Caution Regarding Forward-Looking Statements

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund (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 its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

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

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

The Advisor may also periodically provide additional information on Fund performance on each Fund’s 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 market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that:informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

Page 1

Shareholder Letter

First Trust Exchange-Traded Fund
Semi-Annual Letter from the Chairman and CEO
June 30, 2023

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for certain series of the First Trust Exchange-Traded Fund (the “Funds”), which contains detailed information about the Funds for the six months ended June 30, 2023. Please note that the First Trust Bloomberg Inflation Sensitive Equity ETF was incepted on March 13, 2023 and therefore, any information in this letter or the
semi-annual report prior to that Fund’s inception date does not apply to this Fund.

One economic topic that continues to dominate headlines is whether the Federal Reserve (the “Fed”) will be able to pull off a “soft landing” for the U.S. economy, raising interest rates just high enough to curb inflation, but not so high that they stunt economic growth and cause a recession. Historically, soft landings are exceedingly rare. Over the past 60 years, the Fed has only been able to orchestrate this phenomenon once. This occurred between February 1994 and February 1995 when the Fed doubled the Federal Funds target rate (upper bound), raising it from 3.0% to 6.0%. For comparative purposes, the Federal Funds target rate (upper bound) stood at 5.25% on June 30, 2023, a full 500 basis points above its most recent low of 0.25% on March 15, 2022. Inflation, as measured by the rate of change in the Consumer Price Index (“CPI”), appears to be declining. The CPI stood at 3.0% on June 30, 2023, substantially lower than its most recent peak of 9.1% on June 30, 2022. Despite the Fed’s tighter monetary policy, the U.S. economy continues to show resilience, with gross domestic product (“GDP”) growing in each of the past three quarters.

I am continually amazed by the efficiencies that technological advances can have on production. Take, for example, the recent interest in artificial intelligence (“AI”). The U.S. Census Bureau reported that construction spending by manufacturers in the U.S. has more than doubled in the past year, reaching an annual rate of nearly $190 billion in April 2023, according to Bloomberg. Manufacturing now accounts for close to 13% of all non-government construction, its highest share on record. A portion of the growth in U.S. manufacturing is due to the CHIPS and Science Act, which provided nearly $280 billion in funding to boost domestic research and manufacturing of semiconductors in the U.S. We have also seen the excitement regarding developments in AI drive the S&P 500® Index (the “Index”) higher this year. Year-to-date through June 30, 2023, the Index posted a total return of 16.89%. When the stock market increases by 20% or more from its most recent low, it is often referred to as a “bull market.” On June 8, 2023, the Index closed at 4,293.93, 20.04% above its most recent low of 3,577.03 (which occurred on October 12, 2022).

The U.S. economy has been resilient, posting positive changes to GDP even as monetary policy tightened significantly. That said, there are also economic indicators that point to the potential for weakness over the coming quarters. The Conference Board, a
non-profit business membership and research group organization, reported that its Leading Economic Index, which is composed of 10 economic indicators whose changes tend to precede changes in the overall economy, fell by 0.7% to a reading of 106.1 in June 2023, according to Reuters. The result represents the fifteenth consecutive monthly decline in the index, the longest streak of
month-over-month decreases since just before the financial crisis in 2007. From our perspective, even if the Fed can pull off a soft landing, it is likely to be a very bumpy ride.

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

Market Overview

First Trust Exchange-Traded Fund
Semi-Annual Report
June 30, 2023

Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.

Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service and Registered Rep.

State of the Economy/Investing

As we head into the second half of 2023, a hot topic of discussion appears to be whether the Federal Reserve (the “Fed”) will resume interest rate hikes at their upcoming meeting on July 26, 2023. Central to this discussion is the pace of inflation. Inflation, as measured by the trailing 12-month rate of change in the Consumer Price Index, stood at 3.0% on June 30, 2023, a significant decline from its high of 9.1% where it stood on June 30, 2022 (the year prior), according to the U.S. Bureau of Labor Statistics. In what is known as a “soft landing,” the Fed intends to tighten monetary policy just enough to reduce inflation to 2.0%, but not so much that they cause a retraction in economic growth.

The latest growth forecast from the International Monetary Fund (“IMF”) released in July 2023 sees U.S. real gross domestic product (“GDP”) rising by 1.8% in 2023, up from its April 2023 estimate of 1.6%. The IMF notes that July’s upwardly revised real GDP reflects resilient consumer consumption in the first quarter of 2023, a trend they are quick to note is not likely to last. The IMF estimates that in 2024, U.S. real GDP could fall to just 1.0%. Overall, Advanced Economies are projected to register a 1.5% growth rate in 2023, before declining to 1.4% in 2024. Emerging Market and Developing Economies are projected to grow faster than Advanced Economies. The IMF estimates their growth rate to register 4.0% and 4.1% in 2023 and 2024, respectively.

U.S. Stocks and Bonds

The major U.S. stock indices delivered positive results over the past six months. The S&P 500®, S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of 16.89%, 8.84% and 6.03%, respectively, for the six-month period ended June 30, 2023. Seven of the eleven major sectors that comprise the S&P 500® Index were up on a total return basis. The top performer was the Information Technology sector, which was up 42.77%, while the worst showing came from the Utilities sector, which was down 5.69%.

Results were also positive in the U.S. bond market over the period. The top performing major debt group we track was long-term municipal bonds. The Bloomberg Municipal Bond:Long Bond (22+) Index posted a total return of 4.96% for the six-month period ended June 30, 2023. The worst-performing U.S. debt group that we track was intermediate U.S. Treasuries. The Bloomberg U.S. Treasury:Intermediate Index posted a total return of 1.10%. The yield on the benchmark 10-Year Treasury Note (“T-Note”) fell by just 4 basis points in the period to close at 3.84% on June 30, 2023, according to Bloomberg. For comparative purposes, the average yield on the 10-Year T-Note was 2.90% for the 10-year period ended June 30, 2023.

Foreign Stocks and Bonds

The broader foreign stock indices posted positive total returns over the past six months. Between December 30, 2022, and June 30, 2023, the MSCI World ex USA and MSCI Emerging Markets equity indices posted total returns of 11.29% (USD) and 4.89% (USD), respectively, according to Bloomberg. The major foreign bond indices were also up over the same period. The Bloomberg Global Aggregate Index of higher quality debt posted a total return of 1.43% (USD), while the Bloomberg EM Hard Currency Aggregate Index of emerging markets debt increased by 3.55% (USD), according to Bloomberg. The U.S. Dollar fell by just 0.59% over the past six months against a basket of major currencies, as measured by the U.S. Dollar Index.

Page 3

Fund Performance Overview (Unaudited)

First Trust Dividend Strength ETF (FTDS)

The First Trust Dividend Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called The Dividend StrengthTM Index (the “Index”). The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is designed to provide exposure to well-capitalized companies with a history of increasing their dividends. The term “well-capitalized” reflects companies that have strong balance sheets with durable cash flow and a record of profitability. The Index screens companies for strong balance sheets, a high degree of liquidity, the ability to increase dividends and a record of dividend growth. According to the Index Provider, to be included in the Index, a security’s issuer must have: (i) a long-term debt to market cap ratio of less than 40%; (ii) a return on equity of greater than 10%; (iii) a 5-year compounded dividend growth rate greater than 5%; and (iv) a dividend payout ratio of less than 50%. Securities within each of the 11 industries used by the Industry Classification Benchmark are ranked by dividend yield relative to their industry peers, with the highest indicated dividend yielding security receiving a rank of 1. The top 15 securities per industry are selected and combined for the final evaluation universe. For the final selection, each remaining security from the combined evaluation universe is reranked based on indicated dividend yield with a rank of 1 representing the highest indicated dividend yield. The top 50 securities are selected for inclusion in the final portfolio and are then equally-weighted. The Index is rebalanced and reconstituted quarterly based on the Index’s rules-based methodology, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on The Nasdaq Stock Market LLC. The first day of secondary market trading in shares of the Fund was December 7, 2006.

Performance
			Average Annual Total Returns			Cumulative Total Returns
	6 Months Ended 6/30/23	1 Year Ended 6/30/23	5 Years Ended 6/30/23	10 Years Ended 6/30/23	Inception (12/5/06) to 6/30/23	5 Years Ended 6/30/23	10 Years Ended 6/30/23	Inception (12/5/06) to 6/30/23
Fund Performance
NAV	0.32%	6.02%	5.83%	8.03%	5.98%	32.74%	116.49%	161.69%
Market Price	0.15%	5.74%	5.83%	8.03%	5.98%	32.74%	116.43%	161.66%
Index Performance
The Dividend StrengthTM Index(1) (2)	0.62%	6.72%	N/A	N/A	N/A	N/A	N/A	N/A
S&P 500® Index(3)	16.89%	19.59%	12.31%	12.86%	9.34%	78.66%	235.35%	338.97%
Russell 3000® Index	16.17%	18.95%	11.39%	12.34%	9.13%	71.49%	220.10%	325.09%
Dow Jones U.S. Select Dividend Index	-4.32%	0.47%	7.21%	9.99%	7.26%	41.61%	159.10%	219.17%
Russell 1000® Index	5.12%	11.54%	8.11%	9.22%	6.67%	47.66%	141.55%	191.58%

(1)	On April 29, 2022, the Fund’s underlying index changed from the Nasdaq AlphaDEX® Total US Market Index to The Dividend StrengthTM Index. Therefore, the Fund’s performance and total returns shown are not necessarily indicative of the performance the Fund, based on its current index, would have generated.
(2)	Because the Fund’s underlying Index has an inception date of March 7, 2022, performance data for the Index is not available for all periods shown in the table.
(3)	The S&P 500® Index will serve as the Fund’s new primary benchmark index. The Fund’s portfolio managers believe that the S&P 500® Index provides a more appropriate comparison to Fund returns.

(See Notes to Fund Performance Overview on page 16.)

Nasdaq® and The Dividend StrengthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Page 4

Fund Performance Overview (Unaudited) (Continued)

First Trust Dividend Strength ETF (FTDS) (Continued)

Sector Allocation	% of Total Long-Term Investments
Industrials	27.5%
Financials	21.5
Energy	9.7
Materials	9.1
Information Technology	8.6
Health Care	8.0
Consumer Discretionary	7.8
Consumer Staples	3.8
Communication Services	2.0
Real Estate	2.0
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Owens Corning	2.6%
NetApp, Inc.	2.4
PACCAR, Inc.	2.3
Caterpillar, Inc.	2.2
Cigna Group (The)	2.2
AGCO Corp.	2.2
Cognizant Technology Solutions Corp., Class A	2.2
Snap-on, Inc.	2.2
RPM International, Inc.	2.2
Huntington Ingalls Industries, Inc.	2.2
Total	22.7%

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the indices

do not actually hold a portfolio of securities

and therefore do not incur the expenses

incurred by the Fund. These expenses

negatively impact the performance of the

Fund. The Fund’s past performance does not

predict future performance.

Frequency Distribution of Discounts and Premiums

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

Page 5

Fund Performance Overview (Unaudited) (Continued)

First Trust Dow 30 Equal Weight ETF (EDOW)

The First Trust Dow 30 Equal Weight ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dow Jones Industrial Average® Equal Weight Index (the “Index”). The Index is developed, maintained and sponsored by S&P Dow Jones Indices LLC (the “Index Provider”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is an equal weight version of the Dow Jones Industrial AverageTM (the “DJIA”). The DJIA is composed of 30 securities issued by bluechip U.S. companies covering all industries, with the exception of transportation and utilities. According to the Index Provider, inclusion in the DJIA is not governed by quantitative rules but rather is based on the following criteria: (i) the company is not a utility or in the transportation business; (ii) the company has a premier reputation in its field; (iii) the company has a history of successful growth; (iv) there is wide interest in the company among individual and institutional investors; and (v) the company should be incorporated and headquartered in the U.S. According to the Index Provider, whenever one component is changed, the others are reviewed. For the sake of historical continuity, composition changes are rarely made. In the event that there is a change in the components of the DJIA, the component removed from the DJIA will simultaneously be removed from the Index, and the component that replaces the removed component will be added to the Index at the same weight as the component that was removed. The Index is rebalanced quarterly and reconstituted as needed and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca, Inc. The first day of secondary market trading in shares of the Fund was August 9, 2017.

Performance
			Average Annual Total Returns		Cumulative Total Returns
	6 Months Ended 6/30/23	1 Year Ended 6/30/23	5 Years Ended 6/30/23	Inception (8/8/17) to 6/30/23	5 Years Ended 6/30/23	Inception (8/8/17) to 6/30/23
Fund Performance
NAV	5.63%	13.08%	8.87%	9.27%	52.97%	68.64%
Market Price	5.70%	12.95%	8.87%	9.28%	52.95%	68.69%
Index Performance
Dow Jones Industrial Average® Equal Weight Index	5.93%	13.61%	9.55%	9.92%	57.76%	74.64%
Dow Jones Industrial AverageTM	4.94%	14.23%	9.59%	10.21%	58.06%	77.35%
S&P 500® Index	16.89%	19.59%	12.31%	12.46%	78.66%	99.74%

(See Notes to Fund Performance Overview on page 16.)

Sector Allocation	% of Total Long-Term Investments
Information Technology	20.3%
Financials	16.6
Industrials	13.3
Health Care	13.3
Consumer Staples	13.0
Consumer Discretionary	10.3
Communication Services	6.6
Materials	3.4
Energy	3.2
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Apple, Inc.	3.5%
Intel Corp.	3.5
Visa, Inc., Class A	3.5
Verizon Communications, Inc.	3.4
Honeywell International, Inc.	3.4
Caterpillar, Inc.	3.4
Home Depot (The), Inc.	3.4
NIKE, Inc., Class B	3.4
Merck & Co., Inc.	3.4
Microsoft Corp.	3.4
Total	34.3%

Dow Jones Industrial Average® Equal Weight Index (“Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Index.

Page 6

Fund Performance Overview (Unaudited) (Continued)

First Trust Dow 30 Equal Weight ETF (EDOW) (Continued)

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the 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 7

Fund Performance Overview (Unaudited) (Continued)

First Trust Lunt U.S. Factor Rotation ETF (FCTR)

The First Trust Lunt U.S. Factor Rotation ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Lunt Capital Large Cap Factor Rotation Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is owned and was developed by Lunt Capital Management, Inc. (the “Index Provider”) and is calculated and maintained by Nasdaq, Inc. The Index is designed to track the performance of U.S. securities exhibiting desirable factor exposure. According to the Index Provider, the Index utilizes the Index Provider’s risk-adjusted relative strength methodology to allocate exposure to securities exhibiting either high or low levels of the characteristics associated with one of four primary investing factors:(i) momentum, (ii) value, (iii) quality and (iv) volatility. The Index is rebalanced and reconstituted periodically and the Fund will make corresponding changes to its portfolio after the Index changes are made public. The Fund’s shares are listed for trading on CBOE BZX Exchange, Inc. The first day of secondary market trading in shares of the Fund was July 26, 2018.

Performance
			Average Annual Total Returns	Cumulative Total Returns
	6 Months Ended 6/30/23	1 Year Ended 6/30/23	Inception (7/25/18) to 6/30/23	Inception (7/25/18) to 6/30/23
Fund Performance
NAV	-5.14%	-1.82%	6.50%	36.43%
Market Price	-5.24%	-1.97%	6.48%	36.32%
Index Performance
Lunt Capital Large Cap Factor Rotation Index	-4.86%	-1.21%	7.28%	41.41%
Nasdaq US 500 Large CapTM Index	17.32%	19.82%	11.36%	69.97%
S&P 500® Index	16.89%	19.59%	11.42%	70.47%

(See Notes to Fund Performance Overview on page 16.)

Sector Allocation	% of Total Long-Term Investments
Information Technology	25.2%
Financials	23.8
Consumer Discretionary	12.5
Health Care	9.1
Energy	7.0
Industrials	6.5
Communication Services	6.1
Real Estate	5.1
Materials	3.6
Consumer Staples	0.7
Utilities	0.4
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Rivian Automotive, Inc., Class A	4.0%
BILL Holdings, Inc.	2.8
Apollo Global Management, Inc.	2.7
Datadog, Inc., Class A	2.0
Fidelity National Information Services, Inc.	1.8
Royal Caribbean Cruises Ltd.	1.5
KKR & Co., Inc.	1.5
Las Vegas Sands Corp.	1.4
Ovintiv, Inc.	1.4
Illumina, Inc.	1.3
Total	20.4%

Lunt Capital Management, Inc. (“Lunt”) and Lunt Capital Large Cap Factor Rotation Index (“Lunt Index”) are trademarks of Lunt and have been licensed for use for certain purposes by First Trust. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Lunt Index to track general stock performance.

Page 8

Fund Performance Overview (Unaudited) (Continued)

First Trust Lunt U.S. Factor Rotation ETF (FCTR) (Continued)

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the 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 9

Fund Performance Overview (Unaudited) (Continued)

First Trust Growth Strength ETF (FTGS)

The First Trust Growth Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called The Growth StrengthTM Index (the “Index”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index seeks to provide exposure to (without limitation) a mix of domestic common stocks and real estate investment trusts (“REITs”) with filters for liquidity, return on equity, long-term debt, revenue and cash flow growth. Companies that do not meet requirements for minimum metrics on those criteria are filtered out of, or excluded from, the Index, according to the Index Provider. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on The Nasdaq Stock Market LLC. The first day of secondary market trading in shares of the Fund was October 26, 2022.

Performance
		Cumulative Total Returns
	6 Months Ended 6/30/23	Inception (10/25/22) to 6/30/23
Fund Performance
NAV	14.89%	16.26%
Market Price	14.76%	16.36%
Index Performance
The Growth StrengthTM Index	15.30%	16.61%
S&P 500® Index	16.89%	16.72%

(See Notes to Fund Performance Overview on page 16.)

Sector Allocation	% of Total Long-Term Investments
Information Technology	32.9%
Health Care	21.4
Consumer Discretionary	11.4
Energy	10.8
Industrials	7.9
Materials	7.7
Communication Services	2.1
Real Estate	2.0
Financials	1.9
Consumer Staples	1.9
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Tesla, Inc.	3.0%
NVIDIA Corp.	2.9
Broadcom, Inc.	2.6
KLA Corp.	2.4
Adobe, Inc.	2.4
ON Semiconductor Corp.	2.4
Applied Materials, Inc.	2.4
Lam Research Corp.	2.3
NXP Semiconductors N.V.	2.3
Apple, Inc.	2.2
Total	24.9%

Nasdaq® and The Growth StrengthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Page 10

Fund Performance Overview (Unaudited) (Continued)

First Trust Growth Strength ETF (FTGS) (Continued)

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the 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 11

Fund Performance Overview (Unaudited) (Continued)

First Trust Indxx Aerospace & Defense ETF (MISL)

The First Trust Indxx Aerospace & Defense ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Indxx US Aerospace & Defense Index (the “Index”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is developed, maintained and sponsored by Indxx, Inc. (the “Index Provider”).

According to the Index Provider, the Index’s starting universe consists of U.S. companies engaged in business activities associated with the following aerospace and defense sub-themes, as identified by the Index Provider: (1) Hypersonic:Companies involved in developing Hypersonic warfare weapons technology for defense related applications; (2) Directed Energy:Companies involved in developing weapons like high power microwaves, laser technology products and electromagnetic weapons for defense related applications; (3) Space Technologies:Companies involved in developing rockets, satellites and launch vehicles; (4) Unmanned Aerial Vehicle/Advanced Air Mobility:Companies that develop military aircrafts guided by remote control or programmed autonomously and companies involved in developing an air transportation system that moves cargo and people for defense related applications; or (5) Autonomous, Cybersecurity and C5ISR Systems:Companies involved in providing autonomous, cybersecurity, and C5ISR solutions for improving national security, enhancing public safety and designing better combat results. These sub-themes also include the commercial (non-government/defense) application of such activities. According to the Index Provider, the starting universe also includes Traditional Aerospace & Defense companies that manufacture construction materials, electronics, and telecommunications equipment used in the manufacture of aircraft for both defense and commercial aviation. From the starting universe, only companies that derive at least 50% of revenues from aerospace and defense activities in one or more of the sub-themes identified above will be eligible for inclusion in the Index, according to the Index Provider. These companies have their principal business strategies and/or growth prospects inextricably linked to aerospace and defense. According to the Index Provider, from the list of eligible companies, a total of 50 companies ranked from highest to lowest market capitalization will be selected. In the event there are less than 50 companies that meet the 50% revenue test, all eligible companies will be selected (i.e., there may be fewer than 50 companies in the Index). The selected securities are assigned weights based on their market capitalization. The Index is rebalanced quarterly and reconstituted semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca, Inc. The first day of secondary market trading in shares of the Fund was October 26, 2022.

Performance
		Cumulative Total Returns
	6 Months Ended 6/30/23	Inception (10/25/22) to 6/30/23
Fund Performance
NAV	4.49%	12.16%
Market Price	4.39%	12.16%
Index Performance
Indxx US Aerospace & Defense Index	4.83%	12.59%
S&P 500® Index	16.89%	16.72%
S&P Composite 1500® Aerospace & Defense Index	1.01%	10.33%

(See Notes to Fund Performance Overview on page 16.)

Indxx and Indxx US Aerospace & Defense Index (“Index”) are trademarks of Indxx, Inc. (“Indxx”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Indxx and Indxx makes no representation regarding the advisability of trading in such product. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.

Page 12

Fund Performance Overview (Unaudited) (Continued)

First Trust Indxx Aerospace & Defense ETF (MISL) (Continued)

Sector Allocation	% of Total Long-Term Investments
Industrials	99.6%
Communication Services	0.4
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Boeing (The) Co.	8.2%
Northrop Grumman Corp.	7.6
RTX Corp.	7.6
General Dynamics Corp.	7.4
Lockheed Martin Corp.	7.4
TransDigm Group, Inc.	4.7
Howmet Aerospace, Inc.	4.6
HEICO Corp.	4.1
Textron, Inc.	3.9
L3Harris Technologies, Inc.	3.8
Total	59.3%

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 13

Fund Performance Overview (Unaudited) (Continued)

First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)

The First Trust Bloomberg Inflation Sensitive Equity ETF (the “Fund”) seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the Bloomberg Inflation Sensitive Equity Index (the “Index”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the total return performance of the Index, which includes dividends paid by the common stocks in the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is developed, maintained and sponsored by Bloomberg Index Services Limited (the “Index Provider”). The Fund’s shares are listed for trading on the NYSE Arca, Inc. The first day of secondary market trading in shares of the Fund was March 14, 2023.

Performance
	Cumulative Total Returns
	Inception (3/13/23) to 6/30/23
Fund Performance
NAV	4.53%
Market Price	4.53%
Index Performance
Bloomberg Inflation Sensitive Equity Index	4.74%
S&P 500® Index	16.00%

(See Notes to Fund Performance Overview on page 16.)

Sector Allocation	% of Total Long-Term Investments
Energy	31.8%
Materials	30.6
Industrials	21.4
Real Estate	16.2
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Owens Corning	3.1%
Reliance Steel & Aluminum Co.	2.7
Parker-Hannifin Corp.	2.7
Nucor Corp.	2.5
EQT Corp.	2.4
Range Resources Corp.	2.3
Chord Energy Corp.	2.2
PDC Energy, Inc.	2.2
Steel Dynamics, Inc.	2.2
LyondellBasell Industries N.V., Class A	2.2
Total	24.5%

“Bloomberg®” and Bloomberg Inflation Sensitive Equity Index licensed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by First Trust Advisors L.P. (the “Licensee”). Bloomberg is not affiliated with the Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.

Page 14

Fund Performance Overview (Unaudited) (Continued)

First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF) (Continued)

Performance figures assume reinvestment of

all distributions and do not reflect the

deduction of taxes that a shareholder would

pay on Fund distributions or the redemption

or sale of Fund shares. An index is a statistical

composite that tracks a specified financial

market or sector. Unlike the Fund, the 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 15

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. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.

Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.

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

Page 16

First Trust Exchange-Traded Fund
Understanding Your Fund Expenses
June 30, 2023 (Unaudited)

As a shareholder of First Trust Dividend Strength ETF, First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF, First Trust Growth Strength ETF, First Trust Indxx Aerospace & Defense ETF or First Trust Bloomberg Inflation Sensitive Equity 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 June 30, 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 January 1, 2023	Ending Account Value June 30, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period (a)
First Trust Dividend Strength ETF (FTDS)
Actual	$1,000.00	$1,003.20	0.70% (b)	$3.48
Hypothetical (5% return before expenses)	$1,000.00	$1,021.32	0.70% (b)	$3.51
First Trust Dow 30 Equal Weight ETF (EDOW)
Actual	$1,000.00	$1,056.30	0.50%	$2.55
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	0.50%	$2.51
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Actual	$1,000.00	$948.60	0.65%	$3.14
Hypothetical (5% return before expenses)	$1,000.00	$1,021.57	0.65%	$3.26
First Trust Growth Strength ETF (FTGS)
Actual	$1,000.00	$1,148.90	0.61%	$3.25
Hypothetical (5% return before expenses)	$1,000.00	$1,021.77	0.61%	$3.06
First Trust Indxx Aerospace & Defense ETF (MISL)
Actual	$1,000.00	$1,044.90	0.60%	$3.04
Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	0.60%	$3.01

Page 17

First Trust Exchange-Traded Fund
Understanding Your Fund Expenses (Continued)
June 30, 2023 (Unaudited)

	Beginning Account Value March 13, 2023 (c)	Ending Account Value June 30, 2023	Annualized Expense Ratio Based on the Number of Days in the Period	Expenses Paid During the Period March 13, 2023 (c) to June 30, 2023 (d)
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
Actual	$1,000.00	$1,045.30	0.60%	$1.85
Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	0.60%	$3.01

(a)	Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (January 1, 2023 through June 30, 2023), multiplied by 181/365 (to reflect the six-month period).
(b)	These expense ratios reflect an expense cap. See Note3 in the Notes to Financial Statements.
(c)	Inception date.
(d)	Actual expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (March 13, 2023 through June 30, 2023), multiplied by 110/365. Hypothetical expenses are assumed for the most recent six-month period.

Page 18

First Trust Dividend Strength ETF (FTDS)
Portfolio of Investments
June 30, 2023 (Unaudited)

Shares	Description	Value
COMMON STOCKS — 100.0%
	Aerospace & Defense — 4.1%
1,668	General Dynamics Corp.	$358,870
1,799	Huntington Ingalls Industries, Inc.	409,453
		768,323
	Air Freight & Logistics — 3.7%
3,855	C.H. Robinson Worldwide, Inc.	363,719
1,923	United Parcel Service, Inc., Class B	344,698
		708,417
	Banks — 7.6%
6,880	Commerce Bancshares, Inc.	335,056
3,622	Cullen/Frost Bankers, Inc.	389,474
6,850	East West Bancorp, Inc.	361,611
20,448	Regions Financial Corp.	364,383
		1,450,524
	Building Products — 2.6%
3,707	Owens Corning	483,763
	Capital Markets — 5.7%
6,978	Charles Schwab (The) Corp.	395,513
4,401	Northern Trust Corp.	326,290
6,105	Stifel Financial Corp.	364,285
		1,086,088
	Chemicals — 7.3%
5,043	CF Industries Holdings, Inc.	350,085
3,047	FMC Corp.	317,924
8,523	Mosaic (The) Co.	298,305
4,572	RPM International, Inc.	410,246
		1,376,560
	Containers & Packaging — 1.8%
2,621	Packaging Corp. of America	346,391
	Distributors — 2.0%
2,255	Genuine Parts Co.	381,614
	Food Products — 3.8%
4,664	Archer-Daniels-Midland Co.	352,412
3,948	Bunge Ltd.	372,494
		724,906
	Ground Transportation — 4.2%
1,774	Norfolk Southern Corp.	402,272
1,888	Union Pacific Corp.	386,323
		788,595
	Health Care Equipment & Supplies — 1.9%
3,362	Abbott Laboratories	366,525

Shares	Description	Value

	Health Care Providers & Services — 4.1%
1,489	Cigna Group (The)	$417,813
2,586	Quest Diagnostics, Inc.	363,488
		781,301
	Hotels, Restaurants & Leisure — 2.0%
3,414	Texas Roadhouse, Inc.	383,324
	Industrial REITs — 2.0%
7,125	First Industrial Realty Trust, Inc.	375,060
	Insurance — 8.1%
5,690	Aflac, Inc.	397,162
10,579	Fidelity National Financial, Inc.	380,844
5,399	Hartford Financial Services Group (The), Inc.	388,836
2,092	Travelers (The) Cos., Inc.	363,297
		1,530,139
	IT Services — 2.2%
6,311	Cognizant Technology Solutions Corp., Class A	411,982
	Machinery — 10.9%
3,147	AGCO Corp.	413,579
1,704	Caterpillar, Inc.	419,269
1,612	Cummins, Inc.	395,198
5,132	PACCAR, Inc.	429,292
1,427	Snap-on, Inc.	411,247
		2,068,585
	Media — 2.0%
10,012	Interpublic Group of (The) Cos., Inc.	386,263
	Oil, Gas & Consumable Fuels — 9.7%
2,220	Chevron Corp.	349,317
3,671	ConocoPhillips	380,352
14,746	Coterra Energy, Inc.	373,074
8,469	HF Sinclair Corp.	377,802
3,749	Phillips 66	357,580
		1,838,125
	Pharmaceuticals — 2.0%
3,254	Merck & Co., Inc.	375,479
	Professional Services — 2.0%
5,122	Robert Half International, Inc.	385,277
	Semiconductors & Semiconductor Equipment — 4.1%
3,188	QUALCOMM, Inc.	379,500
3,518	Skyworks Solutions, Inc.	389,407
		768,907

See Notes to Financial Statements

Page 19

First Trust Dividend Strength ETF (FTDS)
Portfolio of Investments (Continued)
June 30, 2023 (Unaudited)

Shares	Description	Value
COMMON STOCKS (Continued)
	Specialty Retail — 3.8%
1,510	Tractor Supply Co.	$333,861
3,096	Williams-Sonoma, Inc.	387,433
		721,294
	Technology Hardware, Storage & Peripherals — 2.4%
5,939	NetApp, Inc.	453,740
	Total Common Stocks	18,961,182
	(Cost $19,211,429)
MONEY MARKET FUNDS — 0.0%
13,518	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.94% (a)	13,518
	(Cost $13,518)


	Total Investments — 100.0%	18,974,700
	(Cost $19,224,947)
	Net Other Assets and Liabilities — (0.0)%	(8,794 )
	Net Assets — 100.0%	$18,965,906

(a)	Rate shown reflects yield as of June 30, 2023.

Valuation Inputs

A summary of the inputs used to value the Fund’s investments as of June 30, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

	Total Value at 6/30/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$18,961,182	$18,961,182	$—	$—
Money Market Funds	13,518	13,518	—	—
Total Investments	$18,974,700	$18,974,700	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 20

First Trust Dow 30 Equal Weight ETF (EDOW)
Portfolio of Investments
June 30, 2023 (Unaudited)

Shares	Description	Value
COMMON STOCKS — 99.9%
	Aerospace & Defense — 3.2%
31,315	Boeing (The) Co. (a)	$6,612,475
	Banks — 3.4%
48,261	JPMorgan Chase & Co.	7,019,080
	Beverages — 3.3%
112,538	Coca-Cola (The) Co.	6,777,038
	Biotechnology — 3.3%
31,101	Amgen, Inc.	6,905,044
	Capital Markets — 3.2%
20,254	Goldman Sachs Group (The), Inc.	6,532,725
	Chemicals — 3.4%
131,518	Dow, Inc.	7,004,649
	Communications Equipment — 3.4%
137,028	Cisco Systems, Inc.	7,089,829
	Consumer Finance — 3.3%
39,625	American Express Co.	6,902,675
	Consumer Staples Distribution & Retail — 6.3%
216,582	Walgreens Boots Alliance, Inc.	6,170,421
44,448	Walmart, Inc.	6,986,337
		13,156,758
	Diversified Telecommunication Services — 3.4%
191,856	Verizon Communications, Inc.	7,135,125
	Entertainment — 3.2%
74,029	Walt Disney (The) Co. (a)	6,609,309
	Financial Services — 3.5%
30,443	Visa, Inc., Class A	7,229,603
	Health Care Providers & Services — 3.2%
13,787	UnitedHealth Group, Inc.	6,626,584
	Hotels, Restaurants & Leisure — 3.4%
23,728	McDonald’s Corp.	7,080,672
	Household Products — 3.4%
46,437	Procter & Gamble (The) Co.	7,046,350
	Industrial Conglomerates — 6.7%
68,121	3M Co.	6,818,231
34,385	Honeywell International, Inc.	7,134,887
		13,953,118
	Insurance — 3.2%
38,754	Travelers (The) Cos., Inc.	6,730,020
	IT Services — 3.2%
50,301	International Business Machines Corp.	6,730,777

Shares	Description	Value

	Machinery — 3.4%
28,955	Caterpillar, Inc.	$7,124,378
	Oil, Gas & Consumable Fuels — 3.3%
42,842	Chevron Corp.	6,741,189
	Pharmaceuticals — 6.8%
42,525	Johnson & Johnson	7,038,738
61,472	Merck & Co., Inc.	7,093,254
		14,131,992
	Semiconductors & Semiconductor Equipment — 3.5%
217,135	Intel Corp.	7,260,994
	Software — 6.6%
20,824	Microsoft Corp.	7,091,405
31,604	Salesforce, Inc. (a)	6,676,661
		13,768,066
	Specialty Retail — 3.4%
22,887	Home Depot (The), Inc.	7,109,618
	Technology Hardware, Storage & Peripherals — 3.5%
37,610	Apple, Inc.	7,295,212
	Textiles, Apparel & Luxury Goods — 3.4%
64,283	NIKE, Inc., Class B	7,094,915


	Total Investments — 99.9%	207,668,195
	(Cost $202,236,065)
	Net Other Assets and Liabilities — 0.1%	118,861
	Net Assets — 100.0%	$207,787,056

(a)	Non-income producing security.

Valuation Inputs

A summary of the inputs used to value the Fund’s investments as of June 30, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

	Total Value at 6/30/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$207,668,195	$207,668,195	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 21

First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments
June 30, 2023 (Unaudited)

Shares	Description	Value
COMMON STOCKS — 99.9%
	Aerospace & Defense — 2.6%
5,289	Axon Enterprise, Inc. (a)	$1,031,990
9,234	Boeing (The) Co. (a)	1,949,851
951	TransDigm Group, Inc.	850,356
		3,832,197
	Automobiles — 5.7%
66,582	Ford Motor Co.	1,007,386
216,642	Lucid Group, Inc. (a)	1,492,663
351,051	Rivian Automotive, Inc., Class A (a)	5,848,510
		8,348,559
	Banks — 8.0%
18,951	Bank of America Corp.	543,704
37,579	Citizens Financial Group, Inc.	980,060
61,719	Fifth Third Bancorp	1,617,655
120,528	Huntington Bancshares, Inc.	1,299,292
187,385	KeyCorp	1,731,437
8,037	M&T Bank Corp.	994,659
5,347	PNC Financial Services Group (The), Inc.	673,455
32,030	Regions Financial Corp.	570,775
53,139	Truist Financial Corp.	1,612,769
39,772	U.S. Bancorp	1,314,067
9,636	Wells Fargo & Co.	411,264
		11,749,137
	Biotechnology — 1.2%
9,214	Alnylam Pharmaceuticals, Inc. (a)	1,750,107
	Broadline Retail — 0.8%
3,347	Amazon.com, Inc. (a)	436,315
9,259	Etsy, Inc. (a)	783,404
		1,219,719
	Building Products — 0.3%
1,693	Carlisle Cos., Inc.	434,305
	Capital Markets — 5.5%
6,957	Ares Management Corp., Class A	670,307
8,270	Blackstone, Inc.	768,862
20,029	Carlyle Group (The), Inc.	639,926
33,337	Charles Schwab (The) Corp.	1,889,541
38,224	KKR & Co., Inc.	2,140,544
3,495	LPL Financial Holdings, Inc.	759,918
1,414	MSCI, Inc.	663,576
8,044	State Street Corp.	588,660
		8,121,334
	Chemicals — 1.9%
5,907	Celanese Corp.	684,030
10,247	CF Industries Holdings, Inc.	711,347

Shares	Description	Value

	Chemicals (Continued)
6,688	International Flavors & Fragrances, Inc.	$532,298
25,280	Mosaic (The) Co.	884,800
		2,812,475
	Consumer Finance — 0.5%
23,301	Synchrony Financial	790,370
	Energy Equipment & Services — 2.1%
49,410	Baker Hughes Co.	1,561,850
23,731	Halliburton Co.	782,886
14,535	Schlumberger N.V.	713,959
		3,058,695
	Entertainment — 3.7%
15,863	Live Nation Entertainment, Inc. (a)	1,445,278
44,991	ROBLOX Corp., Class A (a)	1,813,137
6,488	Take-Two Interactive Software, Inc. (a)	954,774
93,838	Warner Bros Discovery, Inc. (a)	1,176,729
		5,389,918
	Financial Services — 7.1%
50,805	Apollo Global Management, Inc.	3,902,332
29,576	Block, Inc. (a)	1,968,874
48,231	Fidelity National Information Services, Inc.	2,638,236
3,185	Jack Henry & Associates, Inc.	532,946
1,905	Mastercard, Inc., Class A	749,237
2,700	Visa, Inc., Class A	641,196
		10,432,821
	Food Products — 0.7%
6,803	Bunge Ltd.	641,863
8,679	Tyson Foods, Inc., Class A	442,976
		1,084,839
	Ground Transportation — 0.3%
10,682	Uber Technologies, Inc. (a)	461,142
	Health Care Equipment & Supplies — 4.1%
23,789	Baxter International, Inc.	1,083,827
12,385	Dexcom, Inc. (a)	1,591,596
1,257	IDEXX Laboratories, Inc. (a)	631,303
6,844	Insulet Corp. (a)	1,973,399
2,275	Intuitive Surgical, Inc. (a)	777,914
		6,058,039
	Health Care Providers & Services — 0.7%
7,968	Centene Corp. (a)	537,441
8,013	CVS Health Corp.	553,939
		1,091,380

See Notes to Financial Statements

Page 22

First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
June 30, 2023 (Unaudited)

Shares	Description	Value
COMMON STOCKS (Continued)
	Health Care REITs — 0.9%
25,837	Healthpeak Properties, Inc.	$519,323
18,088	Ventas, Inc.	855,020
		1,374,343
	Health Care Technology — 0.4%
2,971	Veeva Systems, Inc., Class A (a)	587,456
	Hotels, Restaurants & Leisure — 5.9%
2,394	Domino’s Pizza, Inc.	806,754
21,655	DoorDash, Inc., Class A (a)	1,654,875
35,948	Las Vegas Sands Corp. (a)	2,084,984
2,270	McDonald’s Corp.	677,391
7,990	MGM Resorts International	350,921
21,333	Royal Caribbean Cruises Ltd. (a)	2,213,085
5,958	Yum! Brands, Inc.	825,481
		8,613,491
	Industrial Conglomerates — 0.9%
4,125	3M Co.	412,871
8,387	General Electric Co.	921,312
		1,334,183
	Insurance — 2.7%
8,071	Allstate (The) Corp.	880,062
7,583	American International Group, Inc.	436,326
7,190	Cincinnati Financial Corp.	699,731
271	Markel Group, Inc. (a)	374,841
9,225	MetLife, Inc.	521,489
12,204	Prudential Financial, Inc.	1,076,637
		3,989,086
	Interactive Media & Services — 1.9%
28,508	Match Group, Inc. (a)	1,193,060
11,955	Pinterest, Inc., Class A (a)	326,849
113,644	Snap, Inc., Class A (a)	1,345,545
		2,865,454
	IT Services — 3.7%
18,728	Cloudflare, Inc., Class A (a)	1,224,249
4,629	MongoDB, Inc. (a)	1,902,473

Shareholder Letter	2
Market Overview	3
Fund Performance Overview
First Trust Dividend Strength ETF (FTDS)	4
First Trust Dow 30 Equal Weight ETF (EDOW)	6
First Trust Lunt U.S. Factor Rotation ETF (FCTR)	8
First Trust Growth Strength ETF (FTGS)	10
First Trust Indxx Aerospace & Defense ETF (MISL)	12
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)	14
Notes to Fund Performance Overview	16
Understanding Your Fund Expenses	17
Portfolio of Investments
First Trust Dividend Strength ETF (FTDS)	19
First Trust Dow 30 Equal Weight ETF (EDOW)	21
First Trust Lunt U.S. Factor Rotation ETF (FCTR)	22
First Trust Growth Strength ETF (FTGS)	25
First Trust Indxx Aerospace & Defense ETF (MISL)	27
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)	28
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	42
Additional Information	51