FIRST TRUST

First Trust Exchange-Traded Fund IV

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First Trust Limited Duration Investment Grade Corporate ETF (FSIG)


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     Semi-Annual Report
  For the Six Months Ended
       April 30, 2023
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TABLE OF CONTENTS
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       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                               SEMI-ANNUAL REPORT
                                 APRIL 30, 2023

Shareholder Letter...........................................................  1
Fund Performance Overview....................................................  2
Portfolio Management.........................................................  5
Understanding Your Fund Expenses.............................................  6
Portfolio of Investments.....................................................  7
Statement of Assets and Liabilities.......................................... 14
Statement of Operations...................................................... 15
Statements of Changes in Net Assets.......................................... 16
Financial Highlights......................................................... 17
Notes to Financial Statements................................................ 18
Additional Information....................................................... 25

                  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 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 (First Trust Limited Duration Investment Grade Corporate ETF;
hereinafter referred to as the "Fund") to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. When evaluating the information included in this
report, you are cautioned not to place undue reliance on these forward-looking
statements, which reflect the judgment of the Advisor and its representatives
only as of the date hereof. We undertake no obligation to publicly revise or
update these forward-looking statements to reflect events and circumstances that
arise after the date hereof.

                        PERFORMANCE AND RISK DISCLOSURE

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

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

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

                            HOW TO READ THIS REPORT

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

The statistical information that follows may help you understand the Fund's
performance compared to that of a relevant market benchmark.

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





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SHAREHOLDER LETTER
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       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                  SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
                                 APRIL 30, 2023


Dear Shareholders:

First Trust is pleased to provide you with the semi-annual report for the First
Trust Limited Duration Investment Grade Corporate ETF (the "Fund"), which
contains detailed information about the Fund for the six months ended April 30,
2023.

It pleases me to write that on May 5, 2023, the World Health Organization
officially declared that the coronavirus ("COVID-19") pandemic no longer
qualified as a global health emergency. While the virus officially no longer
poses an immediate threat, its full impact on the world economy remains to be
seen, in my opinion. Recall, if you will, those early days of the pandemic;
companies sent workers home, consumers were afraid or unwilling to leave their
homes, supply chains dried up, and grocery shelves were left bare. Hoping to
provide relief to their constituents and to bolster economic activity,
governments across the globe funneled trillions of dollars in stimulus directly
into the hands of their citizens. Unfortunately, economist Milton Friedman's
age-old economic adage "there's no such thing as a free lunch" still holds. As a
result of the U.S. government stimulus, gross domestic product rebounded
quickly, but so did inflation.

As many investors are aware, the Federal Reserve (the "Fed") has been locked in
a battle with stubbornly high inflation for several years now. Inflation, as
measured by the trailing 12-month rate of change in the Consumer Price Index
("CPI"), surged from 1.4% on December 31, 2020, to 9.1% as of June 30, 2022.
Since then, the trailing rate on the CPI has come down, but remains elevated. On
April 30, 2023, the CPI stood at 4.9%, well above the Fed's goal of 2.0%.
Surging prices have not been restricted to the U.S. Headline inflation rates in
each of the countries that make up the so-called Group of Ten (G-10) stand above
the targets set by their central banks, according to data from Bloomberg.

From the Fed's perspective, monetary policy is the most efficient means to
combat rising prices. From December 31, 2020 through May 3, 2023, the Fed
increased the Federal Funds target rate (upper bound) a total of ten times,
raising the rate from 0.25% to 5.25%. As mentioned, tighter monetary policy
resulted in a decrease in the CPI, but there have been casualties in the Fed's
battle with rising prices. The most recent banking turmoil is one example.
Another is the spike in mortgage rates. According to Bankrate, the national
average for a 30-year mortgage stood at just 2.87% on December 31, 2020. As of
May 1, 2023, the average 30-year mortgage rate had surged to 6.88%. Not all the
news is negative, however. Driven by a strong U.S. labor market, consumer
spending remained robust in April 2023. Notably, American corporations added
253,000 jobs during the month, and the unemployment rate stood at a 53-year low.
Bob Carey, Chief Market Strategist at First Trust, recently summed up the
current situation, noting that "we're not out of the woods yet." That said, even
the most difficult situations don't last forever. In my opinion, like the
COVID-19 pandemic, inflation, and the tighter monetary policy it ushered in,
will pass with time.

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

Sincerely,

/s/ James A. Bowen

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


                                                                          Page 1





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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

The First Trust Limited Duration Investment Grade Corporate ETF's (the "Fund")
primary investment objective is to deliver current income. Under normal market
conditions, the Fund seeks to achieve its objective by investing at least 80% of
its net assets (plus any borrowings for investment purposes) in investment grade
corporate debt securities. Corporate debt securities are debt obligations issued
by businesses to finance their operations. Notes, bonds, loans, debentures and
commercial paper are the most common types of corporate debt securities, with
the primary differences being their maturities and secured or unsecured status.
Commercial paper has the shortest term and is usually unsecured. Corporate debt
securities may have fixed or floating interest rates. The corporate debt
securities in which the Fund may invest may include senior loans and
covenant-lite loans.

At least 80% of the Fund's net assets will be invested in corporate debt
securities that are, at the time of purchase, investment grade (i.e., rated
Baa3/BBB- or above) by at least one nationally recognized statistical rating
organization ("NRSRO") rating such securities, or if unrated, debt securities
determined by the Fund's investment advisor to be of comparable quality. In the
case of a split rating between one or more of the NRSROs, the Fund will consider
the highest rating. For an unrated security to be considered investment grade,
the Fund's investment advisor will consider, at the time of purchase, whether
such security is of comparable quality based on fundamental credit analysis of
the unrated security and comparable securities that are rated by an NRSRO.

Although the Fund intends to invest primarily in investment grade corporate debt
securities, the Fund may invest up to 20% of its net assets (plus any borrowings
for investment purposes) in debt securities of any credit quality, including
senior loans and other debt securities that are below investment grade, which
are also known as high yield securities, or commonly referred to as "junk"
bonds, or unrated securities that have not been judged by the Fund's investment
advisor to be of comparable quality to rated investment grade securities. The
Fund is classified as "non-diversified" under the Investment Company Act of
1940, as amended. The Fund's investments will be concentrated (i.e., invest more
than 25% of Fund assets) in the industries or group of industries comprising the
financials sector.



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PERFORMANCE
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                                                                                           AVERAGE ANNUAL           CUMULATIVE
                                                                                           TOTAL RETURNS           TOTAL RETURNS
                                                        6 Months Ended   1 Year Ended   Inception (11/17/21)   Inception (11/17/21)
                                                           4/30/23         4/30/23           to 4/30/23             to 4/30/23
                                                                                                            
FUND PERFORMANCE
NAV*                                                        4.43%           2.44%              -1.47%                 -2.13%
Market Price                                                4.43%           2.54%              -1.37%                 -1.97%

INDEX PERFORMANCE
Bloomberg US Corporate Bond 1-5 Year Index                  4.71%           1.81%              -2.34%                 -3.37%
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Total returns for the period since inception are calculated from the inception
date of the Fund. "Average Annual Total Returns" represent the average annual
change in value of an investment over the period indicated. "Cumulative Total
Returns" represent the total change in value of an investment over the period
indicated. The total returns would have been lower if certain fees had not been
waived by the Advisor.

The Fund's per share net asset value ("NAV") is the value of one share of the
Fund and is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of outstanding
shares. The price used to calculate market return ("Market Price") is determined
by using the midpoint of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Since shares of the
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 the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
all distributions have been reinvested in the Fund at NAV and Market Price,
respectively.

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

-----------------------------
*     On January 3, 2023, the fair value methodology used to value the senior
      loan investments held by the Fund was changed. Prior to that date, the
      senior loans were valued using the bid side price provided by a pricing
      service. After such date, the senior loans were valued using the midpoint
      between the bid and ask price provided by a pricing service. The change in
      the Fund's fair value methodology on January 3, 2023, resulted in a
      one-time increase in the Fund's net asset value of approximately $0.003
      per share on that date, which represented a positive impact on the Fund's
      performance of 0.01%. Without the change to the pricing methodology, the
      performance of the Fund on a NAV basis would have been 4.38%, 2.38%,
      -1.51% and -2.18%, in the six-months, one-year, since inception average
      annual, and since inception cumulative periods ended April 30, 2023,
      respectively.


Page 2





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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

---------------------------------------------------------------
                                            % OF TOTAL
                                             LONG-TERM
INDUSTRY CLASSIFICATION                   INVESTMENTS(1)
---------------------------------------------------------------
Banking                                         20.7%
Technology                                      12.2
Healthcare                                      12.1
Pharmaceuticals                                  8.8
Food and Beverage                                7.8
Health Insurance                                 7.1
Wireless                                         5.9
Environmental                                    4.3
Cable Satellite                                  4.1
Property & Casualty Insurance                    3.6
Electric                                         2.9
Brokerage Assetmanagers Exchanges                1.9
Aerospace/Defense                                1.7
Wirelines                                        1.6
Construction Machinery                           1.5
Packaging                                        1.2
Other Utility                                    0.9
Gaming                                           0.4
Restaurants                                      0.3
Midstream                                        0.2
Consumer Products                                0.2
Railroads                                        0.2
Paper                                            0.2
Lodging                                          0.1
Consumer Cyclical Services                       0.1
Retailers                                        0.0*
                                               -------
   Total                                       100.0%
                                               =======

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                                            % OF TOTAL
                                             LONG-TERM
ASSET CLASSIFICATION                      INVESTMENTS(1)
---------------------------------------------------------------
Corporate Bonds and Notes                       87.9%
Foreign Corporate Bonds and Notes                6.2
Senior Floating-Rate Loan Interests              5.9
                                              -------
   Total                                       100.0%
                                              =======

* Amount is less than 0.1%.


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                                         % OF SENIOR LOANS
                                          AND OTHER DEBT
CREDIT QUALITY(2)                          SECURITIES(1)
---------------------------------------------------------------
AA                                               1.3%
AA-                                             13.5
A+                                               9.2
A                                               10.0
A-                                              19.8
BBB+                                            17.7
BBB                                             13.8
BBB-                                            13.2
BB+                                              1.2
BB-                                              0.3
                                              -------
   Total                                       100.0%
                                              =======

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                                            % OF TOTAL
                                             LONG-TERM
TOP 10 ISSUERS                            INVESTMENTS(1)
---------------------------------------------------------------
Bank of America Corp.                            3.9%
JPMorgan Chase & Co.                             3.6
Elevance Health, Inc.                            2.6
Crown Castle, Inc.                               2.4
T-Mobile USA, Inc.                               2.3
Morgan Stanley                                   2.3
Waste Management, Inc.                           2.2
Zoetis, Inc.                                     2.1
Republic Services, Inc.                          2.1
Comcast Corp.                                    2.1
                                              -------
      Total                                     25.6%
                                              =======

-----------------------------

(1)   Percentages are based on long-term positions. Commercial paper is
      excluded.

(2)   The ratings are by one or more nationally recognized statistical rating
      organizations (NRSROs), including S&P Global Ratings, Moody's Investors
      Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations
      in which a security is rated by more than one NRSRO and the ratings are
      not equivalent, the highest ratings are used. Ratings are measured highest
      to lowest on a scale that generally ranges from AAA to D for long-term
      ratings and A-1 to C for short-term ratings. Investment grade is defined
      as those issuers that have a long-term credit rating of BBB- or higher or
      a short-term credit rating of A-3 or higher. "NR" indicates no rating. The
      credit ratings shown relate to the creditworthiness of the issuers of the
      underlying securities in the Fund, and not to the Fund or its shares.
      Credit ratings are subject to change.


                                                                          Page 3





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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)



         PERFORMANCE OF A $10,000 INITIAL INVESTMENT
             NOVEMBER 17, 2021 - APRIL 30, 2023

            First Trust Limited      Bloomberg U.S.
            Duration Investment      Corporate Bond
            Grade Corporate ETF      1-5 Year Index
                                  
11/17/21          $10,000               $10,000
4/30/22             9,554                 9,491
10/31/22            9,372                 9,228
4/30/23             9,787                 9,663


Performance figures assume reinvestment of all distributions and do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the index does
not actually hold a portfolio of securities and therefore does not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund's past performance does not predict future performance.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

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


Page 4





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PORTFOLIO MANAGEMENT
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       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                               SEMI-ANNUAL REPORT
                           APRIL 30, 2023 (UNAUDITED)

                                    ADVISOR

First Trust Advisors L.P. ("First Trust") is the investment advisor to the First
Trust Limited Duration Investment Grade Corporate ETF (the "Fund" or "FSIG"). In
this capacity, First Trust is responsible for the selection and ongoing
monitoring of the investments in the Fund's portfolio and certain other services
necessary for the management of the portfolio.

                           PORTFOLIO MANAGEMENT TEAM

WILLIAM HOUSEY, CFA - MANAGING DIRECTOR OF FIXED INCOME AND SENIOR PORTFOLIO
   MANAGER OF FIRST TRUST

TODD LARSON, CFA - SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER OF FIRST TRUST

ERIC R. MAISEL, CFA - SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER OF FIRST TRUST

JEFFREY SCOTT, CFA - SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER OF FIRST TRUST

NATHAN SIMONS, CFA - VICE PRESIDENT AND PORTFOLIO MANAGER OF FIRST TRUST

SCOTT SKOWRONSKI, CFA - SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER OF FIRST
   TRUST

The portfolio managers are primarily and jointly responsible for the day-to-day
management of the Fund. William Housey, Todd Larson, Eric R. Maisel, Jeffrey
Scott, and Nathan Simons have served as a part of the portfolio management team
of the Fund since November, 2021. Scott Skowronski has served as part of the
portfolio management team of the Fund since November, 2022.


                                                                          Page 5





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

UNDERSTANDING YOUR FUND EXPENSES
APRIL 30, 2023 (UNAUDITED)

As a shareholder of First Trust Limited Duration Investment Grade Corporate ETF
(the "Fund"), you incur two types of costs: (1) transaction costs; and (2)
ongoing costs, including management fees, distribution and/or service (12b-1)
fees, if any, and other Fund expenses. This Example is intended to help you
understand your ongoing costs of investing in the Fund and to compare these
costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held through the six-month period ended April 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 Six-Month
Period" to estimate the expenses you paid on your account during this six-month
period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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



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                                                                                            ANNUALIZED
                                                                                           EXPENSE RATIO       EXPENSES PAID
                                                    BEGINNING             ENDING           BASED ON THE         DURING THE
                                                  ACCOUNT VALUE       ACCOUNT VALUE       NUMBER OF DAYS         SIX-MONTH
                                                 NOVEMBER 1, 2022     APRIL 30, 2023     IN THE PERIOD (a)      PERIOD (b)
----------------------------------------------------------------------------------------------------------------------------
                                                                                                       
FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
Actual                                              $1,000.00           $1,044.30              0.45%               $2.28
Hypothetical (5% return before expenses)            $1,000.00           $1,022.56              0.45%               $2.26


(a)   These expense ratios reflect expense waivers. See Note 3 in the Notes to
      Financial Statements.

(b)   Expenses are equal to the annualized expense ratio as indicated in the
      table multiplied by the average account value over the period (November 1,
      2022 through April 30, 2023), multiplied by 181/365 (to reflect the
      six-month period).


Page 6





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
CORPORATE BONDS AND NOTES -- 78.4%
                  AEROSPACE/DEFENSE -- 1.5%
$         50,000  L3Harris Technologies, Inc......................................      3.85%       06/15/23    $         49,911
          40,000  L3Harris Technologies, Inc......................................      3.85%       12/15/26              38,885
       1,300,000  Lockheed Martin Corp............................................      5.10%       11/15/27           1,353,152
       8,310,000  Northrop Grumman Corp...........................................      2.93%       01/15/25           8,062,768
                                                                                                                ----------------
                                                                                                                       9,504,716
                                                                                                                ----------------
                  BANKING -- 16.2%
       6,750,000  Bank of America Corp. (a).......................................      5.08%       01/20/27           6,741,728
       1,895,000  Bank of America Corp. (a).......................................      5.20%       04/25/29           1,908,724
       5,250,000  Bank of America Corp., Global Medium-Term Note..................      3.50%       04/19/26           5,105,664
         145,000  Bank of America Corp., Medium-Term Note.........................      4.13%       01/22/24             143,805
       2,750,000  Bank of America Corp., Medium-Term Note.........................      3.88%       08/01/25           2,691,557
       5,250,000  Bank of America Corp., Medium-Term Note (a).....................      4.95%       07/22/28           5,235,107
       5,150,000  Bank of New York Mellon (The) Corp. (a).........................      4.41%       07/24/26           5,091,744
       1,000,000  Bank of New York Mellon (The) Corp. (a).........................      4.95%       04/26/27           1,007,798
         125,000  Bank of New York Mellon (The) Corp., Medium-Term Note (a).......      3.43%       06/13/25             122,444
       2,500,000  Bank of New York Mellon (The) Corp., Medium-Term Note (a).......      5.22%       11/21/25           2,505,245
       5,000,000  Goldman Sachs Group (The), Inc..................................      3.00%       03/15/24           4,895,388
       3,000,000  Goldman Sachs Group (The), Inc..................................      5.70%       11/01/24           3,027,922
       1,000,000  Goldman Sachs Group (The), Inc. (a).............................      3.27%       09/29/25             967,947
       7,800,000  JPMorgan Chase & Co.............................................      3.90%       07/15/25           7,688,875
       5,750,000  JPMorgan Chase & Co.............................................      3.30%       04/01/26           5,572,355
       7,000,000  JPMorgan Chase & Co. (a)........................................      4.85%       07/25/28           7,023,674
       7,500,000  Morgan Stanley (a)..............................................      5.05%       01/28/27           7,524,505
       3,250,000  Morgan Stanley, Global Medium-Term Note.........................      4.00%       07/23/25           3,204,904
       2,000,000  Morgan Stanley Bank NA..........................................      4.75%       04/21/26           2,011,217
       5,000,000  PNC Financial Services Group (The), Inc. (a)....................      4.76%       01/26/27           4,947,226
       1,000,000  PNC Financial Services Group (The), Inc.........................      3.15%       05/19/27             941,455
       5,234,000  State Street Corp. (a)..........................................      4.86%       01/26/26           5,228,614
       4,250,000  State Street Corp. (a)..........................................      5.82%       11/04/28           4,443,818
       4,000,000  Truist Financial Corp., Medium-Term Note (a)....................      4.87%       01/26/29           3,918,783
       3,000,000  US Bancorp (a)..................................................      5.73%       10/21/26           3,022,759
       4,000,000  Wells Fargo & Co................................................      3.00%       10/23/26           3,767,486
       2,750,000  Wells Fargo & Co., Medium-Term Note.............................      3.55%       09/29/25           2,675,816
       1,250,000  Wells Fargo & Co., Medium-Term Note (a).........................      2.41%       10/30/25           1,196,395
                                                                                                                ----------------
                                                                                                                     102,612,955
                                                                                                                ----------------
                  BROKERAGE ASSETMANAGERS EXCHANGES -- 1.7%
       7,000,000  Intercontinental Exchange, Inc..................................      4.00%       09/15/27           6,929,671
       3,790,000  LPL Holdings, Inc. (b)..........................................      4.63%       11/15/27           3,584,658
                                                                                                                ----------------
                                                                                                                      10,514,329
                                                                                                                ----------------
                  CABLE SATELLITE -- 2.0%
       1,000,000  Charter Communications Operating LLC / Charter
                     Communications Operating Capital.............................      4.91%       07/23/25             990,940
         150,000  Comcast Corp....................................................      3.95%       10/15/25             148,288
      10,000,000  Comcast Corp....................................................      5.25%       11/07/25          10,210,823
       1,250,000  Comcast Corp....................................................      5.35%       11/15/27           1,301,874
                                                                                                                ----------------
                                                                                                                      12,651,925
                                                                                                                ----------------
                  CONSTRUCTION MACHINERY -- 1.3%
       4,000,000  Caterpillar Financial Services Corp.............................      4.80%       01/06/26           4,064,837
         100,000  John Deere Capital Corp., Medium-Term Note......................      4.05%       09/08/25              99,417



                        See Notes to Financial Statements                 Page 7





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
CORPORATE BONDS AND NOTES (CONTINUED)
                  CONSTRUCTION MACHINERY (CONTINUED)
$      4,000,000  John Deere Capital Corp., Medium-Term Note......................      4.80%       01/09/26    $      4,062,474
                                                                                                                ----------------
                                                                                                                       8,226,728
                                                                                                                ----------------
                  CONSUMER CYCLICAL SERVICES -- 0.0%
         300,000  Expedia Group, Inc. (b).........................................      6.25%       05/01/25             303,690
                                                                                                                ----------------
                  CONSUMER PRODUCTS -- 0.2%
       1,000,000  Kenvue, Inc. (b)................................................      5.35%       03/22/26           1,027,089
                                                                                                                ----------------
                  ELECTRIC -- 2.6%
       3,800,000  AEP Transmission Co. LLC........................................      3.10%       12/01/26           3,637,982
       2,189,000  Duke Energy Carolinas LLC.......................................      2.95%       12/01/26           2,084,451
         425,000  FirstEnergy Transmission LLC (b)................................      4.35%       01/15/25             418,801
       2,250,000  Florida Power & Light Co........................................      5.05%       04/01/28           2,331,176
         125,000  Pacific Gas and Electric Co.....................................      3.25%       02/16/24             122,395
          25,000  Pacific Gas and Electric Co.....................................      4.95%       06/08/25              24,751
          25,000  Pacific Gas and Electric Co.....................................      5.45%       06/15/27              24,854
       5,000,000  Trans-Allegheny Interstate Line Co. (b).........................      3.85%       06/01/25           4,874,389
       1,550,000  Virginia Electric and Power Co., Series A.......................      3.10%       05/15/25           1,497,485
       1,550,000  Virginia Electric and Power Co., Series B.......................      3.75%       05/15/27           1,518,912
         150,000  WEC Energy Group, Inc...........................................      5.00%       09/27/25             150,882
                                                                                                                ----------------
                                                                                                                      16,686,078
                                                                                                                ----------------
                  ENVIRONMENTAL -- 3.8%
       8,250,000  Republic Services, Inc..........................................      3.20%       03/15/25           8,030,849
       1,550,000  Republic Services, Inc..........................................      2.90%       07/01/26           1,481,549
       2,350,000  Republic Services, Inc..........................................      4.88%       04/01/29           2,399,540
       4,937,000  Waste Management, Inc...........................................      3.50%       05/15/24           4,862,624
       5,621,000  Waste Management, Inc...........................................      3.13%       03/01/25           5,483,869
       2,000,000  Waste Management, Inc...........................................      3.15%       11/15/27           1,914,407
                                                                                                                ----------------
                                                                                                                      24,172,838
                                                                                                                ----------------
                  FOOD AND BEVERAGE -- 5.9%
       7,000,000  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev
                     Worldwide, Inc...............................................      3.65%       02/01/26           6,884,167
       3,000,000  Conagra Brands, Inc.............................................      4.30%       05/01/24           2,970,825
       6,500,000  Constellation Brands, Inc.......................................      4.75%       12/01/25           6,524,623
         421,000  Constellation Brands, Inc.......................................      5.00%       02/02/26             419,822
       1,000,000  Constellation Brands, Inc.......................................      4.35%       05/09/27             992,548
       2,975,000  Keurig Dr Pepper, Inc...........................................      2.55%       09/15/26           2,775,688
       2,000,000  Keurig Dr Pepper, Inc...........................................      3.43%       06/15/27           1,926,494
       3,000,000  McCormick & Co., Inc............................................      3.40%       08/15/27           2,863,456
       2,825,000  Molson Coors Beverage Co........................................      3.00%       07/15/26           2,683,400
       2,500,000  Nestle Holdings, Inc. (b).......................................      5.25%       03/13/26           2,572,490
       2,500,000  Nestle Holdings, Inc. (b).......................................      5.00%       03/14/28           2,601,333
       4,000,000  PepsiCo, Inc....................................................      4.55%       02/13/26           4,060,106
                                                                                                                ----------------
                                                                                                                      37,274,952
                                                                                                                ----------------
                  GAMING -- 0.3%
         100,000  VICI Properties, L.P. / VICI Note Co., Inc. (b).................      3.50%       02/15/25              96,206
       2,050,000  VICI Properties, L.P. / VICI Note Co., Inc. (b).................      4.63%       06/15/25           1,993,291
          75,000  VICI Properties, L.P. / VICI Note Co., Inc. (b).................      4.25%       12/01/26              71,557
                                                                                                                ----------------
                                                                                                                       2,161,054
                                                                                                                ----------------



Page 8                  See Notes to Financial Statements





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
CORPORATE BONDS AND NOTES (CONTINUED)
                  HEALTH INSURANCE -- 6.3%
$      3,549,000  Aetna, Inc......................................................      3.50%       11/15/24    $      3,463,953
       5,325,000  Centene Corp....................................................      4.25%       12/15/27           5,093,469
       3,550,000  Elevance Health, Inc............................................      3.35%       12/01/24           3,464,876
       5,000,000  Elevance Health, Inc............................................      5.35%       10/15/25           5,070,192
         333,000  Elevance Health, Inc............................................      4.90%       02/08/26             332,556
       6,000,000  Elevance Health, Inc............................................      4.10%       03/01/28           5,915,843
       4,500,000  Humana, Inc.....................................................      4.50%       04/01/25           4,475,295
       2,000,000  Humana, Inc.....................................................      3.95%       03/15/27           1,945,457
         625,000  UnitedHealth Group, Inc.........................................      5.00%       10/15/24             628,566
       3,750,000  UnitedHealth Group, Inc.........................................      3.75%       07/15/25           3,699,042
       5,550,000  UnitedHealth Group, Inc.........................................      5.25%       02/15/28           5,802,575
                                                                                                                ----------------
                                                                                                                      39,891,824
                                                                                                                ----------------
                  HEALTHCARE -- 9.3%
         125,000  Abbott Laboratories.............................................      3.75%       11/30/26             124,659
       6,500,000  Alcon Finance Corp. (b).........................................      2.75%       09/23/26           6,124,462
         100,000  AmerisourceBergen Corp..........................................      3.40%       05/15/24              98,180
       1,550,000  Baxter International, Inc.......................................      1.32%       11/29/24           1,460,390
       3,500,000  Becton Dickinson & Co...........................................      3.73%       12/15/24           3,432,545
       3,000,000  Becton Dickinson & Co...........................................      3.70%       06/06/27           2,908,677
       1,250,000  Boston Scientific Corp..........................................      3.45%       03/01/24           1,231,710
       5,250,000  Cigna Group (The)...............................................      4.13%       11/15/25           5,185,034
       2,500,000  Cigna Group (The)...............................................      4.50%       02/25/26           2,495,386
       1,550,000  CVS Health Corp.................................................      3.88%       07/20/25           1,525,524
       2,000,000  CVS Health Corp.................................................      5.00%       02/20/26           2,024,199
       4,835,000  Danaher Corp....................................................      3.35%       09/15/25           4,724,194
       4,170,000  HCA, Inc........................................................      5.88%       02/15/26           4,236,445
       2,000,000  HCA, Inc........................................................      4.50%       02/15/27           1,965,453
       1,550,000  McKesson Corp...................................................      3.80%       03/15/24           1,529,885
       1,000,000  McKesson Corp...................................................      5.25%       02/15/26           1,000,630
       5,800,000  Stryker Corp....................................................      3.38%       11/01/25           5,622,915
       7,121,000  Thermo Fisher Scientific, Inc...................................      4.80%       11/21/27           7,320,824
       3,400,000  Zimmer Biomet Holdings, Inc.....................................      1.45%       11/22/24           3,220,654
       2,500,000  Zimmer Biomet Holdings, Inc.....................................      3.55%       04/01/25           2,434,224
                                                                                                                ----------------
                                                                                                                      58,665,990
                                                                                                                ----------------
                  LODGING -- 0.1%
          50,000  Hilton Domestic Operating Co., Inc. (b).........................      5.38%       05/01/25              49,972
         435,000  Hyatt Hotels Corp...............................................      5.38%       04/23/25             436,838
                                                                                                                ----------------
                                                                                                                         486,810
                                                                                                                ----------------
                  MIDSTREAM -- 0.2%
          50,000  Energy Transfer, L.P............................................      5.88%       01/15/24              49,994
          75,000  Energy Transfer, L.P............................................      2.90%       05/15/25              71,622
       1,250,000  Enterprise Products Operating LLC...............................      5.05%       01/10/26           1,271,116
                                                                                                                ----------------
                                                                                                                       1,392,732
                                                                                                                ----------------
                  OTHER UTILITY -- 0.8%
       5,000,000  American Water Capital Corp.....................................      3.85%       03/01/24           4,956,453
                                                                                                                ----------------
                  PACKAGING -- 1.1%
       7,000,000  Berry Global, Inc. (b)..........................................      5.50%       04/15/28           7,008,058
                                                                                                                ----------------
                  PAPER -- 0.2%
       1,000,000  Packaging Corp. of America......................................      3.40%       12/15/27             960,474
                                                                                                                ----------------



                        See Notes to Financial Statements                 Page 9





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
CORPORATE BONDS AND NOTES (CONTINUED)
                  PHARMACEUTICALS -- 6.4%
$      2,700,000  AbbVie, Inc.....................................................      2.60%       11/21/24    $      2,607,420
       2,000,000  AbbVie, Inc.....................................................      3.80%       03/15/25           1,966,900
       1,550,000  AbbVie, Inc.....................................................      3.20%       05/14/26           1,493,801
       1,580,000  Amgen, Inc......................................................      3.63%       05/22/24           1,558,262
       2,250,000  Amgen, Inc......................................................      5.25%       03/02/25           2,270,381
       2,250,000  Amgen, Inc......................................................      5.15%       03/02/28           2,303,741
       2,250,000  Astrazeneca Finance LLC.........................................      4.88%       03/03/28           2,324,016
       1,500,000  Bayer US Finance II LLC (b).....................................      3.88%       12/15/23           1,484,758
       2,650,000  Gilead Sciences, Inc............................................      3.70%       04/01/24           2,613,373
       2,500,000  Gilead Sciences, Inc............................................      3.65%       03/01/26           2,445,803
       5,750,000  Merck & Co., Inc................................................      2.75%       02/10/25           5,595,828
       2,250,000  Roche Holdings, Inc. (b)........................................      2.63%       05/15/26           2,147,897
      10,500,000  Zoetis, Inc.....................................................      4.50%       11/13/25          10,451,094
         600,000  Zoetis, Inc.....................................................      5.40%       11/14/25             611,739
       1,000,000  Zoetis, Inc.....................................................      3.00%       09/12/27             952,101
                                                                                                                ----------------
                                                                                                                      40,827,114
                                                                                                                ----------------
                  PROPERTY & CASUALTY INSURANCE -- 3.2%
       3,000,000  Aon Corp. / Aon Global Holdings PLC.............................      2.85%       05/28/27           2,794,461
       5,250,000  Brown & Brown, Inc..............................................      4.20%       09/15/24           5,190,828
       2,323,000  Brown & Brown, Inc..............................................      4.50%       03/15/29           2,233,523
       8,685,000  Marsh & McLennan Cos., Inc......................................      3.88%       03/15/24           8,577,913
       1,650,000  Marsh & McLennan Cos., Inc......................................      3.75%       03/14/26           1,621,164
                                                                                                                ----------------
                                                                                                                      20,417,889
                                                                                                                ----------------
                  RAILROADS -- 0.2%
       1,000,000  Union Pacific Corp..............................................      4.75%       02/21/26           1,011,297
                                                                                                                ----------------
                  RESTAURANTS -- 0.3%
       2,000,000  McDonald's Corp., Medium-Term Note..............................      3.50%       03/01/27           1,950,667
                                                                                                                ----------------
                  RETAILERS -- 0.0%
         109,000  Nordstrom, Inc..................................................      2.30%       04/08/24             103,955
                                                                                                                ----------------
                  TECHNOLOGY -- 9.2%
       5,000,000  Autodesk, Inc...................................................      4.38%       06/15/25           4,958,895
       2,000,000  Autodesk, Inc...................................................      3.50%       06/15/27           1,937,525
       2,000,000  Black Knight InfoServ LLC (b)...................................      3.63%       09/01/28           1,810,000
         500,000  Cadence Design Systems, Inc.....................................      4.38%       10/15/24             494,749
       3,500,000  FactSet Research Systems, Inc...................................      2.90%       03/01/27           3,275,683
       3,550,000  Fidelity National Information Services, Inc.....................      4.50%       07/15/25           3,517,110
          50,000  Global Payments, Inc............................................      4.00%       06/01/23              49,928
       3,074,000  Global Payments, Inc............................................      1.50%       11/15/24           2,902,887
       5,000,000  Infor, Inc. (b).................................................      1.75%       07/15/25           4,581,153
       8,000,000  MSCI, Inc. (b)..................................................      4.00%       11/15/29           7,217,720
       6,000,000  Oracle Corp.....................................................      5.80%       11/10/25           6,152,534
         775,000  Oracle Corp.....................................................      3.25%       11/15/27             730,896
       2,250,000  Oracle Corp.....................................................      2.30%       03/25/28           2,013,629
       1,000,000  Oracle Corp.....................................................      4.50%       05/06/28             990,122
       3,000,000  Roper Technologies, Inc.........................................      3.80%       12/15/26           2,922,686
       2,000,000  VMware, Inc.....................................................      1.00%       08/15/24           1,894,133
       1,550,000  VMware, Inc.....................................................      4.50%       05/15/25           1,535,018
       2,500,000  VMware, Inc.....................................................      4.65%       05/15/27           2,481,323
       9,275,000  Workday, Inc....................................................      3.50%       04/01/27           8,907,750
                                                                                                                ----------------
                                                                                                                      58,373,741
                                                                                                                ----------------



Page 10                 See Notes to Financial Statements





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
CORPORATE BONDS AND NOTES (CONTINUED)
                  WIRELESS -- 4.2%
$      8,991,000  Crown Castle, Inc...............................................      3.15%       07/15/23    $      8,950,236
       4,583,000  Crown Castle, Inc...............................................      4.45%       02/15/26           4,539,552
       5,000,000  T-Mobile USA, Inc...............................................      5.38%       04/15/27           5,051,560
       8,000,000  T-Mobile USA, Inc...............................................      4.75%       02/01/28           7,967,637
                                                                                                                ----------------
                                                                                                                      26,508,985
                                                                                                                ----------------
                  WIRELINES -- 1.4%
       2,000,000  AT&T, Inc.......................................................      5.54%       02/20/26           2,002,719
       1,550,000  Verizon Communications, Inc.....................................      3.50%       11/01/24           1,523,491
       5,550,000  Verizon Communications, Inc.....................................      4.13%       03/16/27           5,501,116
                                                                                                                ----------------
                                                                                                                       9,027,326
                                                                                                                ----------------
                  TOTAL CORPORATE BONDS AND NOTES.............................................................       496,719,669
                  (Cost $494,324,151)                                                                           ----------------





                                                                                     ANNUALIZED
                                                                                      YIELD ON
   PRINCIPAL                                                                          DATE OF        STATED
     VALUE                                  DESCRIPTION                               PURCHASE      MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
COMMERCIAL PAPER -- 10.6%
                  CHEMICALS -- 1.9%
      12,000,000  FMC Corp........................................................      5.58%       05/01/23          12,000,000
                                                                                                                ----------------
                  FOOD AND BEVERAGE -- 3.0%
      12,000,000  Conagra Brands, Inc.............................................      5.38%       05/01/23          12,000,000
       6,900,000  Constellation Brands, Inc.......................................      5.36%       05/01/23           6,900,000
                                                                                                                ----------------
                                                                                                                      18,900,000
                                                                                                                ----------------
                  MIDSTREAM -- 1.9%
      12,000,000  Energy Transfer, L.P............................................      5.58%       05/01/23          12,000,000
                                                                                                                ----------------
                  TECHNOLOGY -- 3.8%
      12,000,000  Global Payments, Inc............................................      5.71%       05/01/23          12,000,000
      12,000,000  Jabil, Inc......................................................      5.65%       05/01/23          12,000,000
                                                                                                                ----------------
                                                                                                                      24,000,000
                                                                                                                ----------------
                  TOTAL COMMERCIAL PAPER......................................................................        66,900,000
                  (Cost $66,900,000)                                                                            ----------------





   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
FOREIGN CORPORATE BONDS AND NOTES -- 5.6%
                  BANKING -- 2.3%
         755,000  Royal Bank of Canada............................................      3.38%       04/14/25             734,329
       1,300,000  Royal Bank of Canada, Global Medium-Term Note...................      4.95%       04/25/25           1,301,270
       6,500,000  Royal Bank of Canada, Global Medium-Term Note...................      4.88%       01/12/26           6,537,884
       4,500,000  Toronto-Dominion Bank (The).....................................      3.77%       06/06/25           4,395,879
       1,550,000  Toronto-Dominion Bank (The), Medium-Term Note...................      4.29%       09/13/24           1,533,013
                                                                                                                ----------------
                                                                                                                      14,502,375
                                                                                                                ----------------
                  FOOD AND BEVERAGE -- 1.1%
       2,000,000  Diageo Capital PLC..............................................      5.20%       10/24/25           2,031,249
       5,000,000  Mondelez International Holdings Netherlands BV (b)..............      4.25%       09/15/25           4,937,024
                                                                                                                ----------------
                                                                                                                       6,968,273
                                                                                                                ----------------



                        See Notes to Financial Statements                Page 11





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)



   PRINCIPAL                                                                           STATED        STATED
     VALUE                                  DESCRIPTION                                COUPON       MATURITY         VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
FOREIGN CORPORATE BONDS AND NOTES (CONTINUED)
                  HEALTHCARE -- 0.5%
$      2,900,000  DH Europe Finance II Sarl.......................................      2.20%       11/15/24    $      2,789,395
                                                                                                                ----------------
                  PHARMACEUTICALS -- 1.4%
       5,250,000  AstraZeneca PLC.................................................      3.38%       11/16/25           5,133,735
       3,881,000  CSL Finance PLC (b).............................................      3.85%       04/27/27           3,798,672
                                                                                                                ----------------
                                                                                                                       8,932,407
                                                                                                                ----------------
                  TECHNOLOGY -- 0.3%
       2,000,000  Open Text Corp. (b).............................................      6.90%       12/01/27           2,067,826
                                                                                                                ----------------
                  TOTAL FOREIGN CORPORATE BONDS AND NOTES.....................................................        35,260,276
                  (Cost $35,135,344)                                                                            ----------------





   PRINCIPAL                                                                                         STATED
     VALUE                                  DESCRIPTION                               RATE (c)    MATURITY (d)       VALUE
----------------  ----------------------------------------------------------------  ------------  ------------  ----------------
                                                                                                    
SENIOR FLOATING-RATE LOAN INTERESTS -- 5.2%
                  CABLE SATELLITE -- 1.6%
          27,501  Charter Communications Operating LLC, Term Loan B1, 1 Mo.
                     SOFR + 1.75%, 0.00% Floor....................................      6.80%       04/30/25              27,493
      10,489,822  Charter Communications Operating LLC, Term Loan B1, 3 Mo.
                     SOFR + 1.75%, 0.00% Floor....................................      6.73%       04/30/25          10,486,938
                                                                                                                ----------------
                                                                                                                      10,514,431
                                                                                                                ----------------
                  HEALTHCARE -- 1.1%
       2,000,000  IQVIA, Inc. (Quintiles), Term Loan B2, 1 Mo. LIBOR + 1.75%,
                     0.00% Floor..................................................      6.77%       01/01/25           2,000,630
       5,146,796  IQVIA, Inc. (Quintiles), Term Loan B3, 3 Mo. LIBOR + 1.75%,
                     0.00% Floor..................................................      6.77%       06/11/25           5,144,505
                                                                                                                ----------------
                                                                                                                       7,145,135
                                                                                                                ----------------
                  TECHNOLOGY -- 1.4%
       1,994,751  Open Text Corp. (GXS), Term Loan B, 1 Mo. LIBOR + 1.75%,
                     0.00% Floor..................................................      6.77%       05/30/25           1,997,244
       2,476,763  SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo.
                     LIBOR + 1.75%, 0.00% Floor...................................      6.77%       04/16/25           2,474,869
       2,195,722  SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo.
                     LIBOR + 1.75%, 0.00% Floor...................................      6.77%       04/16/25           2,194,042
       2,108,647  SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo.
                     LIBOR + 1.75%, 0.00% Floor...................................      6.77%       04/16/25           2,106,812
                                                                                                                ----------------
                                                                                                                       8,772,967
                                                                                                                ----------------
                  WIRELESS -- 1.1%
       6,738,230  SBA Senior Finance II LLC, Term Loan B, 1 Mo. LIBOR +
                     1.75%, 0.00% Floor...........................................      6.78%       04/11/25           6,740,151
                                                                                                                ----------------
                  TOTAL SENIOR FLOATING-RATE LOAN INTERESTS...................................................        33,172,684
                  (Cost $33,119,709)                                                                            ----------------

                  TOTAL INVESTMENTS -- 99.8%..................................................................       632,052,629
                  (Cost $629,479,204)
                  NET OTHER ASSETS AND LIABILITIES -- 0.2%....................................................         1,130,945
                                                                                                                ----------------
                  NET ASSETS -- 100.0%........................................................................  $    633,183,574
                                                                                                                ================



Page 12                 See Notes to Financial Statements





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

PORTFOLIO OF INVESTMENTS (CONTINUED)
APRIL 30, 2023 (UNAUDITED)

(a)   Fixed-to-floating or fixed-to-variable rate security. The interest rate
      shown reflects the fixed rate in effect at April 30, 2023. At a
      predetermined date, the fixed rate will change to a floating rate or a
      variable rate.

(b)   This security, sold within the terms of a private placement memorandum, is
      exempt from registration upon resale under Rule 144A of the Securities Act
      of 1933, as amended, and may be resold in transactions exempt from
      registration, normally to qualified institutional buyers. Pursuant to
      procedures adopted by the Trust's Board of Trustees, this security has
      been determined to be liquid by First Trust Advisors L.P., the Fund's
      advisor. Although market instability can result in periods of increased
      overall market illiquidity, liquidity for each security is determined
      based on security specific factors and assumptions, which require
      subjective judgment. At April 30, 2023, securities noted as such amounted
      to $58,771,046 or 9.3% of net assets.

(c)   Senior Floating-Rate Loan Interests ("Senior Loans") in which the Fund
      invests generally pay interest at rates which are periodically
      predetermined by reference to a base lending rate plus a premium. These
      base lending rates are generally (i) the lending rate offered by one or
      more major European banks, such as the LIBOR, (ii) the SOFR obtained from
      the U.S. Department of the Treasury's Office of Financial Research, (iii)
      the prime rate offered by one or more United States banks or (iv) the
      certificate of deposit rate. Certain Senior Loans are subject to a LIBOR
      or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range
      of rates is disclosed, the Fund holds more than one contract within the
      same tranche with identical LIBOR or SOFR period, spread and floor, but
      different LIBOR or SOFR reset dates.

(d)   Senior Loans generally are subject to mandatory and/or optional
      prepayment. As a result, the actual remaining maturity of Senior Loans may
      be substantially less than the stated maturities shown.

LIBOR - London Interbank Offered Rate
SOFR  - Secured Overnight Financing Rate

-----------------------------

VALUATION INPUTS

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



                                                                                                  LEVEL 2            LEVEL 3
                                                             TOTAL             LEVEL 1          SIGNIFICANT        SIGNIFICANT
                                                           VALUE AT            QUOTED           OBSERVABLE        UNOBSERVABLE
                                                           4/30/2023           PRICES             INPUTS             INPUTS
                                                        ---------------    ---------------    ---------------    ---------------
                                                                                                     
Corporate Bonds and Notes*............................  $   496,719,669    $            --    $   496,719,669    $            --
Commercial Paper*.....................................       66,900,000                 --         66,900,000                 --
Foreign Corporate Bonds and Notes*....................       35,260,276                 --         35,260,276                 --
Senior Floating-Rate Loan Interests*..................       33,172,684                 --         33,172,684                 --
                                                        ---------------    ---------------    ---------------    ---------------
Total Investments.....................................  $   632,052,629    $            --    $   632,052,629    $            --
                                                        ===============    ===============    ===============    ===============


* See Portfolio of Investments for industry breakout.


                        See Notes to Financial Statements                Page 13





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2023 (UNAUDITED)



ASSETS:
                                                                         
Investments, at value..................................................     $  632,052,629
Cash...................................................................         10,449,747
Interest Receivable....................................................          5,898,225
                                                                            --------------
   Total Assets........................................................        648,400,601
                                                                            --------------
LIABILITIES:
Payables:
   Investment securities purchased.....................................         14,999,078
   Investment advisory fees............................................            217,949
                                                                            --------------
   Total Liabilities...................................................         15,217,027
                                                                            --------------
NET ASSETS.............................................................     $  633,183,574
                                                                            ==============
NET ASSETS CONSIST OF:
Paid-in capital........................................................     $  631,066,337
Par value..............................................................            336,500
Accumulated distributable earnings (loss)..............................          1,780,737
                                                                            --------------
NET ASSETS.............................................................     $  633,183,574
                                                                            ==============
NET ASSET VALUE, per share.............................................     $        18.82
                                                                            ==============
Number of shares outstanding (unlimited number of shares authorized,
   par value $0.01 per share)..........................................         33,650,002
                                                                            ==============
Investments, at cost...................................................     $  629,479,204
                                                                            ==============



Page 14                 See Notes to Financial Statements





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2023 (UNAUDITED)



INVESTMENT INCOME:
                                                                         
Interest...............................................................     $    7,469,371
Dividends..............................................................             76,066
                                                                            --------------
   Total investment income.............................................          7,545,437
                                                                            --------------
EXPENSES:
Investment advisory fees...............................................            839,171
                                                                            --------------
   Total expenses......................................................            839,171
   Less fees waived by the investment advisor..........................           (152,577)
                                                                            --------------
   Net expenses........................................................            686,594
                                                                            --------------
NET INVESTMENT INCOME (LOSS)...........................................          6,858,843
                                                                            --------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments................................           (362,987)
Net change in unrealized appreciation (depreciation) on investments....          3,156,433
                                                                            --------------
NET REALIZED AND UNREALIZED GAIN (LOSS)................................          2,793,446
                                                                            --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
   FROM OPERATIONS.....................................................     $    9,652,289
                                                                            ==============



                        See Notes to Financial Statements                Page 15





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

STATEMENTS OF CHANGES IN NET ASSETS



                                                                              SIX MONTHS
                                                                                ENDED            PERIOD
                                                                              4/30/2023          ENDED
                                                                             (UNAUDITED)     10/31/2022 (a)
                                                                            --------------   --------------
                                                                                       
OPERATIONS:
Net investment income (loss)...........................................     $    6,858,843   $      248,834
Net realized gain (loss)...............................................           (362,987)        (434,326)
Net change in unrealized appreciation (depreciation)...................          3,156,433         (583,008)
                                                                            --------------   --------------
Net increase (decrease) in net assets resulting from operations........          9,652,289         (768,500)
                                                                            --------------   --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................................         (6,869,501)        (233,551)
                                                                            --------------   --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold..............................................        623,135,329       24,179,235
Cost of shares redeemed................................................         (9,276,173)      (6,635,554)
                                                                            --------------   --------------
Net increase (decrease) in net assets resulting from shareholder
   transactions........................................................        613,859,156       17,543,681
                                                                            --------------   --------------
Total increase (decrease) in net assets................................        616,641,944       16,541,630

NET ASSETS:
Beginning of period....................................................         16,541,630               --
                                                                            --------------   --------------
End of period..........................................................     $  633,183,574   $   16,541,630
                                                                            ==============   ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................................            900,002               --
Shares sold............................................................         33,250,000        1,250,002
Shares redeemed........................................................           (500,000)        (350,000)
                                                                            --------------   --------------
Shares outstanding, end of period......................................         33,650,002          900,002
                                                                            ==============   ==============


(a)   Inception date is November 17, 2021, which is consistent with the
      commencement of investment operations and is the date the initial creation
      units were established.


Page 16                 See Notes to Financial Statements





FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)

FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD



                                               SIX MONTHS
                                                 ENDED            PERIOD
                                               4/30/2023          ENDED
                                              (UNAUDITED)     10/31/2022 (a)
                                             --------------   --------------
                                                          
Net asset value, beginning of period.......    $    18.38       $    20.00
                                               ----------       ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)...............          0.42 (b)         0.39
Net realized and unrealized gain (loss)....          0.39            (1.64)
                                               ----------       ----------
Total from investment operations...........          0.81            (1.25)
                                               ----------       ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income......................         (0.37)           (0.37)
                                               ----------       ----------
Net asset value, end of period.............    $    18.82       $    18.38
                                               ==========       ==========
TOTAL RETURN (c)...........................          4.43%           (6.28)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).......    $  633,184       $   16,542
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
   assets..................................          0.55% (d)        0.55% (d)
Ratio of net expenses to average net assets          0.45% (d)        0.45% (d)
Ratio of net investment income (loss) to
   average net assets......................          4.50% (d)        2.33% (d)
Portfolio turnover rate (e)................            16%             113%


(a)   Inception date is November 17, 2021, 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 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. The total return would have been lower if certain
      fees had not been waived by the investment advisor.

(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 17





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

                                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 fourteen funds that are offering shares. This
report covers the First Trust Limited Duration Investment Grade Corporate ETF
(the "Fund"), a non-diversified series of the Trust, which trades under the
ticker "FSIG" on The NYSE Arca, Inc. ("NYSE Arca"). The Fund represents a
separate series of beneficial interest in the Trust. Unlike conventional mutual
funds, the Fund issues and redeems shares on a continuous basis, at net asset
value ("NAV"), only in large blocks of shares known as "Creation Units."

The primary investment objective of the Fund is to deliver current income. Under
normal market conditions, the Fund seeks to achieve its objective by investing
at least 80% of its net assets (plus any borrowings for investment purposes) in
investment grade corporate debt securities. Corporate debt securities are debt
obligations issued by businesses to finance their operations. Notes, bonds,
loans, debentures and commercial paper are the most common types of corporate
debt securities, with the primary differences being their maturities and secured
or unsecured status. At least 80% of the Fund's net assets will be invested in
corporate debt securities that are, at the time of purchase, investment grade
(i.e. rated Baa3/BBB- or above) by at least one nationally recognized
statistical rating organization ("NRSRO") rating such securities, or if unrated,
debt securities determined by the Fund's investment advisor, First Trust
Advisors L.P. ("First Trust" or the "Advisor") to be of comparable quality. In
the case of a split rating between one or more of the NRSROs, the Fund will
consider the highest rating. For an unrated security to be considered investment
grade, the Advisor will consider, at the time of purchase, whether such security
is of comparable quality based on fundamental credit analysis of the unrated
security and comparable securities that are rated by an NRSRO.

                       2. SIGNIFICANT ACCOUNTING POLICIES

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

A. PORTFOLIO VALUATION

The Fund's NAV is determined daily as of the close of regular trading on the New
York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the
NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV
is determined as of that time. Domestic debt securities and foreign securities
are priced using data reflecting the earlier closing of the principal markets
for those securities. The Fund's NAV is calculated by dividing the value of all
assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses and dividends declared but unpaid), by
the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value. Market
value prices represent readily available market quotations such as last sale or
official closing prices from a national or foreign exchange (i.e., a regulated
market) and are primarily obtained from third-party pricing services. Fair value
prices represent any prices not considered market value prices and are either
obtained from a third-party pricing service or are determined by the Advisor's
Pricing Committee, in accordance with valuation procedures approved by the
Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and
rules thereunder. Investments valued by the Advisor's Pricing Committee, if any,
are footnoted as such in the footnotes to the Portfolio of Investments. The
Fund's investments are valued as follows:

      Corporate bonds, corporate notes and other debt securities are fair valued
      on the basis of valuations provided by a third-party pricing service
      approved by the Advisor's Pricing Committee, which may use the following
      valuation inputs when available:

            1)    benchmark yields;
            2)    reported trades;
            3)    broker/dealer quotes;
            4)    issuer spreads;
            5)    benchmark securities;
            6)    bids and offers; and
            7)    reference data including market research publications.


Page 18





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

      Shares of open-end funds are valued based on NAV per share.

      Securities traded in an over-the-counter market are valued at the mean of
      their most recent bid and asked price, if available, and otherwise at
      their last trade price.

      Senior Floating-Rate Loan Interests ("Senior Loans")(1) are not listed on
      any securities exchange or board of trade. Senior Loans are typically
      bought and sold by institutional investors in individually negotiated
      private transactions that function in many respects like an
      over-the-counter secondary market, although typically no formal
      market-makers exist. This market, while having grown substantially since
      its inception, generally has fewer trades and less liquidity than the
      secondary market for other types of securities. Some Senior Loans have few
      or no trades, or trade infrequently, and information regarding a specific
      Senior Loan may not be widely available or may be incomplete. Accordingly,
      determinations of the market value of Senior Loans may be based on
      infrequent and dated information. Because there is less reliable,
      objective data available, elements of judgment may play a greater role in
      valuation of Senior Loans than for other types of securities. Typically,
      Senior Loans are fair valued using information provided by a third-party
      pricing service. The third-party pricing service primarily uses
      over-the-counter pricing from dealer runs and broker quotes from
      indicative sheets to value the Senior Loans.

      Fixed income and other debt securities having a remaining maturity of
      sixty days or less when purchased are fair valued at cost adjusted for
      amortization of premiums and accretion of discounts (amortized cost),
      provided the Advisor's Pricing Committee has determined that the use of
      amortized cost is an appropriate reflection of fair value given market and
      issuer-specific conditions existing at the time of the determination.
      Factors that may be considered in determining the appropriateness of the
      use of amortized cost include, but are not limited to, the following:

            1)    the credit conditions in the relevant market and changes
                  thereto;
            2)    the liquidity conditions in the relevant market and changes
                  thereto;
            3)    the interest rate conditions in the relevant market and
                  changes thereto (such as significant changes in interest
                  rates);
            4)    issuer-specific conditions (such as significant credit
                  deterioration); and
            5)    any other market-based data the Advisor's Pricing Committee
                  considers relevant. In this regard, the Advisor's Pricing
                  Committee may use last-obtained market-based data to assist it
                  when valuing portfolio securities using amortized cost.

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

            1)    the most recent price provided by a pricing service;
            2)    the fundamental business data relating to the borrower/issuer;
            3)    an evaluation of the forces which influence the market in
                  which these securities are purchased and sold;
            4)    the type, size and cost of a security;
            5)    the financial statements of the borrower/issuer, or the
                  financial condition of the country of issue;
            6)    the credit quality and cash flow of the borrower/issuer, or
                  country of issue, based on the Pricing Committee's,
                  sub-advisor's or portfolio manager's analysis, as applicable,
                  or external analysis;
            7)    the information as to any transactions in or offers for the
                  security;
            8)    the price and extent of public trading in similar securities
                  of the issuer/borrower, or comparable companies;
            9)    the coupon payments;
           10)    the quality, value and salability of collateral, if any,
                  securing the security;
           11)    the business prospects of the borrower/issuer, including any
                  ability to obtain money or resources from a parent or
                  affiliate and an assessment of the issuer's management;

-----------------------------

(1)   The terms "security" and "securities" used throughout the Notes to
      Financial Statements include Senior Loans.


                                                                         Page 19





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

           12)    the prospects for the borrower's/issuer's industry, and
                  multiples (of earnings and/or cash flows) being paid for
                  similar businesses in that industry;
           13)    borrower's/issuer's competitive position within the industry;
           14)    borrower's/issuer's ability to access additional liquidity
                  through public and/or private markets; and
           15)    other relevant factors.

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

      o     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.

      o     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.

      o     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 the Fund's investments as of April 30, 2023, is
included with the 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. Interest income is recorded
daily on the accrual basis. Amortization of premiums and accretion of discounts
are recorded using the effective interest method.

The United Kingdom's Financial Conduct Authority (the "FCA"), which regulates
the London Interbank Offered Rates ("LIBOR") announced on March 5, 2021 that it
intended to phase-out all LIBOR reference rates, beginning December 31, 2021.
Since that announcement, the FCA has ceased publication of all non-USD LIBOR
reference rates and the 1-week and 2-month USD LIBOR reference rates as of
December 31, 2021. The remaining USD LIBOR settings will cease to be published
or no longer be representative immediately after June 30, 2023. The
International Swaps and Derivatives Association, Inc. ("ISDA") confirmed that
the FCA's March 5, 2021 announcement of its intention to cease providing LIBOR
reference rates, constituted an index cessation event under the Interbank
Offered Rates ("IBOR") Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks
Protocol for all 35 LIBOR settings and confirmed that the spread adjustment to
be used in ISDA fallbacks was fixed as of the date of the announcement.

In the United States, the Alternative Reference Rates Committee (the "ARRC"), a
group of market participants convened by the Board of Governors of the Federal
Reserve System and the Federal Reserve Bank of New York in cooperation with
other federal and state government agencies, has since 2014 undertaken efforts
to identify U.S. dollar reference interest rates as alternatives to LIBOR and to
facilitate the mitigation of LIBOR-related risks. In June 2017, the ARRC
identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the
cost of cash overnight borrowing collateralized by U.S. Treasury securities, as
the preferred alternative for U.S. dollar LIBOR. The Federal Reserve Bank of New
York began daily publishing of SOFR in April 2018. There is no assurance that
any alternative reference rate, including 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.

At this time, it is not possible to predict the full impact of the elimination
of LIBOR and the establishment of an alternative reference rate on the Fund or
its investments.

Securities purchased or sold on a when-issued, delayed-delivery or forward
purchase commitment basis may have extended settlement periods. The value of the
security so purchased is subject to market fluctuations during this period. Due
to the nature of the Senior Loan market, the actual settlement date may not be
certain at the time of the purchase or sale for some of the Senior Loans.
Interest income on such Senior Loans is not accrued until settlement date. The
Fund maintains liquid assets with a current value at least equal to the amount
of its when-issued, delayed-delivery or forward purchase commitments. The Fund
had no when-issued, delayed-delivery, or forward purchase commitments as of
April 30, 2023.


Page 20





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

C. UNFUNDED LOAN COMMITMENTS

The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund is obligated to fund these loan commitments at the
borrower's discretion. The Fund had no unfunded loan commitments as of April 30,
2023.

D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income, if any, are declared and paid monthly by
the Fund, or as the Board of Trustees may determine from time to time.
Distributions of net realized gains earned by the Fund, if any, are distributed
at least annually. The Fund may also designate a portion of the amount paid to
redeeming shareholders as a distribution for tax purposes.

Distributions in cash may be reinvested automatically in additional whole shares
only if the broker through whom the shares were purchased makes such option
available. Such shares will generally be reinvested by the broker based upon the
market price of those shares and investors may be subject to customary brokerage
commissions charged by the broker.

Distributions from net investment income and realized capital gains are
determined in accordance with federal income tax regulations, which may differ
from U.S. GAAP. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax
character. These permanent differences are primarily due to the varying
treatment of income and gain/loss on portfolio securities held by the Fund and
have no impact on net assets or NAV per share. Temporary differences, which
arise from recognizing certain items of income, expense and gain/loss in
different periods for financial statement and tax purposes, will reverse at some
time in the future.

The tax character of distributions paid during the fiscal period ended October
31, 2022 was as follows:

Distributions paid from:
Ordinary income.................................      $   233,551
Capital gains...................................               --
Return of capital...............................               --

As of October 31, 2022, the components of distributable earnings on a tax basis
for the Fund were as follows:

Undistributed ordinary income...................      $    11,477
Accumulated capital and other gain (loss).......         (380,508)
Net unrealized appreciation (depreciation)......         (633,020)

E. INCOME TAXES

The Fund intends 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, the Fund may be subject to an excise tax of 4% of the
amount by which approximately 98% of the Fund's taxable income exceeds the
distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. The taxable year ended October
31, 2022 remains open to federal and state audit. As of April 30, 2023,
management has evaluated the application of these standards to the Fund and has
determined that no provision for income tax is required in the Fund's financial
statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. As of October 31, 2022, the
Fund had non-expiring capital loss carryforwards available for federal income
tax purposes of $380,508.

Certain losses realized during the current fiscal year may be deferred and
treated as occurring on the first day of the following fiscal year for federal
income tax purposes. For the fiscal period ended October 31, 2022, the Fund had
no net late year ordinary or capital losses.


                                                                         Page 21





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

As of April 30, 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:



                                   Gross               Gross          Net Unrealized
                                Unrealized          Unrealized         Appreciation
             Tax Cost          Appreciation       (Depreciation)      (Depreciation)
         -----------------   -----------------   -----------------   -----------------
                                                         
         $     629,479,204   $       3,150,390   $        (576,965)  $       2,573,425


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

Pursuant to the Investment Management Agreement between the Trust and the
Advisor, First Trust manages the investment of the Fund's assets and is
responsible for the Fund's expenses, including the cost of transfer agency,
custody, fund administration, legal, audit and other services, but excluding fee
payments under the Investment Management Agreement, interest, taxes, acquired
fund fees and expenses, if any, brokerage commissions and other expenses
connected with the execution of portfolio transactions, distribution and service
fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.
Effective November 1, 2022, the annual unitary management fee payable by the
Fund to First Trust for these services will be reduced at a certain levels of
the Fund's net assets ("breakpoints") and calculated pursuant to the schedule
below:



                               Breakpoints
-------------------------------------------------------------------------
                                                                           
Fund net assets up to and including $2.5 billion                              0.55000%
Fund net assets greater than $2.5 billion up to and including $5 billion      0.53625%
Fund net assets greater than $5 billion up to and including $7.5 billion      0.52250%
Fund net assets greater than $7.5 billion up to and including $10 billion     0.50875%
Fund net assets greater than $10 billion                                      0.49500%


Prior to November 1, 2022, the Fund paid First Trust an annual unitary
management fee equal to 0.55% of its average daily net assets.

Pursuant to a contractual agreement, First Trust has agreed to waive management
fees of 0.10% of average daily net assets until November 12, 2023. The waiver
agreement may be terminated by action of the Board at any time upon 60 days'
written notice by the Trust, on behalf of the Fund, or by First Trust only after
November 12, 2023. During any period in which the waiver agreement is in effect,
the Fund will not be eligible for any breakpoints described above. During the
six months ended April 30, 2023, the Advisor waived fees of $152,577.

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
the Fund. As custodian, BNYM is responsible for custody of the Fund's assets. As
fund accountant and administrator, BNYM is responsible for maintaining the books
and records of the Fund's securities and cash. As transfer agent, BNYM is
responsible for maintaining shareholder records for the 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.


Page 22





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       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

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 six months ended April 30, 2023, the cost of purchases and proceeds from
sales of investments, excluding short-term investments and in-kind transactions,
were $570,000,302 and $42,341,680, respectively.

For the six months ended April 30, 2023, there were no in-kind transactions.

                 5. CREATIONS, REDEMPTIONS AND TRANSACTION FEES

The Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as "Authorized
Participants" have contractual arrangements with the Fund or one of the Fund's
service providers to purchase and redeem Fund shares directly with the Fund in
large blocks of shares known as "Creation Units." Prior to the start of trading
on every business day, the Fund publishes through the National Securities
Clearing Corporation ("NSCC") the "basket" of securities, cash or other assets
that it will accept in exchange for a Creation Unit of the Fund's shares. An
Authorized Participant that wishes to effectuate a creation of the Fund's shares
deposits with the Fund the "basket" of securities, cash or other assets
identified by the Fund that day, and then receives the Creation Unit of the
Fund's shares in return for those assets. After purchasing a Creation Unit, the
Authorized Participant may continue to hold the Fund's shares or sell them in
the secondary market. The redemption process is the reverse of the purchase
process: the Authorized Participant redeems a Creation Unit of the Fund's shares
for a basket of securities, cash or other assets. The combination of the
creation and redemption process with secondary market trading in the Fund's
shares and underlying securities provides arbitrage opportunities that are
designed to help keep the market price of the Fund's shares at or close to the
NAV per share of the Fund.

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

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

                              6. DISTRIBUTION PLAN

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is
authorized to pay an amount up to 0.25% of its average daily net assets each
year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the
Fund, for amounts expended to finance activities primarily intended to result in
the sale of Creation Units or 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 Fund, and pursuant to a contractual
arrangement, no 12b-1 fees will be paid any time before March 31, 2024.


                                                                         Page 23





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--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

                               7. INDEMNIFICATION

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

                              8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through
the date the financial statements were issued and has determined that there was
the following subsequent event:

On May 23, 2023, the Advisor's Pricing Committee approved changes to the
Advisor's Valuation Procedures for the First Trust Funds, including
clarifications to certain pricing methodologies. These changes will be reflected
in future reports' Notes to Financial Statements.


Page 24





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ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 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 the 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
the Fund's website at www.ftportfolios.com; and (3) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.

                               PORTFOLIO HOLDINGS

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

                              RISK CONSIDERATIONS

RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE
APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS
RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW
APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT
IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY
FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE,
RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT
WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO
REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.

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

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

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

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


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ADDITIONAL INFORMATION (CONTINUED)
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       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

DERIVATIVES RISK. To the extent a fund uses derivative instruments such as
futures contracts, options contracts and swaps, the fund may experience losses
because of adverse movements in the price or value of the underlying asset,
index or rate, which may be magnified by certain features of the derivative.
These risks are heightened when a fund's portfolio managers use derivatives to
enhance the fund's return or as a substitute for a position or security, rather
than solely to hedge (or offset) the risk of a position or security held by the
fund.

EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the
value of the fund's shares will fluctuate with changes in the value of the
equity securities. Equity securities prices fluctuate for several reasons,
including changes in investors' perceptions of the financial condition of an
issuer or the general condition of the relevant stock market, such as market
volatility, or when political or economic events affecting the issuers occur. In
addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase. Equity
securities may decline significantly in price over short or extended periods of
time, and such declines may occur in the equity market as a whole, or they may
occur in only a particular country, company, industry or sector of the market.

ETF RISK. The shares of an ETF trade like common stock and represent an interest
in a portfolio of securities. The risks of owning an ETF generally reflect the
risks of owning the underlying securities, although lack of liquidity in an ETF
could result in it being more volatile and ETFs have management fees that
increase their costs. Shares of an ETF trade on an exchange at market prices
rather than net asset value, which may cause the shares to trade at a price
greater than net asset value (premium) or less than net asset value (discount).
In times of market stress, decisions by market makers to reduce or step away
from their role of providing a market for an ETF's shares, or decisions by an
ETF's authorized participants that they are unable or unwilling to proceed with
creation and/or redemption orders of an ETF's shares, could result in shares of
the ETF trading at a discount to net asset value and in greater than normal
intraday bid-ask spreads.

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

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

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

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

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


Page 26





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ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

costs incurred in connection with closing out positions and entering into new
trades. Any potential effects of the transition away from LIBOR on the fund or
on certain instruments in which the fund invests can be difficult to ascertain,
and they may vary depending on a variety of factors, and they could result in
losses to the fund.

MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to
management risk. In managing an actively-managed fund's investment portfolio,
the fund's portfolio managers will apply investment techniques and risk analyses
that may not have the desired result. There can be no guarantee that a fund will
meet its investment objective.

MARKET RISK. Market risk is the risk that a particular security, or shares of a
fund in general, may fall in value. Securities held by a fund, as well as shares
of a fund itself, are subject to market fluctuations caused by factors such as
general economic conditions, political events, regulatory or market
developments, changes in interest rates and perceived trends in securities
prices. Shares of a fund could decline in value or underperform other
investments as a result of the risk of loss associated with these market
fluctuations. In addition, local, regional or global events such as war, acts of
terrorism, spread of infectious diseases or other public health issues,
recessions, or other events could have a significant negative impact on a fund
and its investments. Such events may affect certain geographic regions,
countries, sectors and industries more significantly than others. In February
2022, Russia invaded Ukraine which has caused and could continue to cause
significant market disruptions and volatility within the markets in Russia,
Europe, and the United States. The hostilities and sanctions resulting from
those hostilities could have a significant impact on certain fund investments as
well as fund performance. The COVID-19 global pandemic and the ensuing policies
enacted by governments and central banks have caused and may continue to cause
significant volatility and uncertainty in global financial markets. While the
U.S. has resumed "reasonably" normal business activity, many countries continue
to impose lockdown measures. Additionally, there is no guarantee that vaccines
will be effective against emerging variants of the disease. These events also
adversely affect the prices and liquidity of a Fund's portfolio securities or
other instruments and could result in disruptions in the trading markets. Any of
such circumstances could have a materially negative impact on the value of a
Fund's shares and result in increased market volatility. During any such events,
a Fund's shares may trade at increased premiums or discounts to their net asset
value and the bid/ask spread on a Fund's shares may widen.

NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities,
it is subject to additional risks not associated with securities of domestic
issuers. Non-U.S. securities are subject to higher volatility than securities of
domestic issuers due to: possible adverse political, social or economic
developments; restrictions on foreign investment or exchange of securities;
capital controls; lack of liquidity; currency exchange rates; excessive
taxation; government seizure of assets; the imposition of sanctions by foreign
governments; different legal or accounting standards; and less government
supervision and regulation of exchanges in foreign countries. Investments in
non-U.S. securities may involve higher costs than investments in U.S.
securities, including higher transaction and custody costs, as well as
additional taxes imposed by non-U.S. governments. These risks may be heightened
for securities of companies located, or with significant operations, in emerging
market countries.

OPERATIONAL RISK. Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems
failures. Each fund relies on third-parties for a range of services, including
custody. Any delay or failure relating to engaging or maintaining such service
providers may affect a fund's ability to meet its investment objective. Although
the funds and the funds' investment advisor seek to reduce these operational
risks through controls and procedures, there is no way to completely protect
against such risks.

PASSIVE INVESTMENT RISK. To the extent a fund seeks to track an index, the fund
will invest in the securities included in, or representative of, the index
regardless of their investment merit. A fund generally will not attempt to take
defensive positions in declining markets.

PREFERRED SECURITIES RISK. Preferred securities combine some of the
characteristics of both common stocks and bonds. Preferred securities are
typically subordinated to bonds and other debt securities in a company's capital
structure in terms of priority to corporate income, subjecting them to greater
credit risk than those debt securities. Generally, holders of preferred
securities have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at
which time the preferred security holders may obtain limited rights. In certain
circumstances, an issuer of preferred securities may defer payment on the
securities and, in some cases, redeem the securities prior to a specified date.
Preferred securities may also be substantially less liquid than other
securities, including common stock.

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


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--------------------------------------------------------------------------------

       FIRST TRUST LIMITED DURATION INVESTMENT GRADE CORPORATE ETF (FSIG)
                           APRIL 30, 2023 (UNAUDITED)

(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

                       LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as
amended (the "1940 Act"), the Fund and each other fund in the First Trust Fund
Complex, other than the closed-end funds, have adopted and implemented a
liquidity risk management program (the "Program") reasonably designed to assess
and manage the funds' liquidity risk, i.e., the risk that a fund could not meet
requests to redeem shares issued by the fund without significant dilution of
remaining investors' interests in the fund. The Board of Trustees of the First
Trust Funds has appointed First Trust Advisors L.P. (the "Advisor") as the
person designated to administer the Program, and in this capacity the Advisor
performs its duties primarily through the activities and efforts of the First
Trust Liquidity Committee (the "Liquidity Committee").

Pursuant to the Program, the Liquidity Committee classifies the liquidity of
each fund's portfolio investments into one of the four liquidity categories
specified by Rule 22e-4: highly liquid investments, moderately liquid
investments, less liquid investments and illiquid investments. The Liquidity
Committee determines certain of the inputs for this classification process,
including reasonably anticipated trade sizes and significant investor dilution
thresholds. The Liquidity Committee also determines and periodically reviews a
highly liquid investment minimum for certain funds, monitors the funds' holdings
of assets classified as illiquid investments to seek to ensure they do not
exceed 15% of a fund's net assets and establishes policies and procedures
regarding redemptions in kind.

At the April 17, 2023 meeting of the Board of Trustees, as required by Rule
22e-4 and the Program, the Advisor provided the Board with a written report
prepared by the Advisor that addressed the operation of the Program during the
period from March 17, 2022 through the Liquidity Committee's annual meeting held
on March 23, 2023 and assessed the Program's adequacy and effectiveness of
implementation during this period, including the operation of the highly liquid
investment minimum for each fund that is required under the Program to have one,
and any material changes to the Program. Note that because the Fund primarily
holds assets that are highly liquid investments, the Fund has not adopted any
highly liquid investment minimum.

As stated in the written report, during the review period, two funds breached
the 15% limitation on illiquid investments for one day each, as a result of an
unscheduled week-long closure of the stock exchange in Istanbul following
devastating earthquakes in February, causing all Turkish equities to be
re-classified as "illiquid" for one day. Each fund filed a Form N-RN on the day
after the breach occurred, and one day later after the breach was cured. No fund
with a highly liquid investment minimum breached that minimum during the
reporting period. The Advisor concluded that each fund's investment strategy is
appropriate for an open-end fund; that the Program operated effectively in all
material respects during the review period; and that the Program is reasonably
designed to assess and manage the liquidity risk of each fund and to maintain
compliance with Rule 22e-4.


Page 28





FIRST TRUST

First Trust Exchange-Traded Fund IV

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606





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