. |
|
31,959
|
843
|
|
Atlantic
Union Bankshares Corp. |
|
31,064
|
488
|
|
BancFirst
Corp. |
|
29,339
|
1,079
|
|
BancorpSouth
Bank |
|
32,133
|
363
|
|
Bank
of Hawaii Corp. |
|
29,828
|
716
|
|
BankUnited,
Inc. |
|
29,943
|
563
|
|
Banner
Corp. |
|
31,083
|
776
|
|
Cathay
General Bancorp |
|
32,119
|
793
|
|
Columbia
Banking System, Inc. |
|
30,126
|
404
|
|
Community
Bank System, Inc. |
|
27,642
|
1,486
|
|
CVB
Financial Corp. |
|
30,270
|
545
|
|
Eagle
Bancorp, Inc. |
|
31,337
|
818
|
|
FB
Financial Corp. |
|
35,076
|
2,566
|
|
First
BanCorp |
|
33,743
|
1,293
|
|
First
Financial Bancorp |
|
30,269
|
1,079
|
|
First
Hawaiian, Inc. |
|
31,669
|
730
|
|
First
Interstate BancSystem, Inc., Class A |
|
29,390
|
733
|
|
First
Merchants Corp. |
|
30,669
|
2,477
|
|
FNB
Corp. |
|
28,783
|
1,938
|
|
Fulton
Financial Corp. |
|
29,613
|
932
|
|
Great
Western Bancorp, Inc. |
|
30,514
|
687
|
|
Hancock
Whitney Corp. |
|
32,371
|
651
|
|
Heartland
Financial USA, Inc. |
|
31,300
|
839
|
|
Hilltop
Holdings, Inc. |
|
27,410
|
1,238
|
|
Home
BancShares, Inc. |
|
29,130
|
2,157
|
|
Hope
Bancorp, Inc. |
|
31,147
|
405
|
|
Independent
Bank Corp. |
|
30,841
|
413
|
|
Independent
Bank Group, Inc. |
|
29,339
|
711
|
|
International
Bancshares Corp. |
|
29,606
|
2,145
|
|
Investors
Bancorp, Inc. |
|
32,411
|
496
|
|
Lakeland
Financial Corp. |
|
35,335
|
518
|
|
Live
Oak Bancshares, Inc. |
|
32,960
|
850
|
|
NBT
Bancorp, Inc. |
|
30,702
|
1,738
|
|
Old
National Bancorp |
|
29,459
|
722
|
|
Pacific
Premier Bancorp, Inc. |
|
29,920
|
742
|
|
PacWest
Bancorp |
|
33,627
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Banks (Continued)
|
|
|
260
|
|
Park
National Corp. |
|
$31,707 |
763
|
|
Renasant
Corp. |
|
27,506
|
693
|
|
Sandy
Spring Bancorp, Inc. |
|
31,753
|
895
|
|
Seacoast
Banking Corp. of Florida |
|
30,260
|
449
|
|
ServisFirst
Bancshares, Inc. |
|
34,932
|
1,043
|
|
Simmons
First National Corp., Class A |
|
30,831
|
1,004
|
|
Towne
Bank |
|
31,234
|
992
|
|
Trustmark
Corp. |
|
31,962
|
328
|
|
UMB
Financial Corp. |
|
31,721
|
1,656
|
|
Umpqua
Holdings Corp. |
|
33,534
|
954
|
|
United
Community Banks, Inc. |
|
31,310
|
862
|
|
Veritex
Holdings, Inc. |
|
33,928
|
857
|
|
WesBanco,
Inc. |
|
29,207
|
527
|
|
Westamerica
BanCorp |
|
29,649
|
404
|
|
Wintrust
Financial Corp. |
|
32,469
|
|
|
|
|
1,615,414
|
|
|
Beverages –
0.2% |
|
|
81
|
|
Coca-Cola
Consolidated, Inc. |
|
31,929
|
|
|
Building
Products – 0.8% |
|
|
339
|
|
CSW
Industrials, Inc. |
|
43,290
|
1,567
|
|
Griffon
Corp. |
|
38,548
|
549
|
|
UFP
Industries, Inc. |
|
37,321
|
|
|
|
|
119,159
|
|
|
Capital
Markets – 2.4% |
|
|
601
|
|
Artisan
Partners Asset Management, Inc., Class A |
|
29,401
|
406
|
|
B.
Riley Financial, Inc. |
|
23,970
|
1,304
|
|
Brightsphere
Investment Group, Inc. |
|
34,074
|
372
|
|
Cohen
& Steers, Inc. |
|
31,163
|
902
|
|
Federated
Hermes, Inc. |
|
29,315
|
334
|
|
Hamilton
Lane, Inc., Class A |
|
28,330
|
373
|
|
Houlihan
Lokey, Inc. |
|
34,353
|
537
|
|
Moelis
& Co., Class A |
|
33,224
|
235
|
|
Piper
Sandler Cos. |
|
32,538
|
428
|
|
PJT
Partners, Inc., Class A |
|
33,859
|
1,108
|
|
Virtu
Financial, Inc., Class A |
|
27,068
|
110
|
|
Virtus
Investment Partners, Inc. |
|
34,135
|
|
|
|
|
371,430
|
|
|
Chemicals –
2.5% |
|
|
829
|
|
Avient
Corp. |
|
38,424
|
310
|
|
Balchem
Corp. |
|
44,972
|
717
|
|
Cabot
Corp. |
|
35,936
|
631
|
|
HB
Fuller Co. |
|
40,737
|
450
|
|
Innospec,
Inc. |
|
37,899
|
2,808
|
|
Kronos
Worldwide, Inc. |
|
34,847
|
518
|
|
Minerals
Technologies, Inc. |
|
36,177
|
471
|
|
Sensient
Technologies Corp. |
|
42,899
|
339
|
|
Stepan
Co. |
|
38,287
|
See
Notes to Financial Statements
Page
43
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Chemicals (Continued)
|
|
|
682
|
|
Trinseo
S.A. |
|
$36,814 |
|
|
|
|
386,992
|
|
|
Commercial
Services & Supplies – 4.0% |
|
|
906
|
|
ABM
Industries, Inc. |
|
40,779
|
717
|
|
Brady
Corp., Class A |
|
36,352
|
523
|
|
Brink’s
(The) Co. |
|
33,106
|
1,816
|
|
Covanta
Holding Corp. |
|
36,538
|
840
|
|
Deluxe
Corp. |
|
30,148
|
8,241
|
|
Healthcare
Services Group, Inc. |
|
205,942
|
1,368
|
|
Herman
Miller, Inc. |
|
51,519
|
1,467
|
|
HNI
Corp. |
|
53,868
|
4,579
|
|
Pitney
Bowes, Inc. |
|
33,015
|
4,267
|
|
Steelcase,
Inc., Class A |
|
54,105
|
171
|
|
UniFirst
Corp. |
|
36,358
|
|
|
|
|
611,730
|
|
|
Construction
& Engineering – 1.0% |
|
|
937
|
|
Arcosa,
Inc. |
|
47,009
|
509
|
|
Comfort
Systems USA, Inc. |
|
36,302
|
968
|
|
Granite
Construction, Inc. |
|
38,285
|
1,366
|
|
Primoris
Services Corp. |
|
33,453
|
|
|
|
|
155,049
|
|
|
Consumer
Finance – 1.0% |
|
|
399
|
|
FirstCash,
Inc. |
|
34,913
|
1,580
|
|
Navient
Corp. |
|
31,173
|
406
|
|
Nelnet,
Inc., Class A |
|
32,172
|
1,340
|
|
PROG
Holdings, Inc. |
|
56,293
|
|
|
|
|
154,551
|
|
|
Containers
& Packaging – 0.3% |
|
|
663
|
|
Greif,
Inc., Class A |
|
42,830
|
|
|
Diversified
Consumer Services – 1.2% |
|
|
101
|
|
Graham
Holdings Co., Class B |
|
59,505
|
2,746
|
|
H&R
Block, Inc. |
|
68,650
|
848
|
|
Strategic
Education, Inc. |
|
59,784
|
|
|
|
|
187,939
|
|
|
Diversified
Telecommunication Services – 0.6% |
|
|
1,222
|
|
Cogent
Communications Holdings, Inc. |
|
86,566
|
|
|
Electric
Utilities – 0.7% |
|
|
456
|
|
ALLETE,
Inc. |
|
27,141
|
429
|
|
MGE
Energy, Inc. |
|
31,532
|
824
|
|
Otter
Tail Corp. |
|
46,119
|
|
|
|
|
104,792
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Electrical
Equipment – 1.0% |
|
|
776
|
|
AZZ,
Inc. |
|
$41,283 |
530
|
|
Encore
Wire Corp. |
|
50,260
|
410
|
|
EnerSys
|
|
30,521
|
3,513
|
|
GrafTech
International Ltd. |
|
36,254
|
|
|
|
|
158,318
|
|
|
Electronic
Equipment, Instruments & Components – 3.1% |
|
|
3,602
|
|
Avnet,
Inc. |
|
133,166
|
409
|
|
Badger
Meter, Inc. |
|
41,366
|
794
|
|
Belden,
Inc. |
|
46,258
|
2,934
|
|
Methode
Electronics, Inc. |
|
123,375
|
6,402
|
|
Vishay
Intertechnology, Inc. |
|
128,616
|
|
|
|
|
472,781
|
|
|
Energy
Equipment & Services – 1.6% |
|
|
6,172
|
|
Archrock,
Inc. |
|
50,919
|
1,499
|
|
Cactus,
Inc., Class A |
|
56,542
|
1,412
|
|
Core
Laboratories N.V. |
|
39,183
|
1,687
|
|
Helmerich
& Payne, Inc. |
|
46,241
|
5,532
|
|
Patterson-UTI
Energy, Inc. |
|
49,788
|
|
|
|
|
242,673
|
|
|
Entertainment –
0.4% |
|
|
1,114
|
|
World
Wrestling Entertainment, Inc., Class A |
|
62,674
|
|
|
Food
& Staples Retailing – 0.6% |
|
|
708
|
|
PriceSmart,
Inc. |
|
54,905
|
639
|
|
Weis
Markets, Inc. |
|
33,580
|
|
|
|
|
88,485
|
|
|
Food
Products – 1.5% |
|
|
1,006
|
|
B&G
Foods, Inc. (a) |
|
30,069
|
520
|
|
Calavo
Growers, Inc. |
|
19,885
|
911
|
|
Cal-Maine
Foods, Inc. |
|
32,942
|
1,004
|
|
Fresh
Del Monte Produce, Inc. |
|
32,349
|
189
|
|
J&J
Snack Foods Corp. |
|
28,883
|
176
|
|
Sanderson
Farms, Inc. |
|
33,123
|
973
|
|
Tootsie
Roll Industries, Inc. |
|
29,609
|
1,517
|
|
Utz
Brands, Inc. |
|
25,986
|
|
|
|
|
232,846
|
|
|
Gas
Utilities – 1.1% |
|
|
265
|
|
Chesapeake
Utilities Corp. |
|
31,813
|
807
|
|
New
Jersey Resources Corp. |
|
28,092
|
608
|
|
Northwest
Natural Holding Co. |
|
27,962
|
1,233
|
|
South
Jersey Industries, Inc. |
|
26,214
|
483
|
|
Southwest
Gas Holdings, Inc. |
|
32,303
|
442
|
|
Spire,
Inc. |
|
27,041
|
|
|
|
|
173,425
|
Page
44
See
Notes to Financial Statements
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Health
Care Equipment & Supplies – 3.8% |
|
|
419
|
|
Atrion
Corp. |
|
$292,253 |
1,893
|
|
CONMED
Corp. |
|
247,661
|
147
|
|
Mesa
Laboratories, Inc. |
|
44,447
|
|
|
|
|
584,361
|
|
|
Health
Care Providers & Services – 7.5% |
|
|
5,668
|
|
National
Research Corp. |
|
239,020
|
6,146
|
|
Owens
& Minor, Inc. |
|
192,308
|
8,561
|
|
Patterson
Cos., Inc. |
|
258,029
|
6,156
|
|
Select
Medical Holdings Corp. |
|
222,662
|
2,245
|
|
U.S.
Physical Therapy, Inc. |
|
248,297
|
|
|
|
|
1,160,316
|
|
|
Health
Care Technology – 0.7% |
|
|
2,629
|
|
Simulations
Plus, Inc. |
|
103,845
|
|
|
Hotels,
Restaurants & Leisure – 1.3% |
|
|
433
|
|
Cracker
Barrel Old Country Store, Inc. |
|
60,551
|
579
|
|
Jack
in the Box, Inc. |
|
56,354
|
617
|
|
Papa
John’s International, Inc. |
|
78,353
|
|
|
|
|
195,258
|
|
|
Household
Durables – 1.4% |
|
|
969
|
|
Century
Communities, Inc. |
|
59,545
|
328
|
|
Installed
Building Products, Inc. |
|
35,145
|
1,742
|
|
La-Z-Boy,
Inc. |
|
56,145
|
1,274
|
|
MDC
Holdings, Inc. |
|
59,521
|
|
|
|
|
210,356
|
|
|
Household
Products – 0.4% |
|
|
769
|
|
Energizer
Holdings, Inc. |
|
30,029
|
388
|
|
Spectrum
Brands Holdings, Inc. |
|
37,120
|
|
|
|
|
67,149
|
|
|
Independent
Power & Renewable Electricity Producers – 0.2% |
|
|
1,206
|
|
Clearway
Energy, Inc., Class C |
|
36,506
|
|
|
Insurance –
2.0% |
|
|
946
|
|
American
Equity Investment Life Holding Co. |
|
27,973
|
206
|
|
American
National Group, Inc. |
|
38,940
|
589
|
|
Argo
Group International Holdings Ltd. |
|
30,758
|
643
|
|
Assured
Guaranty Ltd. |
|
30,099
|
1,293
|
|
CNO
Financial Group, Inc. |
|
30,437
|
817
|
|
Horace
Mann Educators Corp. |
|
32,508
|
815
|
|
James
River Group Holdings Ltd. |
|
30,750
|
470
|
|
Mercury
General Corp. |
|
26,165
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Insurance (Continued)
|
|
|
539
|
|
Stewart
Information Services Corp. |
|
$34,097 |
27
|
|
White
Mountains Insurance Group Ltd. |
|
28,880
|
|
|
|
|
310,607
|
|
|
Internet
& Direct Marketing Retail – 1.1% |
|
|
1,471
|
|
Shutterstock,
Inc. |
|
166,694
|
|
|
IT
Services – 2.8% |
|
|
385
|
|
Alliance
Data Systems Corp. |
|
38,843
|
3,060
|
|
CSG
Systems International, Inc. |
|
147,492
|
920
|
|
EVERTEC,
Inc. |
|
42,062
|
6,839
|
|
Switch,
Inc., Class A |
|
173,642
|
389
|
|
TTEC
Holdings, Inc. |
|
36,383
|
|
|
|
|
438,422
|
|
|
Leisure
Products – 0.4% |
|
|
1,305
|
|
Acushnet
Holdings Corp. |
|
60,943
|
|
|
Machinery –
6.1% |
|
|
263
|
|
Alamo
Group, Inc. |
|
36,696
|
450
|
|
Albany
International Corp., Class A |
|
34,591
|
618
|
|
Altra
Industrial Motion Corp. |
|
34,206
|
639
|
|
Astec
Industries, Inc. |
|
34,385
|
784
|
|
Barnes
Group, Inc. |
|
32,716
|
1,510
|
|
Enerpac
Tool Group Corp. |
|
31,302
|
413
|
|
EnPro
Industries, Inc. |
|
35,981
|
428
|
|
ESCO
Technologies, Inc. |
|
32,956
|
998
|
|
Federal
Signal Corp. |
|
38,543
|
498
|
|
Franklin
Electric Co., Inc. |
|
39,765
|
921
|
|
Greenbrier
(The) Cos., Inc. |
|
39,594
|
515
|
|
Helios
Technologies, Inc. |
|
42,287
|
911
|
|
Hillenbrand,
Inc. |
|
38,854
|
551
|
|
Hyster-Yale
Materials Handling, Inc. |
|
27,693
|
228
|
|
Kadant,
Inc. |
|
46,535
|
1,118
|
|
Kennametal,
Inc. |
|
38,269
|
243
|
|
Lindsay
Corp. |
|
36,885
|
941
|
|
Mueller
Industries, Inc. |
|
38,675
|
2,785
|
|
Mueller
Water Products, Inc., Class A |
|
42,388
|
277
|
|
Omega
Flex, Inc. |
|
39,525
|
616
|
|
SPX
FLOW, Inc. |
|
45,030
|
503
|
|
Tennant
Co. |
|
37,197
|
843
|
|
Terex
Corp. |
|
35,490
|
1,493
|
|
Trinity
Industries, Inc. |
|
40,565
|
275
|
|
Watts
Water Technologies, Inc., Class A |
|
46,225
|
|
|
|
|
946,353
|
|
|
Marine –
0.3% |
|
|
627
|
|
Matson,
Inc. |
|
50,605
|
See
Notes to Financial Statements
Page
45
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Media –
1.6% |
|
|
2,755
|
|
Gray
Television, Inc. |
|
$62,869 |
1,071
|
|
John
Wiley & Sons, Inc., Class A |
|
55,917
|
1,941
|
|
Sinclair
Broadcast Group, Inc., Class A |
|
61,491
|
3,437
|
|
TEGNA,
Inc. |
|
67,778
|
|
|
|
|
248,055
|
|
|
Metals
& Mining – 2.2% |
|
|
1,015
|
|
Carpenter
Technology Corp. |
|
33,231
|
1,327
|
|
Commercial
Metals Co. |
|
40,421
|
688
|
|
Compass
Minerals International, Inc. |
|
44,307
|
5,489
|
|
Hecla
Mining Co. |
|
30,190
|
330
|
|
Kaiser
Aluminum Corp. |
|
35,957
|
541
|
|
Materion
Corp. |
|
37,134
|
3,197
|
|
Warrior
Met Coal, Inc. |
|
74,394
|
666
|
|
Worthington
Industries, Inc. |
|
35,098
|
|
|
|
|
330,732
|
|
|
Multiline
Retail – 1.1% |
|
|
978
|
|
Big
Lots, Inc. |
|
42,406
|
356
|
|
Dillard’s,
Inc., Class A |
|
61,417
|
1,828
|
|
Franchise
Group, Inc. |
|
64,730
|
|
|
|
|
168,553
|
|
|
Multi-Utilities –
0.4% |
|
|
749
|
|
Avista
Corp. |
|
29,301
|
530
|
|
NorthWestern
Corp. |
|
30,369
|
|
|
|
|
59,670
|
|
|
Oil,
Gas & Consumable Fuels – 2.2% |
|
|
2,544
|
|
Delek
US Holdings, Inc. (b) |
|
45,716
|
6,462
|
|
Equitrans
Midstream Corp. |
|
65,525
|
1,527
|
|
Matador
Resources, Co. |
|
58,087
|
2,362
|
|
Murphy
Oil Corp. |
|
58,979
|
1,202
|
|
PDC
Energy, Inc. |
|
56,963
|
1,733
|
|
World
Fuel Services Corp. |
|
58,263
|
|
|
|
|
343,533
|
|
|
Paper
& Forest Products – 0.2% |
|
|
1,010
|
|
Schweitzer-Mauduit
International, Inc. |
|
35,007
|
|
|
Personal
Products – 0.9% |
|
|
752
|
|
Edgewell
Personal Care Co. |
|
27,298
|
895
|
|
Inter
Parfums, Inc. |
|
66,919
|
117
|
|
Medifast,
Inc. |
|
22,539
|
583
|
|
Nu
Skin Enterprises, Inc., Class A |
|
23,594
|
|
|
|
|
140,350
|
|
|
Professional
Services – 1.1% |
|
|
457
|
|
ICF
International, Inc. |
|
40,805
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Professional Services (Continued)
|
|
|
444
|
|
Insperity,
Inc. |
|
$49,169 |
553
|
|
Korn
Ferry |
|
40,015
|
464
|
|
ManTech
International Corp., Class A |
|
35,227
|
|
|
|
|
165,216
|
|
|
Real
Estate Management & Development – 0.4% |
|
|
1,622
|
|
Kennedy-Wilson
Holdings, Inc. |
|
33,932
|
724
|
|
St.
Joe (The) Co. |
|
30,481
|
|
|
|
|
64,413
|
|
|
Road
& Rail – 1.7% |
|
|
690
|
|
ArcBest
Corp. |
|
56,421
|
2,414
|
|
Heartland
Express, Inc. |
|
38,672
|
2,516
|
|
Marten
Transport Ltd. |
|
39,476
|
540
|
|
Ryder
System, Inc. |
|
44,664
|
1,845
|
|
Schneider
National, Inc., Class B |
|
41,955
|
903
|
|
Werner
Enterprises, Inc. |
|
39,976
|
|
|
|
|
261,164
|
|
|
Software –
3.1% |
|
|
4,259
|
|
Ebix,
Inc. |
|
114,695
|
1,287
|
|
InterDigital,
Inc. |
|
87,284
|
3,122
|
|
Progress
Software Corp. |
|
153,571
|
6,491
|
|
Xperi
Holding Corp. |
|
122,291
|
|
|
|
|
477,841
|
|
|
Specialty
Retail – 3.4% |
|
|
1,296
|
|
Buckle
(The), Inc. |
|
51,309
|
1,573
|
|
Camping
World Holdings, Inc., Class A |
|
61,142
|
417
|
|
Group
1 Automotive, Inc. |
|
78,346
|
2,442
|
|
Guess?,
Inc. |
|
51,306
|
1,015
|
|
Monro,
Inc. |
|
58,373
|
483
|
|
Murphy
USA, Inc. |
|
80,787
|
1,215
|
|
Rent-A-Center,
Inc. |
|
68,295
|
1,441
|
|
Sonic
Automotive, Inc., Class A |
|
75,710
|
|
|
|
|
525,268
|
|
|
Textiles,
Apparel & Luxury Goods – 1.5% |
|
|
1,143
|
|
Kontoor
Brands, Inc. |
|
57,093
|
2,326
|
|
Levi
Strauss & Co., Class A |
|
57,010
|
1,473
|
|
Steven
Madden Ltd. |
|
59,156
|
1,916
|
|
Wolverine
World Wide, Inc. |
|
57,173
|
|
|
|
|
230,432
|
|
|
Thrifts
& Mortgage Finance – 1.4% |
|
|
2,597
|
|
Capitol
Federal Financial, Inc. |
|
29,840
|
603
|
|
Meta
Financial Group, Inc. |
|
31,645
|
2,243
|
|
Northwest
Bancshares, Inc. |
|
29,787
|
1,335
|
|
Provident
Financial Services, Inc. |
|
31,332
|
293
|
|
Walker
& Dunlop, Inc. |
|
33,256
|
Page
46
See
Notes to Financial Statements
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Thrifts
& Mortgage Finance (Continued) |
|
|
961
|
|
Washington
Federal, Inc. |
|
$32,972 |
656
|
|
WSFS
Financial Corp. |
|
33,659
|
|
|
|
|
222,491
|
|
|
Tobacco –
0.2% |
|
|
2,336
|
|
Vector
Group Ltd. |
|
29,784
|
|
|
Trading
Companies & Distributors – 2.1% |
|
|
441
|
|
Applied
Industrial Technologies, Inc. |
|
39,747
|
699
|
|
Boise
Cascade Co. |
|
37,732
|
454
|
|
GATX
Corp. |
|
40,660
|
1,756
|
|
Global
Industrial Co. |
|
66,535
|
492
|
|
McGrath
RentCorp |
|
35,399
|
1,491
|
|
Rush
Enterprises, Inc., Class A |
|
67,334
|
767
|
|
Triton
International Ltd. |
|
39,915
|
|
|
|
|
327,322
|
|
|
Water
Utilities – 0.9% |
|
|
400
|
|
American
States Water Co. |
|
34,208
|
575
|
|
California
Water Service Group |
|
33,885
|
391
|
|
Middlesex
Water Co. |
|
40,187
|
505
|
|
SJW
Group |
|
33,360
|
|
|
|
|
141,640
|
|
|
Wireless
Telecommunication Services – 1.2% |
|
|
3,078
|
|
Shenandoah
Telecommunications Co. |
|
97,203
|
4,147
|
|
Telephone
& Data Systems, Inc. |
|
80,867
|
|
|
|
|
178,070
|
|
|
Total
Common Stocks |
|
13,951,904
|
|
|
(Cost
$13,537,486) |
|
|
REAL ESTATE INVESTMENT TRUSTS – 9.2% |
|
|
Equity
Real Estate Investment Trusts – 7.5% |
|
|
1,468
|
|
Acadia
Realty Trust |
|
29,962
|
120
|
|
Alexander’s,
Inc. |
|
31,274
|
864
|
|
American
Assets Trust, Inc. |
|
32,331
|
2,115
|
|
Apple
Hospitality REIT, Inc. |
|
33,269
|
2,355
|
|
Brandywine
Realty Trust |
|
31,604
|
1,389
|
|
CareTrust
REIT, Inc. |
|
28,224
|
1,857
|
|
Columbia
Property Trust, Inc. |
|
35,320
|
1,154
|
|
Corporate
Office Properties Trust |
|
31,135
|
1,531
|
|
Easterly
Government Properties, Inc. |
|
31,630
|
2,686
|
|
Empire
State Realty Trust, Inc., Class A |
|
26,941
|
1,192
|
|
Essential
Properties Realty Trust, Inc. |
|
33,281
|
1,169
|
|
Four
Corners Property Trust, Inc. |
|
31,399
|
1,746
|
|
Global
Net Lease, Inc. |
|
27,971
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Equity
Real Estate Investment Trusts (Continued) |
|
|
1,159
|
|
Hudson
Pacific Properties, Inc. |
|
$30,447 |
1,768
|
|
Independence
Realty Trust, Inc. |
|
35,979
|
1,234
|
|
Industrial
Logistics Properties Trust |
|
31,356
|
1,466
|
|
Kite
Realty Group Trust |
|
29,848
|
2,698
|
|
Lexington
Realty Trust |
|
34,399
|
840
|
|
LTC
Properties, Inc. |
|
26,620
|
1,766
|
|
Macerich
(The) Co. |
|
29,510
|
1,882
|
|
Mack-Cali
Realty Corp. (b) |
|
32,220
|
482
|
|
National
Health Investors, Inc. |
|
25,787
|
638
|
|
National
Storage Affiliates Trust |
|
33,680
|
3,205
|
|
Paramount
Group, Inc. |
|
28,813
|
1,369
|
|
Pebblebrook
Hotel Trust |
|
30,679
|
1,748
|
|
Piedmont
Office Realty Trust, Inc., Class A |
|
30,468
|
607
|
|
PotlatchDeltic
Corp. |
|
31,309
|
1,828
|
|
Retail
Opportunity Investments Corp. |
|
31,844
|
2,819
|
|
Retail
Properties of America, Inc., Class A |
|
36,309
|
2,117
|
|
RLJ
Lodging Trust |
|
31,459
|
1,773
|
|
Sabra
Health Care REIT, Inc. |
|
26,099
|
2,563
|
|
Service
Properties Trust |
|
28,731
|
2,144
|
|
SITE
Centers Corp. |
|
33,103
|
1,710
|
|
Tanger
Factory Outlet Centers, Inc. |
|
27,873
|
3,044
|
|
Uniti
Group, Inc. |
|
37,654
|
1,688
|
|
Urban
Edge Properties |
|
30,907
|
1,402
|
|
Washington
Real Estate Investment Trust |
|
34,699
|
|
|
|
|
1,154,134
|
|
|
Mortgage
Real Estate Investment Trusts – 1.7% |
|
|
1,917
|
|
Apollo
Commercial Real Estate Finance, Inc. |
|
28,429
|
1,717
|
|
Arbor
Realty Trust, Inc. |
|
31,816
|
2,884
|
|
Broadmark
Realty Capital, Inc. |
|
28,436
|
2,028
|
|
Chimera
Investment Corp. |
|
30,116
|
2,651
|
|
Ladder
Capital Corp. |
|
29,294
|
6,666
|
|
MFA
Financial, Inc. |
|
30,464
|
6,844
|
|
New
York Mortgage Trust, Inc. |
|
29,155
|
1,450
|
|
PennyMac
Mortgage Investment Trust |
|
28,550
|
4,047
|
|
Two
Harbors Investment Corp. |
|
25,658
|
|
|
|
|
261,918
|
|
|
Total
Real Estate Investment Trusts |
|
1,416,052
|
|
|
(Cost
$1,354,524) |
|
|
See
Notes to Financial Statements
Page
47
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES - 0.2% |
|
|
Capital
Markets – 0.2% |
|
|
1,983
|
|
Golub
Capital BDC, Inc. |
|
$31,351 |
|
|
(Cost
$30,864) |
|
|
MONEY MARKET FUNDS – 0.0% |
10,144
|
|
Goldman
Sachs Financial Square Treasury Obligations Fund - Institutional Class -
0.01% (c) (d) |
|
10,144
|
|
|
(Cost
$10,144) |
|
|
Principal Value
|
|
Description
|
|
Value
|
REPURCHASE AGREEMENTS – 0.1% |
$10,526 |
|
BNP
Paribas S.A., 0.03% (c), dated 9/30/21, due 10/1/21, with a maturity value
of $10,526. Collateralized by U.S. Treasury Notes, interest rates of
0.357% to 0.750%, due 4/15/24 to 1/31/28. The value of the collateral
including accrued interest is $10,793. (d) |
|
10,526
|
|
|
(Cost
$10,526) |
|
|
|
|
Total
Investments – 100.0% |
|
15,419,977
|
|
|
(Cost
$14,943,544) (e) |
|
|
|
|
Net
Other Assets and Liabilities – 0.0% |
|
368
|
|
|
Net
Assets – 100.0% |
|
$15,420,345 |
|
(a)
|
All
or a portion of this security is on loan (see Note 2E - Securities Lending
in the Notes to Financial Statements). The remaining contractual maturity
of all of the securities lending transactions is overnight and continuous.
The aggregate value of such securities is $19,429 and the total value of
the collateral held by the Fund is $20,670. |
(b)
|
Non-income
producing security. |
(c)
|
Rate
shown reflects yield as of September 30, 2021. |
(d)
|
This
security serves as collateral for securities on loan. |
(e)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $1,045,555 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $569,122. The net unrealized appreciation was $476,433.
|
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks* |
$ 13,951,904 |
$ 13,951,904 |
$ — |
$ — |
Real
Estate Investment Trusts* |
1,416,052 |
1,416,052 |
— |
— |
Common
Stocks - Business Development Companies* |
31,351 |
31,351 |
— |
— |
Money
Market Funds |
10,144 |
10,144 |
— |
— |
Repurchase
Agreements |
10,526 |
— |
10,526 |
— |
Total
Investments |
$ 15,419,977 |
$ 15,409,451 |
$ 10,526 |
$— |
*
|
See
Portfolio of Investments for industry breakout. |
Offsetting
Assets and Liabilities
Offsetting
assets and liabilities requires entities to disclose both gross and net
information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2D – Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
The
Fund’s loaned securities were all subject to an enforceable Securities Lending
Agency Agreement. Securities lent in accordance with the Securities Lending
Agency Agreement on a gross basis were as follows:
Security
Lending Agency Agreement |
|
Total
gross amount presented on the Statements of Assets and Liabilities (1)
|
$19,429 |
Non-cash
Collateral (2)
|
(19,429)
|
Net
Amount |
$— |
(1)
|
The
amount presented on the Statements of Assets and Liabilities, which is
included in “Investments, at value,” is not offset and is shown on a gross
basis. |
(2)
|
At
September 30, 2021, the value of the collateral received from each
borrower exceeded the value of the related securities loaned. This amount
is disclosed on the Portfolio of Investments.
|
Page
48
See
Notes to Financial Statements
Small
Cap US Equity Select ETF (RNSC)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
The
Fund’s investments in repurchase agreements were all subject to an enforceable
Master Repurchase Agreement. Repurchase Agreements on a gross basis were as
follows:
Repurchase
Agreements |
|
Total
gross amount presented on the Statements of Assets and Liabilities (3)
|
$10,526 |
Non-cash
Collateral (4)
|
(10,526)
|
Net
Amount |
$— |
(3)
|
The
amount is included in “Investments, at value” on the Statements of Assets
and Liabilities. |
(4)
|
At
September 30, 2021, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
|
See
Notes to Financial Statements
Page
49
US
Equity Dividend Select ETF (RNDV)
Portfolio
of Investments
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS – 97.2% |
|
|
Aerospace
& Defense – 3.0% |
|
|
677
|
|
General
Dynamics Corp. |
|
$132,712 |
428
|
|
L3Harris
Technologies, Inc. |
|
94,263
|
380
|
|
Lockheed
Martin Corp. |
|
131,138
|
238
|
|
Northrop
Grumman Corp. |
|
85,716
|
1,420
|
|
Raytheon
Technologies Corp. |
|
122,063
|
|
|
|
|
565,892
|
|
|
Air
Freight & Logistics – 0.5% |
|
|
503
|
|
United
Parcel Service, Inc., Class B |
|
91,596
|
|
|
Banks –
4.3% |
|
|
914
|
|
Bank
of America Corp. |
|
38,799
|
882
|
|
Citigroup,
Inc. |
|
61,899
|
1,601
|
|
Citizens
Financial Group, Inc. |
|
75,215
|
1,598
|
|
Fifth
Third Bancorp |
|
67,819
|
6,369
|
|
Huntington
Bancshares, Inc. |
|
98,465
|
323
|
|
JPMorgan
Chase & Co. |
|
52,872
|
3,753
|
|
KeyCorp
|
|
81,140
|
450
|
|
M&T
Bank Corp. |
|
67,203
|
273
|
|
PNC
Financial Services Group (The), Inc. |
|
53,410
|
3,290
|
|
Regions
Financial Corp. |
|
70,110
|
1,262
|
|
Truist
Financial Corp. |
|
74,016
|
1,119
|
|
US
Bancorp |
|
66,513
|
|
|
|
|
807,461
|
|
|
Beverages –
0.6% |
|
|
763
|
|
Coca-Cola
(The) Co. |
|
40,034
|
849
|
|
Keurig
Dr. Pepper, Inc. |
|
29,002
|
251
|
|
PepsiCo,
Inc. |
|
37,753
|
|
|
|
|
106,789
|
|
|
Biotechnology –
4.1% |
|
|
2,782
|
|
AbbVie,
Inc. |
|
300,095
|
805
|
|
Amgen,
Inc. |
|
171,183
|
4,172
|
|
Gilead
Sciences, Inc. |
|
291,414
|
|
|
|
|
762,692
|
|
|
Building
Products – 0.4% |
|
|
1,205
|
|
Johnson
Controls International PLC |
|
82,036
|
|
|
Capital
Markets – 2.7% |
|
|
147
|
|
Ameriprise
Financial, Inc. |
|
38,826
|
1,023
|
|
Bank
of New York Mellon (The) Corp. |
|
53,032
|
42
|
|
BlackRock,
Inc. |
|
35,224
|
615
|
|
Blackstone,
Inc. |
|
71,549
|
168
|
|
CME
Group, Inc. |
|
32,488
|
2,914
|
|
Franklin
Resources, Inc. |
|
86,604
|
361
|
|
Morgan
Stanley |
|
35,129
|
453
|
|
Northern
Trust Corp. |
|
48,838
|
664
|
|
State
Street Corp. |
|
56,254
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Capital
Markets (Continued) |
|
|
218
|
|
T
Rowe Price Group, Inc. |
|
$42,880 |
|
|
|
|
500,824
|
|
|
Chemicals –
1.1% |
|
|
60
|
|
Air
Products & Chemicals, Inc. |
|
15,367
|
101
|
|
Celanese
Corp. |
|
15,215
|
614
|
|
Dow,
Inc. |
|
35,342
|
1,069
|
|
DuPont
de Nemours, Inc. |
|
72,681
|
176
|
|
Eastman
Chemical Co. |
|
17,730
|
142
|
|
FMC
Corp. |
|
13,001
|
355
|
|
LyondellBasell
Industries N.V., Class A |
|
33,317
|
|
|
|
|
202,653
|
|
|
Commercial
Services & Supplies – 0.1% |
|
|
82
|
|
Republic
Services, Inc. |
|
9,845
|
67
|
|
Waste
Management, Inc. |
|
10,007
|
|
|
|
|
19,852
|
|
|
Communications
Equipment – 0.5% |
|
|
1,612
|
|
Cisco
Systems, Inc. |
|
87,741
|
|
|
Consumer
Finance – 0.9% |
|
|
662
|
|
Ally
Financial, Inc. |
|
33,795
|
272
|
|
Discover
Financial Services |
|
33,415
|
1,999
|
|
Synchrony
Financial |
|
97,711
|
|
|
|
|
164,921
|
|
|
Containers
& Packaging – 1.0% |
|
|
481
|
|
International
Paper Co. |
|
26,898
|
1,105
|
|
Packaging
Corp. of America |
|
151,871
|
|
|
|
|
178,769
|
|
|
Distributors –
1.6% |
|
|
2,402
|
|
Genuine
Parts Co. |
|
291,194
|
|
|
Diversified
Telecommunication Services – 3.0% |
|
|
7,841
|
|
AT&T,
Inc. |
|
211,785
|
16,910
|
|
Lumen
Technologies, Inc. |
|
209,515
|
2,484
|
|
Verizon
Communications, Inc. |
|
134,161
|
|
|
|
|
555,461
|
|
|
Electric
Utilities – 1.4% |
|
|
243
|
|
American
Electric Power Co., Inc. |
|
19,727
|
393
|
|
Avangrid,
Inc. |
|
19,100
|
234
|
|
Duke
Energy Corp. |
|
22,836
|
459
|
|
Edison
International |
|
25,461
|
224
|
|
Entergy
Corp. |
|
22,245
|
217
|
|
Eversource
Energy |
|
17,742
|
459
|
|
Exelon
Corp. |
|
22,188
|
666
|
|
FirstEnergy
Corp. |
|
23,723
|
160
|
|
NextEra
Energy, Inc. |
|
12,563
|
Page
50
See
Notes to Financial Statements
US
Equity Dividend Select ETF (RNDV)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Electric
Utilities (Continued) |
|
|
1,258
|
|
PPL
Corp. |
|
$35,073 |
417
|
|
Southern
(The) Co. |
|
25,841
|
244
|
|
Xcel
Energy, Inc. |
|
15,250
|
|
|
|
|
261,749
|
|
|
Electrical
Equipment – 1.6% |
|
|
726
|
|
Eaton
Corp. PLC |
|
108,399
|
1,161
|
|
Emerson
Electric Co. |
|
109,366
|
275
|
|
Rockwell
Automation, Inc. |
|
80,861
|
|
|
|
|
298,626
|
|
|
Electronic
Equipment, Instruments & Components – 2.9% |
|
|
8,464
|
|
Corning,
Inc. |
|
308,852
|
1,633
|
|
TE
Connectivity Ltd. |
|
224,080
|
|
|
|
|
532,932
|
|
|
Energy
Equipment & Services – 0.3% |
|
|
1,415
|
|
Baker
Hughes Co. |
|
34,993
|
503
|
|
Schlumberger
N.V. |
|
14,909
|
|
|
|
|
49,902
|
|
|
Food
& Staples Retailing – 1.5% |
|
|
660
|
|
Kroger
(The) Co. |
|
26,684
|
401
|
|
Sysco
Corp. |
|
31,478
|
908
|
|
Walgreens
Boots Alliance, Inc. |
|
42,721
|
1,312
|
|
Walmart,
Inc. |
|
182,867
|
|
|
|
|
283,750
|
|
|
Food
Products – 2.2% |
|
|
534
|
|
Archer-Daniels-Midland
Co. |
|
32,045
|
932
|
|
Campbell
Soup Co. |
|
38,967
|
1,053
|
|
Conagra
Brands, Inc. |
|
35,665
|
730
|
|
General
Mills, Inc. |
|
43,668
|
143
|
|
Hershey
(The) Co. |
|
24,203
|
561
|
|
Hormel
Foods Corp. |
|
23,001
|
287
|
|
JM
Smucker (The) Co. |
|
34,448
|
742
|
|
Kellogg
Co. |
|
47,429
|
1,290
|
|
Kraft
Heinz (The) Co. |
|
47,498
|
223
|
|
McCormick
& Co., Inc. |
|
18,070
|
432
|
|
Mondelez
International, Inc., Class A |
|
25,134
|
432
|
|
Tyson
Foods, Inc., Class A |
|
34,102
|
|
|
|
|
404,230
|
|
|
Health
Care Equipment & Supplies – 1.8% |
|
|
858
|
|
Abbott
Laboratories |
|
101,356
|
393
|
|
Becton
Dickinson and Co. |
|
96,607
|
1,094
|
|
Medtronic
PLC |
|
137,133
|
|
|
|
|
335,096
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Health
Care Providers & Services – 2.1% |
|
|
179
|
|
AmerisourceBergen
Corp. |
|
$21,382 |
4,253
|
|
Cardinal
Health, Inc. |
|
210,353
|
387
|
|
CVS
Health Corp. |
|
32,841
|
939
|
|
Quest
Diagnostics, Inc. |
|
136,446
|
|
|
|
|
401,022
|
|
|
Hotels,
Restaurants & Leisure – 3.6% |
|
|
1,147
|
|
McDonald’s
Corp. |
|
276,553
|
1,684
|
|
Starbucks
Corp. |
|
185,762
|
1,754
|
|
Yum!
Brands, Inc. |
|
214,532
|
|
|
|
|
676,847
|
|
|
Household
Durables – 1.2% |
|
|
1,430
|
|
Garmin
Ltd. |
|
222,308
|
|
|
Household
Products – 0.7% |
|
|
184
|
|
Clorox
(The) Co. |
|
30,472
|
361
|
|
Colgate-Palmolive
Co. |
|
27,284
|
332
|
|
Kimberly-Clark
Corp. |
|
43,970
|
238
|
|
Procter
& Gamble (The) Co. |
|
33,273
|
|
|
|
|
134,999
|
|
|
Independent
Power & Renewable Electricity Producers – 0.1% |
|
|
510
|
|
AES
(The) Corp. |
|
11,643
|
|
|
Industrial
Conglomerates – 1.2% |
|
|
797
|
|
3M
Co. |
|
139,810
|
410
|
|
Honeywell
International, Inc. |
|
87,035
|
|
|
|
|
226,845
|
|
|
Insurance –
3.5% |
|
|
914
|
|
Aflac,
Inc. |
|
47,647
|
341
|
|
Allstate
(The) Corp. |
|
43,413
|
1,221
|
|
American
International Group, Inc. |
|
67,021
|
206
|
|
Arthur
J. Gallagher & Co. |
|
30,622
|
270
|
|
Chubb
Ltd. |
|
46,840
|
391
|
|
Cincinnati
Financial Corp. |
|
44,660
|
758
|
|
Hartford
Financial Services Group (The), Inc. |
|
53,249
|
203
|
|
Marsh
& McLennan Cos., Inc. |
|
30,740
|
1,121
|
|
MetLife,
Inc. |
|
69,199
|
1,238
|
|
Principal
Financial Group, Inc. |
|
79,727
|
925
|
|
Prudential
Financial, Inc. |
|
97,310
|
329
|
|
Travelers
(The) Cos., Inc. |
|
50,011
|
|
|
|
|
660,439
|
|
|
IT
Services – 6.1% |
|
|
501
|
|
Automatic
Data Processing, Inc. |
|
100,160
|
192
|
|
Broadridge
Financial Solutions, Inc. |
|
31,995
|
See
Notes to Financial Statements
Page
51
US
Equity Dividend Select ETF (RNDV)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
IT
Services (Continued) |
|
|
2,951
|
|
Cognizant
Technology Solutions Corp., Class A |
|
$218,994 |
4,678
|
|
International
Business Machines Corp. |
|
649,915
|
1,170
|
|
Paychex,
Inc. |
|
131,566
|
|
|
|
|
1,132,630
|
|
|
Leisure
Products – 1.7% |
|
|
3,642
|
|
Hasbro,
Inc. |
|
324,939
|
|
|
Machinery –
2.3% |
|
|
466
|
|
Caterpillar,
Inc. |
|
89,458
|
482
|
|
Cummins,
Inc. |
|
108,238
|
488
|
|
Illinois
Tool Works, Inc. |
|
100,836
|
872
|
|
PACCAR,
Inc. |
|
68,818
|
355
|
|
Stanley
Black & Decker, Inc. |
|
62,235
|
|
|
|
|
429,585
|
|
|
Media –
3.2% |
|
|
5,047
|
|
Omnicom
Group, Inc. |
|
365,706
|
5,620
|
|
ViacomCBS,
Inc., Class B |
|
222,046
|
|
|
|
|
587,752
|
|
|
Metals
& Mining – 0.2% |
|
|
386
|
|
Newmont
Corp. |
|
20,960
|
155
|
|
Nucor
Corp. |
|
15,266
|
|
|
|
|
36,226
|
|
|
Multi-Utilities –
0.8% |
|
|
195
|
|
Ameren
Corp. |
|
15,795
|
286
|
|
CMS
Energy Corp. |
|
17,083
|
353
|
|
Consolidated
Edison, Inc. |
|
25,624
|
310
|
|
Dominion
Energy, Inc. |
|
22,636
|
150
|
|
DTE
Energy Co. |
|
16,756
|
334
|
|
Public
Service Enterprise Group, Inc. |
|
20,341
|
107
|
|
Sempra
Energy |
|
13,536
|
196
|
|
WEC
Energy Group, Inc. |
|
17,287
|
|
|
|
|
149,058
|
|
|
Oil,
Gas & Consumable Fuels – 2.6% |
|
|
488
|
|
Chevron
Corp. |
|
49,508
|
472
|
|
ConocoPhillips
|
|
31,987
|
225
|
|
EOG
Resources, Inc. |
|
18,061
|
898
|
|
Exxon
Mobil Corp. |
|
52,820
|
3,266
|
|
Kinder
Morgan, Inc. |
|
54,640
|
652
|
|
Marathon
Petroleum Corp. |
|
40,300
|
1,239
|
|
ONEOK,
Inc. |
|
71,850
|
504
|
|
Phillips
66 |
|
35,295
|
86
|
|
Pioneer
Natural Resources Co. |
|
14,320
|
661
|
|
Valero
Energy Corp. |
|
46,647
|
2,362
|
|
Williams
(The) Cos., Inc. |
|
61,270
|
|
|
|
|
476,698
|
Shares
|
|
Description
|
|
Value
|
|
|
|
Pharmaceuticals –
5.2% |
|
|
2,994
|
|
Bristol-Myers
Squibb Co. |
|
$177,155 |
429
|
|
Eli
Lilly & Co. |
|
99,120
|
1,070
|
|
Johnson
& Johnson |
|
172,805
|
2,909
|
|
Merck
& Co., Inc. |
|
218,495
|
6,964
|
|
Pfizer,
Inc. |
|
299,522
|
|
|
|
|
967,097
|
|
|
Professional
Services – 1.1% |
|
|
2,050
|
|
Leidos
Holdings, Inc. |
|
197,067
|
|
|
Road
& Rail – 0.8% |
|
|
293
|
|
Norfolk
Southern Corp. |
|
70,100
|
440
|
|
Union
Pacific Corp. |
|
86,245
|
|
|
|
|
156,345
|
|
|
Semiconductors
& Semiconductor Equipment – 8.6% |
|
|
1,360
|
|
Analog
Devices, Inc. |
|
227,773
|
950
|
|
Broadcom,
Inc. |
|
460,684
|
6,617
|
|
Intel
Corp. |
|
352,554
|
1,980
|
|
QUALCOMM,
Inc. |
|
255,380
|
1,649
|
|
Texas
Instruments, Inc. |
|
316,954
|
|
|
|
|
1,613,345
|
|
|
Software –
2.6% |
|
|
10,386
|
|
NortonLifeLock,
Inc. |
|
262,766
|
2,641
|
|
Oracle
Corp. |
|
230,110
|
|
|
|
|
492,876
|
|
|
Specialty
Retail – 2.6% |
|
|
2,262
|
|
Best
Buy Co., Inc. |
|
239,116
|
741
|
|
Home
Depot (The), Inc. |
|
243,241
|
|
|
|
|
482,357
|
|
|
Technology
Hardware, Storage & Peripherals – 9.0% |
|
|
34,751
|
|
Hewlett
Packard Enterprise Co. |
|
495,202
|
12,792
|
|
HP,
Inc. |
|
349,989
|
4,416
|
|
NetApp,
Inc. |
|
396,380
|
5,294
|
|
Seagate
Technology Holdings PLC |
|
436,861
|
|
|
|
|
1,678,432
|
|
|
Textiles,
Apparel & Luxury Goods – 1.2% |
|
|
3,468
|
|
VF
Corp. |
|
232,321
|
|
|
Tobacco –
0.8% |
|
|
2,031
|
|
Altria
Group, Inc. |
|
92,451
|
654
|
|
Philip
Morris International, Inc. |
|
61,993
|
|
|
|
|
154,444
|
|
|
Trading
Companies & Distributors – 0.5% |
|
|
347
|
|
Fastenal
Co. |
|
17,909
|
Page
52
See
Notes to Financial Statements
US
Equity Dividend Select ETF (RNDV)
Portfolio
of Investments (Continued)
September
30, 2021 (Unaudited)
Shares
|
|
Description
|
|
Value
|
COMMON STOCKS (Continued) |
|
|
Trading
Companies & Distributors (Continued) |
|
|
172
|
|
WW
Grainger, Inc. |
|
$67,606 |
|
|
|
|
85,515
|
|
|
Water
Utilities – 0.0% |
|
|
55
|
|
American
Water Works Co., Inc. |
|
9,297
|
|
|
Total
Common Stocks |
|
18,124,253
|
|
|
(Cost
$17,926,493) |
|
|
REAL ESTATE INVESTMENT TRUSTS – 2.6% |
|
|
Equity
Real Estate Investment Trusts – 2.6% |
|
|
103
|
|
Alexandria
Real Estate Equities, Inc. |
|
19,680
|
52
|
|
American
Tower Corp. |
|
13,801
|
113
|
|
AvalonBay
Communities, Inc. |
|
25,045
|
232
|
|
Boston
Properties, Inc. |
|
25,137
|
105
|
|
Crown
Castle International Corp. |
|
18,199
|
156
|
|
Digital
Realty Trust, Inc. |
|
22,534
|
348
|
|
Duke
Realty Corp. |
|
16,659
|
13
|
|
Equinix,
Inc. |
|
10,272
|
314
|
|
Equity
Residential |
|
25,409
|
72
|
|
Essex
Property Trust, Inc. |
|
23,021
|
108
|
|
Extra
Space Storage, Inc. |
|
18,143
|
937
|
|
Healthpeak
Properties, Inc. |
|
31,371
|
355
|
|
Invitation
Homes, Inc. |
|
13,607
|
111
|
|
Mid-America
Apartment Communities, Inc. |
|
20,729
|
131
|
|
Prologis,
Inc. |
|
16,431
|
68
|
|
Public
Storage |
|
20,203
|
491
|
|
Realty
Income Corp. |
|
31,846
|
236
|
|
Simon
Property Group, Inc. |
|
30,673
|
87
|
|
Sun
Communities, Inc. |
|
16,104
|
428
|
|
Ventas,
Inc. |
|
23,630
|
1,065
|
|
VICI
Properties, Inc. |
|
30,257
|
274
|
|
Welltower,
Inc. |
|
22,578
|
335
|
|
Weyerhaeuser
Co. |
|
11,916
|
|
|
Total
Real Estate Investment Trusts |
|
487,245
|
|
|
(Cost
$462,834) |
|
|
|
|
Total
Investments – 99.8% |
|
18,611,498
|
|
|
(Cost
$18,389,327) (a) |
|
|
|
|
Net
Other Assets and Liabilities – 0.2% |
|
45,223
|
|
|
Net
Assets – 100.0% |
|
$18,656,721 |
|
(a)
|
Aggregate
cost for financial reporting purposes approximates the aggregate cost for
federal income tax purposes. As of September 30, 2021, the aggregate gross
unrealized appreciation for all investments in which there was an excess
of value over tax cost was $665,691 and the aggregate gross unrealized
depreciation for all investments in which there was an excess of tax cost
over value was $443,520. The net unrealized appreciation was $222,171.
|
Valuation
Inputs
A
summary of the inputs used to value the Fund’s investments as of September 30,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
|
Total Value
at 9/30/2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Common
Stocks* |
$ 18,124,253 |
$ 18,124,253 |
$ — |
$ — |
Real
Estate Investment Trusts* |
487,245 |
487,245 |
— |
— |
Total
Investments |
$ 18,611,498 |
$ 18,611,498 |
$— |
$— |
*
|
See
Portfolio of Investments for industry breakout.
|
See
Notes to Financial Statements
Page
53
First
Trust Exchange-Traded Fund VI
Statements
of Assets and Liabilities
September
30, 2021 (Unaudited)
|
Developed International Equity
Select ETF (RNDM) |
|
Emerging Markets Equity
Select ETF (RNEM) |
|
Large
Cap US Equity Select ETF (RNLC) |
ASSETS:
|
|
|
|
|
|
Investments, at value
|
$ 26,963,282
|
|
$ 7,197,301
|
|
$ 28,651,026
|
Cash
|
12,761
|
|
44,720
|
|
15,347
|
Foreign currency
|
—
|
|
6,804
|
|
—
|
Receivables:
|
|
|
|
|
|
Dividends
|
110,139
|
|
20,096
|
|
30,701
|
Dividend reclaims
|
53,282
|
|
948
|
|
2,352
|
Securities lending income
|
—
|
|
—
|
|
—
|
Investment securities sold
|
7,936
|
|
—
|
|
—
|
Miscellaneous
|
—
|
|
75
|
|
—
|
Total Assets
|
27,147,400
|
|
7,269,944
|
|
28,699,426
|
LIABILITIES:
|
|
|
|
|
|
Due to custodian foreign currency
|
1,342
|
|
—
|
|
—
|
Payables:
|
|
|
|
|
|
Collateral for securities on loan
|
—
|
|
—
|
|
—
|
Investment advisory fees
|
15,235
|
|
4,595
|
|
14,665
|
Deferred foreign capital gains tax
|
—
|
|
52,094
|
|
—
|
Total Liabilities
|
16,577
|
|
56,689
|
|
14,665
|
NET ASSETS
|
$27,130,823 |
|
$7,213,255 |
|
$28,684,761 |
NET
ASSETS consist of: |
|
|
|
|
|
Paid-in capital
|
$ 27,114,057
|
|
$ 8,308,782
|
|
$ 23,100,772
|
Par value
|
5,000
|
|
1,500
|
|
9,000
|
Accumulated distributable earnings (loss)
|
11,766
|
|
(1,097,027)
|
|
5,574,989
|
NET ASSETS
|
$27,130,823 |
|
$7,213,255 |
|
$28,684,761 |
NET ASSET VALUE, per share
|
$54.26 |
|
$48.09 |
|
$31.87 |
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
|
500,002
|
|
150,002
|
|
900,002
|
Investments, at cost
|
$24,377,347 |
|
$6,946,013 |
|
$23,449,285 |
Foreign currency, at cost (proceeds)
|
$(1,459) |
|
$6,802 |
|
$— |
Securities on loan, at value
|
$— |
|
$— |
|
$— |
Page
54
See
Notes to Financial Statements
Mid
Cap US Equity Select ETF (RNMC) |
|
Small
Cap US Equity Select ETF (RNSC) |
|
US
Equity Dividend Select ETF (RNDV) |
|
|
|
|
|
$ 19,907,842
|
|
$ 15,419,977
|
|
$ 18,611,498
|
9,568
|
|
7,509
|
|
13,515
|
—
|
|
—
|
|
—
|
|
|
|
|
|
27,382
|
|
20,703
|
|
37,129
|
285
|
|
—
|
|
1,908
|
—
|
|
53
|
|
—
|
—
|
|
—
|
|
—
|
—
|
|
—
|
|
—
|
19,945,077
|
|
15,448,242
|
|
18,664,050
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
—
|
|
20,670
|
|
—
|
10,088
|
|
7,227
|
|
7,329
|
—
|
|
—
|
|
—
|
10,088
|
|
27,897
|
|
7,329
|
$ 19,934,989
|
|
$ 15,420,345
|
|
$ 18,656,721
|
|
|
|
|
|
$ 17,872,379
|
|
$ 14,336,135
|
|
$ 18,685,632
|
7,000
|
|
5,500
|
|
6,500
|
2,055,610
|
|
1,078,710
|
|
(35,411)
|
$ 19,934,989
|
|
$ 15,420,345
|
|
$ 18,656,721
|
$28.48 |
|
$28.04 |
|
$28.70 |
700,002
|
|
550,002
|
|
650,002
|
$17,394,939 |
|
$14,943,544 |
|
$18,389,327 |
$— |
|
$— |
|
$— |
$— |
|
$19,429 |
|
$— |
See
Notes to Financial Statements
Page
55
First
Trust Exchange-Traded Fund VI
Statements
of Operations
For
the Six Months Ended September 30, 2021 (Unaudited)
|
Developed International Equity
Select ETF (RNDM) |
|
Emerging Markets Equity
Select ETF (RNEM) |
|
Large
Cap US Equity Select ETF (RNLC) |
INVESTMENT INCOME: |
|
|
|
|
|
Dividends
|
$ 551,645 |
|
$ 259,364
|
|
$ 251,220 |
Interest
|
1
|
|
1
|
|
1
|
Securities lending income (net of fees)
|
—
|
|
—
|
|
—
|
Foreign withholding tax
|
(39,003)
|
|
(30,875)
|
|
(232)
|
Other
|
—
|
|
5
|
|
102
|
Total investment income
|
512,643
|
|
228,495
|
|
251,091
|
EXPENSES: |
|
|
|
|
|
Investment advisory fees
|
86,049
|
|
28,150
|
|
85,229
|
Total expenses
|
86,049
|
|
28,150
|
|
85,229
|
NET INVESTMENT INCOME (LOSS)
|
426,594
|
|
200,345
|
|
165,862
|
NET REALIZED AND UNREALIZED GAIN (LOSS): |
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
Investments
|
1,281,564
|
|
353,149
|
|
(109,337)
|
In-kind redemptions
|
—
|
|
—
|
|
2,186,189
|
Foreign currency transactions
|
(1,087)
|
|
(1,912)
|
|
—
|
Foreign capital gains tax
|
—
|
|
(29,547)
|
|
—
|
Net realized gain (loss)
|
1,280,477
|
|
321,690
|
|
2,076,852
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
Investments
|
(851,850)
|
|
(452,806)
|
|
(691,191)
|
Foreign currency translation
|
104
|
|
93
|
|
—
|
Deferred foreign capital gains tax
|
—
|
|
(6,592)
|
|
—
|
Net change in unrealized appreciation
(depreciation)
|
(851,746)
|
|
(459,305)
|
|
(691,191)
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
428,731
|
|
(137,615)
|
|
1,385,661
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
|
$ 855,325 |
|
$ 62,730 |
|
$ 1,551,523
|
Page
56
See
Notes to Financial Statements
|
Mid
Cap US Equity Select ETF (RNMC) |
|
Small
Cap US Equity Select ETF (RNSC) |
|
US
Equity Dividend Select ETF (RNDV) |
|
|
|
|
|
|
|
$185,981 |
|
$156,011 |
|
$197,710 |
|
—
|
|
1
|
|
—
|
|
—
|
|
109
|
|
—
|
|
(45)
|
|
(77)
|
|
(81)
|
|
38
|
|
11
|
|
24
|
|
185,974
|
|
156,055
|
|
197,653
|
|
|
|
|
|
|
|
56,891
|
|
33,120
|
|
33,641
|
|
56,891
|
|
33,120
|
|
33,641
|
|
129,083
|
|
122,935
|
|
164,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(147,408)
|
|
(81,961)
|
|
(83,529)
|
|
1,704,526
|
|
1,952,666
|
|
926,144
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,557,118
|
|
1,870,705
|
|
842,615
|
|
|
|
|
|
|
|
(1,170,874)
|
|
(2,125,805)
|
|
(938,039)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,170,874)
|
|
(2,125,805)
|
|
(938,039)
|
|
386,244
|
|
(255,100)
|
|
(95,424)
|
|
$515,327 |
|
$(132,165) |
|
$68,588
|
See
Notes to Financial Statements
Page
57
First
Trust Exchange-Traded Fund VI
Statements
of Changes in Net Assets
|
Developed International Equity Select ETF (RNDM) |
|
Emerging Markets Equity Select ETF (RNEM) |
|
Large Cap US Equity Select ETF (RNLC) |
|
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
|
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
|
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
$ 426,594 |
|
$ 454,114 |
|
$ 200,345 |
|
$ 224,764 |
|
$ 165,862 |
|
$ 284,909 |
Net realized gain (loss)
|
1,280,477
|
|
(1,877,558)
|
|
321,690
|
|
(1,244,104)
|
|
2,076,852
|
|
357,727
|
Net change in unrealized appreciation
(depreciation)
|
(851,746)
|
|
8,864,314
|
|
(459,305)
|
|
3,132,914
|
|
(691,191)
|
|
8,858,970
|
Net increase (decrease) in net assets resulting
from operations
|
855,325
|
|
7,440,870
|
|
62,730
|
|
2,113,574
|
|
1,551,523
|
|
9,501,606
|
DISTRIBUTIONS
TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
|
|
Investment operations
|
(448,377)
|
|
(290,666)
|
|
(230,448)
|
|
(258,857)
|
|
(161,280)
|
|
(298,901)
|
SHAREHOLDER
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
2,798,364
|
|
—
|
|
—
|
|
—
|
|
7,910,011
|
|
4,276,066
|
Cost of shares redeemed
|
—
|
|
(7,153,907)
|
|
—
|
|
(2,034,284)
|
|
(6,304,919)
|
|
(2,870,281)
|
Net increase (decrease) in net assets resulting
from shareholder transactions
|
2,798,364
|
|
(7,153,907)
|
|
—
|
|
(2,034,284)
|
|
1,605,092
|
|
1,405,785
|
Total increase (decrease) in net assets
|
3,205,312
|
|
(3,703)
|
|
(167,718)
|
|
(179,567)
|
|
2,995,335
|
|
10,608,490
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
23,925,511
|
|
23,929,214
|
|
7,380,973
|
|
7,560,540
|
|
25,689,426
|
|
15,080,936
|
End of period
|
$27,130,823 |
|
$23,925,511 |
|
$7,213,255 |
|
$7,380,973 |
|
$28,684,761 |
|
$25,689,426 |
CHANGES
IN SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period
|
450,002
|
|
600,002
|
|
150,002
|
|
200,002
|
|
850,002
|
|
800,002
|
Shares sold
|
50,000
|
|
—
|
|
—
|
|
—
|
|
250,000
|
|
150,000
|
Shares redeemed
|
—
|
|
(150,000)
|
|
—
|
|
(50,000)
|
|
(200,000)
|
|
(100,000)
|
Shares outstanding, end of period
|
500,002
|
|
450,002
|
|
150,002
|
|
150,002
|
|
900,002
|
|
850,002
|
Page
58
See
Notes to Financial Statements
Mid Cap US Equity Select ETF (RNMC) |
|
Small Cap US Equity Select ETF (RNSC) |
|
US Equity Dividend Select ETF (RNDV) |
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
|
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
|
Six
Months Ended 9/30/2021 (Unaudited) |
|
Year Ended 3/31/2021
|
|
|
|
|
|
|
|
|
|
|
|
$ 129,083 |
|
$ 204,754 |
|
$ 122,935 |
|
$ 111,424 |
|
$ 164,012 |
|
$ 134,361 |
1,557,118
|
|
(520,571)
|
|
1,870,705
|
|
342,466
|
|
842,615
|
|
(193,374)
|
(1,170,874)
|
|
8,295,213
|
|
(2,125,805)
|
|
4,869,821
|
|
(938,039)
|
|
2,623,813
|
515,327
|
|
7,979,396
|
|
(132,165)
|
|
5,323,711
|
|
68,588
|
|
2,564,800
|
|
|
|
|
|
|
|
|
|
|
|
(111,465)
|
|
(207,871)
|
|
(101,085)
|
|
(123,600)
|
|
(140,546)
|
|
(143,336)
|
|
|
|
|
|
|
|
|
|
|
|
8,628,515
|
|
1,284,312
|
|
11,529,063
|
|
1,305,929
|
|
14,647,912
|
|
4,998,646
|
(5,744,867)
|
|
(3,504,213)
|
|
(5,739,840)
|
|
(2,587,996)
|
|
(4,341,155)
|
|
(3,372,720)
|
2,883,648
|
|
(2,219,901)
|
|
5,789,223
|
|
(1,282,067)
|
|
10,306,757
|
|
1,625,926
|
3,287,510
|
|
5,551,624
|
|
5,555,973
|
|
3,918,044
|
|
10,234,799
|
|
4,047,390
|
|
|
|
|
|
|
|
|
|
|
|
16,647,479
|
|
11,095,855
|
|
9,864,372
|
|
5,946,328
|
|
8,421,922
|
|
4,374,532
|
$19,934,989
|
|
$16,647,479 |
|
$15,420,345 |
|
$9,864,372 |
|
$18,656,721 |
|
$8,421,922 |
|
|
|
|
|
|
|
|
|
|
|
600,002
|
|
700,002
|
|
350,002
|
|
400,002
|
|
300,002
|
|
250,002
|
300,000
|
|
50,000
|
|
400,000
|
|
50,000
|
|
500,000
|
|
200,000
|
(200,000)
|
|
(150,000)
|
|
(200,000)
|
|
(100,000)
|
|
(150,000)
|
|
(150,000)
|
700,002
|
|
600,002
|
|
550,002
|
|
350,002
|
|
650,002
|
|
300,002
|
See
Notes to Financial Statements
Page
59
First
Trust Exchange-Traded Fund VI
Financial
Highlights
For
a share outstanding throughout each period
Developed
International Equity Select ETF (RNDM)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 53.17 |
|
$ 39.88 |
|
$ 49.45 |
|
$ 51.38 |
|
$ 49.73 |
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
0.92 |
|
0.90
|
|
1.11
|
|
1.07
|
|
0.62
|
Net realized and unrealized gain (loss)
|
1.14 |
|
13.01
|
|
(9.02)
|
|
(1.90)
|
|
1.48
|
Total from investment operations
|
2.06 |
|
13.91
|
|
(7.91)
|
|
(0.83)
|
|
2.10
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.97) |
|
(0.62)
|
|
(1.66)
|
|
(1.10)
|
|
(0.45)
|
Net asset value, end of period
|
$54.26 |
|
$53.17 |
|
$39.88 |
|
$49.45 |
|
$51.38 |
Total return
(b)
|
3.85% |
|
34.93%
|
|
(16.64)%
|
|
(1.71)%
|
|
4.23%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 27,131 |
|
$ 23,926
|
|
$ 23,929
|
|
$ 24,727
|
|
$ 12,846
|
Ratio of total expenses to average net
assets
|
0.65% (c)
|
|
0.65%
|
|
0.65%
|
|
0.65%
|
|
0.66% (c) (d) |
Ratio of net investment income (loss) to average
net assets
|
3.22% (c)
|
|
1.86%
|
|
2.24%
|
|
2.32%
|
|
1.74% (c) |
Portfolio turnover rate (e)
|
32% |
|
89%
|
|
62%
|
|
52%
|
|
21%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(c)
|
Annualized.
|
(d)
|
Includes
excise tax. If this excise tax was not included, the expense ratio would
have been 0.65%. |
(e)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
Page
60
See
Notes to Financial Statements
First
Trust Exchange-Traded Fund VI
Financial
Highlights (Continued)
For
a share outstanding throughout each period
Emerging
Markets Equity Select ETF (RNEM)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 49.21 |
|
$ 37.80
|
|
$ 50.89
|
|
$ 54.94 |
|
$ 49.71
|
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
1.34 |
|
1.15
|
|
1.50
|
|
1.10
|
|
0.70
|
Net realized and unrealized gain (loss)
|
(0.92) |
|
11.64
|
|
(13.22)
|
|
(3.62)
|
|
5.78
|
Total from investment operations
|
0.42 |
|
12.79
|
|
(11.72)
|
|
(2.52)
|
|
6.48
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(1.54) |
|
(1.38)
|
|
(1.37)
|
|
(1.19)
|
|
(0.67)
|
Net realized gain
|
— |
|
—
|
|
—
|
|
(0.34)
|
|
(0.58)
|
Total distributions
|
(1.54) |
|
(1.38)
|
|
(1.37)
|
|
(1.53)
|
|
(1.25)
|
Net asset value, end of period
|
$48.09 |
|
$49.21 |
|
$37.80 |
|
$50.89 |
|
$54.94 |
Total return
(b)
|
0.65% |
|
34.44%
|
|
(23.66)%
|
|
(4.48)%
|
|
13.15%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 7,213 |
|
$ 7,381
|
|
$ 7,561
|
|
$ 12,723
|
|
$ 5,494
|
Ratio of total expenses to average net
assets
|
0.75% (c)
|
|
0.75%
|
|
0.75%
|
|
0.75%
|
|
0.75% (c) |
Ratio of net investment income (loss) to average
net assets
|
5.34% (c)
|
|
2.94%
|
|
2.83%
|
|
2.04%
|
|
1.75% (c) |
Portfolio turnover rate (d)
|
33% |
|
75%
|
|
82%
|
|
69%
|
|
111%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(c)
|
Annualized.
|
(d)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
See
Notes to Financial Statements
Page
61
First
Trust Exchange-Traded Fund VI
Financial
Highlights (Continued)
For
a share outstanding throughout each period
Large
Cap US Equity Select ETF (RNLC)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 30.22 |
|
$ 18.85 |
|
$ 22.12 |
|
$ 21.54 |
|
$ 19.83 |
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
0.18 |
|
0.34
|
|
0.46
|
|
0.38
|
|
0.21
|
Net realized and unrealized gain (loss)
|
1.65 |
|
11.39
|
|
(3.27)
|
|
0.56
|
|
1.68
|
Total from investment operations
|
1.83 |
|
11.73
|
|
(2.81)
|
|
0.94
|
|
1.89
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.18) |
|
(0.36)
|
|
(0.46)
|
|
(0.36)
|
|
(0.18)
|
Net asset value, end of period
|
$31.87 |
|
$30.22 |
|
$18.85 |
|
$22.12 |
|
$21.54 |
Total return
(b)
|
6.05% |
|
62.65%
|
|
(12.98)%
|
|
4.45%
|
|
9.54%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 28,685 |
|
$ 25,689
|
|
$ 15,081
|
|
$ 18,800
|
|
$ 21,536
|
Ratio of total expenses to average net
assets
|
0.60% (c)
|
|
0.60%
|
|
0.60%
|
|
0.60%
|
|
0.60% (c) |
Ratio of net investment income (loss) to average
net assets
|
1.17% (c)
|
|
1.41%
|
|
2.03%
|
|
1.72%
|
|
1.71% (c) |
Portfolio turnover rate (d)
|
9% |
|
34%
|
|
24%
|
|
28%
|
|
11%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(c)
|
Annualized.
|
(d)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
Page
62
See
Notes to Financial Statements
First
Trust Exchange-Traded Fund VI
Financial
Highlights (Continued)
For
a share outstanding throughout each period
Mid
Cap US Equity Select ETF (RNMC)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 27.75 |
|
$ 15.85 |
|
$ 21.31 |
|
$ 21.18 |
|
$ 19.78
|
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
0.20 |
|
0.33
|
|
0.39
|
|
0.32
|
|
0.23
|
Net realized and unrealized gain (loss)
|
0.70 |
|
11.90
|
|
(5.45)
|
|
0.12
|
|
1.36
|
Total from investment operations
|
0.90 |
|
12.23
|
|
(5.06)
|
|
0.44
|
|
1.59
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.17) |
|
(0.33)
|
|
(0.40)
|
|
(0.31)
|
|
(0.19)
|
Net asset value, end of period
|
$28.48 |
|
$27.75 |
|
$15.85 |
|
$21.31 |
|
$21.18 |
Total return
(b)
|
3.26% |
|
77.60%
|
|
(24.23)%
|
|
2.16%
|
|
8.03%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 19,935 |
|
$ 16,647
|
|
$ 11,096
|
|
$ 13,853
|
|
$ 6,355
|
Ratio of total expenses to average net
assets
|
0.60% (c)
|
|
0.60%
|
|
0.60%
|
|
0.60%
|
|
0.60% (c) |
Ratio of net investment income (loss) to average
net assets
|
1.36% (c)
|
|
1.46%
|
|
1.76%
|
|
1.70%
|
|
1.71% (c) |
Portfolio turnover rate (d)
|
22% |
|
60%
|
|
43%
|
|
42%
|
|
40%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(c)
|
Annualized.
|
(d)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
See
Notes to Financial Statements
Page
63
First
Trust Exchange-Traded Fund VI
Financial
Highlights (Continued)
For
a share outstanding throughout each period
Small
Cap US Equity Select ETF (RNSC)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 28.18 |
|
$ 14.87
|
|
$ 20.84
|
|
$ 20.88
|
|
$ 19.73
|
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
0.26 |
|
0.28
|
|
0.36
|
|
0.46
|
|
0.34
|
Net realized and unrealized gain (loss)
|
(0.18) |
|
13.34
|
|
(5.98)
|
|
(0.09)
|
|
1.10
|
Total from investment operations
|
0.08 |
|
13.62
|
|
(5.62)
|
|
0.37
|
|
1.44
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.22) |
|
(0.31)
|
|
(0.35)
|
|
(0.41)
|
|
(0.29)
|
Net asset value, end of period
|
$28.04 |
|
$28.18 |
|
$14.87 |
|
$20.84 |
|
$20.88 |
Total return
(b)
|
0.27% |
|
92.49%
|
|
(27.51)%
|
|
1.78%
|
|
7.26%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 15,420 |
|
$ 9,864
|
|
$ 5,946
|
|
$ 5,210
|
|
$ 4,175
|
Ratio of total expenses to average net
assets
|
0.60% (c)
|
|
0.60%
|
|
0.60%
|
|
0.60%
|
|
0.60% (c) |
Ratio of net investment income (loss) to average
net assets
|
2.23% (c)
|
|
1.37%
|
|
1.97%
|
|
2.25%
|
|
2.22% (c) |
Portfolio turnover rate (d)
|
22% |
|
71%
|
|
52%
|
|
52%
|
|
49%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(c)
|
Annualized.
|
(d)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
Page
64
See
Notes to Financial Statements
First
Trust Exchange-Traded Fund VI
Financial
Highlights (Continued)
For
a share outstanding throughout each period
US
Equity Dividend Select ETF (RNDV)
|
Six Months Ended 9/30/2021 (Unaudited) |
|
Year Ended |
|
Period Ended 3/31/2018 (a) |
|
3/31/2021
|
|
3/31/2020
|
|
3/31/2019
|
|
Net asset value, beginning of period
|
$ 28.07 |
|
$ 17.50
|
|
$ 21.73
|
|
$ 21.09
|
|
$ 19.85 |
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
0.28 |
|
0.58
|
|
0.73
|
|
0.78
|
|
0.41
|
Net realized and unrealized gain (loss)
|
0.61 (b)
|
|
10.61
|
|
(4.24)
|
|
0.58
|
|
1.18
|
Total from investment operations
|
0.89 |
|
11.19
|
|
(3.51)
|
|
1.36
|
|
1.59
|
Distributions
paid to shareholders from: |
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.26) |
|
(0.62)
|
|
(0.72)
|
|
(0.72)
|
|
(0.35)
|
Net asset value, end of period
|
$28.70 |
|
$28.07 |
|
$17.50 |
|
$21.73 |
|
$21.09 |
Total return
(c)
|
3.17% |
|
64.82%
|
|
(16.81)%
|
|
6.64%
|
|
8.00%
|
Ratios
to average net assets/supplemental data: |
|
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$ 18,657 |
|
$ 8,422
|
|
$ 4,375
|
|
$ 5,434
|
|
$ 12,654
|
Ratio of total expenses to average net
assets
|
0.50% (d)
|
|
0.50%
|
|
0.50%
|
|
0.50%
|
|
0.50% (d) (e) |
Ratio of net investment income (loss) to average
net assets
|
2.44% (d)
|
|
2.65%
|
|
3.23%
|
|
2.98%
|
|
3.32% (d) |
Portfolio turnover rate (f)
|
14% |
|
89%
|
|
78%
|
|
98%
|
|
37%
|
(a)
|
Inception
date is June 20, 2017, which is consistent with the commencement of
investment operations and is the date the initial creation units were
established. |
(b)
|
The
per share amount does not correlate with the aggregate realized and
unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying
investments. |
(c)
|
Total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all distributions at
net asset value during the period, and redemption at net asset value on
the last day of the period. The returns presented do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund shares. Total return is calculated for the
time period presented and is not annualized for periods of less than a
year. |
(d)
|
Annualized.
|
(e)
|
Includes
excise tax. |
(f)
|
Portfolio
turnover is calculated for the time period presented and is not annualized
for periods of less than a year and does not include securities received
or delivered from processing creations or redemptions and in-kind
transactions. |
See
Notes to Financial Statements
Page
65
Notes
to Financial Statements
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
1. Organization
First
Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment
company organized as a Massachusetts business trust on June 4, 2012, 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 thirty-two exchange-traded funds that are offering
shares. This report covers the six funds (each a “Fund” and collectively, the
“Funds”) listed below, each a diversified series of the Trust and listed and
traded on The Nasdaq Stock Market LLC (“Nasdaq”).
Developed
International Equity Select ETF - (ticker “RNDM”)
Emerging
Markets Equity Select ETF - (ticker “RNEM”)
Large
Cap US Equity Select ETF - (ticker “RNLC”)
Mid
Cap US Equity Select ETF - (ticker “RNMC”)
Small
Cap US Equity Select ETF - (ticker “RNSC”)
US
Equity Dividend Select ETF - (ticker “RNDV”)
Each
Fund represents a separate series of beneficial interest in the Trust. Unlike
conventional mutual funds, each Fund issues and redeems shares on a continuous
basis, at net asset value (“NAV”), only in large blocks of shares known as
“Creation Units.” The investment objective of each Fund is to seek investment
results that correspond generally to the price and yield (before the Fund’s fees
and expenses) of the following indices:
Fund
|
Index
|
Developed
International Equity Select ETF Emerging Markets Equity Select
ETF Large Cap US Equity Select ETF Mid Cap US Equity Select
ETF Small Cap US Equity Select ETF US Equity Dividend Select ETF |
Nasdaq
Riskalyze Developed Markets Index Nasdaq Riskalyze Emerging Markets
Index Nasdaq Riskalyze US Large Cap Index Nasdaq Riskalyze US Mid
Cap Index Nasdaq Riskalyze US Small Cap Index Nasdaq Riskalyze US
Large Cap Select Dividend Index |
2. Significant
Accounting Policies
The
Funds are each considered an investment company and follow 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 Funds in the preparation of the financial statements. The preparation of
the financial statements in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those
estimates.
A. Portfolio
Valuation
Each
Fund’s NAV is determined daily as of the close of regular trading on the New
York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the
NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV
is determined as of that time. Foreign securities are priced using data
reflecting the earlier closing of the principal markets for those securities.
Each Fund’s NAV is calculated by dividing the value of all assets of each Fund
(including accrued interest and dividends), less all liabilities (including
accrued expenses and dividends declared but unpaid), by the total number of
shares outstanding.
Each
Fund’s investments are valued daily at market value or, in the absence of market
value with respect to any portfolio securities, at fair value. Market value
prices represent last sale or official closing prices from a national or foreign
exchange (i.e., a regulated market) and are primarily obtained from third-party
pricing services. Fair value prices represent any prices not considered market
value prices and are either obtained from a third-party pricing service or are
determined by the Pricing Committee of the Funds’ investment advisor, First
Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with
valuation procedures adopted by the Trust’s Board of Trustees, and in accordance
with provisions of the 1940 Act. Investments valued by the Advisor’s Pricing
Committee, if any, are footnoted as such in the footnotes to the Portfolio of
Investments. Each Fund’s investments are valued as follows:
Common
stocks, real estate investment trusts (“REITs”), and other equity securities
listed on any national or foreign exchange (excluding Nasdaq and the London
Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last
sale price on the exchange on which they are principally traded or, for Nasdaq
and AIM securities, the official closing price. Securities traded on more than
one securities exchange are valued at the last sale price or official closing
price, as applicable, at the close of the securities exchange representing the
principal market for such securities.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
Securities
trading on foreign exchanges or over-the-counter markets that close prior to the
NYSE close may be valued using a systematic fair valuation model provided by a
third-party pricing service. If these foreign securities meet certain criteria
in relation to the valuation model, their valuation is systematically adjusted
to reflect the impact of movement in the U.S. market after the close of the
foreign markets.
Shares
of open-end funds are valued at fair value which is based on NAV per
share.
Securities
traded in an over-the-counter market are fair valued at the mean of their most
recent bid and asked price, if available, and otherwise at their closing bid
price.
Overnight
repurchase agreements are valued at amortized cost when it represents the best
estimate of fair value.
Certain
securities may not be able to be priced by pre-established pricing methods. Such
securities may be valued by the Trust’s Board of Trustees or its delegate, the
Advisor’s Pricing Committee, at fair value. These securities generally include,
but are not limited to, restricted securities (securities which may not be
publicly sold without registration under the Securities Act of 1933, as amended)
for which a third-party pricing service is unable to provide a market price;
securities whose trading has been formally suspended; a security whose market or
fair value price is not available from a pre-established pricing source; a
security with respect to which an event has occurred that is likely to
materially affect the value of the security after the market has closed but
before the calculation of a Fund’s NAV or make it difficult or impossible to
obtain a reliable market quotation; and a security whose price, as provided by
the third-party pricing service, does not reflect the security’s fair value. As
a general principle, the current fair value of a security would appear to be the
amount which the owner might reasonably expect to receive for the security upon
its current sale. When fair value prices are used, generally they will differ
from market quotations or official closing prices on the applicable exchanges. A
variety of factors may be considered in determining the fair value of such
securities, including, but not limited to, the following:
1)
|
the
type of security; |
2)
|
the
size of the holding; |
3)
|
the
initial cost of the security; |
4)
|
transactions
in comparable securities; |
5)
|
price
quotes from dealers and/or third-party pricing services; |
6)
|
relationships
among various securities; |
7)
|
information
obtained by contacting the issuer, analysts, or the appropriate stock
exchange; |
8)
|
an
analysis of the issuer’s financial statements; and |
9)
|
the
existence of merger proposals or tender offers that might affect the value
of the security. |
If
the securities in question are foreign securities, the following additional
information may be considered:
1)
|
the
value of similar foreign securities traded on other foreign markets;
|
2)
|
ADR
trading of similar securities; |
3)
|
closed-end
fund or exchange-traded fund trading of similar securities; |
4)
|
foreign
currency exchange activity; |
5)
|
the
trading prices of financial products that are tied to baskets of foreign
securities; |
6)
|
factors
relating to the event that precipitated the pricing problem; |
7)
|
whether
the event is likely to recur; and |
8)
|
whether
the effects of the event are isolated or whether they affect entire
markets, countries or regions. |
In
addition, differences between the prices used to calculate a Fund’s NAV and the
prices used by such Fund’s corresponding index could result in a difference
between a Fund’s performance and the performance of its underlying index.
Because
foreign markets may be open on different days than the days during which
investors may transact in the shares of a Fund, the value of the Fund’s
securities may change on the days when investors are not able to transact in the
shares of the Fund. The value of securities denominated in foreign currencies is
converted into U.S. dollars using exchange rates determined daily as of the
close of regular trading on the NYSE. Any use of a different rate from the rates
used by a relevant index may adversely affect the Fund’s ability to track the
index.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
The
Funds are subject to fair value accounting standards that define fair value,
establish the framework for measuring fair value and provide a three-level
hierarchy for fair valuation based upon the inputs to the valuation as of the
measurement date. The three levels of the fair value hierarchy are as
follows:
•
|
Level
1 – Level 1 inputs are quoted prices in active markets for identical
investments. An active market is a market in which transactions for the
investment occur with sufficient frequency and volume to provide pricing
information on an ongoing basis. |
•
|
Level
2 – Level 2 inputs are observable inputs, either directly or indirectly,
and include the following: |
o
|
Quoted
prices for similar investments in active markets. |
o
|
Quoted
prices for identical or similar investments in markets that are
non-active. A non-active market is a market where there are few
transactions for the investment, the prices are not current, or price
quotations vary substantially either over time or among market makers, or
in which little information is released publicly. |
o
|
Inputs
other than quoted prices that are observable for the investment (for
example, interest rates and yield curves observable at commonly quoted
intervals, volatilities, prepayment speeds, loss severities, credit risks,
and default rates). |
o
|
Inputs
that are derived principally from or corroborated by observable market
data by correlation or other means. |
•
|
Level
3 – Level 3 inputs are unobservable inputs. Unobservable inputs may
reflect the reporting entity’s own assumptions about the assumptions that
market participants would use in pricing the investment.
|
The
inputs or methodologies used for valuing investments are not necessarily an
indication of the risk associated with investing in those investments. A summary
of the inputs used to value each Fund’s investments as of September 30, 2021, is
included with each Fund’s Portfolio of Investments.
B. Securities
Transactions and Investment Income
Securities
transactions are recorded as of the trade date. Realized gains and losses from
securities transactions are recorded on the identified cost basis. Dividend
income is recorded on the ex-dividend date except that certain dividends from
foreign securities are recorded as soon as the information becomes available
after the ex-dividend date. Interest income, if any, is recorded on the accrual
basis.
Withholding
taxes and tax reclaims on foreign dividends have been provided for in accordance
with each Fund’s understanding of the applicable country’s tax rules and
rates.
Distributions
received from a Fund’s investments in REITs may be comprised of return of
capital, capital gains, and income. The actual character of the amounts received
during the year are not known until after the REITs’ fiscal year end. A Fund
records the character of distributions received from the REITs during the year
based on estimates available. The characterization of distributions received by
a Fund may be subsequently revised based on information received from the REITs
after their tax reporting periods conclude.
C. Foreign
Currency
The
books and records of the Funds are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investments and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses on assets and liabilities, other than investments in securities, which
result from changes in foreign currency exchange rates have been included in
“Net change in unrealized appreciation (depreciation) on foreign currency
translation” on the Statements of Operations. Unrealized gains and losses on
investments in securities which result from changes in foreign exchange rates
are included with fluctuations arising from changes in market price and are
shown in “Net change in unrealized appreciation (depreciation) on investments”
on the Statements of Operations. Net realized foreign currency gains and losses
include the effect of changes in exchange rates between trade date and
settlement date on investment security transactions, foreign currency
transactions and interest and dividends received and are shown in “Net realized
gain (loss) on foreign currency transactions” on the Statements of Operations.
The portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial purchase settlement date and subsequent sale
trade date is included in “Net realized gain (loss) on investments” on the
Statements of Operations.
D. Offsetting
on the Statements of Assets and Liabilities
Offsetting
assets and liabilities requires entities to disclose both gross and net
information about instruments and transactions eligible for offset on the
Statements of Assets and Liabilities, and disclose instruments and transactions
subject to master netting or similar agreements. These disclosure requirements
are intended to help investors and other financial statement users better assess
the effect or
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
potential
effect of offsetting arrangements on a Fund’s financial position. The
transactions subject to offsetting disclosures are derivative instruments,
repurchase agreements and reverse repurchase agreements, and securities
borrowing and securities lending transactions.
This
disclosure, if applicable, is included within each Fund’s Portfolio of
Investments under the heading “Offsetting Assets and Liabilities.” For financial
reporting purposes, the Funds do not offset financial assets and financial
liabilities that are subject to master netting arrangements (“MNAs”) or similar
agreements on the Statements of Assets and Liabilities. MNAs provide the right,
in the event of default (including bankruptcy and insolvency), for the
non-defaulting counterparty to liquidate the collateral and calculate the net
exposure to the defaulting party or request additional collateral.
E. Securities
Lending
The
Funds may lend securities representing up to 33 1/3% of the value of their total
assets to broker-dealers, banks and other institutions to generate additional
income. When a Fund loans its portfolio securities, it will receive, at the
inception of each loan, collateral equal to at least 102% (for domestic
securities) or 105% (for international securities) of the market value of the
loaned securities. The collateral amount is valued at the beginning of each
business day and is compared to the market value of the loaned securities from
the prior business day to determine if additional collateral is required. If
additional collateral is required, a request is sent to the borrower. Securities
lending involves the risk that the Fund may lose money because the borrower of
the Fund’s loaned securities fails to return the securities in a timely manner
or at all. The Fund could also lose money in the event of (i) a decline in the
value of the collateral provided for the loaned securities, (ii) a decline in
the value of any investments made with cash collateral or (iii) an increase in
the value of the loaned securities if the borrower does not increase the
collateral accordingly and the borrower fails to return the securities. These
events could also trigger adverse tax consequences for the Funds.
Under
the Funds’ Securities Lending Agency Agreement, the securities lending agent
will generally bear the risk that a borrower may default on its obligation to
return loaned securities. Brown Brothers Harriman & Co. (“BBH”) acts as the
Funds’ securities lending agent and is responsible for executing the lending of
the portfolio securities to creditworthy borrowers. The Funds, however, will be
responsible for the risks associated with the investment of cash collateral. A
Fund may lose money on its investment of cash collateral, which may affect its
ability to repay the collateral to the borrower without the use of other Fund
assets. Each Fund that engages in securities lending receives compensation (net
of any rebate and securities lending agent fees) for lending its securities.
Compensation can be in the form of fees received from the securities lending
agent or dividends or interest earned from the investment of cash collateral.
The fees received from the securities lending agent are accrued daily. The
dividend and interest earned on the securities loaned is accounted for in the
same manner as other dividend and interest income. At September 30, 2021, RNSC
had securities in the securities lending program. During the six months ended
September 30, 2021, only RNSC participated in the securities lending
program.
In
the event of a default by a borrower with respect to any loan, BBH will exercise
any and all remedies provided under the applicable borrower agreement to make
the Funds whole. These remedies include purchasing replacement securities by
applying the collateral held from the defaulting broker against the purchase
cost of the replacement securities. If, despite such efforts by BBH to exercise
these remedies, a Fund sustains losses as a result of a borrower’s default, BBH
will indemnify the Fund by purchasing replacement securities at its own expense,
or paying the Funds an amount equal to the market value of the replacement
securities, subject to certain limitations which are set forth in detail in the
Securities Lending Agency Agreement between the Trust on behalf of the Funds and
BBH.
F. Repurchase
Agreements
Repurchase
agreements involve the purchase of securities subject to the seller’s agreement
to repurchase the securities at a mutually agreed upon date and price, under the
terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase
agreement, the value of the underlying securities held as collateral on behalf
of a Fund, including accrued interest, is required to exceed the value of the
repurchase agreement, including accrued interest. The underlying securities for
all repurchase agreements are held at the Funds’ custodian or designated
sub-custodians under tri-party repurchase agreements.
MRAs
govern transactions between a Fund and select counterparties. The MRAs maintain
provisions for, among other things, initiation, income payments, events of
default, and maintenance of collateral for repurchase agreements.
Repurchase
agreements received for lending securities are collateralized by U.S. Treasury
securities. The U.S. Treasury securities are held in a joint custody account at
BBH on behalf of the Funds participating in the securities lending program. In
the event the counterparty defaults on the repurchase agreement, the U.S.
Treasury securities can either be maintained as part of a Fund’s portfolio or
sold for cash. A Fund could suffer a loss to the extent that the proceeds from
the sale of the underlying collateral held by the Fund are less than the
repurchase price and the Fund’s costs associated with the delay and enforcement
of the MRA.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
While
the Funds may invest in repurchase agreements, any repurchase agreements held by
the Funds during the six months ended September 30, 2021, were received as
collateral for lending securities.
G. Dividends
and Distributions to Shareholders
Dividends
from net investment income, if any, are declared and paid quarterly by each
Fund, or as the Board of Trustees may determine from time to time. Distributions
of net realized capital gains earned by each Fund, if any, are distributed at
least annually.
Distributions
from net investment income and realized capital gains are determined in
accordance with federal income tax regulations, which may differ from U.S. GAAP.
Certain capital accounts in the financial statements are periodically adjusted
for permanent differences in order to reflect their tax character. These
permanent differences are primarily due to the varying treatment of income and
gain/loss on portfolio securities held by the Funds and have no impact on net
assets or NAV per share. Temporary differences, which arise from recognizing
certain items of income, expense and gain/loss in different periods for
financial statement and tax purposes, will reverse at some point in the
future.
The
tax character of distributions paid by each Fund during the fiscal year ended
March 31, 2021, was as follows:
|
Distributions paid
from Ordinary Income |
|
Distributions paid
from Capital Gains |
|
Distributions paid
from Return of Capital |
Developed International Equity Select ETF
|
$ 290,666
|
|
$ —
|
|
$ —
|
Emerging Markets Equity Select ETF
|
258,857
|
|
—
|
|
—
|
Large Cap US Equity Select ETF
|
298,901
|
|
—
|
|
—
|
Mid Cap US Equity Select ETF
|
207,871
|
|
—
|
|
—
|
Small Cap US Equity Select ETF
|
123,600
|
|
—
|
|
—
|
US Equity Dividend Select ETF
|
143,336
|
|
—
|
|
—
|
As
of March 31, 2021, the components of distributable earnings on a tax basis for
each Fund were as follows:
|
Undistributed Ordinary Income
|
|
Accumulated Capital
and Other Gain (Loss) |
|
Net Unrealized Appreciation (Depreciation)
|
Developed International Equity Select ETF
|
$ 138,265
|
|
$ (3,852,474)
|
|
$ 3,319,027
|
Emerging Markets Equity Select ETF
|
43,542
|
|
(1,492,793)
|
|
519,942
|
Large Cap US Equity Select ETF
|
17,688
|
|
(1,548,436)
|
|
5,715,494
|
Mid Cap US Equity Select ETF
|
15,622
|
|
(1,907,499)
|
|
3,543,625
|
Small Cap US Equity Select ETF
|
3,389
|
|
(1,194,774)
|
|
2,503,345
|
US Equity Dividend Select ETF
|
8,784
|
|
(1,039,828)
|
|
1,067,591
|
H. Income
and Other Taxes
Each
Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no
provision has been made for federal and state income taxes. However, due to the
timing and amount of distributions, each Fund may be subject to an excise tax of
4% of the amount by which approximately 98% of each Fund’s taxable income
exceeds the distributions from such taxable income for the calendar year.
Certain
countries assess a capital gains tax on securities sold in their local markets.
This tax is accrued as the securities in these foreign markets appreciate in
value and is paid at the time of sale to the extent a capital gain is realized.
Taxes accrued on securities in an unrealized appreciation position are included
in “Net change in unrealized appreciation (depreciation) on deferred foreign
capital gains tax” on the Statements of Operations. The capital gains tax paid
on securities sold, if any, is included in “Net realized gain (loss) on foreign
capital gains tax” on the Statements of Operations.
India’s
Finance Bill, 2018 (“Finance Bill, 2018”) was enacted into law on March 29, 2018
and amongst other provisions, it introduced a long-term capital gains tax
beginning April 1, 2018. Long-term capital gains on the sale of listed shares in
excess of INR 0.1 million are taxed at the rate of 10% (plus applicable
surcharge and cess (which is a type of tax)) subject to satisfaction of certain
conditions.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
Long-term
capital gains accruing as of January 31, 2018 are considered exempt due to a
grandfather clause in the provision. The aforesaid exemption from long-term
capital gains tax is available with respect to shares acquired between October
1, 2004 and March 31, 2018 only if on such acquisitions Securities Transaction
Tax (“STT”) was chargeable. Certain exceptions in this regard, such as
acquisition of shares in a public offer, bonus, rights issued, etc. for which
the condition of chargeability of STT on acquisition is not applicable, have
been notified.
In
the case of the sale of listed shares held by a Fund for one year or less, the
income is classified as short-term capital gains and is taxable at 15% (plus
applicable surcharge and cess) provided the shares are sold on the stock
exchange and subjected to STT. For above purposes, the applicable rate of
surcharge is 2% or 5% (depending on the level of income of the Fund). The
Finance Bill, 2018 increases the cess imposed on the sum of tax and surcharge
from 3% to 4%. The cess 4% rate is applied to the capital gains tax, resulting
in a higher effective rate of capital gains tax.
Where
the sale of shares is outside the stock exchange and not subject to STT, the
long-term capital gains are taxed at 10% (plus applicable surcharge and cess)
and short-term capital gains are taxed at 30% (plus applicable surcharge and
cess). The Finance Bill, 2018, approves the carry forward of long-term capital
losses to be offset against long-term capital gains. Short-term losses can be
netted against both short-term gains and long-term gains.
Until
March 31, 2020, dividends received by a Fund from Indian companies were exempt
from tax in India because Indian companies were required to pay dividend
distribution tax. The Indian Finance Act, 2020 has amended the dividend taxation
framework effective April 1, 2020 and accordingly dividends would now be taxable
in the hands of the shareholders at 20%, plus applicable surcharge and cess.
Subsequent to the Indian Finance Act, 2020, “The Taxation and Other Laws
(Relaxation and Amendment of Certain Provisions) Bill, 2020” (the “Bill”) was
enacted into law and is effective retroactively to April 1, 2020. The Bill caps
the maximum surcharge at 15% of the tax on dividend income earned by the Fund.
The highest effective tax rate proposed for non-corporate entities on dividends
will be 23.92%. Note, the Fund will not obtain relief under the US-India tax
treaty as the treaty rate of 25% is higher than the domestic rate. Any excess
taxes withheld can be off-set against capital gains tax liability during the
year or claimed as a refund in the annual tax return.
Please
note that the above description is based on current provisions of Indian law,
and any change or modification made by subsequent legislation, regulation, or
administrative or judicial decision could increase the Indian tax liability of a
Fund and thus reduce the return to a Fund’s shareholders. There can be no
assurance that the Indian tax authorities and/or regulators will not take a
position contrary to the views expressed herein. If the Indian tax authorities
and/or regulators take a position contrary to the views expressed herein,
adverse unpredictable consequences may follow.
The
Funds are subject to accounting standards that establish a minimum threshold for
recognizing, and a system for measuring, the benefits of a tax position taken or
expected to be taken in a tax return. Taxable years ended 2018, 2019, 2020, and
2021 remain open to federal and state audit. As of September 30, 2021,
management has evaluated the application of these standards to the Funds and has
determined that no provision for income tax is required in the Funds’ financial
statements for uncertain tax positions.
The
Funds intend to utilize provisions of the federal income tax laws, which allow
them 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
Funds are 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 March 31, 2021, for
federal income tax purposes, the Funds had a capital loss carryforward available
that is shown in the table below, to the extent provided by regulations, to
offset future capital gains.
|
Non-Expiring Capital
Loss Carryforward |
Developed International Equity Select ETF
|
$ 3,852,474
|
Emerging Markets Equity Select ETF
|
1,492,793
|
Large Cap US Equity Select ETF
|
1,548,436
|
Mid Cap US Equity Select ETF
|
1,907,499
|
Small Cap US Equity Select ETF
|
1,194,774
|
US Equity Dividend Select ETF
|
1,039,828
|
I. Expenses
Expenses,
other than the investment advisory fee and other excluded expenses, are paid by
the Advisor (See Note 3).
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
First
Trust has entered into licensing agreements with Riskalyze, Inc. (“Licensor”)
for the Funds. The respective license agreements allow for the use by First
Trust of each Fund’s respective index and of certain trademarks and trade names
of the Licensor. The Funds are sub-licensees to the applicable license
agreements.
3. Investment
Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First
Trust, the investment advisor to the Funds, is a limited partnership with one
limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First
Trust is responsible for the selection and ongoing monitoring of the securities
in each Fund’s portfolio, managing the Funds’ business affairs and providing
certain administrative services necessary for the management of the Funds.
First
Trust is paid an annual unitary management fee based on each Fund’s average
daily net assets at a rate set forth below:
|
Rate
|
Developed
International Equity Select ETF |
0.65%
|
Emerging
Markets Equity Select ETF |
0.75%
|
Large
Cap US Equity Select ETF |
0.60%
|
Mid
Cap US Equity Select ETF |
0.60%
|
Small
Cap US Equity Select ETF |
0.60%
|
US
Equity Dividend Select ETF |
0.50%
|
First
Trust is responsible for the expenses of each Fund including the cost of
transfer agency, custody, fund administration, licensing fees, legal, audit and
other services, but excluding fee payments under the Investor Management
Agreement, interest, taxes, brokerage commissions and other expenses associated
with the execution of portfolio transactions, acquired fund fees and expenses,
distribution and service fees pursuant to a Rule 12b-1 plan, if any, and
extraordinary expenses, which are paid by each respective Fund. First Trust also
provides fund reporting services to the Funds for a flat annual fee in the
amount of $9,250 per Fund, which is covered under the annual unitary management
fee.
The
Trust has multiple service agreements with BBH. Under the service agreements,
BBH performs custodial, fund accounting, certain administrative services, and
transfer agency services for the Funds. As custodian, BBH is responsible for
custody of each Fund’s assets. As fund accountant and administrator, BBH is
responsible for maintaining the books and records of each Fund’s securities and
cash. As transfer agent, BBH is responsible for maintaining shareholder records
for each Fund.
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
defined-outcome fund or an index fund.
Additionally,
the Lead Independent Trustee and the Chairmen 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 Chairmen rotate every three
years. The officers and “Interested” Trustee receive no compensation from the
Trust for acting in such capacities.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
4. Purchases
and Sales of Securities
For
the six months ended September 30, 2021, the cost of purchases and proceeds from
sales of investment securities for each Fund, excluding short-term investments
and in-kind transactions, were as follows:
|
Purchases
|
|
Sales
|
Developed
International Equity Select ETF |
$ 8,443,454
|
|
$ 8,255,215
|
Emerging
Markets Equity Select ETF |
2,473,377
|
|
2,582,893
|
Large
Cap US Equity Select ETF |
2,604,238
|
|
2,534,818
|
Mid
Cap US Equity Select ETF |
4,186,485
|
|
4,173,763
|
Small
Cap US Equity Select ETF |
2,561,573
|
|
2,485,690
|
US
Equity Dividend Select ETF |
1,962,906
|
|
1,901,474
|
|
|
|
|
For
the six months ended September 30, 2021, the cost of in-kind purchases and
proceeds from in-kind sales for each Fund were as follows:
|
Purchases
|
|
Sales
|
Developed
International Equity Select ETF |
$ 2,561,445 |
|
$ — |
Emerging
Markets Equity Select ETF |
—
|
|
—
|
Large
Cap US Equity Select ETF |
7,873,862
|
|
6,301,793
|
Mid
Cap US Equity Select ETF |
8,603,020
|
|
5,723,720
|
Small
Cap US Equity Select ETF |
11,474,590
|
|
5,722,659
|
US
Equity Dividend Select ETF |
14,588,873
|
|
4,345,893
|
5. Creations,
Redemptions and Transaction Fees
Each
Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as “Authorized
Participants” have contractual arrangements with a Fund or one of the Fund’s
service providers to purchase and redeem Fund shares directly with the Fund in
large blocks of shares known as “Creation Units.” Prior to the start of trading
on every business day, a Fund publishes through the National Securities Clearing
Corporation (“NSCC”) the “basket” of securities, cash or other assets that it
will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized
Participant that wishes to effectuate a creation of a Fund’s shares deposits
with the Fund the “basket” of securities, cash or other assets identified by the
Fund that day, and then receives the Creation Unit of the Fund’s shares in
return for those assets. After purchasing a Creation Unit, the Authorized
Participant may continue to hold the Fund’s shares or sell them in the secondary
market. The redemption process is the reverse of the purchase process: the
Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket
of securities, cash or other assets. The combination of the creation and
redemption process with secondary market trading in a Fund’s shares and
underlying securities provides arbitrage opportunities that are designed to help
keep the market price of a Fund’s shares at or close to the NAV per share of the
Fund.
Each
Fund imposes fees in connection with the purchase of Creation Units. These fees
may vary based upon various fact-based circumstances, including, but not limited
to, the composition of the securities included in the Creation Unit or the
countries in which the transactions are settled. The price for each Creation
Unit will equal the daily NAV per share of a Fund times the number of shares in
a Creation Unit, plus the fees described above and, if applicable, any
operational processing and brokerage costs, transfer fees, stamp taxes and part
or all of the spread between the expected bid and offer side of the market
related to the securities comprising the creation basket.
Each
Fund also imposes fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of a Fund times the number
of shares in a Creation Unit, minus the fees described above and, if applicable,
any operational processing and brokerage costs, transfer fees, stamp taxes and
part or all of the spread between the expected bid and offer side of the market
related to the securities comprising the redemption basket. Investors who use
the services of a broker or other such intermediary in addition to an Authorized
Participant to effect a redemption of a Creation Unit may also be assessed an
amount to cover the cost of such services. The redemption fee charged by a Fund
will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no
more than 2% of the value of the shares redeemed.
Notes
to Financial Statements (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
6. Distribution
Plan
The
Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act. In accordance with the Rule 12b-1 plan, each 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
Funds, for amounts expended to finance activities primarily intended to result
in the sale of Creation Units or to provide investor services. FTP may also use
this amount to compensate securities dealers or other persons that are
Authorized Participants for providing distribution assistance, including
broker-dealer and shareholder support and educational and promotional
services.
No
12b-1 fees are currently paid by the Funds, and pursuant to a contractual
arrangement, no 12b-1 fees will be paid any time before July 31, 2022.
7. Indemnification
The
Trust, on behalf of the Funds, has a variety of indemnification obligations
under contracts with its service providers. The Trust’s maximum exposure under
these arrangements is unknown. However, the Trust has not had prior claims or
losses pursuant to these contracts and expects the risk of loss to be
remote.
8. Subsequent
Events
Management
has evaluated the impact of all subsequent events to the Funds through the date
the financial statements were issued, and has determined that there were no
subsequent events requiring recognition or disclosure in the financial
statements that have not already been disclosed.
Additional
Information
First
Trust Exchange-Traded Fund VI
September
30, 2021 (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 each Fund voted proxies relating to
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
each Fund’s website at www.ftportfolios.com;
and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio
Holdings
Each
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. Each
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 each Fund is available to investors within 60
days after the period to which it relates. Each Fund’s Forms N-PORT and Forms
N-CSR are available on the SEC’s website listed above.
Risk
Considerations
Risks
are inherent in all investing. Certain general risks that may be applicable to a
Fund are identified below, but not all of the material risks relevant to each
Fund are included in this report and not all of the risks below apply to each
Fund. The material risks of investing in each Fund are spelled out in its
prospectus, statement of additional information and other regulatory filings.
Before investing, you should consider each Fund’s investment objective, risks,
charges and expenses, and read each Fund’s prospectus and statement of
additional information carefully. You can download each Fund’s prospectus at
www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to
request a prospectus, which contains this and other information about each
Fund.
Concentration
Risk. To the extent that a fund is able to
invest a significant percentage of its assets in a single asset class or the
securities of issuers within the same country, state, region, industry or
sector, an adverse economic, business or political development may affect the
value of the fund’s investments more than if the fund were more broadly
diversified. A fund that tracks an index will be concentrated to the extent the
fund’s corresponding index is concentrated. A concentration makes a fund more
susceptible to any single occurrence and may subject the fund to greater market
risk than a fund that is more broadly diversified.
Credit
Risk. Credit risk is the risk that an issuer
of a security will be unable or unwilling to make dividend, interest and/or
principal payments when due and the related risk that the value of a security
may decline because of concerns about the issuer’s ability to make such
payments.
Cyber
Security Risk. The funds are susceptible to
potential operational risks through breaches in cyber security. A breach in
cyber security refers to both intentional and unintentional events that may
cause a fund to lose proprietary information, suffer data corruption or lose
operational capacity. Such events could cause a fund to incur regulatory
penalties, reputational damage, additional compliance costs associated with
corrective measures and/or financial loss. In addition, cyber security breaches
of a fund’s third-party service providers, such as its administrator, transfer
agent, custodian, or sub-advisor, as applicable, or issuers in which the fund
invests, can also subject a fund to many of the same risks associated with
direct cyber security breaches.
Defined
Outcome Funds Risk. To the extent a fund’s
investment strategy is designed to deliver returns tied to the price performance
of an underlying ETF, an investor may not realize the returns the fund seeks to
achieve if that investor does not hold shares for the entire target outcome
period. In the event an investor purchases shares after the first day of the
target outcome period or sells shares prior to the end of the target outcome
period, the buffer that the fund seeks to provide against a decline in the value
of the underlying ETF may not be available, the enhanced returns that the fund
seeks to provide (if any) may not be available and the investor may not
participate in a gain in the value of the underlying ETF up to the cap for the
investor’s investment period. Additionally, the fund will not participate in
gains of the underlying ETF above the cap and a shareholder may lose their
entire investment. If the fund seeks enhanced returns, there are certain time
periods when the value of the fund may fall faster than the value of the
underlying ETF, and it is very unlikely that, on any given day during which the
underlying ETF share price increases in value, the fund’s share price will
increase at the same rate as the enhanced returns sought by the fund, which is
designed for an entire target outcome period. Trading flexible exchange options
involves risks different from, or possibly greater than, the risks associated
with investing directly in securities, such as less liquidity and correlation
and valuation risks. A fund may experience substantial downside from specific
flexible exchange option positions and certain positions may expire
worthless.
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
Additional
Information (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
by
certain features of the derivative. These risks are heightened when a fund’s
portfolio managers use derivatives to enhance the fund’s return or as a
substitute for a position or security, rather than solely to hedge (or offset)
the risk of a position or security held by the fund.
Equity
Securities Risk. To the extent a fund invests
in equity securities, the value of the fund’s shares will fluctuate with changes
in the value of the equity securities. Equity securities prices fluctuate for
several reasons, including changes in investors’ perceptions of the financial
condition of an issuer or the general condition of the relevant stock market,
such as market volatility, or when political or economic events affecting the
issuers occur. In addition, common stock prices may be particularly sensitive to
rising interest rates, as the cost of capital rises and borrowing costs
increase. Equity securities may decline significantly in price over short or
extended periods of time, and such declines may occur in the equity market as a
whole, or they may occur in only a particular country, company, industry or
sector of the market.
ETF
Risk. The shares of an ETF trade like common
stock and represent an interest in a portfolio of securities. The risks of
owning an ETF generally reflect the risks of owning the underlying securities,
although lack of liquidity in an ETF could result in it being more volatile and
ETFs have management fees that increase their costs. Shares of an ETF trade on
an exchange at market prices rather than net asset value, which may cause the
shares to trade at a price greater than net asset value (premium) or less than
net asset value (discount). In times of market stress, decisions by market
makers to reduce or step away from their role of providing a market for an ETF’s
shares, or decisions by an ETF’s authorized participants that they are unable or
unwilling to proceed with creation and/or redemption orders of an ETF’s shares,
could result in shares of the ETF trading at a discount to net asset value and
in greater than normal intraday bid-ask spreads.
Fixed
Income Securities Risk. To the extent a fund
invests in fixed income securities, the fund will be subject to credit risk,
income risk, interest rate risk, liquidity risk and prepayment risk. Income risk
is the risk that income from a fund’s fixed income investments could decline
during periods of falling interest rates. Interest rate risk is the risk that
the value of a fund’s fixed income securities will decline because of rising
interest rates. Liquidity risk is the risk that a security cannot be purchased
or sold at the time desired, or cannot be purchased or sold without adversely
affecting the price. Prepayment risk is the risk that the securities will be
redeemed or prepaid by the issuer, resulting in lower interest payments received
by the fund. In addition to these risks, high yield securities, or “junk” bonds,
are subject to greater market fluctuations and risk of loss than securities with
higher ratings, and the market for high yield securities is generally smaller
and less liquid than that for investment grade securities.
Index
or Model Constituent Risk. Certain funds may
be a constituent of one or more indices or ETF models. As a result, such a fund
may be included in one or more index-tracking exchange-traded funds or mutual
funds. Being a component security of such a vehicle could greatly affect the
trading activity involving a fund, the size of the fund and the market
volatility of the fund. Inclusion in an index could increase demand for the fund
and removal from an index could result in outsized selling activity in a
relatively short period of time. As a result, a fund’s net asset value could be
negatively impacted and the fund’s market price may be significantly below its
net asset value during certain periods. In addition, index rebalances may
potentially result in increased trading activity in a fund’s
shares.
Index
Provider Risk. To the extent a fund seeks to
track an index, it is subject to Index Provider Risk. There is no assurance that
the Index Provider will compile the Index accurately, or that the Index will be
determined, maintained, constructed, reconstituted, rebalanced, composed,
calculated or disseminated accurately. To correct any such error, the Index
Provider may carry out an unscheduled rebalance or other modification of the
Index constituents or weightings, which may increase the fund’s costs. The Index
Provider does not provide any representation or warranty in relation to the
quality, accuracy or completeness of data in the Index, and it does not
guarantee that the Index will be calculated in accordance with its stated
methodology. Losses or costs associated with any Index Provider errors generally
will be borne by the fund and its shareholders.
Investment
Companies Risk. To the extent a fund invests
in the securities of other investment vehicles, the fund will incur additional
fees and expenses that would not be present in a direct investment in those
investment vehicles. Furthermore, the fund’s investment performance and risks
are directly related to the investment performance and risks of the investment
vehicles in which the fund invests.
LIBOR
Risk. To the extent a fund invests in floating
or variable rate obligations that use the London Interbank Offered Rate
(“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United
Kingdom’s Financial Conduct Authority, which regulates LIBOR, will cease making
LIBOR available as a reference rate over a phase-out period that will begin
immediately after December 31, 2021. 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.
Additional
Information (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
Management
Risk. To the extent that a fund is actively
managed, it is subject to management risk. In managing an actively-managed
fund’s investment portfolio, the fund’s portfolio managers will apply investment
techniques and risk analyses that may not have the desired result. There can be
no guarantee that a fund will meet its investment objective.
Market
Risk. Securities held by a fund, as well as
shares of a fund itself, are subject to market fluctuations caused by factors
such as general economic conditions, political events, regulatory or market
developments, changes in interest rates and perceived trends in securities
prices. Shares of a fund could decline in value or underperform other
investments as a result of the risk of loss associated with these market
fluctuations. In addition, local, regional or global events such as war, acts of
terrorism, spread of infectious diseases or other public health issues,
recessions, or other events could have a significant negative impact on a fund
and its investments. Such events may affect certain geographic regions,
countries, sectors and industries more significantly than others. The outbreak
of the respiratory disease designated as COVID-19 in December 2019 has caused
significant volatility and declines in global financial markets, which have
caused losses for investors. While the development of vaccines has slowed the
spread of the virus and allowed for the resumption of “reasonably” normal
business activity in the United States, many countries continue to impose
lockdown measures in an attempt to slow the spread. Additionally, there is no
guarantee that vaccines will be effective against emerging variants of the
disease.
Non-U.S.
Securities Risk. To the extent a fund invests
in non-U.S. securities, it is subject to additional risks not associated with
securities of domestic issuers. Non-U.S. securities are subject to higher
volatility than securities of domestic issuers due to: possible adverse
political, social or economic developments; restrictions on foreign investment
or exchange of securities; capital controls; lack of liquidity; currency
exchange rates; excessive taxation; government seizure of assets; the imposition
of sanctions by foreign governments; different legal or accounting standards;
and less government supervision and regulation of exchanges in foreign
countries. Investments in non-U.S. securities may involve higher costs than
investments in U.S. securities, including higher transaction and custody costs,
as well as additional taxes imposed by non-U.S. governments. These risks may be
heightened for securities of companies located, or with significant operations,
in emerging market countries.
Operational
Risk. Each fund is subject to risks arising
from various operational factors, including, but not limited to, human error,
processing and communication errors, errors of a fund’s service providers,
counterparties or other third-parties, failed or inadequate processes and
technology or systems failures. Each fund relies on third-parties for a range of
services, including custody. Any delay or failure relating to engaging or
maintaining such service providers may affect a fund’s ability to meet its
investment objective. Although the funds and the funds’ investment advisor seek
to reduce these operational risks through controls and procedures, there is no
way to completely protect against such risks.
Passive
Investment Risk. To the extent a fund seeks to
track an index, the fund will invest in the securities included in, or
representative of, the index regardless of their investment merit. A fund
generally will not attempt to take defensive positions in declining
markets.
Variable
Interest Entities Risk. In order to gain
exposure to certain Chinese companies that are included in a Fund’s Index but
are unavailable to direct investment by foreign investors, certain Funds invest
significantly in non-Chinese shell companies that have created structures known
as variable interest entities (“VIEs”) in order to gain exposure to such Chinese
companies. In China, direct ownership of companies in certain sectors by foreign
individuals and entities is prohibited. In order to allow for foreign investment
in these businesses, many Chinese companies have created VIE structures to
enable indirect foreign ownership. In such an arrangement, a Chinese operating
company typically establishes an offshore shell company in another jurisdiction,
such as the Cayman Islands. That shell company enters into service and other
contracts with the Chinese issuer or operating company to obtain economic
exposure to the Chinese company, then issues shares on an exchange outside of
mainland China, and U.S. investors hold stock in the non-Chinese shell company
rather than directly in the Chinese issuer or operating company. This
arrangement allows U.S. investors, such as the Fund, to obtain economic exposure
to the Chinese issuer or operating company through contractual means rather than
through formal equity ownership. Because neither the shell company nor the Fund
owns actual equity interests in the Chinese operating company, they do not have
the voting rights or other types of control that an equity holder would expect
to benefit from. Although VIEs are a longstanding industry practice and well
known to officials and regulators in China, VIEs are not formally recognized
under Chinese law. Intervention by the Chinese government with respect to VIEs
could significantly affect the Chinese company’s performance and the
enforceability of the VIE’s contractual arrangements that establish the links
between the Chinese company and the shell company in which the Fund invests.
This could considerably impact the financial condition of the shell company in
which the Fund invests by limiting its ability to consolidate the financial
results of the Chinese operating company into its own financial statements, as
well as make the value of the shares held by the Fund effectively worthless.
Further, if Chinese officials prohibit the existence of VIEs, the market value
of the Fund’s associated holdings would likely suffer significant, and possibly
permanent effects, which could negatively impact the Fund’s net asset value and
could result in substantial losses. Further, it is uncertain whether any new
laws, rules or regulations relating to VIE structures will be adopted or, if
adopted, what impact they would have on the value of the Fund’s
shares.
Additional
Information (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
VIEs
are also subject to the investment risks associated with the underlying Chinese
issuer or operating company. Chinese companies are not subject to the same
degree of regulatory requirements or accounting standards and oversight as
companies in more developed countries. As a result, information about the
Chinese securities and VIEs in which the Fund invests may be less reliable and
incomplete. There also may be significant obstacles to obtaining information
necessary for investigations into or litigation against Chinese companies and
VIEs, and shareholders may have limited legal remedies, which could negatively
impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not
meet U.S. accounting standards and auditor oversight requirements. Delisting
would significantly decrease the liquidity and value of the securities, decrease
the ability of the Fund to invest in such securities and may increase the cost
of the Fund if required to seek alternative markets in which to invest in such
securities.
NOT
FDIC INSURED |
NOT
BANK GUARANTEED |
MAY
LOSE VALUE |
Advisory
Agreement
Board
Considerations Regarding Approval of Continuation of Investment Management
Agreement
The
Board of Trustees of First Trust Exchange-Traded Fund VI (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 following six series of the Trust (each a
“Fund” and collectively, the “Funds”):
Large
Cap US Equity Select ETF (RNLC)
Mid
Cap US Equity Select ETF (RNMC)
Small
Cap US Equity Select ETF (RNSC)
US
Equity Dividend Select ETF (RNDV)
Developed
International Equity Select ETF (RNDM)
Emerging
Markets Equity Select ETF (RNEM)
The
Board approved the continuation of the Agreement for each Fund for a one-year
period ending June 30, 2022 at a meeting held on June 6–7, 2021. The Board
determined for each Fund that the continuation of the Agreement is in the best
interests of the Fund in light of the nature, extent and quality of the services
provided and such other matters as the Board considered to be relevant in the
exercise of its business judgment.
To
reach this determination for each Fund, the Board considered its duties under
the Investment Company Act of 1940, as amended (the “1940 Act”), as well as
under the general principles of state law, in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. At meetings held on April 26, 2021 and June 6–7, 2021, the
Board, including the Independent Trustees, reviewed materials provided by the
Advisor responding to requests for information from counsel to the Independent
Trustees, submitted on behalf of the Independent Trustees, that, among other
things, outlined: the services provided by the Advisor to each Fund (including
the relevant personnel responsible for these services and their experience); the
unitary fee rate payable by each Fund as compared to fees charged to a peer
group of funds (the “Expense Group”) and a broad peer universe of funds (the
“Expense Universe”), each assembled by Broadridge Financial Solutions, Inc.
(“Broadridge”), an independent source, and as compared to fees charged to other
clients of the Advisor, including other exchange-traded funds (“ETFs”) managed
by the Advisor; the expense ratio of each Fund as compared to expense ratios of
the funds in the Fund’s Expense Group and Expense Universe; performance
information for each Fund, including comparisons of each Fund’s performance to
that of one or more relevant benchmark indexes and to that of a performance
group of funds and a broad performance universe of funds (the “Performance
Universe”), each assembled by Broadridge; the nature of expenses incurred in
providing services to each Fund and the potential for the Advisor to realize
economies of scale, if any; profitability and other financial data for the
Advisor; any fall-out 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 26, 2021, 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 6–7, 2021 meeting, as well as at the June meeting. The
Board applied its business judgment to determine whether the arrangement between
the Trust and the Advisor continues to be a reasonable business arrangement from
each Fund’s perspective. The Board determined that, given the totality of the
information provided with respect to the Agreement, the Board had received
sufficient information to renew the Agreement. The Board considered that
shareholders chose to invest or remain invested in a Fund knowing that the
Advisor manages the Fund and knowing the Fund’s unitary fee.
Additional
Information (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
In
reviewing the Agreement for each Fund, the Board considered the nature, extent
and quality of the services provided by the Advisor under the Agreement. The
Board considered that the Advisor is responsible for the overall management and
administration of the Trust and each Fund and reviewed all of the services
provided by the Advisor to the Funds, as well as the background and experience
of the persons responsible for such services. In reviewing the services
provided, the Board noted the compliance program that had been developed by the
Advisor and considered that it includes a robust program for monitoring the
Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s
compliance with its investment objective, policies and restrictions. The Board
also considered a report from the Advisor with respect to its risk management
functions related to the operation of the Funds. Finally, as part of the Board’s
consideration of the Advisor’s services, the Advisor, in its written materials
and at the April 26, 2021 meeting, described to the Board the scope of its
ongoing investment in additional personnel and infrastructure to maintain and
improve the quality of services provided to the Funds and the other funds in the
First Trust Fund Complex. In light of the information presented and the
considerations made, the Board concluded that the nature, extent and quality of
the services provided to the Trust and each Fund by the Advisor under the
Agreement have been and are expected to remain satisfactory and that the Advisor
has managed each Fund consistent with its investment objective, policies and
restrictions.
The
Board considered the unitary fee rate payable by each Fund under the Agreement
for the services provided. The Board considered that as part of the unitary fee
the Advisor is responsible for each Fund’s expenses, including the cost of
transfer agency, custody, fund administration, legal, audit and other services
and license fees, if any, but excluding the fee payment under the Agreement and
interest, taxes, brokerage commissions and other expenses connected with the
execution of portfolio transactions, distribution and service fees pursuant to a
Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received
and reviewed information showing the advisory or unitary fee rates and expense
ratios of the peer funds in the Expense Groups, as well as advisory and unitary
fee rates charged by the Advisor to other fund (including ETFs) and non-fund
clients, as applicable. Because each Fund pays a unitary fee, the Board
determined that expense ratios were the most relevant comparative data point.
Based on the information provided, the Board noted that the unitary fee rate for
each Fund was above the median total (net) expense ratio of the peer funds in
its respective Expense Group. With respect to the Expense Groups, the Board, at
the April 26, 2021 meeting, discussed with the Advisor limitations in creating
peer groups for index ETFs, including differences in underlying indexes and
index-tracking methodologies that can result in greater management complexities
across seemingly comparable ETFs and different business models that may affect
the pricing of services among ETF sponsors. The Board took these limitations and
differences into account in considering the peer data. With respect to fees
charged to other non-ETF clients, the Board considered differences between the
Funds and other non-ETF clients that limited their comparability. In considering
the unitary fee rates overall, the Board also considered the Advisor’s statement
that it seeks to meet investor needs through innovative and value-added
investment solutions and the Advisor’s demonstrated long-term commitment to each
Fund and the other funds in the First Trust Fund Complex.
The
Board considered performance information for each Fund. The Board noted the
process it has established for monitoring each Fund’s performance and portfolio
risk on an ongoing basis, which includes quarterly performance reporting from
the Advisor for the Funds. The Board determined that this process continues to
be effective for reviewing each Fund’s performance. The Board received and
reviewed information for periods ended December 31, 2020 regarding the
performance of each Fund’s underlying index, the correlation between each Fund’s
performance and that of its underlying index, each Fund’s tracking difference
and each Fund’s excess return as compared to its benchmark index. Based on the
information provided and its ongoing review of performance, the Board concluded
that each Fund was correlated to its underlying index and that the tracking
difference for each Fund was within a reasonable range. In addition, the Board
reviewed data prepared by Broadridge comparing each Fund’s performance to that
of its respective Performance Universe and to that of a broad-based benchmark
index, but given each Fund’s objective of seeking investment results that
correspond generally to the performance of its underlying index, the Board
placed more emphasis on its review of correlation and tracking difference.
On
the basis of all the information provided on the unitary fee and performance of
each Fund and the ongoing oversight by the Board, the Board concluded that the
unitary fee for each Fund continues to be reasonable and appropriate in light of
the nature, extent and quality of the services provided by the Advisor to each
Fund under the Agreement.
The
Board considered information and discussed with the Advisor whether there were
any economies of scale in connection with providing advisory services to the
Funds and noted the Advisor’s statement that it believes its expenses will
likely increase during the next twelve months as the Advisor continues to hire
personnel and build infrastructure, including technology, to improve the
services to the Funds. The Board noted that any reduction in fixed costs
associated with the management of the Funds would benefit the Advisor, but that
the unitary fee structure provides a level of certainty in expenses for the
Funds. The Board considered the revenues and allocated costs (including the
allocation methodology) of the Advisor in serving as investment advisor to each
Fund for the twelve months ended December 31, 2020 and the estimated
profitability level for each Fund calculated by the Advisor based on such data,
as well as complex-wide and product-line profitability data, for the same
period. The Board noted the inherent limitations in the profitability analysis
and concluded that, based on the information provided, the Advisor’s
profitability level for each Fund was not unreasonable. In addition, the Board
considered fall-out benefits described by the Advisor that may be realized from
its relationship
Additional
Information (Continued)
First
Trust Exchange-Traded Fund VI
September
30, 2021 (Unaudited)
with
the Funds. The Board considered that the Advisor had identified as a fall-out
benefit to the Advisor and FTP their exposure to investors and brokers who,
absent their exposure to the Funds, may have had no dealings with the Advisor or
FTP, and noted that the Advisor does not utilize soft dollars in connection with
the Funds. The Board also considered the Advisor’s compensation for fund
reporting services provided to each Fund pursuant to a separate Fund Reporting
Services Agreement, which is paid from the unitary fee. The Board concluded that
the character and amount of potential fall-out benefits to the Advisor were not
unreasonable.
Based
on all of the information considered and the conclusions reached, the Board,
including the Independent Trustees, unanimously determined that the terms of the
Agreement continue to be fair and reasonable and that the continuation of the
Agreement is in the best interests of each Fund. No single factor was
determinative in the Board’s analysis.
Liquidity
Risk Management Program
In
accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended
(the “1940 Act”), the Funds and each other fund in the First Trust Fund Complex,
other than the closed-end funds, have adopted and implemented a liquidity risk
management program (the “Program”) reasonably designed to assess and manage the
funds’ liquidity risk, i.e., the risk that a fund could not meet requests to
redeem shares issued by the fund without significant dilution of remaining
investors’ interests in the fund. The Board of Trustees of the First Trust Funds
has appointed First Trust Advisors, L.P. (the “Advisor”) as the person
designated to administer the Program, and in this capacity the Advisor performs
its duties primarily through the activities and efforts of the First Trust
Liquidity Committee (the “Liquidity Committee”).
Pursuant
to the Program, the Liquidity Committee classifies the liquidity of each fund’s
portfolio investments into one of the four liquidity categories specified by
Rule 22e-4: highly liquid investments, moderately liquid investments, less
liquid investments and illiquid investments. The Liquidity Committee determines
certain of the inputs for this classification process, including reasonably
anticipated trade sizes and significant investor dilution thresholds. The
Liquidity Committee also determines and periodically reviews a highly liquid
investment minimum for certain funds, monitors the funds’ holdings of assets
classified as illiquid investments to seek to ensure they do not exceed 15% of a
fund’s net assets and establishes policies and procedures regarding redemptions
in kind.
At
the April 26, 2021 meeting of the Board of Trustees, as required by Rule 22e-4
and the Program, the Advisor provided the Board with a written report prepared
by the Advisor that addressed the operation of the Program during the period
from March 20, 2020 through the Liquidity Committee’s annual meeting held on
March 16, 2021 and assessed the Program’s adequacy and effectiveness of
implementation during this period, including the operation of the highly liquid
investment minimum for each fund that is required under the Program to have one,
and any material changes to the Program. Note that because the Funds primarily
hold assets that are highly liquid investments, the Funds have not adopted any
highly liquid investment minimums.
As
stated in the written report, during the review period, no fund breached the 15%
limitation on illiquid investments, no fund with a highly liquid investment
minimum breached that minimum and no fund filed a Form N-LIQUID. The Advisor
concluded that each fund’s investment strategy is appropriate for an open-end
fund; that the Program operated effectively in all material respects during the
review period; and that the Program is reasonably designed to assess and manage
the liquidity risk of each fund and to maintain compliance with Rule
22e-4.
Board
of Trustees
Effective
November 1, 2021, Denise M. Keefe was appointed as a Trustee of the Trust. Ms.
Keefe is Executive Vice President of Advocate Aurora Health and President of
Advocate Aurora Continuing Health Division (together, “Advocate”), one of the
largest integrated healthcare systems in the U.S. serving Illinois and
Wisconsin. Ms. Keefe has been employed by Advocate since 1993 and is responsible
for the Continuing Health Division’s strategic direction, fiscal management,
business development, revenue enhancement, operational efficiencies, and human
resource management of 4,000 employees. Ms. Keefe also currently serves on the
boards of several organizations within the Advocate Aurora Continuing Health
Division and other health care organizations, including RML Long Term Acute Care
Hospitals (since 2014) and Senior Helpers (since 2021). Prior thereto, Ms. Keefe
was Corporate Vice President, Marketing and Business Development for the
Visiting Nurse Association of Chicago (1989 – 1992) and a former Board Member of
Sherman West Court Skilled Nursing Facility.
First
Trust Exchange-Traded Fund VI
INVESTMENT
ADVISOR
First
Trust Advisors L.P.
120
East Liberty Drive, Suite 400
Wheaton,
IL 60187
ADMINISTRATOR,
CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown
Brothers Harriman & Co.
50
Post Office Square
Boston,
MA 02110
INDEPENDENT
REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte
& Touche LLP
111
S. Wacker Drive
Chicago,
IL 60606
LEGAL
COUNSEL
Chapman
and Cutler LLP
111
W. Monroe Street
Chicago,
IL 60603
First
Trust Exchange Traded Fund VI
S-Network
Streaming & Gaming ETF
Statement
of Assets and Liabilities
September
30, 2021
ASSETS: |
|
|
|
|
Cash |
|
$ |
50 |
|
Total
Assets |
|
$ |
50 |
|
NET
ASSETS consist of: |
|
|
|
|
Paid-in
capital |
|
$ |
50 |
|
NET
ASSETS |
|
$ |
50 |
|
Number
of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share) |
|
|
2 |
|
|
|
|
|
|
NET ASSET VALUE,
per share |
|
$ |
25.00 |
|
The
accompanying notes are an integral part of the Statement of Assets and
Liabilities.
Note
1: Organization
First
Trust S-Network Streaming & Gaming ETF (the “Fund”), which is registered
under the Investment Company Act of 1940, as amended (the “1940 Act”), is a
series of the First Trust Exchange-Traded Fund VI, a registered open-end
investment company that was organized as a Massachusetts business trust on June
4, 2012. The Fund has had no operations through September 30, 2021 other than
matters relating to organization and registration and the sale of its shares to
First Trust Portfolios L.P., the sole shareholder of the Fund.
The
investment objective of the Fund is to seek investment results that correspond
generally to the price and yield (before the Fund’s fees and expenses) of an
index called the S-Network Global Streaming & Gaming Index (the “Index”).
Once the Fund commences investment operations, the Fund will normally invest at
least 80% of its net assets (including investment borrowings) in the common
stocks and depositary receipts that comprise the Index.
Note
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 Statement of Assets and Liabilities. Actual results could differ from
these estimates.
The
Fund intends to qualify as a regulated investment company by complying with the
requirements of 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 98% of the Fund’s taxable income exceeds the distributions from such
taxable income for the calendar year.
Note
3: Investment Advisory Fee, Affiliated Transactions and Other Fee
Arrangements
First
Trust Advisors L.P. (“First Trust”), the Fund’s Advisor, 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.
Once
the Fund commences investment operations, First Trust will be paid an annual
unitary management fee of 0.70% of the Fund’s average daily net assets. First
Trust is responsible for the expenses of the Fund including the cost of transfer
agency, custody, fund administration, licensing fees, legal, audit, and other
services, but excluding fee payments under the Investment Management Agreement,
interest, taxes, brokerage commissions and other expenses associated with the
execution of portfolio transactions, distribution and service fees pursuant to a
Rule 12b-1 plan, if any, acquired fund fees and expenses, and extraordinary
expenses, which are paid by the Fund. First Trust also provides fund reporting
services to the Fund for a flat annual fee in the amount of $9,250, which is
covered under the annual unitary management fee.
The
Trust has multiple service agreements with Brown Brothers Harriman & Co.
(“BBH”). Under the service agreements, BBH performs custodial, fund accounting,
certain administrative services, and transfer agency services for the Fund. As
custodian, BBH is responsible for custody of the Fund’s assets. As fund
accountant and administrator, BBH is responsible for maintaining the books and
records of the Fund’s securities and cash. As transfer agent, BBH is responsible
for maintaining shareholder records for the Fund.
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
defined-outcome fund or an index fund.
Additionally,
the Lead Independent Trustee and the Chairmen 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 Chairmen rotate every three
years. The officers and “Interested” Trustee receive no compensation from the
Trust for acting in such capacities.
Note
4: Capital
Subsequent
to the Fund’s commencement of investment operations, the Fund will issue and
redeem shares in primary market transactions through a creation and redemption
mechanism. The Fund will not sell or redeem individual shares. Instead,
financial entities known as “Authorized Participants” have contractual
arrangements with the Fund or one of the Fund’s service providers to purchase
and redeem Fund shares directly with the Fund in large blocks of shares known as
“Creation Units.” Prior to the start of trading on every business day, the Fund
publishes through the National Securities Clearing Corporation (“NSCC”) the
“basket” of securities, cash or other assets that it will accept in exchange for
a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to
effectuate a creation of the Fund’s shares deposits with the Fund the “basket”
of securities, cash or other assets identified by the Fund that day, and then
receives the Creation Unit of the Fund’s shares in return for those assets.
After purchasing a Creation Unit, the Authorized Participant may continue to
hold the Fund’s shares or sell them in the secondary market. The redemption
process is the reverse of the purchase process: the Authorized Participant
redeems a Creation Unit of the Fund’s shares for a basket of securities, cash or
other assets. The combination of the creation and redemption process with
secondary market trading in the Fund’s shares and underlying securities provides
arbitrage opportunities that are designed to help keep the market price of the
Fund’s shares at or close to the NAV per share of the Fund.
The
Fund will impose 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 will impose fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of a Fund times the number
of shares in a Creation Unit, minus the fees described above and, if applicable,
any operational processing and brokerage costs, transfer fees, stamp taxes and
part or all of the spread between the expected bid and offer side of the market
related to the securities comprising the redemption basket. Investors who use
the services of a broker or other such intermediary in addition to an Authorized
Participant to effect a redemption of a Creation Unit may also be assessed an
amount to cover the cost of such services. The redemption fee charged by 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.
First
Trust Exchange Traded Fund VI
S-Network
Healthcare Technology ETF
Statement
of Assets and Liabilities
September
30, 2021
ASSETS: |
|
|
|
|
Cash |
|
$ |
50 |
|
Total
Assets |
|
$ |
50 |
|
NET
ASSETS consist of: |
|
|
|
|
Paid-in
capital |
|
$ |
50 |
|
NET
ASSETS |
|
$ |
50 |
|
Number
of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share) |
|
|
2 |
|
|
|
|
|
|
NET ASSET VALUE,
per share |
|
$ |
25.00 |
|
The
accompanying notes are an integral part of the Statement of Assets and
Liabilities.
Note
1: Organization
First
Trust S-Network Healthcare Technology ETF (the “Fund”), which is registered
under the Investment Company Act of 1940, as amended (the “1940 Act”), is a
series of the First Trust Exchange-Traded Fund VI, a registered open-end
investment company that was organized as a Massachusetts business trust on June
4, 2012. The Fund has had no operations through September 30, 2021 other than
matters relating to organization and registration and the sale of its shares to
First Trust Portfolios L.P., the sole shareholder of the Fund.
The
investment objective of the Fund is to seek investment results that correspond
generally to the price and yield (before the Fund’s fees and expenses) of an
index called the S-Network Healthcare Technology Index (the “Index”). Once the
Fund commences investment operations, the Fund will normally invest at least 80%
of its net assets (including investment borrowings) in the common stocks and
depositary receipts that comprise the Index.
Note
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 Statement of Assets and Liabilities. Actual results could differ from
these estimates.
The
Fund intends to qualify as a regulated investment company by complying with the
requirements of 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 98% of the Fund’s taxable income exceeds the distributions from such
taxable income for the calendar year.
Note
3: Investment Advisory Fee, Affiliated Transactions and Other Fee
Arrangements
First
Trust Advisors L.P. (“First Trust”), the Fund’s Advisor, 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.
Once
the Fund commences investment operations, First Trust will be paid an annual
unitary management fee of 0.65% of the Fund’s average daily net assets. First
Trust is responsible for the expenses of the Fund including the cost of transfer
agency, custody, fund administration, licensing fees, legal, audit, and other
services, but excluding fee payments under the Investment Management Agreement,
interest, taxes, brokerage commissions and other expenses associated with the
execution of portfolio transactions, distribution and service fees pursuant to a
Rule 12b-1 plan, if any, acquired fund fees and expenses, and extraordinary
expenses, which are paid by the Fund. First Trust also provides fund reporting
services to the Fund for a flat annual fee in the amount of $9,250, which is
covered under the annual unitary management fee.
The
Trust has multiple service agreements with Brown Brothers Harriman & Co.
(“BBH”). Under the service agreements, BBH performs custodial, fund accounting,
certain administrative services, and transfer agency services for the Fund. As
custodian, BBH is responsible for custody of the Fund’s assets. As fund
accountant and administrator, BBH is responsible for maintaining the books and
records of the Fund’s securities and cash. As transfer agent, BBH is responsible
for maintaining shareholder records for the Fund.
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
defined-outcome fund or an index fund.
Additionally,
the Lead Independent Trustee and the Chairmen 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 Chairmen rotate every three
years. The officers and “Interested” Trustee receive no compensation from the
Trust for acting in such capacities.
Note
4: Capital
Subsequent
to the Fund’s commencement of investment operations, the Fund will issue and
redeem shares in primary market transactions through a creation and redemption
mechanism. The Fund will not sell or redeem individual shares. Instead,
financial entities known as “Authorized Participants” have contractual
arrangements with the Fund or one of the Fund’s service providers to purchase
and redeem Fund shares directly with the Fund in large blocks of shares known as
“Creation Units.” Prior to the start of trading on every business day, the Fund
publishes through the National Securities Clearing Corporation (“NSCC”) the
“basket” of securities, cash or other assets that it will accept in exchange for
a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to
effectuate a creation of the Fund’s shares deposits with the Fund the “basket”
of securities, cash or other assets identified by the Fund that day, and then
receives the Creation Unit of the Fund’s shares in return for those assets.
After purchasing a Creation Unit, the Authorized Participant may continue to
hold the Fund’s shares or sell them in the secondary market. The redemption
process is the reverse of the purchase process: the Authorized Participant
redeems a Creation Unit of the Fund’s shares for a basket of securities, cash or
other assets. The combination of the creation and redemption process with
secondary market trading in the Fund’s shares and underlying securities provides
arbitrage opportunities that are designed to help keep the market price of the
Fund’s shares at or close to the NAV per share of the Fund.
The
Fund will impose 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 will impose fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of a Fund times the number
of shares in a Creation Unit, minus the fees described above and, if applicable,
any operational processing and brokerage costs, transfer fees, stamp taxes and
part or all of the spread between the expected bid and offer side of the market
related to the securities comprising the redemption basket. Investors who use
the services of a broker or other such intermediary in addition to an Authorized
Participant to effect a redemption of a Creation Unit may also be assessed an
amount to cover the cost of such services. The redemption fee charged by 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.