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)

Annual Report
For the Year Ended
March 31, 2022

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2022

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Fund Performance Overview

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Portfolio of Investments

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Table of Contents
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.
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Table of Contents
Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
March 31, 2022
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended March 31, 2022.
How are investors expected to make sense of the markets in a climate like the one we are in today? For what it is worth, the famous adage that “perception is reality” is a complete misnomer, in my opinion. Perception is a perspective of reality. Reality is the truth. When it comes to investing one’s capital, it can be difficult to ascertain the truth, especially in the age of the internet and the 24/7 news cycle. There is so much information pumped out daily pertaining to the securities markets that it can be counterproductive if you consume too much of it, particularly if you do not have a discerning eye. To be frank, a lot of financial information adds up to nothing more than noise, or is an extension of someone’s agenda, and we at First Trust encourage investors to ignore it as best they can. That is why we believe that investors should lean on those market principles that are tried and true. That is how you make sense of the markets, in my opinion.
There is essentially nothing major transpiring around the globe today that we have not encountered to some degree before, including war. Even the coronavirus (“COVID-19”) pandemic, which arrived in the U.S. in the first quarter of 2020, was somewhat matched in scope by the 1918 flu (Spanish flu) pandemic. Approximately 987,000 lives have been lost so far in the U.S. from the COVID-19 pandemic, compared to 675,000 spanning the 1918 flu pandemic, according to data from the Centers for Disease Control and Prevention. While we have had more deaths from the COVID-19 virus, the speed in which no fewer than three effective vaccines were brought to bear to combat this virus was astounding. U.S. ingenuity is what keeps this country ascending, in my opinion. I believe it to be one of the main reasons why the investment philosophy “time in the market” has been such a tried and true principle of the wealth building process. Endure the ups and downs of the stock market and you can persevere over time. In the short-run, it is anybody’s guess, and guessing should not play any role in developing a financial plan. History is on your side. Keep in mind, the S&P 500® Index has never failed to fully recover any losses sustained in a downturn and it stood at its all-time closing high on January 3, 2022. 
The stock and bond markets have been more volatile of late and may stay that way, at least over the near-term. Based on some thorough guidance from the Federal Reserve (the “Fed”) with respect to its bias towards raising short-term interest rates more aggressively than once thought to fight inflation, there is a good chance that the days of artificially low interest rates are finally coming to an end. Bond yields have spiked recently to reflect the surge in inflation, which stood at 8.5% on a trailing 12-month basis in March 2022, and the anticipated rate hikes from the Fed. In other words, interest rates and bond yields are in the process of normalizing. What is normal? Well, the Federal Funds target rate (upper bound), which stood at 0.50% at the close on April 21, 2022, averaged 2.48% for the 30-year period ended April 21, 2022, according to Bloomberg. It reached as high as 6.50% in 2000. The yield on the 10-Year Treasury Note (“T-Note”), which stood at 2.91% at the close on April 21, 2022, averaged 3.98% over that same 30-year period. The 10-Year T-Note reached as high as 8.03% in 1994. All eyes will likely be on the Fed for the remainder of this year. The economy is still growing, albeit at a slower clip, and it looks like more Americans are heading back to work. Keep an eye on interest rates, bond yields and inflation in the months ahead. We would prefer slow and steady as they rise as opposed to sharp moves higher. As always, 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.
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Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2022
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 latest global growth forecast from the International Monetary Fund (“IMF”) released in April 2022 sees real gross domestic product growth rising by 3.6% worldwide in 2022, down from its 4.4% projection in January 2022. The IMF is calling for a 3.7% growth rate for the U.S., down from its January estimate of 4.0%. Emerging Market and Developing Economies are expected to grow by 3.8% this year, down markedly from the IMF’s 4.8% estimate in January. While global growth is expected to slow some in 2022, there does not appear to be a significant threat of recession in the near-term. The IMF notes that the reduction in its economic growth targets is largely a byproduct of Russia’s decision to invade Ukraine back on February 24, 2022. 
Robust inflation and the war between Russia and Ukraine have been the dominant stories of late, in our opinion. Inflation, as measured by the Consumer Price Index, stood at 8.5% on a trailing 12-month basis at the end of March 2022, according to the U.S. Bureau of Labor Statistics. The last time inflation in the U.S. was this high was in 1982. Consumer prices are up significantly across the board, including groceries, gasoline, automobiles, homes, and apartment rents. It has been reported that the war between Russia and Ukraine could lead to global food shortages. It has already helped drive energy prices higher. These two events are worth monitoring closely. If one or both end up being protracted, then we would anticipate higher levels of volatility in the markets moving forward. Perhaps the biggest beneficiary of the spike in inflation is commodity prices, which surged 27.03% in the first quarter of 2022, as measured by the Refinitiv/CC CRB Excess Return Index. 
Performance of Global Stocks and Bonds
The major U.S. stock indices delivered mixed results over the past 12 months. The S&P 500®, S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of 15.65%, 4.59% and 1.23%, respectively, for the 12-month period ended March 31, 2022. Due to the ongoing economic headwinds stemming from the coronavirus pandemic, rising inflation, and, more recently, the war between Russia and Ukraine, large-capitalization (“cap”) stocks outperformed their mid- and small-cap counterparts over the period, an indication that investors were somewhat concerned about the level of risk they were willing to assume, in our opinion. Ten of the 11 major sectors that comprise the S&P 500® Index (the “Index”) were up on a total return basis for the period. The top performer was the Energy sector, up 64.30%, while the worst showing came from Communication Services, down 0.93%.
A Bloomberg survey of 24 equity strategists found that their average 2022 year-end price target for the Index was 4,868 as of April 2022, according to its own release. The highest and lowest estimates were 5,330 and 4,400, respectively. Brian Wesbury, Chief Economist at First Trust, announced in May 2022 that he is looking for a year-end price target of 4,900, a downward revision from his 5,250 projection at the close of 2021. The Index closed trading on March 31, 2022, at 4,530.41. The outlook for corporate earnings remains optimistic. Bloomberg’s consensus year-over-year earnings growth rate estimates for the Index for 2022 and 2023 were 10.25% and 9.44%, respectively, as of April 1, 2022.
The broader foreign stock indices lagged the performance of the major U.S. stock indices. Over the past 12 months, the MSCI World ex USA and MSCI Emerging Markets equity indices posted total returns of 3.04% (USD) and -11.37% (USD), respectively, according to Bloomberg. The major foreign bond indices were down over the same period. The Bloomberg Global Aggregate Index of higher quality debt posted a total return of -6.40% (USD), while the Bloomberg EM Hard Currency Aggregate Index of emerging markets debt declined by 8.80% (USD), according to Bloomberg. The U.S. dollar rose by 5.45% over the past 12 months against a basket of major currencies, as measured by the U.S. Dollar Index (DXY). The sizable jump in the dollar provided a drag on the performance of both foreign stock and bond indices, in our opinion.
In the U.S. bond market, the results were also disappointing. The top-performing major debt group we track was speculative-grade corporate bonds. The Bloomberg U.S. Corporate High Yield Index posted a total return of -0.66% for the 12-month period ended March 31, 2022. The worst-performing U.S. debt group that we track was long-term municipal bonds. The Bloomberg Municipal Bond: Long Bond (22+ years) posted a total return of -5.30%. The yield on the benchmark 10-Year Treasury Note (“T-Note”) rose by 60 basis points in the period to close at 2.34% on March 31, 2022, according to Bloomberg. For comparative purposes, the average yield on the 10-Year T-Note was 2.03% for the 10-year period ended March 31, 2022. 
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Table of Contents
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
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 0.82% 3.22% 16.33%
Market Price 0.32% 3.20% 16.22%
Index Performance      
Nasdaq Riskalyze Developed Markets Index 2.65% 4.65% 24.25%
NASDAQ Developed Markets Ex-US Large Mid Cap Index 2.60% 6.78% 36.82%
MSCI World ex USA Index 3.04% 6.27% 33.70%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a net asset value (“NAV”) return of 0.82% during the period covered by this report. During the same period, the NASDAQ Developed Markets Ex-US Large Mid Cap Index (the “Benchmark”) generated a return of 2.60%. Investments in Japan received the greatest allocation of any country in the Fund during the period covered by this report. Japanese securities carried an average weight of 16.0% but contributed only 0.3% to the Fund’s overall return. The most significant contribution to the Fund’s return came from investments in Canada, which contributed 1.4%. The most negative contribution to the Fund’s return came from investments in Germany, which contributed -1.5%. The total currency effect to the Fund over the period covered by this report was 0.2%. On a relative basis, the Fund underperformed the Benchmark. The greatest source of underperformance came from investments in Germany, which caused -0.7% of underperformance for the Fund versus the Benchmark. Meanwhile, the greatest source of relative outperformance came from Japanese stocks, which earned 1.9% of outperformance for the Fund.

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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Developed International Equity Select ETF (RNDM) (Continued)
Sector Allocation % of Total
Investments
Financials 22.5%
Industrials 20.5
Health Care 12.4
Consumer Staples 10.7
Information Technology 7.1
Communication Services 6.8
Consumer Discretionary 6.1
Materials 5.4
Utilities 4.4
Real Estate 3.2
Energy 0.9
Total 100.0%
Top Ten Holdings % of Total
Investments
Mitsubishi Corp. 2.7%
ITOCHU Corp. 2.6
Takeda Pharmaceutical Co., Ltd. 2.3
Secom Co., Ltd. 2.2
Roche Holding AG 2.1
RELX PLC 2.0
Novartis AG 2.0
Croda International PLC 1.4
Open Text Corp. 1.3
Sompo Holdings, Inc. 1.3
Total 19.9%

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.
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Table of Contents
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, depositary 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
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 1.91% 2.60% 13.03%
Market Price 1.08% 2.61% 13.10%
Index Performance      
Nasdaq Riskalyze Emerging Markets Index 4.48% 4.65% 24.28%
NASDAQ Emerging Markets Large Mid Cap Index -7.26% 5.76% 30.68%
MSCI Emerging Markets Index -11.37% 5.03% 26.40%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of 1.91% during the period covered by this report. During the same period, the NASDAQ Emerging Markets Large Mid Cap Index (the “Benchmark”) generated a return of  -7.26%. Taiwan securities received the greatest allocation of any country in the Fund during the period covered by this report. These investments carried an average weight of 22.9% and contributed 4.5% to the Fund’s return, the greatest of any country in the Fund. Investments in the Cayman Islands were the largest negatively contributing country with a contribution of -3.1% to the Fund’s return. The total currency effect to the Fund over the period covered by this report was 0.4%. On a relative basis, the Fund outperformed the Benchmark. The greatest source of outperformance came from Cayman Islands securities, which caused 8.3% of outperformance for the Fund versus the Benchmark. The greatest source of relative underperformance was South Africa which earned -0.4% of underperformance for the Fund.

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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Emerging Markets Equity Select ETF (RNEM) (Continued)
Sector Allocation % of Total
Investments
Financials 26.1%
Information Technology 22.3
Materials 16.3
Consumer Staples 10.2
Communication Services 5.1
Energy 4.9
Consumer Discretionary 4.7
Health Care 3.3
Industrials 3.0
Utilities 2.7
Real Estate 1.4
Total 100.0%
Top Ten Holdings % of Total
Investments
Synnex Technology International Corp. 4.2%
WPG Holdings Ltd. 3.3
Wistron Corp. 3.1
Pegatron Corp. 3.1
Infosys Ltd. 3.0
Reliance Industries Ltd. 3.0
Inventec Corp. 2.8
Tata Consultancy Services Ltd. 2.7
Kumba Iron Ore Ltd. 1.7
Formosa Chemicals & Fibre Corp. 1.6
Total 28.5%

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.
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Table of Contents
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 IndexTM (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
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 11.62% 13.19% 80.76%
Market Price 11.54% 13.20% 80.86%
Index Performance      
Nasdaq Riskalyze US Large Cap Index 12.31% 13.90% 86.24%
Nasdaq US 500 Large Cap IndexTM 13.81% 15.95% 102.82%
S&P 500® Index 15.65% 15.92% 102.59%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of 11.62% during the period covered by this report. During the same period, the Nasdaq US 500 Large Cap IndexTM (the “Benchmark”) generated a return of 13.81%. The Information Technology sector received the greatest allocation and also contributed the most to the Fund’s overall return during the period covered by this report. This sector carried an average weight of 30.6% and contributed 3.7% to the Fund’s return. During the period, the Consumer Discretionary sector had the most negative contribution to the Fund’s return with a contribution to return of -0.2%. On a relative basis, the Fund underperformed the Benchmark. The most significant source of underperformance came from the heavily weighted Information Technology sector. Investments in this sector caused -1.7% of underperformance for the Fund versus the Benchmark. Meanwhile, investments in the Consumer Services sector caused 1.4% of outperformance for the Fund versus the Benchmark.

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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Large Cap US Equity Select ETF (RNLC) (Continued)
Sector Allocation % of Total
Investments
Information Technology 30.6%
Health Care 13.9
Industrials 11.6
Financials 10.6
Consumer Discretionary 10.3
Consumer Staples 6.1
Communication Services 4.9
Energy 4.0
Real Estate 2.9
Utilities 2.7
Materials 2.4
Total 100.0%
Top Ten Holdings % of Total
Investments
Leidos Holdings, Inc. 1.1%
Hewlett Packard Enterprise Co. 1.0
NortonLifeLock, Inc. 0.9
Cognizant Technology Solutions Corp., Class A 0.9
Corning, Inc. 0.9
Monolithic Power Systems, Inc. 0.9
Apple, Inc. 0.9
Texas Instruments, Inc. 0.9
International Business Machines Corp. 0.9
HP, Inc. 0.9
Total 9.3%

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.
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Table of Contents
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 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 mid cap US companies, as determined by Nasdaq, Inc.
Performance
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 7.26% 10.24% 59.32%
Market Price 7.15% 10.23% 59.25%
Index Performance      
Nasdaq Riskalyze US Mid Cap Index 7.97% 10.92% 64.10%
Nasdaq US 600 Mid Cap IndexTM 0.49% 11.87% 70.88%
S&P MidCap 400® Index 4.59% 11.22% 66.22%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of 7.26% during the period covered by this report. During the same period, the Nasdaq US 600 Mid Cap IndexTM (the “Benchmark”) generated a return of 0.49%. Multiple sectors received nearly the same allocation in the Fund during the period covered by this report. The greatest allocation was to the Industrials sector, which had an average weight of 16.1%, but the Financials sector was a close second with 15.4%, while the Consumer Discretionary sector was also substantially weighted during the period with an average weight in the Fund of 14.4%. The greatest contribution to the Fund’s return came from the investments in the Energy sector. These investments contributed 2.4% to the Fund’s return. The Consumer Discretionary sector provided the largest negative contribution to the Fund’s return with a contribution to return of -1.1%. On a relative basis, the Fund outperformed the Benchmark. The greatest source of outperformance came from investments in the Health Care sector. This allocation caused 3.1% of outperformance for the Fund versus the Benchmark. The Materials sector caused the most relative underperformance for the Fund, but its contribution to the Fund’s underperformance was less than -0.1%.

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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Mid Cap US Equity Select ETF (RNMC) (Continued)
Sector Allocation % of Total
Investments
Industrials 16.1%
Financials 15.6
Consumer Discretionary 13.3
Information Technology 11.9
Health Care 11.4
Real Estate 8.6
Materials 8.1
Energy 5.1
Consumer Staples 3.6
Utilities 3.3
Communication Services 3.0
Total 100.0%
Top Ten Holdings % of Total
Investments
Organon & Co. 1.4%
Universal Health Services, Inc., Class B 1.4
Encompass Health Corp. 1.3
Ensign Group (The), Inc. 1.3
Perrigo Co. PLC 1.2
Chemed Corp. 1.2
Premier, Inc., Class A 1.1
Select Medical Holdings Corp. 1.0
Bruker Corp. 0.9
CDK Global, Inc. 0.9
Total 11.7%

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.
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Table of Contents
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
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 4.39% 10.20% 59.03%
Market Price 4.20% 10.22% 59.18%
Index Performance      
Nasdaq Riskalyze US Small Cap Index 5.02% 10.94% 64.22%
Nasdaq US 700 Small Cap IndexTM -3.22% 11.84% 70.72%
S&P SmallCap 600® Index 1.23% 11.30% 66.76%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of 4.39% during the period covered by this report. During the same period, the Nasdaq US 700 Small Cap IndexTM (the “Benchmark”) generated a return of -3.22%. The allocation to the Industrials sector during the period covered by this report was 18.7%, greater than that of any other sector in the Fund, while the Fund’s allocation to the Financials sector was a close second with 18.1%. The greatest contributor to the Fund’s return was the Energy sector. Investments in this sector carried an average weight of 4.34% and contributed 2.2% to the Fund’s return. The sector accounting for the largest drag on the Fund’s return was the Consumer Discretionary sector. Investments in this sector contributed -1.4% of return for the Fund. On a relative basis, the Fund outperformed the Benchmark. The greatest source of outperformance for the Fund versus the Benchmark came from investments in the Health Care sector, which earned 4.3% of outperformance. Meanwhile, the greatest source of underperformance came from the most heavily weighted Industrials sector which caused -0.2% of underperformance for the Fund versus the Benchmark, mostly due to selections effect.

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.
Page 12

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Small Cap US Equity Select ETF (RNSC) (Continued)
Sector Allocation % of Total
Investments
Industrials 17.3%
Financials 17.1
Information Technology 12.9
Health Care 11.2
Consumer Discretionary 10.9
Real Estate 8.1
Energy 6.4
Utilities 4.2
Consumer Staples 4.0
Materials 4.0
Communication Services 3.9
Total 100.0%
Top Ten Holdings % of Total
Investments
Patterson Cos., Inc. 2.9%
CONMED Corp. 2.7
Healthcare Services Group, Inc. 2.7
U.S. Physical Therapy, Inc. 2.7
Owens & Minor, Inc. 2.6
CSG Systems International, Inc. 1.7
Switch, Inc., Class A 1.6
Avnet, Inc. 1.5
Progress Software Corp. 1.5
Advanced Energy Industries, Inc. 1.4
Total 21.3%

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.
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Table of Contents
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
  1 Year Ended
3/31/22
Inception (6/20/17)
to 3/31/22
Inception (6/20/17)
to 3/31/22
Fund Performance      
NAV 10.86% 12.44% 75.07%
Market Price 10.97% 12.48% 75.37%
Index Performance      
Nasdaq Riskalyze US Large Cap Select Dividend Index 11.48% 13.07% 79.84%
Nasdaq US 500 Large Cap IndexTM 13.81% 15.95% 102.82%
S&P 500® Index 15.65% 15.92% 102.59%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of 10.86% during the period covered by this report. During the same period, the Nasdaq US 500 Large Cap IndexTM (the “Benchmark”) generated a return of 13.81%. By far the largest allocation in the Fund was to investments in the Information Technology sector. Unsurprisingly, this sector was also the primary driver of the Fund’s return. Information Technology holdings carried an average weight in the Fund of 29.9% and contributed 3.9% to the Fund’s overall return. The Consumer Discretionary sector contributed -0.5% to the Fund’s return, the worst of any sector. On a relative basis, the Fund underperformed the Benchmark. The largest source of underperformance for the Fund came from investments in the Consumer Discretionary sector with -1.75% of underperformance versus the Benchmark. The greatest source of outperformance for the Fund versus the Benchmark were from investments in the Communication Services sector, which caused 1.2% of outperformance for the Fund versus the Benchmark.

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.
Page 14

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
US Equity Dividend Select ETF (RNDV) (Continued)
Sector Allocation % of Total
Investments
Information Technology 30.0%
Health Care 13.6
Industrials 11.6
Financials 10.5
Consumer Discretionary 9.7
Communication Services 7.8
Consumer Staples 5.9
Energy 3.6
Real Estate 2.8
Utilities 2.7
Materials 1.8
Total 100.0%
Top Ten Holdings % of Total
Investments
International Business Machines Corp. 4.6%
Hewlett Packard Enterprise Co. 3.2
Intel Corp. 2.6
Corning, Inc. 2.5
Omnicom Group, Inc. 2.4
Texas Instruments, Inc. 2.2
Paramount Global, Class B 2.1
HP, Inc. 2.1
Broadcom, Inc. 2.1
NortonLifeLock, Inc. 2.0
Total 25.8%

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.
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Table of Contents
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.
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Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
March 31, 2022 (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 March 31, 2022.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on 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
October 1, 2021
Ending
Account Value
March 31, 2022
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 $970.80 0.65% $3.19
Hypothetical (5% return before expenses) $1,000.00 $1,021.69 0.65% $3.28
Emerging Markets Equity Select ETF (RNEM)
Actual $1,000.00 $1,011.70 0.75% $3.76
Hypothetical (5% return before expenses) $1,000.00 $1,021.19 0.75% $3.78
Large Cap US Equity Select ETF (RNLC)
Actual $1,000.00 $1,052.50 0.60% $3.07
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
Mid Cap US Equity Select ETF (RNMC)
Actual $1,000.00 $1,038.80 0.60% $3.05
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
Small Cap US Equity Select ETF (RNSC)
Actual $1,000.00 $1,041.10 0.60% $3.05
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
US Equity Dividend Select ETF (RNDV)
Actual $1,000.00 $1,074.60 0.50% $2.59
Hypothetical (5% return before expenses) $1,000.00 $1,022.44 0.50% $2.52
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (October 1, 2021 through March 31, 2022), multiplied by 182/365 (to reflect the six-month period).
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Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments
March 31, 2022
Shares   Description   Value
COMMON STOCKS (a) – 97.1%
    Australia – 5.8%    
10,848   APA Group (b)   $86,218
1,355   Aristocrat Leisure Ltd. (b)   36,777
1,211   ASX Ltd. (b)   73,665
17,126   Aurizon Holdings Ltd. (b)   47,073
3,481   Australia & New Zealand Banking Group Ltd. (b)   71,329
6,026   Brambles Ltd. (b)   44,470
3,869   Coles Group Ltd. (b)   51,711
940   Commonwealth Bank of Australia (b)   74,027
5,378   Computershare Ltd. (b)   98,843
300   CSL Ltd. (b)   59,893
12,655   Harvey Norman Holdings Ltd. (b)   50,430
538   Macquarie Group Ltd. (b)   81,364
27,299   Medibank Pvt Ltd. (b)   62,720
3,522   National Australia Bank Ltd. (b)   84,792
1,261   Ramsay Health Care Ltd. (b)   61,071
2,159   Sonic Healthcare Ltd. (b)   57,002
7,803   Suncorp Group Ltd. (b)   64,685
17,499   Telstra Corp., Ltd. (b)   51,700
4,585   Transurban Group (b)   46,327
1,181   Wesfarmers Ltd. (b)   44,317
3,769   Westpac Banking Corp. (b)   68,093
1,670   Woolworths Group Ltd. (b)   46,367
        1,362,874
    Austria – 0.3%    
383   ams-OSRAM AG (b) (c)   5,863
105   ANDRITZ AG (b)   4,849
162   BAWAG Group AG (b) (d) (e)   8,174
240   Erste Group Bank AG (b)   8,752
212   OMV AG (b)   10,130
403   Raiffeisen Bank International AG (b)   5,722
176   Verbund AG (b)   18,586
182   voestalpine AG (b)   5,416
        67,492
    Belgium – 1.0%    
389   Ageas S.A./N.V. (b)   19,665
802   Anheuser-Busch InBev S.A./N.V. (b)   47,950
35   D’ieteren Group (b)   5,893
95   Elia Group S.A./N.V. (b)   14,494
896   Etablissements Franz Colruyt N.V. (b)   37,089
176   Groupe Bruxelles Lambert S.A. (b)   18,212
219   KBC Group N.V. (b)   15,713
199   Proximus S.A.D.P. (b)   3,706
49   Sofina S.A. (b)   17,805
122   Solvay S.A. (b)   12,024
177   UCB S.A. (b)   21,169
Shares   Description   Value
    Belgium (Continued)    
255   Umicore S.A. (b)   $11,023
        224,743
    Bermuda – 0.2%    
2,968   CK Infrastructure Holdings Ltd. (b)   19,841
1,500   Hongkong Land Holdings Ltd. (b)   7,329
300   Jardine Matheson Holdings Ltd. (b)   16,457
7,200   Kerry Logistics Network Ltd. (b)   16,447
        60,074
    Canada – 7.9%    
1,367   Algonquin Power & Utilities Corp.   21,202
1,016   AltaGas Ltd.   22,756
983   Bank of Montreal   115,673
1,593   Bank of Nova Scotia (The)   114,173
1,499   BCE, Inc.   83,095
881   Canadian Imperial Bank of Commerce   106,941
743   Canadian Utilities Ltd., Class A   22,775
443   Emera, Inc.   21,960
452   Fortis, Inc.   22,355
188   George Weston Ltd.   23,151
3,227   Great-West Lifeco, Inc.   95,095
849   Hydro One Ltd. (d) (e)   22,873
742   Intact Financial Corp.   109,637
296   Loblaw Cos., Ltd.   26,561
416   Metro, Inc.   23,945
1,277   National Bank of Canada   97,888
7,124   Open Text Corp.   302,078
2,975   Power Corp. of Canada   92,095
986   Royal Bank of Canada   108,557
1,908   Sun Life Financial, Inc.   106,530
3,415   TELUS Corp.   89,216
909   TMX Group Ltd.   93,492
1,481   Toronto-Dominion Bank (The)   117,506
158   Waste Connections, Inc.   22,096
        1,861,650
    Cayman Islands – 0.3%    
2,326   CK Asset Holdings Ltd. (b)   15,899
2,292   CK Hutchison Holdings Ltd. (b)   16,760
7,200   Shimao Group Holdings Ltd. (b)   4,020
15,000   Sino Biopharmaceutical Ltd. (b)   9,314
13,950   WH Group Ltd. (b) (d) (e)   8,760
2,700   Wharf Real Estate Investment Co., Ltd. (b)   13,344
        68,097
    Denmark – 2.5%    
1,401   Ambu A.S., Class B (b)   20,624
14   AP Moller - Maersk A.S., Class B (b)   42,070
 
Page 18
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2022
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Denmark (Continued)    
96   Carlsberg A.S., Class B (b)   $11,785
508   Chr Hansen Holding A.S. (b)   37,301
265   Coloplast A.S., Class B (b)   40,131
994   Danske Bank A.S. (b)   16,535
823   Demant A.S. (b) (c)   37,245
156   DSV A.S. (b)   29,898
95   Genmab A.S. (b) (c)   34,310
599   GN Store Nord A.S. (b)   29,361
1,526   H Lundbeck A.S. (b)   35,161
59   Netcompany Group A.S. (b) (c) (d) (e)   3,888
428   Novo Nordisk A.S., Class B (b)   47,472
605   Novozymes A.S., Class B (b)   41,481
278   Orsted A.S. (b) (d) (e)   34,798
129   Pandora A.S. (b)   12,289
86   ROCKWOOL International A.S., Class B (b)   28,389
131   Royal Unibrew A.S. (b)   12,239
58   SimCorp A.S. (b)   4,253
739   Tryg A.S. (b)   17,969
1,411   Vestas Wind Systems A/S (b)   41,391
        578,590
    Finland – 1.1%    
464   Elisa Oyj (b)   27,982
641   Fortum Oyj (b)   11,716
322   Huhtamaki Oyj (b)   11,202
401   Kesko Oyj, Class B (b)   11,072
248   Kojamo Oyj (b)   5,959
207   Kone Oyj, Class B (b)   10,832
1,590   Metso Outotec Oyj (b)   13,403
635   Neste Oyj (b)   28,952
5,216   Nokia Oyj (b) (c)   28,725
188   Nokian Renkaat Oyj (b)   3,051
709   Sampo Oyj, Class A (b)   34,645
1,350   Stora Enso Oyj, Class R (b)   26,483
635   UPM-Kymmene Oyj (b)   20,736
401   Valmet Oyj (b)   12,446
1,216   Wartsila OYJ Abp (b)   11,103
        258,307
    France – 9.9%    
377   Air Liquide S.A. (b)   65,954
1,151   Amundi S.A. (b) (d) (e)   78,706
456   Arkema S.A. (b)   54,510
18,914   Bollore S.A. (b)   99,042
2,637   Bouygues S.A. (b)   92,042
3,543   Bureau Veritas S.A. (b)   101,014
403   Capgemini SE (b)   89,427
1,013   Cie Generale des Etablissements Michelin SCA (b)   137,277
744   Danone S.A. (b)   41,101
1,599   Dassault Systemes SE (b)   78,557
5,207   Engie S.A. (b)   68,456
786   EssilorLuxottica S.A. (b)   143,752
Shares   Description   Value
    France (Continued)    
113   Hermes International (b)   $159,934
3,020   La Francaise des Jeux SAEM (b) (d) (e)   119,811
1,021   Legrand S.A. (b)   97,073
376   L’Oreal S.A. (b)   150,192
3,189   Orange S.A.   37,762
230   Pernod Ricard S.A. (b)   50,534
263   Remy Cointreau S.A. (b)   54,238
1,563   Sanofi (b)   159,801
658   Schneider Electric SE (b)   110,472
1,103   SEB S.A. (b)   153,825
278   Teleperformance (b)   105,890
699   Wendel SE (b)   71,182
        2,320,552
    Germany – 7.9%    
428   Allianz SE (b)   102,210
376   Beiersdorf AG (b)   39,500
499   Brenntag SE (b)   40,235
593   Deutsche Boerse AG (b)   106,746
1,847   Deutsche Post AG (b)   88,198
6,319   Deutsche Telekom AG (b)   117,686
2,156   E.ON SE (b)   25,049
1,472   Evonik Industries AG (b)   40,837
968   Fresenius Medical Care AG & Co., KGaA (b)   64,867
1,418   Fresenius SE & Co., KGaA (b)   52,064
993   FUCHS PETROLUB SE (Preference Shares) (b)   36,028
2,541   GEA Group AG (b)   104,149
551   Hannover Rueck SE (b)   93,603
2,570   Henkel AG & Co., KGaA (Preference Shares) (b)   172,015
1,085   Knorr-Bremse AG (b)   83,173
236   LEG Immobilien SE (b)   26,875
314   Merck KGaA (b)   65,574
2,137   Puma SE (b)   181,735
745   RWE AG (b)   32,439
2,258   Scout24 AG (b) (d) (e)   128,733
353   Symrise AG (b)   42,322
1,139   TAG Immobilien AG (b)   25,791
632   Uniper SE (b)   16,327
4,028   United Internet AG (b)   138,233
555   Vonovia SE (b)   25,869
        1,850,258
    Greece – 0.0%    
342   Hellenic Telecommunications Organization S.A. (b)   6,184
290   OPAP S.A. (b)   4,221
        10,405
    Hong Kong – 2.2%    
9,032   AIA Group Ltd. (b)   94,311
1,601   CLP Holdings, Ltd. (b)   15,577
 
See Notes to Financial Statements
Page 19

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2022
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Hong Kong (Continued)    
7,500   Galaxy Entertainment Group Ltd. (b)   $44,380
5,565   Hang Lung Properties Ltd. (b)   11,217
6,164   Hang Seng Bank Ltd. (b)   118,551
3,127   Henderson Land Development Co., Ltd. (b)   12,980
11,219   Hong Kong & China Gas Co., Ltd. (b)   13,552
1,729   Hong Kong Exchanges & Clearing Ltd. (b)   81,044
3,140   MTR Corp., Ltd. (b)   16,910
2,817   New World Development Co., Ltd. (b)   11,429
2,724   Power Assets Holdings Ltd.   17,752
10,018   Sino Land Co., Ltd. (b)   12,917
1,084   Sun Hung Kai Properties Ltd. (b)   12,897
2,845   Swire Pacific Ltd., Class A (b)   17,301
1,800   Techtronic Industries Co., Ltd. (b)   28,839
4,077   Wharf Holdings (The) Ltd. (b)   12,418
        522,075
    Ireland – 0.6%    
1,985   AIB Group PLC (b)   4,372
914   Bank of Ireland Group PLC (b) (c)   5,812
655   CRH PLC (b)   26,125
1,077   Glanbia PLC (b)   12,494
132   Kerry Group PLC, Class A   14,763
310   Kingspan Group PLC (b)   30,302
260   Ryanair Holdings PLC, ADR (c)   22,651
586   Smurfit Kappa Group PLC (b)   26,029
        142,548
    Israel – 0.5%    
53   Azrieli Group Ltd. (b)   4,656
1,244   Bank Hapoalim BM (b)   12,316
1,290   Bank Leumi Le-Israel BM (b)   13,897
34   Elbit Systems Ltd. (b)   7,436
1,017   ICL Group Ltd. (b)   12,090
2,070   Israel Discount Bank Ltd., Class A (b)   12,874
325   Mizrahi Tefahot Bank Ltd. (b)   12,692
89   Nice, Ltd. (b) (c)   19,466
1,607   Teva Pharmaceutical Industries Ltd. (b) (c)   15,000
        110,427
    Italy – 1.9%    
10,545   A2A S.p.A. (b)   18,061
1,248   Assicurazioni Generali S.p.A. (b)   28,544
473   Atlantia S.p.A. (b)   9,835
607   Banca Generali S.p.A. (b)   22,459
2,456   Banca Mediolanum S.p.A. (b)   20,870
392   Buzzi Unicem S.p.A (b)   7,254
Shares   Description   Value
    Italy (Continued)    
2,815   Enel S.p.A. (b)   $18,795
2,777   Eni S.p.A. (b)   40,498
1,465   FinecoBank Banca Fineco S.p.A. (b)   22,224
5,296   Hera S.p.A. (b)   19,511
685   Infrastrutture Wireless Italiane S.p.A. (b) (d) (e)   7,668
139   Interpump Group S.p.A. (b)   6,965
9,361   Intesa Sanpaolo S.p.A. (b)   21,425
3,380   Italgas S.p.A. (b)   21,684
2,201   Mediobanca Banca di Credito Finanziario S.p.A. (b)   22,242
420   Moncler S.p.A. (b)   23,302
479   Nexi S.P.A (b) (c) (d) (e)   5,528
1,925   Poste Italiane S.p.A. (b) (d) (e)   21,831
256   Prysmian S.p.A. (b)   8,688
342   Recordati Industria Chimica e Farmaceutica S.p.A. (b)   17,148
6,686   Snam S.p.A. (b)   38,555
19,436   Telecom Italia S.p.A. (b)   7,136
3,051   Terna-Rete Elettrica Nazionale S.p.A. (b)   26,200
        436,423
    Japan – 15.0%    
1,500   Chubu Electric Power Co., Inc. (b)   15,525
1,400   Idemitsu Kosan Co., Ltd. (b)   38,592
17,800   ITOCHU Corp. (b)   602,102
2,400   Japan Tobacco, Inc. (b)   40,986
800   Kao Corp. (b)   32,664
3,600   KDDI Corp. (b)   118,032
2,500   Kirin Holdings Co., Ltd. (b)   37,342
1,000   Lawson, Inc. (b)   38,280
700   MEIJI Holdings Co., Ltd. (b)   37,962
16,600   Mitsubishi Corp. (b)   622,944
20,400   Mizuho Financial Group, Inc. (b)   260,209
4,300   Nippon Telegraph & Telephone Corp. (b)   124,932
2,900   Nisshin Seifun Group, Inc. (b)   40,459
500   Nissin Foods Holdings Co., Ltd. (b)   35,058
1,000   Osaka Gas Co., Ltd. (b)   17,136
7,200   Secom Co., Ltd. (b)   520,862
8,700   Softbank Corp. (b)   101,469
6,700   Sompo Holdings, Inc. (b)   294,401
18,500   Takeda Pharmaceutical Co., Ltd. (b)   527,106
1,000   Tokyo Gas Co., Ltd. (b)   18,307
        3,524,368
    Jersey – 0.2%    
415   Ferguson PLC (b)   56,224
    Luxembourg – 0.1%    
356   APERAM S.A. (b)   15,734
 
Page 20
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2022
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Netherlands – 4.6%    
503   Aalberts N.V. (b)   $26,069
11   Adyen N.V. (b) (c) (d) (e)   21,788
6,871   Aegon N.V. (b)   36,424
181   Akzo Nobel N.V. (b)   15,552
67   Argenx SE (b) (c)   20,962
264   ASM International N.V. (b)   96,131
138   ASML Holding N.V. (b)   92,215
777   ASR Nederland N.V. (b)   36,275
1,296   BE Semiconductor Industries N.V. (b)   110,475
787   Davide Campari-Milano N.V. (b)   9,128
860   Euronext N.V. (b) (d) (e)   78,129
315   EXOR N.V. (b)   23,946
417   Heineken Holding N.V. (b)   32,652
347   Heineken N.V. (b)   33,184
104   IMCD N.V. (b)   17,742
2,442   ING Groep N.V. (b)   25,497
1,411   Just Eat Takeaway.com N.V. (b) (c) (d) (e)   47,322
1,091   Koninklijke Ahold Delhaize N.V. (b)   35,092
182   Koninklijke DSM N.V. (b)   32,559
4,019   Koninklijke KPN N.V. (b)   13,946
1,256   Koninklijke Philips N.V. (b)   38,300
738   Koninklijke Vopak N.V. (b)   23,877
679   NN Group N.V. (b)   34,411
668   OCI N.V. (b) (c)   23,583
1,291   Prosus N.V. (b)   69,621
432   Randstad N.V. (b)   25,987
581   Signify N.V. (b) (d) (e)   27,027
374   Wolters Kluwer N.V. (b)   39,871
        1,087,765
    New Zealand – 0.2%    
1,669   Auckland International Airport Ltd. (b) (c)   9,030
806   Fisher & Paykel Healthcare Corp., Ltd. (b)   13,525
135   Mainfreight Ltd. (b)   7,817
2,748   Spark New Zealand Ltd. (b)   8,696
203   Xero Ltd. (b) (c)   15,385
        54,453
    Norway – 0.8%    
242   Adevinta ASA (b) (c)   2,209
698   DNB Bank ASA (b)   15,781
1,577   Equinor ASA (b)   58,880
734   Gjensidige Forsikring ASA (b)   18,201
492   Mowi ASA (b)   13,253
245   Nordic Semiconductor ASA (b) (c)   6,241
1,586   Norsk Hydro ASA (b)   15,410
1,361   Orkla ASA (b)   12,092
187   Salmar ASA (b)   14,782
155   Schibsted ASA, Class A (b)   3,820
Shares   Description   Value
    Norway (Continued)    
948   Telenor ASA (b)   $13,603
214   TOMRA Systems ASA (b)   10,917
239   Yara International ASA (b)   11,952
        197,141
    Portugal – 0.1%    
3,851   EDP - Energias de Portugal S.A. (b)   18,954
683   Galp Energia SGPS S.A. (b)   8,635
361   Jeronimo Martins SGPS S.A. (b)   8,661
        36,250
    Singapore – 1.1%    
1,800   DBS Group Holdings Ltd. (b)   47,164
13,100   Genting Singapore Ltd. (b)   7,830
2,200   Keppel Corp., Ltd. (b)   10,374
4,800   Oversea-Chinese Banking Corp., Ltd. (b)   43,545
1,900   Singapore Airlines Ltd. (b) (c)   7,657
5,500   Singapore Exchange Ltd. (b)   40,306
4,700   Singapore Technologies Engineering Ltd. (b)   14,237
11,700   Singapore Telecommunications Ltd. (b)   22,718
2,200   United Overseas Bank Ltd. (b)   51,476
4,100   Wilmar International Ltd. (b)   14,199
        259,506
    South Korea – 5.2%    
32   CJ CheilJedang Corp. (b)   9,701
1,202   Coway Co., Ltd. (b)   67,752
329   Hana Financial Group, Inc. (b)   13,085
746   Hyundai Engineering & Construction Co., Ltd. (b)   29,205
1,453   Industrial Bank of Korea (b)   12,912
3,110   Kangwon Land, Inc. (b) (c)   70,933
275   KB Financial Group, Inc. (b)   13,781
397   Korea Electric Power Corp. (b) (c)   7,397
266   Korea Zinc Co., Ltd. (b)   128,039
747   KT Corp., ADR (c)   10,712
158   KT&G Corp. (b)   10,512
10   LG Household & Health Care Ltd. (b)   7,054
812   LG Uplus Corp. (b)   9,342
1,760   Mirae Asset Securities Co., Ltd. (b)   12,355
575   NAVER Corp. (b)   159,809
92   Samsung Biologics Co., Ltd. (b) (c) (d) (e)   62,512
311   Samsung C&T Corp. (b)   29,038
1,256   Samsung Electro-Mechanics Co., Ltd. (b)   169,114
3,011   Samsung Electronics Co., Ltd. (b)   172,298
 
See Notes to Financial Statements
Page 21

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2022
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    South Korea (Continued)    
65   Samsung Fire & Marine Insurance Co., Ltd. (b)   $11,706
208   Samsung Life Insurance Co., Ltd. (b)   11,264
1,391   Samsung SDS Co., Ltd. (b)   157,810
377   Shinhan Financial Group Co., Ltd. (b)   12,806
200   SK Telecom Co., Ltd. (b)   9,352
1,309   Woori Financial Group, Inc. (b)   16,407
        1,214,896
    Spain – 2.4%    
86   Acciona S.A. (b)   16,438
532   ACS Actividades de Construccion y Servicios S.A. (b)   14,342
84   Aena SME S.A. (b) (c) (d) (e)   14,003
630   Amadeus IT Group S.A. (b) (c)   40,961
6,719   Banco Bilbao Vizcaya Argentaria S.A. (b)   38,365
12,248   Banco Santander S.A. (b)   41,642
7,581   Bankinter S.A. (b)   44,419
14,314   CaixaBank S.A. (b)   48,551
734   Cellnex Telecom S.A. (b) (d) (e)   35,323
626   Enagas S.A. (b)   13,901
1,427   Endesa S.A. (b)   31,114
494   Ferrovial S.A. (b)   13,138
635   Grifols S.A. (b)   11,526
2,860   Iberdrola S.A. (b) (c)   31,260
1,670   Industria de Diseno Textil S.A. (b)   36,414
1,142   Naturgy Energy Group S.A. (b)   34,214
1,436   Red Electrica Corp. S.A. (b)   29,483
1,063   Repsol S.A. (b)   13,924
545   Siemens Gamesa Renewable Energy S.A. (b) (c)   9,559
9,677   Telefonica S.A. (b)   46,897
        565,474
    Sweden – 3.2%    
578   AAK AB (b)   10,712
1,346   Alfa Laval AB (b)   46,299
1,730   Assa Abloy AB, Class B (b)   46,502
832   Atlas Copco AB, Class A (b)   43,186
519   Axfood AB (b)   16,895
757   Castellum AB (b)   18,690
2,430   Epiroc AB, Class A (b)   51,975
401   Essity AB, Class B (b)   9,463
1,225   Fabege AB (b)   18,089
3,658   Hexagon AB, Class B (b)   51,252
566   Holmen AB, Class B (b)   31,593
968   Industrivarden AB, Class C (b)   26,982
1,393   Investor AB, Class B (b)   30,267
545   L E Lundbergforetagen AB, Class B (b)   27,660
Shares   Description   Value
    Sweden (Continued)    
3,182   Securitas AB, Class B (b)   $35,897
2,128   Skandinaviska Enskilda Banken AB, Class A (b)   23,006
2,004   Skanska AB, Class B (b)   44,834
1,603   Svenska Cellulosa AB SCA, Class B (b)   31,127
2,798   Svenska Handelsbanken AB, Class A (b)   25,729
1,487   Swedbank AB, Class A (b)   22,209
1,422   Swedish Match AB (b)   10,693
2,605   Tele2 AB, Class B (b)   39,377
9,360   Telia Co., AB (b)   37,531
2,363   Trelleborg AB, Class B (b)   54,709
        754,677
    Switzerland – 10.0%    
1,119   ABB Ltd. (b)   36,301
605   Baloise Holding AG (b)   108,051
77   Barry Callebaut AG (b)   180,523
78   Bucher Industries AG (b)   31,528
15   Chocoladefabriken Lindt & Spruengli AG (b)   178,529
1,166   Clariant AG (b)   20,234
480   DKSH Holding AG (b)   40,427
23   EMS-Chemie Holding AG (b)   22,351
50   Geberit AG (b)   30,823
25   Georg Fischer AG (b)   29,872
5   Givaudan S.A. (b)   20,665
778   Holcim Ltd. (b)   37,839
110   Kuehne + Nagel International AG (b)