Annual Report
For the Year Ended
October 31, 2023
First Trust Exchange-Traded Fund IV
First Trust Low Duration Opportunities ETF (LMBS)

Table of Contents
First Trust Low Duration Opportunities ETF (LMBS)
Annual Report
October 31, 2023
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63
Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund IV (the “Trust”) described in this report (First Trust Low Duration Opportunities ETF; hereinafter referred to as the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in the Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on the Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.
By reading the portfolio commentary from the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

Shareholder Letter
First Trust Low Duration Opportunities ETF (LMBS)
Annual Letter from the Chairman and CEO
October 31, 2023
Dear Shareholders,
First Trust is pleased to provide you with the annual report for the First Trust Low Duration Opportunities ETF (the “Fund”), which contains detailed information about the Fund for the twelve months ended October 31, 2023.
The Bureau of Economic Analysis recently announced that U.S. real gross domestic product (“GDP”) grew by a staggering 4.9% in the third quarter of 2023 and is now up 2.9% on a year-over-year basis from where it stood in the third quarter of 2022. The most recent quarter’s GDP data represents the fastest growth rate for any quarter since 2014. Consumer spending, which rose by 4.0% over the period, was responsible for 2.7 percentage points of the total increase in GDP. Whether the consumer can keep up this pace of spending remains to be seen, especially given recent news that excess savings from the pandemic-era stimulus have likely been depleted. From a global perspective, the International Monetary Fund (“IMF”) notes that progress in fighting inflation has led to lower economic growth. In their October 2023 publication of the World Economic Outlook, the IMF projected that the growth in world economic output is expected to slow from 3.5% in 2022 to 2.9% in 2024. The economic growth in advanced economies is projected to plummet from 2.6% in 2022 to 1.4% in 2024.
In the notes to their September 2023 meeting, the Federal Open Market Committee revealed that they may need to keep interest rates “higher for longer” as they continue to battle stubbornly high inflation. As many investors are likely aware, a higher Federal Funds target rate can have deep implications for consumers, such as driving up the cost of borrowing for homes, automobiles, and other large purchases. The American consumer has yet to feel the full weight of those burdens, in my opinion. That said, the data reveals a different story among corporate America. S&P Global Market Intelligence reported that a total of 516 U.S. corporations filed for bankruptcy protection on a year-to-date basis through September 30, 2023, up from a total of 263 corporate bankruptcy filings over the same period last year. Higher interest rates and Treasury bond yields have also sapped demand for commercial property loans. Data from Trepp, LLC, a leading provider of data and analytics to the commercial real estate and banking markets, revealed that just $28.2 billion of loans converted into commercial mortgage-backed securities have been issued in 2023, the lowest figure since 2011.
The financial markets battled a myriad of headwinds over the past year, from geopolitical uncertainty resulting from war (the conflicts between Israel and Hamas and Russia and Ukraine), to slowing global economic growth and sticky inflation. Brian Wesbury, Chief Economist at First Trust, notes that a U.S. economic recession is likely to begin at some point early next year. While calls for a recession may concern some investors, the following may offer solace. Data from Bloomberg reveals that the S&P 500® Index has posted positive total returns over the 3-year period following every recession since 1948.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 1

Fund Performance Overview (Unaudited)
First Trust Low Duration Opportunities ETF (LMBS)
The primary investment objective of the First Trust Low Duration Opportunities ETF (the “Fund”) is to generate current income. The Fund’s secondary investment objective is to provide capital appreciation. The Fund is an actively managed exchange-traded fund. First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the advisor. James Snyder, Jeremiah Charles and Owen Aronson are the Fund’s portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund’s investment portfolio.
Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 60% of its net assets (including investment borrowings) in mortgage-related debt securities and other mortgage-related instruments (collectively, “Mortgage-Related Investments”). The Fund normally expects to invest in Mortgage-Related Investments tied to residential and commercial mortgages. Mortgage-Related Investments consist of: (1) residential mortgage-backed securities (RMBS); (2) commercial mortgage-backed securities (CMBS); (3) stripped mortgage-backed securities (SMBS), which are mortgage-backed securities where mortgage payments are divided up between paying the loan’s principal and paying the loan’s interest; and (4) collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits (REMICs) where they are divided into multiple classes with each class being entitled to a different share of the principal and/or interest payments received from the pool of underlying assets. The Fund will limit its investment in Mortgage-Related Investments that are neither issued nor guaranteed by the U.S. government, its agencies or instrumentalities to 20% of its net assets (including investment borrowings). The Fund may invest up to 40% of its net assets (including investment borrowings), in the aggregate, in (i) cash, cash equivalents and short-term investments and (ii) non-mortgage direct obligations of the U.S. government and other non-mortgage securities issued and/or guaranteed by the U.S. government or its agencies or instrumentalities, or U.S. government-sponsored entities (collectively, Government Entities). The Fund may also invest up to 5% of its net assets (including investment borrowings) in asset-backed securities (“ABS”) (other than Mortgage-Related Investments) that are not issued and/or guaranteed by Government Entities. However, the Fund’s investments in (a) Mortgage-Related Investments that are not issued and/or guaranteed by Government Entities and (b) ABS may not, in the aggregate, exceed 20% of the Fund’s net assets (including investment borrowings). Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets (including investment borrowings) in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the advisor to be of comparable quality to rated investment grade securities.
Performance
 
 
Average Annual Total
Returns
Cumulative Total Returns
 
1 Year
Ended
10/31/23
5 Years
Ended
10/31/23
Inception
(11/4/14)
to 10/31/23
5 Years
Ended
10/31/23
Inception
(11/4/14)
to 10/31/23
Fund Performance
NAV
3.29%
0.88%
1.93%
4.48%
18.78%
Market Price
3.50%
0.85%
1.93%
4.32%
18.74%
Index Performance
ICE BofA 1-5 Year US Treasury & Agency Index
2.45%
0.93%
0.82%
4.72%
7.57%
Total returns for the period since inception are calculated from the inception date of the Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under Securities and Exchange Commission rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of the Fund did not trade in the secondary market until after its inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively.
Page 2

Fund Performance Overview (Unaudited) (Continued)
First Trust Low Duration Opportunities ETF (LMBS) (Continued) 
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the index. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future performance.
Fund Allocation
% of
Net Assets
U.S. Government Agency Mortgage-Backed
Securities
82.4%
Mortgage-Backed Securities
12.4
U.S. Government Bonds and Notes
5.0
Asset-Backed Securities
3.5
Exchange-Traded Funds
0.0(1)
U.S. Treasury Bills
10.6
Money Market Funds
1.7
Purchased Options
0.0(1)
U.S. Government Agency Mortgage-Backed
Securities Sold Short
(6.5)
Written Options
(0.7)
Net Other Assets and Liabilities(2)
(8.4)
Total
100.0%
Credit Quality(3)
% of Total Long
Fixed-Income
Investments, Cash
& Cash Equivalents(4)
Government & Agency
84.5%
AAA
2.5
AA+
0.2
AA
0.4
AA-
0.5
A+
0.0(1)
BBB
0.1
BB+
0.3
B-
0.0(1)
NR
9.8
Cash & Cash Equivalents
1.7
Total
100.0%
Top Ten Holdings
% of
Fixed-Income
Investments(4)
Federal National Mortgage Association, Pool
TBA, 6.00%, 12/15/53
7.4%
Federal National Mortgage Association, Pool
TBA, 5.00%, 12/15/53
2.7
Federal National Mortgage Association, Pool
TBA, 5.50%, 12/15/53
2.4
U.S. Treasury Note, 4.63%, 10/15/26
2.1
Federal National Mortgage Association, Pool
FM3003, 4.00%, 05/01/49
1.8
U.S. Treasury Bill, 0.00%, 09/05/24
1.7
Federal National Mortgage Association, Pool
FM2972, 4.00%, 12/01/44
1.6
U.S. Treasury Bill, 0.00%, 05/16/24
1.6
U.S. Treasury Note, 2.50%, 05/31/24
1.4
U.S. Treasury Bill, 0.00%, 03/21/24
1.1
Total
23.8%
Weighted Average Effective Net Duration
October 31, 2023
2.64 Years
High - June 30, 2023
2.82 Years
Low - November 30, 2022
1.81 Years

(1)
Amount is less than 0.1%.
(2)
Includes variation margin on futures contracts. 
(3)
The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization
(NRSRO) of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured highest to lowest on a scale that generally
ranges from AAA to D for long-term ratings and A-1+ to C for short-term ratings. Investment grade is defined as those issuers that have a long-
term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. The credit ratings shown relate to the credit worthiness of the
issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury and U.S. Agency mortgage-backed securities
appear under “Government & Agency.” Credit ratings are subject to change.
(4)
Percentages are based on the long positions only. Money market funds and short positions are excluded.
Page 3

Fund Performance Overview (Unaudited) (Continued)
First Trust Low Duration Opportunities ETF (LMBS) (Continued) 
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Performance in securitized product investment
strategies can be impacted from the benefits of
purchasing odd lot positions. The impact of
these investments can be particularly
meaningful when funds have limited assets
under management and may not be a
sustainable source of performance as a fund
grows in size.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at  https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 4

Portfolio Commentary
First Trust Low Duration Opportunities ETF (LMBS)
Annual Report
October 31, 2023 (Unaudited)
Advisor
First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to the First Trust Low Duration Opportunities ETF (the “Fund” or “LMBS”). First Trust is responsible for the selection and ongoing monitoring of the investments in the Fund’s portfolio and certain other services necessary for the management of the portfolio.
Portfolio Management Team
The following persons serve as portfolio managers of the Fund:
James Snyder – Senior Vice President and Senior Portfolio Manager
Jeremiah Charles – Senior Vice President and Senior Portfolio Manager
Owen Aronson – Senior Investment Analyst and Portfolio Manager
The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Messrs. Snyder and Charles have served as part of the portfolio management team of the Fund since 2014 and Mr. Aronson since June 2023.
Commentary
Market Recap
The 12-month period ended October 31, 2023 began with markets under considerable strain as the Federal Reserve (the “Fed”) continued with its aggressive interest rate hiking campaign to combat soaring inflation. With volatility high and liquidity challenged as bond market participants suffered through outflows, bond market spreads remained under pressure. The market began to once again price in just how quickly inflation would cool, and how quickly the Fed would be forced to cut rates, just as the market incorrectly had done several times over the preceding year. Contrary to the market belief however, the labor market showed significant strength, and the Fed stood resolute pushing yields on the front end north of 5% in early March 2023, putting significant pressure on an already inverted curve, until it all unraveled mere days later as the first of the large banks, Silicon Valley Bank (“SVB”), began to fail. Front end Treasury yields plunged, which saw the 2-Year Treasury yield fall from 5.07% to sub 4%, while spreads gapped wider, with Option-Adjusted Spreads (“OAS”) on Agency mortgage-backed securities (“MBS”) widening approximately 20 basis points (“bps”), almost immediately. Ultimately the Federal Deposit Insurance Corporation took control of two banks, SVB, and Signature Bank, and eventually liquidated nearly $100 billion worth of high-quality bond assets. As markets found their footing following these relatively contained bank failures, the labor market remained stubbornly robust. Despite many forecasts the housing market, and even the broader economy, have shown significant resilience in spite of the proverbial Fed punchbowl being removed. As such, front end Treasury yields began to climb back toward 5% once again and it would not take long for the longer maturity segment of the yield curve to follow suit. We believe the market was simply wrong on its call for the timing of a recession. As this resilient, and sometimes robust, economic data came in, the market was forced to push back its call on the timing of interest rate cuts. After all, the Fed had not even stopped hiking. This change has reshaped the term premium across the curve. Couple that with a newly acquired market appreciation for just how poorly managed we believe the fiscal house of the United States continues to be post-pandemic, and the next, and perhaps even the final, stage of the ongoing bear market in rates made its appearance known. Volatility remained high. Spreads remained wide relative to historical data. The 2-Year Treasury yield breached 5%. The 30-Year Treasury yield breached 5%. Agency MBS spreads breached the 80 bps OAS level, with nominal spreads setting multi-decade wides near 180 bps. While the market is off these highs in rates, and wides in MBS spreads, it seems like a new world in fixed income relative to the post-Great Financial Crisis of 2008 era, which was defined by heavy handed government intervention and artificially suppressed volatility. Yes, we believe it is safe to say that the aggressive campaign the Fed was forced to undertake when it was too late to respond to the impending inflation debacle helped cause the banking issues and subsequent fallout. Less talked about however, is the importance of understanding the duration gap, and convexity embedded in a bond portfolio. These issues have been front and center in bond portfolios for the last 24 months as rates have risen so significantly in such a short amount of time. We believe that the ability to understand and manage these risks, properly and with skill, has never been more important.
Performance Analysis
For the 12-month period ended October 31, 2023, the Fund returned 3.29% on a net asset value (“NAV”) basis, net of fees.
For the same period, the ICE BofA 1-5 Year U.S. Treasury & Agency Index (the “Index”) returned 2.45%. On a NAV basis, the Fund outperformed the Index by 84 bps, net of fees.
Page 5

Portfolio Commentary (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
Annual Report
October 31, 2023 (Unaudited)
The duration profile of the Fund is always very actively managed relative to economic conditions and the relative term structure of interest rates. As such, managing through a fiscal year of heightened levels of interest rate volatility, a continued hawkish Fed, and market impacts associated with banking failures, this risk managed approach to rates proved to be beneficial to the Fund. Additionally, nearing the tail end of the fiscal year, a strategic decision was made to extend its duration in excess of the Index, as bond market yields priced at levels not experienced in well over a decade. Generally speaking, the Fund is structurally positioned with meaningful positions in Agency MBS, while running against an Index comprised of predominantly U.S. Treasuries. Given this, to the extent that MBS spreads widen on the year, the Fund may underperform, and conversely, if MBS spreads were to tighten, the Fund may outperform. Over the fiscal period, OAS on Agency MBS blew out, widening from about 50 bps at the start of the year to close near 90 bps. While this would normally be quite detrimental, the Fund’s active risk management of spread beta using MBS “To-Be-Announced” securities shorts, volatility and rate management using options on Treasury futures, and opportunistic security selection and sub-sector rotations, the Fund was able to weather the storm and drive significant alpha. As a reminder, to help manage the overall duration profile, the Fund does utilize derivatives, predominantly in Treasury futures and options. The Fund uses these in both long and short positions, to manage both its overall interest rate exposure and its key rate or duration exposure by maturity point along the yield curve. The Fund is typically short Treasury futures to offset the duration from the long MBS holdings. Since the Fund uses futures in such a way, and interest rates were higher over the year, the use of futures proved beneficial to the relative performance of the Fund.
Market and Fund Outlook
In the Fed tightening cycle of 2004-2006 and subsequent pause, the funding rate peaked in early October 2007. It had been 2+ years of consistent Fed funds rate tightening but at a much slower rate than the recent cycle. Unlike that period, most homeowners of today locked into long dated mortgages and the loan underwriting of housing has been vastly superior to that deployed nearly two decades ago. The tsunami that hit the mortgage market and banks that were leveraged to it in the 2007-2009 period does not exist, in our estimation, in this cycle, and, as such, the economy remains very resilient to the Fed’s interest rate increases. Further, corporations are also not exposed in the very near term to significant funding cost increases, we believe. The implications are that the Fed’s expectation of the economy’s reaction function to its rate increases has been significantly overestimated leading it to the necessity of raising rates further than most market participants or the Fed itself would have expected necessary. So, in this world, with less sensitivity to interest rate rises and healthy U.S. hiring, where is the forward economic contraction going to come from? In short, how does this cycle end? We think the answer lies in both the government and U.S. corporations and interestingly, we believe it is likely to have similar timing as the cycle two decades ago. We believe there will be three sources of future U.S. contraction that are baked in, and all of them highly foreseeable. First, corporations will likely start to see their funding costs go up as new projects become more expensive, but also starting in 2025, we believe we will see meaningful amounts of corporate debt that need to be refinanced and now at much higher costs. Second, there will likely be cost pressures on U.S. corporations at full U.S. employment as workers’ look to recoup real wage losses experienced over the last several years as wages did not keep pace with inflation amidst government spending and Fed quantitative easing. We anticipate this financial pressure will negatively impact the economy but will be and has been more delayed in timing this cycle than prior ones. Lastly, and likely the most important fact is the U.S. government’s debt as a percentage of gross domestic product is much higher than any other period in modern US history short of the height of the pandemic when the country was shut down. Further, funding costs were near zero in the pandemic but now are approximately 400 to 500 plus basis points higher across the government’s borrowing maturities. In short, current U.S. government interest costs are much higher than the last 25 years and are comparable to those in the 1980s through late 1990s when U.S. inflation was much higher. In earlier periods however, entitlement programs were in much better shape such that very large tax increases, spending cuts or both were less necessary than today. We believe the contraction is coming; the timing is not as clear, but it is inevitable, in our opinion. The continued rise in U.S. Treasury longer maturity interest rates (10 years and longer) indicates there is little place for anyone borrowing to hide, least of all the U.S. government. We believe a recession is likely in our future, and one only needs to wait for the foreseeable events to play out.
We remain strategic, and we remain committed to finding value across the various sectors of the mortgage and securitized market. Given the massive increase in rates over the last 24 months, we have elected to manage the Fund near the Index’s duration as interest rate duration risks feel more balanced and perhaps at 5%, more skewed to go lower. We are buyers all along the term spectrum of the U.S. yield curve, and specifically will look to extend duration if the long maturity sector moves toward and through 5.0% yield levels. To us, these real yield levels compensate us adequately for the inflation risk and equally importantly the expected slow-down in the U.S. economy. As mentioned above, we expect any further interest rate rises from here to hinder growth and more likely over a strategic period to push interest rates lower. We remain committed to actively managing the convexity component in the portfolio and will look to continue to manage the Fund to a stable duration target; meaning we do not wish to extend in duration as rates rise, and
Page 6

Portfolio Commentary (Continued)
First Trust Low Duration Opportunities ETF (LMBS)
Annual Report
October 31, 2023 (Unaudited)
conversely, and at this point in the cycle, most importantly, we do not want to shorten or lose duration into a rally. From an asset allocation perspective, we plan to continue to opportunistically position select Non-Agency commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities and Agency MBS opportunities that the managers find to be attractively priced in the short to intermediate part of the curve, while capturing intermediate and longer maturity opportunities in Agency MBS and Agency CMBS.
Page 7

First Trust Low Duration Opportunities ETF (LMBS)
Understanding Your Fund Expenses
October 31, 2023 (Unaudited)
As a shareholder of First Trust Low Duration Opportunities ETF (the “Fund”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2023.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
Beginning
Account Value
May 1, 2023
Ending
Account Value
October 31, 2023
Annualized
Expense Ratio
Based on the
Six-Month
Period (a)
Expenses Paid
During the
Six-Month
Period (a) (b)
First Trust Low Duration Opportunities ETF (LMBS)
Actual
$1,000.00
$992.20
0.64%
$3.21
Hypothetical (5% return before expenses)
$1,000.00
$1,021.98
0.64%
$3.26
(a)
Annualized expense ratio and expenses paid during the six-month period do not include fees and expenses of the underlying funds in which the
Fund invests.
(b)
Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (May 1, 2023
through October 31, 2023), multiplied by 184/365 (to reflect the six-month period).
Page 8

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 82.4%
Collateralized Mortgage Obligations — 31.6%
Federal Home Loan Mortgage Corporation
 
 
$453
Series 1993-1630, Class PK
6.00%
11/15/23
$452
5,566
Series 1994-1710, Class G, 30 Day Average SOFR + CSA +
1.50% (a)
6.93%
04/15/24
5,575
703
Series 1998-2089, Class PJ, IO
7.00%
10/15/28
52
2,801
Series 1998-2102, Class Z
6.00%
12/15/28
2,779
755
Series 2002-2405, Class BF
7.00%
03/25/24
751
150,747
Series 2002-2410, Class OG
6.38%
02/15/32
150,254
94,885
Series 2002-2437, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 7.90% (b)
2.47%
01/15/29
3,738
138,226
Series 2003-2557, Class HL
5.30%
01/15/33
134,696
85,828
Series 2003-2564, Class AC
5.50%
02/15/33
84,191
212,395
Series 2003-2574, Class PE
5.50%
02/15/33
208,276
87,944
Series 2003-2577, Class LI, IO
5.50%
02/15/33
10,731
714,000
Series 2003-2581, Class LL
5.25%
03/15/33
693,566
16,446
Series 2003-2597, Class AE
5.50%
04/15/33
16,183
1,025,000
Series 2003-2613, Class LL
5.00%
05/15/33
988,224
275,813
Series 2003-2626, Class ZW
5.00%
06/15/33
257,159
601,273
Series 2003-2626, Class ZX
5.00%
06/15/33
511,691
245,855
Series 2004-2793, Class PE
5.00%
05/15/34
237,846
681,695
Series 2004-2891, Class ZA
6.50%
11/15/34
691,390
236,517
Series 2004-2907, Class DZ
4.00%
12/15/34
219,382
785,000
Series 2005-2973, Class GE
5.50%
05/15/35
752,468
92,154
Series 2005-3031, Class BI, IO, (30 Day Average SOFR + CSA)
×-1+ 6.69% (b)
1.26%
08/15/35
6,159
1,888,489
Series 2005-3054, Class ZW
6.00%
10/15/35
1,863,625
24,056
Series 2005-3074, Class ZH
5.50%
11/15/35
22,505
151,201
Series 2006-243, Class 11, IO, STRIPS (c)
7.00%
08/15/36
21,987
74,288
Series 2006-3117, Class ZU
6.00%
02/15/36
73,189
3,042,934
Series 2006-3196, Class ZK
6.50%
04/15/32
3,081,895
27,182
Series 2007-3274, Class B
6.00%
02/15/37
26,683
166,318
Series 2007-3322, Class NF, 30 Day Average SOFR ×2,566.67+
CSA - 16,683.33%, 0.00% Floor (a)
0.00%
05/15/37
143,606
32,244
Series 2007-3340, Class PF, 30 Day Average SOFR + CSA +
0.30% (a)
5.73%
07/15/37
31,240
64,737
Series 2007-3360, Class CB
5.50%
08/15/37
62,312
56,976
Series 2007-3380, Class FS, 30 Day Average SOFR + CSA +
0.35% (a)
5.78%
11/15/36
54,885
145,187
Series 2008-3406, Class B
6.00%
01/15/38
142,662
79,713
Series 2008-3413, Class B
5.50%
04/15/37
76,608
165,682
Series 2008-3420, Class AZ
5.50%
02/15/38
157,894
139,484
Series 2008-3448, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (b)
0.62%
05/15/38
368
1,331,875
Series 2009-3542, Class ZP
5.00%
06/15/39
1,274,641
177,000
Series 2009-3550, Class LL
4.50%
07/15/39
163,741
811,047
Series 2009-3563, Class ZP
5.00%
08/15/39
760,919
1,008,075
Series 2009-3572, Class JS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.80% (b)
1.37%
09/15/39
47,273
36,190
Series 2009-3585, Class QZ
5.00%
08/15/39
28,139
94,762
Series 2009-3587, Class FX, 30 Day Average SOFR + CSA +
0.00% (a)
5.43%
12/15/37
84,592
See Notes to Financial Statements
Page 9

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$370,221
Series 2009-3593, Class F, 30 Day Average SOFR + CSA +
0.50% (a)
5.43%
03/15/36
$359,744
1,036,566
Series 2009-3605, Class NC
5.50%
06/15/37
1,014,100
475,022
Series 2010-3622, Class PB
5.00%
01/15/40
458,532
107,000
Series 2010-3645, Class WD
4.50%
02/15/40
98,908
483,257
Series 2010-3667, Class PL
5.00%
05/15/40
452,932
45,922
Series 2010-3699, Class FD, 30 Day Average SOFR + CSA +
0.60% (a)
6.03%
07/15/40
45,211
216,416
Series 2010-3704, Class ED
4.00%
12/15/36
213,293
550,000
Series 2010-3714, Class PB
4.75%
08/15/40
509,088
181,198
Series 2010-3735, Class IK, IO
3.50%
10/15/25
3,834
53,760
Series 2010-3735, Class JI, IO
4.50%
10/15/30
4,792
185,360
Series 2010-3740, Class SC, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.57%
10/15/40
12,375
160,169
Series 2010-3770, Class GZ
4.50%
10/15/40
124,001
600,000
Series 2011-3796, Class PB
5.00%
01/15/41
585,167
300,000
Series 2011-3820, Class NC
4.50%
03/15/41
276,779
1,387,000
Series 2011-3895, Class PW
4.50%
07/15/41
1,292,287
1,964,685
Series 2011-3925, Class ZD
4.50%
09/15/41
1,721,940
7,693,899
Series 2011-3954, Class GS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.57%
11/15/41
546,994
298,444
Series 2012-267, Class S5, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (b)
0.57%
08/15/42
16,331
6,085,173
Series 2012-276, Class S5, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (b)
0.57%
09/15/42
449,893
336,525
Series 2012-3999, Class WA (c)
5.55%
08/15/40
325,396
1,878,000
Series 2012-4000, Class PY
4.50%
02/15/42
1,603,418
23,090
Series 2012-4012, Class GC
3.50%
06/15/40
22,296
20,433
Series 2012-4015, Class KB
1.75%
05/15/41
17,902
176,460
Series 2012-4021, Class IP, IO
3.00%
03/15/27
5,656
1,203,719
Series 2012-4026, Class GZ
4.50%
04/15/42
983,919
272,282
Series 2012-4030, Class IL, IO
3.50%
04/15/27
8,310
528,982
Series 2012-4054, Class AI, IO
3.00%
04/15/27
14,258
702,481
Series 2012-4090, Class YZ
4.50%
08/15/42
519,365
23,334
Series 2012-4097, Class ES, IO, (30 Day Average SOFR + CSA)
×-1+ 6.10% (b)
0.67%
08/15/42
1,761
2,261,518
Series 2012-4097, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (b)
0.62%
08/15/42
175,677
2,447,000
Series 2012-4098, Class PE
4.00%
08/15/42
1,888,549
173,947
Series 2012-4103, Class HI, IO
3.00%
09/15/27
6,490
27,340
Series 2012-4116, Class AS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.15% (b)
0.72%
10/15/42
2,235
643,981
Series 2012-4121, Class HI, IO
3.50%
10/15/27
24,529
1,071,721
Series 2012-4132, Class AI, IO
4.00%
10/15/42
179,186
258,946
Series 2012-4136, Class TU, IO, (30 Day Average SOFR + CSA)
×-22.50+ 139.5%, 4.50% Cap (b)
4.50%
08/15/42
41,041
230,156
Series 2012-4145, Class YI, IO
3.00%
12/15/27
8,538
194,957
Series 2013-299, Class S1, IO, STRIPS, (30 Day Average SOFR
+ CSA) ×-1+ 6.00% (b)
0.57%
01/15/43
14,517
188,463
Series 2013-303, Class C2, IO, STRIPS
3.50%
01/15/28
7,775
See Notes to Financial Statements
Page 10

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$118,513
Series 2013-304, Class C37, IO, STRIPS
3.50%
12/15/27
$4,309
487,628
Series 2013-304, Class C40, IO, STRIPS
3.50%
09/15/26
14,433
542,209
Series 2013-4151, Class DI, IO
3.50%
11/15/31
13,776
1,773,404
Series 2013-4154, Class IB, IO
3.50%
01/15/28
71,190
7,068,044
Series 2013-4170, Class CO, PO
(d)
11/15/32
5,769,035
905,000
Series 2013-4176, Class HE
4.00%
03/15/43
731,041
732,650
Series 2013-4177, Class GL
3.00%
03/15/33
642,985
2,278,064
Series 2013-4193, Class AI, IO
3.00%
04/15/28
100,197
826,035
Series 2013-4193, Class PB
4.00%
04/15/43
662,769
14,391,500
Series 2013-4199, Class BZ
3.50%
05/15/43
12,099,616
500,000
Series 2013-4211, Class PB
3.00%
05/15/43
384,217
14,324,079
Series 2013-4218, Class ZK
2.50%
02/15/43
9,853,015
5,388,000
Series 2013-4224, Class ME
4.00%
07/15/43
4,439,981
11,838
Series 2013-4226, Class NS, (30 Day Average SOFR + CSA) ×
-3+ 10.50%, 0.00% Floor (b)
0.00%
01/15/43
4,998
1,450,000
Series 2013-4247, Class AY
4.50%
09/15/43
1,262,796
85,700
Series 2013-4265, Class IB, IO
4.50%
12/15/24
1,057
4,115,193
Series 2014-4316, Class XZ
4.50%
03/15/44
3,755,213
8,213,768
Series 2014-4329, Class VZ
4.00%
04/15/44
7,373,221
1,934,431
Series 2014-4387, Class IE, IO
2.50%
11/15/28
65,263
13,303,171
Series 2015-4499, Class CZ
3.50%
08/15/45
10,179,035
418,953
Series 2015-4512, Class W (c) (e)
5.40%
05/15/38
402,253
68,651
Series 2015-4520, Class AI, IO
3.50%
10/15/35
6,989
66,726
Series 2015-4522, Class JZ
2.00%
01/15/45
65,655
290,817
Series 2016-4546, Class PZ
4.00%
12/15/45
181,529
492,281
Series 2016-4546, Class ZT
4.00%
01/15/46
303,664
4,998,610
Series 2016-4559, Class LI, IO
2.50%
03/15/31
292,092
151,109
Series 2016-4568, Class MZ
4.00%
04/15/46
87,900
9,762,692
Series 2016-4570, Class ST, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.57%
04/15/46
755,340
3,576,293
Series 2016-4572, Class LI, IO
4.00%
08/15/45
565,065
7,406,140
Series 2016-4587, Class ZH
4.00%
03/15/44
6,293,182
1,040,648
Series 2016-4591, Class GI, IO
4.00%
12/15/44
152,663
771,702
Series 2016-4600, Class WT
3.50%
07/15/36
634,357
136,619
Series 2016-4605, Class KS, (30 Day Average SOFR + CSA) ×
-1.57+ 4.71%, 0.00% Floor (b)
0.00%
08/15/43
71,416
169,065
Series 2016-4609, Class YI, IO
4.00%
04/15/54
7,590
600,000
Series 2017-4681, Class JY
2.50%
05/15/47
436,338
2,631,349
Series 2018-4774, Class SL, IO, (30 Day Average SOFR + CSA)
×-1+ 6.20% (b)
0.77%
04/15/48
228,126
4,099,276
Series 2018-4826, Class ME
3.50%
09/15/48
3,515,305
2,518,723
Series 2018-4833, Class PY
4.00%
10/15/48
2,208,660
3,396,582
Series 2019-4872, Class BZ
4.00%
04/15/49
2,559,704
6,075,248
Series 2019-4910, Class SA, IO, (30 Day Average SOFR + CSA)
×-1+ 6.05% (b)
0.62%
06/15/49
700,256
9,997,923
Series 2019-4919, Class FP, 30 Day Average SOFR + CSA +
0.45% (a)
5.89%
09/25/49
9,481,149
10,214,505
Series 2019-4928, Class F, 30 Day Average SOFR + CSA +
0.50% (a)
5.94%
11/25/49
9,715,297
See Notes to Financial Statements
Page 11

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corporation (Continued)
 
 
$7,761,056
Series 2019-4938, Class BS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.56%
12/25/49
$640,430
8,570,774
Series 2019-4943, Class NS, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.56%
01/25/50
1,133,874
2,515,155
Series 2020-4974, Class IA, IO
3.50%
12/25/49
626,450
37,603,895
Series 2020-4991, Class DA
2.00%
02/25/44
33,461,796
36,130,708
Series 2020-5001, Class A
2.00%
01/25/45
31,393,611
37,979,867
Series 2020-5004, Class F, 30 Day Average SOFR + CSA +
0.35% (a)
5.79%
07/25/50
35,623,273
12,605,005
Series 2020-5034, Class IO, IO (c)
 
10/15/45
640,348
17,823,386
Series 2020-5045, Class AF, 30 Day Average SOFR + 0.25% (a)
5.57%
11/25/50
16,452,388
18,073,446
Series 2020-5045, Class BF, 30 Day Average SOFR + 0.30% (a)
5.62%
11/25/50
16,726,910
8,815,818
Series 2021-5178, Class HL
2.00%
01/25/52
5,025,195
11,997,895
Series 2022-5208, Class HZ
3.50%
03/25/52
8,799,069
14,011,015
Series 2022-5208, Class Z
3.00%
04/25/52
9,376,834
9,750,000
Series 2022-5210, Class LB
3.00%
08/25/50
6,690,003
12,541,722
Series 2022-5220, Class KZ
4.00%
02/25/51
9,969,078
6,547,491
Series 2022-5221, Class VE
3.50%
07/25/33
5,880,619
33,673,000
Series 2022-5221, Class YC
4.00%
05/25/52
27,529,550
5,133,112
Series 2022-5222, Class BZ
3.50%
05/25/37
4,331,787
7,417,419
Series 2022-5222, Class DP
3.25%
05/25/52
6,662,213
13,544,511
Series 2022-5224, Class DZ
4.00%
04/25/52
10,615,248
10,998,865
Series 2022-5225, Class HZ
4.00%
08/25/51
7,933,067
14,644,651
Series 2022-5225, Class NZ
4.00%
05/25/52
10,680,468
8,576,987
Series 2022-5228, Class DZ
4.50%
06/25/52
6,567,176
8,917,916
Series 2022-5230, Class DL
3.50%
09/25/44
6,800,995
9,012,230
Series 2022-5232, Class GO, PO
(d)
08/25/51
4,752,296
8,839,355
Series 2022-5255, Class KZ
4.00%
09/25/52
6,705,642
7,871,994
Series 2022-5270, Class AL
3.00%
11/25/48
5,097,621
Federal National Mortgage Association Grantor Trust
 
 
1,758,141
Series 2005-T1, Class A1, 1 Mo. LIBOR + 0.40%, 5.41% Cap (a)
5.41%
05/25/35
1,646,618
17,204,056
Series 2022-23, Class EZ
3.00%
03/25/52
9,276,052
Federal National Mortgage Association
 
 
98
Series 1993-230, Class FA, 30 Day Average SOFR + CSA +
0.60% (a)
6.04%
12/25/23
98
3,189
Series 1994-61, Class FG, 30 Day Average SOFR + CSA +
1.50% (a)
6.94%
04/25/24
3,193
11,124
Series 1996-51, Class AY, IO
7.00%
12/18/26
588
389
Series 1998-37, Class VZ
6.00%
06/17/28
388
10,767
Series 2001-34, Class SR, IO, (30 Day Average SOFR + CSA) ×
-1+ 8.10% (b)
2.66%
08/18/31
224
1,405
Series 2001-42, Class SB, (30 Day Average SOFR + CSA) ×-16
+ 128.00%, 8.50% Cap (b)
8.50%
09/25/31
1,373
43,904
Series 2001-46, Class F, 30 Day Average SOFR + CSA +
0.40% (a)
5.84%
09/18/31
43,829
4,840
Series 2002-22, Class G
6.50%
04/25/32
4,879
47,282
Series 2002-30, Class Z
6.00%
05/25/32
47,206
77,048
Series 2002-80, Class CZ
4.50%
09/25/32
68,481
58,787
Series 2002-320, Class 2, IO, STRIPS
7.00%
04/25/32
11,481
52,634
Series 2002-323, Class 6, IO, STRIPS
6.00%
01/25/32
6,985
See Notes to Financial Statements
Page 12

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$138,116
Series 2002-324, Class 2, IO, STRIPS
6.50%
07/25/32
$19,637
10,459
Series 2003-14, Class AT
4.00%
03/25/33
10,070
28,623
Series 2003-21, Class OA
4.00%
03/25/33
27,453
63,779
Series 2003-32, Class UI, IO
6.00%
05/25/33
10,037
273,483
Series 2003-45, Class JB
5.50%
06/25/33
267,677
10,197
Series 2003-63, Class F1, 30 Day Average SOFR + CSA +
0.30% (a)
5.74%
11/25/27
10,146
355,000
Series 2003-71, Class NH
4.29%
08/25/33
323,786
163,716
Series 2003-343, Class 2, IO, STRIPS
4.50%
10/25/33
20,119
165,860
Series 2003-345, Class 14, IO, STRIPS
6.00%
03/25/34
24,859
34,099
Series 2003-348, Class 17, IO, STRIPS
7.50%
12/25/33
4,567
49,618
Series 2003-348, Class 18, IO, STRIPS (c)
7.50%
12/25/33
7,601
145,902
Series 2004-10, Class ZB
6.00%
02/25/34
143,388
184,765
Series 2004-25, Class LC
5.50%
04/25/34
179,972
201,532
Series 2004-25, Class UC
5.50%
04/25/34
195,880
46,648
Series 2004-28, Class ZH
5.50%
05/25/34
42,541
779,967
Series 2004-60, Class AC
5.50%
04/25/34
764,220
1,203,382
Series 2005-2, Class S, IO, (30 Day Average SOFR + CSA) ×-1
+ 6.60% (b)
1.16%
02/25/35
64,033
242,665
Series 2005-2, Class TB, IO, (30 Day Average SOFR + CSA) ×
-1+ 5.90%, 0.40% Cap (b)
0.40%
07/25/33
1,704
63,187
Series 2005-29, Class ZT
5.00%
04/25/35
56,954
54,402
Series 2005-40, Class SA, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.70% (b)
1.26%
05/25/35
3,122
329,976
Series 2005-52, Class TZ
6.50%
06/25/35
331,956
1,185,794
Series 2005-57, Class KZ
6.00%
07/25/35
1,157,497
30,045
Series 2005-79, Class NS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.09% (b)
0.65%
09/25/35
1,448
2,992,975
Series 2005-86, Class WZ
5.50%
10/25/35
2,937,355
61,672
Series 2005-95, Class WZ
6.00%
11/25/35
60,933
82,788
Series 2005-359, Class 6, IO, STRIPS
5.00%
11/25/35
12,321
71,276
Series 2005-362, Class 13, IO, STRIPS
6.00%
08/25/35
12,243
34,495
Series 2006-5, Class 2A2, 30 Day Average SOFR + CSA +
0.14% (a)
4.48%
02/25/35
34,064
15,574,157
Series 2006-5, Class N2, IO (e)
0.00%
02/25/35
9,734
36,117
Series 2006-15, Class IS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.58% (b)
1.14%
03/25/36
2,852
520,313
Series 2006-20, Class PI, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.68% (b)
1.24%
11/25/30
10,246
28,501
Series 2006-31, Class PZ
6.00%
05/25/36
27,620
35,669
Series 2006-85, Class MZ
6.50%
09/25/36
35,470
167,395
Series 2006-117, Class GF, 30 Day Average SOFR + CSA +
0.35% (a)
5.79%
12/25/36
162,280
1,426,187
Series 2006-118, Class A1, 30 Day Average SOFR + CSA +
0.60% (a)
5.49%
12/25/36
1,381,861
313,274
Series 2007-7, Class KA
5.75%
08/25/36
302,599
18,900
Series 2007-25, Class FB, 30 Day Average SOFR + CSA +
0.33% (a)
5.77%
04/25/37
18,040
907,360
Series 2007-57, Class ZG
4.75%
06/25/37
825,446
589,945
Series 2007-60, Class ZS
4.75%
07/25/37
524,384
See Notes to Financial Statements
Page 13

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$505,051
Series 2007-68, Class AE
6.50%
07/25/37
$501,116
247,631
Series 2007-116, Class PB
5.50%
08/25/35
242,264
57,468
Series 2007-117, Class MD
5.50%
07/25/37
56,209
2,353,712
Series 2007-W10, Class 3A (e)
3.45%
06/25/47
2,320,927
129,325
Series 2008-3, Class FZ, 30 Day Average SOFR + CSA +
0.55% (a)
5.99%
02/25/38
117,206
17,850
Series 2008-8, Class ZA
5.00%
02/25/38
16,496
6,078
Series 2008-17, Class IP, IO
6.50%
02/25/38
375
1,481,315
Series 2009-37, Class NZ
5.71%
02/25/37
1,445,289
4,400,000
Series 2009-50, Class GX
5.00%
07/25/39
4,158,354
2,381,399
Series 2009-85, Class J
4.50%
10/25/39
2,229,909
159,464
Series 2009-91, Class HL
5.00%
11/25/39
151,478
97,000
Series 2009-92, Class DB
5.00%
11/25/39
91,354
876,309
Series 2009-103, Class PZ
6.00%
12/25/39
842,145
146,787
Series 2009-106, Class SN, IO, (30 Day Average SOFR + CSA)
×-1+ 6.25% (b)
0.81%
01/25/40
8,002
291,192
Series 2009-109, Class PZ
4.50%
01/25/40
250,094
46,157
Series 2009-115, Class HZ
5.00%
01/25/40
43,958
10
Series 2009-14, Class BS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.25% (b) (f)
0.81%
03/25/24
0
17,994
Series 2009-398, Class C13, IO, STRIPS (f)
4.00%
06/25/24
132
209,553
Series 2010-3, Class DZ
4.50%
02/25/40
175,610
121,780
Series 2010-21, Class KO, PO
(d)
03/25/40
99,892
500,000
Series 2010-35, Class EP
5.50%
04/25/40
471,995
276,062
Series 2010-38, Class KC
4.50%
04/25/40
256,841
279,956
Series 2010-45, Class WB
5.00%
05/25/40
267,484
326,212
Series 2010-68, Class BI, IO
5.50%
07/25/50
70,826
29,847
Series 2010-75, Class MT (e)
1.59%
12/25/39
24,736
78,244
Series 2010-115, Class PO, PO
(d)
04/25/40
64,629
193,936
Series 2010-129, Class SM, IO, (30 Day Average SOFR + CSA)
×-1+ 6.00% (b)
0.56%
11/25/40
3,767
2,821,000
Series 2010-142, Class DL
4.00%
12/25/40
2,477,947
146,745
Series 2011-9, Class AZ
5.00%
05/25/40
140,336
1,507,000
Series 2011-10, Class AY
6.00%
02/25/41
1,469,263
88,060
Series 2011-30, Class LS, IO (c)
(d)
04/25/41
4,828
140,520
Series 2011-30, Class ZB
5.00%
04/25/41
131,806
276,665
Series 2011-52, Class GB
5.00%
06/25/41
268,145
524,331
Series 2011-73, Class PI, IO
4.50%
05/25/41
18,536
155,093
Series 2011-74, Class TQ, IO, (30 Day Average SOFR + CSA) ×
-6.43+ 55.93%, 4.50% Cap (b)
4.50%
12/25/33
19,169
1,023,903
Series 2011-101, Class EI, IO
3.50%
10/25/26
23,415
750,000
Series 2011-105, Class MB
4.00%
10/25/41
609,559
1,878,844
Series 2011-111, Class PZ
4.50%
11/25/41
1,702,200
3,223,850
Series 2011-123, Class JS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.65% (b)
1.21%
03/25/41
125,554
776,952
Series 2012-39, Class PB
4.25%
04/25/42
695,692
365,641
Series 2012-52, Class BZ
4.00%
05/25/42
304,056
76,270
Series 2012-66, Class DI, IO
3.50%
06/25/27
2,844
1,412,304
Series 2012-101, Class AI, IO
3.00%
06/25/27
28,560
See Notes to Financial Statements
Page 14

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$1,794,774
Series 2012-103, Class HI, IO
3.00%
09/25/27
$58,825
127,000
Series 2012-118, Class IB, IO
3.50%
11/25/42
19,819
6,495,827
Series 2012-122, Class SD, IO, (30 Day Average SOFR + CSA)
×-1+ 6.10% (b)
0.66%
11/25/42
468,526
435,138
Series 2012-133, Class KO, PO
(d)
12/25/42
179,781
469,133
Series 2012-138, Class MA
1.00%
12/25/42
369,514
768,492
Series 2012-146, Class QA
1.00%
01/25/43
611,768
246,425
Series 2012-409, Class 49, IO, STRIPS (c)
3.50%
11/25/41
36,625
281,798
Series 2012-409, Class 53, IO, STRIPS (c)
3.50%
04/25/42
41,632
690,000
Series 2013-10, Class HQ
2.50%
02/25/43
433,082
247,365
Series 2013-13, Class IK, IO
2.50%
03/25/28
9,241
6,463,322
Series 2013-19, Class ZD
3.50%
03/25/43
5,120,888
52,309
Series 2013-23, Class ZB
3.00%
03/25/43
30,549
750,000
Series 2013-41, Class DB
3.00%
05/25/43
524,912
975,595
Series 2013-43, Class IX, IO
4.00%
05/25/43
192,170
316,425
Series 2013-52, Class MD
1.25%
06/25/43
245,234
468,360
Series 2013-55, Class AI, IO
3.00%
06/25/33
45,369
136,289
Series 2013-70, Class JZ
3.00%
07/25/43
109,775
72,832
Series 2013-75, Class FC, 30 Day Average SOFR + 0.36% (a)
5.69%
07/25/42
71,881
12,120,547
Series 2013-75, Class ZG
3.25%
07/25/43
8,362,408
379,979
Series 2013-105, Class BN
4.00%
05/25/43
302,532
137,151
Series 2013-105, Class KO, PO
(d)
10/25/43
114,027
195,852
Series 2013-106, Class KN
3.00%
10/25/43
134,798
19,485,929
Series 2013-115, Class Z
3.00%
11/25/33
17,580,899
45,685,745
Series 2013-119, Class VZ
3.00%
10/25/33
40,983,864
38,035,683
Series 2013-119, Class ZB
3.00%
12/25/33
33,822,839
1,003,000
Series 2013-130, Class QY
4.50%
06/25/41
901,112
44,519
Series 2014-29, Class GI, IO
3.00%
05/25/29
1,828
908,010
Series 2014-44, Class NI, IO
4.50%
08/25/29
17,109
327,228
Series 2014-46, Class KA (a)
6.50%
08/25/44
760,920
84,538
Series 2014-68, Class GI, IO
4.50%
10/25/43
6,603
626,536
Series 2014-82, Class GZ
4.00%
12/25/44
439,850
334,883
Series 2014-84, Class LI, IO
3.50%
12/25/26
8,197
875,000
Series 2015-16, Class MY
3.50%
04/25/45
655,501
206,908
Series 2015-76, Class BI, IO
4.00%
10/25/39
4,384
24,585
Series 2015-93, Class KI, IO
3.00%
09/25/44
621
4,970,369
Series 2016-2, Class EZ
2.50%
02/25/46
4,216,369
8,774,460
Series 2016-37, Class PY
3.00%
06/25/46
6,206,365
15,414,102
Series 2016-40, Class MS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.00% (b)
0.56%
07/25/46
1,413,176
11,510,000
Series 2016-50, Class GY
3.00%
08/25/46
8,139,252
5,980,442
Series 2016-62, Class SB, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.10% (b)
0.66%
09/25/46
246,138
2,763,391
Series 2016-73, Class PI, IO
3.00%
08/25/46
497,888
332,209
Series 2016-74, Class HI, IO
3.50%
10/25/46
53,751
240,182
Series 2016-84, Class DF, 30 Day Average SOFR + CSA +
0.42% (a)
5.25%
11/25/46
233,147
7,183,563
Series 2017-18, Class AS, IO, (30 Day Average SOFR + CSA) ×
-1+ 6.05% (b)
0.61%
03/25/47
668,391
See Notes to Financial Statements
Page 15

First Trust Low Duration Opportunities ETF (LMBS)
Portfolio of Investments (Continued)
October 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Federal National Mortgage Association (Continued)
 
 
$597,364
Series 2017-46, Class BY
3.00%
06/25/47
$383,925
12,635,385
Series 2017-50, Class BZ
3.00%
07/25/47
9,876,598
5,011,144
Series 2017-65, Class SA, IO, (30 Day Average SOFR + CSA) ×
-1+ 5.90% (b)
0.46%
09/25/47
348,130
4,205,454
Series 2017-84, Class ZK
3.50%
10/25/57
3,094,242
2,981,782
Series 2017-87, Class GI, IO
4.00%
06/25/44
451,139
2,252,259
Series 2017-87, Class ZA
4.00%
11/25/57
1,509,399
2,690,547
Series 2018-17, Class Z
3.50%
03/25/48
1,852,645
20,840,944
Series 2018-84, Class ZM
4.00%
11/25/48
17,537,375
4,094,685
Series 2018-86, Class DL
3.50%
12/25/48
3,541,974
2,270,058
Series 2018-92, Class DB
3.50%
01/25/49
1,958,819
6,413,628
Series 2018-94, Class AZ
4.00%
01/25/49
5,666,490
6,764,274
Series 2019-8, Class DY
3.50%
03/25/49
5,777,529
8,637,410
Series 2019-17, Class GZ
4.00%
11/25/56
6,529,549
9,093,755
Series 2019-26, Class GA
3.50%
06/25/49
7,773,668
3,719,311
Series 2019-27, Class HA
3.00%
06/25/49