First Trust Exchange-Traded Fund VI

Developed International Equity Select ETF (RNDM)

Emerging Markets Equity Select ETF (RNEM)

Large Cap US Equity Select ETF (RNLC)

Mid Cap US Equity Select ETF (RNMC)

Small Cap US Equity Select ETF (RNSC)

US Equity Dividend Select ETF (RNDV)

Annual Report
For the Year Ended
March 31, 2023

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2023

2

3
Fund Performance Overview

4

6

8

10

12

14

16

17
Portfolio of Investments

18

25

31

37

43

49

54

56

58

60

66

76

77

82

84

Table of Contents
Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded Fund VI (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s web page at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.
Page 1

Table of Contents
Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
March 31, 2023
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended March 31, 2023.
I am constantly amazed by the depth and breadth of innovation that occurs when people from different geographic, economic, cultural, and educational backgrounds come together to solve problems. Many of the greatest companies to ever exist found their humble beginnings in the simple premise that problems are best solved through ingenuity and cooperation. That idea is still alive and well today, in my opinion. Take, as examples, the recent flood of interest sparked by artificial intelligence programs, advances in robotics, new medicines, more fuel-efficient gasoline engines, electric and hybrid vehicles, quantum computing, developments in wind and solar power; the list goes on and on. That said, the global economy is facing serious issues such as stubborn inflation and the specter of slowing economic growth to name a few.
As many investors know, the global financial system is currently navigating the fallout of the banking crisis that took lending markets by storm in March 2023. The turmoil that started in the U.S. with the failure of Silicon Valley Bank quickly spread around the globe, leading the Swiss government to broker the merger of two of Switzerland’s largest banks. In the U.S., the Federal Reserve (the “Fed”) created the Bank Term Funding Program, which allocated capital to help assure that banks can meet the needs of their depositors. Furthermore, inflation remains elevated on a global scale. Each of the countries that comprise the so-called Group of Ten is currently battling levels of inflation that are higher than the targets set by their central banks, according to data from Bloomberg. Additionally, political unrest stemming from the war between Russia and Ukraine remains a significant factor, with the potential to disturb global fuel and energy supplies as well as provoke interference from other foreign powers.
In the U.S., inflation, as measured by the trailing 12-month rate on the Consumer Price Index, stood at 5.0% as of March 31, 2023, well above the Fed’s stated goal of 2.0%. Despite signals pointing to a potential slowdown in economic growth in the U.S., the Fed stayed the course with regards to interest rate policy. Since February 28, 2022, the Fed raised the Federal Funds target rate (upper bound) a total of nine times, increasing the rate from 0.25%, where it stood on February 28, 2022, to 5.00% as of March 31, 2023.
Global markets have been resilient over time, and the S&P 500® Index has never failed to recover from a bear market. While the issues plaguing the U.S. and global economies are severe, they are not insurmountable, in my view. As Brian Wesbury, Chief Economist at First Trust, recently wrote: “what made America strong is…its human resources and freedom.” We will continue to work the problems before us with ingenuity and resolve, as we always have.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 2

Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2023
Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service, and Registered Rep.
State of the Global Economy
The latest global growth forecast from the International Monetary Fund (“IMF”) released in April 2023 sees real gross domestic product growth rising by 2.8% worldwide in 2023, down from its 2.9% projection in January 2023. The IMF is calling for a 1.6% growth rate for the U.S., up from its January 2023 estimate of 1.4%. Emerging Market and Developing Economies are expected to grow by 3.9% this year, down from the IMF’s 4.0% estimate in January 2023. The IMF notes that risks to their global outlook are squarely to the downside, especially given the recent turmoil in the Financials sector as well as stubbornly high inflation.
In the U.S., inflation, as measured by the Consumer Price Index (“CPI”), stood at 5.0% on a trailing 12-month basis at the end of March 2023, according to the U.S. Bureau of Labor Statistics. While this is significantly lower than the most recent high of 9.1% in June 2022, the CPI remains above its 30-year average of 2.5% as of March 31, 2023, and even further from the Federal Reserve’s (the “Fed”) target of 2.0%. 
Performance of Global Stocks and Bonds
The major U.S. stock indices delivered negative results over the past 12 months. The S&P 500® (the “Index”), S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of -7.73%, -5.12% and -8.82%, respectively, for the 12-month period ended March 31, 2023. Three of the 11 major sectors that comprise the Index were positive on a total return basis. The top performer was the Energy sector, up 13.63%, while the worst showing came from the Real Estate sector, down 19.75%.
A Bloomberg survey of twenty-four equity strategists found that their average 2023 year-end price target for the Index was 4,025, as of April 19, 2023, according to its own release. The highest and lowest estimates were 4,750 and 3,225, respectively. Brian Wesbury, Chief Economist at First Trust, announced in December 2022 that his 2023 year-end price target stood at 3,900. The Index closed trading on March 31, 2023 at 4,109. The outlook for corporate earnings in 2023 has turned negative. Bloomberg’s consensus year-over-year earnings growth rate estimates for the Index for the 2023 and 2024 calendar years stood at -2.67% and 11.56%, respectively, as of April 21, 2023.
The broader foreign stock indices experienced negative total returns over the past year. For the 12-months ended March 31, 2023, the MSCI World ex USA and MSCI Emerging Markets equity indices posted total returns of -2.74% (USD) and -10.70% (USD), respectively, according to Bloomberg. The major foreign bond indices were also down during the same period. The Bloomberg Global Aggregate Index of higher quality debt posted a total return of -8.07% (USD), while the Bloomberg EM Hard Currency Aggregate Index of emerging markets debt fell by 5.41% (USD), according to Bloomberg. The U.S. Dollar rose 4.27% over the past 12 months against a basket of major currencies, as measured by the U.S. Dollar Index (DXY). The increase in the U.S. Dollar provided a drag on the performance of both foreign stock and bond indices, in our opinion.
In the U.S. bond market, the results were also disappointing. The top performing major debt group we track was intermediate corporate bonds. The Bloomberg Intermediate Corporate Index posted a total return of -1.99% for the 12-month period ended March 31, 2023. The worst-performing U.S. debt group that we track was U.S. aggregate bonds. The Bloomberg U.S. Aggregate Bond Index posted a total return of -4.78%. The yield on the benchmark 10-Year Treasury Note (“T-Note”) fell by 113 basis points in the period to close at 3.47% on March 31, 2023, according to Bloomberg. For comparative purposes, the average yield on the 10-Year T-Note was 2.19% for the 10-year period ended March 31, 2023.
Page 3

Table of Contents
Fund Performance Overview (Unaudited)
Developed International Equity Select ETF (RNDM)
The Developed International Equity Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze Developed MarketsTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNDM.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks, depositary receipts, preferred shares and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select low volatility developed markets (excluding the United States) securities that are included in the Nasdaq Developed Markets Ex-US Large Mid CapTM Index (the “Base Index”) and have a minimum three-month average daily dollar trading volume of $5 million. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies in developed markets (excluding the United States), as determined by Nasdaq, Inc. A country is classified as “developed” based on a number of criteria, including national income per capita, national market capitalization and national trading volume. Companies are classified as operating in a country primarily by their country of incorporation, domicile and primary exchange listing.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -3.60% 1.45% 2.00%   7.44% 12.14%
Market Price -3.33% 1.39% 2.04%   7.15% 12.35%
Index Performance            
Nasdaq Riskalyze Developed MarketsTM Index -3.36% 2.73% 3.22%   14.42% 20.08%
Nasdaq Developed Markets Ex-US Large Mid CapTM Index -2.90% 4.15% 5.04%   22.54% 32.85%
MSCI World ex USA Index -2.74% 3.83% 4.65%   20.70% 30.03%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a net asset value (“NAV”) return of -3.60% during the period covered by this report. During the same period, the Nasdaq Developed Markets Ex-US Large Mid CapTM Index (the “Benchmark”) generated a return of -2.90%. Investments in Japan received the greatest allocation of any country in the Fund during the same period. Japanese securities carried an average weight of 19.3% and contributed 0.7% to the Fund’s return which tied with Germany for the greatest impact of any country allocation in the Fund. The most negative contribution to the Fund’s return came from investments in Canada, which contributed -1.3%. Exposure to foreign currency contributed -4.4% to the Fund’s total return for the period.

Riskalyze and Nasdaq Riskalyze Developed MarketsTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze Developed MarketsTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE DEVELOPED MARKETSTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 4

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Developed International Equity Select ETF (RNDM) (Continued)
Sector Allocation % of Total
Investments
Financials 22.0%
Industrials 17.9
Health Care 13.1
Consumer Discretionary 11.7
Consumer Staples 11.3
Communication Services 6.9
Materials 4.2
Utilities 4.0
Information Technology 3.8
Energy 2.9
Real Estate 2.2
Total 100.0%
Top Ten Holdings % of Total
Investments
Sekisui House Ltd. 3.1%
McDonald’s Holdings Co., Japan Ltd. 3.0
Secom Co., Ltd. 2.7
Tobu Railway Co., Ltd. 2.5
Enbridge, Inc. 1.9
RELX PLC 1.5
Takeda Pharmaceutical Co., Ltd. 1.3
Phoenix Group Holdings PLC 1.1
London Stock Exchange Group PLC 1.1
SEB S.A. 1.1
Total 19.3%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 5

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Emerging Markets Equity Select ETF (RNEM)
The Emerging Markets Equity Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze Emerging MarketsTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNEM.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks, depositary receipts, preferred shares and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select low volatility emerging markets securities that are included in the Nasdaq Emerging Large Mid CapTM Index (the “Base Index”) and have a minimum three-month average daily dollar trading volume of $5 million. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies in emerging markets, as determined by Nasdaq, Inc. A country is classified as “emerging” based on a number of criteria, including national income per capita, national market capitalization and national trading volume. Emerging markets are generally characterized by lower market efficiency and less strict standards in accounting and securities regulation than developed markets. Companies are classified as operating in a country primarily by their country of incorporation, domicile and primary exchange listing.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -4.97% -1.03% 1.25%   -5.06% 7.42%
Market Price -5.34% -1.25% 1.19%   -6.08% 7.06%
Index Performance            
Nasdaq Riskalyze Emerging MarketsTM Index -3.56% 1.00% 3.18%   5.08% 19.85%
Nasdaq Emerging Large Mid CapTM Index -8.71% 0.16% 3.10%   0.78% 19.30%
MSCI Emerging Markets Index -10.70% -0.88% 2.12%   -4.32% 12.88%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -4.97% during the period covered by this report. During the same period, the Nasdaq Emerging Large Mid CapTM Index (the “Benchmark”) generated a return of -8.71%. Securities from India and Taiwan received the greatest allocation of any country in the Fund during the same period carrying an average weight of 25.4% and 24.9%, respectively. Investments in Brazil were the largest negatively contributing country with a contribution to the Fund’s return of -1.7%. Investments in China contributed 0.6% to the Fund’s total return, which was the greatest of any country. Exposure to foreign currency contributed -4.7% to the Fund’s total return for the period.

Riskalyze and Nasdaq Riskalyze Emerging MarketsTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze Emerging MarketsTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE EMERGING MARKETSTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 6

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Emerging Markets Equity Select ETF (RNEM) (Continued)
Sector Allocation % of Total
Investments
Financials 32.3%
Information Technology 22.0
Materials 10.4
Consumer Staples 7.9
Industrials 6.2
Consumer Discretionary 5.0
Energy 4.4
Communication Services 3.6
Utilities 3.3
Health Care 2.8
Real Estate 2.1
Total 100.0%
Top Ten Holdings % of Total
Investments
Wistron Corp. 3.8%
Inventec Corp. 3.4
Powertech Technology, Inc. 2.9
Compal Electronics, Inc. 2.8
WPG Holdings Ltd. 2.6
Power Finance Corp., Ltd. 2.6
Hon Hai Precision Industry Co., Ltd. 2.5
REC Ltd. 2.2
Larsen & Toubro Ltd. 2.1
HDFC Bank Ltd. 2.0
Total 26.9%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 7

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Large Cap US Equity Select ETF (RNLC)
The Large Cap US Equity Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze US Large CapTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNLC.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select dividend-paying US large cap securities that are included in the Nasdaq US 500 Large CapTM Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by Nasdaq, Inc.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -5.57% 9.28% 9.70%   55.83% 70.70%
Market Price -5.62% 9.26% 9.70%   55.68% 70.69%
Index Performance            
Nasdaq Riskalyze US Large CapTM Index -5.02% 9.96% 10.37%   60.75% 76.88%
Nasdaq US 500 Large CapTM Index -8.29% 11.04% 11.34%   68.84% 86.01%
S&P 500® Index -7.73% 11.19% 11.43%   69.94% 86.93%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -5.57% during the period covered by this report. During the same period, the Nasdaq US 500 Large CapTM Index (the “Benchmark”) generated a return of -8.29%. The Information Technology sector received the greatest allocation and also contributed the greatest drag to the Fund’s overall return during the same period. This sector carried an average weight of 28.5% and contributed -2.1% to the Fund’s return. During the same period, the Consumer Discretionary and Energy sectors had the greatest positive contributions to the Fund’s return, with a 0.3% contribution for each.

Riskalyze and Nasdaq Riskalyze US Large CapTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Large CapTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE US LARGE CAPTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 8

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Large Cap US Equity Select ETF (RNLC) (Continued)
Sector Allocation % of Total
Investments
Information Technology 27.7%
Health Care 15.0
Industrials 12.3
Financials 11.2
Consumer Discretionary 9.6
Consumer Staples 7.4
Energy 5.0
Communication Services 3.3
Materials 2.9
Utilities 2.8
Real Estate 2.8
Total 100.0%
Top Ten Holdings % of Total
Investments
NVIDIA Corp. 1.3%
Monolithic Power Systems, Inc. 1.0
Skyworks Solutions, Inc. 0.9
Apple, Inc. 0.9
Lam Research Corp. 0.9
Applied Materials, Inc. 0.9
Seagate Technology Holdings PLC 0.9
Entegris, Inc. 0.9
Intel Corp. 0.8
Teradyne, Inc. 0.8
Total 9.3%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Mid Cap US Equity Select ETF (RNMC)
The Mid Cap US Equity Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze US Mid CapTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNMC.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select dividend-paying US mid cap securities that are included in the Nasdaq US 600 Mid CapTM Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of mid cap US companies, as determined by Nasdaq, Inc.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -4.47% 7.09% 7.54%   40.87% 52.19%
Market Price -4.48% 7.08% 7.53%   40.75% 52.13%
Index Performance            
Nasdaq Riskalyze US Mid CapTM Index -3.94% 7.74% 8.19%   45.20% 57.63%
Nasdaq US 600 Mid CapTM Index -9.77% 6.73% 7.78%   38.46% 54.18%
S&P MidCap 400® Index -5.12% 7.67% 8.20%   44.72% 57.70%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -4.47% during the period covered by this report. During the same period, the Nasdaq US 600 Mid CapTM Index (the “Benchmark”) generated a return of -9.77%. Multiple sectors received nearly the same allocation in the Fund during the same period. The greatest allocation in the Fund was the Industrials sector, which had an average weight of 18.3% and a contribution of 1.2% to the Fund’s total return, which was also the greatest of any sector. The greatest drag on the Fund’s return came from the investments in the Financials and Real Estate sectors. Investments in these sectors contributed approximately -1.9% each to Fund’s return.

Riskalyze and Nasdaq Riskalyze US Mid CapTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Mid CapTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE US MID CAPTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 10

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Mid Cap US Equity Select ETF (RNMC) (Continued)
Sector Allocation % of Total
Investments
Industrials 20.0%
Consumer Discretionary 16.2
Financials 14.9
Health Care 11.6
Information Technology 10.7
Materials 6.7
Real Estate 6.5
Energy 4.0
Utilities 3.9
Consumer Staples 3.0
Communication Services 2.5
Total 100.0%
Top Ten Holdings % of Total
Investments
DENTSPLY SIRONA, Inc. 1.2%
Bruker Corp. 1.1
Universal Display Corp. 1.1
National Instruments Corp. 1.1
Chemed Corp. 1.0
Perrigo Co. PLC 1.0
Select Medical Holdings Corp. 1.0
Teleflex, Inc. 1.0
Ensign Group (The), Inc. 1.0
Jabil, Inc. 1.0
Total 10.5%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 11

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Small Cap US Equity Select ETF (RNSC)
The Small Cap US Equity Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze US Small CapTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNSC.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select dividend-paying US small cap securities that are included in the Nasdaq US 700 Small CapTM Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of small cap US companies, as determined by Nasdaq, Inc.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -6.28% 6.80% 7.15%   38.97% 49.05%
Market Price -6.41% 6.77% 7.14%   38.77% 48.98%
Index Performance            
Nasdaq Riskalyze US Small CapTM Index -5.73% 7.50% 7.86%   43.59% 54.81%
Nasdaq US 700 Small CapTM Index -12.49% 6.33% 7.19%   35.91% 49.39%
S&P SmallCap 600® Index -8.82% 6.30% 7.52%   35.71% 52.06%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -6.28% during the period covered by this report. During the same period, the Nasdaq US 700 Small CapTM Index (the “Benchmark”) generated a return of -12.49%. The Fund’s allocation to the Financials sector during the same period was the greatest of any sector at 17.8%. This sector also contributed the greatest drag to the Fund’s return at -3.4%. The greatest positive contributor to the Fund’s return was the Information Technology sector. Investments in this sector carried an average weight of 12.8% and contributed 2.4% to the Fund’s return.

Riskalyze and Nasdaq Riskalyze US Small CapTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Small CapTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE US SMALL CAPTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 12

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Small Cap US Equity Select ETF (RNSC) (Continued)
Sector Allocation % of Total
Investments
Industrials 16.9%
Financials 15.5
Health Care 15.2
Consumer Discretionary 12.5
Information Technology 11.7
Real Estate 6.5
Consumer Staples 5.8
Energy 5.2
Materials 4.4
Communication Services 3.9
Utilities 2.4
Total 100.0%
Top Ten Holdings % of Total
Investments
U.S. Physical Therapy, Inc. 3.0%
CONMED Corp. 2.9
Atrion Corp. 2.8
Embecta Corp. 2.8
Patterson Cos., Inc. 2.4
Pegasystems, Inc. 1.6
Shutterstock, Inc. 1.5
CTS Corp. 1.4
Simulations Plus, Inc. 1.3
Advanced Energy Industries, Inc. 1.3
Total 21.0%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
US Equity Dividend Select ETF (RNDV)
The US Equity Dividend Select ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq Riskalyze US Large Cap Select DividendTM Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNDV.” The Fund normally invests at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks and real estate investment trusts that comprise the Index.
The Index is owned and was developed and sponsored by Riskalyze, Inc. (the “Index Provider”). According to the Index Provider, the Index is designed to select dividend-paying US securities that (i) are included in the Nasdaq US 500 Large CapTM Index (the “Base Index”); (ii) have paid a dividend in the trailing twelve months (based on the ex-date); and (iii) have a trailing twelve-month dividend yield higher than the index yield of the Base Index. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by Nasdaq, Inc.
Performance  
    Average Annual Total Returns   Cumulative Total Returns
  1 Year
Ended
3/31/23
5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
  5 Years
Ended
3/31/23
Inception
(6/20/17)
to 3/31/23
Fund Performance            
NAV -4.28% 9.18% 9.35%   55.17% 67.58%
Market Price -4.40% 9.17% 9.35%   55.09% 67.65%
Index Performance            
Nasdaq Riskalyze US Large Cap Select DividendTM Index -3.83% 9.79% 9.95%   59.49% 72.95%
Nasdaq US 500 Large CapTM Index -8.29% 11.04% 11.34%   68.84% 86.01%
S&P 500® Index -7.73% 11.19% 11.43%   69.94% 86.93%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -4.28% during the period covered by this report. During the same period, the Nasdaq US 500 Large CapTM Index (the “Benchmark”) generated a return of -8.29%. Investments in the Information Technology sector were by far the largest allocation in the Fund during the same period. The Information Technology sector holdings in the Fund carried an average weight of 28.5%. The Financials sector was the largest drag to the Fund’s total return with a contribution of -1.9%. The sector with the greatest contribution to the Fund’s return was the Health Care sector with a contribution of 0.8%.

Riskalyze and Nasdaq Riskalyze US Large Cap Select DividendTM Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Large Cap Select DividendTM Index (“Riskalyze Index”) is a product of Riskalyze, Inc. (“Riskalyze”). RISKALYZE® and NASDAQ RISKALYZE US LARGE CAP SELECT DIVIDENDTM INDEX are trademarks of Riskalyze. Nasdaq® is a trademark of Nasdaq, Inc.
Page 14

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
US Equity Dividend Select ETF (RNDV) (Continued)
Sector Allocation % of Total
Investments
Information Technology 27.7%
Health Care 14.3
Financials 11.3
Industrials 10.6
Consumer Discretionary 10.0
Consumer Staples 7.0
Communication Services 5.2
Energy 5.2
Utilities 3.1
Materials 2.8
Real Estate 2.8
Total 100.0%
Top Ten Holdings % of Total
Investments
Intel Corp. 3.3%
Seagate Technology Holdings PLC 3.2
International Business Machines Corp. 2.1
HP, Inc. 2.0
Paramount Global, Class B 1.9
Medtronic PLC 1.8
Corning, Inc. 1.8
AbbVie, Inc. 1.8
NetApp, Inc. 1.7
Gilead Sciences, Inc. 1.7
Total 21.3%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 15

Table of Contents
Notes to Fund Performance Overview  (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. 
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019,  the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
Page 16

Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
March 31, 2023 (Unaudited)
As a shareholder of Developed International Equity Select ETF, Emerging Markets Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF, Small Cap US Equity Select ETF or US Equity Dividend Select ETF (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs (in U.S. dollars) of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended March 31, 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 each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
October 1, 2022
Ending
Account Value
March 31, 2023
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
Developed International Equity Select ETF (RNDM)
Actual $1,000.00 $1,234.50 0.65% $3.62
Hypothetical (5% return before expenses) $1,000.00 $1,021.69 0.65% $3.28
Emerging Markets Equity Select ETF (RNEM)
Actual $1,000.00 $1,131.90 0.75% $3.99
Hypothetical (5% return before expenses) $1,000.00 $1,021.19 0.75% $3.78
Large Cap US Equity Select ETF (RNLC)
Actual $1,000.00 $1,167.00 0.60% $3.24
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
Mid Cap US Equity Select ETF (RNMC)
Actual $1,000.00 $1,159.00 0.60% $3.23
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
Small Cap US Equity Select ETF (RNSC)
Actual $1,000.00 $1,166.00 0.60% $3.24
Hypothetical (5% return before expenses) $1,000.00 $1,021.94 0.60% $3.02
US Equity Dividend Select ETF (RNDV)
Actual $1,000.00 $1,155.60 0.50% $2.69
Hypothetical (5% return before expenses) $1,000.00 $1,022.44 0.50% $2.52
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (October 1, 2022 through March 31, 2023), multiplied by 182/365 (to reflect the six-month period).
Page 17

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) – 97.7%
    Australia – 5.2%    
3,679   ANZ Group Holdings Ltd. (b)   $56,694
7,097   APA Group (b)   48,211
1,169   ASX Ltd. (b)   51,051
6,241   Aurizon Holdings Ltd. (b)   14,057
1,887   Brambles Ltd. (b)   17,014
2,074   Coles Group Ltd. (b)   25,060
925   Commonwealth Bank of Australia (b)   61,074
394   CSL Ltd. (b)   76,306
18,236   Insurance Australia Group Ltd. (b)   57,401
2,414   Lendlease Corp., Ltd. (b)   11,748
24,174   Medibank Pvt Ltd. (b)   54,553
2,912   National Australia Bank Ltd. (b)   54,260
1,270   Seven Group Holdings Ltd. (b)   19,728
3,668   Sonic Healthcare Ltd. (b)   85,989
8,363   Suncorp Group Ltd. (b)   67,950
14,884   Telstra Corp., Ltd. (b)   42,143
1,745   Transurban Group (b)   16,662
2,711   Treasury Wine Estates Ltd. (b)   23,799
2,560   Washington H Soul Pattinson & Co., Ltd. (b)   51,883
2,983   Wesfarmers Ltd. (b)   100,821
4,064   Westpac Banking Corp. (b)   59,170
1,004   Woolworths Group Ltd. (b)   25,524
        1,021,098
    Austria – 0.2%    
91   ANDRITZ AG (b)   6,157
421   Erste Group Bank AG (b)   13,948
185   OMV AG (b)   8,496
154   Verbund AG (b)   13,395
        41,996
    Belgium – 0.9%    
241   Ageas S.A./N.V. (b)   10,425
1,208   Anheuser-Busch InBev S.A./N.V. (b)   80,525
30   D’ieteren Group (b)   5,837
49   Elia Group S.A./N.V. (b)   6,471
126   Groupe Bruxelles Lambert S.A. (b)   10,753
186   KBC Group N.V. (b)   12,780
176   Proximus S.A.D.P. (b)   1,702
51   Sofina S.A. (b)   11,455
88   Solvay S.A. (b)   10,064
249   UCB S.A. (b)   22,255
234   Umicore S.A. (b)   7,938
        180,205
    Bermuda – 0.0%    
1,200   Hongkong Land Holdings Ltd. (b)   5,279
Shares   Description   Value
    Canada – 7.9%    
1,599   Algonquin Power & Utilities Corp.   $13,417
763   Bank of Montreal   67,961
1,405   Bank of Nova Scotia (The)   70,764
1,204   BCE, Inc.   53,933
1,527   Canadian Imperial Bank of Commerce   64,752
671   Canadian Utilities Ltd., Class A   18,698
514   Capital Power Corp.   15,836
432   Emera, Inc.   17,747
9,463   Enbridge, Inc.   360,805
460   Fortis, Inc.   19,554
237   George Weston Ltd.   31,407
3,096   Great-West Lifeco, Inc.   82,056
714   Hydro One Ltd. (c) (d)   20,329
472   Intact Financial Corp.   67,550
495   Metro, Inc.   27,228
1,066   National Bank of Canada   76,249
596   Northland Power, Inc. (CAD)   14,941
2,966   Power Corp. of Canada   75,801
742   Royal Bank of Canada   70,961
1,681   Sun Life Financial, Inc.   78,534
2,542   TELUS Corp.   50,464
651   Thomson Reuters Corp.   84,700
727   TMX Group Ltd.   73,426
1,090   Toronto-Dominion Bank (The)   65,287
129   Waste Connections, Inc.   17,954
        1,540,354
    Cayman Islands – 0.5%    
2,123   CK Asset Holdings Ltd. (b)   12,871
2,093   CK Hutchison Holdings Ltd. (b)   12,949
5,200   Sands China Ltd. (b) (e)   18,065
7,200   Shimao Group Holdings Ltd. (e) (f) (g)   2,027
14,446   Sino Biopharmaceutical Ltd. (b)   8,097
6,667   SITC International Holdings Co., Ltd. (b)   14,328
9,731   WH Group Ltd. (b) (c) (d)   5,801
2,400   Wharf Real Estate Investment Co., Ltd. (b)   13,818
        87,956
    Denmark – 2.7%    
13   AP Moller - Maersk A.S., Class B (b)   23,630
127   Carlsberg A.S., Class B (b)   19,706
680   Chr Hansen Holding A.S. (b)   51,728
328   Coloplast A.S., Class B (b)   43,187
822   Danske Bank A.S. (b) (e)   16,538
1,348   Demant A.S. (b) (e)   47,323
196   DSV A.S. (b)   38,004
104   Genmab A.S. (b) (e)   39,313
1,900   GN Store Nord A.S. (b) (e)   42,603
10,477   H Lundbeck A.S. (b)   48,480
 
Page 18
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Denmark (Continued)    
335   Novo Nordisk A.S., Class B (b)   $53,205
665   Novozymes A.S., Class B (b)   34,050
244   Orsted A.S. (b) (c) (d)   20,805
105   Pandora A.S. (b)   10,079
497   Tryg A.S. (b)   10,867
1,236   Vestas Wind Systems A/S (b)   36,023
        535,541
    Finland – 1.3%    
429   Elisa Oyj (b)   25,874
561   Fortum Oyj (b)   8,594
348   Kesko Oyj, Class B (b)   7,479
222   Kone Oyj, Class B (b)   11,578
1,281   Metso Outotec Oyj (b)   13,988
555   Neste Oyj (b)   27,419
4,502   Nokia Oyj (b)   22,100
3,514   Nordea Bank Abp (b)   37,523
128   Orion Oyj, Class B (b)   5,721
707   Sampo Oyj, Class A (b)   33,360
1,290   Stora Enso Oyj, Class R (b)   16,783
518   UPM-Kymmene Oyj (b)   17,398
422   Valmet Oyj (b)   13,700
1,334   Wartsila OYJ Abp (b)   12,589
        254,106
    France – 9.7%    
716   Air Liquide S.A. (b)   119,850
2,293   AXA S.A. (b)   69,977
8,439   Bollore SE (b)   52,167
1,484   Bouygues S.A. (b)   50,050
1,734   Bureau Veritas S.A. (b)   49,822
2,261   Carrefour S.A. (b)   45,712
662   Danone S.A. (b)   41,192
841   Edenred (b)   49,774
483   Eiffage S.A. (b)   52,268
3,985   Engie S.A. (b)   63,061
685   EssilorLuxottica S.A. (b)   123,521
957   Eurazeo SE (b)   68,120
2,506   Getlink SE (b)   41,273
3,825   La Francaise des Jeux SAEM (b) (c) (d)   159,417
598   Legrand S.A. (b)   54,641
353   L’Oreal S.A. (b)   157,736
2,227   Orange S.A. (b)   26,457
170   Pernod Ricard S.A. (b)   38,493
1,226   Sanofi (b)   132,995
1,801   SEB S.A. (b)   204,925
153   Teleperformance (b)   36,970
353   Thales S.A. (b)   52,190
479   Vinci S.A. (b)   54,914
14,620   Vivendi SE (b)   147,831
        1,893,356
    Germany – 8.5%    
314   Allianz SE (b)   72,483
Shares   Description   Value
    Germany (Continued)    
640   Bayer AG (b)   $40,884
1,865   Bayerische Motoren Werke AG (b)   204,402
199   Beiersdorf AG (b)   25,887
460   Brenntag SE (b)   34,618
302   Deutsche Boerse AG (b)   58,802
2,015   Deutsche Post AG (b)   94,374
2,832   Deutsche Telekom AG (b)   68,626
3,385   E.ON SE (b)   42,227
1,664   Evonik Industries AG (b)   35,009
1,045   Fresenius Medical Care AG & Co., KGaA (b)   44,354
1,382   Fresenius SE & Co., KGaA (b)   37,318
1,881   GEA Group AG (b)   85,807
330   Hannover Rueck SE (b)   64,542
1,535   HeidelbergCement AG (b)   112,081
2,139   Henkel AG & Co., KGaA (Preference Shares) (b)   167,343
243   LEG Immobilien SE (b)   13,354
182   Merck KGaA (b)   33,931
206   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)   72,025
707   RWE AG (b)   30,421
945   SAP SE (b)   119,326
1,537   Scout24 AG (b) (c) (d)   91,419
286   Symrise AG (b)   31,124
23,900   Telefonica Deutschland Holding AG (b)   73,570
672   Vonovia SE (b)   12,657
        1,666,584
    Greece – 0.0%    
254   Hellenic Telecommunications Organization S.A. (b)   3,720
243   OPAP S.A. (b)   3,898
        7,618
    Hong Kong – 1.9%    
7,451   AIA Group Ltd. (b)   78,141
1,870   CLP Holdings, Ltd. (b)   13,513
2,111   Galaxy Entertainment Group Ltd. (b) (e)   14,121
6,838   Hang Lung Properties Ltd. (b)   12,795
4,124   Hang Seng Bank Ltd. (b)   58,624
3,782   Henderson Land Development Co., Ltd. (b)   13,085
14,417   Hong Kong & China Gas Co., Ltd. (b)   12,693
1,815   Hong Kong Exchanges & Clearing Ltd. (b)   80,449
2,902   MTR Corp., Ltd. (b)   14,006
4,393   New World Development Co., Ltd. (b)   11,776
 
See Notes to Financial Statements
Page 19

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Hong Kong (Continued)    
2,419   Power Assets Holdings Ltd. (b)   $12,978
8,905   Sino Land Co., Ltd. (b)   12,043
966   Sun Hung Kai Properties Ltd. (b)   13,533
640   Swire Pacific Ltd., Class A (b)   4,918
1,158   Techtronic Industries Co., Ltd. (b)   12,547
        365,222
    Ireland – 0.8%    
2,244   AIB Group PLC (b)   9,083
837   Bank of Ireland Group PLC (b)   8,469
605   CRH PLC (b)   30,565
555   DCC PLC (b)   32,351
189   Kerry Group PLC, Class A (b)   18,848
432   Kingspan Group PLC (b)   29,603
289   Ryanair Holdings PLC, ADR (e)   27,250
        156,169
    Israel – 0.4%    
46   Azrieli Group Ltd. (b)   2,643
1,184   Bank Hapoalim BM (b)   9,854
1,193   Bank Leumi Le-Israel BM (b)   9,025
6,270   Bezeq Israeli Telecommunication Corp., Ltd. (b)   8,536
29   Elbit Systems Ltd. (b)   4,939
796   ICL Group Ltd. (b)   5,394
2,054   Israel Discount Bank Ltd., Class A (b)   10,090
287   Mizrahi Tefahot Bank Ltd. (b)   8,997
54   Nice, Ltd. (b) (e)   12,301
1,344   Teva Pharmaceutical Industries Ltd. (b) (e)   11,934
        83,713
    Italy – 1.9%    
129   Amplifon S.p.A. (b)   4,471
1,139   Assicurazioni Generali S.p.A. (b)   22,694
2,467   Banca Mediolanum S.p.A. (b)   22,331
31   DiaSorin S.p.A. (b)   3,267
4,389   Enel S.p.A. (b)   26,768
1,650   Eni S.p.A. (b)   23,012
1,253   FinecoBank Banca Fineco S.p.A. (b)   19,197
436   Infrastrutture Wireless Italiane S.p.A. (b) (c) (d)   5,728
289   Interpump Group S.p.A. (b)   16,207
9,374   Intesa Sanpaolo S.p.A. (b)   24,058
3,882   Italgas S.p.A. (b)   23,678
1,330   Leonardo S.p.A. (b)   15,598
1,981   Mediobanca Banca di Credito Finanziario S.p.A. (b)   19,907
268   Moncler S.p.A. (b)   18,511
1,160   Nexi S.P.A (b) (c) (d) (e)   9,427
2,049   Poste Italiane S.p.A. (b) (c) (d)   20,895
327   Prysmian S.p.A. (b)   13,731
Shares   Description   Value
    Italy (Continued)    
92   Recordati Industria Chimica e Farmaceutica S.p.A. (b)   $3,892
4,342   Snam S.p.A. (b)   23,021
20,543   Telecom Italia S.p.A. (b) (e)   6,775
2,966   Terna-Rete Elettrica Nazionale S.p.A. (b)   24,343
1,526   UniCredit S.p.A. (b)   28,762
        376,273
    Japan – 18.8%    
14,800   Japan Post Holdings Co., Ltd. (b)   120,116
3,200   Japan Tobacco, Inc. (b)   67,595
3,200   KDDI Corp. (b)   98,681
3,400   Kirin Holdings Co., Ltd. (b)   53,791
13,800   McDonald’s Holdings Co., Japan Ltd. (b)   573,774
2,400   MEIJI Holdings Co., Ltd. (b)   57,080
22,700   Mitsubishi HC Capital, Inc. (b)   117,217
9,100   Mizuho Financial Group, Inc. (b)   128,925
3,400   Nippon Telegraph & Telephone Corp. (b)   101,601
800   Nissin Foods Holdings Co., Ltd. (b)   73,152
6,200   Otsuka Holdings Co., Ltd. (b)   196,848
8,400   Secom Co., Ltd. (b)   517,673
29,100   Sekisui House Ltd. (b)   593,094
9,300   SoftBank Corp. (b)   107,357
3,500   Sumitomo Mitsui Financial Group, Inc. (b)   140,061
7,500   Takeda Pharmaceutical Co., Ltd. (b)   246,327
20,500   Tobu Railway Co., Ltd. (b)   490,786
        3,684,078
    Jersey – 0.2%    
979   Experian PLC (b)   32,236
    Luxembourg – 0.2%    
471   ArcelorMittal S.A. (b)   14,269
1,357   Tenaris S.A. (b)   19,228
        33,497
    Netherlands – 4.4%    
549   Aalberts N.V. (b)   25,933
1,549   ABN AMRO Bank N.V. (b) (c) (d)   24,563
14   Adyen N.V. (b) (c) (d) (e)   22,308
3,485   Aegon N.V. (b)   14,962
167   Akzo Nobel N.V. (b)   13,062
48   Argenx SE (b) (e)   17,825
338   ASM International N.V. (b)   137,195
182   ASML Holding N.V. (b)   124,024
361   ASR Nederland N.V. (b)   14,364
680   Davide Campari-Milano N.V. (b)   8,297
792   Euronext N.V. (b) (c) (d)   60,647
 
Page 20
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Netherlands (Continued)    
330   Heineken Holding N.V. (b)   $30,277
259   Heineken N.V. (b)   27,830
79   IMCD N.V. (b)   12,918
1,614   ING Groep N.V. (b)   19,167
891   Koninklijke Ahold Delhaize N.V. (b)   30,441
198   Koninklijke DSM N.V. (b)   23,432
3,723   Koninklijke KPN N.V. (b)   13,155
1,020   Koninklijke Philips N.V. (b)   18,734
358   NN Group N.V. (b)   12,999
259   OCI N.V. (b)   8,780
1,465   Prosus N.V. (b)   114,715
416   Randstad N.V. (b)   24,696
1,379   Universal Music Group N.V. (b)   34,923
267   Wolters Kluwer N.V. (b)   33,705
        868,952
    New Zealand – 0.2%    
2,588   Auckland International Airport Ltd. (b) (e)   14,084
1,019   Fisher & Paykel Healthcare Corp., Ltd. (b)   17,034
2,383   Spark New Zealand Ltd. (b)   7,550
153   Xero Ltd. (b) (e)   9,280
        47,948
    Norway – 0.7%    
1,015   Aker BP ASA (b)   24,893
1,269   DNB Bank ASA (b)   22,710
899   Equinor ASA (b)   25,557
127   Kongsberg Gruppen ASA (b)   5,134
437   Mowi ASA (b)   8,083
1,339   Norsk Hydro ASA (b)   9,993
755   Orkla ASA (b)   5,355
163   Salmar ASA (b)   7,100
820   Telenor ASA (b)   9,614
220   TOMRA Systems ASA (b)   3,714
210   Yara International ASA (b)   9,127
        131,280
    Portugal – 0.2%    
3,372   EDP - Energias de Portugal S.A. (b)   18,374
1,068   Galp Energia SGPS S.A. (b)   12,084
353   Jeronimo Martins SGPS S.A. (b)   8,286
        38,744
    Singapore – 1.2%    
2,200   Capitaland Investment Ltd. (b)   6,104
1,000   City Developments Ltd. (b)   5,549
1,500   DBS Group Holdings Ltd. (b)   37,293
7,800   Genting Singapore Ltd. (b)   6,583
200   Jardine Cycle & Carriage Ltd. (b)   4,710
2,700   Keppel Corp., Ltd. (b)   11,455
Shares   Description   Value
    Singapore (Continued)    
4,200   Oversea-Chinese Banking Corp., Ltd. (b)   $39,151
1,200   Singapore Airlines Ltd. (b)   5,176
5,300   Singapore Exchange Ltd. (b)   37,532
2,000   Singapore Technologies Engineering Ltd. (b)   5,506
10,100   Singapore Telecommunications Ltd. (b)   18,714
1,900   United Overseas Bank Ltd. (b)   42,615
1,200   UOL Group Ltd. (b)   6,266
4,100   Wilmar International Ltd. (b)   12,989
        239,643
    South Korea – 4.3%    
33   CJ CheilJedang Corp. (b)   8,267
349   Hana Financial Group, Inc. (b)   10,930
100   Hyundai Glovis Co., Ltd. (b)   12,213
150   Hyundai Mobis Co., Ltd. (b)   24,913
162   Hyundai Motor Co. (b)   23,048
1,299   Industrial Bank of Korea (b)   10,103
283   KB Financial Group, Inc. (b)   10,336
398   Kia Corp. (b)   24,838
351   Korea Electric Power Corp. (b) (e)   4,864
1,296   Korean Air Lines Co., Ltd. (b)   23,139
642   KT Corp., ADR   7,280
153   KT&G Corp. (b)   9,833
219   LG Corp. (b)   13,945
754   NAVER Corp. (b)   118,145
346   POSCO Holdings, Inc. (b)   97,891
64   Samsung Biologics Co., Ltd. (b) (c) (d) (e)   38,795
157   Samsung C&T Corp. (b)   13,075
2,749   Samsung Electronics Co., Ltd. (b)   135,941
67   Samsung Fire & Marine Insurance Co., Ltd. (b)   10,591
198   Samsung Life Insurance Co., Ltd. (b)   9,548
1,269   Samsung SDS Co., Ltd. (b)   113,487
369   Shinhan Financial Group Co., Ltd. (b)   10,024
229   SK Telecom Co., Ltd. (b)   8,496
760   SK, Inc. (b)   101,264
1,156   Woori Financial Group, Inc. (b)   10,169
        851,135
    Spain – 2.5%    
53   Acciona S.A. (b)   10,634
413   ACS Actividades de Construccion y Servicios S.A. (b)   13,154
89   Aena SME S.A. (b) (c) (d) (e)   14,392
522   Amadeus IT Group S.A. (b) (e)   35,018
 
See Notes to Financial Statements
Page 21

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Spain (Continued)    
5,727   Banco Bilbao Vizcaya Argentaria S.A. (b)   $40,944
11,037   Banco Santander S.A. (b)   41,129
7,992   CaixaBank S.A. (b)   31,184
741   Cellnex Telecom S.A. (b) (c) (d)   28,816
807   Enagas S.A. (b)   15,507
1,518   Endesa S.A. (b)   32,971
409   Ferrovial S.A. (b)   12,044
616   Grifols S.A. (b) (e)   6,097
2,442   Iberdrola S.A. (b)   30,422
1,464   Industria de Diseno Textil S.A. (b)   49,183
16,642   Mapfre S.A. (b)   33,540
986   Naturgy Energy Group S.A. (b)   29,682
1,490   Red Electrica Corp. S.A. (b)   26,219
1,083   Repsol S.A. (b)   16,654
6,975   Telefonica S.A. (b)   30,040
        497,630
    Sweden – 2.9%    
939   Alfa Laval AB (b)   33,529
1,246   Assa Abloy AB, Class B (b)   29,845
2,494   Atlas Copco AB, Class A (b)   31,595
482   Axfood AB (b)   11,771
1,632   Epiroc AB, Class A (b)   32,395
556   Essity AB, Class B (b)   15,881
1,439   H & M Hennes & Mauritz AB, Class B (b)   20,574
2,741   Hexagon AB, Class B (b)   31,547
314   Holmen AB, Class B (b)   12,105
1,118   Industrivarden AB, Class C (b)   30,146
1,433   Indutrade AB (b)   30,496
1,526   Investor AB, Class B (b)   30,399
1,713   Sandvik AB (b)   36,360
2,337   Skandinaviska Enskilda Banken AB, Class A (b)   25,796
1,874   Skanska AB, Class B (b)   28,703
887   SKF AB, Class B (b)   17,471
938   Svenska Cellulosa AB SCA, Class B (b)   12,354
2,724   Svenska Handelsbanken AB, Class A (b)   23,592
1,700   Swedbank AB, Class A (b)   27,956
445   Swedish Orphan Biovitrum AB (b) (e)   10,369
1,496   Tele2 AB, Class B (b)   14,890
2,193   Telefonaktiebolaget LM Ericsson, Class B (b)   12,855
4,485   Telia Co., AB (b)   11,389
1,653   Volvo AB, Class B (b)   34,063
        566,081
    Switzerland – 9.6%    
1,226   ABB Ltd. (b)   42,176
2,717   Alcon, Inc. (b)   192,873
Shares   Description   Value
    Switzerland (Continued)    
316   Baloise Holding AG (b)   $49,206
427   Banque Cantonale Vaudoise (b)   40,294
71   Barry Callebaut AG (b)   150,433
14   Chocoladefabriken Lindt & Spruengli AG (b)   165,349
31   EMS-Chemie Holding AG (b)   25,626
215   Flughafen Zurich AG (b) (e)   39,392
74   Geberit AG (b)   41,325
7   Givaudan S.A. (b)   22,784
431   Helvetia Holding AG (b)   60,077
772   Holcim AG (b)   49,787
325   Lonza Group AG (b)   195,650
1,236   Nestle S.A. (b)   150,706
2,092   Novartis AG (b)   192,084
67   PSP Swiss Property AG (b)   7,625
488   Roche Holding AG (b)   139,442
204   Schindler Holding AG (b)   45,202
15   SGS S.A. (b)   33,086
1,567   SIG Group AG (b)   40,371
91   Swiss Life Holding AG (b)   56,157
84   Swiss Prime Site AG (b)   6,985
547   Swiss Re AG (b)   56,195
33   Swisscom AG (b)   21,060
101   Zurich Insurance Group AG (b)   48,399
        1,872,284
    United Kingdom – 10.5%    
1,461   AstraZeneca PLC (b)   202,428
3,298   BAE Systems PLC (b)   39,893
1,790   British American Tobacco PLC (b)   62,747
944   Bunzl PLC (b)   35,657
1,520   Diageo PLC (b)   67,837
11,128   GSK PLC (b)   196,624
3,113   Imperial Brands PLC (b)   71,586
703   Intertek Group PLC (b)   35,210
33,127   J Sainsbury PLC (b)   113,996
2,203   London Stock Exchange Group PLC (b)   213,977
2,152   National Grid PLC (b)   29,110
31,904   Phoenix Group Holdings PLC (b)   215,557
966   Reckitt Benckiser Group PLC (b)   73,491
9,209   RELX PLC (b)   298,251
5,454   Rentokil Initial PLC (b)   39,861
2,669   Sage Group (The) PLC (b)   25,613
851   Severn Trent PLC (b)   30,230
1,725   Smiths Group PLC (b)   36,585
1,312   SSE PLC (b)   29,276
27,921   Tesco PLC (b)   91,537
1,455   Unilever PLC (b)   75,397
2,254   United Utilities Group PLC (b)   29,499
39,474   Vodafone Group PLC (b)   43,544
        2,057,906
 
Page 22
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    United States – 0.1%    
196   Autoliv, Inc., SDR (b)   $18,310
    Total Common Stocks   19,155,194
    (Cost $18,077,496)    
REAL ESTATE INVESTMENT TRUSTS (a) – 1.3%
    Australia – 0.4%    
4,036   Dexus (b)   20,405
8,135   GPT (The) Group (b)   23,248
9,529   Stockland (b)   25,517
        69,170
    Belgium – 0.0%    
181   Warehouses De Pauw CVA (b)   5,382
    Hong Kong – 0.1%    
1,608   Link REIT (b)   10,340
    Japan – 0.6%    
8   Daiwa House REIT Investment Corp. (b)   16,392
16   GLP J-REIT (b)   17,295
23   Japan Metropolitan Fund Investment Corp. (b)   16,796
4   Japan Real Estate Investment Corp. (b)   15,941
4   Nippon Building Fund, Inc. (b)   16,650
8   Nippon Prologis REIT, Inc. (b)   16,936
16   Nomura Real Estate Master Fund, Inc. (b)   17,930
        117,940
    Multinational – 0.0%    
108   Unibail-Rodamco-Westfield (b) (e)   5,811
    Singapore – 0.2%    
2,900   CapitaLand Ascendas REIT (b)   6,253
4,001   CapitaLand Integrated Commercial Trust (b)   5,967
3,200   Mapletree Industrial Trust (b)   5,713
4,900   Mapletree Logistics Trust (b)   6,321
4,500   Mapletree Pan Asia Commercial Trust (b)   6,101
        30,355
Shares   Description   Value
    Spain – 0.0%    
407   Merlin Properties Socimi S.A. (b)   $3,561
    Total Real Estate Investment Trusts   242,559
    (Cost $276,109)    
    Total Investments – 99.0%   19,397,753
    (Cost $18,353,605)    
    Net Other Assets and Liabilities – 1.0%   205,794
    Net Assets – 100.0%   $19,603,547
    
(a) Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.
(b) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At March 31, 2023, securities noted as such are valued at $17,822,869 or 90.9% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded.
(c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(e) Non-income producing security.
(f) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor.
(g) This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements).
    
ADR American Depositary Receipt
CAD Canadian Dollar
SDR Swedish Depositary Receipt
 
See Notes to Financial Statements
Page 23

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2023
Currency Exposure
Diversification
% of Total
Investments
Euro 30.6%
Japanese Yen 19.6
British Pound Sterling 10.9
Swiss Franc 9.7
Canadian Dollar 7.9
Australian Dollar 5.7
South Korean Won 4.3
Swedish Krona 3.2
Danish Krone 2.8
Hong Kong Dollar 2.4
Singapore Dollar 1.4
Norwegian Krone 0.7
Israeli Shekel 0.4
United States Dollar 0.2
New Zealand Dollar 0.2
Total 100.0%

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Canada $1,540,354 $1,540,354 $ $
Cayman Islands 87,956 85,929 2,027
Ireland 156,169 27,250 128,919
South Korea 851,135 7,280 843,855
Other Country Categories* 16,519,580 16,519,580
Real Estate Investment Trusts* 242,559 242,559
Total Investments $19,397,753 $1,574,884 $17,820,842 $2,027
    
* See Portfolio of Investments for country breakout.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.
Page 24
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) – 99.7%
    Bermuda – 0.2%    
130   Credicorp Ltd.   $17,211
    Brazil – 8.7%    
6,017   Ambev S.A.   17,012
4,837   Atacadao S.A.   11,824
12,602   Banco Bradesco S.A. (Preference Shares)   32,745
6,239   Banco do Brasil S.A.   48,143
7,921   Banco Santander Brasil S.A.   41,883
9,045   BB Seguridade Participacoes S.A.   58,016
1,029   Cia de Saneamento Basico do Estado de Sao Paulo   10,275
4,741   Cia Energetica de Minas Gerais (Preference Shares)   10,701
7,753   Cia Paranaense de Energia, Class B (Preference Shares)   10,616
41,429   Cosan S.A.   123,344
2,337   EDP - Energias do Brasil S.A.   10,301
1,218   Energisa S.A.   9,656
1,325   Engie Brasil Energia S.A.   10,501
1,896   Equatorial Energia S.A.   10,085
3,255   Hypera S.A.   24,211
8,565   Itau Unibanco Holding S.A. (Preference Shares)   41,807
27,170   Itausa S.A. (Preference Shares)   44,064
3,722   JBS S.A.   13,108
22,947   Klabin S.A.   81,901
11,374   Porto Seguro S.A.   52,781
4,114   Raia Drogasil S.A.   19,846
9,359   Suzano S.A.   76,815
781   Telefonica Brasil S.A.   5,957
2,619   TIM S.A.   6,501
1,310   Transmissora Alianca de Energia Eletrica S.A.   9,002
        781,095
    Cayman Islands – 2.3%    
47,466   ESR Group Ltd. (b) (c) (d)   85,120
8,833   Hengan International Group Co., Ltd. (b)   40,915
24,000   Tingyi Cayman Islands Holding Corp. (b)   40,163
58,666   Want Want China Holdings Ltd. (b)   37,745
        203,943
    Chile – 0.9%    
120,664   Banco de Chile   11,719
303,871   Banco Santander Chile   13,475
7,764   Cencosud S.A.   15,003
40,223   Cia Sud Americana de Vapores S.A. (b)   4,009
929   Empresas Copec S.A.   6,556
2,198   Falabella S.A. (b)   5,061
Shares   Description   Value
    Chile (Continued)    
373   Sociedad Quimica y Minera de Chile S.A., Class B (Preference Shares) (b)   $29,972
        85,795
    China – 11.6%    
128,761   Agricultural Bank of China Ltd., Class H (b)   47,683
117,194   Bank of China Ltd., Class H (b)   44,928
72,897   Bank of Communications Co., Ltd., Class H (b)   45,845
155,000   CGN Power Co., Ltd., Class H (b) (c) (d)   37,109
96,534   China CITIC Bank Corp., Ltd., Class H (b)   48,563
66,598   China Construction Bank Corp., Class H (b)   43,102
30,000   China Life Insurance Co., Ltd., Class H (b)   49,232
134,598   China Minsheng Banking Corp., Ltd., Class H (b)   46,120
145,999   China Petroleum & Chemical Corp., Class H (b)   86,157
192,999   China Railway Group Ltd., Class H (b)   117,775
511,331   China Tower Corp., Ltd., Class H (b) (c) (d)   61,886
22,500   CITIC Securities Co., Ltd., Class H (b)   48,127
82,398   Industrial & Commercial Bank of China Ltd., Class H (b)   43,790
20,233   New China Life Insurance Co., Ltd., Class H (b)   48,054
133,000   People’s Insurance Co. Group of China (The) Ltd., Class H (b)   44,380
152,000   PetroChina Co., Ltd., Class H (b)   89,792
38,000   PICC Property & Casualty Co., Ltd., Class H (b)   38,764
65,000   Postal Savings Bank of China Co., Ltd., Class H (b) (c) (d)   38,549
19,200   Sinopharm Group Co., Ltd., Class H (b)   58,018
        1,037,874
    Czech Republic – 0.3%    
372   CEZ A.S.   18,067
175   Komercni Banka A.S. (b)   5,807
        23,874
    Egypt – 0.1%    
5,273   Commercial International Bank Egypt SAE (b)   8,727
    Hong Kong – 0.9%    
11,600   BOC Hong Kong Holdings Ltd. (b)   36,114
 
See Notes to Financial Statements
Page 25

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Hong Kong (Continued)    
42,400   Guangdong Investment Ltd. (b)   $43,374
        79,488
    Hungary – 0.2%    
1,039   MOL Hungarian Oil & Gas PLC (b)   7,610
510   OTP Bank Nyrt (b)   14,560
        22,170
    India – 26.7%    
2,517   Bajaj Auto Ltd. (b)   119,066
21,019   Berger Paints India Ltd. (b)   149,064
7,164   Bharti Airtel Ltd. (b)   65,332
625   Britannia Industries Ltd. (b)   32,944
3,016   Cipla Ltd. (b)   33,103
1,474   Colgate-Palmolive India Ltd. (b)   27,066
4,191   Dabur India Ltd. (b)   27,828
776   Dr. Reddy’s Laboratories Ltd. (b)   43,758
9,662   HCL Technologies Ltd. (b)   128,269
9,237   HDFC Bank Ltd. (b)   181,681
891   Hindustan Unilever Ltd. (b)   27,825
15,230   ICICI Bank Ltd. (b)   162,754
6,374   Infosys Ltd. (b)   111,437
7,229   ITC Ltd. (b)   33,824
7,019   Larsen & Toubro Ltd. (b)   185,276
4,465   Marico Ltd. (b)   26,112
109   MRF Ltd. (b)   111,641
125   Nestle India Ltd. (b)   30,013
2,937   Pidilite Industries Ltd. (b)   84,249
125,511   Power Finance Corp., Ltd. (b)   232,325
22,945   Power Grid Corp. of India Ltd. (b)   63,169
139,664   REC Ltd. (b)   196,834
24,743   State Bank of India (b)   158,171
3,545   Sun Pharmaceutical Industries Ltd. (b)   42,477
3,059   Tata Consultancy Services Ltd. (b)   119,906
        2,394,124
    Indonesia – 3.2%    
18,637   Adaro Energy Indonesia Tbk PT (b)   3,613
33,429   Aneka Tambang Tbk (b)   4,666
46,661   Astra International Tbk PT (b)   18,697
56,158   Bank Central Asia Tbk PT (b)   32,855
72,750   Bank Jago Tbk PT (b) (e)   11,790
50,945   Bank Mandiri Persero Tbk PT (b)   35,083
53,499   Bank Negara Indonesia Persero Tbk PT (b)   33,476
106,938   Bank Rakyat Indonesia Persero Tbk PT (b)   33,884
203,487   Berkah Beton Sadaya Tbk PT (b) (f)   8,075
Shares   Description   Value
    Indonesia (Continued)    
1,928,415   Bukalapak.com PT Tbk (b) (e)   $32,077
17,698   Bukit Asam Tbk PT (b)   4,714
463,234   Bumi Resources Minerals Tbk PT (b) (e)   5,258
1,782   Indo Tambangraya Megah Tbk PT (b)   4,688
16,460   Merdeka Copper Gold Tbk PT (b) (e)   4,610
24,029   Perusahaan Gas Negara Tbk PT (b)   2,218
131,759   Sarana Menara Nusantara Tbk PT (b)   8,150
2,034,029   Smartfren Telecom Tbk PT (b) (e)   8,306
36,485   Telkom Indonesia Persero Tbk PT (b)   9,907
57,499   Tower Bersama Infrastructure Tbk PT (b)   8,293
5,038   United Tractors Tbk PT (b)   9,791
10,133   Vale Indonesia Tbk PT (b) (e)   4,502
        284,653
    Luxembourg – 0.1%    
1,217   Allegro.eu S.A. (b) (c) (d) (e)   8,309
    Malaysia – 1.2%    
13,300   CIMB Group Holdings Bhd (b)   16,029
13,800   Hartalega Holdings Bhd (b)   5,960
3,300   Hong Leong Bank Bhd (b)   15,137
3,900   IHH Healthcare Bhd (b)   5,080
4,800   Inari Amertron Bhd (b)   2,694
7,900   Malayan Banking Bhd (b)   15,354
5,600   Petronas Chemicals Group Bhd (b)   8,999
11,700   Press Metal Aluminium Holdings Bhd (b)   12,959
16,100   Public Bank Bhd (b)   14,611
12,200   RHB Bank Bhd (b)   15,436
        112,259
    Mexico – 4.3%    
1,969   Arca Continental S.A.B. de C.V.   17,852
45,636   Cemex S.A.B. de C.V., Series CPO (e)   25,123
2,262   Fomento Economico Mexicano S.A.B. de C.V., Series UBD   21,534
1,480   Gruma S.A.B. de C.V., Class B   21,925
1,244   Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B   24,268
798   Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B   24,409
4,023   Grupo Bimbo S.A.B. de C.V., Series A   20,222
10,087   Grupo Financiero Banorte S.A.B. de C.V., Class O   84,928
 
Page 26
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Mexico (Continued)    
8,416   Grupo Mexico S.A.B. de C.V., Series B   $39,810
10,610   Kimberly-Clark de Mexico S.A.B. de C.V., Class A   22,368
9,376   Orbia Advance Corp. S.A.B. de C.V.   20,391
14,761   Wal-Mart de Mexico S.A.B. de C.V.   58,979
        381,809
    Netherlands – 0.1%    
958   NEPI Rockcastle N.V.   5,559
247   X5 Retail Group N.V., GDR (b) (c) (e) (f) (g)   0
        5,559
    Philippines – 1.6%    
40,010   Ayala Land, Inc. (b)   19,609
13,054   BDO Unibank, Inc. (b)   30,960
9,520   International Container Terminal Services, Inc. (b)   37,379
2,060   SM Investments Corp. (b)   33,814
30,300   SM Prime Holdings, Inc. (b)   18,333
        140,095
    Poland – 0.8%    
550   Bank Polska Kasa Opieki S.A. (b)   10,941
262   CD Projekt S.A. (b)   6,783
111   Dino Polska S.A. (b) (c) (d) (e)   10,082
267   KGHM Polska Miedz S.A. (b)   7,584
852   Polski Koncern Naftowy ORLEN S.A. (b)   11,500
1,529   Powszechna Kasa Oszczednosci Bank Polski S.A. (b)   10,147
1,442   Powszechny Zaklad Ubezpieczen S.A. (b)   11,742
        68,779
    Russia – 0.0%    
7,696   Alrosa PJSC (b) (e) (f) (g)   0
40,399   Credit Bank of Moscow PJSC (b) (e) (f) (g)   0
172,018   Inter RAO UES PJSC (b) (f) (g)   0
96   Magnit PJSC (b) (e) (f) (g)   0
15,021   Magnitogorsk Iron & Steel Works PJSC (b) (e) (f) (g)   0
47   MMC Norilsk Nickel PJSC (b) (f) (g)   0
2,140   Mobile TeleSystems PJSC (b) (f) (g)   0
1,668   Moscow Exchange MICEX-RTS PJSC (b) (e) (f) (g)   0
4,741   Novolipetsk Steel PJSC (b) (f) (g)   0
Shares   Description   Value
    Russia (Continued)    
85   Polyus PJSC (b) (e) (f) (g)   $0
676   Severstal PAO (b) (e) (f) (g)   0
10,776   Sistema PJSFC (b) (e) (f) (g)   0
3,253   Tatneft PJSC (b) (f) (g)   0
        0
    South Africa – 4.1%    
1,490   Absa Group Ltd. (b)   15,230
3,252   African Rainbow Minerals Ltd. (b)   42,295
3,185   AngloGold Ashanti Ltd. (b)   77,570
730   Aspen Pharmacare Holdings Ltd. (b)   7,548
604   Bid Corp., Ltd.   13,518
565   Bidvest Group (The) Ltd.   8,042
169   Capitec Bank Holdings Ltd.   16,019
590   Clicks Group Ltd. (b)   8,487
2,507   Discovery Ltd. (b) (e)   19,668
814   Exxaro Resources Ltd. (b)   8,508
4,332   FirstRand Ltd. (b)   14,683
608   Foschini Group (The) Ltd. (b)   3,104
414   Mr Price Group Ltd.   3,353
1,806   MTN Group Ltd. (b)   12,939
1,872   MultiChoice Group (b)   13,009
1,317   Nedbank Group Ltd. (b)   16,070
26,902   Old Mutual Ltd. (b)   17,833
3,442   Pepkor Holdings Ltd. (c) (d)   3,333
1,982   Remgro Ltd.   14,964
5,100   Sanlam Ltd.   16,146
776   Shoprite Holdings Ltd. (b)   9,684
1,827   Standard Bank Group Ltd. (b)   17,714
1,171   Woolworths Holdings Ltd. (b)   4,206
        363,923
    Taiwan – 26.8%    
54,181   Asia Cement Corp. (b)   77,152
74,337   Chang Hwa Commercial Bank Ltd. (b)   42,438
64,341   Cheng Shin Rubber Industry Co., Ltd. (b)   77,371
6,696   Chunghwa Telecom Co., Ltd. (b)   26,321
302,878   Compal Electronics, Inc. (b)   251,542
49,510   E.Sun Financial Holding Co., Ltd. (b)   41,231
48,598   Far Eastern New Century Corp. (b)   50,018
10,544   Far EasTone Telecommunications Co., Ltd. (b)   26,058
49,034   First Financial Holding Co., Ltd. (b)   42,679
22,752   Formosa Chemicals & Fibre Corp. (b)   51,639
7,811   Highwealth Construction Corp. (b)   10,570
 
See Notes to Financial Statements
Page 27

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Taiwan (Continued)    
64,436   Hon Hai Precision Industry Co., Ltd. (b)   $220,564
57,298   Hua Nan Financial Holdings Co., Ltd. (b)   42,151
287,007   Inventec Corp. (b)   301,668
40,927   Mega Financial Holding Co., Ltd. (b)   44,356
85,246   Powertech Technology, Inc. (b)   255,314
2,371   President Chain Store Corp. (b)   21,013
26,249   Shanghai Commercial & Savings Bank (The) Ltd. (b)   40,514
74,195   SinoPac Financial Holdings Co., Ltd. (b)   40,566
63,158   Taiwan Cement Corp. (b)   75,537
48,567   Taiwan Cooperative Financial Holding Co., Ltd. (b)   41,707
7,985   Taiwan Mobile Co., Ltd. (b)   26,495
9,952   Uni-President Enterprises Corp. (b)   23,526
247,550   Wistron Corp. (b)   340,792
141,495   WPG Holdings Ltd. (b)   233,789
        2,405,011
    Thailand – 4.5%    
2,600   Advanced Info Service PCL   16,119
6,100   Airports of Thailand PCL (e)   12,666
4,500   Bangkok Bank PCL (b)   19,958
40,500   Bangkok Dusit Medical Services PCL, Class F   34,939
48,300   Bangkok Expressway & Metro PCL   12,501
47,100   BTS Group Holdings PCL   9,779
14,500   Charoen Pokphand Foods PCL   8,990
6,400   CP ALL PCL (b)   11,607
5,400   Electricity Generating PCL   24,556
29,000   Home Product Center PCL   12,212
7,000   Intouch Holdings PCL, Class F   15,148
4,300   Kasikornbank PCL (b)   16,684
36,800   Krung Thai Bank PCL   17,757
10,700   Krungthai Card PCL   16,975
87,400   Land & Houses PCL   25,176
13,300   Osotspa PCL   11,960
10,000   PTT Global Chemical PCL   13,379
36,200   PTT Oil & Retail Business PCL   22,549
27,400   PTT PCL (b)   25,406
21,800   Ratch Group PCL   24,545
8,500   SCG Packaging PCL   11,497
1,400   Siam Cement (The) PCL   12,897
20,308   Siam Global House PCL   10,987
23,000   Thai Beverage PCL (b)   10,906
19,400   Thai Union Group PCL, Class F   7,999
        407,192
    Turkey – 1.1%    
5,440   Akbank T.A.S. (b)   4,814
Shares   Description   Value
    Turkey (Continued)    
297   Aksa Enerji Uretim A.S.   $434
865   Arcelik A.S. (b)   5,292
3,198   Aselsan Elektronik Sanayi Ve Ticaret A.S. (b)   8,668
1,240   BIM Birlesik Magazalar A.S. (b)   9,631
3,147   Eregli Demir ve Celik Fabrikalari T.A.S. (b) (e)   5,823
178   Ford Otomotiv Sanayi A.S. (b)   5,436
2,382   Haci Omer Sabanci Holding A.S. (b)   4,926
2,350   KOC Holding A.S. (b)   9,387
635   Tofas Turk Otomobil Fabrikasi A.S. (b)   6,196
823   Turk Hava Yollari AO (b) (e)   5,096
2,739   Turkcell Iletisim Hizmetleri A.S. (b)   4,583
3,161   Turkiye Garanti Bankasi A.S. (b)   4,603
8,167   Turkiye Is Bankasi A.S., Class C (b)   5,529
368   Turkiye Petrol Rafinerileri A.S. (b)   10,188
3,686   Turkiye Sise ve Cam Fabrikalari A.S. (b)   8,141
        98,747
    Total Common Stocks   8,930,637
    (Cost $8,670,810)    
REAL ESTATE INVESTMENT TRUSTS (a) – 0.3%
    Mexico – 0.2%    
11,411   Fibra Uno Administracion S.A. de C.V.   15,977
    South Africa – 0.1%    
6,586   Growthpoint Properties Ltd. (b)   4,838
    Total Real Estate Investment Trusts   20,815
    (Cost $20,291)    
    Total Investments – 100.0%   8,951,452
    (Cost $8,691,101)    
    Net Other Assets and Liabilities – 0.0%   4,267
    Net Assets – 100.0%   $8,955,719
    
(a) Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.
 
Page 28
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2023
(b) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At March 31, 2023, securities noted as such are valued at $7,286,541 or 81.4% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded.
(c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(e) Non-income producing security.
(f) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor.
(g) This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements).
    
GDR Global Depositary Receipt
    
Currency Exposure
Diversification
% of Total
Investments
New Taiwan Dollar 26.9%
Indian Rupee 26.7
Hong Kong Dollar 14.8
Brazilian Real 8.7
Mexican Peso 4.4
Thai Baht 4.4
South African Rand 4.2
Indonesian Rupiah 3.2
Philippine Peso 1.6
Malaysian Ringgit 1.2
Turkish Lira 1.1
Chilean Peso 1.0
Polish Zloty 0.9
Czech Republic Koruna 0.3
Hungarian Forint 0.2
United States Dollar 0.2
Singapore Dollar 0.1
Egyptian Pound 0.1
Russian Ruble 0.0*
Total 100.0%
    
* Investment is valued at $0.
See Notes to Financial Statements
Page 29

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2023

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Bermuda $17,211 $17,211 $ $
Brazil 781,095 781,095
Chile 85,795 46,753 39,042
Czech Republic 23,874 18,067 5,807
Mexico 381,809 381,809
Netherlands 5,559 5,559 —*
Russia —* —*
South Africa 363,923 75,375 288,548
Turkey 98,747 434 98,313
Other Country Categories** 7,172,624 7,172,624
Real Estate Investment Trusts:        
Mexico 15,977 15,977
South Africa 4,838 4,838
Total Investments $8,951,452 $1,342,280 $7,609,172 $—*
    
* Investment is valued at $0.
** See Portfolio of Investments for country breakout.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.
Page 30
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS – 97.0%
    Aerospace & Defense – 1.4%    
124   General Dynamics Corp.   $28,298
201   HEICO Corp.   34,379
783   Howmet Aerospace, Inc.   33,176
148   L3Harris Technologies, Inc.   29,043
63   Lockheed Martin Corp.   29,782
57   Northrop Grumman Corp.   26,318
306   Raytheon Technologies Corp.   29,967
436   Textron, Inc.   30,795
        241,758
    Air Freight & Logistics – 0.8%    
337   CH Robinson Worldwide, Inc.   33,488
297   Expeditors International of Washington, Inc.   32,706
178   FedEx Corp.   40,671
178   United Parcel Service, Inc., Class B   34,530
        141,395
    Automobiles – 0.8%    
5,582   Ford Motor Co.   70,333
1,837   General Motors Co.   67,381
        137,714
    Banks – 2.1%    
964   Bank of America Corp.   27,570
706   Citigroup, Inc.   33,104
811   Citizens Financial Group, Inc.   24,630
973   Fifth Third Bancorp   25,921
262   First Republic Bank   3,665
2,264   Huntington Bancshares, Inc.   25,357
238   JPMorgan Chase & Co.   31,014
1,832   KeyCorp   22,937
220   M&T Bank Corp.   26,305
202   PNC Financial Services Group (The), Inc.   25,674
1,480   Regions Financial Corp.   27,469
742   Truist Financial Corp.   25,302
732   US Bancorp   26,389
773   Wells Fargo & Co.   28,895
        354,232
    Beverages – 1.0%    
520   Brown-Forman Corp., Class B   33,420
537   Coca-Cola (The) Co.   33,310
147   Constellation Brands, Inc., Class A   33,206
958   Keurig Dr. Pepper, Inc.   33,798
189   PepsiCo, Inc.   34,455
        168,189
    Biotechnology – 1.3%    
486   AbbVie, Inc.   77,454
299   Amgen, Inc.   72,283
Shares   Description   Value
    Biotechnology (Continued)    
915   Gilead Sciences, Inc.   $75,918
        225,655
    Broadline Retail – 0.4%    
1,490   eBay, Inc.   66,111
    Building Products – 0.9%    
131   Carlisle Cos., Inc.   29,615
748   Carrier Global Corp.   34,221
482   Johnson Controls International PLC   29,026
662   Masco Corp.   32,915
184   Trane Technologies PLC   33,852
        159,629
    Capital Markets – 4.3%    
103   Ameriprise Financial, Inc.   31,570
701   Bank of New York Mellon (The) Corp.   31,853
45   BlackRock, Inc.   30,110
430   Blackstone, Inc.   37,771
1,070   Carlyle Group (The), Inc.   33,234
254   Cboe Global Markets, Inc.   34,097
383   Charles Schwab (The) Corp.   20,062
190   CME Group, Inc.   36,389
80   FactSet Research Systems, Inc.   33,207
1,210   Franklin Resources, Inc.   32,597
93   Goldman Sachs Group (The), Inc.   30,421
311   Intercontinental Exchange, Inc.   32,434
688   KKR & Co., Inc.   36,134
148   LPL Financial Holdings, Inc.   29,955
115   Moody’s Corp.   35,192
375   Morgan Stanley   32,925
69   MSCI, Inc.   38,619
520   Nasdaq, Inc.   28,428
361   Northern Trust Corp.   31,815
299   Raymond James Financial, Inc.   27,888
95   S&P Global, Inc.   32,753
411   State Street Corp.   31,109
293   T. Rowe Price Group, Inc.   33,080
        741,643
    Chemicals – 1.7%    
41   Air Products and Chemicals, Inc.   11,776
58   Albemarle Corp.   12,820
123   Celanese Corp.   13,393
147   CF Industries Holdings, Inc.   10,656
581   Corteva, Inc.   35,040
249   Dow, Inc.   13,650
450   DuPont de Nemours, Inc.   32,297
154   Eastman Chemical Co.   12,988
86   Ecolab, Inc.   14,236
100   FMC Corp.   12,213
120   International Flavors & Fragrances, Inc.   11,035
 
See Notes to Financial Statements
Page 31

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals (Continued)    
151   LyondellBasell Industries N.V., Class A   $14,177
286   Mosaic (The) Co.   13,122
246   PPG Industries, Inc.   32,861
130   Sherwin-Williams (The) Co.   29,220
122   Westlake Corp.   14,150
        283,634
    Commercial Services &
Supplies – 0.8%
   
68   Cintas Corp.   31,462
143   Republic Services, Inc.   19,337
1,691   Rollins, Inc.   63,463
118   Waste Management, Inc.   19,254
        133,516
    Communications Equipment – 1.1%    
1,838   Cisco Systems, Inc.   96,082
340   Motorola Solutions, Inc.   97,284
        193,366
    Construction & Engineering – 0.2%    
217   Quanta Services, Inc.   36,161
    Construction Materials – 0.4%    
91   Martin Marietta Materials, Inc.   32,310
176   Vulcan Materials Co.   30,195
        62,505
    Consumer Finance – 0.7%    
209   American Express Co.   34,475
332   Capital One Financial Corp.   31,925
326   Discover Financial Services   32,222
940   Synchrony Financial   27,335
        125,957
    Consumer Staples
Distribution & Retail – 2.1%
   
135   Costco Wholesale Corp.   67,077
251   Dollar General Corp.   52,826
766   Kroger (The) Co.   37,817
447   Sysco Corp.   34,522
415   Target Corp.   68,737
914   Walgreens Boots Alliance, Inc.   31,606
436   Walmart, Inc.   64,288
        356,873
    Containers & Packaging – 0.5%    
69   Avery Dennison Corp.   12,346
604   Ball Corp.   33,286
362   International Paper Co.   13,054
Shares   Description   Value
    Containers &
Packaging (Continued)
   
241   Packaging Corp. of America   $33,458
        92,144
    Distributors – 1.1%    
356   Genuine Parts Co.   59,562
1,157   LKQ Corp.   65,671
204   Pool Corp.   69,858
        195,091
    Diversified Telecommunication
Services – 1.0%
   
4,756   AT&T, Inc.   91,553
2,222   Verizon Communications, Inc.   86,414
        177,967
    Electric Utilities – 1.5%    
334   Alliant Energy Corp.   17,836
194   American Electric Power Co., Inc.   17,652
214   Constellation Energy Corp.   16,799
179   Duke Energy Corp.   17,268
290   Edison International   20,471
164   Entergy Corp.   17,669
293   Evergy, Inc.   17,908
220   Eversource Energy   17,217
427   Exelon Corp.   17,887
440   FirstEnergy Corp.   17,626
221   NextEra Energy, Inc.   17,035
631   PPL Corp.   17,536
258   Southern (The) Co.   17,952
263   Xcel Energy, Inc.   17,737
        248,593
    Electrical Equipment – 0.8%    
221   AMETEK, Inc.   32,118
197   Eaton Corp. PLC   33,754
321   Emerson Electric Co.   27,972
120   Rockwell Automation, Inc.   35,214
        129,058
    Electronic Equipment,
Instruments & Components – 3.0%
   
1,522   Amphenol Corp., Class A   124,378
649   CDW Corp.   126,484
3,628   Corning, Inc.   127,996
1,009   TE Connectivity Ltd.   132,330
        511,188
    Energy Equipment &
Services – 0.6%
   
1,197   Baker Hughes Co.   34,545
898   Halliburton Co.   28,413
 
Page 32
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Energy Equipment &
Services (Continued)
   
661   Schlumberger N.V.   $32,455
        95,413
    Entertainment – 0.4%    
506   Electronic Arts, Inc.   60,948
    Financial Services – 1.1%    
500   Apollo Global Management, Inc.   31,580
455   Fidelity National Information Services, Inc.   24,720
311   Global Payments, Inc.   32,730
176   Jack Henry & Associates, Inc.   26,527
89   Mastercard, Inc., Class A   32,343
149   Visa, Inc., Class A   33,594
        181,494
    Food Products – 2.5%    
368   Archer-Daniels-Midland Co.   29,315
342   Bunge Ltd.   32,668
602   Campbell Soup Co.   33,098
883   Conagra Brands, Inc.   33,165
407   General Mills, Inc.   34,782
148   Hershey (The) Co.   37,653
750   Hormel Foods Corp.   29,910
216   J.M. Smucker (The) Co.   33,992
479   Kellogg Co.   32,074
839   Kraft Heinz (The) Co.   32,444
412   McCormick & Co., Inc.   34,282
513   Mondelez International, Inc., Class A   35,766
549   Tyson Foods, Inc., Class A   32,567
        431,716
    Gas Utilities – 0.1%    
165   Atmos Energy Corp.   18,539
    Ground Transportation – 0.9%    
997   CSX Corp.   29,850
177   JB Hunt Transport Services, Inc.   31,056
125   Norfolk Southern Corp.   26,500
109   Old Dominion Freight Line, Inc.   37,152
149   Union Pacific Corp.   29,988
        154,546
    Health Care Equipment &
Supplies – 4.2%
   
715   Abbott Laboratories   72,401
1,541   Baxter International, Inc.   62,503
309   Becton Dickinson and Co.   76,490
238   Cooper (The) Cos., Inc.   88,859
1,011   Medtronic PLC   81,507
377   ResMed, Inc.   82,559
425   STERIS PLC   81,294
321   Stryker Corp.   91,636
Shares   Description   Value
    Health Care Equipment &
Supplies (Continued)
   
616   Zimmer Biomet Holdings, Inc.   $79,587
        716,836
    Health Care Providers &
Services – 4.0%
   
206   AmerisourceBergen Corp.   32,983
1,022   Cardinal Health, Inc.   77,161
237   Cigna (The) Group   60,561
367   CVS Health Corp.   27,272
153   Elevance Health, Inc.   70,351
327   HCA Healthcare, Inc.   86,223
153   Humana, Inc.   74,275
334   Laboratory Corp of America Holdings   76,626
91   McKesson Corp.   32,401
502   Quest Diagnostics, Inc.   71,023
148   UnitedHealth Group, Inc.   69,943
        678,819
    Hotels, Restaurants &
Leisure – 3.2%
   
447   Darden Restaurants, Inc.   69,356
178   Domino’s Pizza, Inc.   58,717
489   Hilton Worldwide Holdings, Inc.   68,885
415   Marriott International, Inc., Class A   68,907
234   McDonald’s Corp.   65,429
1,843   MGM Resorts International   81,866
623   Starbucks Corp.   64,873
482   Yum! Brands, Inc.   63,663
        541,696
    Household Durables – 1.2%    
693   DR Horton, Inc.   67,699
669   Garmin Ltd.   67,516
683   Lennar Corp., Class A   71,790
        207,005
    Household Products – 1.0%    
424   Church & Dwight Co., Inc.   37,486
243   Clorox (The) Co.   38,452
434   Colgate-Palmolive Co.   32,615
252   Kimberly-Clark Corp.   33,824
225   Procter & Gamble (The) Co.   33,455
        175,832
    Independent Power &
Renewable Electricity Producers – 0.1%
   
641   AES (The) Corp.   15,435
    Industrial Conglomerates – 0.5%    
257   3M Co.   27,013
368   General Electric Co.   35,181
 
See Notes to Financial Statements
Page 33

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Industrial
Conglomerates (Continued)
   
144   Honeywell International, Inc.   $27,521
        89,715
    Insurance – 3.0%    
444   Aflac, Inc.   28,647
235   Allstate (The) Corp.   26,040
505   American International Group, Inc.   25,432
106   Aon PLC, Class A   33,421
169   Arthur J. Gallagher & Co.   32,331
560   Brown & Brown, Inc.   32,155
145   Chubb Ltd.   28,156
312   Cincinnati Financial Corp.   34,969
421   Hartford Financial Services Group (The), Inc.   29,339
547   Loews Corp.   31,737
193   Marsh & McLennan Cos., Inc.   32,144
441   MetLife, Inc.   25,552
380   Principal Financial Group, Inc.   28,242
246   Progressive (The) Corp.   35,193
321   Prudential Financial, Inc.   26,560
170   Travelers (The) Cos., Inc.   29,140
440   W.R. Berkley Corp.   27,394
        506,452
    IT Services – 1.6%    
116   Accenture PLC, Class A   33,154
2,026   Cognizant Technology Solutions Corp., Class A   123,444
823   International Business Machines Corp.   107,887
        264,485
    Life Sciences Tools &
Services – 2.9%
   
525   Agilent Technologies, Inc.   72,628
948   Bio-Techne Corp.   70,332
296   Danaher Corp.   74,604
560   PerkinElmer, Inc.   74,626
143   Thermo Fisher Scientific, Inc.   82,421
334   West Pharmaceutical Services, Inc.   115,721
        490,332
    Machinery – 2.8%    
129   Caterpillar, Inc.   29,520
127   Cummins, Inc.   30,338
72   Deere & Co.   29,727
228   Dover Corp.   34,642
481   Fortive Corp.   32,790
135   IDEX Corp.   31,189
140   Illinois Tool Works, Inc.   34,083
591   Ingersoll Rand, Inc.   34,384
130   Nordson Corp.   28,894
Shares   Description   Value
    Machinery (Continued)    
394   Otis Worldwide Corp.   $33,254
468   PACCAR, Inc.   34,258
106   Parker-Hannifin Corp.   35,628
411   Stanley Black & Decker, Inc.   33,118
309   Westinghouse Air Brake Technologies Corp.   31,228
279   Xylem, Inc.   29,211
        482,264
    Media – 1.9%    
2,504   Comcast Corp., Class A   94,927
2,034   Fox Corp., Class A   69,258
757   Omnicom Group, Inc.   71,415
3,660   Paramount Global, Class B   81,654
        317,254
    Metals & Mining – 0.3%    
330   Freeport-McMoRan, Inc.   13,500
266   Newmont Corp.   13,039
95   Nucor Corp.   14,675
128   Steel Dynamics, Inc.   14,472
        55,686
    Multi-Utilities – 0.9%    
207   Ameren Corp.   17,883
615   CenterPoint Energy, Inc.   18,118
291   CMS Energy Corp.   17,861
193   Consolidated Edison, Inc.   18,464
301   Dominion Energy, Inc.   16,829
157   DTE Energy Co.   17,198
301   Public Service Enterprise Group, Inc.   18,797
119   Sempra Energy   17,988
197   WEC Energy Group, Inc.   18,674
        161,812
    Oil, Gas & Consumable Fuels – 4.4%    
757   APA Corp.   27,297
236   Cheniere Energy, Inc.   37,194
197   Chevron Corp.   32,143
300   ConocoPhillips   29,763
1,439   Coterra Energy, Inc.   35,313
575   Devon Energy Corp.   29,101
258   Diamondback Energy, Inc.   34,874
273   EOG Resources, Inc.   31,294
1,045   EQT Corp.   33,346
320   Exxon Mobil Corp.   35,091
249   Hess Corp.   32,953
1,955   Kinder Morgan, Inc.   34,232
1,306   Marathon Oil Corp.   31,292
304   Marathon Petroleum Corp.   40,988
561   Occidental Petroleum Corp.   35,023
538   ONEOK, Inc.   34,184
697   Ovintiv, Inc.   25,148
340   Phillips 66   34,469
 
Page 34
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Oil, Gas & Consumable
Fuels (Continued)
   
155   Pioneer Natural Resources Co.   $31,657
481   Targa Resources Corp.   35,089
15   Texas Pacific Land Corp.   25,515
279   Valero Energy Corp.   38,948
1,074   Williams (The) Cos., Inc.   32,070
        756,984
    Personal Care Products – 0.4%    
249   Estee Lauder (The) Cos., Inc., Class A   61,369
    Pharmaceuticals – 2.6%    
1,092   Bristol-Myers Squibb Co.   75,687
215   Eli Lilly & Co.   73,835
445   Johnson & Johnson   68,975
708   Merck & Co., Inc.   75,324
1,533   Pfizer, Inc.   62,546
536   Zoetis, Inc.   89,212
        445,579
    Professional Services – 2.8%    
129   Automatic Data Processing, Inc.   28,719
295   Booz Allen Hamilton Holding Corp.   27,344
238   Broadridge Financial Solutions, Inc.   34,884
159   Equifax, Inc.   32,252
257   Jacobs Solutions, Inc.   30,200
1,102   Leidos Holdings, Inc.   101,450
267   Paychex, Inc.   30,596
2,226   SS&C Technologies Holdings, Inc.   125,702
544   TransUnion   33,804
175   Verisk Analytics, Inc.   33,575
        478,526
    Semiconductors &
Semiconductor Equipment – 14.5%
   
706   Analog Devices, Inc.   139,237
1,190   Applied Materials, Inc.   146,168
207   Broadcom, Inc.   132,799
1,767   Entegris, Inc.   144,912
4,385   Intel Corp.   143,258
307   KLA Corp.   122,545
276   Lam Research Corp.   146,313
3,129   Marvell Technology, Inc.   135,486
1,650   Microchip Technology, Inc.   138,237
2,319   Micron Technology, Inc.   139,928
328   Monolithic Power Systems, Inc.   164,177
793   NVIDIA Corp.   220,272
733   NXP Semiconductors N.V.   136,686
1,054   QUALCOMM, Inc.   134,469
1,272   Skyworks Solutions, Inc.   150,070
Shares   Description   Value
    Semiconductors &
Semiconductor Equipment (Continued)
   
1,327   Teradyne, Inc.   $142,666
701   Texas Instruments, Inc.   130,393
        2,467,616
    Software – 3.6%    
5,408   Gen Digital, Inc.   92,801
298   Intuit, Inc.   132,857
483   Microsoft Corp.   139,249
1,418   Oracle Corp.   131,761
268   Roper Technologies, Inc.   118,105
        614,773
    Specialty Retail – 2.1%    
770   Best Buy Co., Inc.   60,268
196   Home Depot (The), Inc.   57,844
310   Lowe’s Cos., Inc.   61,991
532   Ross Stores, Inc.   56,461
776   TJX (The) Cos., Inc.   60,807
275   Tractor Supply Co.   64,636
        362,007
    Technology Hardware,
Storage & Peripherals – 3.9%
   
892   Apple, Inc.   147,091
7,261   Hewlett Packard Enterprise Co.   115,668
4,313   HP, Inc.   126,586
1,929   NetApp, Inc.   123,167
2,203   Seagate Technology Holdings PLC   145,662
        658,174
    Textiles, Apparel & Luxury
Goods – 0.7%
   
528   NIKE, Inc., Class B   64,754
2,238   VF Corp.   51,272
        116,026
    Tobacco – 0.4%    
747   Altria Group, Inc.   33,331
338   Philip Morris International, Inc.   32,871
        66,202
    Trading Companies &
Distributors – 0.3%
   
265   Fastenal Co.   14,294
56   WW Grainger, Inc.   38,573
        52,867
    Water Utilities – 0.2%    
121   American Water Works Co., Inc.   17,725
 
See Notes to Financial Statements
Page 35

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Water Utilities (Continued)    
386   Essential Utilities, Inc.   $16,849
        34,574
    Total Common Stocks   16,543,355
    (Cost $16,310,372)    
REAL ESTATE INVESTMENT TRUSTS – 2.8%
    Diversified REITs – 0.1%    
189   WP Carey, Inc.   14,638
    Health Care REITs – 0.3%    
590   Healthpeak Properties, Inc.   12,962
328   Ventas, Inc.   14,219
226   Welltower, Inc.   16,202
        43,383
    Hotel & Resort REITs – 0.1%    
922   Host Hotels & Resorts, Inc.   15,204
    Industrial REITs – 0.1%    
131   Prologis, Inc.   16,345
    Office REITs – 0.1%    
102   Alexandria Real Estate Equities, Inc.   12,810
219   Boston Properties, Inc.   11,852
        24,662
    Residential REITs – 0.9%    
491   American Homes 4 Rent, Class A   15,442
92   AvalonBay Communities, Inc.   15,461
132   Camden Property Trust   13,839
229   Equity LifeStyle Properties, Inc.   15,373
251   Equity Residential   15,060
70   Essex Property Trust, Inc.   14,640
499   Invitation Homes, Inc.   15,584
94   Mid-America Apartment Communities, Inc.   14,198
103   Sun Communities, Inc.   14,510
382   UDR, Inc.   15,685
        149,792
    Retail REITs – 0.2%    
698   Kimco Realty Corp.   13,632
233   Realty Income Corp.   14,754
126   Simon Property Group, Inc.   14,108
        42,494
    Specialized REITs – 1.0%    
70   American Tower Corp.   14,304
109   Crown Castle, Inc.   14,589
148   Digital Realty Trust, Inc.   14,550
23   Equinix, Inc.   16,584
101   Extra Space Storage, Inc.   16,456
284   Gaming and Leisure Properties, Inc.   14,785
Shares   Description   Value
    Specialized REITs (Continued)    
297   Iron Mountain, Inc.   $15,714
53   Public Storage   16,013
53   SBA Communications Corp.   13,837
457   VICI Properties, Inc.   14,907
477   Weyerhaeuser Co.   14,372
        166,111
    Total Real Estate Investment Trusts   472,629
    (Cost $513,719)    
    Total Investments – 99.8%   17,015,984
    (Cost $16,824,091)    
    Net Other Assets and Liabilities – 0.2%   29,529
    Net Assets – 100.0%   $17,045,513

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $16,543,355 $16,543,355 $ $
Real Estate Investment Trusts* 472,629 472,629
Total Investments $17,015,984 $17,015,984 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 36
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS – 92.5%
    Aerospace & Defense – 1.6%    
543   BWX Technologies, Inc.   $34,231
189   Curtiss-Wright Corp.   33,313
417   Hexcel Corp.   28,460
137   Huntington Ingalls Industries, Inc.   28,362
1,066   Spirit AeroSystems Holdings, Inc., Class A   36,809
327   Woodward, Inc.   31,840
        193,015
    Automobile Components – 1.5%    
996   BorgWarner, Inc.   48,914
1,470   Gentex Corp.   41,204
434   LCI Industries   47,684
323   Lear Corp.   45,055
        182,857
    Automobiles – 0.6%    
964   Harley-Davidson, Inc.   36,603
531   Thor Industries, Inc.   42,289
        78,892
    Banks – 5.4%    
261   BancFirst Corp.   21,689
576   Bank OZK   19,699
222   BOK Financial Corp.   18,739
935   Cadence Bank   19,411
345   Comerica, Inc.   14,980
339   Commerce Bancshares, Inc.   19,781
366   Community Bank System, Inc.   19,211
172   Cullen/Frost Bankers, Inc.   18,118
894   CVB Financial Corp.   14,912
350   East West Bancorp, Inc.   19,425
1,337   Eastern Bankshares, Inc.   16,873
31   First Citizens BancShares, Inc., Class A   30,166
669   First Financial Bankshares, Inc.   21,341
596   First Interstate BancSystem, Inc., Class A   17,797
1,767   FNB Corp.   20,497
467   Glacier Bancorp, Inc.   19,619
476   Hancock Whitney Corp.   17,326
1,012   Home BancShares, Inc.   21,970
273   Independent Bank Corp.   17,914
2,681   New York Community Bancorp, Inc.   24,236
1,280   Old National Bancorp   18,458
314   Pinnacle Financial Partners, Inc.   17,320
348   Popular, Inc.   19,979
317   Prosperity Bancshares, Inc.   19,502
335   ServisFirst Bancshares, Inc.   18,301
302   SouthState Corp.   21,520
614   Synovus Financial Corp.   18,930
276   UMB Financial Corp.   15,931
Shares   Description   Value
    Banks (Continued)    
569   United Bankshares, Inc.   $20,029
681   United Community Banks, Inc.   19,150
2,039   Valley National Bancorp   18,840
487   Webster Financial Corp.   19,198
387   Western Alliance Bancorp   13,754
273   Wintrust Financial Corp.   19,915
469   Zions Bancorp N.A.   14,037
        668,568
    Beverages – 0.7%    
78   Coca-Cola Consolidated, Inc.   41,736
776   Molson Coors Beverage Co., Class B   40,104
        81,840
    Broadline Retail – 0.9%    
1,588   Kohl’s Corp.   37,381
1,942   Macy’s, Inc.   33,966
2,484   Nordstrom, Inc.   40,415
        111,762
    Building Products – 2.7%    
551   A.O. Smith Corp.   38,101
385   Advanced Drainage Systems, Inc.   32,421
300   Allegion PLC   32,019
460   Armstrong World Industries, Inc.   32,770
552   Fortune Brands Innovations, Inc.   32,419
132   Lennox International, Inc.   33,169
370   Owens Corning   35,446
356   Simpson Manufacturing Co., Inc.   39,032
310   UFP Industries, Inc.   24,636
1,492   Zurn Elkay Water Solutions Corp.   31,869
        331,882
    Capital Markets – 2.7%    
146   Affiliated Managers Group, Inc.   20,793
337   Ares Management Corp., Class A   28,119
357   Cohen & Steers, Inc.   22,834
211   Evercore, Inc., Class A   24,345
265   Houlihan Lokey, Inc.   23,185
319   Interactive Brokers Group, Inc., Class A   26,337
1,282   Invesco, Ltd.   21,025
673   Jefferies Financial Group, Inc.   21,361
664   Lazard Ltd., Class A   21,985
83   MarketAxess Holdings, Inc.   32,477
106   Morningstar, Inc.   21,521
395   SEI Investments Co.   22,732
395   Stifel Financial Corp.   23,341
355   Tradeweb Markets, Inc., Class A   28,052
        338,107
    Chemicals – 2.9%    
228   Ashland, Inc.   23,418
 
See Notes to Financial Statements
Page 37

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals (Continued)    
727   Avient Corp.   $29,923
201   Balchem Corp.   25,422
367   Cabot Corp.   28,127
802   Chemours (The) Co.   24,012
1,350   Element Solutions, Inc.   26,068
440   HB Fuller Co.   30,118
892   Huntsman Corp.   24,405
464   Olin Corp.   25,752
324   RPM International, Inc.   28,266
505   Scotts Miracle-Gro (The) Co.   35,219
337   Sensient Technologies Corp.   25,801
751   Valvoline, Inc.   26,240
        352,771
    Commercial Services &
Supplies – 0.5%
   
219   MSA Safety, Inc.   29,237
217   Tetra Tech, Inc.   31,879
        61,116
    Communications Equipment – 0.6%    
2,181   Juniper Networks, Inc.   75,070
    Construction & Engineering – 1.4%    
371   AECOM   31,283
274   Comfort Systems USA, Inc.   39,993
213   EMCOR Group, Inc.   34,632
1,040   MDU Resources Group, Inc.   31,699
95   Valmont Industries, Inc.   30,331
        167,938
    Construction Materials – 0.3%    
237   Eagle Materials, Inc.   34,780
    Consumer Finance – 0.7%    
943   Ally Financial, Inc.   24,037
265   FirstCash Holdings, Inc.   25,273
692   OneMain Holdings, Inc.   25,659
1,389   SLM Corp.   17,210
        92,179
    Consumer Staples
Distribution & Retail – 0.3%
   
178   Casey’s General Stores, Inc.   38,530
    Containers & Packaging – 2.3%    
287   AptarGroup, Inc.   33,920
522   Berry Global Group, Inc.   30,746
384   Crown Holdings, Inc.   31,761
1,418   Graphic Packaging Holding Co.   36,145
470   Greif, Inc., Class A   29,784
632   Sealed Air Corp.   29,015
609   Silgan Holdings, Inc.   32,685
Shares   Description   Value
    Containers &
Packaging (Continued)
   
520   Sonoco Products Co.   $31,720
896   WestRock Co.   27,301
        283,077
    Diversified Consumer
Services – 0.8%
   
3,478   ADT, Inc.   25,146
1,098   H&R Block, Inc.   38,705
580   Service Corp. International   39,892
        103,743
    Diversified Telecommunication
Services – 0.3%
   
13,352   Lumen Technologies, Inc.   35,383
    Electric Utilities – 1.5%    
419   ALLETE, Inc.   26,971
647   Hawaiian Electric Industries, Inc.   24,845
251   IDACORP, Inc.   27,191
849   NRG Energy, Inc.   29,112
683   OGE Energy Corp.   25,722
356   Pinnacle West Capital Corp.   28,209
552   Portland General Electric Co.   26,987
        189,037
    Electrical Equipment – 1.6%    
190   Acuity Brands, Inc.   34,719
134   Hubbell, Inc.   32,603
263   Regal Rexnord Corp.   37,012
6,765   Vertiv Holdings Co.   96,807
        201,141
    Electronic Equipment,
Instruments & Components – 4.5%
   
2,222   Avnet, Inc.   100,434
670   Cognex Corp.   33,198
1,355   Jabil, Inc.   119,457
143   Littelfuse, Inc.   38,337
2,504   National Instruments Corp.   131,235
976   TD SYNNEX Corp.   94,467
1,632   Vontier Corp.   44,619
        561,747
    Energy Equipment &
Services – 0.7%
   
963   ChampionX Corp.   26,126
563   Helmerich & Payne, Inc.   20,127
1,337   NOV, Inc.   24,748
1,658   Patterson-UTI Energy, Inc.   19,399
        90,400
    Entertainment – 0.3%    
1,145   Warner Music Group Corp., Class A   38,209
 
Page 38
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Financial Services – 1.4%    
802   Equitable Holdings, Inc.   $20,363
593   Essent Group Ltd.   23,750
1,774   MGIC Investment Corp.   23,807
1,209   Radian Group, Inc.   26,719
375   Voya Financial, Inc.   26,797
294   Walker & Dunlop, Inc.   22,394
2,291   Western Union (The) Co.   25,545
        169,375
    Food Products – 1.7%    
1,391   Flowers Foods, Inc.   38,127
408   Ingredion, Inc.   41,506
447   Lamb Weston Holdings, Inc.   46,720
203   Lancaster Colony Corp.   41,185
11   Seaboard Corp.   41,470
        209,008
    Gas Utilities – 1.3%    
427   National Fuel Gas Co.   24,655
545   New Jersey Resources Corp.   28,994
357   ONE Gas, Inc.   28,285
437   Southwest Gas Holdings, Inc.   27,291
393   Spire, Inc.   27,565
729   UGI Corp.   25,340
        162,130
    Ground Transportation – 0.8%    
602   Knight-Swift Transportation Holdings, Inc.   34,061
194   Landstar System, Inc.   34,776
377   Ryder System, Inc.   33,644
        102,481
    Health Care Equipment &
Supplies – 2.2%
   
3,753   DENTSPLY SIRONA, Inc.   147,418
479   Teleflex, Inc.   121,335
        268,753
    Health Care Providers &
Services – 5.6%
   
234   Chemed Corp.   125,833
1,998   Encompass Health Corp.   108,092
1,263   Ensign Group (The), Inc.   120,667
3,416   Premier, Inc., Class A   110,576
4,813   Select Medical Holdings Corp.   124,416
848   Universal Health Services, Inc., Class B   107,781
        697,365
    Hotels, Restaurants &
Leisure – 4.1%
   
970   Aramark   34,726
735   Boyd Gaming Corp.   47,128
356   Choice Hotels International, Inc.   41,720
Shares   Description   Value
    Hotels, Restaurants &
Leisure (Continued)
   
190   Churchill Downs, Inc.   $48,840
298   Marriott Vacations Worldwide Corp.   40,188
487   Papa John’s International, Inc.   36,491
441   Texas Roadhouse, Inc.   47,654
1,102   Travel + Leisure Co.   43,198
168   Vail Resorts, Inc.   39,258
1,772   Wendy’s (The) Co.   38,594
291   Wingstop, Inc.   53,422
562   Wyndham Hotels & Resorts, Inc.   38,132
        509,351
    Household Durables – 2.1%    
1,244   Leggett & Platt, Inc.   39,659
3,065   Newell Brands, Inc.   38,128
881   PulteGroup, Inc.   51,345
1,168   Tempur Sealy International, Inc.   46,124
803   Toll Brothers, Inc.   48,204
283   Whirlpool Corp.   37,362
        260,822
    Household Products – 0.3%    
1,333   Reynolds Consumer Products, Inc.   36,658
    Independent Power &
Renewable Electricity Producers – 0.7%
   
848   Clearway Energy, Inc., Class C   26,568
313   Ormat Technologies, Inc.   26,533
1,165   Vistra Corp.   27,960
        81,061
    Insurance – 3.8%    
505   American Equity Investment Life Holding Co.   18,427
173   American Financial Group, Inc.   21,020
184   Assurant, Inc.   22,093
370   Assured Guaranty Ltd.   18,600
426   Axis Capital Holdings Ltd.   23,226
93   Erie Indemnity Co., Class A   21,544
70   Everest Re Group Ltd.   25,061
613   Fidelity National Financial, Inc.   21,412
441   First American Financial Corp.   24,546
191   Globe Life, Inc.   21,014
171   Hanover Insurance Group (The), Inc.   21,974
88   Kinsale Capital Group, Inc.   26,413
751   Lincoln National Corp.   16,875
955   Old Republic International Corp.   23,846
163   Primerica, Inc.   28,075
162   Reinsurance Group of America, Inc.   21,507
125   RenaissanceRe Holdings Ltd.   25,042
176   RLI Corp.   23,392
 
See Notes to Financial Statements
Page 39

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Insurance (Continued)    
260   Selective Insurance Group, Inc.   $24,786
562   Unum Group   22,233
16   White Mountains Insurance Group Ltd.   22,040
        473,126
    Leisure Products – 1.3%    
944   Acushnet Holdings Corp.   48,088
438   Brunswick Corp.   35,916
657   Hasbro, Inc.   35,274
397   Polaris, Inc.   43,920
        163,198
    Life Sciences Tools &
Services – 1.1%
   
1,748   Bruker Corp.   137,812
    Machinery – 4.4%    
227   AGCO Corp.   30,690
758   Allison Transmission Holdings, Inc.   34,292
314   Crane Holdings Co.   35,639
536   Donaldson Co., Inc.   35,022
1,028   Flowserve Corp.   34,952
396   Franklin Electric Co., Inc.   37,263
469   Graco, Inc.   34,242
389   ITT, Inc.   33,571
345   John Bean Technologies Corp.   37,705
218   Lincoln Electric Holdings, Inc.   36,864
416   Mueller Industries, Inc.   30,568
358   Oshkosh Corp.   29,778
138   Snap-on, Inc.   34,071
347   Timken (The) Co.   28,357
279   Toro (The) Co.   31,014
216   Watts Water Technologies, Inc., Class A   36,357
        540,385
    Marine Transportation – 0.2%    
505   Matson, Inc.   30,133
    Media – 1.9%    
98   Cable One, Inc.   68,796
1,204   Interpublic Group of (The) Cos., Inc.   44,837
1,235   New York Times (The) Co., Class A   48,017
2,203   News Corp., Class A   38,046
229   Nexstar Media Group, Inc.   39,539
        239,235
    Metals & Mining – 1.1%    
540   Alcoa Corp.   22,982
508   Commercial Metals Co.   24,841
121   Reliance Steel & Aluminum Co.   31,066
218   Royal Gold, Inc.   28,277
Shares   Description   Value
    Metals & Mining (Continued)    
980   United States Steel Corp.   $25,578
        132,744
    Multi-Utilities – 0.4%    
385   Black Hills Corp.   24,293
987   NiSource, Inc.   27,597
        51,890
    Oil, Gas & Consumable Fuels – 3.3%    
2,588   Antero Midstream Corp.   27,148
641   California Resources Corp.   24,679
296   Chesapeake Energy Corp.   22,508
204   Chord Energy Corp.   27,458
482   Civitas Resources, Inc.   32,940
2,037   Comstock Resources, Inc.   21,979
505   DT Midstream, Inc.   24,932
527   Enviva Inc.   15,220
538   HF Sinclair Corp.   26,028
1,191   Magnolia Oil & Gas Corp., Class A   26,059
488   Matador Resources, Co.   23,253
648   Murphy Oil Corp.   23,963
685   PBF Energy, Inc., Class A   29,702
440   PDC Energy, Inc.   28,239
1,116   Range Resources Corp.   29,541
802   SM Energy Co.   22,584
        406,233
    Paper & Forest Products – 0.2%    
533   Louisiana-Pacific Corp.   28,894
    Pharmaceuticals – 2.7%    
4,278   Organon & Co.   100,619
3,505   Perrigo Co. PLC   125,724
10,737   Viatris, Inc.   103,290
        329,633
    Professional Services – 5.0%    
694   Concentrix Corp.   84,356
7,538   Dun & Bradstreet Holdings, Inc.   88,496
318   Exponent, Inc.   31,701
681   Genpact Ltd.   31,476
278   Insperity, Inc.   33,791
1,750   KBR, Inc.   96,338
623   Korn Ferry   32,234
379   ManpowerGroup, Inc.   31,279
430   Maximus, Inc.   33,841
427   Robert Half International, Inc.   34,403
833   Science Applications International Corp.   89,514
715   TTEC Holdings, Inc.   26,619
        614,048
 
Page 40
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Semiconductors &
Semiconductor Equipment – 3.0%
   
3,854   Amkor Technology, Inc.   $100,281
372   MKS Instruments, Inc.   32,967
1,288   Power Integrations, Inc.   109,016
855   Universal Display Corp.   132,636
        374,900
    Software – 1.8%    
2,500   Bentley Systems, Inc., Class B   107,475
1,310   Dolby Laboratories, Inc., Class A   111,900
        219,375
    Specialty Retail – 3.0%    
763   Academy Sports & Outdoors, Inc.   49,786
273   Advance Auto Parts, Inc.   33,200
951   Bath & Body Works, Inc.   34,788
333   Dick’s Sporting Goods, Inc.   47,249
3,554   Gap (The), Inc.   35,682
196   Lithia Motors, Inc.   44,870
143   Murphy USA, Inc.   36,901
349   Penske Automotive Group, Inc.   49,492
349   Williams-Sonoma, Inc.   42,459
        374,427
    Technology Hardware,
Storage & Peripherals – 0.7%
   
2,298   Dell Technologies, Inc., Class C   92,403
    Textiles, Apparel & Luxury
Goods – 1.7%
   
458   Columbia Sportswear Co.   41,330
6,304   Hanesbrands, Inc.   33,159
568   PVH Corp.   50,643
379   Ralph Lauren Corp.   44,218
1,053   Tapestry, Inc.   45,395
        214,745
    Trading Companies &
Distributors – 1.9%
   
821   Air Lease Corp.   32,323
250   Applied Industrial Technologies, Inc.   35,532
297   GATX Corp.   32,676
240   Herc Holdings, Inc.   27,336
386   MSC Industrial Direct Co., Inc., Class A   32,424
459   Triton International Ltd.   29,018
126   Watsco, Inc.   40,088
        229,397
    Total Common Stocks   11,461,626
    (Cost $11,819,403)    
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS – 7.4%
    Diversified REITs – 0.2%    
1,382   Broadstone Net Lease, Inc.   $23,508
    Health Care REITs – 0.8%    
1,164   Healthcare Realty Trust, Inc.   22,500
2,014   Medical Properties Trust, Inc.   16,555
803   Omega Healthcare Investors, Inc.   22,010
1,550   Physicians Realty Trust   23,141
1,805   Sabra Health Care REIT, Inc.   20,758
        104,964
    Hotel & Resort REITs – 0.6%    
1,422   Apple Hospitality REIT, Inc.   22,070
1,903   Park Hotels & Resorts, Inc.   23,521
274   Ryman Hospitality Properties, Inc.   24,586
        70,177
    Industrial REITs – 1.2%    
791   Americold Realty Trust   22,504
152   EastGroup Properties, Inc.   25,129
465   First Industrial Realty Trust, Inc.   24,738
411   Rexford Industrial Realty, Inc.   24,516
693   STAG Industrial, Inc.   23,437
394   Terreno Realty Corp.   25,452
        145,776
    Mortgage Real Estate
Investment Trusts – 0.9%
   
2,228   AGNC Investment Corp.   22,458
1,094   Annaly Capital Management, Inc.   20,906
1,089   Blackstone Mortgage Trust, Inc., Class A   19,439
2,822   Rithm Capital Corp.   22,576
1,258   Starwood Property Trust, Inc.   22,254
        107,633
    Office REITs – 0.7%    
886   Cousins Properties, Inc.   18,943
1,431   Douglas Emmett, Inc.   17,644
802   Highwoods Properties, Inc.   18,598
579   Kilroy Realty Corp.   18,760
1,078   Vornado Realty Trust   16,569
        90,514
    Other Specialized REITs – 0.4%    
595   EPR Properties   22,669
238   Lamar Advertising Co., Class A   23,774
        46,443
    Residential REITs – 0.4%    
653   Apartment Income REIT Corp.   23,384
1,328   Independence Realty Trust, Inc.   21,288
        44,672
 
See Notes to Financial Statements
Page 41

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Retail REITs – 1.2%    
316   Agree Realty Corp.   $21,681
990   Brixmor Property Group, Inc.   21,305
1,066   Kite Realty Group Trust   22,301
490   National Retail Properties, Inc.   21,633
705   Phillips Edison & Co, Inc.   22,997
359   Regency Centers Corp.   21,964
562   Spirit Realty Capital, Inc.   22,390
        154,271
    Self-Storage REITs – 0.2%    
228   Life Storage, Inc.   29,888
    Specialized REITs – 0.8%    
557   CubeSmart   25,745
621   National Storage Affiliates Trust   25,945
510   PotlatchDeltic Corp.   25,245
680   Rayonier, Inc.   22,617
        99,552
    Total Real Estate Investment Trusts   917,398
    (Cost $1,125,366)    
    Total Investments – 99.9%   12,379,024
    (Cost $12,944,769)    
    Net Other Assets and Liabilities – 0.1%   17,854
    Net Assets – 100.0%   $12,396,878

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $11,461,626 $11,461,626 $ $
Real Estate Investment Trusts* 917,398 917,398
Total Investments $12,379,024 $12,379,024 $ $
    
* See Portfolio of Investments for industry breakout.
Page 42
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS – 92.3%
    Aerospace & Defense – 0.4%    
972   Moog, Inc., Class A   $97,929
    Air Freight & Logistics – 0.3%    
814   Forward Air Corp.   87,717
    Automobile Components – 0.7%    
6,280   Dana, Inc.   94,514
1,408   Patrick Industries, Inc.   96,884
        191,398
    Automobiles – 0.4%    
1,803   Winnebago Industries, Inc.   104,033
    Banks – 8.2%    
945   1st Source Corp.   40,777
1,064   Ameris Bancorp   38,921
2,172   Associated Banc-Corp.   39,052
1,427   Atlantic Union Bankshares Corp.   50,016
647   Bank of Hawaii Corp.   33,696
1,477   BankUnited, Inc.   33,351
794   Banner Corp.   43,170
1,678   Berkshire Hills Bancorp, Inc.   42,051
5,799   Capitol Federal Financial, Inc.   39,027
1,230   Cathay General Bancorp   42,460
539   City Holding Co.   48,984
1,665   Columbia Banking System, Inc.   35,664
1,576   Dime Community Bancshares, Inc.   35,807
1,138   Eagle Bancorp, Inc.   38,089
1,025   Enterprise Financial Services Corp.   45,705
1,388   FB Financial Corp.   43,139
1,171   First Bancorp   41,594
3,944   First BanCorp   45,040
2,029   First Busey Corp.   41,270
3,591   First Commonwealth Financial Corp.   44,636
2,070   First Financial Bancorp   45,064
3,500   First Foundation, Inc.   26,075
1,926   First Hawaiian, Inc.   39,733
1,220   First Merchants Corp.   40,199
2,981   Fulton Financial Corp.   41,197
1,076   Heartland Financial USA, Inc.   41,275
1,672   Hilltop Holdings, Inc.   49,608
3,916   Hope Bancorp, Inc.   38,455
835   Independent Bank Group, Inc.   38,702
1,096   International Bancshares Corp.   46,931
687   Lakeland Financial Corp.   43,034
1,661   Live Oak Bancshares, Inc.   40,479
1,192   National Bank Holdings Corp., Class A   39,884
1,155   NBT Bancorp, Inc.   38,935
3,588   Northwest Bancshares, Inc.   43,164
2,361   OceanFirst Financial Corp.   43,631
1,820   OFG Bancorp   45,391
Shares   Description   Value
    Banks (Continued)    
1,589   Pacific Premier Bancorp, Inc.   $38,168
2,186   PacWest Bancorp   21,270
356   Park National Corp.   42,211
2,348   Provident Financial Services, Inc.   45,035
1,334   Renasant Corp.   40,794
1,468   S&T Bancorp, Inc.   46,169
1,424   Sandy Spring Bancorp, Inc.   36,995
1,608   Seacoast Banking Corp. of Florida   38,110
2,324   Simmons First National Corp., Class A   40,647
1,394   Southside Bancshares, Inc.   46,281
772   Stock Yards Bancorp, Inc.   42,568
1,627   Towne Bank   43,359
984   TriCo Bancshares   40,924
1,437   Trustmark Corp.   35,494
1,786   Veritex Holdings, Inc.   32,612
1,495   Washington Federal, Inc.   45,029
1,356   WesBanco, Inc.   41,629
850   Westamerica BanCorp   37,655
1,106   WSFS Financial Corp.   41,597
        2,280,753
    Beverages – 0.2%    
669   MGP Ingredients, Inc.   64,706
    Broadline Retail – 0.3%    
294   Dillard’s, Inc., Class A   90,458
    Building Products – 1.0%    
1,133   AAON, Inc.   109,550
736   CSW Industrials, Inc.   102,252
2,384   Griffon Corp.   76,312
        288,114
    Capital Markets – 2.5%    
1,689   Artisan Partners Asset Management, Inc., Class A   54,014
1,467   B. Riley Financial, Inc. (a)   41,648
13,306   BGC Partners, Inc., Class A   69,590
1,381   Federated Hermes, Inc.   55,433
785   Hamilton Lane, Inc., Class A   58,074
1,307   Moelis & Co., Class A   50,241
385   Piper Sandler Cos.   53,365
681   PJT Partners, Inc., Class A   49,162
1,992   StepStone Group, Inc., Class A   48,346
1,802   TPG, Inc.   52,853
1,870   Victory Capital Holdings, Inc., Class A   54,735
2,458   Virtu Financial, Inc., Class A   46,456
262   Virtus Investment Partners, Inc.   49,882
        683,799
    Chemicals – 1.5%    
519   Innospec, Inc.   53,286
2,557   Mativ Holdings, Inc.   54,899
 
See Notes to Financial Statements
Page 43

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals (Continued)    
880   Minerals Technologies, Inc.   $53,170
172   NewMarket Corp.   62,776
320   Quaker Chemical Corp.   63,344
502   Stepan Co.   51,721
3,757   Trinseo PLC   78,333
        417,529
    Commercial Services &
Supplies – 2.0%
   
1,921   ABM Industries, Inc.   86,330
1,812   Brady Corp., Class A   97,359
1,589   Brink’s (The) Co.   106,145
3,342   HNI Corp.   93,041
4,523   MillerKnoll, Inc.   92,495
442   UniFirst Corp.   77,894
        553,264
    Communications Equipment – 0.4%    
7,310   ADTRAN Holdings, Inc.   115,937
    Construction & Engineering – 1.2%    
2,067   Arcosa, Inc.   130,448
2,433   Granite Construction, Inc.   99,948
3,889   Primoris Services Corp.   95,903
        326,299
    Consumer Finance – 0.6%    
2,266   Bread Financial Holdings, Inc.   68,705
3,049   Navient Corp.   48,754
553   Nelnet, Inc., Class A   50,815
        168,274
    Consumer Staples
Distribution & Retail – 1.2%
   
2,033   Andersons (The), Inc.   84,004
737   Ingles Markets, Inc., Class A   65,372
1,563   PriceSmart, Inc.   111,723
864   Weis Markets, Inc.   73,155
        334,254
    Containers & Packaging – 0.5%    
7,512   Pactiv Evergreen, Inc.   60,096
3,076   TriMas Corp.   85,697
        145,793
    Diversified Consumer
Services – 0.7%
   
157   Graham Holdings Co., Class B   93,547
1,213   Strategic Education, Inc.   108,964
        202,511
    Diversified REITs – 0.1%    
1,005   Star Holdings   17,477
Shares   Description   Value
    Diversified Telecommunication
Services – 0.5%
   
2,406   Cogent Communications Holdings, Inc.   $153,310
    Electric Utilities – 0.6%    
880   MGE Energy, Inc.   68,350
1,453   Otter Tail Corp.   105,008
        173,358
    Electrical Equipment – 1.0%    
620   Encore Wire Corp.   114,905
1,156   EnerSys   100,433
11,225   GrafTech International Ltd.   54,553
        269,891
    Electronic Equipment,
Instruments & Components – 5.6%
   
3,569   Advanced Energy Industries, Inc.   349,762
783   Badger Meter, Inc.   95,385
1,187   Belden, Inc.   102,996
7,765   CTS Corp.   384,057
6,899   Methode Electronics, Inc.   302,728
14,192   Vishay Intertechnology, Inc.   321,023
        1,555,951
    Energy Equipment &
Services – 1.4%
   
12,511   Archrock, Inc.   122,232
2,235   Cactus, Inc., Class A   92,149
7,017   Liberty Energy, Inc.   89,888
12,637   RPC, Inc.   97,179
        401,448
    Entertainment – 0.5%    
1,387   World Wrestling Entertainment, Inc., Class A   126,578
    Financial Services – 0.9%    
2,752   Compass Diversified Holdings   52,508
2,635   EVERTEC, Inc.   88,931
1,442   Jackson Financial, Inc., Class A   53,945
885   PennyMac Financial Services, Inc.   52,755
        248,139
    Food Products – 1.7%    
6,379   B&G Foods, Inc.   99,066
1,306   Cal-Maine Foods, Inc.   79,522
2,716   Fresh Del Monte Produce, Inc.   81,779
475   J&J Snack Foods Corp.   70,405
1,721   Tootsie Roll Industries, Inc.   77,290
4,485   Utz Brands, Inc.   73,868
        481,930
    Gas Utilities – 0.5%    
524   Chesapeake Utilities Corp.   67,067
 
Page 44
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Gas Utilities (Continued)    
1,302   Northwest Natural Holding Co.   $61,923
        128,990
    Ground Transportation – 1.7%    
1,218   ArcBest Corp.   112,568
5,563   Heartland Express, Inc.   88,563
4,314   Marten Transport Ltd.   90,378
3,647   Schneider National, Inc., Class B   97,557
2,120   Werner Enterprises, Inc.   96,439
        485,505
    Health Care Equipment &
Supplies – 8.5%
   
1,242   Atrion Corp.   779,864
7,841   CONMED Corp.   814,366
27,482   Embecta Corp.   772,794
        2,367,024
    Health Care Providers &
Services – 5.4%
   
24,795   Patterson Cos., Inc.   663,762
8,577   U.S. Physical Therapy, Inc.   839,774
        1,503,536
    Health Care Technology – 1.3%    
8,371   Simulations Plus, Inc.   367,822
    Hotels, Restaurants &
Leisure – 2.9%
   
4,723   Bloomin’ Brands, Inc.   121,145
2,996   Cheesecake Factory (The), Inc.   105,010
1,003   Cracker Barrel Old Country Store, Inc.   113,941
1,471   Dine Brands Global, Inc.   99,498
1,393   Jack in the Box, Inc.   122,013
9,207   Krispy Kreme, Inc.   143,169
2,375   Red Rock Resorts, Inc., Class A   105,853
        810,629
    Household Durables – 2.1%    
1,900   Century Communities, Inc.   121,448
997   Installed Building Products, Inc.   113,688
2,983   KB Home   119,857
4,164   La-Z-Boy, Inc.   121,089
3,007   MDC Holdings, Inc.   116,882
        592,964
    Household Products – 0.8%    
2,120   Energizer Holdings, Inc.   73,564
1,168   Spectrum Brands Holdings, Inc.   77,345
441   WD-40 Co.   78,520
        229,429
    Insurance – 1.2%    
2,195   CNO Financial Group, Inc.   48,707
Shares   Description   Value
    Insurance (Continued)    
1,342   Horace Mann Educators Corp.   $44,930
1,020   Kemper Corp.   55,753
1,467   Mercury General Corp.   46,563
2,871   ProAssurance Corp.   53,056
595   Safety Insurance Group, Inc.   44,339
1,174   Stewart Information Services Corp.   47,371
        340,719
    Interactive Media & Services – 1.5%    
5,806   Shutterstock, Inc.   421,516
    Machinery – 5.7%    
603   Alamo Group, Inc.   111,048
866   Albany International Corp., Class A   77,386
2,089   Barnes Group, Inc.   84,145
3,353   Enerpac Tool Group Corp.   85,501
785   EnPro Industries, Inc.   81,554
1,819   Esab Corp.   107,448
975   ESCO Technologies, Inc.   93,064
1,836   Federal Signal Corp.   99,529
1,567   Helios Technologies, Inc.   102,482
2,000   Hillenbrand, Inc.   95,060
480   Kadant, Inc.   100,090
3,547   Kennametal, Inc.   97,826
524   Lindsay Corp.   79,192
7,931   Mueller Water Products, Inc., Class A   110,558
1,386   Tennant Co.   94,983
1,997   Terex Corp.   96,615
2,886   Trinity Industries, Inc.   70,303
        1,586,784
    Media – 0.9%    
8,491   Gray Television, Inc.   74,042
2,372   John Wiley & Sons, Inc., Class A   91,962
2,408   Scholastic Corp.   82,402
        248,406
    Metals & Mining – 2.2%    
767   Alpha Metallurgical Resources, Inc.   119,652
1,446   Carpenter Technology Corp.   64,723
1,303   Compass Minerals International, Inc.   44,680
9,610   Hecla Mining Co.   60,831
703   Kaiser Aluminum Corp.   52,465
611   Materion Corp.   70,876
3,243   Warrior Met Coal, Inc.   119,050
1,075   Worthington Industries, Inc.   69,499
        601,776
 
See Notes to Financial Statements
Page 45

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Mortgage Real Estate
Investment Trusts – 0.1%
   
3,410   Claros Mortgage Trust, Inc.   $39,727
    Multi-Utilities – 0.4%    
1,398   Avista Corp.   59,345
1,044   NorthWestern Corp.   60,406
        119,751
    Oil, Gas & Consumable Fuels – 3.8%    
787   Arch Resources, Inc.   103,459
1,728   CONSOL Energy, Inc.   100,691
3,585   CVR Energy, Inc.   117,516
4,161   Delek US Holdings, Inc.   95,495
16,768   Equitrans Midstream Corp.   96,919
2,305   International Seaways, Inc.   96,072
3,396   Kinetik Holdings, Inc.   106,295
3,645   Northern Oil and Gas, Inc.   110,626
11,952   Permian Resources Corp.   125,496
4,111   World Fuel Services Corp.   105,036
        1,057,605
    Paper & Forest Products – 0.2%    
1,100   Sylvamo Corp.   50,886
    Personal Care Products – 1.3%    
1,846   Edgewell Personal Care Co.   78,307
984   Inter Parfums, Inc.   139,964
617   Medifast, Inc.   63,965
1,687   Nu Skin Enterprises, Inc., Class A   66,316
        348,552
    Professional Services – 1.7%    
5,352   CSG Systems International, Inc.   287,402
862   ICF International, Inc.   94,561
1,556   Kforce, Inc.   98,402
        480,365
    Real Estate Management &
Development – 0.9%
   
3,764   DigitalBridge Group, Inc.   45,130
3,716   eXp World Holdings, Inc.   47,156
2,618   Kennedy-Wilson Holdings, Inc.   43,433
1,195   Marcus & Millichap, Inc.   38,371
5,167   Newmark Group, Inc., Class A   36,582
1,065   St. Joe (The) Co.   44,315
        254,987
    Software – 4.6%    
32,290   Adeia, Inc.   286,090
2,776   InterDigital, Inc.   202,370
8,940   Pegasystems, Inc.   433,411
6,068   Progress Software Corp.   348,607
        1,270,478
Shares   Description   Value
    Specialty Retail – 2.9%    
6,807   American Eagle Outfitters, Inc.   $91,486
2,095   Buckle (The), Inc.   74,771
2,514   Foot Locker, Inc.   99,781
3,989   Franchise Group, Inc.   108,700
527   Group 1 Automotive, Inc.   119,323
2,102   Monro, Inc.   103,902
4,214   Rent-A-Center, Inc.   103,285
1,397   Signet Jewelers Ltd.   108,659
        809,907
    Technology Hardware,
Storage & Peripherals – 1.2%
   
20,967   Xerox Holdings Corp.   322,892
    Textiles, Apparel & Luxury
Goods – 2.4%
   
1,274   Carter’s, Inc.   91,626
2,376   Kontoor Brands, Inc.   114,974
6,122   Levi Strauss & Co., Class A   111,604
1,020   Oxford Industries, Inc.   107,702
2,973   Steven Madden Ltd.   107,028
8,693   Wolverine World Wide, Inc.   148,216
        681,150
    Tobacco – 0.5%    
1,347   Universal Corp.   71,243
5,997   Vector Group Ltd.   72,024
        143,267
    Trading Companies &
Distributors – 1.8%
   
778   Boise Cascade Co.   49,209
4,038   Global Industrial Co.   108,380
1,880   H&E Equipment Services, Inc.   83,152
864   McGrath RentCorp   80,620
1,817   Rush Enterprises, Inc., Class A   99,208
701   Veritiv Corp   94,733
        515,302
    Water Utilities – 0.9%    
670   American States Water Co.   59,556
1,022   California Water Service Group   59,480
788   Middlesex Water Co.   61,559
763   SJW Group   58,087
        238,682
    Wireless Telecommunication
Services – 0.5%
   
13,095   Telephone and Data Systems, Inc.   137,628
    Total Common Stocks   25,737,129
    (Cost $25,426,169)    
REAL ESTATE INVESTMENT TRUSTS – 7.3%
    Diversified REITs – 0.7%    
2,199   Alexander & Baldwin, Inc.   41,583
 
Page 46
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Diversified REITs (Continued)    
1,554   American Assets Trust, Inc.   $28,889
6,110   Empire State Realty Trust, Inc., Class A   39,654
1,755   Essential Properties Realty Trust, Inc.   43,612
3,276   Global Net Lease, Inc.   42,129
        195,867
    Health Care REITs – 0.5%    
2,216   CareTrust REIT, Inc.   43,389
1,159   LTC Properties, Inc.   40,716
789   National Health Investors, Inc.   40,697
        124,802
    Hotel & Resort REITs – 0.8%    
5,028   DiamondRock Hospitality Co.   40,878
3,075   Pebblebrook Hotel Trust   43,173
3,888   RLJ Lodging Trust   41,213
4,263   Sunstone Hotel Investors, Inc.   42,118
3,124   Xenia Hotels & Resorts, Inc.   40,893
        208,275
    Industrial REITs – 0.3%    
406   Innovative Industrial Properties, Inc.   30,852
4,110   LXP Industrial Trust   42,374
        73,226
    Mortgage Real Estate
Investment Trusts – 1.8%
   
4,662   Apollo Commercial Real Estate Finance, Inc.   43,403
3,803   Arbor Realty Trust, Inc.   43,696
9,120   Chimera Investment Corp.   51,437
3,889   Franklin BSP Realty Trust, Inc.   46,396
1,421   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   40,641
3,593   KKR Real Estate Finance Trust, Inc.   40,924
4,996   Ladder Capital Corp.   47,212
5,093   MFA Financial, Inc.   50,523
4,898   New York Mortgage Trust, Inc.   48,784
4,049   PennyMac Mortgage Investment Trust   49,924
3,181   Two Harbors Investment Corp.   46,793
        509,733
    Office REITs – 0.9%    
6,696   Brandywine Realty Trust   31,672
1,587   Corporate Office Properties Trust   37,628
2,886   Easterly Government Properties, Inc.   39,654
4,232   Hudson Pacific Properties, Inc.   28,143
2,170   JBG SMITH Properties   32,680
6,932   Paramount Group, Inc.   31,610
Shares   Description   Value
    Office REITs (Continued)    
4,491   Piedmont Office Realty Trust, Inc., Class A   $32,784
1,221   SL Green Realty Corp.   28,718
        262,889
    Residential REITs – 0.4%    
702   Centerspace   38,350
2,313   Elme Communities   41,310
946   NexPoint Residential Trust, Inc.   41,312
        120,972
    Retail REITs – 1.4%    
2,870   Acadia Realty Trust   40,037
187   Alexander’s, Inc.   36,231
1,216   Getty Realty Corp.   43,813
1,740   InvenTrust Properties Corp.   40,716
3,657   Macerich (The) Co.   38,764
2,740   Retail Opportunity Investments Corp.   38,250
1,012   Saul Centers, Inc.   39,468
3,015   SITE Centers Corp.   37,024
2,295   Tanger Factory Outlet Centers, Inc.   45,051
2,923   Urban Edge Properties   44,020
        403,374
    Specialized REITs – 0.5%    
1,588   Four Corners Property Trust, Inc.   42,654
2,484   Outfront Media, Inc.   40,315
1,051   Safehold, Inc.   30,868
7,446   Uniti Group, Inc.   26,433
        140,270
    Total Real Estate Investment Trusts   2,039,408
    (Cost $2,639,506)    
COMMON STOCKS – BUSINESS DEVELOPMENT
COMPANIES - 0.2%
    Capital Markets – 0.2%    
3,812   Golub Capital BDC, Inc.   51,691
    (Cost $57,216)    
MONEY MARKET FUNDS – 0.1%
34,796   Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class - 4.69% (b) (c)   34,796
    (Cost $34,796)    
 
See Notes to Financial Statements
Page 47

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2023
Principal
Value
  Description   Value
REPURCHASE AGREEMENTS – 0.0%
$5,601   BNP Paribas S.A., 4.74% (b), dated 3/31/23, due 4/3/23, with a maturity value of $5,602. Collateralized by U.S. Treasury Notes, interest rates of 1.50% to 2.13%, due 5/15/25 to 11/30/28. The value of the collateral including accrued interest is $5,731. (c)   $5,601
    (Cost $5,601)    
    Total Investments – 99.9%   27,868,625
    (Cost $28,163,288)    
    Net Other Assets and Liabilities – 0.1%   17,973
    Net Assets – 100.0%   $27,886,598
    
(a) All or a portion of this security is on loan (see Note 2E - Securities Lending in the Notes to Financial Statements). The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. The aggregate value of such securities is $39,547 and the total value of the collateral held by the Fund is $40,397.
(b) Rate shown reflects yield as of March 31, 2023.
(c) This security serves as collateral for securities on loan.

Offsetting Assets and Liabilities

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2D – Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement  
Total gross amount presented on the Statements of Assets and Liabilities (1) $39,547
Non-cash Collateral (2) (39,547)
Net Amount $
    
(1) The amount presented on the Statement of Assets and Liabilities, which is included in “Investments, at value,” is not offset and is shown on a gross basis.
(2) At March 31, 2023, the value of collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Repurchase Agreements  
Total gross amount presented on the Statements of Assets and Liabilities (3) $5,601
Non-cash Collateral (4) (5,601)
Net Amount $
    
(3) The amount is included in “Investments, at value” on the Statements of Assets and Liabilities.
(4) At March 31, 2023, the value of the collateral received from each seller exceeded the value of the repurchase agreements.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $25,737,129 $25,737,129 $ $
Real Estate Investment Trusts* 2,039,408 2,039,408
Common Stocks - Business Development Companies* 51,691 51,691
Money Market Funds 34,796 34,796
Repurchase Agreements 5,601 5,601
Total Investments $27,868,625 $27,863,024 $5,601 $
    
* See Portfolio of Investments for industry breakout.
 
Page 48
See Notes to Financial Statements

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments
March 31, 2023
Shares   Description   Value
COMMON STOCKS – 96.9%
    Aerospace & Defense – 1.5%    
372   General Dynamics Corp.   $84,894
476   L3Harris Technologies, Inc.   93,410
222   Lockheed Martin Corp.   104,946
977   Raytheon Technologies Corp.   95,678
        378,928
    Air Freight & Logistics – 1.8%    
1,243   CH Robinson Worldwide, Inc.   123,517
646   FedEx Corp.   147,604
928   United Parcel Service, Inc., Class B   180,023
        451,144
    Automobiles – 1.3%    
25,424   Ford Motor Co.   320,342
    Banks – 3.7%    
1,813   Bank of America Corp.   51,852
2,305   Citigroup, Inc.   108,081
2,416   Citizens Financial Group, Inc.   73,374
2,706   Fifth Third Bancorp   72,088
7,210   Huntington Bancshares, Inc.   80,752
515   JPMorgan Chase & Co.   67,110
6,018   KeyCorp   75,345
527   M&T Bank Corp.   63,013
533   PNC Financial Services Group (The), Inc.   67,744
3,680   Regions Financial Corp.   68,301
2,497   Truist Financial Corp.   85,148
2,285   US Bancorp   82,374
1,492   Wells Fargo & Co.   55,771
        950,953
    Beverages – 0.6%    
985   Coca-Cola (The) Co.   61,099
1,357   Keurig Dr. Pepper, Inc.   47,875
313   PepsiCo, Inc.   57,060
        166,034
    Biotechnology – 4.9%    
2,833   AbbVie, Inc.   451,495
1,476   Amgen, Inc.   356,823
5,199   Gilead Sciences, Inc.   431,361
        1,239,679
    Broadline Retail – 0.6%    
3,350   eBay, Inc.   148,639
    Building Products – 0.8%    
1,576   Johnson Controls International PLC   94,907
2,371   Masco Corp.   117,886
        212,793
Shares   Description   Value
    Capital Markets – 3.8%    
1,584   Bank of New York Mellon (The) Corp.   $71,977
90   BlackRock, Inc.   60,221
2,075   Blackstone, Inc.   182,268
3,181   Carlyle Group (The), Inc.   98,802
327   CME Group, Inc.   62,627
3,887   Franklin Resources, Inc.   104,716
177   Goldman Sachs Group (The), Inc.   57,899
943   Morgan Stanley   82,795
857   Northern Trust Corp.   75,527
922   State Street Corp.   69,786
933   T. Rowe Price Group, Inc.   105,336
        971,954
    Chemicals – 1.7%    
64   Air Products and Chemicals, Inc.   18,381
246   Celanese Corp.   26,787
194   CF Industries Holdings, Inc.   14,063
1,030   Dow, Inc.   56,465
1,292   DuPont de Nemours, Inc.   92,727
434   Eastman Chemical Co.   36,603
130   FMC Corp.   15,877
273   International Flavors & Fragrances, Inc.   25,105
637   LyondellBasell Industries N.V., Class A   59,808
705   PPG Industries, Inc.   94,174
        439,990
    Communications Equipment – 0.5%    
2,384   Cisco Systems, Inc.   124,624
    Consumer Finance – 1.1%    
1,280   Capital One Financial Corp.   123,085
556   Discover Financial Services   54,955
3,842   Synchrony Financial   111,725
        289,765
    Consumer Staples
Distribution & Retail – 1.6%
   
1,070   Kroger (The) Co.   52,826
743   Sysco Corp.   57,382
1,167   Target Corp.   193,290
3,106   Walgreens Boots Alliance, Inc.   107,405
        410,903
    Containers & Packaging – 0.9%    
1,442   International Paper Co.   51,998
1,338   Packaging Corp. of America   185,755
        237,753
    Distributors – 1.0%    
778   Genuine Parts Co.   130,167
 
See Notes to Financial Statements
Page 49

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Distributors (Continued)    
2,352   LKQ Corp.   $133,500
        263,667
    Diversified Telecommunication
Services – 1.9%
   
12,955   AT&T, Inc.   249,384
5,940   Verizon Communications, Inc.   231,006
        480,390
    Electric Utilities – 1.7%    
584   Alliant Energy Corp.   31,186
364   American Electric Power Co., Inc.   33,120
391   Duke Energy Corp.   37,720
727   Edison International   51,319
336   Entergy Corp.   36,201
610   Evergy, Inc.   37,283
376   Eversource Energy   29,426
752   Exelon Corp.   31,501
920   FirstEnergy Corp.   36,855
253   NextEra Energy, Inc.   19,501
1,067   PPL Corp.   29,652
550   Southern (The) Co.   38,269
413   Xcel Energy, Inc.   27,853
        439,886
    Electrical Equipment – 1.1%    
607   Eaton Corp. PLC   104,004
1,031   Emerson Electric Co.   89,841
316   Rockwell Automation, Inc.   92,730
        286,575
    Electronic Equipment,
Instruments & Components – 2.9%
   
13,064   Corning, Inc.   460,898
2,041   TE Connectivity Ltd.   267,677
        728,575
    Energy Equipment &
Services – 0.2%
   
1,480   Baker Hughes Co.   42,713
    Financial Services – 0.6%    
908   Apollo Global Management, Inc.   57,349
1,883   Fidelity National Information Services, Inc.   102,304
        159,653
    Food Products – 2.6%    
523   Bunge Ltd.   49,957
1,040   Campbell Soup Co.   57,179
1,942   Conagra Brands, Inc.   72,942
676   General Mills, Inc.   57,771
1,134   Hormel Foods Corp.   45,224
362   J.M. Smucker (The) Co.   56,968
Shares   Description   Value
    Food Products (Continued)    
1,044   Kellogg Co.   $69,906
2,185   Kraft Heinz (The) Co.   84,494
496   McCormick & Co., Inc.   41,272
749   Mondelez International, Inc., Class A   52,220
1,086   Tyson Foods, Inc., Class A   64,422
        652,355
    Gas Utilities – 0.1%    
230   Atmos Energy Corp.   25,843
    Ground Transportation – 0.7%    
377   Norfolk Southern Corp.   79,924
546   Union Pacific Corp.   109,888
        189,812
    Health Care Equipment &
Supplies – 2.8%
   
5,809   Baxter International, Inc.   235,613
5,800   Medtronic PLC   467,596
        703,209
    Health Care Providers &
Services – 1.5%
   
4,393   Cardinal Health, Inc.   331,671
574   CVS Health Corp.   42,654
        374,325
    Hotels, Restaurants &
Leisure – 2.6%
   
1,581   Darden Restaurants, Inc.   245,308
534   McDonald’s Corp.   149,311
1,331   Starbucks Corp.   138,597
910   Yum! Brands, Inc.   120,193
        653,409
    Household Durables – 0.9%    
2,198   Garmin Ltd.   221,822
    Household Products – 1.0%    
538   Clorox (The) Co.   85,133
678   Colgate-Palmolive Co.   50,952
570   Kimberly-Clark Corp.   76,505
356   Procter & Gamble (The) Co.   52,934
        265,524
    Independent Power &
Renewable Electricity Producers – 0.1%
   
795   AES (The) Corp.   19,144
    Industrial Conglomerates – 1.1%    
1,910   3M Co.   200,760
398   Honeywell International, Inc.   76,066
        276,826
 
Page 50
See Notes to Financial Statements

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Insurance – 1.9%    
715   Aflac, Inc.   $46,132
428   Allstate (The) Corp.   47,427
740   American International Group, Inc.   37,266
609   Cincinnati Financial Corp.   68,257
635   Hartford Financial Services Group (The), Inc.   44,253
874   MetLife, Inc.   50,640
841   Principal Financial Group, Inc.   62,503
1,121   Prudential Financial, Inc.   92,751
241   Travelers (The) Cos., Inc.   41,310
        490,539
    IT Services – 3.1%    
4,074   Cognizant Technology Solutions Corp., Class A   248,229
4,097   International Business Machines Corp.   537,075
        785,304
    Machinery – 2.4%    
371   Caterpillar, Inc.   84,900
474   Cummins, Inc.   113,229
481   Illinois Tool Works, Inc.   117,099
273   Parker-Hannifin Corp.   91,758
2,597   Stanley Black & Decker, Inc.   209,266
        616,252
    Media – 3.3%    
2,374   Comcast Corp., Class A   89,998
2,755   Omnicom Group, Inc.   259,907
22,055   Paramount Global, Class B   492,047
        841,952
    Metals & Mining – 0.2%    
923   Newmont Corp.   45,245
    Multi-Utilities – 1.1%    
309   Ameren Corp.   26,694
810   CenterPoint Energy, Inc.   23,863
475   CMS Energy Corp.   29,155
362   Consolidated Edison, Inc.   34,632
737   Dominion Energy, Inc.   41,206
272   DTE Energy Co.   29,795
597   Public Service Enterprise Group, Inc.   37,283
199   Sempra Energy   30,081
343   WEC Energy Group, Inc.   32,513
        285,222
    Oil, Gas & Consumable Fuels – 5.0%    
311   Chevron Corp.   50,743
633   ConocoPhillips   62,800
5,975   Coterra Energy, Inc.   146,626
Shares   Description   Value
    Oil, Gas & Consumable
Fuels (Continued)
   
2,416   Devon Energy Corp.   $122,274
847   Diamondback Energy, Inc.   114,489
318   EOG Resources, Inc.   36,452
516   Exxon Mobil Corp.   56,585
5,963   Kinder Morgan, Inc.   104,412
325   Marathon Petroleum Corp.   43,820
1,532   ONEOK, Inc.   97,343
655   Ovintiv, Inc.   23,632
625   Phillips 66   63,363
862   Pioneer Natural Resources Co.   176,055
460   Targa Resources Corp.   33,557
431   Valero Energy Corp.   60,168
2,777   Williams (The) Cos., Inc.   82,921
        1,275,240
    Pharmaceuticals – 5.1%    
5,475   Bristol-Myers Squibb Co.   379,472
1,871   Johnson & Johnson   290,005
2,985   Merck & Co., Inc.   317,574
7,997   Pfizer, Inc.   326,278
        1,313,329
    Professional Services – 1.0%    
353   Automatic Data Processing, Inc.   78,588
350   Broadridge Financial Solutions, Inc.   51,300
1,046   Paychex, Inc.   119,861
        249,749
    Semiconductors &
Semiconductor Equipment – 11.9%
   
1,394   Analog Devices, Inc.   274,925
667   Broadcom, Inc.   427,907
25,792   Intel Corp.   842,625
1,670   NXP Semiconductors N.V.   311,413
2,991   QUALCOMM, Inc.   381,592
3,507   Skyworks Solutions, Inc.   413,756
2,120   Texas Instruments, Inc.   394,341
        3,046,559
    Software – 0.9%    
13,435   Gen Digital, Inc.   230,545
    Specialty Retail – 2.2%    
3,582   Best Buy Co., Inc.   280,363
499   Home Depot (The), Inc.   147,265
610   Lowe’s Cos., Inc.   121,982
        549,610
    Technology Hardware,
Storage & Peripherals – 8.4%
   
23,254   Hewlett Packard Enterprise Co.   370,436
17,305   HP, Inc.   507,902
6,842   NetApp, Inc.   436,862
 
See Notes to Financial Statements
Page 51

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments (Continued)
March 31, 2023
Shares   Description   Value
COMMON STOCKS (Continued)
    Technology Hardware,
Storage & Peripherals (Continued)
   
12,484   Seagate Technology Holdings PLC   $825,442
        2,140,642
    Textiles, Apparel & Luxury
Goods – 1.5%
   
17,260   VF Corp.   395,427
    Tobacco – 1.1%    
3,986   Altria Group, Inc.   177,855
1,114   Philip Morris International, Inc.   108,337
        286,192
    Trading Companies &
Distributors – 0.1%
   
520   Fastenal Co.   28,049
    Water Utilities – 0.1%    
507   Essential Utilities, Inc.   22,131
    Total Common Stocks   24,729,216
    (Cost $25,201,098)    
REAL ESTATE INVESTMENT TRUSTS – 2.8%
    Diversified REITs – 0.1%    
428   WP Carey, Inc.   33,149
    Health Care REITs – 0.3%    
1,181   Healthpeak Properties, Inc.   25,946
548   Ventas, Inc.   23,756
349   Welltower, Inc.   25,020
        74,722
    Hotel & Resort REITs – 0.1%    
792   Host Hotels & Resorts, Inc.   13,060
    Industrial REITs – 0.1%    
154   Prologis, Inc.   19,214
    Office REITs – 0.2%    
137   Alexandria Real Estate Equities, Inc.   17,206
530   Boston Properties, Inc.   28,683
        45,889
    Residential REITs – 0.8%    
490   American Homes 4 Rent, Class A   15,411
150   AvalonBay Communities, Inc.   25,209
185   Camden Property Trust   19,395
244   Equity LifeStyle Properties, Inc.   16,380
443   Equity Residential   26,580
121   Essex Property Trust, Inc.   25,306
619   Invitation Homes, Inc.   19,331
116   Mid-America Apartment Communities, Inc.   17,521
Shares   Description   Value
    Residential REITs (Continued)    
106   Sun Communities, Inc.   $14,933
619   UDR, Inc.   25,416
        205,482
    Retail REITs – 0.3%    
1,158   Kimco Realty Corp.   22,616
454   Realty Income Corp.   28,747
309   Simon Property Group, Inc.   34,599
        85,962
    Specialized REITs – 0.9%    
80   American Tower Corp.   16,347
200   Crown Castle, Inc.   26,768
299   Digital Realty Trust, Inc.   29,395
18   Equinix, Inc.   12,979
170   Extra Space Storage, Inc.   27,698
640   Gaming and Leisure Properties, Inc.   33,318
613   Iron Mountain, Inc.   32,434
62   Public Storage   18,733
884   VICI Properties, Inc.   28,836
464   Weyerhaeuser Co.   13,980
        240,488
    Total Real Estate Investment Trusts   717,966
    (Cost $779,113)    
    Total Investments – 99.7%   25,447,182
    (Cost $25,980,211)    
    Net Other Assets and Liabilities – 0.3%   87,142
    Net Assets – 100.0%   $25,534,324

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $24,729,216 $24,729,216 $ $
Real Estate Investment Trusts* 717,966 717,966
Total Investments $25,447,182 $25,447,182 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 52
See Notes to Financial Statements

Table of Contents
This page intentionally left blank
Page 53

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities
March 31, 2023
  Developed
International
Equity Select
ETF
(RNDM)
  Emerging
Markets
Equity Select
ETF
(RNEM)
  Large Cap US
Equity Select
ETF
(RNLC)
ASSETS:          
Investments, at value

$ 19,397,753   $ 8,951,452   $ 17,015,984
Cash

53,138   26,720   13,568
Foreign currency

16,445   1,354  
Receivables:          
Dividends

92,438   17,252   21,400
Dividend reclaims

53,921   726   3,046
Securities lending income

12    
Miscellaneous

331    
Total Assets

19,614,038   8,997,504   17,053,998
LIABILITIES:          
Payables:          
Investment advisory fees

10,491   5,568   8,485
Collateral for securities on loan

   
Deferred foreign capital gains tax

  36,217  
Total Liabilities

10,491   41,785   8,485
NET ASSETS

$19,603,547   $8,955,719   $17,045,513
NET ASSETS consist of:          
Paid-in capital

$ 22,657,485   $ 10,563,616   $ 18,929,172
Par value

4,000   2,000   5,500
Accumulated distributable earnings (loss)

(3,057,938)   (1,609,897)   (1,889,159)
NET ASSETS

$19,603,547   $8,955,719   $17,045,513
NET ASSET VALUE, per share

$49.01   $44.78   $30.99
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

400,002   200,002   550,002
Investments, at cost

$18,353,605   $8,691,101   $16,824,091
Foreign currency, at cost (proceeds)

$16,459   $1,353   $
Securities on loan, at value

$   $   $
Page 54
See Notes to Financial Statements

Table of Contents
Mid Cap US
Equity Select
ETF
(RNMC)
  Small Cap US
Equity Select
ETF
(RNSC)
  US Equity
Dividend Select
ETF
(RNDV)
         
$ 12,379,024   $ 27,868,625   $ 25,447,182
5,511   21,844   35,053
   
         
18,092   50,746   58,254
521     3,909
  186  
   
12,403,148   27,941,401   25,544,398
         
         
6,270   14,406   10,074
  40,397  
   
6,270   54,803   10,074
$ 12,396,878   $ 27,886,598   $ 25,534,324
         
$ 15,834,871   $ 31,509,407   $ 27,529,845
4,500   10,500   9,000
(3,442,493)   (3,633,309)   (2,004,521)
$ 12,396,878   $ 27,886,598   $ 25,534,324
$27.55   $26.56   $28.37
450,002   1,050,002   900,002
$12,944,769   $28,163,288   $25,980,211
$   $   $
$   $39,547   $
See Notes to Financial Statements
Page 55

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations
For the Year Ended March 31, 2023
  Developed
International
Equity Select
ETF
(RNDM)
  Emerging
Markets
Equity Select
ETF
(RNEM)
  Large Cap US
Equity Select
ETF
(RNLC)
INVESTMENT INCOME:          
Dividends

$ 714,761   $ 432,981   $ 430,135
Interest

 1,019    680    600
Securities lending income (net of fees)

 580    
Foreign withholding tax

(70,230)   (63,821)   (619)
Other

 103    6    21
Total investment income

646,233   369,846   430,137
EXPENSES:          
Investment advisory fees

 120,773    63,551    117,468
Total expenses

120,773   63,551   117,468
NET INVESTMENT INCOME (LOSS)

525,460   306,295   312,669
NET REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) on:          
Investments

(1,806,910)   (721,088)   (466,587)
In-kind redemptions

128,841     1,032,727
Foreign currency transactions

(9,698)   4,758  
Foreign capital gains tax

  (8,220)  
Net realized gain (loss)

(1,687,767)   (724,550)    566,140
Net change in unrealized appreciation (depreciation) on:          
Investments

543,788   45,503   (2,385,080)
Foreign currency translation

(1,290)   167  
Deferred foreign capital gains tax

  (14,656)  
Net change in unrealized appreciation (depreciation)

 542,498    31,014   (2,385,080)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(1,145,269)   (693,536)   (1,818,940)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(619,809)   $(387,241)   $(1,506,271)
Page 56
See Notes to Financial Statements

Table of Contents
  Mid Cap US
Equity Select
ETF
(RNMC)
  Small Cap US
Equity Select
ETF
(RNSC)
  US Equity
Dividend Select
ETF
(RNDV)
           
  $367,764   $714,391   $712,007
  585   1,139   936
    3,830  
  (88)   (356)   (729)
  85   44   9
  368,346   719,048   712,223
           
  95,812   153,050   101,764
  95,812   153,050   101,764
  272,534   565,998   610,459
           
           
  (975,284)   (2,304,105)   (322,868)
  1,653,605   1,435,864   56
     
     
  678,321   (868,241)   (322,812)
           
  (1,588,315)   (1,064,889)   (1,049,183)
     
     
  (1,588,315)   (1,064,889)   (1,049,183)
  (909,994)   (1,933,130)   (1,371,995)
  $(637,460)   $(1,367,132)   $(761,536)
See Notes to Financial Statements
Page 57

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets
  Developed
International
Equity Select
ETF (RNDM)
  Emerging Markets
Equity Select
ETF (RNEM)
  Year
Ended
3/31/2023
  Year
Ended
3/31/2022
  Year
Ended
3/31/2023
  Year
Ended
3/31/2022
OPERATIONS:              
Net investment income (loss)

$ 525,460   $ 612,626   $ 306,295   $ 242,593
Net realized gain (loss)

 (1,687,767)    2,370,496    (724,550)    364,099
Net change in unrealized appreciation (depreciation)

 542,498    (2,937,328)    31,014    (464,909)
Net increase (decrease) in net assets resulting from operations

(619,809)   45,794   (387,241)   141,783
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (486,763)    (703,193)    (254,643)    (180,487)
Return of capital

 —    —    —    (49,961)
Total distributions to shareholders

(486,763)   (703,193)   (254,643)   (230,448)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 4,346,583    5,595,303    2,305,295    —
Cost of shares redeemed

 (7,143,304)    (5,356,575)    —    —
Net increase (decrease) in net assets resulting from shareholder transactions

(2,796,721)   238,728   2,305,295  
Total increase (decrease) in net assets

 (3,903,293)    (418,671)    1,663,411    (88,665)
NET ASSETS:              
Beginning of period

 23,506,840    23,925,511    7,292,308    7,380,973
End of period

$19,603,547   $23,506,840   $8,955,719   $7,292,308
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 450,002    450,002    150,002    150,002
Shares sold

 100,000    100,000    50,000    —
Shares redeemed

 (150,000)    (100,000)    —    —
Shares outstanding, end of period

400,002   450,002   200,002   150,002
Page 58
See Notes to Financial Statements

Table of Contents
Large Cap US
Equity Select
ETF (RNLC)
  Mid Cap US
Equity Select
ETF (RNMC)
  Small Cap US
Equity Select
ETF (RNSC)
  US Equity
Dividend Select
ETF (RNDV)
Year
Ended
3/31/2023
  Year
Ended
3/31/2022
  Year
Ended
3/31/2023
  Year
Ended
3/31/2022
  Year
Ended
3/31/2023
  Year
Ended
3/31/2022
  Year
Ended
3/31/2023
  Year
Ended
3/31/2022
                             
$ 312,669   $ 322,827   $ 272,534   $ 241,500   $ 565,998   $ 274,780   $ 610,459   $ 374,454
 566,140    6,041,882    678,321    3,693,023    (868,241)    2,198,102    (322,812)    1,755,695
 (2,385,080)    (3,315,959)    (1,588,315)    (2,661,207)    (1,064,889)    (1,832,012)    (1,049,183)    (644,056)
(1,506,271)   3,048,750   (637,460)   1,273,316   (1,367,132)   640,870   (761,536)   1,486,093
                             
 (305,626)    (328,071)    (277,601)    (244,191)    (545,516)    (261,631)    (571,256)    (359,126)
 —    —    —    —    —    —    —    —
(305,626)   (328,071)   (277,601)   (244,191)   (545,516)   (261,631)   (571,256)   (359,126)
                             
 3,125,444    11,195,391    5,684,608    13,029,289    16,257,937    18,629,899    8,576,223    19,135,641
 (5,945,869)    (17,927,661)    (8,543,272)    (14,535,290)    (8,184,037)    (7,148,164)    —    (10,393,637)
(2,820,425)   (6,732,270)   (2,858,664)   (1,506,001)   8,073,900   11,481,735   8,576,223   8,742,004
 (4,632,322)    (4,011,591)    (3,773,725)    (476,876)    6,161,252    11,860,974    7,243,431    9,868,971
                             
 21,677,835    25,689,426    16,170,603    16,647,479    21,725,346    9,864,372    18,290,893    8,421,922
$17,045,513   $21,677,835   $12,396,878   $16,170,603   $27,886,598   $21,725,346   $25,534,324   $18,290,893
                             
 650,002    850,002    550,002    600,002    750,002    350,002    600,002    300,002
 100,000    350,000    200,000    450,000    600,000    650,000    300,000    650,000
 (200,000)    (550,000)    (300,000)    (500,000)    (300,000)    (250,000)    —    (350,000)
550,002   650,002   450,002   550,002   1,050,002   750,002   900,002   600,002
See Notes to Financial Statements
Page 59

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights
For a share outstanding throughout each period
Developed International Equity Select ETF (RNDM)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 52.24   $ 53.17   $ 39.88   $ 49.45   $ 51.38
Income from investment operations:                  
Net investment income (loss)

1.33   1.24   0.90   1.11   1.07
Net realized and unrealized gain (loss)

(3.34)   (0.73)   13.01   (9.02)   (1.90)
Total from investment operations

(2.01)   0.51   13.91   (7.91)   (0.83)
Distributions paid to shareholders from:                  
Net investment income

(1.22)   (1.44)   (0.62)   (1.66)   (1.10)
Net asset value, end of period

$49.01   $52.24   $53.17   $39.88   $49.45
Total return (a)

(3.60)%   0.82%   34.93%   (16.64)%   (1.71)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 19,604   $ 23,507   $ 23,926   $ 23,929   $ 24,727
Ratio of total expenses to average net assets

0.65%   0.65%   0.65%   0.65%   0.65%
Ratio of net investment income (loss) to average net assets

2.83%   2.26%   1.86%   2.24%   2.32%
Portfolio turnover rate (b)

73%   69%   89%   62%   52%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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.
Page 60
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Emerging Markets Equity Select ETF (RNEM)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 48.61   $ 49.21   $ 37.80   $ 50.89   $ 54.94
Income from investment operations:                  
Net investment income (loss)

1.57   1.61   1.15   1.50   1.10
Net realized and unrealized gain (loss)

(4.13)   (0.67)   11.64   (13.22)   (3.62)
Total from investment operations

(2.56)   0.94   12.79   (11.72)   (2.52)
Distributions paid to shareholders from:                  
Net investment income

(1.27)   (1.20)   (1.38)   (1.37)   (1.19)
Net realized gain

        (0.34)
Return of capital

  (0.34)      
Total distributions

(1.27)   (1.54)   (1.38)   (1.37)   (1.53)
Net asset value, end of period

$44.78   $48.61   $49.21   $37.80   $50.89
Total return (a)

(4.97)%   1.91%   34.44%   (23.66)%   (4.48)%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 8,956   $ 7,292   $ 7,381   $ 7,561   $ 12,723
Ratio of total expenses to average net assets

0.75%   0.75%   0.75%   0.75%   0.75%
Ratio of net investment income (loss) to average net assets

3.61%   3.30%   2.94%   2.83%   2.04%
Portfolio turnover rate (b)

65%   72%   75%   82%   69%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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 61

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Large Cap US Equity Select ETF (RNLC)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 33.35   $ 30.22   $ 18.85   $ 22.12   $ 21.54
Income from investment operations:                  
Net investment income (loss)

0.49   0.38   0.34   0.46   0.38
Net realized and unrealized gain (loss)

(2.38)   3.13   11.39   (3.27)   0.56
Total from investment operations

(1.89)   3.51   11.73   (2.81)   0.94
Distributions paid to shareholders from:                  
Net investment income

(0.47)   (0.38)   (0.36)   (0.46)   (0.36)
Net asset value, end of period

$30.99   $33.35   $30.22   $18.85   $22.12
Total return (a)

(5.57)%   11.62%   62.65%   (12.98)%   4.45%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 17,046   $ 21,678   $ 25,689   $ 15,081   $ 18,800
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%
Ratio of net investment income (loss) to average net assets

1.60%   1.13%   1.41%   2.03%   1.72%
Portfolio turnover rate (b)

30%   21%   34%   24%   28%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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.
Page 62
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Mid Cap US Equity Select ETF (RNMC)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 29.40   $ 27.75   $ 15.85   $ 21.31   $ 21.18
Income from investment operations:                  
Net investment income (loss)

0.49   0.35   0.33   0.39   0.32
Net realized and unrealized gain (loss)

(1.84)   1.65   11.90   (5.45)   0.12
Total from investment operations

(1.35)   2.00   12.23   (5.06)   0.44
Distributions paid to shareholders from:                  
Net investment income

(0.50)   (0.35)   (0.33)   (0.40)   (0.31)
Net asset value, end of period

$27.55   $29.40   $27.75   $15.85   $21.31
Total return (a)

(4.47)%   7.26%   77.60%   (24.23)%   2.16%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 12,397   $ 16,171   $ 16,647   $ 11,096   $ 13,853
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%
Ratio of net investment income (loss) to average net assets

1.71%   1.22%   1.46%   1.76%   1.70%
Portfolio turnover rate (b)

51%   43%   60%   43%   42%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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 63

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Small Cap US Equity Select ETF (RNSC)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 28.97   $ 28.18   $ 14.87   $ 20.84   $ 20.88
Income from investment operations:                  
Net investment income (loss)

0.56   0.46   0.28   0.36   0.46
Net realized and unrealized gain (loss)

(2.42)   0.78   13.34   (5.98)   (0.09)
Total from investment operations

(1.86)   1.24   13.62   (5.62)   0.37
Distributions paid to shareholders from:                  
Net investment income

(0.55)   (0.45)   (0.31)   (0.35)   (0.41)
Net asset value, end of period

$26.56   $28.97   $28.18   $14.87   $20.84
Total return (a)

(6.28)%   4.39%   92.49%   (27.51)%   1.78%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 27,887   $ 21,725   $ 9,864   $ 5,946   $ 5,210
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%   0.60%
Ratio of net investment income (loss) to average net assets

2.22%   1.79%   1.37%   1.97%   2.25%
Portfolio turnover rate (b)

72%   49%   71%   52%   52%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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.
Page 64
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
US Equity Dividend Select ETF (RNDV)  
  Year Ended March 31, 
2023   2022   2021   2020   2019
Net asset value, beginning of period

$ 30.48   $ 28.07   $ 17.50   $ 21.73   $ 21.09
Income from investment operations:                  
Net investment income (loss)

0.79   0.64   0.58   0.73   0.78
Net realized and unrealized gain (loss)

(2.14)   2.40   10.61   (4.24)   0.58
Total from investment operations

(1.35)   3.04   11.19   (3.51)   1.36
Distributions paid to shareholders from:                  
Net investment income

(0.76)   (0.63)   (0.62)   (0.72)   (0.72)
Net asset value, end of period

$28.37   $30.48   $28.07   $17.50   $21.73
Total return (a)

(4.28)%   10.86%   64.82%   (16.81)%   6.64%
Ratios to average net assets/supplemental data:                  
Net assets, end of period (in 000’s)

$ 25,534   $ 18,291   $ 8,422   $ 4,375   $ 5,434
Ratio of total expenses to average net assets

0.50%   0.50%   0.50%   0.50%   0.50%
Ratio of net investment income (loss) to average net assets

3.00%   2.33%   2.65%   3.23%   2.98%
Portfolio turnover rate (b)

52%   41%   89%   78%   98%
    
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) 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 65

Table of Contents
Notes to Financial Statements
First Trust Exchange-Traded Fund VI
March 31, 2023
1. Organization
First Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on June 4, 2012, 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 thirty-three exchange-traded funds that are offering shares. This report covers the six funds (each a “Fund” and collectively, the “Funds”) listed below, each a diversified series of the Trust and listed and traded on The Nasdaq Stock Market LLC (“Nasdaq”).
Developed International Equity Select ETF - (ticker “RNDM”)     
Emerging Markets Equity Select ETF - (ticker “RNEM”) 
Large Cap US Equity Select ETF - (ticker “RNLC”)  
Mid Cap US Equity Select ETF - (ticker “RNMC”)
Small Cap US Equity Select ETF - (ticker “RNSC”)
US Equity Dividend Select ETF - (ticker “RNDV”)     
Each Fund represents a separate series of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
Fund Index
Developed International Equity Select ETF
Emerging Markets Equity Select ETF
Large Cap US Equity Select ETF
Mid Cap US Equity Select ETF
Small Cap US Equity Select ETF
US Equity Dividend Select ETF
Nasdaq Riskalyze Developed MarketsTM Index
Nasdaq Riskalyze Emerging MarketsTM Index
Nasdaq Riskalyze US Large CapTM Index
Nasdaq Riskalyze US Mid CapTM Index
Nasdaq Riskalyze US Small CapTM Index
Nasdaq Riskalyze US Large Cap Select DividendTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks, real estate investment trusts (“REITs”), and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded
Page 66

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
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.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
2) the type of security;
3) the size of the holding;
4) the initial cost of the security;
5) transactions in comparable securities;
6) price quotes from dealers and/or third-party pricing services;
7) relationships among various securities;
8) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
9) an analysis of the issuer’s financial statements;
10) the existence of merger proposals or tender offers that might affect the value of the security; and
11) other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
1) the value of similar foreign securities traded on other foreign markets;
2) ADR trading of similar securities;
3) closed-end fund or exchange-traded fund trading of similar securities;
4) foreign currency exchange activity;
5) the trading prices of financial products that are tied to baskets of foreign securities;
6) factors relating to the event that precipitated the pricing problem;
7) whether the event is likely to recur;
8) whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
9) other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of
Page 67

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of March 31, 2023, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Distributions received from a Fund’s investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are shown in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
Page 68

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
D. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
E. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. Brown Brothers Harriman & Co. (“BBH”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At March 31, 2023, only RNSC had securities in the securities lending program. During the fiscal year ended March 31, 2023, RNDM and RNSC participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BBH will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BBH.
F. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BBH on behalf of the Funds participating in the securities lending program. In the event the
Page 69

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended March 31, 2023, were received as collateral for lending securities.
G. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid quarterly by each Fund, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. A Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future.
The tax character of distributions paid by each Fund during the fiscal year ended March 31, 2023, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
Developed International Equity Select ETF

$ 486,763   $ —   $ —
Emerging Markets Equity Select ETF

 254,643    —    —
Large Cap US Equity Select ETF

 305,626    —    —
Mid Cap US Equity Select ETF

 277,601    —    —
Small Cap US Equity Select ETF

 545,516    —    —
US Equity Dividend Select ETF

 571,256    —    —
The tax character of distributions paid by each Fund during the fiscal year ended March 31, 2022, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
Developed International Equity Select ETF

$ 703,193   $ —   $ —
Emerging Markets Equity Select ETF

 180,487    —    49,961
Large Cap US Equity Select ETF

 328,071    —    —
Mid Cap US Equity Select ETF

 244,191    —    —
Small Cap US Equity Select ETF

 261,631    —    —
US Equity Dividend Select ETF

 359,126    —    —
Page 70

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
As of March 31, 2023, the components of distributable earnings on a tax basis for each Fund were as follows:
  Undistributed
Ordinary
Income
  Accumulated
Capital and
Other
Gain (Loss)
  Net
Unrealized
Appreciation
(Depreciation)
Developed International Equity Select ETF

$ 105,700   $ (4,165,895)   $ 1,002,257
Emerging Markets Equity Select ETF

 32,465    (1,750,106)    107,744
Large Cap US Equity Select ETF

 19,487    (1,989,412)    80,766
Mid Cap US Equity Select ETF

 7,814    (2,665,399)    (784,908)
Small Cap US Equity Select ETF

 37,020    (2,797,779)    (872,550)
US Equity Dividend Select ETF

 63,315    (1,226,146)    (841,690)
H. Income and Other Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
India’s Finance Bill, 2018 (“Finance Bill, 2018”) was enacted into law on March 29, 2018 and amongst other provisions, it introduced a long-term capital gains tax beginning April 1, 2018. Long-term capital gains on the sale of listed shares in excess of INR 0.1 million are taxed at the rate of 10% (plus applicable surcharge and cess (which is a type of tax)) subject to satisfaction of certain conditions. Long-term capital gains accruing as of January 31, 2018 are considered exempt due to a grandfather clause in the provision. The aforesaid exemption from long-term capital gains tax is available with respect to shares acquired between October 1, 2004 and March 31, 2018 only if on such acquisitions Securities Transaction Tax (“STT”) was chargeable. Certain exceptions in this regard, such as acquisition of shares in a public offer, bonus, rights issued, etc. for which the condition of chargeability of STT on acquisition is not applicable, have been notified.
In the case of the sale of listed shares held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 15% (plus applicable surcharge and cess) provided the shares are sold on the stock exchange and subjected to STT. For above purposes, the applicable rate of surcharge is 2% or 5% (depending on the level of income of the Fund). The Finance Bill, 2018 increases the cess imposed on the sum of tax and surcharge from 3% to 4%. The cess 4% rate is applied to the capital gains tax, resulting in a higher effective rate of capital gains tax.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains are taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess). The Finance Bill, 2018, approves the carry forward of long-term capital losses to be offset against long-term capital gains. Short-term losses can be netted against both short-term gains and long-term gains.
Until March 31, 2020, dividends received by a Fund from Indian companies were exempt from tax in India because Indian companies were required to pay dividend distribution tax. The Indian Finance Act, 2020 has amended the dividend taxation framework effective April 1, 2020 and accordingly dividends would now be taxable in the hands of the shareholders at 20%, plus applicable surcharge and cess. Subsequent to the Indian Finance Act, 2020, “The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020” (the “Bill”) was enacted into law and is effective retroactively to April 1, 2020. The Bill caps the maximum surcharge at 15% of the tax on dividend income earned by the Fund. The highest effective tax rate proposed for non-corporate entities on dividends will be 23.92%. Note, the Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be off-set against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Page 71

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2020, 2021, 2022, and 2023 remain open to federal and state audit. As of March 31, 2023, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
The Funds intend to utilize provisions of the federal income tax laws, which allow them 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 Funds are subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At March 31, 2023, for federal income tax purposes, the Funds had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains.
  Non-Expiring
Capital Loss
Carryforward
Developed International Equity Select ETF

$ 4,165,895
Emerging Markets Equity Select ETF

 1,750,106
Large Cap US Equity Select ETF

 1,989,412
Mid Cap US Equity Select ETF

 2,665,399
Small Cap US Equity Select ETF

 2,797,779
US Equity Dividend Select ETF

 1,226,146
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended March 31, 2023, the adjustments for each Fund were as follows:
  Accumulated
Net
Investment
Income (Loss)
  Accumulated
Net Realized
Gain (Loss)
on Investments
  Paid-in
Capital
Developed International Equity Select ETF

$ 8,147   $ (101,524)   $ 93,377
Emerging Markets Equity Select ETF

 (3,456)    3,456    —
Large Cap US Equity Select ETF

 —    (992,769)    992,769
Mid Cap US Equity Select ETF

 753    (1,541,392)    1,540,639
Small Cap US Equity Select ETF

 —    (1,164,877)    1,164,877
US Equity Dividend Select ETF

 —    (56)    56
Page 72

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
As of March 31, 2023, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
  Tax Cost   Gross
Unrealized
Appreciation
  Gross
Unrealized
(Depreciation)
  Net Unrealized
Appreciation
(Depreciation)
Developed International Equity Select ETF

$ 18,394,837   $ 2,033,851   $ (1,030,935)   $ 1,002,916
Emerging Markets Equity Select ETF

 8,807,805    1,023,237    (879,590)    143,647
Large Cap US Equity Select ETF

 16,935,218    1,621,288    (1,540,522)    80,766
Mid Cap US Equity Select ETF

 13,163,932    971,394    (1,756,302)    (784,908)
Small Cap US Equity Select ETF

 28,741,175    2,086,217    (2,958,767)    (872,550)
US Equity Dividend Select ETF

 26,288,872    1,243,556    (2,085,246)    (841,690)
I. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (See Note 3).
First Trust has entered into licensing agreements with Riskalyze, Inc. (“Licensor”) for the Funds. The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensor. The Funds are sub-licensees to the applicable license agreements.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $9,250 per Fund, which is covered under the annual unitary management fee. Effective November 1, 2022, the annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedules:
Breakpoints RNDM RNEM
Fund net assets up to and including $2.5 billion 0.65000% 0.75000%
Fund net assets greater than $2.5 billion up to and including $5 billion 0.63375% 0.73125%
Fund net assets greater than $5 billion up to and including $7.5 billion 0.61750% 0.71250%
Fund net assets greater than $7.5 billion up to and including $10 billion 0.60125% 0.69375%
Fund net assets greater than $10 billion 0.58500% 0.67500%
    
Breakpoints RNLC RNMC RNSC RNDV
Fund net assets up to and including $2.5 billion 0.600% 0.600% 0.600% 0.5000%
Fund net assets greater than $2.5 billion up to and including $5 billion 0.585% 0.585% 0.585% 0.4875%
Fund net assets greater than $5 billion up to and including $7.5 billion 0.570% 0.570% 0.570% 0.4750%
Fund net assets greater than $7.5 billion up to and including $10 billion 0.555% 0.555% 0.555% 0.4625%
Fund net assets greater than $10 billion up to and including $15 billion 0.540% 0.540% 0.540% 0.4500%
Fund net assets greater than $15 billion 0.510% 0.510% 0.510% 0.4250%
Page 73

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
Prior to November 1, 2022, the Funds paid First Trust an annual unitary management fee based on each Fund’s average daily net assets at the following rates:
Developed International Equity Select ETF 0.65%
Emerging Markets Equity Select ETF 0.75%
Large Cap US Equity Select ETF 0.60%
Mid Cap US Equity Select ETF 0.60%
Small Cap US Equity Select ETF 0.60%
US Equity Dividend Select ETF 0.50%
The Trust has multiple service agreements with BBH. Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Funds. As custodian, BBH is responsible for custody of each Fund’s assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the fiscal year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
  Purchases   Sales
Developed International Equity Select ETF $ 13,592,378   $ 13,598,041
Emerging Markets Equity Select ETF  7,329,360    5,412,565
Large Cap US Equity Select ETF  5,947,051    5,948,037
Mid Cap US Equity Select ETF  8,031,405    8,003,313
Small Cap US Equity Select ETF  18,203,839    18,044,498
US Equity Dividend Select ETF  10,622,529    10,574,808
       
For the fiscal year ended March 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
  Purchases   Sales
Developed International Equity Select ETF $ 3,977,903   $ 6,742,375
Emerging Markets Equity Select ETF  462,995    —
Large Cap US Equity Select ETF  3,120,346    5,929,031
Mid Cap US Equity Select ETF  5,678,930    8,527,661
Small Cap US Equity Select ETF  16,189,913    8,171,684
US Equity Dividend Select ETF  8,535,600    —
Page 74

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023
5. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation (“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 a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
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, each 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 Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or to provide investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before July 31, 2023.
7. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. Subsequent Events
Management has evaluated the impact of all subsequent events to the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 75

Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund VI: 
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Developed International Equity Select ETF, Emerging Markets Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF, Small Cap US Equity Select ETF, US Equity Dividend Select ETF (the “Funds”), each a series of First Trust Exchange-Traded Fund VI, including the portfolios of investments, as of March 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
May 23, 2023
We have served as the auditor of one or more First Trust investment companies since 2001.
Page 76

Table of Contents
Additional Information
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
For the taxable year ended March 31, 2023, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations: 
  Dividends
Received Deduction
Developed International Equity Select ETF

0.00%
Emerging Markets Equity Select ETF

0.00%
Large Cap US Equity Select ETF

100.00%
Mid Cap US Equity Select ETF

100.00%
Small Cap US Equity Select ETF

100.00%
US Equity Dividend Select ETF

100.00%
For the taxable year ended March 31, 2023, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:
  Qualified
Dividend Income
Developed International Equity Select ETF

100.00%
Emerging Markets Equity Select ETF

59.84%
Large Cap US Equity Select ETF

100.00%
Mid Cap US Equity Select ETF

100.00%
Small Cap US Equity Select ETF

100.00%
US Equity Dividend Select ETF

100.00%
A portion of the ordinary dividends (including short-term capital gains) that RNLC, RNMC, RNSC, and RNDV paid to shareholders during the taxable year ended March 31, 2023, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended (the “Code”), Section 199A for the aggregate dividends the Funds received from the underlying Real Estate Investment Trusts (REITs) they invest in.
The following Funds met the requirements of Section 853 of the Code and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended March 31, 2023, the total amount of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:
  Gross Foreign Income   Foreign Taxes Paid
  Amount   Per Share   Amount   Per Share
Developed International Equity Select ETF

$707,408   $1.77   $69,016   $0.17
Emerging Markets Equity Select ETF

$432,334   $2.16   $71,766   $0.36
Page 77

Table of Contents
Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
The foreign taxes paid will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after the calendar year end. Gross foreign income and foreign taxes paid will be posted on each Fund’s website and disclosed in the tax letter.
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.
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.
Page 78

Table of Contents
Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
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 costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the
Page 79

Table of Contents
Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. These events also adversely affect the prices and liquidity of a fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a fund’s shares and result in increased market volatility. During any such events, a fund’s shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on a fund’s shares may widen.
Non-U.S. Securities Risk. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
Operational Risk. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund’s ability to meet its investment objective. Although the funds and the funds’ investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.
Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.
Variable Interest Entities Risk. In order to gain exposure to certain Chinese companies that are included in a Fund’s Index but are unavailable to direct investment by foreign investors, certain Funds invest significantly in non-Chinese shell companies that have created structures known as variable interest entities (“VIEs”) in order to gain exposure to such Chinese companies. In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from.  Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law.
Page 80

Table of Contents
Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s shares.
VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which to invest in such securities. 
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Advisory Agreement
Board Considerations Regarding Approval of Amendment to the Investment Management Agreement
The Board of Trustees of First Trust Exchange-Traded Fund VI (the “Trust”), including the Independent Trustees, unanimously approved the amendment (the “Amendment”) of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following six series of the Trust (each a “Fund” and collectively, the “Funds”):
Developed International Equity Select ETF (RNDM)
Emerging Markets Equity Select ETF (RNEM)
Large Cap US Equity Select ETF (RNLC)
Mid Cap US Equity Select ETF (RNMC)
Small Cap US Equity Select ETF (RNSC)
US Equity Dividend Select ETF (RNDV)
The Board approved the Amendment for each Fund at a meeting held on October 24, 2022.  As part of the review process, the Board reviewed information and had preliminary discussions with the Advisor regarding the proposed Amendment at meetings held on April 18, 2022, June 12–13, 2022 and September 18–19, 2022.  Following those preliminary discussions, the Board requested and received information from the Advisor regarding the proposed Amendment, and that information was considered at an executive session of the Independent Trustees and their counsel held prior to the October 24, 2022 meeting, as well as at the October meeting.
In reviewing the Amendment for each Fund, the Board considered that the purpose of the Amendment is to modify the unitary fee rate for each Fund under the Agreement by introducing a breakpoint schedule pursuant to which the unitary fee rate paid by each Fund to the Advisor will be reduced as assets of such Fund meet certain thresholds.  The Board noted the Advisor’s representations that the quality and quantity of the services provided to each Fund by the Advisor under the Agreement will not be reduced or modified as a result of the Amendment, and that the obligations of the Advisor under the Agreement will remain the same in all respects.
The Board noted that it, including the Independent Trustees, last approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022.  The Board noted that in connection with such approval it had determined for each Fund, based upon the information provided, that the terms of the Agreement were fair and reasonable and that the continuation of the Agreement was in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
Based on all of the information considered, the Board, including the Independent Trustees, unanimously determined that the terms of the Amendment are fair and reasonable and that the Amendment is in the best interests of each Fund.
Page 81

Table of Contents
Board of Trustees and Officers
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951)
• Indefinite Term

• Since Inception
Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) 228 None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term

• Since Inception
Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) 228 Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association
Denise M. Keefe, Trustee
(1964)
• Indefinite Term

• Since 2021
Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) 228 Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021)
Robert F. Keith, Trustee
(1956)
• Indefinite Term

• Since Inception
President, Hibs Enterprises (Financial and Management Consulting) 228 Formerly, Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954)
• Indefinite Term

• Since Inception
Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) 228 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955)
• Indefinite Term

• Since Inception
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 228 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
Page 82

Table of Contents
Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966)
President and Chief Executive Officer • Indefinite Term

• Since 2016
Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972)
Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term

• Since 2016
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960)
Secretary and Chief Legal Officer • Indefinite Term

• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President • Indefinite Term

• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer and Assistant Secretary • Indefinite Term

• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
    
Roger F. Testin
(1966)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
Page 83

Table of Contents
Privacy Policy
First Trust Exchange-Traded Fund VI
March 31, 2023 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from your inquiries by mail, e-mail or telephone; and
Information we collect on our website through the use of “cookies.” For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website.  We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users.  The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on:  Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2023
Page 84

Table of Contents
First Trust Exchange-Traded Fund VI
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606


Table of Contents