Table of Contents

 

First Trust Exchange-Traded Fund III
First Trust Managed Municipal ETF (FMB) 

Annual Report
For the Year Ended
October 31, 2022
Table of Contents
First Trust Managed Municipal ETF (FMB)
Annual Report
October 31, 2022
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Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund III (the “Trust”) described in this report (First Trust Managed Municipal ETF; hereinafter referred to as the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that the Fund will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.
By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.
Table of Contents
Shareholder Letter
First Trust Managed Municipal ETF (FMB)
Annual Letter from the Chairman and CEO
October 31, 2022
Dear Shareholders,
First Trust is pleased to provide you with the annual report for the First Trust Managed Municipal ETF (the “Fund”), which contains detailed information about the Fund for the twelve months ended October 31, 2022.
As I’m writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no “red wave” (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there’s been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.
The Federal Reserve (the “Fed”) has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed’s actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index (“CPI”) is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!
Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500® Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500® Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 1
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Fund Performance Overview (Unaudited)
First Trust Managed Municipal ETF (FMB)
The First Trust Managed Municipal ETF’s (the “Fund”) primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation. The Fund lists and principally trades its shares on The Nasdaq Stock Market, LLC under the ticker symbol “FMB.” Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
10/31/22 		5 Years
Ended
10/31/22 		Inception
(5/13/14)
to 10/31/22 		  5 Years
Ended
10/31/22 		Inception
(5/13/14)
to 10/31/22
Fund Performance            
NAV -12.47% 0.44% 2.16%   2.21% 19.82%
Market Price -12.61% 0.39% 2.14%   1.98% 19.67%
Index Performance            
Bloomberg Revenue 10 Year (8-12) Index -10.46% 0.72% 1.96%   3.66% 17.84%
Total returns for the period since inception are calculated from the inception date of the Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived by the Advisor.
The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the index. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future performance.
Page 2
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Fund Performance Overview (Unaudited) (Continued)
First Trust Managed Municipal ETF (FMB) (Continued)
Sector Allocation % of Total
Investments
(including cash)
Hospital 14.1%
Insured 8.8
Government Obligation Bond - Unlimited Tax 7.8
Gas 6.1
Dedicated Tax 6.0
Certificates of Participation 5.3
Airport 4.9
Education 4.4
Utility 4.4
Continuing Care Retirement Communities 4.3
Special Assessment 4.1
Water & Sewer 3.9
Higher Education 3.5
Pre-refunded/Escrowed-to-maturity 3.5
Industrial Development Bond 3.4
Government Obligation Bond - Limited Tax 3.3
Toll Road 2.4
Tobacco 1.8
Mass Transit 1.4
Student Housing 0.8
Tax Increment 0.8
Housing 0.8
Local Housing 0.4
Hotel 0.3
Port 0.1
Other Health 0.1
Pool 0.1
Stadium 0.0*
Cash 3.2
Total 100.0%
    
* Amount is less than 0.1%.
    
Credit Quality(1) % of Total
Investments
(including cash)
AAA 5.0%
AA 34.5
A 31.6
BBB 11.4
BB 2.8
B 1.2
Not Rated 10.2
Short Rated only 0.1
Cash 3.2
Total 100.0%
    
Fund Allocation % of Net Assets
Municipal Bonds 96.0%
Net Other Assets and Liabilities** 4.0
Total 100.0%
    
** Includes variation margin on futures contracts.
(1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used.  Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Page 3
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Fund Performance Overview (Unaudited) (Continued)
First Trust Managed Municipal ETF (FMB) (Continued)
 
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. Performance in municipal bond investment strategies can be impacted from the benefits of purchasing odd lot positions. The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.
 
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 4
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Portfolio Commentary
First Trust Managed Municipal ETF (FMB)
Annual Report
October 31, 2022 (Unaudited)
Advisor
First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the investment advisor to the First Trust Managed Municipal ETF (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.
Portfolio Management Team
Johnathan N. Wilhelm, Senior Vice President, Senior Portfolio Manager
Tom Byron, Senior Vice President, Portfolio Manager
The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Johnathan N. Wilhelm has served as part of the portfolio management team of the Fund since 2014. Tom Byron has served as a portfolio manager of the Funds since March 2022. Effective June 30, 2022, Tom Futrell retired as a senior portfolio manager of the Fund.
Commentary
The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. The Fund invests at least 65% of its net assets in securities that are investment grade rated at the time of purchase or that are unrated but deemed by the Fund’s advisor to be of comparable quality. This commentary discusses the 12-month market performance and the Fund’s performance ended October 31, 2022.
Market Recap
For the 12-month period ended October 31, 2022, municipal bonds generated a total return of -11.98% as measured by the Bloomberg Municipal Bond Index. During the same period, the Bloomberg Revenue 10 Year (8-12 years) Index and Bloomberg High Yield 10-Year (8-12 years) Index produced returns of -10.46% and -11.69%, respectively. By comparison, the Bloomberg U.S. Treasury Index generated a -14.09% return during the same period. The following have been major factors in explaining the municipal bond market’s performance:
• Over the past year, U.S. Treasury rates increased all along the yield curve and municipal interest rates followed U.S. Treasury yields higher. During the 12-month period ended October 31, 2022, 10-Year and 30-Year U.S. Treasury yields increased by approximately 250 basis points (“bps”) and 224 bps, respectively, to 4.05% and 4.17%, respectively.
• Large industry-wide mutual fund and ETF outflows resulted in funds selling municipal bonds to meet redemptions which put additional pressure on municipal bond prices. For the 12-month period ended October 31, 2022, municipal fund outflows totaled approximately $115.6 billion.
• According to data from Municipal Market Analytics, Inc., the number of municipal bond defaults was lower year-to-date compared to a year ago while the par value of defaulted bonds rose modestly. Through October 26, 2022, the number and par value of municipal bond defaults totaled 42 and $3.14 billion, respectively, compared with 61 defaults and $2.80 billion for the same period a year ago.
• New issue municipal bond supply has been lower year-to-date compared to year ago figures. Through October 31, 2022, year-to-date issuance was $333.9 billion, down approximately 17% compared to the same period a year ago.
• As a result of these factors, municipal bond yields rose, credit spreads widened and municipal bond prices declined.
Performance Analysis
The Fund’s net asset value (“NAV”) and market performance for the 12-month period October 31, 2022, was -12.47% and -12.61%, respectively, versus the Bloomberg Revenue 10 Year (8-12) Index (the “Benchmark”) return of -10.46% during the same time period. As of October 31, 2022, the Fund’s market price of $48.30 represented a discount of 0.12% to its NAV of $48.36. The market value of the Fund’s shares fluctuates from time to time and may be higher or lower than the Fund’s NAV. The Fund’s monthly distribution of $0.116 on October 31, 2022, represented a tax-exempt annualized distribution rate of 2.88% based on the Fund’s closing market price of $48.30. The Fund’s distribution rate is not constant and is subject to change over time based on the performance of the Fund and general market conditions.
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Portfolio Commentary (Continued)
First Trust Managed Municipal ETF (FMB)
Annual Report
October 31, 2022 (Unaudited)
From a portfolio construction perspective, the Fund maintains an underweight position in the highest quality issuers (“AA” and “AAA” rated) versus its Benchmark and is overweight the Benchmark in terms of “A,” “BBB,” as well as below investment grade and non-rated bonds. The Fund may allocate up to 35% of its net assets to credits that are either rated below investment grade or are non-rated and deemed to be of comparable quality at the time of purchase. The Fund’s underweight investments in “AA” rated, an overweight in “A,” “BBB” and non-rated high yield municipal securities were significant negative detractors to Fund performance for the period.
The Fund’s modified duration on October 31, 2022, was approximately 6.13 years compared to the modified duration of its Benchmark index of 5.44 years. The Fund’s effective duration on October 31, 2022, was approximately 6.43 years versus the Benchmark index of 5.63 years. The Fund’s underweight exposure to municipal securities with effective durations between 1 to 5 years, and overweight exposure 7 years and longer, were significant negative contributors to the Fund’s performance over the 12-month period ended October 31, 2022. The Fund’s overweight allocation to municipal securities with effective durations of 0 to 1 year was a positive contributor to Fund performance over the same period. The Fund’s overweight to municipal securities maturing 18 years and longer also was a significant negative contributor to performance over the past 12-month period. The Fund’s use of Treasury future hedges was a positive contributor to Fund performance during the 12-month period ending October 31, 2022.
Sectors within the municipal market that were the primary detractors from Fund performance over the period included Health Care, Transportation, Utilities, Special Tax, and Education. During the same period, no sectors were positive contributors to the Fund’s performance.
Market Outlook
According to Fed Funds Futures (Bloomberg WIRP function), as of October 18, 2022, approximately 7 to 8 25-basis point interest rate hikes are expected from November 2, 2022, through March 22, 2023. During the remainder of 2022 and first quarter of 2023, we expect longer U.S. Treasury rates to become range-bound. For example, regarding the 10-Year U.S. Treasury, we expect the bond to trade within a range of 3.75%-4.25% and would not be surprised if the yield curve inverts more significantly whereby 2-Year yields are significantly higher than 10-Year yields. We expect the Federal Reserve (the “Fed”) to raise interest rates by 75 bps at their November 2022 meeting, and another 50 bps at their December 2022 meeting, plus additional 25-50 bps of interest rate hikes in early 2023. If these interest rate increases occur, the Federal Funds target rate will end the year at approximately 4.25%-4.50%. Thus, we expect short term U.S. Treasury rates to be significantly higher than 10-Year Treasury rates by year-end. During 2023, given our expectation for slower U.S. economic growth and declining inflation, we would expect U.S. Treasury rates in the longer portion of the yield curve to decline.
Regarding municipal bonds, rates have also increased dramatically during the first ten months of 2022. As of October 31, 2022, AAA 5-Year, 10-Year, and 30-Year municipal rates have increased by approximately 264 bps, 235 bps, and 262 bps, respectively, to 3.24%, 3.39% and 4.12%, respectively. During the remainder of 2022, we believe municipal rates will become range-bound or even rally if two key events occur: (1) U.S. Treasury rates do in fact stabilize within a reasonably tight range; and (2) mutual fund/ETF outflows moderate. We believe that municipal rates and taxable equivalent yields are now attractive for high wage earners. If we see rates stabilize, we believe retail investors will begin purchasing municipal bonds more aggressively and fund outflows will moderate. For the fourth quarter of 2022 and first half of 2023, we do expect the municipal market to produce positive total returns, as we expect interest rates to become broadly stable or range-bound, and the additional coupon income generated from higher interest rates and coupon payments to offset any relatively small declines in municipal bond prices. We especially like “A” rated municipal bonds in certain sectors which have seen distinct credit spread widening, including hospitals, airports, and gas bonds.
Credit quality remains healthy in the municipal bond market. Defaults and credit rating downgrades remain favorable. Therefore, credits spreads widening or narrowing should be primarily driven by the direction of U.S. Treasury rates and municipal mutual fund/ETF fund flows. However, given an expected slowdown in the U.S. economy, we will focus on municipal credits with leading market positions, growing utilization statistics, and healthy balance sheets. Within the high yield municipal universe, we will focus on higher credit quality securities and reduce exposure to lower rated high yield borrowers.
With this in mind, we continue to practice the discipline of our investment process where we perform fundamental credit analysis and quantitative total return scenario analysis on individual bonds and the portfolio as a whole, looking for bonds that can provide both high income and attractive total return potential over time.
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First Trust Managed Municipal ETF (FMB)
Understanding Your Fund Expenses
October 31, 2022 (Unaudited)
As a shareholder of the First Trust Managed Municipal ETF (the “Fund”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2022.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
May 1, 2022 		Ending
Account Value
October 31, 2022 		Annualized
Expense Ratio
Based on the
Six-Month
Period (a) 		Expenses Paid
During the
Six-Month
Period (b)
First Trust Managed Municipal ETF (FMB)
Actual $1,000.00 $952.50 0.50% $2.46
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 0.50% $2.55
    
(a) These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements.
(b) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (May 1, 2022 through October 31, 2022), multiplied by 184/365 (to reflect the six-month period).
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First Trust Managed Municipal ETF (FMB)
Portfolio of Investments
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS – 96.0%
    Alabama – 3.8%            
$225,000  
AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM
   4.00%   01/01/35   $220,552
500,000  
AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT
   5.00%   10/01/25   513,313
2,380,000  
AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT
   5.00%   10/01/29   2,475,114
940,000  
Birmingham AL Wtrwks Brd Wtr Rev Ref Sr, Ser A (Pre-refunded maturity 01/01/27)
   4.00%   01/01/34   963,061
7,070,000  
Black Belt Energy Gas Dist AL Gas Prepay Rev Proj #5, Ser A-1 (Mandatory put 10/01/26)
   4.00%   10/01/49   6,792,773
7,695,000  
Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj Rev Bonds, Proj No. 7, Ser C-1 (Mandatory put 12/01/26)
  4.00%   10/01/52   7,409,983
1,000,000  
Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj, Ser E
   5.00%   06/01/26   1,014,918
4,600,000  
Columbia AL Indl Dev Brd Poll Control Rev Var Ref AL Pwr Co Proj, Ser B (a)
   1.72%   12/01/37   4,600,000
5,000,000  
Columbia AL Indl Dev Brd Pollcontrol Rev Var Ref AL Pwr Co Proj, Ser A (a)
   1.72%   12/01/37   5,000,000
6,500,000  
Eutaw AL Indl Dev Brd Poll Control Rev Adj Ref Ala Pwr Co Pj (a)
   1.72%   06/01/28   6,500,000
415,000  
Gulf Shores AL Ref Warrants, Ser A
   5.00%   12/15/35   435,867
310,000  
Gulf Shores AL Ref Warrants, Ser A
   5.00%   12/15/38   322,186
400,000  
Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A
   4.00%   12/01/33   372,316
950,000  
Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A
   4.00%   12/01/34   871,422
450,000  
Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A
   5.00%   02/01/36   451,579
930,000  
Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM
   4.00%   04/01/29   947,817
695,000  
Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM
   4.00%   04/01/30   708,139
1,445,000  
Lower AL Gas Dist Gas Proj Rev, Ser A
   5.00%   09/01/31   1,455,231
1,000,000  
Midcity Impt Dist AL Spl Assmnt Rev
   4.50%   11/01/42   747,914
375,000  
Mobile AL Impt Dist Sales Tax Rev McGowin Park Proj, Ser A
   5.00%   08/01/25   364,674
500,000  
Mobile Cnty AL Impt Warrants (Pre-refunded maturity 08/01/25)
   5.00%   08/01/30   522,815
1,105,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/30   696,150
1,565,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/31   939,000
1,605,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/32   930,900
1,395,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/33   781,200
1,765,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/34   970,750
1,840,000  
Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref
   4.00%   11/01/35   1,012,001
110,000  
SE AL St Gas Sply Dist Gas Sply Rev Proj #1, Ser A (Mandatory put 04/01/24)
   4.00%   04/01/49   108,502
3,000,000  
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser A (Mandatory put 06/01/24)
   4.00%   06/01/49   2,959,437
6,050,000  
SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28)
   4.00%   11/01/51   5,650,639
2,000,000  
SE Energy Auth AL Cmdy Sply Rev Proj #4, Ser B-1 (Mandatory put 08/01/28)
   5.00%   05/01/53   1,970,044
1,500,000  
Southeast Energy Auth AL Cmdy Sply Rev Var Proj No 3 (Mandatory put 12/01/29) (b)
   5.50%   01/01/53   1,517,086
1,040,000  
Troy AL Ref Warrants, BAM
   4.00%   07/01/35   954,449
105,000  
UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B
   5.00%   09/01/34   108,029
Page 8
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Alabama (Continued)            
$5,000,000  
UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B2
   5.00%   09/01/41   $5,047,571
        66,335,432
    Alaska – 0.2%            
1,880,000  
AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT
   4.00%   01/01/28   1,809,318
450,000  
Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1
   4.00%   06/01/39   390,925
1,500,000  
Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1
   4.00%   06/01/40   1,291,063
        3,491,306
    Arizona – 2.7%            
1,205,000  
AZ Brd of Rgts Univ AZ Sys Rev Green Bond, Ser B
   5.00%   06/01/28   1,265,187
1,000,000  
AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (c)
   5.00%   07/01/49   866,518
595,000  
AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)
   4.00%   07/15/30   543,279
925,000  
AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c)
   4.00%   07/15/40   729,841
175,000  
AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red Rock Cmps Proj, Ser A (c)
   5.00%   07/15/39   158,166
500,000  
AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Social Bonds, Ser A
   4.00%   07/01/41   395,142
375,000  
AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (c)
   5.00%   07/01/37   358,083
880,000  
AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)
   5.00%   07/01/26   884,350
1,030,000  
AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (c)
   5.00%   07/01/37   983,534
500,000  
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)
   4.00%   07/15/51   344,530
950,000  
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c)
   4.00%   07/15/56   634,110
800,000  
AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & Skye Canyon Cmps Proj, Ser A (c)
   4.00%   12/15/51   572,418
500,000  
AZ St Indl Dev Auth Edu Rev, Ser A (c)
   4.00%   07/15/30   453,093
415,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  5.00%   11/01/31   430,184
1,005,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  5.00%   11/01/33   1,031,328
465,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  5.00%   11/01/37   472,063
595,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  4.00%   11/01/38   526,453
750,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  4.00%   11/01/39   657,385
3,800,000  
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A
  4.00%   11/01/46   3,133,018
1,000,000  
AZ St Indl Dev Auth Rev Lincoln S Beltway Proj
   5.00%   08/01/27   1,058,927
1,985,000  
AZ St Indl Dev Auth Rev Lincoln S Beltway Proj
   5.00%   11/01/27   2,106,258
1,000,000  
AZ St Indl Dev Auth Rev Lincoln S Beltway Proj
   5.00%   05/01/28   1,066,618
1,000,000  
AZ St Indl Dev Auth Rev Lincoln S Beltway Proj
   5.00%   08/01/28   1,069,078
4,000,000  
Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A
   5.00%   11/15/42   3,855,381
1,350,000  
Maricopa Cnty AZ Elem Sch Dist #25 Liberty, Ser A, AGM
   5.00%   07/01/32   1,461,156
200,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C
   5.00%   07/01/25   204,452
830,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/30   796,323
435,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/31   412,403
450,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/32   422,449
See Notes to Financial Statements
Page 9
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Arizona (Continued)            
$700,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/33   $650,132
985,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/34   905,417
1,025,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj
   4.00%   07/01/35   932,078
750,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Greathearts AZ Projs, Ser A
   5.00%   07/01/37   758,767
500,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj
   5.00%   07/01/35   466,632
500,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj
   4.00%   07/01/34   459,602
1,100,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)
   5.00%   07/01/39   1,018,894
1,000,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c)
   5.00%   07/01/49   874,898
400,000  
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (c)
   4.00%   07/01/26   385,700
1,475,000  
Maricopa Cnty AZ Spl Hlthcare Dist Aka Maricopa Integrated Hlth Sys, Ser C
   5.00%   07/01/27   1,573,878
300,000  
Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (c)
   4.00%   07/01/26   286,883
3,655,000  
Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c)
   5.00%   07/01/35   3,551,236
5,000,000  
Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC Proj, Ser A (c)
   4.00%   12/01/41   3,768,594
300,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A
  5.00%   07/01/32   292,576
300,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A
  5.00%   07/01/33   289,874
300,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A
  5.00%   07/01/34   287,438
350,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A
  5.00%   07/01/35   332,324
700,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A
  5.00%   07/01/44   623,462
200,000  
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix Stdt Hsg LLC AZ St Univ Proj, Ser A
  5.00%   07/01/26   201,450
1,000,000  
Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A
   4.00%   12/01/38   771,222
1,435,000  
Yavapai Cnty AZ Jail Dist Rev, BAM
   5.00%   07/01/31   1,545,331
1,030,000  
Yavapai Cnty AZ Jail Dist Rev, BAM
   4.00%   07/01/32   1,034,568
        47,902,683
    Arkansas – 0.0%            
610,000  
AR Dev Fin Auth Hlthcare Rev Baptist Hlth
   4.00%   12/01/44   510,823
350,000  
Univ of Central Arkansas AR Rev, Ser A, AGM
   5.00%   11/01/34   362,203
        873,026
    California – 7.6%            
4,500,000  
CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser A-1 (Mandatory put 08/01/28)
  4.00%   05/01/53   4,324,253
225,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A
  5.00%   06/01/31   231,371
200,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A
  5.00%   06/01/32   204,647
230,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A
  5.00%   06/01/33   234,034
Page 10
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    California (Continued)            
$150,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A
  4.00%   06/01/34   $138,412
250,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A
  4.00%   06/01/36   226,457
450,000  
CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A
   5.00%   06/01/32   459,857
1,000,000  
CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C (c)
   4.50%   07/01/26   1,009,383
460,000  
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)
   5.00%   07/01/32   461,824
480,000  
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)
   5.00%   07/01/33   480,708
2,000,000  
CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c)
   5.00%   07/01/43   1,903,019
1,325,000  
CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (c)
   5.00%   07/01/39   1,274,952
455,000  
CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)
   4.00%   07/01/26   439,176
800,000  
CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c)
   5.00%   07/01/32   767,369
655,000  
CA Sch Fin Auth Sch Fac Rev, Ser A (c)
   5.00%   07/01/40   596,162
750,000  
CA St
   5.00%   08/01/32   799,005
225,000  
CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj
   4.00%   11/01/37   204,917
2,190,000  
CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj
   4.00%   11/01/49   1,810,863
480,000  
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A
   4.00%   03/01/33   449,910
400,000  
CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B
   5.00%   11/15/33   412,942
600,000  
CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A
   5.00%   11/15/33   620,441
3,000,000  
CA St Infra & Econ Dev Bank Rev Var Brightline W Passenger Rail Proj Remk, Ser A, AMT (Mandatory put 01/26/23) (c)
   0.85%   01/01/50   2,972,960
445,000  
CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (d)
   5.38%   07/01/34   437,967
500,000  
CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (c)
   4.00%   07/01/26   479,545
1,515,000  
CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A
   5.25%   08/15/39   1,526,562
1,805,000  
CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A
   5.25%   08/15/49   1,811,032
1,000,000  
CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS (b)
   5.25%   11/01/35   1,039,093
200,000  
CA St Muni Fin Auth Rev Channing House Proj, Ser B
   5.00%   05/15/37   209,601
1,000,000  
CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A
   4.00%   02/01/40   851,914
1,000,000  
CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A
   4.00%   02/01/41   845,315
500,000  
CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A
   5.00%   07/01/34   504,561
1,250,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   4.00%   10/01/33   1,167,707
600,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   4.00%   10/01/34   556,572
1,000,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   4.00%   10/01/35   919,993
1,000,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   4.00%   10/01/36   912,078
2,130,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   4.00%   10/01/39   1,894,398
3,420,000  
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A
   5.00%   10/01/44   3,435,282
680,000  
CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A
   5.00%   11/15/27   721,305
650,000  
CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A, AMT
   5.00%   06/30/28   664,413
2,000,000  
CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT
   4.00%   07/15/29   1,857,433
200,000  
CA St Muni Fin Auth Sr Living Rev Ref Mt San Antonio Gardens Proj
   4.00%   11/15/27   191,532
1,000,000  
CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM
   4.00%   05/15/40   892,648
1,000,000  
CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt Inc, Ser A1, AMT
   3.38%   07/01/25   972,011
3,000,000  
CA St Poll Control Fin Auth Sol Wst Disp Rev Var Ref Rep Svcs Remk, Ser A, AMT (Mandatory put 11/01/22) (c)
   2.25%   08/01/23   2,999,949
5,990,000  
CA St Poll Control Fin Auth Wtr Furnishing Rev Plant Bonds, AMT (c)
   5.00%   07/01/37   5,621,888
See Notes to Financial Statements
Page 11
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    California (Continued)            
$1,000,000  
CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B
   4.00%   05/01/37   $949,519
4,015,000  
CA St Ref, AGM
   5.25%   08/01/32   4,525,413
500,000  
CA St Ref, Ser C
   5.00%   09/01/32   519,914
2,000,000  
CA St Sch Fin Auth Chrt Sch Rev Arts in Action Chrt Schs, Ser A (c)
   5.00%   06/01/40   1,833,256
500,000  
CA St Sch Fin Auth Chrt Sch Rev Summit Pub Schs (c)
   5.00%   06/01/37   491,534
2,315,000  
CA St Stwd Cmntys Dev Auth Transprtn Rev Total Road Impt Prog, Ser B, COPS, AGM
   5.00%   12/01/41   2,409,283
1,000,000  
CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)
   5.00%   12/01/30   986,564
450,000  
CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c)
   5.00%   12/01/33   430,393
50,000  
CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c)
   3.00%   11/01/22   50,000
500,000  
CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c)
   5.00%   11/01/32   504,396
100,000  
CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A
   5.00%   04/01/30   103,258
195,000  
CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A
   5.00%   04/01/31   200,592
370,000  
Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7
   5.00%   09/01/30   381,062
300,000  
Chino Vly CA Unif Sch Dist, Ser B
   5.00%   08/01/38   317,563
250,000  
Chino Vly CA Unif Sch Dist, Ser B
   5.00%   08/01/39   263,693
1,000,000  
CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link Glendale Social Bonds, Ser A-2 (c)
   4.00%   07/01/56   690,525
1,000,000  
CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Social Bonds, Ser A-2 (c)
   4.00%   07/01/56   700,132
2,160,000  
Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref
   5.00%   09/01/35   2,223,617
130,000  
Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini
   4.00%   09/01/24   129,566
155,000  
Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini
   4.00%   09/01/25   154,092
165,000  
Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch
   4.00%   09/01/39   142,886
170,000  
Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch
   4.00%   09/01/40   144,687
175,000  
Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch
   4.00%   09/01/41   147,675
250,000  
Fontana CA Spl Tax Spl Tax the Meadows
   4.00%   09/01/27   246,062
265,000  
Fontana CA Spl Tax Spl Tax the Meadows
   4.00%   09/01/28   259,677
280,000  
Fontana CA Spl Tax Spl Tax the Meadows
   4.00%   09/01/29   273,092
535,000  
Fontana CA Spl Tax Spl Tax the Meadows
   4.00%   09/01/36   478,300
500,000  
Foothill-De Anza CA Cmnty Clg Dist Ref, COPS (Pre-refunded maturity 10/01/24)
   5.00%   04/01/32   517,013
300,000  
Gilroy CA Unif Sch Dist Election 2016
   4.00%   08/01/39   272,035
1,360,000  
Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM
   5.00%   09/01/32   1,408,594
175,000  
Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A
   5.00%   09/01/31   180,508
365,000  
Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A
   5.00%   09/01/32   374,145
125,000  
Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A
   5.00%   09/01/34   126,610
2,885,000  
Kaweah CA Delta Hlthcare Dist Rev, Ser B
   5.00%   06/01/40   2,821,924
825,000  
Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Impt Area #1 Mountain House Sch Facs
  5.00%   09/01/42   817,287
1,045,000  
Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Mountain House Sch Facs
   4.00%   09/01/49   806,045
835,000  
Live Oak CA Sch Dist Santa Cruz Cnty Ref
   5.00%   08/01/30   882,556
45,000  
Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A
   5.25%   11/15/23   45,500
Page 12
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    California (Continued)            
$4,000,000  
Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser A, AMT
   5.00%   05/15/39   $3,980,086
1,500,000  
Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT
   5.00%   05/15/34   1,535,632
1,500,000  
Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT
   5.50%   05/15/35   1,583,077
400,000  
Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT
   5.00%   05/15/31   405,444
100,000  
Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B
   5.00%   09/01/33   102,507
1,260,000  
Marina Coast CA Wtr Dist Enterprise Rev, COPS
   4.00%   06/01/44   1,106,946
325,000  
Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A
   5.00%   09/01/28   333,044
175,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/30   180,484
150,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/31   154,010
145,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/32   148,291
165,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/33   168,094
1,710,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/44   1,662,941
1,450,000  
Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1
   5.00%   09/01/48   1,391,352
1,315,000  
Oak Vly CA Hosp Dist Hlth Facs Rev Ref, Ser A
   4.00%   11/01/36   1,035,909
110,000  
Rancho Cordova CA Cmnty Facs Dist Spl Tax #2018-1 Grantline 208
   5.00%   09/01/26   113,719
200,000  
Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018-1
  4.00%   09/01/50   157,111
500,000  
River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-1, Ser A
   5.00%   09/01/43   479,876
500,000  
River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts
   4.00%   09/01/33   457,563
215,000  
Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax
   4.00%   09/01/27   208,877
225,000  
Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax
   4.00%   09/01/28   216,502
500,000  
Riverside CA Unif Sch Dist Election of 2016, Ser B
   4.00%   08/01/35   493,045
865,000  
Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM
   5.00%   09/15/34   920,201
625,000  
Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM
   4.00%   09/15/35   601,273
110,000  
Roseville CA Spl Tax
   5.00%   09/01/30   113,971
100,000  
Roseville CA Spl Tax
   5.00%   09/01/31   103,148
350,000  
Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt

No 1
   4.00%   09/01/37   309,047
640,000  
Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt

No 1
   4.00%   09/01/46   515,415
205,000  
Roseville CA Spl Tax Vlg CFD #1
   4.00%   09/01/32   190,764
225,000  
Roseville CA Spl Tax Vlg CFD #1
   4.00%   09/01/37   198,459
310,000  
Roseville CA Spl Tax Vlg CFD #1
   4.00%   09/01/41   261,596
520,000  
Roseville CA Spl Tax Vlg CFD #1
   4.00%   09/01/46   418,775
710,000  
Roseville CA Spl Tax Vlg CFD #1
   4.00%   09/01/51   554,730
340,000  
S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A
   4.00%   06/01/33   342,923
400,000  
S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A
   4.00%   06/01/34   400,015
260,000  
Sacramento CA Spl Tax
   4.00%   09/01/30   247,331
220,000  
Sacramento CA Spl Tax
   4.00%   09/01/31   206,997
315,000  
Sacramento CA Spl Tax
   4.00%   09/01/32   293,359
515,000  
Sacramento CA Spl Tax
   4.00%   09/01/33   473,722
See Notes to Financial Statements
Page 13
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    California (Continued)            
$615,000  
Sacramento CA Spl Tax
   4.00%   09/01/35   $553,575
500,000  
Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C
   5.00%   06/01/35   520,447
645,000  
San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys Med Discovery Institute, Ser A
  5.00%   11/01/25   674,311
945,000  
San Diego Cnty CA Regl Arpt Auth Sr, Ser B, AMT (Pre-refunded maturity 07/01/23)
   5.00%   07/01/30   955,665
1,250,000  
San Diego Cnty CA Regl Transprtn Commn Sales Tax Rev, Ser A
   5.00%   04/01/35   1,311,223
6,000,000  
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT
   5.00%   05/01/38   5,955,886
1,000,000  
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT
   5.00%   05/01/39   991,734
2,000,000  
San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT
   5.00%   05/01/40   1,972,308
700,000  
San Francisco CA City & Cnty Dcnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (c)
   4.00%   09/01/41   568,346
185,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/29   177,900
145,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/30   137,752
335,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/31   315,200
245,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/32   228,168
300,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/33   276,192
525,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1
   4.00%   09/01/42   437,028
1,000,000  
San Francisco City & Cnty CA Cmnty Facs Dist #2016-1, Ser 2021
   4.00%   09/01/46   798,539
280,000  
San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref Mission Bay N Redev Proj, Ser A
  5.00%   08/01/35   288,995
800,000  
San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax
   4.00%   09/01/36   715,950
2,110,000  
San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A (b)
   5.25%   11/15/40   2,232,638
1,665,000  
San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A (b)
   5.25%   11/15/41   1,756,032
4,000,000  
Sanger CA Fing Auth Wstwtr Rev Ref, AGM (Pre-refunded maturity 06/15/24)
   5.00%   06/15/34   4,169,960
150,000  
Simi Vly CA Unif Sch Dist, Ser B
   4.00%   08/01/32   151,931
375,000  
Simi Vly CA Unif Sch Dist, Ser B
   4.00%   08/01/39   345,369
160,000  
Tahoe Truckee CA Unif Sch Dist, COPS, BAM
   4.00%   06/01/35   158,163
255,000  
Tahoe Truckee CA Unif Sch Dist, COPS, BAM
   4.00%   06/01/36   248,044
100,000  
Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM
   5.00%   09/01/34   102,410
385,000  
Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 Impt Area #1
   4.00%   09/01/23   384,257
1,000,000  
Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A
  4.00%   06/01/37   884,424
1,000,000  
Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Asset Securitization Corp Class 1, Ser A
  5.00%   06/01/34   1,014,244
1,500,000  
Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp, Ser A, Class 1
  5.00%   06/01/35   1,515,975
650,000  
Tulare CA Loc Hlthcare Dist Ref, BAM
   4.00%   08/01/35   616,499
865,000  
Tustin CA Cmnty Fac Dist Spl Tax Ref #06-1 Legacy Columbus Vlgs, Ser A
   5.00%   09/01/35   882,135
300,000  
Vacaville CA Unif Sch Dist, Ser D
   4.00%   08/01/35   293,789
600,000  
Vacaville CA Unif Sch Dist, Ser D
   4.00%   08/01/37   559,759
500,000  
Vacaville CA Unif Sch Dist, Ser D
   4.00%   08/01/38   459,775
Page 14
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    California (Continued)            
$1,050,000  
Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM
   5.00%   09/01/46   $1,076,533
        134,141,821
    Colorado – 6.3%            
1,125,000  
Allison Vly Met Dist #2 CO Ref
   4.70%   12/01/47   873,721
1,625,000  
Bennett Ranch Met Dist #1 CO, Ser A
   5.00%   12/01/41   1,391,888
225,000  
Breckenridge CO Ref, Ser B, COPS
   5.00%   12/01/32   243,255
1,240,000  
Breckenridge CO Ref, Ser B, COPS
   4.00%   12/01/39   1,130,279
1,340,000  
Brighton Crossing Met Dist #6 CO, Ser A
   5.00%   12/01/50   1,059,133
455,000  
Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM
   5.00%   12/01/25   473,754
250,000  
Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM
   5.00%   12/01/26   263,249
750,000  
Cascade Ridge Met Dist CO
   5.00%   12/01/51   573,205
400,000  
CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A
   5.00%   06/01/49   401,688
700,000  
CO St Bldg Excellent Schs Today, Ser O, COPS
   5.00%   03/15/31   750,527
1,250,000  
CO St Bldg Excellent Schs Today, Ser O, COPS
   4.00%   03/15/44   1,090,059
1,920,000  
CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (c)
   5.00%   07/01/36   1,739,184
540,000  
CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)
   4.00%   12/15/25   531,050
660,000  
CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)
   5.00%   12/15/28   669,111
2,245,000  
CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)
   5.00%   12/15/35   2,250,920
4,000,000  
CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c)
   5.00%   12/15/45   3,857,648
1,020,000  
CO St Eductnl & Cultural Facs Auth Rev Univ Denver Proj, Ser A
   4.00%   03/01/35   986,386
1,750,000  
CO St Hlth Facs Auth Rev Parkview Med Ctr Proj, Ser A
   4.00%   09/01/50   1,294,996
3,000,000  
CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A
   4.00%   11/15/38   2,752,766
250,000  
CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1
   5.00%   08/01/35   251,900
4,500,000  
CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1
   4.00%   08/01/38   3,850,437
3,025,000  
CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2
   5.00%   08/01/44   2,888,877
525,000  
CO St Hlth Facs Auth Rev Ref Covenant Retmnt Cmntys, Ser A (Pre-refunded maturity 12/01/22)
  5.00%   12/01/33   525,748
300,000  
CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A
   5.00%   05/15/25   298,515
350,000  
CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A
   5.00%   05/15/26   347,091
3,215,000  
CO St Hlth Facs Auth Rev Ref Sanford Hlth, Ser A
   5.00%   11/01/30   3,379,662
10,640,000  
CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B
   4.00%   01/01/40   9,756,696
625,000  
CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada Proj, Ser A
   5.25%   11/01/32   312,500
325,000  
CO St Ref, COPS
   4.00%   06/15/37   304,477
2,500,000  
CO St, Ser A, COPS
   5.00%   12/15/34   2,699,889
1,085,000  
CO St, Ser A, COPS
   4.00%   12/15/37   1,014,766
495,000  
Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak
   5.00%   12/01/25   513,207
1,200,000  
Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak
   5.25%   12/01/48   1,257,219
180,000  
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/32   182,735
325,000  
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/33   328,547
500,000  
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/34   497,491
330,000  
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/35   324,222
500,000  
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/36   485,855
See Notes to Financial Statements
Page 15
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Colorado (Continued)            
$5,000,000  
Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT
   5.00%   12/01/34   $4,997,225
975,000  
Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT
   5.00%   12/01/38   956,063
1,000,000  
Denver City & Cnty CO Arpt Rev, Ser A, AMT
   5.00%   11/15/41   985,180
1,500,000  
Denver City & Cnty CO Arpt Rev, Ser A, AMT
   5.50%   11/15/42   1,543,700
1,000,000  
Denver CO City & Cnty Dedicated Tax Rev, Ser A-1
   5.00%   08/01/41   1,031,412
600,000  
Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS
   5.00%   12/01/26   618,914
1,790,000  
Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B
   6.00%   12/01/48   1,659,822
2,000,000  
Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (c)
   5.00%   12/01/51   1,533,985
525,000  
Firestone CO Wtr Enterprise Rev Ref, BAM
   4.00%   12/01/37   506,160
600,000  
Firestone CO Wtr Enterprise Rev Ref, BAM
   4.00%   12/01/39   547,371
375,000  
Flying Horse CO Met Dist #2 Ref, Ser A, AGM
   5.00%   12/01/33   403,462
225,000  
Flying Horse CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/38   206,795
200,000  
Flying Horse CO Met Dist #2 Ref, Ser A, AGM
   4.00%   12/01/39   182,197
2,735,000  
Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A
   5.00%   12/01/49   2,291,858
1,000,000  
Independence Met Dist #3 CO, Ser A
   6.25%   12/01/49   844,655
1,000,000  
Jefferson Ctr CO Met Dist # 1 Spl Rev, Ser A-2
   4.38%   12/01/47   784,112
860,000  
Lakes at Centerra Met Dist No 2 CO Impt, Ser A
   4.63%   12/01/27   820,039
1,000,000  
Lanterns Met Dist #1 CO Sr, Ser A
   5.00%   12/01/49   849,065
300,000  
Larimer Weld & Boulder Cnty CO Sch Dist #R-2J Thompson
   5.00%   12/15/30   325,650
100,000  
Lorson Ranch Met Dist #2 CO
   4.00%   12/01/24   99,489
170,000  
Lorson Ranch Met Dist #2 CO
   5.00%   12/01/27   173,330
3,260,000  
Mirabelle Met Dist #2 CO Sr, Ser A
   5.00%   12/01/39   2,888,364
1,700,000  
Nexus N at DIA Met Dist CO
   5.00%   12/01/51   1,351,983
2,460,000  
Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A
   5.00%   12/01/24   2,530,981
150,000  
Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A
   5.00%   12/01/31   153,542
150,000  
Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A
   5.00%   12/01/34   152,890
155,000  
Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A
   5.00%   12/01/35   157,852
2,000,000  
Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A
   5.00%   12/01/45   2,017,285
1,120,000  
Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM
   4.00%   12/01/34   1,114,967
1,455,000  
Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM
   4.00%   12/01/35   1,439,011
1,040,000  
Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM
   4.00%   12/01/36   1,018,038
420,000  
Park Creek CO Met Dist Rev Sr, Ser A
   5.00%   12/01/30   447,235
30,000  
Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE
   5.00%   12/01/24   30,890
1,150,000  
Peak Met Dist #1 CO, Ser A (c)
   5.00%   12/01/51   923,333
920,000  
Pinon Pines Met Dist #2 CO MDD
   5.00%   12/01/40   817,414
1,195,000  
Pinon Pines Met Dist #2 CO MDD
   5.00%   12/01/50   977,105
1,000,000  
Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c)
   4.13%   12/15/27   949,242
700,000  
Prairie Ctr Met Dist #7 CO
   4.88%   12/15/44   573,341
5,235,000  
Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM
  5.00%   12/01/42   5,408,058
1,000,000  
Ridgeline Vista Met Dist CO, Ser A
   5.25%   12/01/60   875,956
2,500,000  
Riverwalk Metro Dist #2 CO, Ser A
   5.00%   12/01/42   2,097,533
2,015,000  
S Suburban Park & Recreation Dist CO, COPS
   4.00%   12/15/35   1,969,538
1,000,000  
Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A
   6.38%   12/01/42   953,748
550,000  
Serenity Ridge CO Met Dist #2 Ref, Ser A (Pre-refunded maturity 12/01/23) (d)
   5.13%   12/01/37   575,668
1,500,000  
Sky Ranch Cmnty Auth Brd CO Sr Bonds, Ser A
   5.75%   12/01/52   1,294,171
175,000  
Sterling Hills CO W Met Dist Ref
   5.00%   12/01/32   180,911
Page 16
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Colorado (Continued)            
$1,800,000  
Takoda CO Met Dist Ref
   6.00%   12/01/36   $1,885,344
825,000  
Third Creek Met Dist #1 CO, Ser A-1
   4.50%   12/01/37   665,808
825,000  
Third Creek Met Dist #1 CO, Ser A-1
   4.50%   12/01/42   621,357
1,400,000  
Thompson Crossing Met Dist #4 CO Ref
   5.00%   12/01/39   1,259,977
500,000  
Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A
   5.00%   12/01/39   447,986
1,210,000  
Transport Met Dist #3 CO MDD, Ser 2021-A-1
   5.00%   12/01/51   892,323
1,500,000  
Westerly Met Dist #4 CO Sr, Ser A
   5.00%   12/01/50   1,191,673
        110,776,661
    Connecticut – 2.8%            
2,000,000  
CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B
   5.00%   12/01/40   1,892,672
1,250,000  
CT St Hlth & Eductnl Facs Auth Rev Fairfield Univ, Ser Q-1
   5.00%   07/01/46   1,265,714
1,000,000  
CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M
   5.00%   07/01/36   1,014,947
5,130,000  
CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R
   4.00%   07/01/42   4,391,676
1,030,000  
CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R
   4.00%   07/01/47   849,084
1,000,000  
CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S
   5.00%   07/01/26   1,046,762
2,250,000  
CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L
   5.00%   07/01/31   2,303,497
200,000  
CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L
   4.00%   07/01/33   190,489
500,000  
CT St Hlth & Eductnl Facs Auth Rev, Ser A
   5.00%   07/01/34   512,429
1,000,000  
CT St Hlth & Eductnl Facs Auth Rev, Ser A
   5.00%   07/01/35   1,024,560
1,000,000  
CT St Hlth & Eductnl Facs Auth Rev, Ser A
   4.00%   07/01/36   909,144
4,700,000  
CT St Hlth & Eductnl Facs Auth Rev, Ser A
   4.00%   07/01/37   4,230,669
300,000  
CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser A-1
   3.65%   11/15/32   292,212
5,490,000  
CT St Spl Tax Oblig Rev, Ser A
   5.00%   05/01/41   5,740,192
1,445,000  
CT St, Ser A
   5.00%   04/15/29   1,533,943
500,000  
CT St, Ser A
   4.00%   01/15/36   476,329
5,000,000  
CT St, Ser A
   4.00%   01/15/37   4,713,455
5,145,000  
CT St, Ser A
   4.00%   04/15/37   4,843,511
5,695,000  
CT St, Ser A
   4.00%   01/15/38   5,321,853
560,000  
CT St, Ser E
   4.00%   10/15/35   534,564
625,000  
Hamden CT, BAM
   6.00%   08/15/33   689,903
500,000  
Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (c)
   5.00%   04/01/39   465,148
1,500,000  
Univ of Connecticut CT, Ser A
   5.00%   11/01/36   1,556,616
3,730,000  
Univ of Connecticut CT, Ser A
   5.00%   02/15/41   3,850,920
        49,650,289
    Delaware – 0.6%            
325,000  
DE St Hlth Facs Auth Rev Beebe Med Ctr
   5.00%   06/01/26   335,045
4,335,000  
DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A
   5.00%   10/01/35   4,501,515
3,000,000  
DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A
   5.00%   10/01/38   3,068,648
2,077,000  
Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (c)
   5.00%   07/01/28   2,041,896
        9,947,104
    District of Columbia – 0.4%            
1,745,000  
Dist of Columbia Wtr & Swr Auth Pub Util Rev Green Bond, Ser A
   5.00%   10/01/39   1,827,870
3,175,000  
Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT
   5.00%   10/01/33   3,220,270
1,000,000  
Washington DC Met Area Transit Auth Gross Rev
   5.00%   07/01/33   1,050,208
885,000  
Washington DC Met Area Transit Auth Gross Rev Ref, Ser A-1
   5.00%   07/01/29   943,644
        7,041,992
See Notes to Financial Statements
Page 17
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Florida – 6.8%            
$380,000  
Academical Vlg CDD FL Spl Assmnt Rev CDD
   2.88%   05/01/25   $357,720
1,000,000  
Academical Vlg CDD FL Spl Assmnt Rev CDD
   3.63%   05/01/40   760,157
2,945,000  
Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & Clinics Inc, Ser B-1
  5.00%   12/01/37   2,957,719
545,000  
Alachua Cnty FL Hlth Facs CCRC Auth Ref Oak Hammock at The Univ of FL Inc Proj
   4.00%   10/01/40   438,140
1,250,000  
Berry Bay CDD FL Spl Assmnt Rev Assmnt Area 1
   4.00%   05/01/51   939,285
200,000  
Bexley CDD FL Spl Assmnt Rev
   4.10%   05/01/26   195,613
185,000  
Brookstone CDD FL Spl Assmnt Rev CDD (e)
   3.88%   11/01/23   182,911
2,725,000  
Broward Cnty FL Arpt Sys Rev, Ser A, AMT
   5.00%   10/01/38   2,686,941
1,350,000  
Broward Cnty FL Port Facs Rev Ref Subord Bond, Ser D, AMT
   5.00%   09/01/27   1,405,439
2,000,000  
Coco Palms FL CDD Spl Assmnt
   4.50%   05/01/32   1,907,730
500,000  
Creekview CDD FL Spl Assmnt Rev Phase I Proj
   3.88%   05/01/27   471,341
1,000,000  
Cross Creek N CDD FL Spl Assmnt
   4.50%   05/01/52   819,028
1,000,000  
Cypress Ml Cmnty Dev Dist FL Spl Assmt CDD Assmnt Area Two Proj
   4.00%   06/15/40   827,109
420,000  
Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One
   2.50%   05/01/26   382,637
1,000,000  
Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One
   4.00%   05/01/51   754,602
1,000,000  
Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two
   4.00%   05/01/52   748,878
180,000  
Epperson N CDD FL Capital Impt Rev Assmnt Area #2
   2.50%   05/01/26   163,987
1,250,000  
Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A
   3.40%   11/01/41   892,421
1,250,000  
Fallschase Cmnty Dev Dist FL Spl Assmnt
   3.38%   05/01/41   922,749
200,000  
FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A
   4.00%   07/01/26   193,797
155,000  
FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A
   4.00%   07/01/29   145,807
310,000  
FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A
   4.00%   07/01/35   266,109
450,000  
FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A
   4.00%   07/01/45   343,501
750,000  
FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A
   4.00%   07/01/55   536,690
725,000  
FL St Govtl Util Auth Rev Ref, AGM
   4.00%   10/01/37   659,396
825,000  
FL St Govtl Util Auth Rev Ref, AGM
   4.00%   10/01/38   742,102
500,000  
Fort Pierce FL Utils Auth Ref, Ser A, AGM
   5.00%   10/01/35   531,308
210,000  
Harmony FL CDD Capital Impt Rev Ref, Ser 2015
   4.75%   05/01/25   208,490
365,000  
Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM
   5.00%   05/01/25   376,532
495,000  
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I
   5.00%   10/01/25   505,312
545,000  
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I
   5.00%   10/01/27   560,368
2,970,000  
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub Pkg Fac Proj, Ser I
   4.00%   10/01/35   2,697,715
125,000  
Hollywood FL Cmnty Redev Agy Redev Rev Ref
   5.00%   03/01/23   125,615
1,000,000  
Jacksonville FL Hlthcare Facs Rev Ref Baptist Hlth
   5.00%   08/15/35   1,034,895
3,700,000  
Jacksonville FL Spl Rev Ref Spl Rev, Ser A
   5.00%   10/01/31   3,871,118
1,000,000  
Jacksonville FL Spl Rev Ref Spl Rev, Ser B
   5.00%   10/01/28   1,051,085
2,980,000  
Jea FL Wtr & Swr Rev Ref, Ser A
   4.00%   10/01/39   2,707,053
480,000  
Jea FL Wtr & Swr Rev Subord Ref, Ser A
   4.00%   10/01/37   445,147
500,000  
Jea FL Wtr & Swr Rev Subord Ref, Ser A
   4.00%   10/01/38   456,949
500,000  
Jea FL Wtr & Swr Rev Subord Ref, Ser A
   4.00%   10/01/39   454,100
1,230,000  
Lakeland FL Hosp Sys Rev Lakeland Regl Hlth (Pre-refunded maturity 11/15/24)
   5.00%   11/15/33   1,271,172
Page 18
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Florida (Continued)            
$155,000  
Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref Country Club E Proj, AGM
   4.50%   05/01/26   $156,843
460,000  
Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp
   4.00%   11/15/30   430,145
1,115,000  
Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp
   4.00%   11/15/31   1,031,640
1,000,000  
Lee Cnty FL Indl Dev Auth Shell Point/Waterside Hlth Proj
   5.00%   11/15/39   977,557
300,000  
Lee Cnty FL Loc Optional Gas Tax Rev
   5.00%   08/01/40   307,170
1,250,000  
Lee Cnty FL Loc Optional Gas Tax Rev
   5.00%   08/01/41   1,275,765
400,000  
Miami FL Spl Oblg Prerefunded Ref (Pre-refunded maturity 03/01/23) (c)
   5.00%   03/01/30   401,718
1,265,000  
Miami FL Spl Oblg Ref Street & Sidewalk Impt Prog, Ser A, AGM (c)
   5.00%   01/01/35   1,326,544
100,000  
Miami FL Spl Oblg Unrefunded Ref (c)
   5.00%   03/01/30   100,532
190,000  
Miami World Ctr CDD FL Spl Assmnt
   4.00%   11/01/23   189,251
275,000  
Miami World Ctr CDD FL Spl Assmnt
   4.75%   11/01/27   274,595
2,000,000  
Miami World Ctr CDD FL Spl Assmnt
   5.13%   11/01/39   1,921,914
6,000,000  
Miami-Dade Cnty FL Aviation Rev Ref
   5.00%   10/01/41   5,968,787
1,000,000  
Miami-Dade Cnty FL Aviation Rev Ref, Ser A
   4.00%   10/01/34   925,904
2,625,000  
Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT
   5.00%   10/01/40   2,510,884
2,000,000  
Miami-Dade Cnty FL Eductnl Facs Auth Rev Ref Univ Miami, Ser A
   5.00%   04/01/31   2,035,870
445,000  
Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj
   5.00%   01/15/25   446,350
550,000  
Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj
   5.00%   01/15/32   540,304
1,210,000  
Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj
   5.00%   01/15/37   1,142,106
1,080,000  
Miami-Dade Cnty FL Spl Oblig Sub Ref
   5.00%   10/01/35   1,105,815
2,500,000  
Miami-Dade Cnty FL Wtr & Swr Rev Ref Sys, Ser B
   4.00%   10/01/34   2,484,354
2,130,000  
Miami-Dade Cnty FL Wtr & Swr Rev Sys, Ser A
   4.00%   10/01/40   1,935,296
225,000  
N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One
   3.63%   05/01/24   221,129
800,000  
N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One
   4.00%   05/01/30   748,425
1,545,000  
N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One
   4.50%   05/01/40   1,374,830
780,000  
N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr Conservation Auth Proj, AGM
   4.00%   10/01/41   685,465
355,000  
Nthrn Palm Beach Cnty FL Impt Dist
   5.00%   08/01/37   342,057
680,000  
Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj
   5.00%   08/01/29   689,257
345,000  
Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj
   5.00%   08/01/34   348,035
2,000,000  
Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A
   5.00%   10/01/39   2,017,261
825,000  
Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys
   5.00%   08/01/31   855,924
1,000,000  
Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys
   5.00%   08/01/41   1,037,484
800,000  
Palm Beach Cnty FL Hlth Facs Auth Hosp Rev Baptist Hlth S FL Oblig Grp
   5.00%   08/15/23   808,957
200,000  
Panama City Beach FL Capital Impt Rev Front Beach Road Proj
   5.00%   11/01/32   217,321
685,000  
Panama City Beach FL Capital Impt Rev Front Beach Road Proj
   5.00%   11/01/33   740,410
1,645,000  
Panama City Beach FL Capital Impt Rev Front Beach Road Proj
   5.00%   11/01/36   1,746,264
6,500,000  
Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (c)
   5.88%   01/01/33   6,327,510
85,000  
Rhodine Road N CDD FL Spl Assmnt
   3.50%   05/01/24   82,974
815,000  
Rhodine Road N CDD FL Spl Assmnt
   4.50%   05/01/40   727,586
See Notes to Financial Statements
Page 19
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Florida (Continued)            
$500,000  
Ridge at Apopka Cdd Fl Spl Assmnt
  5.38%   05/01/42   $465,567
350,000  
Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area
   3.25%   05/01/27   321,409
305,000  
Rivington CDD FL Spl Assmnt Rev Assmnt Area
   2.88%   05/01/25   287,118
205,000  
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A
   4.00%   12/15/31   177,034
500,000  
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A
   4.00%   12/15/36   399,494
1,175,000  
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A
   4.00%   12/15/41   878,063
10,000,000  
Saint Lucie Cnty FL Sol Wst Disp Ref FL Pwr & Light Co Pj (a)
   1.83%   05/01/24   10,000,000
335,000  
San Simeon Cmnty Dev Dist FL Spl Assmnt (c)
   4.13%   06/15/39   287,521
1,745,000  
Sarasota Natl FL CDD Spl Assmnt Ref
   4.00%   05/01/39   1,465,801
1,615,000  
Sawyers Landing CDD FL Spl Assmnt Rev
   4.13%   05/01/41   1,342,222
3,635,000  
Sawyers Landing CDD FL Spl Assmnt Rev
   4.25%   05/01/53   2,837,834
2,250,000  
SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (c)
   5.00%   03/01/30   2,270,330
310,000  
Shell Point Cmnty Dev Dist FL Spl Assmnt (c)
   4.00%   11/01/24   305,522
2,730,000  
Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two, A Proj
   5.13%   11/01/34   2,691,332
1,295,000  
Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj
   4.00%   05/01/50   983,776
500,000  
Tallahassee FL Energy Sys Rev Energy Sys
   5.00%   10/01/29   513,542
125,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/27   129,987
120,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/31   124,497
200,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/32   206,691
250,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/33   257,302
250,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/34   256,578
455,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   5.00%   07/01/35   461,542
400,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   4.00%   07/01/38   357,604
300,000  
Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B
   4.00%   07/01/39   265,858
230,000  
Tampa FL Rev Ref The Univ of Tampa Proj, Ser A
   5.00%   04/01/34   235,988
5,035,000  
Tampa FL Rev Ref The Univ of Tampa Proj, Ser A
   5.00%   04/01/45   4,969,585
1,000,000  
Tern Bay CDD FL Spl Assmnt
   3.13%   06/15/27   912,328
1,250,000  
Tern Bay CDD FL Spl Assmnt
   4.00%   06/15/42   1,013,581
135,000  
Timber Creek CDD FL Spl Assmnt Rev (e)
   4.13%   11/01/24   133,385
100,000  
UCF Stadium Corp FL Rev Ref, Ser A
   5.00%   03/01/24   101,309
75,000  
Villamar CDD FL Spl Assmnt (d)
   3.75%   05/01/24   73,479
70,000  
Vlg FL CDD #6 Spl Assmnt Rev Ref
   4.00%   05/01/25   70,218
500,000  
Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A
   4.00%   10/15/37   446,717
835,000  
Westside FL CDD Spl Assmnt Rev Ref (c)
   4.10%   05/01/37   730,901
210,000  
WildBlue CDD FL Spl Assmnt (c)
   3.50%   06/15/24   204,576
        119,637,592
    Georgia – 3.9%            
1,090,000  
Athens GA Hsg Auth Rev Univ of Georgia Proj
   5.00%   06/15/33   1,171,883
1,145,000  
Athens GA Hsg Auth Rev Univ of Georgia Proj
   5.00%   06/15/34   1,227,483
8,980,000  
Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser D, AMT
   4.00%   07/01/37   8,153,162
1,000,000  
Atlanta GA Arpt Rev Ref, Ser C, AMT
   4.00%   07/01/39   884,187
3,000,000  
Atlanta GA Arpt Rev, Ser A
   5.00%   07/01/42   3,112,806
650,000  
Atlanta GA Tax Allocation Ref Eastside Proj (Pre-refunded maturity 01/01/26)
   5.00%   01/01/30   681,805
1,300,000  
Brookhaven Dev Auth GA Children’s Hlthcare of Atlanta, Ser A
   5.00%   07/01/35   1,343,584
4,000,000  
Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Vogtle, Ser 1 (a)
   1.79%   07/01/49   4,000,000
Page 20
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Georgia (Continued)            
$6,700,000  
Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Vogtle Proj (a)
   1.89%   11/01/52   $6,700,000
625,000  
De Kalb GA Priv Hosp Auth Children’s Hlthcare of Atlanta, Ser B
   4.00%   07/01/37   590,004
500,000  
Etowah GA Wtr & Swr Auth Rev Ref, BAM
   4.00%   03/01/34   472,481
350,000  
Etowah GA Wtr & Swr Auth Rev Ref, BAM
   4.00%   03/01/35   324,984
400,000  
Etowah GA Wtr & Swr Auth Rev Ref, BAM
   4.00%   03/01/36   371,045
1,000,000  
Fulton Cnty GA Dev Auth Rev Ref Children’s Hlthcare of Atlanta, Ser C
   5.00%   07/01/35   1,033,526
2,775,000  
Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc
   5.00%   07/01/31   2,721,332
750,000  
GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs
   5.00%   06/15/34   790,821
890,000  
GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs
   5.00%   06/15/35   932,749
2,525,000  
GA St Hsg & Fin Auth Rev SF Mtge, Ser C
   3.25%   12/01/33   2,252,801
40,000  
Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A
   5.00%   02/15/26   40,776
5,800,000  
Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A
   4.00%   02/15/39   5,112,414
250,000  
Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A
   4.00%   01/01/36   216,307
1,000,000  
Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A
   4.00%   01/01/54   754,136
985,000  
Glynn-Brunswick GA Memorial Hosp Auth Ref Rev Anticipation Ctfs SE GA Hlth Sys Proj
   4.00%   08/01/37   849,907
175,000  
Main Street Nat Gas Inc GA Gas Rev, Ser A
   5.50%   09/15/23   177,080
1,000,000  
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A
   5.00%   05/15/27   1,015,410
2,630,000  
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A
   5.00%   05/15/30   2,674,110
1,625,000  
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/27)
   4.00%   07/01/52   1,570,536
14,500,000  
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29)
   4.00%   09/01/52   13,371,073
2,850,000  
Main Street Nat Gas Inc GA Gas Sply Rev, Ser C (Mandatory put 11/01/27) (c)
   4.00%   08/01/52   2,633,200
350,000  
Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM
   4.00%   01/01/39   319,002
320,000  
Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM
   4.00%   01/01/40   288,860
275,000  
Priv Clgs & Univs Auth GA Ref Mercer Univ Proj
   5.00%   10/01/29   291,065
1,175,000  
Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24)
  5.00%   04/01/33   1,202,999
500,000  
Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24)
  5.00%   04/01/44   511,914
        67,793,442
    Guam – 0.4%            
1,000,000  
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A
   5.00%   01/01/50   949,278
5,000,000  
Guam Intl Arpt Auth Prerefunded Gen, Sec C, AGM, AMT (Pre-refunded maturity 10/01/23)
   6.13%   10/01/43   5,105,763
300,000  
Guam Port Auth Port Rev, Ser B, AMT
   5.00%   07/01/32   308,488
        6,363,529
    Hawaii – 0.5%            
1,750,000  
HI St Dept of Budget & Fin Spl Purp Rev Ref Hawaiian Elec Co Inc, Ser A, AMT
  3.10%   05/01/26   1,673,646
See Notes to Financial Statements
Page 21
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Hawaii (Continued)            
$4,980,000  
HI St, Ser FG
   4.00%   10/01/33   $4,951,266
455,000  
Honolulu City & Cnty HI Wstwtr Sys Rev Ref First Bond Resolution, Ser B
   5.00%   07/01/40   477,270
2,450,000  
Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr First Bd Resolution, Ser B
   4.00%   07/01/32   2,468,614
        9,570,796
    Idaho – 0.1%            
1,000,000  
ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp
   5.00%   09/01/37   955,721
    Illinois – 4.2%            
1,210,000  
Bolingbrook IL Ref, Ser A
   4.00%   01/01/35   1,182,696
1,000,000  
Bolingbrook IL Ref, Ser A, AGM
   5.00%   01/01/30   1,074,064
1,000,000  
Bolingbrook IL Ref, Ser A, AGM
   5.00%   01/01/31   1,072,640
130,000  
Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser B-1, NATL-RE
   (f)   12/01/22   129,618
500,000  
Chicago IL Brd of Edu Ref Dedicated, Ser C
   5.00%   12/01/30   489,063
3,000,000  
Chicago IL Brd of Edu Ref, Ser B
   5.00%   12/01/30   2,930,461
305,000  
Chicago IL O’Hare Intl Arpt Rev Ref Gen Sr Lien, Ser A, AMT
   5.00%   01/01/30   308,785
325,000  
Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien O’hare Intl Arpt, Ser C, AMT
   5.00%   01/01/34   328,442
600,000  
Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT
   5.00%   01/01/37   588,840
610,000  
Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT
   5.00%   01/01/34   605,606
450,000  
Chicago IL Ref 2003B Remk
   5.25%   01/01/29   451,194
185,000  
Chicago IL Ref Proj, Ser A
   5.00%   01/01/27   184,850
1,155,000  
Chicago IL Ref Proj, Ser A
   5.00%   01/01/35   1,096,296
500,000  
Chicago IL Ref, Ser A
   5.63%   01/01/29   506,344
500,000  
Chicago IL Ref, Ser C
   5.00%   01/01/25   501,979
645,000  
Chicago IL Ref, Ser C
   5.00%   01/01/26   646,321
270,000  
Chicago IL Ref, Ser C
   5.00%   01/01/38   255,684
145,000  
Chicago IL Ref, Ser C, CABS
   (f)   01/01/24   138,234
125,000  
Chicago IL Ref, Ser C, CABS
   (f)   01/01/25   114,033
3,500,000  
Chicago IL Wtrwks Rev 2nd Lien Remk, BAM
   5.00%   11/01/30   3,626,916
2,060,000  
Chicago IL, Ser A
   5.00%   01/01/27   2,058,568
2,425,000  
DuPage & Cook Cntys IL Twp High Sch Dist #86 Hinsdale
   4.00%   01/15/36   2,374,149
505,000  
Hampshire IL Spl Svc Area #14 Spl Tax Ref Lakewood Crossing, BAM
   4.00%   03/01/25   511,307
170,000  
Hillside IL Tax Incr Rev Ref
   5.00%   01/01/24   169,931
305,000  
IL St
   5.00%   05/01/23   306,546
240,000  
IL St
   5.00%   05/01/24   242,113
125,000  
IL St
   5.00%   06/01/27   125,564
325,000  
IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A
   5.00%   10/01/33   334,924
850,000  
IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A
   5.00%   10/01/34   870,687
970,000  
IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A
   5.00%   10/01/35   988,685
300,000  
IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A
   5.00%   10/01/36   304,409
1,000,000  
IL St Fin Auth Rev Centegra Hlth Sys, Ser A (Pre-refunded maturity 09/01/24)
   5.00%   09/01/39   1,027,603
500,000  
IL St Fin Auth Rev Loc Govt Prog E Prairie Sch Dist #73 Proj, BAM
   5.00%   12/01/30   537,868
845,000  
IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp
   5.00%   12/01/33   852,522
35,000  
IL St Fin Auth Rev Ref Presbyterian Homes Oblig Grp, Ser A
   5.00%   11/01/24   35,406
Page 22
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Illinois (Continued)            
$1,010,000  
IL St Fin Auth Rev Sthrn IL Hlthcare, Ser A
   5.00%   03/01/47   $966,505
6,600,000  
IL St Fin Auth Rev Var Northshore Univ Hlth Sys, Ser B (a)
   1.63%   08/15/49   6,600,000
6,100,000  
IL St Fin Auth Rev Var Univ Chicago Med D-2 (a)
   1.64%   08/01/43   6,100,000
500,000  
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A
  5.00%   02/15/27   489,781
95,000  
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A
  5.00%   02/15/31   90,407
465,000  
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A
  5.00%   02/15/32   436,948
320,000  
IL St Ref
   4.00%   08/01/25   314,433
115,000  
IL St Ref, Ser B
   5.00%   10/01/24   116,028
2,405,000  
IL St Sales Tax Rev Junior Oblig, Ser A, BAM
   3.00%   06/15/34   2,003,531
100,000  
IL St Sales Tax Rev Ref Junior Oblig Build IL Bonds, Ser C
   5.00%   06/15/29   103,757
1,500,000  
IL St, Ser A
   5.00%   12/01/26   1,510,662
2,500,000  
IL St, Ser A
   5.50%   03/01/42   2,475,205
2,000,000  
IL St, Ser B
   4.00%   12/01/37   1,684,191
6,200,000  
IL St, Ser C
   5.00%   11/01/29   6,205,389
1,250,000  
IL St, Ser D
   5.00%   11/01/23   1,260,012
1,005,000  
IL St, Ser D
   5.00%   11/01/24   1,013,922
325,000  
IL St, Ser D
   5.00%   11/01/26   327,337
1,500,000  
Lincolnwood IL Tax Incr Allocation Rev Nts Dist 1860 Dev Proj, Ser A, COPS (c)
   4.82%   01/01/41   1,194,073
500,000  
Macon Cnty IL Sch Dist #61 Ref, Ser C, AGM
   4.00%   01/01/28   506,186
1,175,000  
Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM
   5.50%   02/01/39   1,245,806
700,000  
Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM
   5.50%   02/01/40   740,578
3,635,000  
Morton Grove-Niles Wtr Commn IL Wtr, Ser A
   5.00%   12/01/41   3,805,169
405,000  
Peoria IL Ref, Ser C, AGM
   4.00%   01/01/33   403,108
1,000,000  
Piatt Champaign & De Witt Cntys IL Cmnty Unit Sch Dist #25 Ref, Ser B, BAM
   5.00%   11/01/33   1,050,932
145,000  
Railsplitter IL Tobacco Stlmt Auth
   5.00%   06/01/26   150,117
645,000  
Rockford IL Ref Wtrwks Sys, Ser B, BAM
   5.00%   12/15/26   681,487
110,000  
Romeoville IL Rev Ref Lewis Univ Proj
   5.00%   10/01/24   111,593
125,000  
Romeoville IL Rev Ref Lewis Univ Proj
   5.00%   10/01/25   127,265
2,740,000  
Schaumburg IL Ref
   4.00%   12/01/23   2,751,895
1,560,000  
Woodford McLean & Livingston Cntys IL Cmnty United Sch Dist, Ser B, BAM
   4.00%   11/01/36   1,514,239
        72,952,904
    Indiana – 1.9%            
2,270,000  
Avon IN Cmnty Sch Bldg Corp
   5.00%   01/15/41   2,353,712
3,080,000  
Borden Henryville Multi Sch Bldg Corp IN
   5.00%   07/15/39   3,220,258
1,920,000  
Carmel IN Loc Pub Impt Bond Bank Multipurpose, Ser 2016
   5.00%   07/15/34   2,013,335
5,820,000  
Carmel IN Loc Pub Impt Bond Bank, Ser A
   4.00%   07/15/36   5,571,103
3,050,000  
Carmel IN Loc Pub Impt Bond Bank, Ser A
   4.00%   07/15/37   2,874,219
250,000  
Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (c)
   5.30%   01/01/32   211,773
3,000,000  
IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp Proj Remk, Ser A
   4.25%   11/01/30   2,789,565
1,250,000  
IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj Remk, Ser A-1, AMT (Mandatory put 06/01/32)
  4.50%   05/01/35   1,207,094
3,500,000  
IN St Fin Auth Envrnmntl Rev Var Ref Fulcrum Centerpoint LLC Proj, AMT (Mandatory put 11/15/23) (b)
   4.50%   12/15/46   3,500,422
930,000  
IN St Fin Auth Hosp Rev Goshen Hlth, Ser A
   4.00%   11/01/36   835,125
1,330,000  
IN St Fin Auth Hosp Rev Goshen Hlth, Ser A
   4.00%   11/01/37   1,191,197
See Notes to Financial Statements
Page 23
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Indiana (Continued)            
$1,000,000  
IN St Fin Auth Hosp Rev Reid Hlth, AGM
   5.00%   01/01/40   $1,028,012
700,000  
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e)
   5.25%   07/01/28   685,538
1,000,000  
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e)
   5.88%   07/01/38   957,013
460,000  
IN St Fin Auth Rev Greencroft Oblig Grp, Ser A
   5.75%   11/15/28   470,289
55,000  
IN St Fin Auth Rev Greencroft Oblig Grp, Ser A
   6.00%   11/15/28   56,358
500,000  
IN St Fin Auth Rev Marian Univ Proj, Ser A
   5.00%   09/15/34   503,143
275,000  
IN St Fin Auth Rev Ref Rev Cmnty Fdtn of NW IN
   5.00%   09/01/31   283,388
550,000  
NW Hendricks IN Multi-Bldg Corp
   4.00%   07/15/30   556,242
400,000  
NW Hendricks IN Multi-Bldg Corp
   4.00%   07/15/32   400,978
500,000  
NW Hendricks IN Multi-Bldg Corp
   4.00%   07/15/33   499,274
1,690,000  
Plainfield IN Mf Hsg Rev Glasswater Creek Proj
   5.38%   09/01/38   1,323,439
765,000  
Westfield Washington IN Multi Sch Bldg Corp Rev
   4.00%   07/15/33   763,889
330,000  
Zionsville IN Cmnty Schs Bldgcorp
   4.00%   07/15/33   329,521
        33,624,887
    Iowa – 0.9%            
1,000,000  
Altoona IA, Ser A, COPS, BAM
   5.00%   06/01/33   1,064,579
720,000  
Altoona IA, Ser A, COPS, BAM
   5.00%   06/01/34   764,955
2,385,000  
Coralville IA Ref, Ser A
   5.00%   05/01/38   2,405,603
2,000,000  
IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42)
   5.00%   12/01/50   1,783,254
8,190,000  
Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26)
   5.00%   09/01/49   8,184,568
200,000  
Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,

Class 1
   5.00%   06/01/32   203,540
300,000  
Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,

Class 1
   4.00%   06/01/35   269,334
200,000  
Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,

Class 1
   4.00%   06/01/38   173,621
300,000  
Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2,

Class 1
   4.00%   06/01/39   256,664
        15,106,118
    Kansas – 1.0%            
1,075,000  
Goddard KS Sales Tax Spl Oblg Rev Ref Olympic Park Star Bond Proj
   3.60%   06/01/30   957,745
4,210,000  
Johnson & Miami Cntys KS Unif Sch Dist #230 Spring Hill, Ser A
   5.00%   09/01/35   4,485,513
1,240,000  
KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM
   5.00%   04/01/29   1,299,741
1,470,000  
KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM
   5.00%   04/01/30   1,540,339
500,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/31   502,409
625,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/32   626,029
575,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/33   574,292
500,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/34   493,993
525,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/35   512,403
600,000  
Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A
   4.00%   09/01/36   582,446
1,045,000  
Lenexa KS Hlthcare Fac Rev Ref Lakeview Vlg Inc, Ser A
   5.00%   05/15/26   1,045,984
2,000,000  
Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Impt, Ser A
   5.00%   09/01/40   2,037,895
475,000  
Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Ref & Impt, Ser A
   5.00%   09/01/29   485,989
2,000,000  
Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg E Proj Areas 2B 3 5 (c)
   5.75%   09/01/39   1,807,891
Page 24
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Kansas (Continued)            
$150,000  
Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AGM (Pre-refunded maturity 09/01/27)
   5.00%   09/01/32   $160,298
        17,112,967
    Kentucky – 2.5%            
2,350,000  
Bowling Green KY Wtr & Swr Rev, AGM
   4.00%   06/01/32   2,352,634
1,000,000  
Estrn KY Univ Gen Recpts, Ser A
   5.00%   04/01/25   1,032,925
500,000  
Hazard KY Hlthcare Rev Ref Appalachian Regl Hlthcare Proj
   4.00%   07/01/39   440,039
3,500,000  
KY Bond Dev Corp Indl Bldg Rev KY Commns Network Auth Proj, BAM
   5.00%   09/01/49   3,584,479
145,000  
KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B
   5.00%   08/15/28   151,106
275,000  
KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B
   5.00%   08/15/36   278,550
3,000,000  
KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B
   5.00%   08/15/41   3,003,234
160,000  
KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser B, NATL-RE, CABS
   (f)   10/01/25   141,502
625,000  
KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1
   4.00%   08/01/38   537,778
3,795,000  
KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1
   5.00%   08/01/44   3,624,228
730,000  
KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2
   5.00%   08/01/35   735,548
895,000  
KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2
   5.00%   08/01/36   900,385
5,620,000  
KY St Office Building Proj, Ser A, COPS
   5.00%   04/15/38   5,851,124
5,000,000  
KY St Property & Bldgs Commn Revs Proj #124, Ser A, AGM
   5.00%   11/01/37   5,270,611
5,395,000  
KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser B (Mandatory put 01/01/25)
   4.00%   01/01/49   5,310,564
6,300,000  
KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put 02/01/28)
   4.00%   02/01/50   5,957,401
440,000  
KY St Univ Proj, COPS, BAM
   4.00%   11/01/46   372,195
500,000  
Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton Hlthcare Inc, Ser A
  4.00%   10/01/40   435,626
3,315,000  
Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A
  5.00%   10/01/30   3,394,611
550,000  
Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A
  5.00%   10/01/31   561,422
290,000  
Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys Green Bond, Ser A
  5.00%   05/15/29   315,103
45,000  
Warren Cnty KY Hosp Rev Ref Bowling Green Warren Cnty Cmnty Hosp Corp
   5.00%   04/01/23   45,345
        44,296,410
    Louisiana – 1.2%            
1,260,000  
E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T
   4.00%   08/01/35   1,245,649
1,520,000  
E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T
   4.00%   08/01/36   1,483,309
2,530,000  
E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T
   4.00%   08/01/38   2,411,659
6,500,000  
E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A
   4.00%   02/01/45   5,835,550
1,000,000  
LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj
   5.00%   05/15/36   1,009,377
250,000  
LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ascension Psh Courthouse Proj
   5.00%   11/01/31   263,113
1,700,000  
LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp Womans Fdtn Proj, Ser A
  5.00%   10/01/37   1,717,151
380,000  
LA Stadium & Exposition Dist LA Ref Sr, Ser A
   5.00%   07/01/31   382,268
750,000  
New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT
   5.00%   01/01/28   764,900
750,000  
New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT
   5.00%   01/01/29   761,784
200,000  
New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT
   5.00%   01/01/31   201,847
See Notes to Financial Statements
Page 25
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Louisiana (Continued)            
$1,305,000  
New Orleans LA Wtr Rev (Pre-refunded maturity 12/01/25)
   5.00%   12/01/34   $1,367,335
1,050,000  
New Orleans LA Wtr Rev Ref (Pre-refunded maturity 12/01/24)
   5.00%   12/01/28   1,086,916
625,000  
Shreveport LA Wtr & Swr Rev Junior Lien, Ser A, AGM
   5.00%   12/01/32   661,431
1,650,000  
Shreveport LA Wtr & Swr Rev, Ser B, BAM
   5.00%   12/01/30   1,699,951
        20,892,240
    Maine – 0.0%            
1,000,000  
ME St Fin Auth Green Bond Go Lab Madison, LLC Proj, AMT (c)
   8.00%   12/01/51   701,794
    Maryland – 1.3%            
2,000,000  
Baltimore Cnty MD
   5.00%   03/01/29   2,191,217
565,000  
Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac
   4.00%   01/01/39   490,075
650,000  
Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac
   4.00%   01/01/40   558,077
600,000  
Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj
   4.00%   01/01/33   580,056
685,000  
Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj
   4.00%   01/01/34   659,565
650,000  
Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj
   4.00%   01/01/36   612,572
700,000  
Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj
   4.00%   01/01/38   646,602
2,020,000  
Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A
   5.00%   09/01/38   1,932,456
100,000  
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)
   2.75%   06/01/24   95,843
125,000  
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)
   2.80%   06/01/25   116,931
135,000  
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c)
   2.85%   06/01/26   123,547
1,000,000  
Gaithersburg MD Econ Dev Rev Ref Proj Asbury MD Oblig Grp, Ser A
   4.50%   01/01/25   995,786
550,000  
Harford Cnty MD Spl Oblg Ref Beechtree Estates Proj
   4.00%   07/01/36   507,112
500,000  
MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj
   4.00%   07/01/40   416,900
1,650,000  
MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj
   5.00%   07/01/55   1,455,263
600,000  
MD St Econ Dev Corp Stdt Hsg Rev Ref Sr Univ MD Proj
   4.00%   07/01/24   593,511
2,490,000  
MD St Econ Dev Corp Stdt Hsg Rev Ref Univ MD Clg Park Projs, AGM
   5.00%   06/01/35   2,541,358
500,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Adventist Hlthcare Oblig Grp, Ser A
   5.50%   01/01/26   517,010
5,000,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Johns Hopkins Hlth, Ser C (Pre-refunded maturity 05/15/23)
  5.00%   05/15/38   5,049,492
555,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Adventist Hlthcare
   4.00%   01/01/27   545,992
800,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A
   5.00%   07/01/30   821,546
1,000,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A
   5.00%   07/01/32   1,021,671
250,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A
   4.00%   06/01/35   220,418
225,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A
   4.00%   06/01/36   196,363
750,000  
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A
   4.00%   06/01/46   588,078
        23,477,441
    Massachusetts – 0.7%            
2,000,000  
MA St Bay Transprtn Auth Sales Tax Rev Ref Sr, Ser B
   5.25%   07/01/30   2,186,775
2,155,000  
MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser A
   5.00%   07/01/45   2,185,007
250,000  
MA St Dev Fin Agy Rev Linden Ponds Inc Fac (c)
   5.00%   11/15/28   255,117
3,920,000  
MA St Port Auth Ref, Ser A, AMT
   5.00%   07/01/32   4,013,735
1,555,000  
MA St Port Auth, Ser C, AMT
   5.00%   07/01/31   1,597,687
2,000,000  
MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A
   5.00%   06/01/45   2,026,583
        12,264,904
Page 26
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Michigan – 3.3%            
$240,000  
Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM
   5.00%   07/01/32   $244,196
500,000  
Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM
   5.00%   07/01/33   507,855
250,000  
Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM
   4.00%   06/01/30   254,554
150,000  
Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM
   4.00%   06/01/32   151,247
155,000  
Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM
   4.00%   06/01/36   151,710
100,000  
Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM
   4.00%   06/01/37   95,194
150,000  
Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM
   4.00%   06/01/38   140,237
525,000  
Grand Rapids MI Santn Swr Sys Rev Ref
   5.00%   01/01/45   545,860
735,000  
Grand Traverse Cnty MI Hosp Fin Auth Munson Hlthcare Oblig Grp, Ser A
   5.00%   07/01/44   706,556
1,000,000  
Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C
   5.00%   07/01/31   1,043,162
575,000  
Kalamazoo MI Econ Dev Corp Heritage Cmnty of Kalamazoo Revel Creek Proj Temps 60, Ser B2
   2.63%   05/15/25   540,105
1,195,000  
Lake Shore MI Pub Schs, Ser I
   5.00%   11/01/37   1,255,254
1,000,000  
Marquette MI Brd of Light & Pwr Elec Util Sys Rev Ref, Ser A
   5.00%   07/01/29   1,044,317
890,000  
MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj
   5.00%   12/01/25   891,408
325,000  
MI St Fin Auth Rev Loc Govt Loan Prog Great Lakes Wtr Auth Ref, Ser C
   5.00%   07/01/27   332,976
2,000,000  
MI St Fin Auth Rev Multi Modal Mclaren Hlth Care, Ser A
   4.00%   02/15/47   1,622,065
375,000  
MI St Fin Auth Rev Prerefunded Che Trinity Hlth Credit Grp Ref, Ser 2013-5 (Pre-refunded maturity 12/01/29)
  4.00%   12/01/40   387,651
2,460,000  
MI St Fin Auth Rev Ref 2nd Lien Great Lakes Wtr Auth, Ser C-7, NATL-RE
   5.00%   07/01/29   2,503,808
1,070,000  
MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A
   5.00%   04/15/33   1,161,499
2,155,000  
MI St Fin Auth Rev Ref Che Trinity Hlth Credit Grp Remk, Ser 2013-4
   5.00%   12/01/39   2,185,106
4,050,000  
MI St Fin Auth Rev Ref Henry Ford Hlth Sys
   4.00%   11/15/35   3,718,668
2,565,000  
MI St Fin Auth Rev Ref Henry Ford Hlth Sys
   4.00%   11/15/36   2,355,776
7,905,000  
MI St Fin Auth Rev Ref Henry Ford Hlth Sys
   5.00%   11/15/41   7,863,903
2,000,000  
MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B
   5.00%   05/15/33   2,031,599
1,000,000  
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D-1
   5.00%   07/01/34   1,017,960
7,000,000  
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4
   5.00%   07/01/30   7,112,225
125,000  
MI St Fin Auth Rev Ref Loc Govt Loan Prog, Ser F1
   3.88%   10/01/23   124,244
4,000,000  
MI St Fin Auth Rev Ref Sr Lien Great Lakes Wtr Auth, Ser C-6
   5.00%   07/01/33   4,051,896
2,500,000  
MI St Fin Auth Rev Ref Sr Turbo, Ser A-2
   5.00%   06/01/40   2,398,233
1,000,000  
MI St Hosp Fin Auth Ref Ascension Hlth Sr Cr Grp Remk, Ser F-4
   5.00%   11/15/47   980,799
565,000  
MI St Hosp Fin Auth Ref Ascension Sr Credit Remk, Ser F7
   5.00%   11/15/47   554,151
1,000,000  
MI St Univ Revs Brd of Trustees, Ser B
   5.00%   02/15/34   1,059,702
650,000  
Midland MI Pub Schs Sch Bldg & Site, Ser II
   5.00%   05/01/35   691,920
3,000,000  
Royal Oak MI Hosp Fin Auth Ref Beaumont Hlth Credit Grp, Ser D (Pre-refunded maturity 03/01/24)
  5.00%   09/01/39   3,067,458
1,990,000  
Utica MI Cmnty Schs Ref Sch Bldg & Site
   5.00%   05/01/31   2,089,378
2,800,000  
Wayne Cnty MI Arpt Auth Rev Ref, Ser F, AMT
   5.00%   12/01/25   2,870,996
        57,753,668
    Minnesota – 0.4%            
370,000  
Duluth MN Indep Sch Dist #709 Ref, Ser B, COPS
   5.00%   02/01/27   387,625
2,500,000  
MN Muni Gas Agy Cmdy Sply Rev, Ser A
   4.00%   12/01/25   2,455,605
580,000  
Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A
  5.00%   07/01/30   591,924
See Notes to Financial Statements
Page 27
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Minnesota (Continued)            
$4,000,000  
Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A
  5.00%   07/01/32   $4,061,633
        7,496,787
    Mississippi – 0.5%            
5,000,000  
MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth Care, Ser A
   5.00%   09/01/41   4,633,699
2,000,000  
MS St, Ser A (Pre-refunded maturity 11/01/26)
   5.00%   11/01/33   2,128,671
500,000  
W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25)
   5.00%   01/01/32   518,237
1,215,000  
W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25)
   5.00%   01/01/33   1,259,315
        8,539,922
    Missouri – 1.5%            
285,000  
Bridgeton MO Spl Oblig Rev Ref, Ser A
   4.00%   12/01/30   287,522
300,000  
Bridgeton MO Spl Oblig Rev Ref, Ser A
   4.00%   12/01/31   301,592
2,150,000  
Jackson Cnty MO Consol Sch Dist #4
   4.00%   03/01/31   2,161,280
2,000,000  
Jackson Cnty MO Consol Sch Dist #4
   5.00%   03/01/35   2,070,405
220,000  
Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj
   5.00%   12/01/22   220,268
700,000  
Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj
   5.00%   12/01/31   718,216
1,670,000  
Joplin MO Indl Dev Auth Hlth Facs Rev Ref Freeman Hlth Sys
   5.00%   02/15/26   1,694,036
220,000  
Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS
   4.00%   07/01/30   221,407
415,000  
Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS
   4.00%   07/01/31   416,887
1,000,000  
Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS
   4.00%   07/01/38   921,890
440,000  
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref
   4.00%   08/01/36   373,469
410,000  
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref
   4.00%   08/01/41   325,095
750,000  
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A
   5.00%   02/15/32   776,193
710,000  
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A
   4.00%   02/15/39   630,127
160,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs
   5.00%   02/01/23   160,213
245,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs
   5.00%   02/01/25   246,157
1,000,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs
   4.00%   02/01/27   965,805
650,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs
   4.00%   02/01/28   618,841
1,960,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs
   4.00%   02/01/29   1,837,770
2,120,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs
   4.00%   02/01/31   1,911,272
1,105,000  
MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs
   4.00%   02/01/32   978,657
160,000  
MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A
   5.00%   02/01/28   160,463
6,925,000  
MO St Hlth & Eductnl Facs Auth Var St Louis Univ, Ser B-1 (a)
   1.69%   10/01/35   6,925,000
1,040,000  
Saint Louis MO Muni Fin Corp Sales Tax Leasehold Rev Ref
   5.00%   02/15/28   1,083,454
        26,006,019
    Montana – 0.3%            
1,080,000  
MT St Fac Fin Auth Hlthcare Facs Rev Montana Children’s Home and Hosp Proj, Ser A
   4.00%   07/01/35   927,354
2,395,000  
MT St Fac Fin Auth Hlthcare Facs Rev Montana Children’s Home and Hosp Proj, Ser A
   4.00%   07/01/40   1,974,998
740,000  
MT St Fac Fin Auth Rev Ref
   5.00%   02/15/25   755,141
130,000  
MT St Fac Fin Auth Rev Ref
   5.00%   02/15/29   133,305
2,000,000  
MT St Fac Fin Auth Rev Ref Scl Hlth Sys, Ser A
   4.00%   01/01/36   1,908,952
        5,699,750
Page 28
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Nebraska – 0.4%            
$5,870,000  
Centrl Plains Energy Proj NE Gas Proj Rev Ref Proj #3, Ser A
   5.00%   09/01/29   $5,991,573
500,000  
NE St Pub Pwr Dist Rev Gen, Ser C
   5.00%   01/01/35   514,912
        6,506,485
    Nevada – 0.6%            
750,000  
Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A
   5.00%   09/01/30   767,326
805,000  
Clark Cnty NV Impt Dist Ref Spl Loc Impt #151
   4.50%   08/01/23   804,422
4,000,000  
Clark Cnty NV Sch Dist, Ser A
   5.00%   06/15/37   4,222,921
250,000  
Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22
   2.25%   06/01/27   218,320
250,000  
Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22
   2.50%   06/01/28   214,023
1,230,000  
Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A
   5.00%   06/01/46   1,254,865
115,000  
N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64
   3.50%   06/01/24   112,286
135,000  
N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64
   3.75%   06/01/25   130,580
170,000  
N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64
   3.75%   06/01/26   161,850
240,000  
N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64
   3.75%   06/01/27   224,904
335,000  
NV Dept of Busn & Ind NV Doral Acdmy, Ser A (c)
   5.00%   07/15/27   330,291
300,000  
Reno NV Capital Impt Rev Ref, Ser A-1, AGM
   5.00%   06/01/29   314,740
950,000  
Reno NV Capital Impt Rev Ref, Ser A-1, AGM
   5.00%   06/01/30   993,020
275,000  
Reno NV Capital Impt Rev Ref, Ser A-1, AGM
   5.00%   06/01/31   286,166
550,000  
Sparks NV Tourism Impt Dist #1 Rev Ref Sales Tax Sr, Ser A (c)
   2.50%   06/15/24   527,489
        10,563,203
    New Hampshire – 0.2%            
2,740,000  
NH St Hlth & Edu Facs Auth Rev Concord Hosp Trust
   5.00%   10/01/42   2,657,608
    New Jersey – 2.2%            
1,600,000  
Newark NJ, Ser D, BANS
   4.00%   09/29/23   1,600,344
1,000,000  
NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A
   5.00%   07/01/23   1,009,377
450,000  
NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref, Subser A, BAM
   5.00%   07/01/28   466,622
2,000,000  
NJ St Econ Dev Auth Ref Sch Facs Constr, Ser N-1, NATL-RE
   5.50%   09/01/23   2,029,355
500,000  
NJ St Econ Dev Auth Ref, Ser A, BAM
   5.00%   06/15/23   504,735
1,750,000  
NJ St Econ Dev Auth Rev NJ Transit Transprtn Proj, Ser A
   5.00%   11/01/44   1,684,041
2,000,000  
NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit Transprtn Proj Bonds, Ser A
   5.25%   11/01/40   2,024,712
3,250,000  
NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL
   5.00%   06/15/39   3,197,750
350,000  
NJ St Econ Dev Auth Rev Self Designated Social Bonds, Ser QQQ
   4.00%   06/15/35   318,911
1,050,000  
NJ St Econ Dev Auth Rev Social Bonds, Ser QQQ
   5.00%   06/15/31   1,086,462
490,000  
NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container Terminal LLC Proj, AMT
   5.00%   10/01/25   495,935
1,290,000  
NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, AMBAC
   (f)   12/15/25   1,136,085
165,000  
NJ St Transprtn Trust Fund Auth Fed Hwy Reimb Nts, Ser A-1, GARVEE
   5.00%   06/15/28   170,113
1,750,000  
NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A
   5.00%   12/15/28   1,822,974
140,000  
NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A
   5.00%   12/15/39   137,707
3,040,000  
NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A
   5.00%   12/15/26   3,156,379
500,000  
NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A
   5.00%   12/15/30   515,699
1,000,000  
NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA
   5.00%   06/15/34   1,010,261
2,250,000  
NJ St Transprtn Trust Fund Auth Transprtn ProgBonds, Ser AA
   5.00%   06/15/31   2,311,390
1,400,000  
NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D
   5.25%   12/15/23   1,423,423
105,000  
NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D
   5.00%   12/15/24   107,305
See Notes to Financial Statements
Page 29
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    New Jersey (Continued)            
$220,000  
NJ St Transprtn Trust Fund Auth, Ser BB
   5.00%   06/15/31   $226,003
1,000,000  
NJ St Transprtn Trust Fund Auth, Ser BB
   5.00%   06/15/33   1,017,840
2,000,000  
NJ St Turnpike Auth Turnpike Rev, Ser A
   5.00%   01/01/32   2,044,062
500,000  
Tobacco Stlmt Fing Corp NJ Ref, Ser A
   5.00%   06/01/27   517,315
1,850,000  
Tobacco Stlmt Fing Corp NJ Ref, Ser A
   5.00%   06/01/37   1,863,076
5,505,000  
Tobacco Stlmt Fing Corp NJ Ref, Ser A
   5.25%   06/01/46   5,338,260
1,010,000  
Tobacco Stlmt Fing Corp NJ Ref, Subser B
   5.00%   06/01/46   928,661
        38,144,797
    New Mexico – 0.4%            
325,000  
Albuquerque NM Muni Sch Dist #12, Ser A
   4.00%   08/01/32   326,500
400,000  
Albuquerque NM Muni Sch Dist #12, Ser A
   4.00%   08/01/36   373,328
265,000  
Albuquerque NM Refuse Removal & Disp Rev
   5.00%   07/01/31   289,879
185,000  
Albuquerque NM Refuse Removal & Disp Rev
   5.00%   07/01/32   200,932
290,000  
Albuquerque NM Refuse Removal & Disp Rev
   5.00%   07/01/33   313,668
565,000  
Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj
   4.00%   09/01/33   552,160
375,000  
Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj
   4.00%   09/01/34   357,121
300,000  
Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj
   4.00%   09/01/35   280,280
150,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   4.00%   10/01/23   148,120
230,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   4.20%   10/01/24   224,263
240,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   4.30%   10/01/25   231,272
250,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   4.45%   10/01/26   238,153
260,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   4.55%   10/01/27   245,096
365,000  
Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref
   5.00%   10/01/33   338,821
825,000  
NM St Hosp Equipment Loan Council Hosp Rev Ref
   5.00%   06/01/32   836,718
1,000,000  
NM St Hosp Equipment Loan Council Hosp Rev Ref
   4.00%   06/01/33   899,373
1,360,000  
NM St Hosp Equipment Loan Council Hosp Rev Ref
   4.00%   06/01/34   1,193,674
520,000  
Santa Fe NM Retmnt Fac Rev El Castillo Retmnt Proj, Ser A
   5.00%   05/15/34   465,146
        7,514,504
    New York – 6.7%            
460,000  
Buffalo NY Muni Wtr Fin Auth, Ser A, AGM
   4.00%   07/01/49   436,999
715,000  
Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ Proj, Ser A
   4.00%   07/01/40   630,688
495,000  
Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A
   5.00%   02/15/38   505,891
5,000,000  
Long Island NY Pwr Auth Elec Sys Rev Elec Sys Rev Gen, Ser A, BAM
   5.00%   09/01/44   5,084,600
350,000  
Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A
   5.00%   09/01/35   369,514
500,000  
Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A
   4.00%   09/01/39   455,863
2,150,000  
Met Transprtn Auth NY Rev Ref Transprtn, Subser C-1
   5.00%   11/15/34   2,120,846
4,000,000  
Met Transprtn Auth NY Rev Transprtn, Subser D-1
   5.00%   11/15/39   3,837,712
840,000  
Monroe Cnty NY Indl Dev Corp Rev Ref Nazareth Clg of Rochester Proj, Ser A
   5.00%   10/01/23   847,026
750,000  
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev 2nd Gen Resolution, Sec CC-1
   4.00%   06/15/42   667,695
4,285,000  
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref 2nd Gen Resolution, Subser CC-1
  4.00%   06/15/33   4,233,507
3,000,000  
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var Second Gen Resolution, Sub FF-2 (a)
   1.59%   06/15/44   3,000,000
5,000,000  
New York City NY Transitional Fin Auth Rev Adj Subord Future Tax Secured Fiscal 2019, Ser A-4 (a)
   1.59%   08/01/45   5,000,000
Page 30
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    New York (Continued)            
$1,000,000  
New York City NY Transitional Fin Auth Rev Future Tax Secured Sub Fiscal 2016, Ser A-1
   5.00%   08/01/37   $1,021,049
1,500,000  
New York City NY Transitional Fin Auth Rev Future Tax Sub, Subser E-1
   5.00%   02/01/37   1,528,816
1,350,000  
New York City NY Transitional Fin Auth Rev Sub Future Tax Secured Fiscal 1999, Ser A, Subser E-1
  5.00%   02/01/36   1,387,860
5,415,000  
New York City NY Transitional Fin Auth Rev Sub Future Tax Secured Fiscal 1999, Ser A, Subser E-1
  5.00%   02/01/40   5,520,184
2,500,000  
New York City NY Transitional Fin Auth Rev Sub, Ser B-1
   4.00%   11/01/38   2,297,059
10,000,000  
New York City NY Transitional Fin Auth Rev, Subser B-1
   4.00%   11/01/37   9,287,008
500,000  
New York St Dorm Auth Revs Non St Supported Debt Ref-Northwell Hlth Oblig Grp, Ser A
   5.00%   05/01/38   497,916
1,000,000  
NY City NY Transitional Fin Auth Bldg Aid Rev Subord Ref, Ser S-2A
   5.00%   07/15/34   1,045,697
10,400,000  
NY NY Adj Fiscal 2020, Subser B-3 (a)
   2.53%   10/01/46   10,400,000
415,000  
NY NY Fiscal 2020, Ser B-1
   4.00%   10/01/37   384,439
5,690,000  
NY NY Fiscal 2020, Ser B-1
   4.00%   10/01/40   5,096,180
6,000,000  
NY NY Fiscal 2022, Subser D-1
   5.25%   05/01/39   6,438,397
1,000,000  
NY NY, Ser B, Subser B-1
   5.25%   10/01/39   1,075,606
2,925,000  
NY NY, Ser B, Subser B-1
   5.25%   10/01/41   3,115,010
6,000,000  
NY NY, Ser F-1
   5.00%   03/01/43   6,167,746
245,000  
NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, Ser A
   5.00%   07/01/31   257,693
300,000  
NY St Dorm Auth Revs Non St Supported Debt Ref Orange Regl Med Ctr (c)
   5.00%   12/01/25   301,227
475,000  
NY St Dorm Auth Revs Non St Supported Debt Sch Dists Bd Fing Prog, Ser A, AGM
   4.00%   10/01/35   449,002
8,000,000  
NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E
   5.00%   03/15/38   8,308,796
1,925,000  
NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A
   3.00%   03/15/42   1,393,251
2,850,000  
NY St Dorm Auth St Personal Income Tax Rev Ref, Ser E
   5.00%   03/15/34   2,940,411
2,225,000  
NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3
   5.00%   03/15/40   2,323,448
1,250,000  
NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT
   4.00%   10/01/30   1,172,196
2,720,000  
NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT
   5.00%   10/01/35   2,622,050
200,000  
NY St Urban Dev Corp Rev Ref St Personal Income Tax Rev, Ser C
   5.00%   03/15/44   205,062
2,000,000  
Onondaga Cnty NY Trust Cultural Res Rev Ref Syracuse Univ Proj
   5.00%   12/01/39   2,089,011
500,000  
Port Auth of NY & NJ NY Consol One Hundred Eighty Fifth Ref, AMT
   5.00%   09/01/23   504,660
465,000  
Port Auth of NY & NJ NY Ref Consol, Ser 186, AMT
   5.00%   10/15/35   469,772
5,000,000  
Port Auth of NY & NJ NY Ref, 194th Ser
   5.00%   10/15/34   5,171,388
700,000  
Suffolk NY Tobacco Asset Securitization Corp Tobacco Stlmt Ref Tobacco Stlmt Asset Backed Sr Bonds, Ser A-2
  4.00%   06/01/50   550,982
8,000,000  
Tsasc Inc NY Tsasc Inc Rev Ref Turbo Sub, Ser B
   5.00%   06/01/48   6,841,427
400,000  
Yonkers NY Econ Dev Corp Eductnl Rev Chrt Sch Edu Excellence Proj, Ser A
   4.00%   10/15/29   364,627
        118,418,311
    North Carolina – 0.9%            
250,000  
Buncombe Cnty NC Ltd Oblig Ref Rev, Ser A
   5.00%   06/01/29   273,292
890,000  
Charlotte NC Arpt Rev Charlotte Douglas Intl Arp, Ser B, AMT
   5.00%   07/01/29   921,093
See Notes to Financial Statements
Page 31
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    North Carolina (Continued)            
$575,000  
Charlotte-Mecklenburg NC Hosp Auth Hlthcare Sys Rev Ref Carolinas Hlthcare Sys, Ser A
   5.00%   01/15/34   $588,116
750,000  
Greenville NC Comb Enterprise Sys Rev Ref
   5.00%   04/01/28   789,460
1,330,000  
Monroe NC Comb Enterprise Sys Rev Ref
   5.00%   03/01/28   1,391,568
1,000,000  
NC St Agric & Tech Univ Ref Gen, Ser A
   5.00%   10/01/40   1,024,138
400,000  
NC St Capital Facs Fin Agy Eductnl Facs Rev Ref High Point Univ
   5.00%   05/01/28   421,243
900,000  
NC St Capital Facs Fin Agy Stdt Rev Ref Hsg NC A&T Univ Fdtn Proj, Ser A, AGC
   5.00%   06/01/26   931,304
1,270,000  
NC St Med Care Commn Hlthcare Facs Rev the Presbyterian Homes Oblig Grp, Ser A
   5.00%   10/01/45   1,176,881
1,500,000  
NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A
   5.00%   10/01/50   1,319,963
1,000,000  
NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A
   5.00%   10/01/35   992,446
630,000  
NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23)
  5.00%   10/01/29   658,039
470,000  
NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23)
  5.00%   10/01/32   490,918
750,000  
NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23)
  5.00%   10/01/37   783,379
500,000  
NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23)
  5.00%   10/01/47   522,253
3,000,000  
NC St Turnpike Auth Ref Sr Lien, AGM
   5.00%   01/01/38   3,084,815
        15,368,908
    North Dakota – 0.0%            
500,000  
Grand Forks ND Hlthcare Sys Rev Altru Hlth Sys Ref
   4.00%   12/01/36   433,118
    Ohio – 3.4%            
750,000  
Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev
   4.00%   11/15/35   635,458
900,000  
Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev
   4.00%   11/15/36   754,426
2,600,000  
Allen Cnty OH Hosp Facs Rev Ref, Ser A
   5.00%   08/01/42   2,637,552
1,500,000  
American Muni Pwr OH Inc OH Rev Ref Fremont Energy Ctr Proj, Ser A
   4.00%   02/15/36   1,359,841
500,000  
American Muni Pwr OH Inc OH Rev Ref Fremont Energy Ctr Proj, Ser A
   4.00%   02/15/37   448,320
5,000,000  
American Muni Pwr OH Inc OH Rev Ref Prairie St Energy Cmps Proj, Ser A
   4.00%   02/15/36   4,532,804
100,000  
Bowling Green OH St Univ Ref, Ser A
   4.00%   06/01/38   93,417
195,000  
Bowling Green OH St Univ Ref, Ser A
   4.00%   06/01/39   180,935
3,000,000  
Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser A-2 Class 1
   4.00%   06/01/37   2,712,181
2,400,000  
Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser B-2, Class 2
   5.00%   06/01/55   2,022,870
135,000  
Butler Cnty OH Hosp Facs Ref UC Hlth
   5.00%   11/15/30   137,874
1,500,000  
Butler Cnty OH Hosp Facs Ref UC Hlth
   5.00%   11/15/31   1,537,263
1,000,000  
Butler Cnty OH Hosp Facs Ref UC Hlth
   5.00%   11/15/32   1,022,289
370,000  
Butler Cnty OH Port Auth Econdev Lease Rev Ref Cmnty First Solutions Oblg Grp Proj, Ser A
   4.00%   05/15/46   318,920
1,000,000  
Chillicothe OH City Sch Dist Ref, AGM
   4.00%   12/01/31   1,009,359
80,000  
Cleveland OH Pub Pwr Sys Rev Prerefunded Ref, Ser A, AGM
   5.00%   11/15/24   82,678
1,000,000  
Cleveland OH Pub Pwr Sys Rev Ref, Ser A, AGM
   4.00%   11/15/35   940,020
420,000  
Cleveland OH Pub Pwr Sys Rev Unrefunded Ref, Ser A, AGM
   5.00%   11/15/24   433,216
Page 32
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Ohio (Continued)            
$310,000  
Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A
   5.00%   08/15/31   $321,587
250,000  
Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A
   5.00%   08/15/32   258,028
380,000  
Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A
   5.00%   08/15/33   390,527
2,100,000  
Hamilton Cnty OH Hosp Facs Rev UC Hlth
   4.00%   09/15/50   1,679,019
960,000  
Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp
   5.00%   08/01/32   989,243
1,000,000  
Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp
   5.00%   08/01/33   1,026,061
3,000,000  
Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp
   5.00%   08/01/36   3,039,692
575,000  
Miamisburg OH City Sch Dist Ref (Pre-refunded maturity 12/01/25)
   5.00%   12/01/35   604,186
400,000  
Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj
   4.00%   08/01/37   360,950
1,375,000  
Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj
   4.00%   08/01/41   1,199,025
1,760,000  
N W OH Loc Sch Dist Hamilton & Butler Cntys Sch Impt (Pre-refunded maturity 12/01/23)
   5.00%   12/01/45   1,792,688
600,000  
NE OH Med Univ Gen Recpts Ref, Ser A
   4.00%   12/01/35   547,479
5,750,000  
OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (c)
   5.00%   07/01/49   4,855,088
1,000,000  
OH St Air Quality Dev Auth Ref American Elec Pwr Company Proj Remk, Ser B, AMT (Mandatory put 10/01/24)
  2.10%   07/01/28   949,898
2,225,000  
OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A
   3.25%   09/01/29   1,982,659
1,000,000  
OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser A, AMT (Mandatory put 06/01/27)
  4.25%   11/01/39   976,794
2,000,000  
OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser B (Mandatory put 06/01/27)
   4.00%   09/01/30   1,952,509
1,000,000  
OH St Hgr Eductnl Fac Commn Denison Univ Proj
   5.00%   11/01/38   1,043,977
1,000,000  
OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 Proj, Ser A
   5.00%   12/01/45   890,730
2,455,000  
OH St Hosp Rev Ref Univ Hosps Hlth Sys Inc, Ser E
   4.00%   01/15/40   2,074,651
150,000  
OH St Hosp Rev Ref, Ser A
   5.00%   01/15/33   154,453
325,000  
OH St Hosp Rev Ref, Ser A
   5.00%   01/15/35   332,285
500,000  
OH St Hosp Rev Ref, Ser A
   4.00%   01/15/38   433,927
2,500,000  
OH St, Ser T
   5.00%   05/01/32   2,646,428
6,325,000  
Ross Cnty OH Hosp Rev Ref Adena Hlth Sys Oblig Grp Proj
   5.00%   12/01/39   6,330,503
550,000  
Sharonville OH Spl Oblg Rev
   4.00%   12/01/39   504,927
500,000  
Sharonville OH Spl Oblg Rev
   4.00%   12/01/40   455,162
1,500,000  
Sthrn OH Port Exempt Fac Rev Purecycle Proj, Ser A, AMT (c)
   7.00%   12/01/42   1,204,684
        59,856,583
    Oklahoma – 0.8%            
900,000  
Catoosa OK Indl Auth Sales Tax Rev
   4.50%   10/01/32   804,958
6,000,000  
OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (c)
   7.25%   09/01/51   5,691,664
500,000  
OK St Wtr Res Brd Revolving Fund Rev 2019 Master Trust
   4.00%   04/01/33   500,110
2,815,000  
Oklahoma City OK Arpt Trust Junior Lien, AMT
   5.00%   07/01/34   2,816,470
1,000,000  
Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj
   5.00%   10/01/25   1,037,774
1,000,000  
Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj
   5.00%   10/01/26   1,047,362
See Notes to Financial Statements
Page 33
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Oklahoma (Continued)            
$1,000,000  
Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj
   5.00%   11/15/25   $1,005,288
250,000  
Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj
   5.00%   11/15/26   251,264
1,000,000  
Weatherford OK Indl Trust Eductnl Facs Lease Rev Weatherford Pub Schs Proj
   5.00%   03/01/31   1,074,872
        14,229,762
    Oregon – 1.2%            
500,000  
Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A
   5.25%   11/15/50   422,087
170,000  
Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A
   4.00%   05/15/26   165,299
250,000  
Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A
   5.00%   11/15/32   242,136
1,250,000  
Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A
   5.00%   08/15/34   1,288,838
4,000,000  
OR St Dept of Admin Svcs Lottery Rev, Ser A
   5.00%   04/01/34   4,187,114
2,035,000  
OR St Dept of Admin Svcs Lottery Rev, Ser A
   5.00%   04/01/35   2,124,312
1,100,000  
OR St Facs Auth Rev Ref Univ Portland, Ser A
   5.00%   04/01/32   1,119,088
500,000  
Oregon City OR
   4.00%   06/01/37   492,579
1,890,000  
Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT
   5.00%   07/01/29   1,950,518
2,500,000  
Portland OR Swr Sys Rev 2nd Lien, Ser A
   4.50%   05/01/31   2,564,069
4,950,000  
Tri Cnty OR Met Transprtn Dist, Ser A, GARVEE
   5.00%   10/01/32   5,185,597
725,000  
Tri-Cnty OR Met Transprtn Dist, Ser A
   4.00%   09/01/39   679,436
1,000,000  
Union Cnty OR Hosp Fac Auth Grande Ronde Hosp
   5.00%   07/01/47   914,127
        21,335,200
    Pennsylvania – 6.4%            
1,500,000  
Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network Oblig Grp Issue, Ser A
   5.00%   04/01/32   1,538,918
505,000  
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A
   5.00%   07/15/34   520,551
3,050,000  
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A
   4.00%   07/15/35   2,780,510
2,180,000  
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A
   4.00%   07/15/36   1,964,498
2,095,000  
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A
   4.00%   07/15/37   1,861,568
2,650,000  
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A
   4.00%   07/15/38   2,315,383
1,075,000  
Allegheny Vly PA Jt Sewage Auth Green Bond, BAM
   4.00%   08/01/47   913,025
900,000  
Armstrong PA Sch Dist Ref, Ser A, BAM
   5.00%   03/15/31   976,652
500,000  
Armstrong PA Sch Dist Ref, Ser A, BAM
   4.00%   03/15/37   468,276
460,000  
Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at Wyomissing, Ser A
   5.00%   05/15/32   452,802
735,000  
Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj
   4.00%   08/15/38   646,249
1,050,000  
Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj
   4.00%   08/15/44   864,145
1,185,000  
Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A
   5.00%   10/01/32   1,190,582
415,000  
Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A
   5.00%   10/01/33   416,416
765,000  
Chester Cnty PA Indl Dev Auth Renaissance Acdmy Chrt Sch
   5.00%   10/01/34   758,562
1,000,000  
Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds
   5.00%   06/01/25   1,025,100
Page 34
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Pennsylvania (Continued)            
$410,000  
Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds
   5.00%   06/01/26   $423,501
500,000  
Colonial PA Sch Dist
   5.00%   02/15/36   514,859
300,000  
Colonial PA Sch Dist, Ser A
   5.00%   02/15/34   311,596
270,000  
Conestoga Vly PA Sch Dist
   4.00%   02/01/31   274,875
300,000  
Conestoga Vly PA Sch Dist
   4.00%   02/01/32   303,421
145,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj
   5.00%   01/01/30   145,995
350,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj
   5.00%   01/01/38   350,331
50,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25)
  5.00%   01/01/30   51,771
105,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25)
  5.00%   01/01/30   108,718
65,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25)
  5.00%   01/01/38   67,302
285,000  
Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25)
  5.00%   01/01/38   295,093
1,150,000  
Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries
   5.00%   01/01/25   1,169,729
1,000,000  
Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries
   5.00%   01/01/33   1,003,994
1,660,000  
Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj
   5.00%   07/01/28   1,618,375
280,000  
Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM
   4.00%   12/01/34   275,847
390,000  
Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM
   4.00%   12/01/35   381,080
1,165,000  
Dover PA Area Sch Dist, BAM
   4.00%   04/01/32   1,175,774
100,000  
Dubois PA Hosp Auth Penn Highlands Hlthcare
   5.00%   07/15/32   102,077
115,000  
Dubois PA Hosp Auth Penn Highlands Hlthcare
   5.00%   07/15/33   116,952
245,000  
Dubois PA Hosp Auth Penn Highlands Hlthcare
   5.00%   07/15/34   248,351
290,000  
Dubois PA Hosp Auth Penn Highlands Hlthcare
   5.00%   07/15/35   292,498
715,000  
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj
   5.00%   12/01/28   733,877
770,000  
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj
   5.00%   12/01/29   789,202
2,500,000  
Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1
   5.00%   02/15/45   2,464,264
760,000  
Hermitage PA Muni Auth Ref, Ser C
   4.00%   02/01/31   771,989
515,000  
Hermitage PA Muni Auth Ref, Ser C
   4.00%   02/01/33   516,437
1,730,000  
Kiski Vly PA Wtr Poll Control Auth Ref, AGM
   4.00%   09/01/42   1,553,296
655,000  
Kutztown PA Area Sch Dist, AGM
   4.00%   03/15/36   622,778
480,000  
Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A
   5.00%   06/15/30   460,294
1,110,000  
Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A
   5.00%   06/15/38   1,002,577
1,000,000  
Lancaster Cnty PA Hosp Auth Penn St Hlth
   5.00%   11/01/38   1,017,173
1,000,000  
Lancaster Cnty PA Hosp Auth Penn St Hlth
   5.00%   11/01/39   1,013,276
1,735,000  
Lancaster Cnty PA Hosp Auth Penn St Hlth
   5.00%   11/01/40   1,752,259
750,000  
Lancaster Cnty PA Hosp Auth Ref, St Annes Retmnt Cmnty Inc Proj
   5.00%   03/01/45   606,278
750,000  
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ
   4.00%   03/01/46   555,213
2,415,000  
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ
   4.00%   03/01/51   1,718,661
405,000  
Lebanon PA Auth Swr Rev Ref Green Bond, BAM
   4.00%   12/15/29   414,165
420,000  
Lebanon PA Auth Swr Rev Ref Green Bond, BAM
   4.00%   12/15/30   426,978
3,000,000  
Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj Remk, Ser A
   3.00%   09/01/29   2,765,630
500,000  
Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A
   5.00%   01/01/41   473,122
1,550,000  
Mechanicsburg PA Area Sch Dist, Ser A
   4.00%   03/01/36   1,500,392
See Notes to Financial Statements
Page 35
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Pennsylvania (Continued)            
$1,090,000  
Mechanicsburg PA Area Sch Dist, Ser A
   4.00%   03/01/38   $995,983
300,000  
Mifflinburg PA Area Sch Dist Ref, Ser A
   4.00%   06/15/35   292,623
550,000  
Mifflinburg PA Area Sch Dist Ref, Ser A
   4.00%   06/15/36   522,722
610,000  
Mifflinburg PA Area Sch Dist Ref, Ser A
   4.00%   06/15/38   563,690
1,000,000  
Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj
   4.00%   09/01/34   931,312
1,000,000  
Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj
   4.00%   09/01/35   920,567
2,000,000  
Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj
   4.00%   09/01/44   1,699,760
480,000  
Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living Proj, Ser A
   5.00%   12/01/26   488,301
100,000  
Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj
   4.00%   12/01/33   96,641
200,000  
Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj
   4.00%   12/01/34   191,550
580,000  
Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj
   5.00%   12/01/44   584,450
140,000  
Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg
   5.00%   10/01/25   142,149
225,000  
Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg
   5.00%   10/01/26   229,000
540,000  
Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg
   5.00%   10/01/31   545,606
1,800,000  
Northampton Cnty PA Gen Purp Auth Hosp Rev Ref St Luke’s Univ Hlth Network Proj, Ser A
  5.00%   08/15/28   1,846,484
500,000  
PA St 2nd, Ser CR, AGM
   4.00%   09/15/31   502,090
50,000  
PA St Econ Dev Fin Auth Rev UPMC Rev, Ser B
   4.00%   03/15/40   42,684
5,000,000  
PA St Econ Dev Fing Auth Solid Waste Disposal Rev Var Waste Mgmt Inc Proj Remk, AMT (Mandatory put 11/01/22)
  2.25%   08/01/45   5,000,160
1,105,000  
PA St Hgr Eductnl Facs Auth Rev Ref Drexel Univ
   5.00%   05/01/34   1,121,618
2,810,000  
PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 123B
   3.45%   10/01/32   2,552,358
880,000  
PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 125B, AMT
   3.70%   10/01/47   821,767
5,410,000  
PA St Hsg Fin Agy SF Mtge Rev, Ser 127B
   3.55%   10/01/33   4,870,116
565,000  
PA St Turnpike Commn Turnpike Rev Conv Cap Apprec, Subser E
   6.38%   12/01/38   625,599
1,000,000  
PA St Turnpike Commn Turnpike Rev Ref
   5.00%   12/01/33   1,025,861
550,000  
PA St Turnpike Commn Turnpike Rev Subord, Ser A-1
   5.00%   12/01/30   568,916
4,500,000  
PA St Turnpike Commn Turnpike Rev, Subser A
   4.00%   12/01/45   3,740,421
200,000  
Parkland PA Sch Dist, Ser B
   4.00%   02/01/34   199,031
300,000  
Parkland PA Sch Dist, Ser B
   4.00%   02/01/35   293,987
1,200,000  
Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT
   4.00%   07/01/38   1,049,383
750,000  
Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT
   4.00%   07/01/40   642,821
620,000  
Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj
   5.00%   08/01/40   584,382
375,000  
Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj
   5.00%   08/01/50   337,828
2,250,000  
Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T Chrt High Sch, Ser A
   4.00%   06/01/41   1,712,377
290,000  
Philadelphia PA Gas Wks Rev Ref
   5.00%   08/01/25   299,604
1,625,000  
Philadelphia PA Gas Wks Rev Ref
   5.00%   08/01/29   1,674,957
1,000,000  
Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser
   5.00%   10/01/29   1,037,756
2,000,000  
Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser
   5.00%   10/01/34   2,045,638
5,235,000  
Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 15th Ser
   5.00%   08/01/42   5,284,172
500,000  
Philadelphia PA Ref, Ser A
   5.00%   08/01/26   524,028
500,000  
Philadelphia PA Ref, Ser A
   5.00%   08/01/27   528,421
Page 36
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Pennsylvania (Continued)            
$750,000  
Philadelphia PA Ref, Ser A (Pre-refunded maturity 01/15/24)
   5.25%   07/15/28   $767,978
3,260,000  
Philadelphia PA, Ser B, BAM
   5.00%   02/01/34   3,504,088
300,000  
Pittsburgh PA Wtr & Swr Auth, Ser B, AGM
   5.00%   09/01/32   319,820
205,000  
Pittsburgh PA Wtr & Swr Auth, Ser B, AGM
   5.00%   09/01/34   216,878
2,000,000  
S Estrn PA Transprtn Auth Asset Impt Prog
   5.25%   06/01/40   2,162,407
2,250,000  
S Estrn PA Transprtn Auth Asset Impt Prog
   5.25%   06/01/41   2,419,498
300,000  
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM
   4.00%   02/15/34   298,290
325,000  
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM
   4.00%   02/15/35   319,378
235,000  
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM
   4.00%   02/15/36   229,119
1,835,000  
Scranton PA Sch Dist
   4.00%   12/01/42   1,597,039
405,000  
Southcentrl PA General Auth Rev Ref Hanover Hosp Inc
   5.00%   12/01/23   410,667
390,000  
Upper Darby PA Sch Dist, AGM
   4.00%   04/01/31   395,011
250,000  
Upper Darby PA Sch Dist, AGM
   4.00%   04/01/34   250,493
300,000  
Upper Darby PA Sch Dist, AGM
   4.00%   04/01/35   293,265
250,000  
Upper Darby PA Sch Dist, AGM
   4.00%   04/01/36   238,083
200,000  
Upper Darby PA Sch Dist, Ser A, BAM
   4.00%   04/01/39   181,752
300,000  
Upper Darby PA Sch Dist, Ser A, BAM
   4.00%   04/01/40   269,596
300,000  
Upper Darby PA Sch Dist, Ser A, BAM
   4.00%   04/01/42   267,642
245,000  
Upper Darby PA Sch Dist, Ser A, BAM
   4.00%   04/01/43   216,283
105,000  
W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A
   4.00%   11/15/28   100,270
135,000  
W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A
   4.00%   11/15/29   127,456
215,000  
W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A
   4.00%   11/15/36   186,216
1,970,000  
Westmoreland Cnty PA Muni Auth Ref, BAM
   5.00%   08/15/42   2,001,106
        112,992,385
    Puerto Rico – 0.6%            
6,558,000  
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1
   4.50%   07/01/34   5,962,140
429,000  
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS
   (f)   07/01/27   334,606
1,536,000  
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS
   (f)   07/01/31   939,284
3,500,000  
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2
   4.33%   07/01/40   2,944,212
        10,180,242
    Rhode Island – 0.3%            
150,000  
Providence RI Pub Bldgs Auth Rev, Ser B, AGM
   5.00%   06/15/31   161,585
320,000  
Providence RI Pub Bldgs Auth Rev, Ser B, AGM
   5.00%   06/15/33   338,806
230,000  
Providence RI Pub Bldgs Auth Rev, Ser B, AGM
   5.00%   06/15/35   241,047
1,125,000  
RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp
   5.00%   05/15/29   1,131,260
1,460,000  
RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp
   5.00%   05/15/32   1,445,639
1,700,000  
RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp
   5.00%   05/15/39   1,602,440
        4,920,777
    South Carolina – 0.4%            
2,250,000  
Berkeley Cnty SC Assmnt Rev Nexton Impt Dist
   4.25%   11/01/40   1,793,776
1,000,000  
Greenville SC Hosp Sys Brd Hosp Facs Rev, Ser B
   5.00%   05/01/30   1,008,791
See Notes to Financial Statements
Page 37
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    South Carolina (Continued)            
$25,000  
Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1
   3.13%   12/01/22   $24,982
1,310,000  
Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1
   5.00%   12/01/26   1,301,493
1,000,000  
Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1
   5.00%   12/01/31   966,053
1,075,000  
SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman Proj, Ser A
   5.00%   11/15/54   879,779
500,000  
SC St Jobs Econ Dev Auth Hlth Facs Rev Ref Lutheran Homes of SC Inc
   5.00%   05/01/42   405,898
30,000  
SC St Jobs Econ Dev Auth Hosp Rev Ref Palmetto Hlth, Ser A
   5.00%   08/01/23   30,394
355,000  
SC St Pub Svc Auth Rev Ref, Ser A
   4.00%   12/01/35   321,107
        6,732,273
    South Dakota – 0.2%            
1,000,000  
Lincoln Cnty SD Econ Dev Rev Ref Augustana Clg Assoc Proj, Ser A
   4.00%   08/01/51   718,475
510,000  
SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev
   5.00%   04/01/31   532,641
505,000  
SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev
   5.00%   04/01/32   525,740
1,000,000  
SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev Ref Hsg & Auxiliary Facs Sys
  5.00%   04/01/30   1,064,215
420,000  
SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev, Ser B
   5.00%   04/01/29   431,768
105,000  
SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp
   5.00%   11/01/35   106,156
200,000  
SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue
   3.00%   09/01/28   184,628
640,000  
SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue
   3.00%   09/01/32   541,168
        4,104,791
    Tennessee – 1.5%            
250,000  
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1
  5.00%   08/01/34   252,593
200,000  
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1
  4.00%   08/01/37   174,053
825,000  
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2
  5.00%   08/01/34   833,557
2,500,000  
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2
  5.00%   08/01/44   2,387,502
325,000  
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Stdt Hsg CDFI Phase I
   5.00%   10/01/23   326,166
865,000  
Met Govt Nashville & Davidson Cnty TN Elec Rev Sys, Ser A
   5.00%   05/15/35   903,865
1,385,000  
Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Lipscomb Univ Proj, Ser A
  5.00%   10/01/29   1,398,994
600,000  
Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj
  5.00%   10/01/29   599,519
400,000  
Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj
  5.00%   10/01/34   386,581
700,000  
Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj
  5.00%   10/01/39   656,285
3,000,000  
Met Govt Nashville & Davidson Cnty TN, Ser A
   4.00%   01/01/37   2,850,185
4,000,000  
TN Energy Acq Corp Cmdy Proj Rev, Ser A (Mandatory put 11/01/31)
   5.00%   05/01/52   3,899,902
4,000,000  
TN St Energy Acq Corp Gas Rev (Mandatory put 11/01/25)
   4.00%   11/01/49   3,889,144
3,435,000  
TN St Energy Acq Corp Gas Rev Proj, Ser A (Mandatory put 05/01/23)
   4.00%   05/01/48   3,427,666
Page 38
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Tennessee (Continued)            
$5,000,000  
TN St Sch Bond Auth Hgr Eductnl Facs 2nd Prog Ref, Ser B (Pre-refunded maturity 11/01/25)
   5.00%   11/01/45   $5,240,305
        27,226,317
    Texas – 6.7%            
975,000  
Arlington TX Hgr Edu Fin Corp Edu Rev
   5.00%   08/15/32   1,041,951
415,000  
Arlington TX Hgr Edu Fin Corp Edu Rev
   5.00%   08/15/33   441,020
525,000  
Arlington TX Hgr Edu Fin Corp Edu Rev
   5.00%   08/15/34   555,435
565,000  
Arlington TX Hgr Edu Fin Corp Edu Rev
   4.00%   08/15/35   531,371
875,000  
Arlington TX Hgr Edu Fin Corp Edu Rev
   4.00%   08/15/36   815,659
1,645,000  
Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs TX Proj, Ser A
   4.13%   02/15/41   1,214,731
450,000  
Austin TX Arpt Sys Rev, AMT
   5.00%   11/15/33   451,361
350,000  
Austin TX Arpt Sys Rev, AMT
   5.00%   11/15/35   347,227
4,150,000  
Austin TX Arpt Sys Rev, Ser B, AMT
   5.00%   11/15/37   4,095,427
4,000,000  
Austin TX Wtr & Wstwtr Sys Rev Ref
   5.00%   11/15/42   4,153,990
910,000  
Bexar Cnty Tx Rev Ref Tax Exempt Venue Proj
   4.00%   08/15/38   831,644
600,000  
Brd of Managers TX Jt Guadalupe Cnty City of Seguin Hosp Mtg Ref
   5.00%   12/01/24   602,825
305,000  
Celina TX Spl Assmnt Rev Ref the Lakes at Mustang Ranch Pub Impt Dt Phase #1 Proj, BAM
   4.00%   09/01/29   301,759
350,000  
Centrl TX Regl Mobility Auth Rev Ref
   5.00%   01/01/27   362,574
600,000  
Centrl TX Regl Mobility Auth Rev Ref Sub Lien (Pre-refunded maturity 01/01/23)
   5.00%   01/01/33   601,675
850,000  
Centrl TX Regl Mobility Auth Rev Sr Lien, Ser A (Pre-refunded maturity 07/01/25)
   5.00%   01/01/29   886,587
130,000  
Centrl TX Regl Mobility Auth Rev, Ser B
   5.00%   01/01/35   134,229
700,000  
Centrl TX Regl Mobility Auth Rev, Ser B
   5.00%   01/01/38   708,892
445,000  
Centrl TX Regl Mobility Auth Rev, Ser B
   5.00%   01/01/39   448,395
600,000  
Centrl TX Regl Mobility Auth Rev, Ser B
   4.00%   01/01/40   522,538
640,000  
Centrl TX Regl Mobility Auth Rev, Ser B
   4.00%   01/01/41   547,525
500,000  
Clifton TX Hgr Edu Fin Corp Edu Rev Idea Pub Schs
   5.00%   08/15/32   500,349
840,000  
Clifton TX Hgr Edu Fin Corp Edu Rev, Ser A
   4.00%   12/01/25   816,868
415,000  
Corpus Christi TX Util Sys Rev Junior Lien, Ser B
   5.00%   07/15/35   441,075
1,300,000  
Dallas TX Area Rapid Transit Sales Tax Rev Ref, Ser A
   4.00%   12/01/34   1,270,018
490,000  
Dallas TX Hotel Occupancy Tax Rev Ref
   4.00%   08/15/37   435,260
4,350,000  
Dallas-Fort Worth TX Intl Arpt Rev Ref, Ser A
   4.00%   11/01/36   4,040,370
500,000  
El Paso TX Ref, Ser A
   4.00%   08/15/36   474,065
1,170,000  
Galveston Cnty TX Muni Util Dist #54 Ref
   2.50%   12/01/31   910,849
1,500,000  
Galveston TX Indep Sch Dist
   5.00%   02/01/36   1,591,602
1,750,000  
Galveston TX Indep Sch Dist
   5.00%   02/01/37   1,849,317
1,000,000  
Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Ref Baylor Clg of Med
   4.00%   11/15/30   997,849
1,100,000  
Harris Cnty TX Ref Sr Lien Toll Road, Ser B
   5.00%   08/15/36   1,132,200
2,600,000  
Harris Cnty TX Ref Sr Lien, Ser A
   5.00%   08/15/36   2,693,474
1,500,000  
Hidalgo Cnty TX Regl Mobility Auth Toll & Vehcl Registration Sr Lien, Ser A
  4.00%   12/01/37   1,320,578
1,770,000  
Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E Proj, Ser A, AMT
   5.00%   07/01/27   1,760,439
2,750,000  
Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt Proj, Ser B-2, AMT
   5.00%   07/15/27   2,735,019
2,500,000  
Houston TX Arpt Sys Rev Sub, Ser A, AMT
   4.00%   07/01/39   2,154,462
250,000  
Houston TX Arpt Sys Rev Sub, Ser A, AMT
   4.00%   07/01/40   213,243
2,000,000  
Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, Ser B-1, AMT
   4.00%   07/15/41   1,540,712
See Notes to Financial Statements
Page 39
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Texas (Continued)            
$1,730,000  
Houston TX Cmnty Clg Ref
   4.00%   02/15/37   $1,704,667
1,000,000  
Houston TX Hotel Occupancy Tax & Spl Rev Ref Convention & Entertainment Facs Dept
  5.00%   09/01/32   1,045,260
1,000,000  
Houston TX Util Sys Rev Ref 1st Lien Subord, Ser D
   5.00%   11/15/29   1,044,699
225,000  
Imperial Redev Dist TX, BAM
   4.50%   05/01/26   230,651
225,000  
Imperial Redev Dist TX, BAM
   4.50%   05/01/27   231,050
700,000  
Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area #2 Proj (c)
   3.38%   09/01/41   517,716
500,000  
Kyle TX Spl Assmnt Rev 6 Creeks Pid #1 (c)
   4.63%   09/01/39   446,721
430,000  
La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (c)
   4.35%   08/15/25   435,707
410,000  
La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser A (c)
   4.20%   08/15/25   414,524
1,250,000  
Laredo TX Cmnty Clg Dist Combined Fee Rev Ref, BAM
   4.00%   08/01/33   1,252,334
1,290,000  
Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv (e)
   5.13%   09/01/38   1,211,196
500,000  
Liberty Hill TX Indep Sch Dist Ref
   5.00%   08/01/30   527,078
3,795,000  
Liberty Hill TX Indep Sch Dist Ref, Ser A (b)
   5.00%   02/01/36   4,073,780
700,000  
Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj
   5.00%   05/15/33   727,429
400,000  
Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj
   5.00%   05/15/37   412,147
610,000  
Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj
   5.00%   05/15/38   627,695
1,000,000  
Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj
   5.00%   05/15/40   1,024,382
370,000  
Mission TX Ctfs Oblig, AGM
   5.00%   02/15/30   391,103
1,570,000  
N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM
   3.00%   12/15/35   1,297,752
700,000  
N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub Impt Dt Phase #1A-1B Impts (c)
   4.25%   09/15/51   547,168
2,003,000  
N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts Proj (c)
   4.75%   09/15/41   1,757,254
2,250,000  
N TX Tollway Auth Rev Ref 2nd Tier, Ser B
   5.00%   01/01/31   2,328,904
1,000,000  
N TX Tollway Auth Rev Ref First Tier Bonds, Ser A
   5.25%   01/01/38   1,070,559
5,950,000  
N TX Tollway Auth Rev Ref First Tier Bonds, Ser A
   4.00%   01/02/38   5,456,554
170,000  
N TX Tollway Auth Rev Ref Second Tier, Ser B
   5.00%   01/01/29   182,270
1,525,000  
N TX Tollway Auth Rev Ref Sys Second Tier, Ser B
   5.00%   01/01/31   1,545,371
250,000  
N TX Tollway Auth Rev Ref, Ser A
   5.00%   01/01/33   258,409
1,415,000  
New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj
   5.00%   01/01/31   1,366,155
1,200,000  
New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj
   5.00%   01/01/32   1,148,844
250,000  
New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Wesleyan Homes Inc Proj Fin Corp
   5.00%   01/01/50   178,809
2,000,000  
New Hope Cultural Edu Facs Fincorp TX Edu Rev Ref Jubilee Acad Ctr (c)
   4.00%   08/15/36   1,658,023
2,010,000  
San Antonio TX Wtr Rev Ref Wtr Sys Junior Lien, Ser C
   5.00%   05/15/38   2,123,463
2,690,000  
Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor Scott & White Hlth Proj, Ser A
  5.00%   11/15/45   2,636,739
750,000  
Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook Children’s Med Ctr
   4.00%   12/01/35   702,967
4,080,000  
Tarrant Cnty TX Cultural Edu Facs Fin Corp Rev Christus Hlth, Ser B
   5.00%   07/01/43   4,037,524
1,635,000  
TX St Muni Gas Acq & Sply Corp I Gas Sply Rev Sr Lien, Ser A
   5.25%   12/15/26   1,690,991
250,000  
TX St Muni Gas Acq & Sply Corp III Gas Sply Rev Ref
   5.00%   12/15/29   253,270
Page 40
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Texas (Continued)            
$5,000,000  
TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N Tarrant Express Managed Lanes Proj, Ser A
  5.00%   12/31/34   $4,964,517
2,750,000  
TX St Priv Activity Bond Surface Transprtn Corp Rev Segment 3C Proj, AMT
   5.00%   06/30/58   2,457,581
7,510,000  
TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser A
   5.00%   08/15/39   7,741,620
865,000  
TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser B
   5.00%   08/15/37   881,268
785,000  
TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A
   5.00%   04/15/30   844,946
250,000  
TX St Wtr Dev Brd St Wtr Implementation Rev Fund for TX
   4.00%   10/15/32   253,423
2,175,000  
TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust
   5.00%   10/15/34   2,387,914
150,000  
Univ of Houston TX Univ Revs Ref, Ser A
   5.00%   02/15/26   157,883
1,900,000  
Univ of Houston TX Univ Revs Ref, Ser A
   5.00%   02/15/35   1,963,311
1,560,000  
Uptown Dev Auth TX Incr Contract Rev, Ser A
   5.00%   09/01/36   1,524,101
500,000  
Viridian TX Muni Mgmt Dist Ref Util Impt, BAM
   6.00%   12/01/26   525,973
155,000  
Viridian TX Muni Mgmt Dist Road Impt, BAM
   5.00%   12/01/26   157,619
125,000  
Viridian TX Muni Mgmt Dist Util Impt, BAM
   5.00%   12/01/26   127,112
1,605,000  
W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM
   3.00%   12/15/36   1,263,592
        118,284,589
    Utah – 1.1%            
4,400,000  
Black Desert Pub Infra Dist Sr Bonds, Ser A (c)
   4.00%   03/01/51   3,015,953
1,370,000  
Grand Cnty Sch Dist Loc Bldg Auth UT, AGM
   5.00%   12/15/30   1,417,274
1,400,000  
Grand Cnty Sch Dist Loc Bldg Auth UT, AGM
   5.00%   12/15/31   1,444,980
1,515,000  
Grand Cnty Sch Dist Loc Bldg Auth UT, AGM
   5.00%   12/15/32   1,561,429
1,750,000  
Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1
   4.00%   06/01/52   1,211,258
1,500,000  
Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2
   4.00%   06/01/41   1,127,705
1,250,000  
Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2
   4.00%   06/01/52   851,439
400,000  
UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy
   5.00%   04/15/32   409,267
325,000  
UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy
   5.00%   04/15/37   332,111
1,590,000  
UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy Proj, Ser A (c)
   5.00%   06/15/49   1,317,633
4,875,000  
UT St Transit Auth Sales Tax Rev Ref Sub, BAM
   5.00%   12/15/40   5,092,820
1,145,000  
UT St Transit Auth Sales Tax Rev Ref, Subser A (Pre-refunded maturity 06/15/25)
   5.00%   06/15/35   1,195,009
        18,976,878
    Vermont – 0.4%            
550,000  
Burlington VT Ref Lakeview Garage Proj, Ser A, COPS
   5.00%   12/01/24   566,874
745,000  
VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A
   5.00%   05/01/25   741,895
585,000  
VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A
   5.00%   05/01/26   580,014
2,000,000  
VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc Remk, AMT (Mandatory put 04/03/28) (c)
   4.63%   04/01/36   1,884,855
2,500,000  
VT St Eductnl & Hlth Bldgs Fing Agy Rev Ref Univ of VT Med Ctr, Ser A
   5.00%   12/01/33   2,555,280
        6,328,918
    Virginia – 1.3%            
1,000,000  
Chesapeake VA Hosp Auth Hosp Fac Rev Ref Chesapeake Regl Med Ctr
   4.00%   07/01/35   920,734
1,365,000  
Fairfax Cnty VA Econ Dev Auth Fac Rev Green Bond Cnty Fac Proj, Ser A
   5.00%   10/01/39   1,452,283
4,590,000  
Loudoun Cnty VA, Ser A
   4.00%   12/01/41   4,316,901
1,100,000  
Norfolk VA Redev & Hsg Auth Rev Ft Norfolk Retmnt Cmnty Harbors Edge Proj, Ser A
  4.00%   01/01/29   1,020,098
See Notes to Financial Statements
Page 41
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Virginia (Continued)            
$5,595,000  
Richmond VA Pub Util Rev, Ser A
   4.00%   01/15/38   $5,397,254
200,000  
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj
   4.00%   06/01/36   169,868
350,000  
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj
   4.00%   06/01/46   264,746
2,000,000  
VA St Pub Bldg Auth Pub Facs Rev, Ser C, AMT
   5.00%   08/01/33   2,048,593
1,000,000  
VA St Res Auth Infra Rev Ref Infra VA Pooled Fing Prog, Ser C
   4.00%   11/01/33   1,001,584
750,000  
VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of VA
   4.00%   12/01/31   683,453
1,570,000  
Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay
   5.00%   09/01/32   1,494,842
1,000,000  
Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay
   5.00%   09/01/33   944,700
1,210,000  
Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay
   5.00%   09/01/35   1,128,338
275,000  
Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay
   5.00%   09/01/36   254,742
1,185,000  
Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-refunded maturity 12/01/26)
   5.00%   12/01/34   1,257,972
1,180,000  
Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref
   5.00%   12/01/34   1,245,749
        23,601,857
    Washington – 2.0%            
1,235,000  
Benton Cnty WA Pub Util Dist #1 Ref
   4.00%   11/01/36   1,217,964
1,090,000  
Centrl Puget Sound WA Regl Transit Auth Green Bond, Ser S-1
   5.00%   11/01/36   1,137,266
1,250,000  
Centrl Puget Sound WA Regl Transit Auth Sales & Use Tax Green Bond Ref & Impt, Ser S-1 (Pre-refunded maturity 11/01/25)
  5.00%   11/01/35   1,311,898
1,250,000  
Energy NW WA Elec Rev Ref Columbia Generating Sys, Ser A
   5.00%   07/01/38   1,286,412
1,500,000  
Fyi Properties WA Lease Rev Ref Green Bond WA Dis Proj
   5.00%   06/01/38   1,557,656
530,000  
Kalispel Tribe of Indians Priority Dist WA Rev, Ser A (c)
   5.00%   01/01/32   547,146
5,000,000  
Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT
   5.00%   08/01/39   4,935,683
2,315,000  
Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT
   5.00%   08/01/37   2,326,123
2,000,000  
Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT
   5.00%   08/01/39   1,978,707
3,000,000  
Seattle WA Drain & Wstwtr Rev Ref
   4.00%   07/01/36   2,925,574
270,000  
Skagit Cnty WA Pub Hosp Dist #1 Ref & Impt Skagit Regl Hlth
   4.00%   12/01/24   267,894
110,000  
Skagit Cnty WA Pub Hosp Dist #1 Ref & Impt, Ser A
   5.00%   12/01/22   110,139
500,000  
Snohomish Cnty WA Hsg Auth
   5.00%   04/01/34   515,708
5,000,000  
WA St Convention Ctr Pub Facs Dist Sub
   4.00%   07/01/58   3,555,536
525,000  
WA St Hgr Edu Facs Auth Seattle Univ Proj Rev
   4.00%   05/01/45   432,559
1,850,000  
WA St Hlthcare Facs Auth Overlake Hosp Med Ctr, Ser A
   5.00%   07/01/35   1,879,920
305,000  
WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c)
   5.00%   12/01/28   319,161
450,000  
WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c)
   5.00%   12/01/32   457,371
50,000  
WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights Proj
   5.00%   07/01/28   50,289
2,449,145  
WA St Hsg Fin Commn Social Ctf, Ser A-1
   3.50%   12/20/35   2,071,131
2,500,000  
WA St Ref R-2015D
   5.00%   07/01/32   2,574,800
4,000,000  
WA St, Ser B
   5.00%   02/01/36   4,103,934
        35,562,871
    West Virginia – 0.4%            
5,000,000  
Kanawha Cnty WV Cnty Commn Stdt Hsg Rev WV Univ Fndtn Proj (Pre-refunded maturity 07/01/23) (c)
   6.75%   07/01/45   5,110,029
1,000,000  
S Charleston WV Spl Dist Excise Tax Ref S Charleston Park Place Proj, Ser A (c)
   4.25%   06/01/42   740,036
Page 42
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    West Virginia (Continued)            
$1,000,000  
WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch Res Proj, AMT (Mandatory put 07/01/25)
   5.00%   07/01/45   $988,177
        6,838,242
    Wisconsin – 2.1%            
825,000  
Fond Du Lac WI Sch Dist, Ser A, BAM
   4.00%   04/01/35   817,482
1,255,000  
Fond Du Lac WI Sch Dist, Ser A, BAM
   4.00%   04/01/36   1,239,474
1,375,000  
Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (c)
   5.00%   06/15/54   1,142,453
500,000  
Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas Proj, Ser A (c)
   5.00%   07/01/40   435,611
1,240,000  
Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c)
   4.20%   07/15/27   1,188,273
1,250,000  
Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c)
   5.13%   07/15/37   1,177,794
2,000,000  
Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, Ser A
   4.00%   07/01/51   1,429,155
1,285,000  
Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd
   4.00%   07/01/27   1,228,904
1,730,000  
Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd
   5.00%   07/01/37   1,666,104
1,000,000  
Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd
   5.00%   07/01/47   911,884
1,000,000  
Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd
   5.00%   07/01/52   898,447
1,275,000  
Pub Fin Auth WI Edu Rev Triad Eductnl Sers Inc, Ser A
   4.00%   06/15/41   1,030,403
425,000  
Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch
   5.00%   06/15/34   418,962
1,000,000  
Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT
   5.00%   12/01/25   1,011,043
1,250,000  
Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A
   4.00%   06/01/35   1,144,803
2,000,000  
Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A
   4.00%   06/01/39   1,760,808
600,000  
Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc Oblig Grp, Ser A
   4.00%   11/15/37   512,582
1,450,000  
Pub Fin Auth WI Retmnt Fac Rev Ref Penick Vlg Oblig Grp (c)
   5.00%   09/01/49   1,089,739
1,000,000  
Pub Fin Auth WI Retmnt Fac Rev Southminster (c)
   5.00%   10/01/43   830,731
2,000,000  
Pub Fin Auth WI Rev Green Bond Fargo Moorhead Met Area Flood Mgmnt, AMT
   4.00%   03/31/56   1,375,332
1,500,000  
Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (c)
   6.50%   01/01/41   1,175,136
600,000  
Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A
   4.00%   06/01/37   506,360
535,000  
Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A
   4.00%   06/01/38   447,901
1,595,000  
Pub Fin Auth WI Stdt Hsg Rev Nc A&T Real Estate Fdtn LLC Proj, Ser B
   5.00%   06/01/39   1,445,963
1,300,000  
WI St Gen Fund Annual Approp Rev Ref, Ser B
   5.00%   05/01/34   1,345,844
100,000  
WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys, Ser A
   4.00%   02/15/36   90,300
3,650,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Ascension Hlth Credit Grp, Ser A
   5.00%   11/15/36   3,706,449
1,780,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Beloit Hlth Sys Inc
   4.00%   07/01/36   1,588,652
1,135,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Froedtert Hlth Inc Oblg, Ser A
   4.00%   04/01/39   1,013,957
1,175,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp
   5.00%   08/15/31   1,193,040
175,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp
   5.00%   08/15/33   176,707
700,000  
WI St Hlth & Eductnl Facs Auth Rev Ref Rogers Memorial Hosp Inc, Ser A
   5.00%   07/01/44   669,436
435,000  
WI St Hlth & Eductnl Facs Auth Rev St Johns Cmntys Inc Proj, Ser A (Pre-refunded maturity 09/15/23)
  5.00%   09/15/30   441,223
See Notes to Financial Statements
Page 43
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MUNICIPAL BONDS (Continued)
    Wisconsin (Continued)            
$2,000,000  
WI St Ref, Ser 3
   4.00%   11/01/34   $1,997,489
        37,108,441
Total Investments – 96.0%
   1,688,294,265
  (Cost $1,843,107,095)    
 
Net Other Assets and Liabilities – 4.0%
   69,517,588
 
Net Assets – 100.0%
   $1,757,811,853
Futures Contracts (See Note 2D - Futures Contracts in the Notes to Financial Statements):
Futures Contracts   Position   Number of
Contracts 		  Expiration
Date 		  Notional
Value 		  Unrealized
Appreciation
(Depreciation)/
Value
10-Year U.S. Treasury Notes   Short   258   Dec 2022   $ (28,533,188)   $1,658,859
U.S. Treasury Long Bonds   Short   228   Dec 2022   (27,474,000)   3,548,250
Ultra 10-Year U.S. Treasury Notes   Short   496   Dec 2022   (57,528,250)   2,015,516
                $(113,535,438)   $7,222,625
    
(a) Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions.
(b) When-issued security. The interest rate shown reflects the rate in effect at October 31, 2022. Interest will begin accruing on the security’s first settlement date.
(c) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At October 31, 2022, securities noted as such amounted to $114,852,525 or 6.5% of net assets.
(d) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(e) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements).
(f) Zero coupon bond.
    
AGC Assured Guaranty Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAM Build America Mutual
BANS Bond Anticipation Notes
CABS Capital Appreciation Bonds
COPS Certificates of Participation
GARVEE Grant Anticipation Revenue Vehicle
NATL-RE National Public Finance Guarantee Corp.
Page 44
See Notes to Financial Statements
Table of Contents
First Trust Managed Municipal ETF (FMB)
Portfolio of Investments (Continued)
October 31, 2022
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
10/31/2022 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Municipal Bonds*
 $ 1,688,294,265 $ — $ 1,688,294,265 $ —
Futures Contracts
  7,222,625  7,222,625  —  —
Total
 $ 1,695,516,890 $ 7,222,625 $ 1,688,294,265 $—
    
* See Portfolio of Investments for state and territory breakout.
See Notes to Financial Statements
Page 45
Table of Contents
First Trust Managed Municipal ETF (FMB)
Statement of Assets and Liabilities
October 31, 2022
ASSETS:  
Investments, at value

 (Cost $1,843,107,095)
 $ 1,688,294,265
Cash
 51,653,267
Cash segregated as collateral for open futures contracts
 4,158,835
Receivables:  
Interest
 23,696,598
Fund shares sold
 19,347,033
Investment securities sold
 4,489,025
Total Assets
 1,791,639,023
LIABILITIES:  
Payables:  
Investment securities purchased
 32,260,937
Variation margin
 818,875
Investment advisory fees
 747,358
Total Liabilities
 33,827,170
NET ASSETS
 $1,757,811,853
NET ASSETS consist of:  
Paid-in capital
 $ 2,035,287,887
Par value
 363,500
Accumulated distributable earnings (loss)
 (277,839,534)
NET ASSETS
 $1,757,811,853
NET ASSET VALUE, per share
 $48.36
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)
 36,350,002
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Table of Contents
First Trust Managed Municipal ETF (FMB)
Statement of Operations
For the Year Ended October 31, 2022
INVESTMENT INCOME:  
Interest
 $ 59,912,495
Total investment income
 59,912,495
EXPENSES:  
Investment advisory fees
  14,254,119
Total expenses
 14,254,119
Fees waived by the investment advisor
 (3,289,412)
Net expenses
 10,964,707
NET INVESTMENT INCOME (LOSS)
 48,947,788
NET REALIZED AND UNREALIZED GAIN (LOSS):  
Net realized gain (loss) on:  
Investments
 (124,528,829)
Futures contracts
 16,279,901
Net realized gain (loss)
 (108,248,928)
Net increase from payment by the advisor
  5,130
Net change in unrealized appreciation (depreciation) on:  
Investments
 (245,032,914)
Futures contracts
 7,962,060
Net change in unrealized appreciation (depreciation)
 (237,070,854)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (345,314,652)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $(296,366,864)
See Notes to Financial Statements
Page 47
Table of Contents
First Trust Managed Municipal ETF (FMB)
Statements of Changes in Net Assets
  Year
Ended
10/31/2022 		  Year
Ended
10/31/2021
OPERATIONS:      
Net investment income (loss)
 $ 48,947,788   $ 41,667,232
Net realized gain (loss)
  (108,248,928)    575,194
Net increase from payment by the advisor
  5,130    4,688
Net change in unrealized appreciation (depreciation)
  (237,070,854)    29,567,010
Net increase (decrease) in net assets resulting from operations
 (296,366,864)   71,814,124
DISTRIBUTIONS TO SHAREHOLDERS FROM:      
Investment operations
  (48,226,078)    (41,343,498)
Return of capital
 —    (653,379)
Total distributions to shareholders
 (48,226,078)   (41,996,877)
SHAREHOLDER TRANSACTIONS:      
Proceeds from shares sold
  434,158,734    683,145,950
Cost of shares redeemed
 (725,159,348)    (34,043,084)
Net increase (decrease) in net assets resulting from shareholder transactions
 (291,000,614)   649,102,866
Total increase (decrease) in net assets
  (635,593,556)    678,920,113
NET ASSETS:      
Beginning of period
  2,393,405,409    1,714,485,296
End of period
 $1,757,811,853   $2,393,405,409
CHANGES IN SHARES OUTSTANDING:      
Shares outstanding, beginning of period
  42,350,002    30,950,002
Shares sold
  8,100,000    12,000,000
Shares redeemed
  (14,100,000)    (600,000)
Shares outstanding, end of period
 36,350,002   42,350,002
Page 48
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Table of Contents
First Trust Managed Municipal ETF (FMB)
Financial Highlights
For a share outstanding throughout each period
  Year Ended October 31, 
2022   2021   2020   2019   2018
Net asset value, beginning of period
 $ 56.51   $ 55.40   $ 55.38   $ 51.75   $ 53.16
Income from investment operations:                  
Net investment income (loss)
 1.20   1.13   1.23   1.35   1.35
Net realized and unrealized gain (loss)
 (8.17)   1.12   0.05   3.67   (1.41)
Total from investment operations
 (6.97)   2.25   1.28   5.02   (0.06)
Distributions paid to shareholders from:                  
Net investment income
 (1.18)   (1.12)   (1.23)   (1.36)   (1.35)
Return of capital
 —   (0.02)   (0.03)   (0.03)   —
Total distributions
 (1.18)   (1.14)   (1.26)   (1.39)   (1.35)
Net asset value, end of period
 $48.36   $56.51   $55.40   $55.38   $51.75
Total return (a)
 (12.47)% (b)   4.06% (b)   2.33%   9.79%   (0.12)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)
 $ 1,757,812   $ 2,393,405   $ 1,714,485   $ 1,135,258   $ 455,371
Ratio of total expenses to average net assets
 0.65%   0.65%   0.65%   0.65%   0.65%
Ratio of net expenses to average net assets
 0.50%   0.50%   0.50%   0.50%   0.50%
Ratio of net investment income (loss) to average net assets
 2.23%   1.99%   2.24%   2.53%   2.60%
Portfolio turnover rate (c)
 63%   9%   35%   26%   42%
    
(a) 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. For some periods, the total returns would have been lower if certain fees had not been waived by the advisor.
(b) During the fiscal years ended October 31, 2022 and 2021, the Fund received reimbursements from the advisor in the amounts of $5,130 and $4,688, respectively, each representing less than $0.01 per share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 49
Table of Contents
Notes to Financial Statements
First Trust Managed Municipal ETF (FMB)
October 31, 2022
1. Organization
First Trust Exchange-Traded Fund III (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on January 9, 2008, and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Trust currently consists of seventeen funds that are offering shares. This report covers the First Trust Managed Municipal ETF (the “Fund”), a diversified series of the Trust, which trades under the ticker “FMB” on The Nasdaq Stock Market LLC. Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.”
The primary investment objective of the Fund is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. There can be no assurance that the Fund will achieve its investment objectives. The Fund may not be appropriate for all investors.
2. Significant Accounting Policies
The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
The Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund’s NAV is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
The Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund’s investments are valued as follows:
Municipal securities and other debt securities are fair valued on the basis of fair valuations provided by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
1) benchmark yields;
2) reported trades;
3) broker/dealer quotes;
4) issuer spreads;
5) benchmark securities;
6) bids and offers; and
7) reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.
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Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
1) the credit conditions in the relevant market and changes thereto;
2) the liquidity conditions in the relevant market and changes thereto;
3) the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
4) issuer-specific conditions (such as significant credit deterioration); and
5) any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the “1933 Act”)) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the fundamental business data relating to the issuer;
2) an evaluation of the forces which influence the market in which these securities are purchased and sold;
3) the type, size and cost of the security;
4) the financial statements of the issuer;
5) the credit quality and cash flow of the issuer, based on the Advisor’s or external analysis;
6) the information as to any transactions in or offers for the security;
7) the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;
8) the coupon payments;
9) the quality, value and salability of collateral, if any, securing the security; and
10) other relevant factors.
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
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Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund’s investments as of October 31, 2022, is included with the Fund’s Portfolio of Investments.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.
Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
C. Restricted Securities
The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of October 31, 2022, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security-specific factors and assumptions, which require subjective judgment. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security. There are no unrestricted securities with the same maturity dates and yields for these issuers.
Security Acquisition
Date 		Principal
Value 		Current Price Carrying
Cost 		  Value   % of
Net
Assets
Brookstone CDD FL Spl Assmnt Rev CDD, 3.88%, 11/01/23 01/24/18 $185,000 $98.87 $185,000   $182,911   0.01%
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.25%, 07/01/28 09/04/18 700,000 97.93 705,040   685,538   0.04
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.88%, 07/01/38 09/04/18 1,000,000 95.70 1,003,444   957,013   0.05
Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv, 5.13%, 09/01/38 05/04/18 1,290,000 93.89 1,290,000   1,211,196   0.07
Timber Creek CDD FL Spl Assmnt Rev, 4.13%, 11/01/24 06/21/18 135,000 98.80 135,000   133,385   0.01
        $3,318,484   $3,170,043   0.18%
D. Futures Contracts
The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in “Net realized gain (loss) on futures contracts” on the Statement of Operations.
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked to market daily with the change in value recognized as a component of “Net change in unrealized appreciation (depreciation) on futures contracts” on the Statement of Operations. This daily fluctuation in the value of the contracts is also known as variation margin and is included in “Variation margin” payable or receivable on the Statement of Assets and Liabilities.
If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.
Restricted cash segregated as collateral for futures contracts in the amount of $4,158,835 is shown as “Cash segregated as collateral for open futures contracts” on the Statement of Assets and Liabilities.
E. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid monthly by the Fund, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by the Fund during the fiscal years ended October 31, 2022 and 2021, was as follows:
Distributions paid from: 2022 2021
Ordinary income
 $174,605 $1,652
Capital gains
 — —
Tax-exempt income
 48,051,473 41,341,846
Return of capital
 — 653,379
As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed ordinary income
 $440,113
Accumulated capital and other gain (loss)
 (122,643,308)
Net unrealized appreciation (depreciation)
 (155,636,339)
F. Income Taxes
The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
In addition, the Fund intends to invest in such municipal securities to allow it to pay shareholders “exempt dividends” as defined in the Code.
The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund’s financial statements for uncertain tax positions.
The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply
Page 53
Table of Contents
Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
when there has been a 50% change in ownership. At October 31, 2022, for federal income tax purposes, the Fund had $122,643,308 of capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains.
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Fund. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended October 31, 2022, the adjustments for the Fund were as follows:
Accumulated
Net Investment
Income (Loss) 		  Accumulated
Net Realized
Gain (Loss)
on Investments 		  Paid-in
Capital
$(347,699)   $347,699   $—
As of October 31, 2022, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
Tax Cost   Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net Unrealized
Appreciation
(Depreciation)
$1,851,153,229   $364,463   $(156,000,802)   $(155,636,339)
G. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (See Note 3).
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in the Fund’s portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.
Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of the Fund’s assets and is responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The Fund has agreed to pay First Trust an annual unitary management fee equal to 0.65% of its average daily net assets. 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’s Board of Trustees and the Advisor have entered into a Fee Waiver Agreement for the Fund pursuant to which the Advisor contractually agreed to waive management fees of 0.15% of average daily net assets until March 1, 2023. At that point, the waiver agreement will expire and will not be renewed. First Trust does not have the right to recover the fees waived. During the fiscal year ended October 31, 2022, the Advisor waived fees of $3,289,412.
During the fiscal years ended October 31, 2022 and October 31, 2021, the Fund received payments from the Advisor of $5,130 and $4,688, respectively, in connection with a trade error.
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.
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the fiscal year ended October 31, 2022, the cost of purchases and proceeds from sales of investments, excluding short term investments and in-kind transactions, were $1,342,687,056 and $1,555,183,673, respectively.
For the fiscal year ended October 31, 2022, the Fund had no in-kind transactions.
5. Derivative Transactions
The following table presents the type of derivatives held by the Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.
        Asset Derivatives   Liability Derivatives
Derivative
Instrument 		  Risk
Exposure 		  Statement of Assets and
Liabilities Location 		  Value   Statement of Assets and
Liabilities Location 		  Value
Futures contracts   Interest Rate Risk   Unrealized appreciation
on futures contracts* 		  $ 7,222,625   Unrealized depreciation
on futures contracts* 		  $  —
*Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s variation margin is presented on the Statement of Assets and Liabilities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.
Statement of Operations Location  
Interest Rate Risk Exposure  
Net realized gain (loss) on futures contracts $16,279,901
Net change in unrealized appreciation (depreciation) on futures contracts 7,962,060
During the fiscal year ended October 31, 2022, the notional value of futures contracts opened and closed were $1,487,625,410 and $1,485,609,412, respectively.
The Fund does not have the right to offset financial assets and liabilities related to futures contracts on the Statement of Assets and Liabilities.
6. Creations, Redemptions and Transaction Fees
The Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with the Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in 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
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Notes to Financial Statements (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022
process with secondary market trading in the Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the Fund’s shares at or close to the NAV per share of the Fund.
The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
7. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or 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 Fund, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before February 28, 2024.
8. Borrowings
The Trust, on behalf of the Fund, along with First Trust Series Fund and First Trust Exchange-Traded Fund IV has a $305 million Credit Agreement with The Bank of Nova Scotia (“Scotia”) as administrative agent for a group of lenders. Between March 2, 2022 and October 30, 2022, the commitment amount was $280 million, and prior to March 2, 2022, the commitment amount was $355 million. Scotia charges a commitment fee of 0.25% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans, and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not have any borrowings outstanding during the fiscal year ended October 31, 2022.
9. Indemnification
The Trust, on behalf of the Fund, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
10. Subsequent Events
Management has evaluated the impact of all subsequent events to the Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:
At a meeting on October 24, 2022, the Board of Trustees approved a breakpoint pricing arrangement for each of the series of the Trust, including the Fund. Pursuant to this arrangement, which is effective as of November 1, 2022, the management fee the Fund pays to First Trust, as investment manager, will be discounted as the Fund’s net assets reach certain predefined levels.
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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund III:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of First Trust Managed Municipal ETF (the “Fund”), a series of the First Trust Exchange-Traded Fund III, including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
December 22, 2022
We have served as the auditor of one or more First Trust investment companies since 2001.
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Additional Information
First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Tax Information
For the taxable year ended October 31, 2022, the following distribution information is being provided as required by the Internal Revenue Code of 1986, as amended, or to meet a specific state’s requirement. The Fund designates the following percentages or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:
Federal and State Income Tax   Percentages
Tax-Exempt Interest Dividends   99.64%
Alternative Minimum Tax (AMT)   9.44%
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
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First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
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 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.
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October 31, 2022 (Unaudited)
LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”) will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund’s shares and result in increased market volatility. During any such events, a fund’s shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund’s shares may widen.
Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund’s ability to meet its investment objective. Although the funds and the funds’ investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.
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First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Advisory Agreement
Board Considerations Regarding Approval of Continuation of Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the First Trust Managed Municipal ETF (the “Fund”). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by the Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, 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 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Fund is an actively-managed ETF and noted that the Advisor’s Municipal Securities Team is responsible for the day-to-day management of the Fund’s investments. The Board considered the background and experience of the members of the Municipal Securities Team. The Board considered the Advisor’s statement that it applies the same oversight model internally with its Municipal Securities Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and the Fund’s compliance with the 1940 Act, as well as the Fund’s compliance with its investment objectives, policies and restrictions. The Board also considered
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October 31, 2022 (Unaudited)
a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. In addition to the written materials provided by the Advisor, at the June 12–13, 2022 meeting, the Board also received a presentation from representatives of the Advisor’s Municipal Securities Team, who discussed the services that the Team provides to the Fund, including the Team’s day-to-day management of the Fund’s investments. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objectives, policies and restrictions.
The Board considered the unitary fee rate payable by the Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that the Advisor had previously agreed to waive a portion of its unitary fee in an amount equal to 0.15% of the Fund’s average daily net assets until at least March 1, 2023. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the unitary fee rate for the Fund, after taking into account the contractual fee waiver, was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, including that the Expense Group contained both actively-managed ETFs and open-end mutual funds, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Fund and other non-ETF clients that limited their comparability. In considering the unitary fee rate overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund’s performance. The Board received and reviewed information comparing the Fund’s performance for periods ended December 31, 2021 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and the benchmark index for the one-, three- and five-year periods ended December 31, 2021.
On the basis of all the information provided on the unitary fee and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund and noted the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Fund will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2021 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board also considered the Advisor’s compensation for fund reporting services provided to the 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 indirect benefits to the Advisor were not unreasonable.
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Additional Information (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.
Board Considerations Regarding Approval of Amendment to the Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund III (the “Trust”), including the Independent Trustees, unanimously approved the amendment (the “Amendment”) of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the First Trust Managed Municipal ETF (the “Fund”).
The Board approved the Amendment at a meeting held on October 24, 2022. As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendment at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022. Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendment, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.
In reviewing the Amendment, the Board considered that the purpose of the Amendment is to modify the unitary fee rate for the Fund under the Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by the Fund to the Advisor will be reduced as assets of the Fund meet certain thresholds. The Board noted the Advisor’s representations that the quality and quantity of the services provided to the Fund by the Advisor under the Agreement will not be reduced or modified as a result of the Amendment, and that the obligations of the Advisor under the Agreement will remain the same in all respects.
The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreement for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board noted that in connection with such approval it had determined, based upon the information provided, that the terms of the Agreement were fair and reasonable and that the continuation of the Agreement was 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.
The Board noted that the Advisor had previously agreed to waive a portion of its unitary fee for the Fund and that the modified unitary fee rate schedule for the Fund under the Amendment would not be implemented until the expiration of the Fund’s contractual fee waiver. The Board considered that the effective unitary fee rate paid by the Fund under the Agreement after taking into account the contractual fee waiver is less than the effective unitary fee rate that the Fund would pay pursuant to the modified unitary fee rate schedule under the Amendment.
Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendment are fair and reasonable and that the Amendment is in the best interests of the Fund.
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Board of Trustees and Officers
First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years 		Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951) 		• Indefinite Term
 
• Since Inception 		Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) 223 None
Thomas R. Kadlec, Trustee
(1957) 		• Indefinite Term
 
• Since Inception 		Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) 223 Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association
Denise M. Keefe, Trustee
(1964) 		• Indefinite Term
 
• Since 2021 		Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) 223 Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021)
Robert F. Keith, Trustee
(1956) 		• Indefinite Term
 
• Since Inception 		President, Hibs Enterprises (Financial and Management Consulting) 223 Formerly, Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954) 		• Indefinite Term
 
• Since Inception 		Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) 223 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955) 		• Indefinite Term
 
• Since Inception 		Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 223 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
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Board of Trustees and Officers (Continued)
First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966) 		President and Chief Executive Officer • Indefinite Term
 
• Since 2016 		Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972) 		Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term
 
• Since 2016 		Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960) 		Secretary and Chief Legal Officer • Indefinite Term
 
• Since Inception 		General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970) 		Vice President • Indefinite Term
 
• Since Inception 		Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966) 		Chief Compliance Officer and Assistant Secretary • Indefinite Term
 
• Since Inception 		Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
    
Roger F. Testin
(1966) 		Vice President • Indefinite Term
 
• Since Inception 		Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970) 		Vice President • Indefinite Term
 
• Since Inception 		Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
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Privacy Policy
First Trust Managed Municipal ETF (FMB)
October 31, 2022 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;
• Information about your transactions with us, our affiliates or others;
• Information we receive from your inquiries by mail, e-mail or telephone; and
• Information we collect on our website through the use of “cookies.” For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website.  We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users.  The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on:  Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2022
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First Trust Exchange-Traded Fund III
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
320 South Canal Street
Chicago, IL 60606