Caution Regarding Forward-Looking Statements

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund IV (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub- Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that any Fund described in this report will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.

By reading the portfolio commentary from the portfolio management team(s) of the Funds, you may obtain an understanding of how the market environment affected each Fund’s performance. The statistical information that follows may help you understand each 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 and/or Sub-Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, statement of additional information, and other Fund regulatory filings.

Page 1

Shareholder Letter

First Trust Exchange-Traded Fund IV
Annual Letter from the Chairman and CEO
October 31, 2023

Dear Shareholders,

First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund IV (the “Funds”), which contains detailed information about the Funds for the twelve months ended October 31, 2023. Please note that the FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF and the FT Cboe Vest Technology Dividend Target Income ETF were incepted on August 9, 2023, and so the information in this letter and the annual report prior to that date does not apply to these Funds.

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

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

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

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

Sincerely,

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

Page 2

Fund Performance Overview (Unaudited)

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

The FT Cboe Vest Rising Dividend Achievers Target Income ETF (the “Fund”) seeks to provide investors with current income with a secondary objective of providing capital appreciation. The shares of the Fund are listed on Cboe BZX Exchange, Inc. under the ticker symbol “RDVI.” Under normal market conditions, the Fund will pursue its investment objectives by investing in primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Rising Dividend AchieversTM Index (the “Index”) and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the S&P 500® Index or exchange-traded funds that track the S&P 500® Index (“Underlying ETFs”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities.

Performance
		Average Annual Total Returns	Cumulative Total Returns
	1 Year Ended 10/31/23	Inception (10/19/22) to 10/31/23	Inception (10/19/22) to 10/31/23
Fund Performance
NAV	4.02%	11.10%	11.48%
Market Price	3.96%	11.09%	11.48%
Index Performance
Nasdaq US Rising Dividend AchieversTM Index	4.33%	11.71%	12.12%
S&P 500® Index	10.14%	14.92%	15.45%

(See Notes to Fund Performance Overview on page 9.)

Page 3

Fund Performance Overview (Unaudited) (Continued)

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) (Continued)

Sector Allocation	% of Total Long-Term Investments
Financials	38.9%
Information Technology	16.1
Materials	12.2
Energy	12.1
Health Care	8.5
Industrials	4.3
Communication Services	4.0
Consumer Discretionary	2.0
Consumer Staples	1.9
Total	100.0%

Fund Allocation	% of Net Assets
Common Stocks	99.5%
Money Market Funds	0.2
Written Options	(0.2)
Net Other Assets and Liabilities	0.5
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Humana, Inc.	2.4%
Steel Dynamics, Inc.	2.3
Chord Energy Corp.	2.2
Microsoft Corp.	2.2
Aflac, Inc.	2.2
Mueller Industries, Inc.	2.2
Elevance Health, Inc.	2.2
Popular, Inc.	2.2
Snap-on, Inc.	2.1
Visa, Inc., Class A	2.1
Total	22.1%

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the indices

do not actually hold a portfolio of securities

and therefore do not incur the expenses

incurred by the Fund. These expenses

negatively impact the performance of the

Fund. The Fund’s past performance does not

predict future performance.

Frequency Distribution of Discounts and Premiums

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

Page 4

Fund Performance Overview (Unaudited) (Continued)

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

The FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (the “Fund”) seeks to provide investors with current income with a secondary objective of providing capital appreciation. The shares of the Fund are listed on Cboe BZX Exchange, Inc. under the ticker symbol “SDVD.” Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Small-Mid Cap Rising Dividend AchieversTM Index (the “Index”) and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000® Index or exchange-traded funds that track the Russell 2000® Index (“Underlying ETFs”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of small- and/or mid-capitalization companies.

Performance
	Cumulative Total Returns
	Inception (8/9/23) to 10/31/23
Fund Performance
NAV	-9.56%
Market Price	-9.46%
Index Performance
Russell 2000® Index	-13.60%
Russell 3000® Index	-6.45%
Nasdaq US Small-Mid Cap Rising Dividend AchieversTM Index	-10.21%

(See Notes to Fund Performance Overview on page 9.)

Page 5

Fund Performance Overview (Unaudited) (Continued)

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) (Continued)

Sector Allocation	% of Total Long-Term Investments
Financials	30.0%
Industrials	24.0
Consumer Discretionary	14.5
Information Technology	10.8
Energy	9.6
Materials	6.0
Communication Services	2.1
Consumer Staples	2.0
Real Estate	1.0
Total	100.0%

Fund Allocation	% of Net Assets
Common Stocks	98.5%
Written Options	(0.2)
Net Other Assets and Liabilities	1.7
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Sturm Ruger & Co., Inc.	1.2%
Steel Dynamics, Inc.	1.2
Insperity, Inc.	1.2
Chord Energy Corp.	1.1
Movado Group, Inc.	1.1
Steven Madden Ltd.	1.1
Texas Pacific Land Corp.	1.1
SM Energy Co.	1.1
Mueller Industries, Inc.	1.1
Columbia Sportswear Co.	1.1
Total	11.3%

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the indices

do not actually hold a portfolio of securities

and therefore do not incur the expenses

incurred by the Fund. These expenses

negatively impact the performance of the

Fund. The Fund’s past performance does not

predict future performance.

Frequency Distribution of Discounts and Premiums

Page 6

Fund Performance Overview (Unaudited) (Continued)

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

The FT Cboe Vest Technology Dividend Target Income ETF (the “Fund”) (the “Fund”) seeks to provide investors with current income with a secondary objective of providing capital appreciation. The shares of the Fund are listed on Cboe BZX Exchange, Inc. under the ticker symbol “TDVI.” Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq Technology DividendTM Index (the “Index”) and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100® Index and/or the S&P 500® Index or exchange-traded funds that track the Nasdaq-100® Index or the S&P 500® Index (“Underlying ETFs”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of technology companies (i.e., securities classified under the Technology Industry or Telecommunications Industry as defined by the Industry Classification Benchmark (ICB)).

Performance
	Cumulative Total Returns
	Inception (8/9/23) to 10/31/23
Fund Performance
NAV	-4.45%
Market Price	-4.40%
Index Performance
Nasdaq-100 Index®	-4.39%
S&P 500® Index	-5.79%
Nasdaq Technology DividendTM Index	-4.99%

(See Notes to Fund Performance Overview on page 9.)

Page 7

Fund Performance Overview (Unaudited) (Continued)

FT Cboe Vest Technology Dividend Target Income ETF (TDVI) (Continued)

Sector Allocation	% of Total Long-Term Investments
Information Technology	84.2%
Communication Services	14.3
Industrials	1.5
Total	100.0%

Fund Allocation	% of Net Assets
Common Stocks	98.9%
Written Options	(0.2)
Net Other Assets and Liabilities	1.3
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Microsoft Corp.	9.0%
International Business Machines Corp.	8.6
Broadcom, Inc.	8.0
Texas Instruments, Inc.	7.4
Oracle Corp.	7.0
QUALCOMM, Inc.	4.2
Analog Devices, Inc.	3.1
Verizon Communications, Inc.	2.2
Motorola Solutions, Inc.	2.1
HP, Inc.	2.0
Total	53.6%

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the indices

do not actually hold a portfolio of securities

and therefore do not incur the expenses

incurred by the Fund. These expenses

negatively impact the performance of the

Fund. The Fund’s past performance does not

predict future performance.

Frequency Distribution of Discounts and Premiums

Page 8

Notes to Fund Performance Overview (Unaudited)

Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.

Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under Securities and Exchange Commission 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. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.

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

Page 9

Portfolio Commentary

First Trust Exchange-Traded Fund IV

Annual Report

October 31, 2023 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to the FT Cboe Vest Rising Dividend Achievers Target Income ETF (“RDVI”), the FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (“SDVD”), and the FT Cboe Vest Technology Dividend Target Income ETF (“TDVI”) (each a “Fund” and collectively, the “Funds”). First Trust is responsible for the ongoing monitoring of each Fund’s investment portfolio, managing the business affairs of each Fund and providing certain administrative services necessary for the management of each Fund.

Sub-Advisor

Cboe VestSM Financial LLC (“Cboe Vest” or the “Sub-Advisor”) serves as the investment sub-advisor to the Funds. In this capacity, Cboe Vest is responsible for the selection and ongoing monitoring of the securities in each Fund’s investment portfolio. Cboe Vest, with principal offices at 8350 Broad Street, Suite 240, McLean, VA 22102, was founded in 2012. Cboe Vest had approximately $17.8 billion under management or committed to management as of October 31, 2023.

Portfolio Management Team

The following persons serve as portfolio managers to the Funds:

Karan Sood, Managing Director of Cboe Vest
Howard Rubin, Managing Director of Cboe Vest

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Funds. Each portfolio manager has served as a part of the portfolio management team of RDVI since October 2022 and SDVD and TDVI since August 2023.

Commentary

Market Recap

Equity markets showed remarkable resilience in late 2022 and the first half of 2023, followed by declines in the third quarter of 2023 as well as October of 2023, as inflation and recession fears resurfaced. The Federal Reserve (the “Fed”) responded to the increased inflation rate during the 12-month period ended October 31, 2023 (the “Period”) by hiking the Federal Funds target rate from 3.25% to 5.5% by the end of the Period.

U.S. equities, as measured by the S&P 500® Index, gained 10.12% during the Period. Five of the sectors within the S&P 500® Index were up, while six were down. The top three performing sectors were the Telecommunication Services, Information Technology, and Consumer Discretionary sectors, returning 35.8%, 30.9%, and 8.4%, respectively. The bottom three performing sectors were the Utilities, Real Estate, and Healthcare sectors, returning -7.7%, -6.6%, and -4.6%, respectively.

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

Discussion of Fund Performance

This discussion is for the FT Cboe Vest Rising Dividend Achievers Target Income ETF for the Period. The Fund’s inception date was October 19, 2022. The Fund’s performance is compared to an index called the Nasdaq US Rising Dividend AchieversTM Index (the “Index” or “NQDVRIST”).

Performance Analysis

Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the S&P 500® Index or exchange-traded funds that track the S&P 500® Index (“Underlying ETFs”).

During the Period, the Fund generally held approximately equal weights in 50 stocks, as well as written call options on the S&P 500® Index. The premiums received from the written call options, plus the dividends received from the equities, sum to approximately 8.0% in excess of the dividend yield of the S&P 500® Index annually.

For the Period, the Fund’s net asset value (“NAV”) performance was 4.02%, while the Index performance was 4.33%. The underperformance of 0.31% can be explained by the following factors:

Page 10

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund IV

Annual Report

October 31, 2023 (Unaudited)

(1)

Fees and Expenses: Fees and expenses reduced the Fund’s performance by approximately 0.75%.

(2)

Execution Costs: Commissions, plus slippage due to trading securities at prices other than mid-market, reduced the Fund’s performance by approximately 0.03%.

(3)

Fund versus Index Holdings: While the Fund attempts to hold equity securities in the same proportion (i.e., weighting) as the Index, the Fund also writes call options on the S&P 500® Index, whereas the Index does not. For the Period we estimate that the difference in the holdings between the Fund and the Index had a net 0.47% positive impact on the Fund’s performance.

Using market prices for the Fund, the Fund’s performance for the Period was 3.96%.

Impact of Fund Holdings on Performance

The top five performing holdings in the Fund for the Period were LAM Research Corp., Microsoft Corp., Lennar Corp., Reliance Steel & Aluminum Co., and MGIC Investment Corp., with returns of 47.2%, 47.1%, 34.0%, 28.3%, and 26.8%, respectively.

The bottom five performing holdings in the Fund for the Period were Comerica, Inc., Citizens Financial Group, Inc., Huntington Bancshares, Inc., Pfizer, Inc., and Regions Financial Corp., with returns of -40.7%, -38.8%, -32.86%, -31.68%, and -30.9%, respectively.

Impact of Sector Weightings on Performance

For the Period, the Fund had sector weightings that were in line with the Index. However, the Fund’s sector weightings were substantially different than the sector weightings of the S&P 500® Index.

Strong performances in the Information Technology and Communication Services sectors, coupled with the Fund’s relative underweights in these sectors, contributed to relative underperformance for the Fund versus the S&P 500® Index.

Weak performance in the Financials sector, coupled with the Fund’s relative overweight in this sector, contributed to additional relative underperformance for the Fund versus the S&P 500® Index.

Weak performances in the HealthCare, Consumer Staples, Utilities, and Real Estate sectors, coupled with the Fund’s relative underweight in each of these sectors, contributed to relative overperformance for the Fund versus the S&P 500® Index.

Market and Fund Outlook

During the Period, the Fed’s policy surrounding inflation remained a key driver of equity market performance. Moving into the next fiscal year, this will continue to be a dominant theme, in our opinion. The 2024 U.S. Presidential election will also be front and center in the upcoming year. Over the course of 2023, Technology stocks led broad based indices, as investors flocked to companies developing Artificial Intelligence capabilities. The failure of Silicon Valley Bank in March 2023 sent shockwaves throughout the banking system, and rising energy prices over the summer contributed to higher inflation. In late October 2023, the 30-Year fixed mortgage rates peaked at 7.79%. Investors are digesting a possible “higher for longer” period of sustained higher rates based on the Fed’s “dot plot” forecasting a median Federal Funds target rate of 5.1% for 2024, and 3.9% for 2025. Consumer Price Index inflation data has come down considerably, despite an unexpected 0.6% month-over-month reading in August 2023. The U.S. job market remains strong at 3.9% unemployment, with October 2023 marking the twenty-first straight month with unemployment below 4%. U.S. gross domestic product has posted five consecutive positive quarters as it recorded growth of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter of 2023.

The Fund generally holds equities similar in name and weight to those equities in the NQDVRIST. This index is designed to assemble a portfolio of stocks that are positioned to continue increasing dividends. We believe that the Fund is properly positioned to achieve its investment objectives.

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

Discussion of Fund Performance

This discussion is for the FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF for the period from the Fund’s inception date on August 9, 2023 through October 31, 2023 (the “Period”). The Fund’s performance is compared to an index called the Nasdaq US Small-Mid Cap Rising Dividend AchieversTM Index (the “Index” or “NQDVSMRT”).

Page 11

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund IV

Annual Report

October 31, 2023 (Unaudited)

Performance Analysis

Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000® Index or exchange-traded funds that track the Russell 2000® Index (“Underlying ETFs”).

During the Period, the Fund generally held approximately equal weights in about 100 stocks, as well as written call options on the Russell 2000® Index. The premiums received from the written call options, plus the dividends received from the equities, sum to approximately 8.0% in excess of the dividend yield of the Russell 2000® Index annually.

For the Period, the Fund’s net asset value (“NAV”) performance was -9.56%, while the NQDVSMRT Index performance was -10.21%. The outperformance of 0.65% can be explained by the following factors:

(1)

Fees and Expenses: Fees and expenses reduced the Fund’s performance by approximately 0.19%.

(2)

Execution Costs: Commissions, plus slippage due to trading securities at prices other than mid-market, reduced the Fund’s performance by approximately 0.04%.

(3)

Fund versus Index Holdings: While the Fund attempts to hold equity securities in the same proportion (i.e., weighting) as the Index, the Fund also holds writes call options on the Russell 2000® Index, whereas the NQDVSMRT Index does not. For the Period we estimate that the difference in the holdings between the Fund and the Index had a net 0.88% positive impact on the Fund’s performance.

Using market prices for the Fund, the Fund’s performance for the Period was -9.46%.

Impact of Fund Holdings on Performance

The top five performing holdings in the Fund for the Period were Alpha Metallurgical Resources, Jackson Financial Inc., CONSOL Energy Inc., Insperity, Inc., and Matador Resources Company, with returns of 20.0%, 12.5%, 10.0%, 8.5%, and 4.8%, respectively.

The bottom five performing holdings in the Fund for the Period were Eagle Bancorp, Inc., Dick’s Sporting Goods, Inc., Regal Rexnord Corp., M.D.C. Holdings, Inc., and Terex Corporation, with returns of -26.0%, -25.8%, -25.5%, -25.3%, and -25.0%, respectively.

Impact of Sector Weightings on Performance

For the Period, the Fund had sector weightings that were in line with the NQDVSMRT. However, the Fund’s sector weightings were substantially different than the sector weightings of the S&P 500® Index.

Relatively strong performance in the Information Technology sector, coupled with the Fund’s relative underweight in this sector, contributed to relative underperformance for the Fund versus the S&P 500® Index.

Relatively weak performance in the Industrials sector, coupled with the Fund’s relative overweight in this sector, contributed to additional relative underperformance for the Fund versus the S&P 500® Index.

Relatively weak performance in the Health Care sector, coupled with the Fund’s relative underweight in this sector, contributed to relative outperformance for the Fund versus the S&P 500® Index.

Market and Fund Outlook

During the 12-month period ended October 31, 2023, the Fed’s policy surrounding inflation remained a key driver of equity market performance. Moving into the next fiscal year, this will continue to be a dominant theme, in our opinion. The 2024 U.S. Presidential election will also be front and center in the upcoming year. Over the course of 2023, Technology stocks led broad based indices, as investors flocked to companies developing Artificial Intelligence capabilities. The failure of Silicon Valley Bank in March 2023 sent shockwaves throughout the banking system, and rising energy prices over the summer contributed to higher inflation. The 30-year fixed mortgage rates peaked at 7.79% in late October 2023. Investors are digesting a possible “higher for longer” period of sustained higher rates based on the Fed’s “dot plot” forecasting a median Federal Funds target rate of 5.1% for 2024, and 3.9% for 2025. Consumer Price Index inflation data has come down considerably, despite an unexpected 0.6% month-over-month reading in August 2023. The U.S. job market remains strong at 3.9% unemployment, with October 2023 marking the twenty-first straight month with

Page 12

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund IV

Annual Report

October 31, 2023 (Unaudited)

unemployment below 4%. U.S. gross domestic product has posted five consecutive positive quarters as it recorded growth of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter of 2023.

The Fund generally holds equities similar in name and weight to those equities in the NQDVSMRT. This index is designed to assemble a portfolio of stocks that are positioned to continue increasing dividends. We believe that the Fund is properly positioned to achieve its investment objectives.

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

Discussion of Fund Performance

This discussion is for the Fund for period from the Fund’s inception date on August 9, 2023 through October 31, 2023 (the “Period”). The Fund’s performance is compared to an index called the Nasdaq Technology DividendTM Index (the “Index” or “NQ96DVUX”).

Performance Analysis

Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the the Nasdaq-100® Index and/or the S&P 500® Index or exchange-traded funds that track the the Nasdaq-100® Index and/or the S&P 500® Index (“Underlying ETFs”).

During the Period, the Fund generally held about 83 Technology and Telecommunication stocks, as well as written call options on the Nasdaq-100® Index and S&P 500® Index. The premiums received from the written call options, plus the dividends received from the equities, sum to approximately 8.0% in excess of the dividend yield of the Nasdaq-100® Index annually.

For the Period, the Fund’s net asset value performance was -4.45%, while the NQ96DVUX performance was -4.99%. The outperformance of 0.54% can be explained by the following factors:

(1)

Fees and Expenses: Fees and expenses reduced the Fund’s performance by approximately 0.17%.

(2)

Execution Costs: Commissions, plus slippage due to trading securities at prices other than mid-market, reduced the Fund’s performance by approximately 0.02%.

(3)

Fund versus Index Holdings: While the Fund attempts to hold equity securities in the same proportion (i.e., weighting) as the Index, the Fund also holds writes call options on the Nasdaq-100® Index and/or the S&P 500® Index, whereas the NQ96DVUX Index does not. For the Period we estimate that the difference in the holdings between the Fund and the Index had a net 0.73% positive impact on the Fund’s performance.

Using market prices for the Fund, the Fund’s performance for the Period was -4.40%.

Impact of Fund Holdings on Performance

The top five performing holdings in the Fund for the Period were JOYY Inc., Dell Technologies Inc., Logitech International S.A., Cogent Communications Holdings, Inc., and Telephone and Data Systems, Inc., with returns of 19.9%, 19.0%, 18.4%, 12.9%, and 10.0%, respectively.

The bottom five performing holdings in the Fund for the Period were Methode Electronics, Inc., A10 Networks, Inc., Opera Limited, Ubiquiti Inc., and Kulicke & Soffa Industries, Inc., with returns of -29.5%, -28.8%, -27.9%, -27.2%, and -23.2%, respectively.

Impact of Sector Weightings on Performance

For the Period, the Fund had sector weightings that were in line with the NQ96DVUX. However, the Fund’s sector weightings were substantially different than the sector weightings of the S&P 500® Index. The Fund’s equity holdings are distributed approximately 80% to companies in the Information Technology sector and 20% to companies in the Telecommunications Services sector.

Both the Information Technology and Telecommunication Services sectors slightly outperformed the S&P 500® Index over the Period. This, coupled with the Fund’s overweight in these two sectors, contributed to relative overperformance for the Fund versus the S&P 500® Index.

Page 13

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund IV

Annual Report

October 31, 2023 (Unaudited)

Market and Fund Outlook

During the 12-month period ended October 31, 2023, the Fed’s policy surrounding inflation remained a key driver of equity market performance. Moving into the next fiscal year, this will continue to be a dominant theme, in our opinion. The 2024 U.S. Presidential election will also be front and center in the upcoming year. Over the course of 2023, Technology stocks led broad based indices, as investors flocked to companies developing Artificial Intelligence capabilities. The failure of Silicon Valley Bank in March 2023 sent shockwaves throughout the banking system, and rising energy prices over the summer contributed to higher inflation. The 30-year fixed mortgage rates peaked at 7.79% in late October of 2023. Investors are digesting a possible “higher for longer” period of sustained higher rates based on the Fed’s “dot plot” forecasting a median Federal Funds target rate of 5.1% for 2024, and 3.9% for 2025. Consumer Price Index inflation data has come down considerably, despite an unexpected 0.6% month-over-month reading in August 2023. The U.S. job market remains strong at 3.9% unemployment, with October 2023 marking the twenty-first straight month with unemployment below 4%. U.S. gross domestic product has posted five consecutive positive quarters as it recorded growth of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter of 2023.

The Fund generally holds equities similar in name and weight to those equities in the NQ96DVUX. This index is designed to assemble a portfolio of Information Technology and Telecommunication Services stocks that pay high dividends. We believe that the Fund is properly positioned to achieve its investment objectives.

Page 14

First Trust Exchange-Traded Fund IV

Understanding Your Fund Expenses

October 31, 2023 (Unaudited)

As a shareholder of FT Cboe Vest Rising Dividend Achievers Target Income ETF, FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF, or FT Cboe Vest Technology Dividend Target Income ETF (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period (or since inception) and held through the six-month (or shorter) period ended October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period (a)
FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)
Actual	$1,000.00	$982.90	0.75%	$3.75
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	0.75%	$3.82

	Beginning Account Value August 9, 2023 (b)	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Number of Days in the Period	Expenses Paid During the Period August 9, 2023 (b) to October 31, 2023 (c)
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)
Actual	$1,000.00	$904.40	0.85%	$1.86
Hypothetical (5% return before expenses)	$1,000.00	$1,020.92	0.85%	$4.33
FT Cboe Vest Technology Dividend Target Income ETF (TDVI)
Actual	$1,000.00	$955.50	0.75%	$1.69
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	0.75%	$3.82

(a)	Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (May 1, 2023 through October 31, 2023), multiplied by 184/365 (to reflect the six-month period).
(b)	Inception date.
(c)	Actual expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (August 9, 2023 through October 31, 2023), multiplied by 84/365. Hypothetical expenses are assumed for the most recent six-month period.

Page 15

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

Portfolio of Investments

October 31, 2023

Shares	Description	Value
COMMON STOCKS — 99.5%
	Banks — 15.4%
350,851	Bank of America Corp. (a)	$9,241,415
361,906	Citizens Financial Group, Inc. (a)	8,479,458
232,251	Comerica, Inc. (a)	9,150,690
945,708	Huntington Bancshares, Inc. (a)	9,126,082
67,986	JPMorgan Chase & Co. (a)	9,454,133
80,093	PNC Financial Services Group (The), Inc. (a)	9,168,246
158,525	Popular, Inc. (a)	10,310,466
563,425	Regions Financial Corp. (a)	8,186,565
		73,117,055
	Capital Markets — 3.6%
29,559	Goldman Sachs Group (The), Inc. (a)	8,974,408
114,464	Morgan Stanley (a)	8,106,340
		17,080,748
	Chemicals — 2.1%
123,242	CF Industries Holdings, Inc. (a)	9,832,247
	Communications Equipment — 2.0%
180,574	Cisco Systems, Inc. (a)	9,413,323
	Consumer Finance — 7.7%
61,791	American Express Co. (a)	9,023,340
96,871	Capital One Financial Corp. (a)	9,812,063
112,747	Discover Financial Services (a)	9,254,274
311,126	Synchrony Financial (a)	8,727,084
		36,816,761
	Financial Services — 8.0%
346,977	Equitable Holdings, Inc. (a)	9,219,179
24,433	Mastercard, Inc., Class A (a)	9,195,360
585,606	MGIC Investment Corp. (a)	9,861,605
41,971	Visa, Inc., Class A (a)	9,867,382
		38,143,526
	Food Products — 1.9%
127,522	Archer-Daniels-Midland Co. (a)	9,126,749
	Health Care Equipment & Supplies — 2.0%
99,460	Abbott Laboratories (a)	9,403,943
	Health Care Providers & Services — 4.5%
22,921	Elevance Health, Inc. (a)	10,316,513
21,516	Humana, Inc. (a)	11,267,714
		21,584,227
	Household Durables — 2.0%
88,178	Lennar Corp., Class A (a)	9,406,829
	Insurance — 4.0%
132,247	Aflac, Inc. (a)	10,329,813
131,499	Principal Financial Group, Inc. (a)	8,899,852
		19,229,665
	IT Services — 4.0%
32,394	Accenture PLC, Class A (a)	9,623,933
144,213	Cognizant Technology Solutions Corp., Class A (a)	9,297,412
		18,921,345

See Notes to Financial Statements

Page 16

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Machinery — 4.3%
273,867	Mueller Industries, Inc. (a)	$10,327,524
38,834	Snap-on, Inc. (a)	10,016,842
		20,344,366
	Media — 4.0%
329,180	Interpublic Group of (The) Cos., Inc. (a)	9,348,712
130,704	Omnicom Group, Inc. (a)	9,791,037
		19,139,749
	Metals & Mining — 8.2%
250,639	Freeport-McMoRan, Inc. (a)	8,466,585
65,099	Nucor Corp. (a)	9,620,981
38,754	Reliance Steel & Aluminum Co. (a)	9,858,243
102,503	Steel Dynamics, Inc. (a)	10,917,595
		38,863,404
	Oil, Gas & Consumable Fuels — 12.0%
60,777	Chevron Corp. (a)	8,857,032
63,968	Chord Energy Corp. (a)	10,575,190
121,567	Civitas Resources, Inc. (a)	9,169,799
81,902	ConocoPhillips (a)	9,729,958
86,710	Exxon Mobil Corp. (a)	9,178,253
439,180	Magnolia Oil & Gas Corp., Class A (a)	9,859,591
		57,369,823
	Paper & Forest Products — 1.8%
172,599	Louisiana-Pacific Corp. (a)	8,850,877
	Pharmaceuticals — 1.9%
296,987	Pfizer, Inc. (a)	9,075,923
	Semiconductors & Semiconductor Equipment — 5.9%
16,214	Lam Research Corp. (a)	9,537,399
144,793	Micron Technology, Inc. (a)	9,682,308
62,223	Texas Instruments, Inc. (a)	8,836,288
		28,055,995
	Software — 2.2%
30,642	Microsoft Corp. (a)	10,360,367
	Technology Hardware, Storage & Peripherals — 2.0%
130,189	NetApp, Inc. (a)	9,475,155
	Total Common Stocks	473,612,077
	(Cost $509,335,593)
MONEY MARKET FUNDS — 0.2%
1,126,779	Dreyfus Government Cash Management Fund, Institutional Shares - 5.23% (b)	1,126,779
	(Cost $1,126,779)
	Total Investments — 99.7%	474,738,856
	(Cost $510,462,372)

See Notes to Financial Statements

Page 17

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

Portfolio of Investments (Continued)

October 31, 2023

Number of Contracts	Description	Notional Amount	Exercise Price	Expiration Date	Value
WRITTEN OPTIONS — (0.2)%
	Call Options Written — (0.2)%
(120 )	S&P 500 Weeklys	$(50,325,600 )	$4,110.00	11/03/23	$(1,096,800 )
	(Premiums received $555,381)
	Net Other Assets and Liabilities — 0.5%				2,403,087
	Net Assets — 100.0%				$476,045,143

(a)	All or a portion of this security is held as collateral for the options written. At October 31, 2023, the value of these securities amounts to $17,240,990.
(b)	Rate shown reflects yield as of October 31, 2023.

Valuation Inputs

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

ASSETS TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$473,612,077	$473,612,077	$—	$—
Money Market Funds	1,126,779	1,126,779	—	—
Total Investments	$474,738,856	$474,738,856	$—	$—

LIABILITIES TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Written Options	$(1,096,800 )	$(1,096,800 )	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 18

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

Portfolio of Investments

October 31, 2023

Shares	Description	Value
COMMON STOCKS — 98.5%
	Automobiles — 1.0%
619	Winnebago Industries, Inc. (a)	$35,871
	Banks — 15.0%
984	Bank OZK (a)	35,237
1,748	Cadence Bank (a)	37,023
1,009	Cathay General Bancorp (a)	34,215
875	Comerica, Inc. (a)	34,475
1,630	Eagle Bancorp, Inc. (a)	31,752
692	East West Bancorp, Inc. (a)	37,105
2,756	First BanCorp (a)	36,793
860	International Bancshares Corp. (a)	37,694
1,272	OFG Bancorp (a)	37,677
1,682	Pacific Premier Bancorp, Inc. (a)	31,958
589	Popular, Inc. (a)	38,308
1,254	Synovus Financial Corp. (a)	32,692
2,034	Veritex Holdings, Inc. (a)	35,025
487	Wintrust Financial Corp. (a)	36,374
1,025	Zions Bancorp N.A. (a)	31,621
		527,949
	Building Products — 2.8%
313	Advanced Drainage Systems, Inc. (a)	33,438
277	Owens Corning (a)	31,403
368	UFP Industries, Inc. (a)	35,023
		99,864
	Capital Markets — 1.9%
263	Evercore, Inc., Class A (a)	34,237
569	Stifel Financial Corp. (a)	32,433
		66,670
	Chemicals — 1.0%
296	Westlake Corp. (a)	34,147
	Commercial Services & Supplies — 1.0%
237	Tetra Tech, Inc. (a)	35,766
	Communications Equipment — 1.0%
1,332	Juniper Networks, Inc. (a)	35,857
	Construction & Engineering — 1.0%
448	AECOM (a)	34,294
	Consumer Finance — 2.8%
1,294	Ally Financial, Inc. (a)	31,302
2,648	SLM Corp. (a)	34,424
1,154	Synchrony Financial (a)	32,370
		98,096
	Electrical Equipment — 1.7%
117	Hubbell, Inc. (a)	31,602
251	Regal Rexnord Corp. (a)	29,721
		61,323
	Electronic Equipment, Instruments & Components — 4.8%
361	Advanced Energy Industries, Inc. (a)	31,501
1,558	Benchmark Electronics, Inc. (a)	37,719
661	Crane NXT Co. (a)	34,372

See Notes to Financial Statements

Page 19

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Electronic Equipment, Instruments & Components (Continued)
149	Littelfuse, Inc. (a)	$32,284
1,507	Vishay Intertechnology, Inc. (a)	33,516
		169,392
	Financial Services — 5.9%
1,282	Equitable Holdings, Inc. (a)	34,063
765	Essent Group Ltd. (a)	36,138
932	Jackson Financial, Inc., Class A (a)	34,214
2,188	MGIC Investment Corp. (a)	36,846
1,454	Radian Group, Inc. (a)	36,844
457	Walker & Dunlop, Inc. (a)	29,614
		207,719
	Ground Transportation — 2.8%
203	Landstar System, Inc. (a)	33,450
1,840	Marten Transport Ltd. (a)	32,347
1,330	Schneider National, Inc., Class B (a)	33,689
		99,486
	Household Durables — 5.8%
544	Century Communities, Inc. (a)	33,456
1,222	Ethan Allen Interiors, Inc. (a)	32,090
1,164	La-Z-Boy, Inc. (a)	34,035
873	M.D.C. Holdings, Inc. (a)	33,130
496	PulteGroup, Inc. (a)	36,501
481	Toll Brothers, Inc. (a)	34,012
		203,224
	Insurance — 4.0%
332	American Financial Group, Inc. (a)	36,308
885	Fidelity National Financial, Inc. (a)	34,595
487	Principal Financial Group, Inc. (a)	32,960
776	Unum Group (a)	37,946
		141,809
	Leisure Products — 1.2%
744	Sturm Ruger & Co., Inc. (a)	41,180
	Machinery — 7.0%
308	AGCO Corp. (a)	35,315
501	Graco, Inc. (a)	37,249
175	IDEX Corp. (a)	33,497
377	ITT, Inc. (a)	35,193
1,021	Mueller Industries, Inc. (a)	38,502
144	Snap-on, Inc. (a)	37,143
647	Terex Corp. (a)	29,633
		246,532
	Marine Transportation — 1.1%
436	Matson, Inc. (a)	37,954
	Media — 2.0%
1,226	Interpublic Group of (The) Cos., Inc. (a)	34,819
485	Omnicom Group, Inc. (a)	36,331
		71,150

See Notes to Financial Statements

Page 20

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Metals & Mining — 4.0%
153	Alpha Metallurgical Resources, Inc. (a)	$33,654
724	Commercial Metals Co. (a)	30,618
144	Reliance Steel & Aluminum Co. (a)	36,631
381	Steel Dynamics, Inc. (a)	40,580
		141,483
	Oil, Gas & Consumable Fuels — 9.4%
657	California Resources Corp. (a)	34,551
237	Chord Energy Corp. (a)	39,181
448	Civitas Resources, Inc. (a)	33,793
381	CONSOL Energy, Inc. (a)	35,010
903	EQT Corp. (a)	38,269
1,631	Magnolia Oil & Gas Corp., Class A (a)	36,616
612	Matador Resources Co. (a)	37,754
959	SM Energy Co. (a)	38,667
21	Texas Pacific Land Corp. (a)	38,765
		332,606
	Paper & Forest Products — 1.0%
648	Louisiana-Pacific Corp. (a)	33,229
	Personal Care Products — 1.9%
276	Inter Parfums, Inc. (a)	35,082
468	Medifast, Inc. (a)	32,367
		67,449
	Professional Services — 4.1%
1,015	Genpact Ltd. (a)	34,043
383	Insperity, Inc. (a)	40,537
2,494	Resources Connection, Inc. (a)	33,594
503	Robert Half, Inc. (a)	37,609
		145,783
	Real Estate Management & Development — 1.0%
1,203	Marcus & Millichap, Inc. (a)	34,526
	Semiconductors & Semiconductor Equipment — 3.8%
1,688	Amkor Technology, Inc. (a)	35,212
381	Skyworks Solutions, Inc. (a)	33,048
392	Teradyne, Inc. (a)	32,642
239	Universal Display Corp. (a)	33,264
		134,166
	Specialty Retail — 3.1%
517	Best Buy Co., Inc. (a)	34,546
1,119	Buckle (The), Inc. (a)	37,789
331	Dick’s Sporting Goods, Inc. (a)	35,400
		107,735
	Technology Hardware, Storage & Peripherals — 1.0%
483	NetApp, Inc. (a)	35,153
	Textiles, Apparel & Luxury Goods — 3.3%
521	Columbia Sportswear Co. (a)	38,450
1,396	Movado Group, Inc. (a)	38,892
1,186	Steven Madden Ltd. (a)	38,889
		116,231

See Notes to Financial Statements

Page 21

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Trading Companies & Distributors — 2.1%
380	Boise Cascade Co. (a)	$35,625
107	Watsco, Inc. (a)	37,331
		72,956
	Total Investments — 98.5%	3,469,600
	(Cost $3,746,282)

Number of Contracts	Description	Notional Amount	Exercise Price	Expiration Date	Value
WRITTEN OPTIONS — (0.2)%
	Call Options Written — (0.2)%
(15 )	Mini - Russell 2000 Index	$(249,342 )	$162.50	11/03/23	(7,538 )
	(Premiums received $4,369)
	Net Other Assets and Liabilities — 1.7%				60,240
	Net Assets — 100.0%				$3,522,302

(a)	All or a portion of this security is held as collateral for the options written. At October 31, 2023, the value of these securities amounts to $976,630.

Valuation Inputs

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

ASSETS TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$3,469,600	$3,469,600	$—	$—

LIABILITIES TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Written Options	$(7,538 )	$—	$(7,538 )	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 22

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

Portfolio of Investments

October 31, 2023

Shares	Description	Value
COMMON STOCKS — 98.9%
	Communications Equipment — 6.0%
262	ADTRAN Holdings, Inc. (a)	$1,721
699	Cisco Systems, Inc. (a)	36,439
750	Juniper Networks, Inc. (a)	20,190
141	Motorola Solutions, Inc. (a)	39,263
1,541	Nokia OYJ, ADR (a)	5,101
65	Ubiquiti, Inc. (a)	7,894
		110,608
	Diversified Telecommunication Services — 7.1%
27	ATN International, Inc. (a)	836
946	BCE, Inc. (a)	35,125
201	Cogent Communications Holdings, Inc. (a)	13,061
863	Telefonica S.A., ADR (a)	3,305
140	Telkom Indonesia Persero Tbk PT, ADR (a)	3,080
2,282	TELUS Corp. (a)	36,786
1,145	Verizon Communications, Inc. (a)	40,224
		132,417
	Electronic Equipment, Instruments & Components — 5.4%
231	Amphenol Corp., Class A (a)	18,607
86	Avnet, Inc. (a)	3,984
4	Bel Fuse, Inc., Class B	217
38	Benchmark Electronics, Inc. (a)	920
59	CDW Corp. (a)	11,823
1,178	Corning, Inc. (a)	31,523
26	Methode Electronics, Inc. (a)	595
51	TD SYNNEX Corp. (a)	4,676
222	TE Connectivity Ltd. (a)	26,163
76	Vishay Intertechnology, Inc. (a)	1,690
		100,198
	Interactive Media & Services — 0.5%
56	Autohome, Inc., ADR	1,498
142	JOYY, Inc., ADR (a)	5,527
36	Shutterstock, Inc. (a)	1,464
		8,489
	IT Services — 10.5%
91	Amdocs Ltd. (a)	7,294
325	Cognizant Technology Solutions Corp., Class A (a)	20,953
21	Hackett Group (The), Inc. (a)	468
449	Infosys Ltd., ADR (a)	7,373
1,091	International Business Machines Corp. (a)	157,802
		193,890
	Media — 2.1%
8	Cable One, Inc. (a)	4,399
857	Comcast Corp., Class A (a)	35,385
		39,784
	Professional Services — 1.5%
38	Concentrix Corp. (a)	2,896
26	CSG Systems International, Inc. (a)	1,218
332	Dun & Bradstreet Holdings, Inc. (a)	2,908

See Notes to Financial Statements

Page 23

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Professional Services (Continued)
46	KBR, Inc. (a)	$2,675
84	Leidos Holdings, Inc. (a)	8,326
28	Science Applications International Corp. (a)	3,059
142	SS&C Technologies Holdings, Inc. (a)	7,136
		28,218
	Semiconductors & Semiconductor Equipment — 34.3%
100	Amkor Technology, Inc. (a)	2,086
366	Analog Devices, Inc. (a)	57,583
248	Applied Materials, Inc. (a)	32,823
33	ASML Holding N.V. (a)	19,761
174	Broadcom, Inc. (a)	146,398
58	KLA Corp. (a)	27,242
33	Kulicke & Soffa Industries, Inc. (a)	1,373
54	Lam Research Corp. (a)	31,764
375	Microchip Technology, Inc. (a)	26,734
297	Micron Technology, Inc. (a)	19,860
13	Monolithic Power Systems, Inc. (a)	5,743
192	NXP Semiconductors N.V. (a)	33,106
21	Power Integrations, Inc. (a)	1,456
700	QUALCOMM, Inc. (a)	76,293
150	Skyworks Solutions, Inc. (a)	13,011
954	Texas Instruments, Inc. (a)	135,477
430	United Microelectronics Corp., ADR (a)	3,062
16	Universal Display Corp. (a)	2,227
		635,999
	Software — 20.1%
47	A10 Networks, Inc. (a)	511
71	Adeia, Inc. (a)	599
31	Dolby Laboratories, Inc., Class A (a)	2,509
650	Gen Digital, Inc. (a)	10,829
34	InterDigital, Inc. (a)	2,558
66	Intuit, Inc. (a)	32,667
489	Microsoft Corp. (a)	165,336
270	Open Text Corp. (a)	9,018
31	Opera Ltd., ADR	359
1,245	Oracle Corp. (a)	128,733
21	Progress Software Corp. (a)	1,079
23	Roper Technologies, Inc. (a)	11,237
41	SAP SE, ADR	5,494
36	Sapiens International Corp. N.V. (a)	918
		371,847
	Technology Hardware, Storage & Peripherals — 7.0%
260	Dell Technologies, Inc., Class C (a)	17,397
1,503	Hewlett Packard Enterprise Co. (a)	23,116
1,418	HP, Inc. (a)	37,336
92	Logitech International S.A. (a)	7,234
224	NetApp, Inc. (a)	16,303

See Notes to Financial Statements

Page 24

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

Portfolio of Investments (Continued)

October 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Technology Hardware, Storage & Peripherals (Continued)
338	Seagate Technology Holdings PLC (a)	$23,068
407	Xerox Holdings Corp. (a)	5,226
		129,680
	Wireless Telecommunication Services — 4.4%
667	America Movil SAB de C.V., ADR (a)	11,072
985	Rogers Communications, Inc., Class B (a)	36,504
282	Telephone and Data Systems, Inc.	5,130
3,145	Vodafone Group PLC, ADR	29,060
		81,766
	Total Investments — 98.9%	1,832,896
	(Cost $1,978,616)

Number of Contracts	Description	Notional Amount	Exercise Price	Expiration Date	Value
WRITTEN OPTIONS — (0.2)%
	Call Options Written — (0.2)%
(4 )	S&P 500® Mini Index	$(2,812 )	$411.00	11/03/23	(2,812 )
	(Premiums received $1,829)
	Net Other Assets and Liabilities — 1.3%				23,599
	Net Assets — 100.0%				$1,853,683

(a)	All or a portion of this security is held as collateral for the options written. At October 31, 2023, the value of these securities amounts to $988,184.

Abbreviations throughout the Portfolio of Investments:
ADR	– American Depositary Receipt

Valuation Inputs

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

ASSETS TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$1,832,896	$1,832,896	$—	$—

LIABILITIES TABLE
	Total Value at 10/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Written Options	$(2,812 )	$(2,812 )	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 25

First Trust Exchange-Traded Fund IV

Statements of Assets and Liabilities

October 31, 2023

	FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)	FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)	FT Cboe Vest Technology Dividend Target Income ETF (TDVI)
ASSETS:
Investments, at value	$474,738,856	$3,469,600	$1,832,896
Cash	34,606	30,335	7,254
Cash segregated as collateral for open written options contracts	1,932,965	30,675	15,635
Receivables:
Dividends	728,907	1,495	1,894
Investment securities sold	—	133,591	—
Reclaims	—	—	22
Total Assets	477,435,334	3,665,696	1,857,701

LIABILITIES:
Options contracts written, at value	1,096,800	7,538	2,812
Payables:
Investment advisory fees	293,391	2,062	1,206
Investment securities purchased	—	133,794	—
Total Liabilities	1,390,191	143,394	4,018
NET ASSETS	$476,045,143	$3,522,302	$1,853,683

NET ASSETS consist of:
Paid-in capital	$514,116,639	$3,841,043	$2,006,589
Par value	236,000	2,000	1,000
Accumulated distributable earnings (loss)	(38,307,496 )	(320,741 )	(153,906 )
NET ASSETS	$476,045,143	$3,522,302	$1,853,683
NET ASSET VALUE, per share	$20.17	$17.61	$18.54
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)	23,600,002	200,002	100,002
Investments, at cost	$510,462,372	$3,746,282	$1,978,616
Premiums received on options contracts written	$555,381	$4,369	$1,829

See Notes to Financial Statements

Page 26

First Trust Exchange-Traded Fund IV

Statements of Operations

For the Period Ended October 31, 2023

	FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)	FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) (a)	FT Cboe Vest Technology Dividend Target Income ETF (TDVI) (a)
INVESTMENT INCOME:
Dividends	$5,062,868	$14,531	$12,266
Foreign withholding tax	(10,956 )	(58 )	(386 )
Total investment income	5,051,912	14,473	11,880

EXPENSES:
Investment advisory fees	1,341,576	4,829	3,318
Total expenses	1,341,576	4,829	3,318
NET INVESTMENT INCOME (LOSS)	3,710,336	9,644	8,562

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments	8,743,596	(32,732 )	(9,481 )
In-kind redemptions	4,742,235	30,958	32,461
Written options contracts	2,063,381	26,307	13,823
Net realized gain (loss)	15,549,212	24,533	36,803
Net change in unrealized appreciation (depreciation) on:
Investments	(35,790,703 )	(276,682 )	(145,720 )
Written options contracts	(542,649 )	(3,169 )	(983 )
Net change in unrealized appreciation (depreciation)	(36,333,352 )	(279,851 )	(146,703 )
NET REALIZED AND UNREALIZED GAIN (LOSS)	(20,784,140 )	(255,318 )	(109,900 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$(17,073,804 )	$(245,674 )	$(101,338 )

(a)	Inception date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.

See Notes to Financial Statements

Page 27

First Trust Exchange-Traded Fund IV

Statements of Changes in Net Assets

	FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)		FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)	FT Cboe Vest Technology Dividend Target Income ETF (TDVI)
	Year Ended 10/31/2023	Period Ended 10/31/2022 (a)	Period Ended 10/31/2023 (b)	Period Ended 10/31/2023 (b)
OPERATIONS:
Net investment income (loss)	$3,710,336	$495	$9,644	$8,562
Net realized gain (loss)	15,549,212	(2,919 )	24,533	36,803
Net change in unrealized appreciation (depreciation)	(36,333,352 )	68,417	(279,851 )	(146,703 )
Net increase (decrease) in net assets resulting from operations	(17,073,804 )	65,993	(245,674 )	(101,338 )

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations	(17,008,009 )	—	(57,001 )	(36,491 )

SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold	537,364,570	2,055,338	4,782,429	2,982,915
Cost of shares redeemed	(29,358,945 )	—	(957,452 )	(991,403 )
Net increase (decrease) in net assets resulting from shareholder transactions	508,005,625	2,055,338	3,824,977	1,991,512
Total increase (decrease) in net assets	473,923,812	2,121,331	3,522,302	1,853,683

NET ASSETS:
Beginning of period	2,121,331	—	—	—
End of period	$476,045,143	$2,121,331	$3,522,302	$1,853,683

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period	100,002	—	—	—
Shares sold	24,850,000	100,002	250,002	150,002
Shares redeemed	(1,350,000 )	—	(50,000 )	(50,000 )
Shares outstanding, end of period	23,600,002	100,002	200,002	100,002

(a)	Inception date is October 19, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b)	Inception date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.

See Notes to Financial Statements

Page 28

First Trust Exchange-Traded Fund IV

Financial Highlights

For a share outstanding throughout each period

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)

	Year Ended 10/31/2023	Period Ended 10/31/2022 (a)
	Year Ended 10/31/2023	Period Ended 10/31/2022 (a)
Net asset value, beginning of period	$21.21	$19.79
Income from investment operations:
Net investment income (loss)	0.44 (b)	0.00 (c)
Net realized and unrealized gain (loss)	0.47 (d)	1.42
Total from investment operations	0.91	1.42
Distributions paid to shareholders from:
Net investment income	(0.47 )	—
Net realized gain	(1.48 )	—
Total distributions	(1.95 )	—
Net asset value, end of period	$20.17	$21.21
Total return (e)	4.02 %	7.18 %

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$476,045	$2,121
Ratio of total expenses to average net assets	0.75 %	0.75 % (f)
Ratio of net investment income (loss) to average net assets	2.07 %	1.47 % (f)
Portfolio turnover rate (g)	86 %	0 %

(a)	Inception date is October 19, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b)	Based on average shares outstanding.
(c)	Amount represents less than $0.01.
(d)	Realized and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(e)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(f)	Annualized.
(g)	Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

Page 29

First Trust Exchange-Traded Fund IV

Financial Highlights (Continued)

For a share outstanding throughout the period

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)

	Period Ended 10/31/2023 (a)
	Period Ended 10/31/2023 (a)
Net asset value, beginning of period	$19.88
Income from investment operations:
Net investment income (loss) (b)	0.07
Net realized and unrealized gain (loss)	(1.96 )
Total from investment operations	(1.89 )
Distributions paid to shareholders from:
Net investment income	(0.14 )
Net realized gain	(0.24 )
Total distributions	(0.38 )
Net asset value, end of period	$17.61
Total return (c)	(9.56 )%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$3,522
Ratio of total expenses to average net assets	0.85 % (d)
Ratio of net investment income (loss) to average net assets	1.70 % (d)
Portfolio turnover rate (e)	29 %

(a)	Inception date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b)	Based on average shares outstanding.
(c)	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 return presented does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d)	Annualized.
(e)	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 30

First Trust Exchange-Traded Fund IV

Financial Highlights (Continued)

For a share outstanding throughout the period

FT Cboe Vest Technology Dividend Target Income ETF (TDVI)

	Period Ended 10/31/2023 (a)
	Period Ended 10/31/2023 (a)
Net asset value, beginning of period	$19.78
Income from investment operations:
Net investment income (loss) (b)	0.09
Net realized and unrealized gain (loss)	(0.97 )
Total from investment operations	(0.88 )
Distributions paid to shareholders from:
Net investment income	(0.25 )
Net realized gain	(0.11 )
Total distributions	(0.36 )
Net asset value, end of period	$18.54
Total return (c)	(4.45 )%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$1,854
Ratio of total expenses to average net assets	0.75 % (d)
Ratio of net investment income (loss) to average net assets	1.94 % (d)
Portfolio turnover rate (e)	27 %

(a)	Inception date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b)	Based on average shares outstanding.
(c)	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 return presented does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d)	Annualized.
(e)	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 31

Notes to Financial Statements

First Trust Exchange-Traded Fund IV

October 31, 2023

1. Organization

First Trust Exchange-Traded Fund IV (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on September 15, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Trust currently consists of eighteen funds that are offering shares. This report covers the three funds (each a “Fund” and collectively, the “Funds”) listed below, each a non-diversified series of the Trust. The shares of each Fund are listed and traded on the Cboe BZX Exchange, Inc.

FT Cboe Vest Rising Dividend Achievers Target Income ETF – RDVI

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF – SDVD(1)

FT Cboe Vest Technology Dividend Target Income ETF – TDVI(1)

(1)	Inception date is August 9, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.”

Each Fund is an actively managed exchange-traded fund.

RDVI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Rising Dividend AchieversTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the S&P 500® Index or exchange-traded funds (“ETFs”) that track the S&P 500® Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities.

SDVD’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Small-Mid Cap Rising Dividend AchieverTM Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000® Index or ETFs that track the Russell 2000® Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of small- and/or mid-capitalization companies.

TDVI’s investment objective seeks to provide investors with current income with a secondary objective of providing capital appreciation. Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq Technology Dividend Index and by utilizing an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100® Index or the S&P 500® Index, or ETFs that track the Nasdaq-100® Index or the S&P 500® Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of technology companies (i.e., securities classified under the Technology Industry or Telecommunications Industry as defined by the Industry Classification Benchmark (ICB)).

2. Significant Accounting Policies

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

Page 32

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

A. Portfolio Valuation

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

Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent 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 Funds’ 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. Each Fund’s investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. (“Nasdaq”) and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the investment trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

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

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

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

the type of security;

the size of the holding;

the initial cost of the security;

transactions in comparable securities;

price quotes from dealers and/or third-party pricing services;

relationships among various securities;

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

an analysis of the issuer’s financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

Page 33

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

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

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

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

o Quoted prices for similar investments in active markets.

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

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

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

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

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

B. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.

C. Options Contracts

Each Fund is subject to equity price risk in the normal course of pursuing their investment objectives. RDVI will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the S&P 500® Index or exchange-traded funds that track the S&P 500® Index. SDVD will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the Russell 2000® Index or exchange-traded funds that track the Russell 2000® Index. TDVI will utilize an “option strategy” consisting of writing (selling) U.S. exchanged-traded call options on the Nasdaq-100® Index and/or the S&P 500® Index, or exchange-traded funds that track the Nasdaq-100® Index or the S&P 500® Index. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is included in “Options contracts written, at value” on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. Any gain or loss on written options would be included in “Net realized gain (loss) on written options contracts” on the Statements of Operations. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

Page 34

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

D. Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each 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 significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal period ended October 31, 2023 was as follows:

	Distributions paid from Ordinary Income	Distributions paid from Capital Gains	Distributions paid from Return of Capital
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$16,096,582	$911,427	$—
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	43,118	13,883	—
FT Cboe Vest Technology Dividend Target Income ETF	28,787	7,704	—

There were no distributions paid during the fiscal period ended October 31, 2022.

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

	Undistributed Ordinary Income	Accumulated Capital and Other Gain (Loss)	Net Unrealized Appreciation (Depreciation)
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$—	$—	$(38,307,496 )
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	—	—	(320,741 )
FT Cboe Vest Technology Dividend Target Income ETF	—	—	(153,906 )

E. Income Taxes

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

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For RDVI, the taxable periods ended 2022 and 2023 remain open to federal and state audit. For SDVD and TDVI, the taxable period ended 2023 remains open to federal and state audit. As of October 31, 2023, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.

Each 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. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2023, for federal income tax purposes, the Funds had no capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains.

Page 35

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

During the taxable year ended October 31, 2023, the following Fund utilized capital loss carryforwards in the following amount:

	Capital Loss Utilized
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$1,689

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 Statements 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 Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal period ended October 31, 2023, the adjustments for each Fund were as follows:

	Accumulated Net Investment Income (Loss)	Accumulated Net Realized Gain (Loss) on Investments	Paid-In Capital
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$381,053	$(4,672,729 )	$4,291,676
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	11,567	(29,633 )	18,066
FT Cboe Vest Technology Dividend Target Income ETF	16,385	(32,462 )	16,077

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

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$511,949,552	$4,084,086	$(42,391,582 )	$(38,307,496 )
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	3,782,803	15,259	(336,000 )	(320,741 )
FT Cboe Vest Technology Dividend Target Income ETF	1,983,990	5,845	(159,751 )	(153,906 )

F. Expenses

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

3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.

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

Page 36

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

Breakpoints	RDVI	TDVI
Fund net assets up to and including $2.5 billion	0.75000 %	0.75000 %
Fund net assets greater than $2.5 billion up to and including $5 billion	0.73125 %	0.73125 %
Fund net assets greater than $5 billion up to and including $7.5 billion	0.71250 %	0.71250 %
Fund net assets greater than $7.5 billion up to and including $10 billion	0.69375 %	0.69375 %
Fund net assets greater than $10 billion	0.67500 %	0.67500 %

Breakpoints	SDVD
Fund net assets up to and including $2.5 billion	0.85000 %
Fund net assets greater than $2.5 billion up to and including $5 billion	0.82875 %
Fund net assets greater than $5 billion up to and including $7.5 billion	0.80750 %
Fund net assets greater than $7.5 billion up to and including $10 billion	0.78625 %
Fund net assets greater than $10 billion up to and including $15 billion	0.76500 %
Fund net assets greater than $15 billion	0.72250 %

Cboe VestSM Financial LLC (“Cboe Vest”), an affiliate of First Trust, serves as the Fund’s sub-advisor and manages each Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and Cboe Vest, First Trust will supervise Cboe Vest and its management of the investment of each Fund’s assets and will pay Cboe Vest for its services as the Funds’ sub-advisor. Cboe Vest receives a sub-advisory fee equal to 0.20% of the average daily net assets of each Fund. Cboe Vest’s fee is paid by the Advisor out of its management fee.

The Trust has multiple service agreements with The Bank of New York Mellon (“BNYM”). Under the service agreements, BNYM performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNYM is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNYM is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNYM is responsible for maintaining shareholder records for each Fund. BNYM is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, 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 period ended October 31, 2023, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

	Purchases	Sales
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$157,593,247	$161,462,496
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	740,846	1,043,857
FT Cboe Vest Technology Dividend Target Income ETF	529,739	631,506

For the fiscal period ended October 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

	Purchases	Sales
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$525,859,952	$28,200,660
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	4,752,580	701,153
FT Cboe Vest Technology Dividend Target Income ETF	2,976,247	918,861

Page 37

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

5. Derivative Transactions

The following table presents the types of derivatives held by each Fund at October 31, 2023, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

		Asset Derivatives		Liability Derivatives
Derivative Instrument	Risk Exposure	Statements of Assets and Liabilities Location	Value	Statements of Assets and Liabilities Location	Value
RDVI
Options contracts	Equity Risk	Options contracts purchased, at value	$—	Options contracts written, at value	$1,096,800
SDVD
Options contracts	Equity Risk	Options contracts purchased, at value	—	Options contracts written, at value	7,538
TDVI
Options contracts	Equity Risk	Options contracts purchased, at value	—	Options contracts written, at value	2,812

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal period ended October 31, 2023, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.


Statements of Operations Location	RDVI	SDVD	TDVI
Equity Risk Exposure
Net realized gain (loss) on written options contracts	$2,063,381	$26,307	$13,823
Net change in unrealized appreciation (depreciation) on written options contracts	(542,649 )	(3,169 )	(983 )

The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities.

The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the fiscal period ended October 31, 2023, on each Fund’s options contracts.

	Premiums for purchased options contracts opened	Premiums for purchased options contracts closed, exercised and expired	Premiums for written options contracts opened	Premiums for written options contracts closed, exercised and expired
RDVI	$—	$—	$(12,196,874 )	$11,645,069
SDVD	—	—	(38,044 )	33,675
TDVI	—	—	(26,335 )	24,506

6. Creations, Redemptions and Transaction Fees

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit

Page 38

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023

of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.

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

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

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 Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before October 18, 2024 for RDVI and August 4, 2025 for SDVD and TVDI.

8. Indemnification

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

Page 39

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of FT Cboe Vest Rising Dividend Achievers Target Income ETF, FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF, and FT Cboe Vest Technology Dividend Target Income ETF (the “Funds”), each a series of the First Trust Exchange-Traded Fund IV, including the portfolios of investments, as of October 31, 2023, and the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Included in the Trust	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
FT Cboe Vest Rising Dividend Achievers Target Income ETF	For the year ended October 31, 2023	For the year ended October 31, 2023, and for the period from October 19, 2022 (commencement of investment operations) through October 31, 2022
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	For the period from August 9, 2023 (commencement of investment operations) through October 31, 2023
FT Cboe Vest Technology Dividend Target Income ETF

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche, LLP

Chicago, Illinois
December 20, 2023

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

Page 40

Additional Information

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings

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

Federal Tax Information

For the taxable period ended October 31, 2023, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:

	Dividends Received Deduction
FT Cboe Vest Rising Dividend Achievers Target Income ETF	21.26 %
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	19.71 %
FT Cboe Vest Technology Dividend Target Income ETF	21.46 %

For the taxable period ended October 31, 2023, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:

	Qualified Dividend Income
FT Cboe Vest Rising Dividend Achievers Target Income ETF	20.15 %
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	11.78 %
FT Cboe Vest Technology Dividend Target Income ETF	16.94 %

Long-term capital gain distributions designated by the Funds are taxable at the applicable capital gain tax rates for federal income tax purposes. For the fiscal period ended October 31, 2023, the below Funds designated long-term capital gain distributions in the following amounts.

	Long-Term Capital Gain Distribution
FT Cboe Vest Rising Dividend Achievers Target Income ETF	$911,427
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF	13,883
FT Cboe Vest Technology Dividend Target Income ETF	7,704

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

Page 41

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

read each Fund’s prospectus and statement of additional information carefully. You can download each Fund’s prospectus at www.ftportfolios.com or contact First Trust Portfolios L.P. at (800) 621-1675 to request a prospectus, which contains this and other information about each Fund.

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

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

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

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

Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified 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

Page 42

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

ETF’s shares, or decisions by an ETF’s authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF’s shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.

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

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

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

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

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

Page 43

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

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.

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 and Sub-Advisory Agreements

Board Considerations Regarding Approval of the Investment Management Agreement and Sub-Advisory Agreements

FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF

Page 44

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

Cboe Vest SMID Rising Dividend Achievers Target Income ETF (the “Fund”), and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, on behalf of the Fund, the Advisor and Cboe Vest Financial LLC (the “Sub-Advisor”), for an initial two-year term at a meeting held on June 5, 2023. The Board determined that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be 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. To assist the Board in its evaluation of the Agreements for the Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Board meeting 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 to be provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate schedule payable by the Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other exchange-traded funds (“ETFs”) managed by the Advisor; the proposed sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of the Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. (“FTP”) and First Trust Capital Partners, LLC (“FTCP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from the Fund’s perspective.

In evaluating whether to approve the Agreements for the Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that the Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor’s day-to-day management of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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, the Sub-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 noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the June 5, 2023 meeting, the Board also received a presentation from representatives of the Sub-Advisor discussing the services that the Sub-Advisor will provide to the Fund, and the Trustees were able to ask questions about the proposed strategy for the Fund. The Board noted the background and experience of the Sub-Advisor’s portfolio management team and the Sub-Advisor’s investment style. The Board also noted that the Sub-Advisor manages other target income ETFs with strategies similar to that of the Fund in the First Trust Fund Complex. Because the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory.

Page 45

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

and 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, if any. 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 and the Sub-Advisor to other fund (including ETF) and non-fund clients, as applicable. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was below the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other clients, the Board considered the Advisor’s statement that the Fund will be unique to the market and the First Trust Fund Complex but will be most similar to two other ETFs in the First Trust Fund Complex that are managed by the Advisor and sub-advised by the Sub-Advisor and employ options-based strategies, each of which has a unitary fee rate schedule starting at an annual rate of 0.85% of its average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Agreements, the Board determined that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

The Board considered whether there are any potential economies of scale to be achieved in connection with the Advisor providing investment advisory services to the Fund and whether the Fund may benefit from any economies of scale. The Board noted that the proposed unitary fee rate schedule for the Fund includes breakpoints pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that the Advisor has continued to build infrastructure and add new staff to improve the services to the funds in the First Trust Fund Complex. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Fund generally would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Fund. The Board concluded that the proposed unitary fee rate schedule for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at reasonably foreseeable future asset levels. The Board considered that the Sub-Advisor would be paid by the Advisor from the Fund’s unitary fee and its understanding that the sub-advisory fee for the Fund was the product of an arm’s length negotiation. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for the Fund under the Advisory Agreement. The Board considered the Advisor’s estimate of the asset level for the Fund at which the Advisor expects the Advisory Agreement to be profitable to the Advisor and the Advisor’s estimate of the profitability of the Advisory Agreement if the Fund’s assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s estimated profitability level for the Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement to the Sub-Advisor. The Board concluded that the profitability analysis for the Advisor was more relevant. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor’s parent company and considered potential indirect benefits to the Advisor from such ownership interest. The Board also 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. The Board also considered the potential indirect benefits to the Sub-Advisor from FTCP’s controlling ownership interest in the Sub-Advisor’s parent company. The Board noted the Sub-Advisor’s statements that it does not foresee any indirect benefits from its relationship with the Fund and that, as a policy, it does not enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions. The Board concluded that the character and amount of potential indirect benefits to the Advisor and the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.

FT Cboe Vest Technology Dividend Target Income ETF

The Board of Trustees of First Trust Exchange-Traded Fund IV (the “Trust”), including the Independent Trustees, approved the Investment Management Agreement (the “Advisory Agreement”) with First Trust Advisors L.P. (the “Advisor”), on behalf of FT Cboe Vest Technology Dividend Target Income ETF (the “Fund”), and the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, on behalf of the Fund, the Advisor and Cboe Vest Financial LLC (the “Sub-Advisor”), for an initial two-year term at a meeting held on June 5, 2023. The Board determined

Page 46

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

The Board considered the proposed unitary fee rate schedule payable by the Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee starting at an annual rate of 0.75% of its average daily net assets, subject to a breakpoint schedule pursuant to which the unitary fee rate would be reduced as assets of the Fund meet certain thresholds. The Board considered that, from the unitary fee for the Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to an annual rate of 0.20% of the Fund’s average daily net assets. The Board noted that the Advisor would be responsible for the Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and 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, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as

Page 47

Additional Information (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETF) and non-fund clients, as applicable. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for the Fund was below the median total (net) expense ratio of the peer funds in the Expense Group. With respect to the Expense Group, the Board discussed with representatives of the Advisor how the Expense Group was assembled and how the Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other clients, the Board considered the Advisor’s statement that the Fund will be unique to the market and the First Trust Fund Complex but will be most similar to two other ETFs in the First Trust Fund Complex that are managed by the Advisor and sub-advised by the Sub-Advisor and employ options-based strategies, each of which has a unitary fee rate schedule starting at an annual rate of 0.85% of its average daily net assets. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Agreements, the Board determined that the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable.

Page 48

Board of Trustees and Officers

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

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

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

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

Page 49

Board of Trustees and Officers (Continued)

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

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

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

(1)

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

(2)

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

Page 50

First Trust Exchange-Traded Fund IV

October 31, 2023 (Unaudited)

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

Sources of Information

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

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

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

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

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

Information Collected

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

Disclosure of Information

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

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

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

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

Use of Website Analytics

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

Confidentiality and Security

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

Policy Updates and Inquiries

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

March 2023

Page 51

Shareholder Letter	2
Fund Performance Overview
FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)	3
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)	5
FT Cboe Vest Technology Dividend Target Income ETF (TDVI)	7
Notes to Fund Performance Overview	9
Portfolio Commentary	10
Understanding Your Fund Expenses	15
Portfolio of Investments
FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI)	16
FT Cboe Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)	19
FT Cboe Vest Technology Dividend Target Income ETF (TDVI)	23
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	40
Additional Information	41
Board of Trustees and Officers	49
Privacy Policy	51