Annual Report
For the Year Ended
August 31, 2023
 
 
First Trust Exchange-Traded Fund VIII
 
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
First Trust TCW Unconstrained Plus Bond ETF (UCON)
First Trust TCW Securitized Plus ETF (DEED)
First Trust TCW Emerging Markets Debt ETF (EFIX)
Table of Contents 
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 
2
3
5
8
10
12
13
19
20
54
89
101
108
109
110
112
116
131
132
140
142
 
Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and/or TCW Investment Management Company LLC (“TCW” or the “Sub-Advisor”) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund VIII (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub- Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report will achieve its investment 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 investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the portfolio commentary from the portfolio management team(s) of the Funds, you may obtain an understanding of how the market environment affected each Fund’s performance. The statistical information that follows may help you understand each Fund’s performance compared to that of the relevant benchmark.
It is important to keep in mind that the opinions expressed by personnel of the Advisor and/or Sub-Advisor are just that:informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.
Page 1
Shareholder Letter
First Trust Exchange-Traded Fund VIII
Annual Letter from the Chairman and CEO
August 31, 2023
Dear Shareholders:
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VIII (the “Funds”), which contains detailed information about the Funds for the twelve months ended August 31, 2023.
As many investors are aware, the Federal Reserve (the “Fed”) remains locked in a closely watched battle with stubbornly high inflation. At their most recent meeting (September 20, 2023), the Federal Open Market Committee voted to keep the Federal Funds target rate (upper bound) unchanged at 5.5%, marking the second pause in a series of eleven increases that started on March 16, 2022. To be sure, the Fed has made considerable progress in reducing rising prices but has yet to see inflation fall to its 2.0% goal. Inflation, as measured by the twelve month trailing change in the rate of the Consumer Price Index, stood at 3.7% on August 31, 2023, down from its most recent high of 9.1% set on June 30, 2022, but up from its most recent low of 3.0% set on June 30, 2023.
One impact of rising prices and higher interest rates is that Americans’ excess savings, defined as the difference between the savings rate during the COVID-19 pandemic recession and its pre-recession trend, appear to be nearly depleted. The Federal Reserve Bank of San Francisco estimates that by June 2023, U.S. households held less than $190 billion of the excess savings they accumulated after the onset of the pandemic recession. At the current pace, the bank estimates that these excess savings will be depleted sometime in the third quarter of 2023. For comparison, excess savings peaked at nearly $2.1 trillion in August 2021. In our view, these excess savings are one reason consumer spending has remained robust in the face of elevated prices. Once these savings are gone, we could see the consumer struggle to manage their debt burden, in our opinion. In a potential harbinger of things to come, delinquency rates have already begun to rise. Data from the Federal Reserve Bank of New York revealed that the rate of new credit card and new auto loan delinquencies stood at 7.2% and 7.3%, respectively, in the second quarter of 2023, surpassing pre-pandemic levels.
Suffice it to say, the U.S. economy has remained resilient, registering positive changes to gross domestic product (“GDP”) in each of the past four quarters. Brian Wesbury, Chief Economist at First Trust, expects this growth to continue, estimating third quarter 2023 GDP could increase by as much as 4.0%. That said, Mr. Wesbury also notes that another quarter of economic growth does not mean that a recession is off the table. Several economic metrics continue to enjoy favorable comparisons to COVID-19-era lockdowns and recent governmental incentives, such as the CHIPS and Science Act of 2022, could be providing a temporary boost to economic growth.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
 
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 2
Fund Performance Overview (Unaudited)
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
The investment objective of the First Trust TCW Opportunistic Fixed Income ETF (the “Fund”) is to seek to maximize long-term total return. Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets (including investment borrowings) in fixed income securities. The Fund’s investments principally include securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities; Treasury Inflation Protected Securities (TIPS); agency and non-agency residential mortgage-backed securities (RMBS); agency and non-agency commercial mortgage-backed securities (CMBS); agency and non-agency asset-backed securities (ABS); U.S. corporate bonds; fixed income securities issued by non-U.S. corporations and governments, including issuers with significant ties to emerging market countries; bank loans, including first lien senior secured floating rate bank loans and covenant lite loans; municipal bonds; collateralized loan obligations (CLOs); Rule 144A securities, and other debt securities bearing fixed, floating or variable interest rates of any maturity. The Fund may also invest in preferred stock and common stock. The Fund may utilize listed and over-the-counter derivatives instruments. Shares of the Fund are listed on The Nasdaq Stock Market LLC under the ticker symbol “FIXD.”
 
Performance
 
 
Average Annual Total
Returns
Cumulative Total Returns
 
1 Year
Ended
8/31/23
5 Years
Ended
8/31/23
Inception
(2/14/17)
to 8/31/23
5 Years
Ended
8/31/23
Inception
(2/14/17)
to 8/31/23
Fund Performance
NAV*
-2.15%
0.40%
0.70%
1.99%
4.69%
Market Price
-1.68%
0.44%
0.74%
2.22%
4.92%
Index Performance
Bloomberg U.S. Aggregate Bond Index
-1.19%
0.49%
0.73%
2.47%
4.86%
(See Notes to Fund Performance Overview on page 12.) 
 
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.
 
*
On January 3, 2023, the fair value methodology used to value the senior loan investments held by the Fund was changed. Prior to that date, the senior loans were
valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided
by a pricing service. The change in the Fund’s fair value methodology on January 3, 2023, resulted in a one-time increase in the Fund’s net asset value of
approximately $0.005 per share on that date, which represented a positive impact on the Fund’s performance of 0.01%. Without the change to the pricing
methodology, the performance of the Fund on a NAV basis would have been -2.15%, 0.40%, 0.70%, 2.00%, and 4.69% in the one-year, five-years average annual,
since inception average annual, five-years cumulative, and since inception cumulative periods ended August 31, 2023, respectively.
Page 3
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Opportunistic Fixed Income ETF (FIXD) (Continued)
 
Fund Allocation
% of
Net Assets
U.S. Government Agency Mortgage-Backed
Securities
33.2%
U.S. Government Bonds and Notes
32.9
Corporate Bonds and Notes
20.2
Asset-Backed Securities
10.3
Mortgage-Backed Securities
8.6
Foreign Corporate Bonds and Notes
5.7
Senior Floating-Rate Loan Interests
1.5
Foreign Sovereign Bonds and Notes
1.1
Municipal Bonds
0.5
Common Stocks
0.0(1)
Rights
0.0(1)
U.S. Treasury Bills
4.7
Money Market Funds
0.9
Net Other Assets and Liabilities(2)
(19.6)
Total
100.0%
 
Credit Quality(3)
% of
Fixed-Income
Investments
Government/Agency
59.6%
AAA
2.7
AA+
0.3
AA
1.6
AA-
1.2
A+
0.7
A
2.1
A-
5.3
BBB+
3.9
BBB
5.7
BBB-
4.7
BB+
2.3
BB
1.3
BB-
1.4
B+
0.2
B
0.8
B-
1.1
CCC+
0.2
CCC
1.5
CCC-
0.4
CC
2.1
C
0.1
D
0.8
NR
0.0(1)
Total
100.0%
 
Top Ten Holdings
% of
Fixed-Income
Investments
U.S. Treasury Note, 4.38%, 08/31/28
8.2%
U.S. Treasury Note, 5.00%, 08/31/25
6.1
U.S. Treasury Bond, 4.38%, 08/15/43
3.6
U.S. Treasury Bond, 4.13%, 08/15/53
3.4
U.S. Treasury Bill, 0.00%, 11/28/23
3.3
Federal National Mortgage Association, Pool
TBA, 5.50%, 09/15/53
2.3
U.S. Treasury Note, 3.88%, 08/15/33
2.3
Federal National Mortgage Association, Pool
TBA, 2.00%, 10/15/53
2.2
Federal National Mortgage Association, Pool
TBA, 4.50%, 10/15/53
2.0
U.S. Treasury Note, 4.13%, 07/31/28
1.7
Total
35.1%
 
(1)
Amount is less than 0.1%.
(2)
Includes variation margin on futures contracts, unrealized appreciation/depreciation on forward foreign currency contracts and unrealized
appreciation/depreciation on interest rate swap agreements.
(3)
The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating
organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For
situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the lowest ratings are used. Sub-investment
grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to
the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and
U.S. Agency mortgage-backed securities appear under “Government/Agency.” Credit ratings are subject to change.
Page 4
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Unconstrained Plus Bond ETF (UCON)
The investment objective of the First Trust TCW Unconstrained Plus Bond ETF (the “Fund”) is to seek to maximize long-term total return. Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of fixed income securities. The Fund’s investment sub-advisor, TCW Investment Management Company LLC, manages the Fund’s portfolio in an “unconstrained” manner, meaning that its investment universe is not limited to the securities of any particular index and it has discretion to invest in fixed income securities of any type or credit quality, including up to 70% of its net assets in high yield (or “junk”) securities, up to 60% of its net assets in securities issued by issuers with significant ties to emerging market countries and up to 50% of its net assets in securities denominated in non-U.S. currencies. The Fund’s investments principally include securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities; Treasury Inflation Protected Securities (TIPS); agency and non-agency residential mortgage-backed securities (RMBS); agency and non-agency commercial mortgage-backed securities (CMBS); agency and non-agency asset-backed securities (ABS); U.S. corporate bonds; fixed income securities issued by non-U.S. corporations and governments, including issuers with significant ties to emerging market countries; bank loans, including first lien senior secured floating rate bank loans and covenant lite loans; municipal bonds; collateralized loan obligations (CLOs); Rule 144A securities, and other debt securities bearing fixed, floating or variable interest rates of any maturity. The Fund may also invest in preferred stock and common stock and the Fund may utilize listed and over-the-counter derivatives instruments. Under normal market conditions, the Fund’s average portfolio duration will vary from between 0 to 10 years. Shares of the Fund are listed on The NYSE Arca, Inc. under the ticker symbol “UCON.”
 
Performance
 
 
Average Annual Total
Returns
Cumulative Total Returns
 
1 Year
Ended
8/31/23
5 Years
Ended
8/31/23
Inception
(6/4/18)
to 8/31/23
5 Years
Ended
8/31/23
Inception
(6/4/18)
to 8/31/23
Fund Performance
NAV
3.18%
2.47%
2.56%
12.97%
14.17%
Market Price
3.18%
2.49%
2.64%
13.07%
14.63%
Index Performance
ICE BofA 3-Month US Treasury Bill Index
4.25%
1.65%
1.67%
8.55%
9.08%
ICE BofA US Dollar 3-Month Deposit Offered Rate
Average Index(1)
4.62%
1.92%
1.94%
9.97%
10.60%
Bloomberg US Aggregate Bond Index
-1.19%
0.49%
0.67%
2.47%
3.58%
 
(1)
On May 31, 2023, the ICE BofA US Dollar 3-Month Deposit Offered Rate Average Index will be replaced as a securities market index for the
Fund with the ICE BofA 3-Month US Treasury Bill Index in connection with the phase out of the London interbank offered rate.
(See Notes to Fund Performance Overview on page 12.)
Page 5
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Unconstrained Plus Bond ETF (UCON) (Continued)
 
 
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
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 6
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Unconstrained Plus Bond ETF (UCON) (Continued)
 
Fund Allocation
% of
Net Assets
Mortgage-Backed Securities
24.4%
Asset-Backed Securities
24.3
U.S. Government Agency Mortgage-Backed
Securities
21.3
Corporate Bonds and Notes
19.5
Foreign Corporate Bonds and Notes
7.3
U.S. Government Bonds and Notes
7.2
Foreign Sovereign Bonds and Notes
3.3
U.S. Government Agency Securities
2.0
Municipal Bonds
0.0(1)
Common Stocks
0.0(1)
Rights
0.0(1)
U.S. Treasury Bills
9.1
Money Market Funds
3.3
Net Other Assets and Liabilities(2)
(21.7)
Total
100.0%
 
Credit Quality(3)
% of
Fixed-Income
Investments
Government/Agency
33.5%
AAA
5.4
AA+
1.2
AA
2.3
AA-
1.6
A+
0.7
A
2.1
A-
5.1
BBB+
3.3
BBB
7.6
BBB-
6.0
BB+
2.8
BB
4.1
BB-
2.2
B+
1.3
B
2.1
B-
1.9
CCC+
1.2
CCC
5.0
CCC-
2.4
CC
5.9
C
1.1
D
1.2
NR
0.0(1)
Total
100.0%
 
Top Ten Holdings
% of
Fixed-Income
Investments
U.S. Treasury Note, 5.00%, 08/31/25
5.4%
U.S. Treasury Bill, 0.00%, 10/19/23
4.1
U.S. Treasury Bill, 0.00%, 10/12/23
3.2
Federal National Mortgage Association,
 Pool TBA, 5.50%, 09/15/53
2.7
Federal National Mortgage Association,
 Pool TBA, 2.00%, 10/15/53
2.6
Federal National Mortgage Association,
 Pool TBA, 5.00%, 10/15/53
2.1
Federal National Mortgage Association,
 Pool TBA, 5.00%, 09/15/53
1.8
Federal Home Loan Bank Discount Notes,
 0.00%, 10/18/23
1.7
Federal National Mortgage Association,
 Pool TBA, 3.00%, 10/15/53
1.6
Federal National Mortgage Association,
 Pool TBA, 4.50%, 10/15/53
1.6
Total
26.8%
 
(1)
Amount is less than 0.1%.
(2)
Includes variation margin on futures contracts, unrealized appreciation/depreciation on forward foreign currency contracts and unrealized
appreciation/depreciation on interest rate swap agreements.
(3)
The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating
organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For
situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the lowest ratings are used. Sub-investment
grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to
the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and
U.S. Agency mortgage-backed securities appear under “Government/Agency.” Credit ratings are subject to change.
Page 7
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Securitized Plus ETF (DEED)
The First Trust TCW Securitized Plus ETF seeks to maximize long-term total return. Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in securitized debt securities, including asset-backed securities, residential and commercial mortgage-backed securities and collateralized loan obligations (CLOs). The Fund’s investment sub-advisor, TCW Investment Management Company LLC (“TCW” or the “Sub-Advisor”), seeks to outperform the Bloomberg U.S. Mortgage-Backed Securities Index over time through the utilization of independent, bottom-up research to identify securities that are relatively undervalued. Under normal conditions, the Fund’s average portfolio duration varies within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Mortgage-Backed Securities Index. As a separate measure, there is no limit on the weighted average maturity of the Fund’s portfolio. While maturity refers to the expected life of a security, duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest. The Fund may utilize listed and over-the-counter derivatives instruments. Shares of the Fund are listed on The NYSE Arca, Inc. under the ticker symbol “DEED.”
 
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(4/29/20)
to 8/31/23
Inception
(4/29/20)
to 8/31/23
Fund Performance
NAV
-3.62%
-2.54%
-8.22%
Market Price
-3.31%
-2.56%
-8.29%
Index Performance
Bloomberg U.S. Mortgage-Backed Securities Index
-2.10%
-3.58%
-11.46%
(See Notes to Fund Performance Overview on page 12.) 
 
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 8
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Securitized Plus ETF (DEED) (Continued)
 
Fund Allocation
% of
Net Assets
U.S. Government Agency Mortgage-Backed
Securities
70.0%
Mortgage-Backed Securities
31.2
Asset-Backed Securities
29.0
U.S. Government Bonds and Notes
0.0(1)
Money Market Funds
0.8
Net Other Assets and Liabilities(2)
(31.0)
Total
100.0%
 
Credit Quality(3)
% of
Fixed-Income
Investments
Government/Agency
52.6%
AAA
3.2
AA+
1.0
AA
4.2
AA-
2.0
A+
0.6
A
0.6
A-
1.4
BBB+
0.0(1)
BBB
2.3
BBB-
1.8
BB
3.9
BB-
0.5
B+
0.7
B
2.3
B-
3.7
CCC+
0.6
CCC
4.4
CCC-
2.0
CC
7.0
C
2.2
D
3.0
Total
100.0%
 
Top Ten Holdings
% of
Fixed-Income
Investments
Government National Mortgage Association,
Pool TBA, 2.50%, 09/15/53
4.5%
Federal National Mortgage Association, Pool
TBA, 2.50%, 09/15/53
2.9
Federal National Mortgage Association, Pool
TBA, 5.50%, 09/15/53
2.9
Federal National Mortgage Association, Pool
TBA, 2.00%, 10/15/53
2.8
Federal National Mortgage Association, Pool
TBA, 5.00%, 10/15/53
2.1
Government National Mortgage Association,
Pool TBA, 4.50%, 09/15/53
1.8
Federal National Mortgage Association, Pool
TBA, 5.00%, 09/15/53
1.8
Federal National Mortgage Association, Pool
TBA, 4.50%, 10/15/53
1.7
Federal Home Loan Mortgage Corporation,
Pool RA5855, 2.50%, 09/01/51
1.4
LHOME Mortgage Trust, 2.36%, 09/25/26
1.2
Total
23.1%
 
(1)
Amount is less than 0.1%.
(2)
Includes variation margin on futures contracts and unrealized appreciation/depreciation on forward foreign currency contracts. 
(3)
The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating
organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For
situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the lowest ratings are used. Sub-investment
grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to
the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and
U.S. Agency mortgage-backed securities appear under “Government/Agency.” Credit ratings are subject to change.
Page 9
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Emerging Markets Debt ETF (EFIX)
The First Trust TCW Emerging Markets Debt ETF (the “Fund”) seeks to provide high total return from current income and capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in debt securities issued or guaranteed by companies, financial institutions and government entities located in emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related security or instrument, is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund’s investments include, but are not limited to, debt securities issued by sovereign entities, quasi-sovereign entities and corporations. “Quasi-Sovereign” refers to an entity that is either 100% owned by a sovereign entity or whose debt is 100% guaranteed by a sovereign entity. The Fund may invest up to 25% of its net assets in securities issued by corporations in emerging market countries that are not Quasi-Sovereign entities. The Fund will invest at least 90% of its assets in dollar-denominated securities. The Fund may utilize listed and over-the-counter derivatives instruments. Shares of the Fund are listed on The NYSE Arca, Inc. under the ticker symbol “EFIX.”
 
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(2/17/21)
to 8/31/23
Inception
(2/17/21)
to 8/31/23
Fund Performance
NAV
4.67%
-5.38%
-13.07%
Market Price
5.75%
-5.11%
-12.44%
Index Performance
JP Morgan Emerging Market Bond Index Global Diversified
5.76%
-5.79%
-14.03%
(See Notes to Fund Performance Overview on page 12.) 
 
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 10
Fund Performance Overview (Unaudited) (Continued)
First Trust TCW Emerging Markets Debt ETF (EFIX) (Continued)
 
Fund Allocation
% of
Net Assets
Foreign Sovereign Bonds and Notes
64.8%
Foreign Corporate Bonds and Notes
29.8
Corporate Bonds and Notes
3.2
Money Market Funds
0.7
Net Other Assets and Liabilities(1)
1.5
Total
100.0%
 
Credit Quality(2)
% of
Fixed-Income
Investments
AA
1.7%
AA-
2.5
A+
4.3
A-
5.6
BBB+
2.1
BBB
9.6
BBB-
17.5
BB+
9.0
BB
7.0
BB-
10.9
B+
7.2
B
8.6
B-
6.0
CCC+
2.0
CCC
1.4
CCC-
1.6
CC
0.7
D
2.3
Total
100.0%
 
Top Ten Holdings
% of
Fixed-Income
Investments
KazMunayGas National Co. JSC, 4.75%,
04/19/27
3.0%
Uruguay Government International Bond,
5.10%, 06/18/50
2.1
Turkey Government International Bond,
9.38%, 01/19/33
2.0
Mexico Government International Bond,
6.35%, 02/09/35
2.0
Finance Department Government of Sharjah,
6.50%, 11/23/32
2.0
Qatar Energy, 3.30%, 07/12/51
1.9
Mexico Government International Bond,
6.34%, 05/04/53
1.8
Petroleos Mexicanos, 6.49%, 01/23/27
1.7
Greensaif Pipelines Bidco Sarl, 6.13%,
02/23/38
1.6
Hungary Government International Bond,
5.25%, 06/16/29
1.6
Total
19.7%
 
(1)
Includes unrealized appreciation/depreciation on credit default swap agreements. 
(2)
The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating
organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For
situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the lowest ratings are used. Sub-investment
grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to
the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and
U.S. Agency mortgage-backed securities appear under “Government/Agency.” Credit ratings are subject to change.
Page 11
Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived by the Advisor. 
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under the Securities and Exchange Commission’s 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 12
Portfolio Commentary
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
Advisor
First Trust Advisors L.P. (“First Trust”) is the investment advisor to the First Trust TCW Opportunistic Fixed Income ETF (“FIXD”), the First Trust TCW Unconstrained Plus Bond ETF (“UCON”), the First Trust TCW Securitized Plus ETF (“DEED”), and the First Trust TCW Emerging Markets Debt ETF (“EFIX”) (each a “Fund”). First Trust is responsible for the ongoing monitoring of each Fund’s investment portfolio, managing each Fund’s business affairs and providing certain administrative services necessary for the management of each Fund.
Sub-Advisor
TCW Investment Management Company LLC (“TCW” or the “Sub-Advisor”) serves as investment sub-advisor. In this capacity, TCW is responsible for the selection and ongoing monitoring of the securities in each Fund’s investment portfolio. TCW, with principal offices at 865 South Figueroa Street, Los Angeles, California 90017, was founded in 1987, and is a wholly-owned subsidiary of The TCW Group, Inc. (“TCW Group”). TCW, together with TCW Group and its other subsidiaries, which provide investment management and investment advisory services, had approximately $209 billion under management or committed to management, including $179 billion of U.S. fixed income investments, as of August 31, 2023.
Portfolio Management Team
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Bryan T. Whalen, CFA, Generalist Portfolio Manager, Co-Chief Investment Officer and Co-Director in the Fixed Income Group of TCW
Stephen M. Kane, CFA, Generalist Portfolio Manager, Co-Chief Investment Officer and Co-Director in the Fixed Income Group of TCW
Laird Landmann, Generalist Portfolio Manager and Co-Director in the Fixed Income Group of TCW
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Bryan T. Whalen, CFA, Generalist Portfolio Manager, Co-Chief Investment Officer and Co-Director in the Fixed Income Group of TCW
Stephen M. Kane, CFA, Generalist Portfolio Manager, Co-Chief Investment Officer and Co-Director in the Fixed Income Group of TCW
Laird Landmann, Generalist Portfolio Manager and Co-Director in the Fixed Income Group of TCW
Steven J. Purdy, Managing Director, Specialist Portfolio Manager and Co-Head of Global Credit of TCW
First Trust TCW Securitized Plus ETF (DEED)
Bryan T. Whalen, CFA, Generalist Portfolio Manager, Co-Chief Investment Officer and Co-Director in the Fixed Income Group of TCW
Mitchell Flack, Specialist Portfolio Manager and Managing Director in the Fixed Income Group of TCW
Elizabeth J. Crawford, Specialist Portfolio Manager and Managing Director in the Fixed Income Group of TCW
First Trust TCW Emerging Markets Debt ETF (EFIX)
Penelope D. Foley, Group Managing Director at TCW
David I. Robbins, Group Managing Director at TCW
Alex Stanojevic, Group Managing Director at TCW
On or about September 6, 2023, Jerry Cudzil, Generalist Portfolio manager in the Fixed Income Group of TCW, and Ruben Hovhannisym, Generalist Portfolio Manager in the Fixed Income Group of TCW were added as members of the portfolio management team of FIXD and UCON. Stephane Kane and Bryan Whalen will continue to serve as portfolio members of FIXD and UCON.
Laird R. Landmann will continue to serve as a member of the portfolio management team of FIXD and UCON until December 31, 2023.
On or about October 2, 2023, Peter Van Gelderen, Specialist Portfolio Manager in the Fixed Income Group of TCW, was added as a member of the portfolio management team of DEED. Elizabeth Crawford, Mitch Flack and Bryan Whalen will continue to serve as members of the portfolio management team of DEED.
Page 13
Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
Commentary
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Market Recap
Although late to take action to combat inflation, the Federal Reserve’s (the “Fed”) Federal Open Market Committee (“FOMC”) initiated its aggressive tightening measures in March 2022, to ultimately bring the Federal Funds target rate from 2.5% to 5.5%. Though policy momentum early in the 12-month period ended August 31, 2023 gave way to a more measured pace (25 basis points (“bps”)) at each meeting in 2023 through August, except for the pause in June), tightening continued even as the global banking system became enveloped in volatility in March 2023 with three U.S. banks collapsing and a large European bank merging with another to prevent insolvency. This central bank resoluteness was driven by persistently high inflation and was given cover by resilient employment and economic growth. Data later in the period, however, revealed potential cracks in the ongoing narratives of a robust consumer and labor market, dispelling the growing notion of a “soft landing.”  Most notably, nonfarm payrolls for July 2023 were weaker than expected at 187,000, second-quarter gross domestic product was revised downward from 2.4% to 2.1% due to soft personal consumption, and the University of Michigan consumer sentiment index eroded from 71.6 in July to 69.5. After selling off to a 16-year high of 4.35% in mid-August, the 10-Year U.S. Treasury note rallied to 4.11% by August month-end as softer macroeconomic data led to increased expectations that the Fed would not need to hike rates any further. For the period, 2-Year Treasury yields moved higher by 137 bps, while 10-Year and 30-Year Treasury rates were over 90 bps higher.
Elevated yields and an inverted curve weighed on the broader fixed income market, with the Bloomberg U.S. Aggregate Bond Index (the “Benchmark”) falling 1.2% during the period, though performance was mixed across sectors. The worst performing areas included agency mortgage-backed securities (“MBS”), down 2.1%, and commercial MBS, down 0.8% as non-agency commercial mortgage-backed securities (“CMBS”) lagged. Non-corporate credit also underperformed, with municipal debt falling 0.8%. Corporate credit, on the other hand, continued to outperform, gaining 0.9% during the 12-month period ended August 31, 2023, led by financials. High yield (“HY”) corporates fared even better than investment grade, delivering a 5.3% return that was led by lower quality issues. Asset-backed securities also performed well, returning 2.1% on strong demand for this generally floating rate asset class. On a duration-adjusted basis, all sectors outpaced Treasuries except agency MBS and non-agency CMBS.
Performance Analysis
For the 12-month period ended August 31, 2023, the Fund fell by 2.15% based on net asset value (“NAV”) basis and 1.68% based on market price, while the Benchmark fell by 1.19% for the same period. The largest drag on relative performance was the Fund’s duration and curve position, which entered the year longer than the Benchmark and extended further in a disciplined fashion alongside the significant increase in Treasury yields. Informing this positioning is a belief that current Treasury rates are above long-term equilibrium levels, and that an eventual pivot in Fed policy will lead to a steepening of the curve. As such, the Fund maintained an overweight to the front-end, which produced a drag as these policy-sensitive rates increased the most over the year. Meanwhile, the overweight to agency MBS was also negative as the sector was held back by the swift rise in Treasury rates and volatility, resulting in it being one of the few fixed income sectors to trail comparable Treasuries over the trailing twelve-month period. Away from residential MBS, the impact from asset-backed security issue selection was positive given sustained investor demand for short duration, floating rate profile types in a period marked by heightened rate volatility, with the Fund’s collateralized loan obligations (“CLOs”) and student loan holdings being the greatest contributors. The overweight to corporate credit also boosted relative returns, as the sector outpaced duration-adjusted Treasuries by over 360 bps. The Communications sector and Non-cyclicals – two of the Fund’s preferred industrial sectors throughout much of the period – performed well, while favorable issue selection among financials provided the largest tailwind. In particular, an emphasis on large, money center banks was beneficial as these credits performed relatively well during the banking crisis of the first quarter of 2023, with the Fund able to take advantage of the volatility to add to existing senior positions among higher conviction names, including Credit Suisse. Performance benefitted significantly from the subsequent sharp rebound in prices amid the announcement of the Swiss National Bank sponsored merger with UBS, with the Credit Suisse position continuing to benefit relative performance given an ongoing compression of yield spreads towards the broader investment grade corporate universe.
Derivative positioning in the Fund is largely focused on futures positions to manage duration, interest rate swaps and options for hedging, and a small allocation to currency forwards all of which had little impact on performance.
Page 14
Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
Market and Fund Outlook
Though economic conditions, on the surface, appear surprisingly stable despite the significant central bank tightening over the past year plus, tighter credit conditions, increased interest expenses, and a weakening consumer point to potential risks ahead. These risks, however, are not uniformly reflected in valuations across the fixed income landscape. As such, investment activity remains focused on high quality relative value opportunities and idiosyncratic stories where risk is more attractively priced, while sufficient liquidity is maintained so that exposures can be adjusted as opportunities arise.
Duration positioning remains longer than the Benchmark, informed by a view that the cumulative effect of 525 bps of tightening will ultimately have the desired effect on inflation at the cost of a hard landing, and as such, interest rates are higher than they should be given the likelihood of a recession. In particular, the front end (two-year) part of the curve is favored given the expectation that the Fed will eventually have to ease and when they do, they will likely ease aggressively. In that environment, the policy-sensitive 2-Year Treasury yield should fall quickly, while the decline in longer-term rates will likely be less substantial. In credit, the current risk/reward profile favors a cautious approach to positioning, and we have taken advantage of windows of market calm and stability to de-risk, bringing positioning to slightly underweight the Benchmark on a spread duration (credit risk) basis. Positioning favors financials, particularly large U.S. money center banks with strong balance sheets and a well-regulated emphasis on liquidity and capital, as well as defensive sectors like healthcare and communications, along with high conviction, high quality names. Meanwhile, sectors tied closely to discretionary spending tend to be less emphasized. Additionally, a small but selective position in HY credit is maintained. Among securitized products, agency MBS represents an overweight due to the high-quality, liquid nature of the sector, and the historically attractive valuation, with positioning split between highly liquid To-Be-Announced Security (“TBAs”) and pools with attractive characteristics. Non-agency MBS offers opportunities in deeply discounted senior legacy bonds, while collateral with significant embedded hire purchase agreements, including 2.0 deals backed by re-performing loans, non-performing loans, and credit risk transfer deals (“CRT”) is also appealing. Finally, CMBS exposure is focused on single asset single borrower non-agency CMBS deals, while asset-backed securities (“ABS”) exposure is comprised largely of highly rated CLOs and bonds backed by non-traditional collateral such as select government guaranteed student loans through the Federal Family Education Loan Program (“FFELP”), shipping containers, auto residuals, and single-family rentals.
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Market Recap
Although late to take action to combat inflation, the Fed’s FOMC initiated its aggressive tightening measures in March 2022, to ultimately bring the Federal Funds target rate from 2.5% to 5.5%. Though policy momentum early in the 12-month period ended August 31, 2023 gave way to a more measured pace (25 bps at each meeting in 2023 through August, except for the pause in June), tightening continued even as the global banking system became enveloped in volatility in March 2023 with three U.S. banks collapsing and a large European bank merging with another to prevent insolvency. This central bank resoluteness was driven by persistently high inflation and was given cover by resilient employment and economic growth. Data later in the period, however, revealed potential cracks in the ongoing narratives of a robust consumer and labor market, dispelling the growing notion of a “soft landing.” Most notably, nonfarm payrolls for July were weaker than expected at 187,000, second-quarter gross domestic product (“GDP”) was revised downward from 2.4% to 2.1% due to soft personal consumption, and the University of Michigan consumer sentiment index eroded from 71.6 in July to 69.5. After selling off to a 16-year high of 4.35% in mid-August, the 10-Year U.S. Treasury Note rallied to 4.11% by August month-end as softer macroeconomic data led to increased expectations that the Fed would not need to hike rates any further. For the period, 2-Year Treasury yields moved higher by 137 bps, while 10-Year and 30-Year rates were over 90 bps higher.
Elevated yields and an inverted curve weighed on the broader fixed income market, with the Bloomberg U.S. Aggregate Bond Index falling 1.2% during the period, though performance was mixed across sectors. The worst performing areas included agency MBS, down 2.1%, and commercial MBS, down 0.8% as non-agency CMBS lagged. Non-corporate credit also underperformed, with municipal debt falling 0.8%. Corporate credit, on the other hand, continued to outperform, gaining 0.9% during the twelve-month period, led by financials. HY corporates fared even better than investment grade, delivering a 5.3% return that was led by lower quality issues. Asset-backed securities also performed well, returning 2.1% on strong demand for this generally floating rate asset class. On a duration-adjusted basis, all sectors outpaced Treasuries except agency MBS and non-agency CMBS.
Performance Analysis
For the 12-month period ended August 31, 2023, the Fund returned 3.18% based on a NAV basis and 3.18% based on market price, while the ICE BofA 3-Month US Treasury Bill Index returned 4.25% for the same period. The largest drag on relative performance
Page 15
Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
was the Fund’s duration and curve position, which was extended over the period in a disciplined fashion alongside the significant increase in Treasury yields. Informing this positioning is a belief that current Treasury rates are above
long-term equilibrium levels, and that an eventual pivot in Fed policy will lead to a steepening of the curve. As such, the Fund maintained an emphasis on the front-end, which produced a drag as these policy-sensitive rates increased the most over the year. Meanwhile, the allocation to agency MBS was also negative as the sector was held back by the swift rise in Treasury rates and volatility, resulting in it being one of the few fixed income sectors to trail comparable Treasuries over the trailing twelve-month period. In non-agency MBS, a decline in trading and demand during the height of 2022’s volatility weighed on prices, though the recent steadying of home prices and resilient outlook for U.S. housing fundamentals has seen the sector perform strongly in recent months. Away from residential MBS, ABS issues have held up relatively well given their largely floating rate nature and shorter duration/average life profiles, engendering increased investor demand and supporting both prices and spreads across the sector. Fund holdings of CLOs and student loans performed well, as did select issues backed by single family rentals. Finally, though the CMBS sector lagged duration-matched Treasuries during the period, issues held in the Fund performed relatively well as an emphasis on single-asset single-borrower deals backed by trophy properties/strong sponsors helped the Fund avoid the worst of the repricing in the sector thus far. The position in corporate credit also boosted relative returns, as the sector outpaced duration-adjusted Treasuries by over 360 bps. Non-cyclicals – one of the Fund’s preferred industrial sectors throughout much of the period – performed well, while favorable selection among financials provided the largest tailwind. In particular, an emphasis on large, money center banks was beneficial as these credits performed relatively well during the first quarter of 2023 banking crisis, with the portfolio able to take advantage of the volatility to add to existing senior positions among higher conviction names, including Credit Suisse. Performance benefitted significantly from the subsequent sharp rebound in prices amid the announcement of the Swiss National Bank sponsored merger with UBS, with the position continuing to benefit relative performance given an ongoing compression of yield spreads towards the broader investment grade corporate universe.
Derivative positioning in the Fund is largely focused on futures positions to manage duration, interest rate swaps and options for hedging, and a small allocation to currency forwards all of which had little impact on performance. The Fund put a hedge on the Index to protect against downward pressure which had minimal impact to the Fund’s performance.
Market and Fund Outlook
Though economic conditions, on the surface, appear surprisingly stable despite the significant central bank tightening over the past year plus, tighter credit conditions, increased interest expenses, and a weakening consumer point to potential risks ahead. These risks, however, are not uniformly reflected in valuations across the fixed income landscape. As such, investment activity remains focused on high quality relative value opportunities and idiosyncratic stories where risk is more attractively priced, while sufficient liquidity is maintained so that exposures can be adjusted as opportunities arise. Duration positioning remains relatively long, informed by a view that the cumulative effect of 525 bps of tightening will ultimately have the desired effect on inflation at the cost of a hard landing, and as such, interest rates are higher than they should be given the likelihood of a recession. In particular, the front end (two-year) part of the curve is favored given the expectation that the Fed will eventually have to ease and when they do, they will likely ease aggressively. In that environment, the policy-sensitive 2-Year Treasury yield should fall quickly, while the decline in longer-term rates will likely be less substantial. In credit, the current risk/reward profile favors a cautious approach to positioning while taking advantage of windows of market calm and stability to de-risk. Positioning favors financials, particularly large U.S. money center banks with strong balance sheets and a well-regulated emphasis on liquidity and capital, as well as defensive sectors like Non-cyclicals and Communications, along with high-conviction, high-quality names. Technology and sectors tied closely to discretionary spending continue to be less emphasized, while a selective position in HY credit is maintained. Among securitized products, agency MBS continues to be a sizeable allocation due to the high-quality, liquid nature of the sector, with positions emphasizing TBAs in both low and current coupons. Non-agency MBS offers opportunities in deeply discounted senior legacy bonds, while re-securitized collateral with significant embedded home price appreciation, including deals backed by re-performing and liquidating loans, prime jumbo collateral, and CRT deals, are also appealing. Finally, CMBS exposure is focused on single asset single borrower non-agency CMBS deals, while ABS exposure is comprised of highly-rated CLOs and non-traditional sectors such as single-family rentals, shipping containers, auto residuals, and select government guaranteed student loans through the FFELP.
First Trust TCW Securitized Plus ETF (DEED)
Market Recap
Although late to take action to combat inflation, the Fed’s FOMC initiated its aggressive tightening measures in March 2022, to ultimately bring the Federal Funds target rate from 2.5% to 5.5%. Though policy momentum early in the 12-month period ended August 31, 2023 gave way to a more measured pace (25 bps at each meeting in 2023 through August, except for the pause in June),
Page 16
Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
tightening continued even as the global banking system became enveloped in volatility in March 2023 with three U.S. banks collapsing and a large European bank merging with another to prevent insolvency. This central bank resoluteness was driven by persistently high inflation and was given cover by resilient employment and economic growth. Data later in the period, however, revealed potential cracks in the ongoing narratives of a robust consumer and labor market, dispelling the growing notion of a “soft landing.”  Most notably, nonfarm payrolls for July were weaker than expected at 187,000, second-quarter GDP was revised downward from 2.4% to 2.1% due to soft personal consumption, and the University of Michigan consumer sentiment index eroded from 71.6 in July to 69.5. After selling off to a 16-year high of 4.35% in mid-August, the 10-Year U.S. Treasury Note rallied to 4.11% by August month-end as softer macroeconomic data led to increased expectations that the Fed would not need to hike rates any further. For the period, 2-Year Treasury yields moved higher by 137 bps, while 10-Year and 30-Year Treasury rates were over 90 bps higher.
Elevated yields and an inverted curve weighed on the broader fixed income market, with the Bloomberg U.S. Aggregate Bond Index falling 1.2% during the period, though performance was mixed across sectors. The worst performing areas included agency MBS, down 2.1%, and commercial MBS, down 0.8% as non-agency CMBS lagged. Non-corporate credit also underperformed, with municipal debt falling 0.8%. Corporate credit, on the other hand, continued to outperform, gaining 0.9% during the twelve-month period, led by financials. HY corporates fared even better than investment grade, delivering a 5.3% return that was led by lower quality issues. Asset-backed securities also performed well, returning 2.1% on strong demand for this generally floating rate asset class. On a duration-adjusted basis, all sectors outpaced Treasuries except agency MBS and non-agency CMBS.
Performance Analysis
For the 12-month period ended August 31, 2023, the Fund fell 3.62% based on NAV and 3.31% based on market price, while the Bloomberg U.S. Mortgage-Backed Securities Index fell by 2.10% for the same period. While the allocation to agency MBS remained significant, the position represented and underweight versus the all-MBS benchmark, which benefitted relative performance as the sector underperformed, though issue selection in the space was a drag. In non-agency MBS, a decline in trading and demand during the height of 2022’s volatility weighed on prices, though the recent steadying of home prices and resilient outlook for U.S. housing fundamentals has seen the sector perform strongly in recent months. Away from residential MBS, ABS issues have held up relatively well given their largely floating rate nature and shorter duration/average life profiles, engendering increased investor demand and supporting both prices and spreads across the sector. Fund holdings of CLOs and student loans performed well, as did select issues backed by single family rentals. Though the CMBS sector lagged duration-matched Treasuries during the period, issues held in the Fund performed relatively well as an emphasis on single asset single borrower deals backed by trophy properties/strong sponsors helped the Fund avoid the worst of the repricing in the sector thus far. Finally, the Fund’s duration and curve position, which entered the year longer than the Index and was extended further in a disciplined fashion alongside the significant increase in Treasury yields, weighed on relative performance. Informing this positioning is a belief that current Treasury rates are above long-term equilibrium levels, and that an eventual pivot in Fed policy will lead to a steepening of the curve. As such, the Fund maintained an emphasis on the front-end, which produced a drag as these policy-sensitive rates increased the most over the year.
Derivative positioning in the Fund is largely focused on futures positions used to manage duration, with a small allocation to currency forwards which had little impact on performance.
Market and Fund Outlook
Though economic conditions, on the surface, appear surprisingly stable despite the significant central bank tightening over the past year plus, tighter credit conditions, increased interest expenses, and a weakening consumer point to potential risks ahead. These risks, however, are not uniformly reflected in valuations across the fixed income landscape. As such, investment activity remains focused on high quality relative value opportunities and idiosyncratic stories where risk is more attractively priced, while sufficient liquidity is maintained so that exposures can be adjusted as opportunities arise.
Duration positioning remains relatively long, informed by a view that the cumulative effect of 525 bps of tightening will ultimately have the desired effect on inflation at the cost of a hard landing, and as such, interest rates are higher than they should be given the likelihood of a recession. In particular, the front end (two-year) part of the curve is favored given the expectation that the Fed will eventually have to ease and when they do, they will likely ease aggressively. In that environment, the policy-sensitive 2-Year Treasury yield should fall quickly, while the decline in longer-term rates will likely be less substantial. Among securitized products, agency MBS continues to be a sizeable allocation due to the high-quality, liquid nature of the sector, with positioning split between TBAs and specified pools with attractive collateral characteristics. Non-agency MBS offers opportunities in deeply discounted senior legacy bonds, while re-securitized collateral with significant embedded home price appreciation, including deals backed by re-performing and liquidating loans, and CRT deals, are also appealing. Exposure to CMBS is focused on higher quality interest only issues where there
Page 17
Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
is upside potential, selected single-asset, single-borrower structures, and underlying properties that the team believes are likely to weather a looming correction facing the sector. ABS exposure currently focuses on CLOs and a variety of smaller collateral types (single-family rentals, federally guaranteed student loans, data centers). CLOs in particular offer good liquidity and attractive spreads, with senior positions offering limited credit risk and lower (but still high quality) tranches offering attractive return potential when supported by a fundamentally sound, tier one manager. Finally, while the challenges in ABS are not likely to be as acute as the ones facing CMBS, a recession, lower consumer spending, and general market volatility, should create opportunities in both higher quality collateral types and those more closely related to consumers.
First Trust TCW Emerging Markets Debt ETF (EFIX)
Market Recap
For the 12-month period ended August 31, 2023, Emerging Markets (“EMs”) sovereign spreads tightened from 502 bps to 422 bps. However, there has been volatility during the period, driven by both uncertainty about the Fed interest rate hiking cycle as well as optimism – and then pessimism – about Chinese growth. Specifically, the fourth quarter of 2022 and the early part of 2023 were largely characterized by spread tightening, particularly on the potential for an economic recovery in China. EM spreads widened to slightly over 500 bps in March 2023 on the back of concerns around the regional banking crisis. Spreads tightened back to a low of close to 400 bps in July 2023 on the back of a strong rally in distressed markets as fears of a banking crisis unwound, before widening slightly in August 2023 on the back of U.S. economic resilience and concerns about Chinese growth.
Performance Analysis
For the 12-month period ended August 31, 2023, the Fund returned 4.67% based on a NAV basis and 5.75% on a market price basis, underperforming the JP Morgan Emerging Market Bond Index Global Diversified return of 5.76% for the same period.
EFIX added a CDX position to the portfolio in early July 2023 to protect against potential profit-taking and spread-widening in the EM sovereign market and exited the position in mid-September 2023. The position cost three bps from a total attribution effect perspective for the 12-month period ended August 31, 2023. The portfolio’s duration positioning and security selection decisions hurt relative performance for the period. On the other hand, the portfolio’s overweight positioning in HY, against an underweight in investment grade, helped mitigate the underperformance. From a country perspective, security selection in Mexico and underweight positioning and security selection in Egypt hurt relative performance during the period. Underweight positioning in select distressed issuers (Ukraine, Sri Lanka, and Kenya), which rallied in 2023 as the market started to price out U.S. banking concerns, hurt relative performance for the same period. Finally, overweight positioning in Turkey, ahead of the country’s first round of the Presidential election in May 2023, also hurt relative performance during the period. On the other hand, overweight positioning in Pakistan by the end of the period, where bonds rallied on the back of an International Monetary Fund program approval, and a lack of exposure to Malaysia, helped mitigate the underperformance. In addition, overweight positioning in select HY issuers (Iraq, El Salvador, Gabon, and Angola) also benefitted relative performance during the period.
Market and Fund Outlook
Fixed Income returns for EMs are likely to be driven in the short-term by the direction of U.S. interest rates, inflation and growth (recession) expectations. In our base case, we anticipate that growth in the U.S. will slow in the fourth quarter of 2023 and into 2024, allowing the Fed to pause its interest rate hiking cycle. If, and when, the end of the Fed interest rate hiking cycle is confirmed, downward pressure on the U.S. Dollar should resume, although a broad-based weakening in the U.S. Dollar will likely require a stronger growth picture in the rest of the world, particularly Europe and China. We believe there will be noticeable improvement in the economic conditions of most EM countries by mid-2024, driven by declining inflation, improved economic activity, decreasing policy interest rates, and some positive spillovers from China's recovery.
The Fund’s portfolio is overweight HY relative to investment grade (“IG”). We see value in EM HY sovereign spreads, which are at post-Great Financial Crisis wides versus U.S. HY. However, we believe differentiation is key given the extent of the rally in HY in recent months, particularly among distressed credits. We are focused on differentiated opportunities in HY, while underweight IG with long duration in that portion of the portfolio to capitalize on the potential for an eventual decline in U.S. Treasuries. As of the end of August 2023, the portfolio is overweight Africa, Europe, and slightly overweight Latin America. The portfolio is underweight Asia, on tight valuations, and underweight the Middle East.
Page 18
First Trust Exchange-Traded Fund VIII
Understanding Your Fund Expenses
August 31, 2023 (Unaudited)
As a shareholder of First Trust TCW Opportunistic Fixed Income ETF, First Trust TCW Unconstrained Plus Bond ETF, First Trust TCW Securitized Plus ETF or First Trust TCW Emerging Markets Debt ETF (each a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 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
March 1, 2023
Ending
Account Value
August 31, 2023
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Actual
$1,000.00
$1,006.50
0.64%
$3.24
Hypothetical (5% return before expenses)
$1,000.00
$1,021.98
0.64%
$3.26
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Actual
$1,000.00
$1,026.00
0.85%
$4.34
Hypothetical (5% return before expenses)
$1,000.00
$1,020.92
0.85%
$4.33
First Trust TCW Securitized Plus ETF (DEED)
Actual
$1,000.00
$1,006.20
0.75%
$3.79
Hypothetical (5% return before expenses)
$1,000.00
$1,021.42
0.75%
$3.82
First Trust TCW Emerging Markets Debt ETF (EFIX)
Actual
$1,000.00
$1,028.60
0.95%
$4.86
Hypothetical (5% return before expenses)
$1,000.00
$1,020.42
0.95%
$4.84
 
(a)
Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period
(March 1, 2023 through August 31, 2023), multiplied by 184/365 (to reflect the six-month period).
Page 19
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments
August 31, 2023 
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 33.2%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corporation
 
 
$285,201
Series 2017-4656, Class EZ
4.00%
02/15/47
$263,259
Federal National Mortgage Association
 
 
1,640,360
Series 2012-20, Class ZT
3.50%
03/25/42
1,490,553
1,805,766
Series 2012-84, Class VZ
3.50%
08/25/42
1,629,286
203,589
Series 2018-38, Class PA
3.50%
06/25/47
191,523
609,997
Series 2018-43, Class CT
3.00%
06/25/48
538,568
152,157
Series 2018-86, Class JA
4.00%
05/25/47
145,422
77,182
Series 2018-94, Class KD
3.50%
12/25/48
70,507
91,502
Series 2019-1, Class KP
3.25%
02/25/49
82,320
47,977
Series 2019-20, Class BA
3.50%
02/25/48
46,162
45,915
Series 2019-52, Class PA
3.00%
09/25/49
39,924
Government National Mortgage Association
 
 
167,724
Series 2018-115, Class DE
3.50%
08/20/48
154,728
186,643
Series 2018-124, Class NW
3.50%
09/20/48
173,425
313,141
Series 2019-12, Class QA
3.50%
09/20/48
294,881
26,719
Series 2019-71, Class PT
3.00%
06/20/49
23,913
347,113
Series 2019-119, Class JE
3.00%
09/20/49
304,569
 
5,449,040
Pass-Through Securities — 33.1%
Federal Home Loan Mortgage Corporation
53,540
Pool C91981
3.00%
02/01/38
48,554
49,304
Pool G07961
3.50%
03/01/45
45,141
47,067
Pool G08692
3.00%
02/01/46
41,584
1,378,499
Pool G08715
3.00%
08/01/46
1,211,065
27,239
Pool G08721
3.00%
09/01/46
23,926
313,878
Pool G08726
3.00%
10/01/46
276,458
755,696
Pool G08732
3.00%
11/01/46
661,956
99,424
Pool G08738
3.50%
12/01/46
90,586
198,761
Pool G08741
3.00%
01/01/47
174,527
138,488
Pool G08747
3.00%
02/01/47
121,582
96,594
Pool G08748
3.50%
02/01/47
87,998
449,223
Pool G08750
3.00%
03/01/47
394,386
104,793
Pool G08766
3.50%
06/01/47
95,456
277,748
Pool G08788
3.50%
11/01/47
252,914
919,999
Pool G08792
3.50%
12/01/47
835,744
124,214
Pool G08800
3.50%
02/01/48
113,106
190,824
Pool G08816
3.50%
06/01/48
173,759
49,830
Pool G08833
5.00%
07/01/48
49,220
9,566
Pool G08838
5.00%
09/01/48
9,445
173,588
Pool G08843
4.50%
10/01/48
167,790
36,917
Pool G08844
5.00%
10/01/48
36,447
106,279
Pool G08849
5.00%
11/01/48
104,835
370,418
Pool G16085
2.50%
02/01/32
341,763
232,279
Pool G16350
2.50%
10/01/32
214,271
274,097
Pool G16396
3.50%
02/01/33
262,484
811,325
Pool G16524
3.50%
05/01/33
776,866
89,659
Pool G18670
3.00%
12/01/32
84,790
25,399
Pool G18691
3.00%
06/01/33
23,802
74,338
Pool G18713
3.50%
11/01/33
71,176
See Notes to Financial Statements
Page 20
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal Home Loan Mortgage Corporation (Continued)
$1,218,638
Pool G60038
3.50%
01/01/44
$1,124,454
323,586
Pool G60080
3.50%
06/01/45
296,062
658,567
Pool G60344
4.00%
12/01/45
625,751
209,708
Pool G60440
3.50%
03/01/46
191,569
648,276
Pool G60582
3.50%
05/01/46
591,460
616,588
Pool G60658
3.50%
07/01/46
565,051
279,156
Pool G61556
3.50%
08/01/48
254,801
1,914,842
Pool G61748
3.50%
11/01/48
1,747,539
640,417
Pool G67700
3.50%
08/01/46
584,358
5,291,704
Pool G67706
3.50%
12/01/47
4,833,682
1,299,517
Pool G67707
3.50%
01/01/48
1,192,346
1,494,716
Pool G67714
4.00%
07/01/48
1,408,302
2,058,073
Pool G67717
4.00%
11/01/48
1,939,086
3,171,820
Pool G67718
4.00%
01/01/49
2,987,130
113,104
Pool Q44452
3.00%
11/01/46
99,214
198,766
Pool Q50135
3.50%
08/01/47
180,995
8,109,523
Pool QA7837
3.50%
03/01/50
7,380,470
22,927,504
Pool QD3419
2.00%
12/01/51
18,307,761
20,978,863
Pool QD8259
3.00%
03/01/52
18,091,698
14,747,472
Pool QE0312
2.00%
04/01/52
11,770,044
21,415,627
Pool QE0521
2.50%
04/01/52
17,776,738
13,401,022
Pool RA3078
3.00%
07/01/50
11,694,835
374,976
Pool RE6029
3.00%
02/01/50
318,785
12,688,313
Pool SD0231
3.00%
01/01/50
11,115,514
3,423,109
Pool SD7511
3.50%
01/01/50
3,115,033
10,704,313
Pool SD7513
3.50%
04/01/50
9,747,578
6,336,453
Pool SD7518
3.00%
06/01/50
5,550,975
163,333
Pool SD8043
2.50%
02/01/50
137,692
2,075,753
Pool SD8107
2.50%
11/01/50
1,737,005
14,302,046
Pool SD8189
2.50%
01/01/52
11,874,930
18,053,468
Pool SD8194
2.50%
02/01/52
14,987,848
21,937,054
Pool SD8205
2.50%
04/01/52
18,193,682
18,825,445
Pool SD8212
2.50%
05/01/52
15,613,016
248,747
Pool U90772
3.50%
01/01/43
227,844
290,864
Pool U99114
3.50%
02/01/44
266,498
588,861
Pool ZA4692
3.50%
06/01/46
536,509
288,581
Pool ZM0063
4.00%
08/01/45
274,070
13,830,568
Pool ZM1779
3.00%
09/01/46
12,179,701
2,951,208
Pool ZS4667
3.00%
06/01/46
2,593,049
4,856,303
Pool ZS4688
3.00%
11/01/46
4,248,354
7,838,589
Pool ZS4735
3.50%
09/01/47
7,071,646
265,826
Pool ZS8602
3.00%
03/01/31
251,098
542,798
Pool ZS9844
3.50%
07/01/46
494,370
1,536,188
Pool ZT0277
3.50%
10/01/46
1,399,619
705,630
Pool ZT0531
3.50%
04/01/47
642,796
680,460
Pool ZT0536
3.50%
03/01/48
620,308
2,155,206
Pool ZT0537
3.50%
03/01/48
1,964,413
370,174
Pool ZT0542
4.00%
07/01/48
348,337
See Notes to Financial Statements
Page 21
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal Home Loan Mortgage Corporation (Continued)
$74,347
Pool ZT1403
3.50%
11/01/33
$71,101
1,048,240
Pool ZT1703
4.00%
01/01/49
985,967
Federal National Mortgage Association
2,399,966
Pool AL8825
3.50%
06/01/46
2,186,920
111,918
Pool AN2786
2.76%
09/01/36
93,193
995,729
Pool AS0225
4.00%
08/01/43
946,571
1,245,661
Pool AS3134
3.50%
08/01/44
1,141,270
285,077
Pool AS6620
3.50%
02/01/46
259,822
85,590
Pool AS9334
3.00%
03/01/32
80,840
67,963
Pool AS9749
4.00%
06/01/47
64,003
71,803
Pool BD7081
4.00%
03/01/47
66,976
5,487,813
Pool BE3774
4.00%
07/01/47
5,176,935
728,839
Pool BJ2692
3.50%
04/01/48
662,882
896,410
Pool BM1903
3.50%
08/01/47
817,546
241,147
Pool BM2000
3.50%
05/01/47
220,435
626,537
Pool BM3260
3.50%
01/01/48
569,793
264,120
Pool BM4299
3.00%
03/01/30
255,385
231,825
Pool BM4304
3.00%
02/01/30
224,412
759,135
Pool BM4472
3.50%
07/01/48
691,629
1,614,658
Pool BM5585
3.00%
11/01/48
1,415,769
12,672,465
Pool BN7755
3.00%
09/01/49
11,102,263
27,870,768
Pool BQ6913
2.00%
12/01/51
22,249,462
46,772,746
Pool BQ7006
2.00%
01/01/52
37,384,990
24,058,903
Pool BT6179
2.50%
07/01/51
20,021,019
11,136,354
Pool BV2784
2.50%
02/01/52
9,244,141
16,314,688
Pool BV3101
2.00%
03/01/52
13,021,486
22,356,336
Pool BV4133
2.50%
03/01/52
18,542,366
9,036,223
Pool BV8515
3.00%
05/01/52
7,798,814
21,280,678
Pool BW9886
4.50%
10/01/52
20,190,548
936,674
Pool CA0854
3.50%
12/01/47
852,782
432,390
Pool CA0907
3.50%
12/01/47
393,665
364,408
Pool CA0996
3.50%
01/01/48
331,629
2,655,954
Pool CA1182
3.50%
02/01/48
2,417,042
440,930
Pool CA1187
3.50%
02/01/48
402,303
310,469
Pool CA1710
4.50%
05/01/48
299,217
202,382
Pool CA1711
4.50%
05/01/48
194,984
119,191
Pool CA2208
4.50%
08/01/48
114,580
436,055
Pool CA2327
4.00%
09/01/48
412,273
2,835,915
Pool CA3633
3.50%
06/01/49
2,586,562
11,832,165
Pool CA4534
3.00%
11/01/49
10,365,876
3,940,164
Pool FM2870
3.00%
03/01/50
3,451,833
6,750,890
Pool FM5397
3.00%
12/01/50
5,911,038
28,518,271
Pool FS1598
2.00%
04/01/52
22,742,278
209,940
Pool MA1146
4.00%
08/01/42
198,440
380,886
Pool MA1373
3.50%
03/01/43
348,572
385,730
Pool MA2077
3.50%
11/01/34
366,868
107,070
Pool MA2145
4.00%
01/01/45
101,666
440,317
Pool MA2670
3.00%
07/01/46
386,558
427,456
Pool MA2806
3.00%
11/01/46
376,239
See Notes to Financial Statements
Page 22
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association (Continued)
$11,905
Pool MA2896
3.50%
02/01/47
$10,832
381,840
Pool MA3057
3.50%
07/01/47
347,922
172,761
Pool MA3088
4.00%
08/01/47
162,572
403,017
Pool MA3210
3.50%
12/01/47
366,531
4,525,008
Pool MA3238
3.50%
01/01/48
4,120,863
383,294
Pool MA3239
4.00%
01/01/48
360,686
190,005
Pool MA3276
3.50%
02/01/48
172,806
546,415
Pool MA3332
3.50%
04/01/48
496,950
146,858
Pool MA3336
3.50%
04/01/38
136,491
94,767
Pool MA3410
3.50%
07/01/33
90,638
132,880
Pool MA3537
4.50%
12/01/48
128,257
565,066
Pool MA3846
3.00%
11/01/49
481,315
485,191
Pool MA4078
2.50%
07/01/50
406,555
8,932,625
Pool MA4093
2.00%
08/01/40
7,504,004
178,927
Pool MA4120
2.50%
09/01/50
150,199
6,124,674
Pool MA4128
2.00%
09/01/40
5,175,383
6,857,210
Pool MA4152
2.00%
10/01/40
5,750,309
5,078,637
Pool MA4158
2.00%
10/01/50
4,076,296
3,675,567
Pool MA4176
2.00%
11/01/40
3,093,847
13,164,482
Pool MA4364
2.00%
06/01/41
11,051,330
1,280,074
Pool MA4379
2.50%
07/01/51
1,066,635
135,332
Pool MA4438
2.50%
10/01/51
112,479
18,209,728
Pool MA4548
2.50%
02/01/52
15,103,123
26,050,000
Pool TBA (a)
2.50%
09/15/53
21,584,867
27,325,000
Pool TBA (a)
3.00%
09/15/53
23,547,532
100,550,000
Pool TBA (a)
3.50%
09/15/53
89,886,201
91,525,000
Pool TBA (a)
4.00%
09/15/53
84,489,016
94,875,000
Pool TBA (a)
5.00%
09/15/53
92,000,955
125,550,000
Pool TBA (a)
5.50%
09/15/53
123,970,817
149,275,000
Pool TBA (a)
2.00%
10/15/53
119,040,982
65,075,000
Pool TBA (a)
2.50%
10/15/53
53,994,455
82,500,000
Pool TBA (a)
3.00%
10/15/53
71,172,364
33,050,000
Pool TBA (a)
4.00%
10/15/53
30,540,266
111,700,000
Pool TBA (a)
4.50%
10/15/53
105,984,102
65,225,000
Pool TBA (a)
5.00%
10/15/53
63,279,716
Government National Mortgage Association
171,442
Pool MA1157
3.50%
07/20/43
159,075
500,304
Pool MA2825
3.00%
05/20/45
449,244
169,089
Pool MA3521
3.50%
03/20/46
155,938
7,168,092
Pool MA3662
3.00%
05/20/46
6,420,912
648,589
Pool MA3663
3.50%
05/20/46
598,942
438,666
Pool MA3735
3.00%
06/20/46
392,794
8,903,342
Pool MA3937
3.50%
09/20/46
8,216,285
122,894
Pool MA4069
3.50%
11/20/46
113,538
71,251
Pool MA4195
3.00%
01/20/47
63,669
84,983
Pool MA4196
3.50%
01/20/47
78,466
427,747
Pool MA4261
3.00%
02/20/47
382,216
109,112
Pool MA4262
3.50%
02/20/47
100,624
2,747,908
Pool MA4322
4.00%
03/20/47
2,603,523
See Notes to Financial Statements
Page 23
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Government National Mortgage Association (Continued)
$2,907,313
Pool MA4382
3.50%
04/20/47
$2,681,143
34,460
Pool MA4453
4.50%
05/20/47
33,476
36,469
Pool MA4586
3.50%
07/20/47
33,639
235,246
Pool MA4588
4.50%
07/20/47
228,102
641,584
Pool MA4651
3.00%
08/20/47
572,165
928,888
Pool MA4652
3.50%
08/20/47
853,768
320,715
Pool MA4719
3.50%
09/20/47
294,971
38,906
Pool MA4722
5.00%
09/20/47
38,495
31,996
Pool MA4777
3.00%
10/20/47
28,530
800,463
Pool MA4778
3.50%
10/20/47
737,223
769,612
Pool MA4836
3.00%
11/20/47
686,264
795,530
Pool MA4837
3.50%
11/20/47
732,670
267,040
Pool MA4838
4.00%
11/20/47
252,599
44,442
Pool MA4901
4.00%
12/20/47
42,072
205,675
Pool MA4961
3.00%
01/20/48
183,536
275,680
Pool MA4962
3.50%
01/20/48
253,981
400,207
Pool MA4963
4.00%
01/20/48
378,894
201,272
Pool MA5078
4.00%
03/20/48
190,339
553,387
Pool MA5136
3.50%
04/20/48
509,336
418,073
Pool MA5399
4.50%
08/20/48
403,635
167,525
Pool MA5466
4.00%
09/20/48
157,495
44,060
Pool MA5467
4.50%
09/20/48
42,571
116,453
Pool MA5597
5.00%
11/20/48
115,139
137,128
Pool MA5976
3.50%
06/20/49
123,645
34,851
Pool MA6030
3.50%
07/20/49
31,381
201,245
Pool MA6080
3.00%
08/20/49
174,671
53,275,000
Pool TBA (a)
2.50%
09/15/53
45,333,695
17,325,000
Pool TBA (a)
4.50%
09/15/53
16,511,537
9,100,000
Pool TBA (a)
5.00%
09/15/53
8,855,615
 
1,503,759,699
Total U.S. Government Agency Mortgage-Backed Securities
1,509,208,739
(Cost $1,577,449,400)
U.S. GOVERNMENT BONDS AND NOTES — 32.9%
3,084,000
U.S. Treasury Bond
2.00%
11/15/41
2,159,282
62,810,000
U.S. Treasury Bond
3.88%
05/15/43
58,432,928
194,885,000
U.S. Treasury Bond
4.38%
08/15/43
194,397,787
185,345,000
U.S. Treasury Bond
4.13%
08/15/53
182,897,868
24,723,667
U.S. Treasury Inflation Indexed Bond (b)
1.25%
04/15/28
23,812,374
6,469,745
U.S. Treasury Inflation Indexed Bond (b)
1.13%
01/15/33
6,037,938
22,223,864
U.S. Treasury Inflation Indexed Bond (b)
1.38%
07/15/33
21,251,264
13,695,000
U.S. Treasury Note
4.75%
07/31/25
13,659,157
327,569,500
U.S. Treasury Note
5.00%
08/31/25
328,516,379
93,100,000
U.S. Treasury Note
4.13%
07/31/28
92,561,766
443,860,000
U.S. Treasury Note
4.38%
08/31/28
446,616,788
123,940,000
U.S. Treasury Note
3.88%
08/15/33
121,742,001
Total U.S. Government Bonds and Notes
1,492,085,532
(Cost $1,487,438,323)
See Notes to Financial Statements
Page 24
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) — 20.2%
Aerospace/Defense — 0.3%
$3,208,000
BAE Systems Holdings, Inc. (d)
3.85%
12/15/25
$3,094,213
8,500,000
Boeing (The) Co.
1.43%
02/04/24
8,337,299
1,610,000
Boeing (The) Co.
4.88%
05/01/25
1,588,605
 
13,020,117
Agriculture — 0.4%
979,000
BAT Capital Corp.
3.56%
08/15/27
908,625
1,400,000
BAT Capital Corp.
2.73%
03/25/31
1,109,599
4,530,000
BAT Capital Corp.
4.39%
08/15/37
3,590,215
1,855,000
BAT Capital Corp.
4.54%
08/15/47
1,350,058
409,000
BAT Capital Corp.
4.76%
09/06/49
303,570
2,143,000
BAT Capital Corp.
5.65%
03/16/52
1,795,537
4,250,000
Reynolds American, Inc.
5.70%
08/15/35
3,934,584
3,735,000
Reynolds American, Inc.
5.85%
08/15/45
3,247,095
 
16,239,283
Airlines — 0.4%
827,524
American Airlines Pass-Through Trust, Series 2014-1, Class A
3.70%
10/01/26
756,342
100,260
American Airlines Pass-Through Trust, Series 2015-2, Class AA
3.60%
09/22/27
93,487
3,334,459
American Airlines Pass-Through Trust, Series 2016-1, Class AA
3.58%
01/15/28
3,090,853
4,103,091
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA
2.00%
06/10/28
3,616,786
7,527,668
JetBlue Pass-Through Trust, Series 2020-1, Class A
4.00%
11/15/32
6,938,970
6,000,000
United Airlines Pass-Through Trust, Series 2023-1, Class A
5.80%
01/15/36
6,002,677
 
20,499,115
Banks — 5.5%
2,500,000
Bank of America Corp. (e)
2.30%
07/21/32
1,972,318
1,455,000
Bank of America Corp. (e)
2.57%
10/20/32
1,166,750
21,290,000
Bank of America Corp., Series N (e)
1.66%
03/11/27
19,246,079
8,965,000
Bank of America Corp., Medium-Term Note (e)
2.55%
02/04/28
8,112,537
1,345,000
Bank of America Corp., Medium-Term Note (e)
3.97%
03/05/29
1,257,413
12,261,000
Bank of America Corp., Medium-Term Note (e)
2.09%
06/14/29
10,468,338
2,839,000
Bank of America Corp., Medium-Term Note (e)
3.97%
02/07/30
2,615,178
5,265,000
Bank of America Corp., Medium-Term Note (e)
1.92%
10/24/31
4,127,445
5,310,000
Citigroup, Inc. (e)
3.07%
02/24/28
4,876,660
2,375,000
Citigroup, Inc. (e)
3.52%
10/27/28
2,193,025
4,110,000
Citigroup, Inc. (e)
2.98%
11/05/30
3,536,857
9,765,000
Citigroup, Inc. (e)
2.57%
06/03/31
8,068,787
720,000
Citigroup, Inc. (e)
2.56%
05/01/32
580,314
585,000
Citigroup, Inc. (e)
2.52%
11/03/32
464,462
15,187,000
Citigroup, Inc. (e)
3.06%
01/25/33
12,533,757
10,000,000
Goldman Sachs Group (The), Inc.
1.22%
12/06/23
9,881,735
1,995,000
Goldman Sachs Group (The), Inc. (e)
0.93%
10/21/24
1,979,438
950,000
Goldman Sachs Group (The), Inc. (e)
3.27%
09/29/25
921,704
18,965,000
Goldman Sachs Group (The), Inc. (e)
1.54%
09/10/27
16,754,023
845,000
Goldman Sachs Group (The), Inc. (e)
2.64%
02/24/28
765,134
265,000
Goldman Sachs Group (The), Inc. (e)
1.99%
01/27/32
206,454
6,615,000
Goldman Sachs Group (The), Inc. (e)
2.38%
07/21/32
5,230,673
3,265,000
Goldman Sachs Group (The), Inc. (e)
2.65%
10/21/32
2,620,971
13,465,000
JPMorgan Chase & Co. (e)
0.97%
06/23/25
12,911,801
8,015,000
JPMorgan Chase & Co. (e)
1.56%
12/10/25
7,571,991
1,895,000
JPMorgan Chase & Co. (e)
1.04%
02/04/27
1,696,815
See Notes to Financial Statements
Page 25
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Banks (Continued)
$10,455,000
JPMorgan Chase & Co. (e)
1.58%
04/22/27
$9,392,547
2,625,000
JPMorgan Chase & Co. (e)
4.01%
04/23/29
2,463,698
1,445,000
JPMorgan Chase & Co. (e)
2.07%
06/01/29
1,240,313
3,900,000
JPMorgan Chase & Co. (e)
1.95%
02/04/32
3,074,927
3,145,000
JPMorgan Chase & Co. (e)
2.58%
04/22/32
2,575,522
3,020,000
JPMorgan Chase & Co. (e)
2.55%
11/08/32
2,440,657
495,000
Morgan Stanley (e)
0.99%
12/10/26
444,279
4,615,000
Morgan Stanley (e)
2.48%
09/16/36
3,482,352
3,751,000
Morgan Stanley, Global Medium-Term Note (e)
1.51%
07/20/27
3,331,720
1,975,000
Morgan Stanley, Global Medium-Term Note (e)
2.24%
07/21/32
1,554,169
13,355,000
Morgan Stanley, Medium-Term Note (e)
1.16%
10/21/25
12,601,066
4,440,000
Morgan Stanley, Medium-Term Note (e)
1.93%
04/28/32
3,424,750
2,095,000
PNC Financial Services Group (The), Inc. (e)
5.58%
06/12/29
2,078,560
970,000
PNC Financial Services Group (The), Inc. (e)
6.04%
10/28/33
985,886
8,545,000
PNC Financial Services Group (The), Inc. (e)
5.07%
01/24/34
8,098,604
1,525,000
US Bancorp (e)
5.85%
10/21/33
1,519,760
9,835,000
US Bancorp (e)
4.84%
02/01/34
9,127,211
2,420,000
US Bancorp (e)
5.84%
06/12/34
2,418,828
4,320,000
Wells Fargo & Co., Medium-Term Note (e)
2.16%
02/11/26
4,086,934
10,185,000
Wells Fargo & Co., Medium-Term Note (e)
3.53%
03/24/28
9,483,060
8,109,000
Wells Fargo & Co., Medium-Term Note (e)
2.39%
06/02/28
7,219,900
5,790,000
Wells Fargo & Co., Medium-Term Note (e)
2.88%
10/30/30
4,957,509
11,865,000
Wells Fargo & Co., Medium-Term Note (e)
3.35%
03/02/33
9,996,358
3,795,000
Wells Fargo & Co., Medium-Term Note (e)
4.90%
07/25/33
3,572,430
 
251,331,699
Beverages — 0.1%
4,300,000
Constellation Brands, Inc.
2.88%
05/01/30
3,714,379
3,500,000
Triton Water Holdings, Inc. (d)
6.25%
04/01/29
2,978,340
 
6,692,719
Biotechnology — 0.3%
2,010,000
Amgen, Inc.
5.25%
03/02/33
2,000,391
2,510,000
Amgen, Inc.
5.60%
03/02/43
2,465,039
1,412,000
Amgen, Inc.
4.40%
05/01/45
1,188,865
900,000
Amgen, Inc.
4.88%
03/01/53
799,540
4,520,000
Amgen, Inc.
5.75%
03/02/63
4,467,144
1,510,000
Regeneron Pharmaceuticals, Inc.
1.75%
09/15/30
1,202,507
 
12,123,486
Chemicals — 0.2%
890,000
International Flavors & Fragrances, Inc. (EUR)
1.80%
09/25/26
873,853
8,003,000
International Flavors & Fragrances, Inc. (d)
2.30%
11/01/30
6,215,911
1,040,000
International Flavors & Fragrances, Inc. (d)
3.27%
11/15/40
693,200
3,359,000
International Flavors & Fragrances, Inc.
5.00%
09/26/48
2,672,705
830,000
International Flavors & Fragrances, Inc. (d)
3.47%
12/01/50
516,809
 
10,972,478
Commercial Services — 0.2%
2,485,000
Global Payments, Inc. (EUR)
4.88%
03/17/31
2,703,202
1,730,000
Global Payments, Inc.
5.40%
08/15/32
1,697,163
See Notes to Financial Statements
Page 26
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Commercial Services (Continued)
$2,366,000
Global Payments, Inc.
5.95%
08/15/52
$2,260,175
500,000
WASH Multifamily Acquisition, Inc. (d)
5.75%
04/15/26
464,147
 
7,124,687
Computers — 0.1%
3,261,000
NCR Corp. (d)
5.25%
10/01/30
2,929,543
Diversified Financial Services — 0.4%
1,890,000
Air Lease Corp.
3.25%
03/01/25
1,810,113
940,000
Air Lease Corp.
3.38%
07/01/25
896,447
3,000,000
Air Lease Corp.
4.63%
10/01/28
2,828,772
360,000
Air Lease Corp., Medium-Term Note
2.30%
02/01/25
340,962
7,930,000
Capital One Financial Corp. (e)
1.34%
12/06/24
7,817,145
3,755,000
Discover Financial Services
3.95%
11/06/24
3,658,957
1,500,000
Jane Street Group/JSG Finance, Inc. (d)
4.50%
11/15/29
1,317,953
 
18,670,349
Electric — 2.0%
2,655,000
Alliant Energy Finance LLC (d)
1.40%
03/15/26
2,366,343
200,000
Ameren Illinois Co.
3.70%
12/01/47
154,884
3,000,000
Appalachian Power Co., Series Z
3.70%
05/01/50
2,164,803
12,605,000
Arizona Public Service Co.
6.35%
12/15/32
13,281,477
2,670,000
Baltimore Gas and Electric Co.
4.55%
06/01/52
2,309,775
1,625,000
Baltimore Gas and Electric Co.
5.40%
06/01/53
1,605,034
750,000
Cleco Power LLC
6.00%
12/01/40
714,968
5,953,000
Commonwealth Edison Co.
6.45%
01/15/38
6,413,034
500,000
Consolidated Edison Co. of New York, Inc.
4.50%
05/15/58
408,098
1,695,000
Dominion Energy, Inc., Series A
3.30%
03/15/25
1,637,817
2,375,000
Duke Energy Carolinas LLC
5.35%
01/15/53
2,312,263
2,000,000
Duke Energy Corp. (EUR)
3.85%
06/15/34
1,993,130
3,500,000
Duke Energy Progress LLC
5.25%
03/15/33
3,505,745
750,000
Entergy Texas, Inc.
3.45%
12/01/27
687,435
9,101,000
FirstEnergy Transmission LLC (d)
2.87%
09/15/28
7,998,377
3,855,000
Interstate Power and Light Co.
2.30%
06/01/30
3,167,935
1,500,000
ITC Holdings Corp. (d)
2.95%
05/14/30
1,283,706
5,000,000
ITC Holdings Corp. (d)
5.40%
06/01/33
4,916,965
1,750,000
Jersey Central Power & Light Co. (d)
4.30%
01/15/26
1,697,897
830,000
Metropolitan Edison Co. (d)
4.00%
04/15/25
787,707
2,253,000
Metropolitan Edison Co. (d)
4.30%
01/15/29
2,135,788
10,000,000
Niagara Mohawk Power Corp. (d)
3.03%
06/27/50
6,390,239
4,820,000
Oncor Electric Delivery Co. LLC (d)
4.95%
09/15/52
4,480,164
825,000
Public Service Co. of New Mexico
3.85%
08/01/25
789,045
4,080,000
Puget Sound Energy, Inc.
5.45%
06/01/53
3,993,710
5,705,000
Southwestern Electric Power Co.
5.30%
04/01/33
5,590,116
3,480,000
Southwestern Public Service Co., Series 9
5.15%
06/01/52
3,066,371
700,000
Trans-Allegheny Interstate Line Co. (d)
3.85%
06/01/25
676,501
2,310,000
Tucson Electric Power Co.
5.50%
04/15/53
2,229,477
1,505,000
Xcel Energy, Inc.
4.80%
09/15/41
1,295,805
 
90,054,609
See Notes to Financial Statements
Page 27
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Entertainment — 0.4%
$9,840,000
Warnermedia Holdings, Inc.
5.05%
03/15/42
$8,098,048
11,190,000
Warnermedia Holdings, Inc.
5.14%
03/15/52
8,926,400
 
17,024,448
Food — 0.2%
1,000,000
Pilgrim’s Pride Corp. (d)
5.88%
09/30/27
990,076
4,075,000
Pilgrim’s Pride Corp.
3.50%
03/01/32
3,285,306
2,041,000
Pilgrim’s Pride Corp.
6.25%
07/01/33
2,027,929
2,500,000
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet
Food, Inc./Simmons Feed (d)
4.63%
03/01/29
2,082,849
 
8,386,160
Gas — 0.3%
2,180,000
KeySpan Gas East Corp. (d)
5.99%
03/06/33
2,167,554
4,305,000
NiSource, Inc.
5.40%
06/30/33
4,267,824
4,125,000
Piedmont Natural Gas Co., Inc.
5.40%
06/15/33
4,075,030
500,000
Piedmont Natural Gas Co., Inc.
3.35%
06/01/50
329,038
3,856,000
Southern Co. Gas Capital Corp.
5.88%
03/15/41
3,819,651
200,000
Spire, Inc.
3.54%
02/27/24
197,727
 
14,856,824
Healthcare-Products — 0.2%
525,000
Alcon Finance Corp. (d)
2.75%
09/23/26
485,019
1,500,000
Alcon Finance Corp. (d)
2.60%
05/27/30
1,266,073
3,015,000
DENTSPLY SIRONA, Inc.
3.25%
06/01/30
2,592,205
5,000,000
Revvity, Inc.
2.55%
03/15/31
4,106,151
 
8,449,448
Healthcare-Services — 1.4%
2,105,000
Bon Secours Mercy Health, Inc., Series 20-2
2.10%
06/01/31
1,688,403
1,845,000
Centene Corp.
4.25%
12/15/27
1,727,636
9,311,000
Centene Corp.
2.45%
07/15/28
7,981,976
2,982,000
Centene Corp.
3.00%
10/15/30
2,483,185
475,000
CommonSpirit Health
2.78%
10/01/30
399,639
473,000
Fortrea Holdings, Inc. (d)
7.50%
07/01/30
463,540
3,250,000
HCA, Inc.
3.13%
03/15/27
2,988,267
8,233,000
HCA, Inc.
4.13%
06/15/29
7,608,742
3,800,000
HCA, Inc.
3.50%
09/01/30
3,320,547
11,264,000
HCA, Inc.
3.63%
03/15/32
9,691,701
7,530,000
IQVIA, Inc. (d)
5.70%
05/15/28
7,511,454
4,219,000
ModivCare Escrow Issuer, Inc. (d)
5.00%
10/01/29
3,115,310
850,000
ModivCare, Inc. (d)
5.88%
11/15/25
807,381
5,228,000
Molina Healthcare, Inc. (d)
3.88%
05/15/32
4,342,748
200,000
New York and Presbyterian (The) Hospital
3.56%
08/01/36
165,663
5,910,000
Providence St Joseph Health Obligated Group
5.40%
10/01/33
5,833,575
160,000
UnitedHealth Group, Inc.
4.45%
12/15/48
140,603
2,630,000
Universal Health Services, Inc.
1.65%
09/01/26
2,336,998
 
62,607,368
Insurance — 1.2%
3,505,000
Arthur J Gallagher & Co.
5.75%
03/02/53
3,440,689
5,090,000
Athene Global Funding, SOFR Compounded Index + 0.70% (d) (f)
6.03%
05/24/24
5,053,412
2,145,000
Athene Global Funding (d)
3.21%
03/08/27
1,935,078
5,585,000
Athene Global Funding (d)
1.99%
08/19/28
4,629,589
See Notes to Financial Statements
Page 28
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Insurance (Continued)
$2,605,000
Athene Global Funding (d)
2.72%
01/07/29
$2,176,760
1,650,000
Farmers Exchange Capital (d)
7.05%
07/15/28
1,661,258
2,200,000
Farmers Exchange Capital II (d) (e)
6.15%
11/01/53
2,121,972
1,770,000
Farmers Exchange Capital III (d) (e)
5.45%
10/15/54
1,533,652
600,000
Farmers Insurance Exchange (d)
8.63%
05/01/24
603,549
3,495,000
Farmers Insurance Exchange (d) (e)
4.75%
11/01/57
2,722,187
4,645,000
Metropolitan Life Global Funding I (d)
3.45%
12/18/26
4,382,479
2,380,000
Metropolitan Life Global Funding I (d)
5.15%
03/28/33
2,328,975
7,000,000
National General Holdings Corp. (d)
6.75%
05/15/24
6,965,952
1,525,000
Nationwide Mutual Insurance Co., 3 Mo. LIBOR + 2.29% (d) (f)
7.84%
12/15/24
1,523,498
1,665,000
New York Life Insurance Co. (d)
3.75%
05/15/50
1,243,967
1,790,000
Teachers Insurance & Annuity Association of America (d)
4.90%
09/15/44
1,608,888
3,910,000
Teachers Insurance & Annuity Association of America (d)
4.27%
05/15/47
3,167,201
1,980,000
Teachers Insurance & Annuity Association of America (d) (e)
4.38%
09/15/54
1,926,552
6,015,000
Willis North America, Inc.
5.35%
05/15/33
5,812,300
 
54,837,958
Internet — 0.2%
1,905,000
Meta Platforms, Inc.
4.45%
08/15/52
1,617,950
6,200,000
Meta Platforms, Inc.
5.60%
05/15/53
6,229,952
1,945,000
Netflix, Inc. (EUR)
4.63%
05/15/29
2,156,832
375,000
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc. (d)
4.75%
04/30/27
330,255
 
10,334,989
Investment Companies — 0.1%
1,316,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
6.25%
05/15/26
1,220,760
2,322,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
5.25%
05/15/27
2,040,063
 
3,260,823
Lodging — 0.1%
4,385,000
Hyatt Hotels Corp.
1.80%
10/01/24
4,199,389
Media — 0.7%
875,000
Cable One, Inc. (d)
4.00%
11/15/30
683,303
1,475,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
4.91%
07/23/25
1,449,710
1,410,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
2.30%
02/01/32
1,065,047
1,471,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.38%
04/01/38
1,246,828
6,920,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.38%
05/01/47
5,533,448
1,960,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.25%
04/01/53
1,552,904
3,570,000
Cox Communications, Inc. (d)
2.60%
06/15/31
2,886,941
4,670,000
Cox Enterprises, Inc. (d)
7.38%
07/15/27
4,880,804
7,000,000
CSC Holdings LLC (d)
6.50%
02/01/29
5,793,431
2,000,000
CSC Holdings LLC (d)
5.75%
01/15/30
1,108,150
5,278,000
Diamond Sports Group LLC / Diamond Sports Finance Co. (d) (g)
5.38%
08/15/26
130,947
8,320,000
Time Warner Cable LLC
5.50%
09/01/41
6,840,932
 
33,172,445
See Notes to Financial Statements
Page 29
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Miscellaneous Manufacturing — 0.0%
$943,000
General Electric Co., Medium-Term Note, 3 Mo. CME Term SOFR
+ CSA + 0.38% (f)
6.01%
05/05/26
$942,842
Packaging & Containers — 0.3%
3,000,000
Amcor Finance USA, Inc.
3.63%
04/28/26
2,844,861
1,000,000
Amcor Flexibles North America, Inc.
2.63%
06/19/30
823,876
3,948,000
Berry Global, Inc.
1.57%
01/15/26
3,592,109
2,125,000
Berry Global, Inc. (d)
4.88%
07/15/26
2,053,013
2,809,000
Berry Global, Inc.
1.65%
01/15/27
2,437,116
3,670,000
WRKCo, Inc.
3.00%
06/15/33
2,978,576
 
14,729,551
Pharmaceuticals — 0.7%
1,045,000
Bayer US Finance II LLC (d)
3.38%
07/15/24
1,022,551
625,000
Bayer US Finance II LLC (d)
2.85%
04/15/25
591,746
7,880,000
Bayer US Finance II LLC (d)
4.25%
12/15/25
7,634,486
3,160,000
Bayer US Finance II LLC (d)
4.38%
12/15/28
3,003,248
815,000
Bayer US Finance II LLC (d)
4.63%
06/25/38
703,552
1,750,000
Bayer US Finance II LLC (d)
4.40%
07/15/44
1,381,919
2,540,000
Bayer US Finance II LLC (d)
4.88%
06/25/48
2,166,735
2,107,000
Becton Dickinson & Co.
3.73%
12/15/24
2,056,954
2,000,000
Cigna Group (The)
3.40%
03/01/27
1,881,270
75,000
Cigna Group (The)
3.05%
10/15/27
69,183
1,225,000
CVS Health Corp.
1.75%
08/21/30
971,946
1,850,000
CVS Health Corp.
5.13%
07/20/45
1,649,089
8,430,000
CVS Health Corp.
5.05%
03/25/48
7,398,936
 
30,531,615
Pipelines — 0.6%
6,000,000
Columbia Pipelines Operating Co. LLC (d)
6.04%
11/15/33
6,066,003
3,200,000
Energy Transfer L.P.
4.90%
03/15/35
2,928,243
260,000
Energy Transfer L.P.
5.15%
03/15/45
219,538
2,600,000
Energy Transfer L.P.
6.13%
12/15/45
2,444,807
3,606,000
Energy Transfer L.P.
5.40%
10/01/47
3,109,116
3,980,000
Energy Transfer L.P.
5.00%
05/15/50
3,279,849
3,640,000
NGPL PipeCo LLC (d)
4.88%
08/15/27
3,489,242
425,000
Plains All American Pipeline L.P. / PAA Finance Corp.
3.55%
12/15/29
374,075
1,350,000
Plains All American Pipeline L.P. / PAA Finance Corp.
3.80%
09/15/30
1,195,543
716,000
Rockies Express Pipeline LLC (d)
4.95%
07/15/29
656,069
1,500,000
Rockies Express Pipeline LLC (d)
4.80%
05/15/30
1,312,917
1,360,000
Rockies Express Pipeline LLC (d)
6.88%
04/15/40
1,229,184
158,000
Sabine Pass Liquefaction LLC
4.50%
05/15/30
148,771
221,000
Williams (The) Cos., Inc.
5.75%
06/24/44
209,517
 
26,662,874
Real Estate Investment Trusts — 1.9%
612,000
Alexandria Real Estate Equities, Inc.
4.50%
07/30/29
580,271
500,000
American Assets Trust L.P.
3.38%
02/01/31
388,782
4,665,000
American Homes 4 Rent L.P.
3.38%
07/15/51
2,994,893
435,000
American Homes 4 Rent L.P.
4.30%
04/15/52
336,924
3,230,000
American Tower Corp.
2.70%
04/15/31
2,644,451
750,000
American Tower Corp. (EUR)
1.00%
01/15/32
618,207
3,500,000
American Tower Corp.
5.65%
03/15/33
3,488,776
See Notes to Financial Statements
Page 30
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Real Estate Investment Trusts (Continued)
$7,465,000
American Tower Corp.
5.55%
07/15/33
$7,395,883
5,340,000
Crown Castle, Inc.
5.10%
05/01/33
5,142,491
750,000
CubeSmart L.P.
4.38%
02/15/29
703,156
810,000
CubeSmart L.P.
2.50%
02/15/32
639,221
543,000
Extra Space Storage L.P.
3.90%
04/01/29
497,795
1,135,000
Extra Space Storage L.P.
2.20%
10/15/30
906,733
615,000
Extra Space Storage L.P.
2.55%
06/01/31
494,290
872,000
Extra Space Storage L.P.
2.40%
10/15/31
685,481
3,610,000
Extra Space Storage L.P.
2.35%
03/15/32
2,810,883
1,210,000
GLP Capital L.P. / GLP Financing II, Inc.
5.30%
01/15/29
1,142,002
10,755,000
GLP Capital L.P. / GLP Financing II, Inc.
4.00%
01/15/30
9,392,916
1,763,000
GLP Capital L.P. / GLP Financing II, Inc.
3.25%
01/15/32
1,423,065
895,000
Healthcare Realty Holdings L.P.
3.63%
01/15/28
808,730
2,000,000
Healthcare Realty Holdings L.P.
3.10%
02/15/30
1,706,603
6,805,000
Healthcare Realty Holdings L.P.
2.00%
03/15/31
5,248,041
453,000
Healthcare Realty Holdings L.P.
2.05%
03/15/31
338,525
5,085,000
Hudson Pacific Properties L.P.
3.95%
11/01/27
4,002,457
1,735,000
Hudson Pacific Properties L.P.
4.65%
04/01/29
1,323,593
1,135,000
Hudson Pacific Properties L.P.
3.25%
01/15/30
770,096
2,825,000
Invitation Homes Operating Partnership L.P.
2.00%
08/15/31
2,164,562
1,392,000
Invitation Homes Operating Partnership L.P.
2.70%
01/15/34
1,059,800
860,000
Kilroy Realty L.P.
2.50%
11/15/32
606,451
1,093,000
Kilroy Realty L.P.
2.65%
11/15/33
759,942
1,605,000
LXP Industrial Trust
2.70%
09/15/30
1,273,797
3,852,000
LXP Industrial Trust
2.38%
10/01/31
2,917,459
475,000
Physicians Realty L.P.
4.30%
03/15/27
454,136
54,000
Physicians Realty L.P.
3.95%
01/15/28
49,538
670,000
Piedmont Operating Partnership L.P.
3.15%
08/15/30
484,153
3,000,000
Prologis Euro Finance LLC, Medium-Term Note (EUR)
4.25%
01/31/43
2,974,249
1,705,000
Realty Income Corp. (EUR)
5.13%
07/06/34
1,861,506
170,000
Rexford Industrial Realty L.P.
2.15%
09/01/31
131,406
1,000,000
Ventas Realty L.P.
2.65%
01/15/25
953,356
100,000
VICI Properties L.P.
4.95%
02/15/30
94,154
5,984,000
VICI Properties L.P.
5.13%
05/15/32
5,551,472
350,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
4.63%
06/15/25
339,070
1,275,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
4.50%
09/01/26
1,207,967
55,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
3.75%
02/15/27
50,541
867,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
4.50%
01/15/28
805,343
2,675,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
3.88%
02/15/29
2,364,192
2,240,000
VICI Properties L.P. / VICI Note Co., Inc. (d)
4.13%
08/15/30
1,963,328
 
84,550,687
Retail — 0.2%
7,335,000
7-Eleven, Inc. (d)
0.80%
02/10/24
7,170,139
1,000,000
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (d)
6.75%
01/15/30
826,675
5,035,000
Michaels (The) Cos., Inc. (d)
7.88%
05/01/29
3,494,793
 
11,491,607
See Notes to Financial Statements
Page 31
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (c) (Continued)
Semiconductors — 0.1%
$2,540,000
Broadcom, Inc. (d)
3.42%
04/15/33
$2,105,806
2,000,000
Broadcom, Inc. (d)
3.47%
04/15/34
1,635,099
 
3,740,905
Software — 0.5%
1,400,000
Fiserv, Inc.
2.25%
06/01/27
1,256,581
510,000
Fiserv, Inc.
2.65%
06/01/30
429,325
5,485,000
Fiserv, Inc.
5.60%
03/02/33
5,522,238
1,090,000
Oracle Corp.
6.50%
04/15/38
1,150,574
3,000,000
Oracle Corp.
4.13%
05/15/45
2,320,549
2,050,000
Oracle Corp.
4.00%
11/15/47
1,530,270
5,015,000
Oracle Corp.
3.60%
04/01/50
3,468,756
8,372,000
Oracle Corp.
3.95%
03/25/51
6,124,643
755,000
Oracle Corp.
6.90%
11/09/52
822,908
 
22,625,844
Telecommunications — 1.2%
3,500,000
AT&T, Inc.
5.25%
03/01/37
3,320,070
145,000
AT&T, Inc.
4.30%
12/15/42
117,565
1,200,000
AT&T, Inc.
4.75%
05/15/46
1,002,577
3,880,000
AT&T, Inc.
4.50%
03/09/48
3,099,514
2,000,000
Frontier Communications Holdings LLC (d)
5.00%
05/01/28
1,715,587
1,500,000
Frontier Communications Holdings LLC (d)
8.75%
05/15/30
1,459,378
2,166,000
Frontier Communications Holdings LLC (d)
8.63%
03/15/31
2,087,915
4,500,000
SES GLOBAL Americas Holdings, Inc. (d)
5.30%
03/25/44
3,215,222
3,280,000
Sprint Capital Corp.
8.75%
03/15/32
3,912,253
235,813
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint
Spectrum Co. III LLC (d)
4.74%
03/20/25
233,499
20,087,750
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint
Spectrum Co. III LLC (d)
5.15%
03/20/28
19,920,728
3,415,000
T-Mobile USA, Inc.
3.75%
04/15/27
3,238,194
6,980,000
T-Mobile USA, Inc.
3.88%
04/15/30
6,373,455
6,231,000
T-Mobile USA, Inc.
2.55%
02/15/31
5,137,779
 
54,833,736
Total Corporate Bonds and Notes
916,897,598
(Cost $1,006,069,031)
ASSET-BACKED SECURITIES — 10.3%
ACE Securities Corp. Home Equity Loan Trust
14,148,861
Series 2007-HE1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.30% (f)
5.73%
01/25/37
7,610,803
12,573,716
Series 2007-WM2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.21% (f)
5.64%
02/25/37
5,406,532
AGL CLO Ltd.
13,000,000
Series 2021-12A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.16% (d) (f)
6.75%
07/20/34
12,925,401
AMSR Trust
5,000,000
Series 2021-SFR3, Class G (d)
3.80%
10/17/38
4,233,711
Argent Securities, Inc.
87,588
Series 2005-W2, Class M1, 1 Mo. CME Term SOFR + CSA +
0.74% (f)
6.16%
10/25/35
85,269
See Notes to Financial Statements
Page 32
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Asset Backed Funding Certificates Trust
$8,118,160
Series 2006-HE1, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.11% (f)
5.54%
01/25/37
$4,673,790
Bardot CLO Ltd.
10,400,000
Series 2019-2A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.60% (d) (f)
7.21%
10/22/32
10,193,361
Barings CLO Ltd.
12,500,000
Series 2019-2A, Class A2R, 3 Mo. CME Term SOFR + CSA +
1.70% (d) (f)
7.27%
04/15/36
12,267,146
Carrington Mortgage Loan Trust
18,000,000
Series 2006-NC4, Class A4, 1 Mo. CME Term SOFR + CSA +
0.24% (f)
5.67%
10/25/36
14,659,603
389,999
Series 2006-OPT1, Class M1, 1 Mo. CME Term SOFR + CSA +
0.53% (f)
5.95%
02/25/36
379,422
Carvana Auto Receivables Trust
70,350
Series 2022-P3, Class R (d)
(h)
09/10/29
11,570,823
CF Hippolyta Issuer LLC
9,255,361
Series 2020-1, Class A1 (d)
1.69%
07/15/60
8,377,206
CIFC Funding Ltd.
5,610,000
Series 2021-7A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.13% (d) (f)
6.74%
01/23/35
5,572,352
CIM Trust
4,431,978
Series 2021-NR3, Class A1, steps up to 5.57% on 04/01/24 (d) (i)
2.57%
06/25/57
4,308,785
15,663,607
Series 2021-NR4, Class A1, steps up to 5.82% on 10/25/24 (d) (i)
2.82%
10/25/61
14,839,228
15,711,576
Series 2023-NR1, Class A1, steps up to 9.00% on 01/01/26 (d) (i)
6.00%
06/25/62
15,370,395
Citigroup Mortgage Loan Trust
136,612
Series 2006-HE2, Class M1, 1 Mo. CME Term SOFR + CSA +
0.44% (f)
5.86%
08/25/36
136,005
Dryden 70 CLO Ltd.
2,500,000
Series 2018-70A, Class B, 3 Mo. CME Term SOFR + CSA +
1.70% (d) (f)
7.27%
01/16/32
2,472,820
Dryden Senior Loan Fund
701,331
Series 2013-26A, Class AR, 3 Mo. CME Term SOFR + CSA +
0.90% (d) (f)
6.47%
04/15/29
699,179
532,228
Series 2013-28A, Class A1LR, 3 Mo. CME Term SOFR + CSA
+ 1.20% (d) (f)
6.83%
08/15/30
532,601
ECMC Group Student Loan Trust
1,383,929
Series 2017-2A, Class A, 30 Day Average SOFR + 1.16% (d) (f)
6.45%
05/25/67
1,365,211
Elmwood CLO VI Ltd.
13,400,000
Series 2020-3A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (d) (f)
7.24%
10/20/34
13,244,660
Exeter Automobile Receivables Trust
10,000
Series 2021-4A, Class R (d)
(h)
12/15/33
2,686,974
First Franklin Mortgage Loan Trust
15,650,285
Series 2006-FF13, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.32% (f)
5.75%
10/25/36
10,136,325
11,775,285
Series 2007-FF2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.28% (f)
5.71%
03/25/37
6,367,128
GE-WMC Mortgage Securities LLC
294,936
Series 2005-1, Class M1, 1 Mo. CME Term SOFR + CSA +
0.66% (f)
6.09%
10/25/35
285,593
See Notes to Financial Statements
Page 33
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
GoldenTree Loan Management US CLO Ltd.
$5,000,000
Series 2020-8A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.15% (d) (f)
6.74%
10/20/34
$4,970,260
GSAMP Trust
12,508,522
Series 2006-NC2, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.30% (f)
5.73%
06/25/36
6,684,676
9,047,194
Series 2007-FM2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.14% (f)
5.57%
01/25/37
5,309,945
JP Morgan Mortgage Acquisition Trust
2,167,886
Series 2006-WF1, Class A6
6.50%
07/25/36
629,629
17,331,976
Series 2006-WMC2, Class A4, 1 Mo. CME Term SOFR + CSA
+ 0.30% (f)
5.73%
07/25/36
7,409,052
18,337,898
Series 2006-WMC2, Class A5, 1 Mo. CME Term SOFR + CSA
+ 0.50% (f)
5.93%
07/25/36
7,870,283
117,071
Series 2007-CH2, Class MV1, 1 Mo. CME Term SOFR + CSA +
0.28% (f)
5.71%
01/25/37
116,323
Lehman XS Trust
2,675,509
Series 2006-9, Class A1C, 1 Mo. CME Term SOFR + CSA +
0.52% (f)
5.95%
05/25/46
2,376,540
Long Beach Mortgage Loan Trust
384,101
Series 2006-1, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.44% (f)
5.87%
02/25/36
364,389
Madison Park Funding XXVII Ltd.
250,000
Series 2018-27A, Class A2, 3 Mo. CME Term SOFR + CSA +
1.35% (d) (f)
6.94%
04/20/30
246,578
Magnetite VII Ltd.
2,918,258
Series 2012-7A, Class A1R2, 3 Mo. CME Term SOFR + CSA +
0.80% (d) (f)
6.37%
01/15/28
2,916,102
Mastr Asset Backed Securities Trust
6,947,173
Series 2006-WMC3, Class A2, 1 Mo. CME Term SOFR + CSA
+ 0.10% (f)
5.53%
08/25/36
2,518,325
Merrill Lynch First Franklin Mortgage Loan Trust
263,977
Series 2007-3, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.26% (f)
5.69%
06/25/37
201,735
Mid-State Trust
86,724
Series 11, Class A1
4.86%
07/15/38
83,917
Morgan Stanley ABS Capital I, Inc. Trust
9,857,671
Series 2006-HE4, Class A3, 1 Mo. CME Term SOFR + CSA +
0.30% (f)
5.73%
06/25/36
5,172,121
5,304,120
Series 2006-HE8, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.10% (f)
5.53%
10/25/36
2,309,467
216,053
Series 2006-NC1, Class M1, 1 Mo. CME Term SOFR + CSA +
0.57% (f)
6.00%
12/25/35
212,203
5,704,655
Series 2007-HE1, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.23% (f)
5.66%
11/25/36
3,241,083
25,404,652
Series 2007-HE2, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.21% (f)
5.64%
01/25/37
11,387,986
6,205,954
Series 2007-NC3, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.26% (f)
5.69%
05/25/37
4,586,538
Navient Student Loan Trust
167,223
Series 2014-1, Class A3, 30 Day Average SOFR + 0.62% (f)
5.91%
06/25/31
160,596
273,497
Series 2017-3A, Class A3, 30 Day Average SOFR +
1.16% (d) (f)
6.45%
07/26/66
269,427
See Notes to Financial Statements
Page 34
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
New Century Home Equity Loan Trust
$324,519
Series 2005-4, Class M3, 1 Mo. CME Term SOFR + CSA +
0.83% (f)
6.25%
09/25/35
$323,502
New Residential Mortgage Loan Trust
16,615,000
Series 2022-SFR2, Class B (d)
3.75%
09/04/39
15,120,155
15,000,000
Series 2022-SFR2, Class E1 (d)
4.00%
09/04/39
12,924,101
OCP CLO Ltd.
6,200,000
Series 2020-19A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.15% (d) (f)
6.74%
10/20/34
6,145,827
8,530,000
Series 2021-21A, Class B, 3 Mo. CME Term SOFR + CSA +
1.70% (d) (f)
7.29%
07/20/34
8,315,208
Octagon Investment Partners 46 Ltd.
14,000,000
Series 2020-2A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.16% (d) (f)
6.73%
07/15/36
13,891,674
OHA Credit Funding 4 Ltd.
12,685,000
Series 2019-4A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (d) (f)
7.26%
10/22/36
12,546,353
Pretium Mortgage Credit Partners LLC
9,404,345
Series 2022-RN3, Class A1, steps up to 8.0% on 8/25/25 (d) (i)
5.00%
08/25/52
9,254,465
Progress Residential Trust
9,120,000
Series 2021-SFR2, Class G (d)
4.25%
04/19/38
8,175,929
4,130,000
Series 2021-SFR3, Class G (d)
4.25%
05/17/26
3,635,936
PRPM LLC
9,090,386
Series 2021-7, Class A1, steps up to 4.87% on 08/25/24 (d) (i)
1.87%
08/25/26
8,449,344
17,117,378
Series 2021-10, Class A1, steps up to 5.49% on 10/25/24 (d) (i)
2.49%
10/25/26
16,128,065
Rad CLO 14 Ltd.
10,000,000
Series 2021-14A, Class B, 3 Mo. CME Term SOFR + CSA +
1.65% (d) (f)
7.22%
01/15/35
9,818,032
Residential Asset Securities Corp.
68,436
Series 2006-EMX3, Class A3, 1 Mo. CME Term SOFR + CSA +
0.28% (f)
5.08%
04/25/36
66,821
483,440
Series 2006-KS3, Class M1, 1 Mo. CME Term SOFR + CSA +
0.33% (f)
4.49%
04/25/36
474,111
Rockford Tower CLO Ltd.
9,414,063
Series 2017-3A, Class A, 3 Mo. CME Term SOFR + CSA +
1.19% (d) (f)
6.78%
10/20/30
9,402,298
Saxon Asset Securities Trust
530,014
Series 2007-2, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.24% (f)
5.67%
05/25/47
374,525
Securitized Asset-Backed Receivables LLC Trust
22,445,371
Series 2006-WM4, Class A1, 1 Mo. CME Term SOFR + CSA +
0.38% (d) (f)
5.81%
11/25/36
11,488,217
Skyline Aircraft Finance LLC
12,028,297
Series 2020-1, Class A (j) (k)
3.23%
05/10/38
10,623,392
SLC Student Loan Trust
969,755
Series 2008-1, Class A4A, 3 Mo. LIBOR + 1.60% (f)
7.15%
12/15/32
975,808
SLM Student Loan Trust
369,478
Series 2005-9, Class A7A, 90 Day Average SOFR + CSA +
0.60% (f)
5.92%
01/25/41
357,769
80,000
Series 2007-7, Class B, 90 Day Average SOFR + 1.01% (f)
6.07%
10/27/70
69,898
130,000
Series 2008-2, Class B, 90 Day Average SOFR + 1.46% (f)
6.52%
01/25/83
123,708
700,000
Series 2008-3, Class B, 90 Day Average SOFR + 1.46% (f)
6.52%
04/26/83
614,259
See Notes to Financial Statements
Page 35
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
SLM Student Loan Trust (Continued)
$3,469,902
Series 2008-6, Class A4, 90 Day Average SOFR + 1.36% (f)
6.42%
07/25/23
$3,434,896
320,000
Series 2008-7, Class B, 90 Day Average SOFR + 2.11% (f)
7.17%
07/26/83
294,869
534,186
Series 2012-2, Class A, 30 Day Average SOFR + 0.81% (f)
6.10%
01/25/29
513,730
511,972
Series 2012-3, Class A, 30 Day Average SOFR + 0.76% (f)
6.05%
12/27/38
499,569
188,927
Series 2012-6, Class A3, 30 Day Average SOFR + 0.86% (f)
6.15%
05/26/26
182,899
2,839,444
Series 2012-7, Class A3, 30 Day Average SOFR + 0.76% (f)
6.05%
05/26/26
2,730,366
555,000
Series 2012-7, Class B, 30 Day Average SOFR + CSA + 1.8% (f)
7.20%
09/25/43
516,680
99,957
Series 2013-2, Class A, 30 Day Average SOFR + 0.56% (f)
5.85%
06/25/43
98,507
Soundview Home Loan Trust
5,991,201
Series 2007-OPT4, Class 1A1, 1 Mo. CME Term SOFR + CSA +
1.00% (f)
6.43%
09/25/37
4,118,049
Structured Asset Investment Loan Trust
549,020
Series 2004-6, Class A3, 1 Mo. CME Term SOFR + CSA +
0.80% (f)
6.23%
07/25/34
533,860
27,437
Series 2005-2, Class M2, 1 Mo. CME Term SOFR + CSA +
0.74% (f)
6.16%
03/25/35
27,274
Structured Asset Securities Corp. Mortgage Loan Trust
671,708
Series 2005-NC2, Class M5, 1 Mo. CME Term SOFR + CSA +
0.93% (f)
6.36%
05/25/35
674,615
TAL Advantage VII LLC
8,325,000
Series 2020-1A, Class A (d)
2.05%
09/20/45
7,367,558
TIF Funding II LLC
7,420,500
Series 2020-1A, Class A (d)
2.09%
08/20/45
6,489,412
Trestles CLO V Ltd.
13,000,000
Series 2021-5A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.17% (d) (f)
6.76%
10/20/34
12,866,845
Voya CLO Ltd.
13,000,000
Series 2020-1A, Class AR, 3 Mo. LIBOR + 1.15% (d) (f)
6.72%
07/16/34
12,853,031
Wachovia Student Loan Trust
532,223
Series 2006-1, Class A6, 90 Day Average SOFR + 0.43% (d) (f)
5.49%
04/25/40
508,316
WaMu Asset-Backed Certificates WaMu Trust
1,053,549
Series 2007-HE2, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.11% (f)
5.54%
04/25/37
400,281
3,655,995
Series 2007-HE2, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.19% (f)
5.62%
04/25/37
1,391,728
7,834,276
Series 2007-HE2, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.25% (f)
5.68%
04/25/37
2,984,474
Wellman Park CLO Ltd.
11,650,000
Series 2021-1A, Class B, 3 Mo. CME Term SOFR + CSA +
1.60% (d) (f)
7.17%
07/15/34
11,509,667
Total Asset-Backed Securities
468,733,521
(Cost $512,172,627)
MORTGAGE-BACKED SECURITIES — 8.6%
Collateralized Mortgage Obligations — 4.9%
Ajax Mortgage Loan Trust
2,254,541
Series 2019-F, Class A1, steps up to 3.86% on 11/25/26 (d) (i)
2.86%
07/25/59
2,120,043
Alternative Loan Trust
4,825,978
Series 2005-16, Class A4, 1 Mo. CME Term SOFR + CSA +
0.48% (f)
5.91%
06/25/35
4,230,990
See Notes to Financial Statements
Page 36
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Alternative Loan Trust (Continued)
$5,462,669
Series 2005-56, Class 1A1, 1 Mo. CME Term SOFR + CSA +
1.46% (f)
6.89%
11/25/35
$4,984,157
5,195,290
Series 2005-67CB, Class A1
5.50%
01/25/36
3,906,398
2,551,558
Series 2007-13, Class A1
6.00%
06/25/47
1,356,642
American Home Mortgage Assets Trust
11,915,384
Series 2007-1, Class A1, 12 Mo. Treasury Average + 0.70% (f)
5.13%
02/25/47
4,755,350
American Home Mortgage Investment Trust
1,448,075
Series 2005-4, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.58% (f)
6.01%
11/25/45
1,264,949
Banc of America Funding Trust
386,795
Series 2014-R6, Class 2A13 (d) (l)
5.67%
07/26/36
379,664
Bear Stearns Mortgage Funding Trust
87,006
Series 2006-AR1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.42% (f)
5.85%
07/25/36
77,340
2,140,889
Series 2006-AR3, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.18% (f)
5.61%
10/25/36
1,799,251
3,003,803
Series 2006-AR5, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.19% (f)
5.81%
01/25/37
2,743,209
160,058
Series 2007-AR5, Class 1A1G, 1 Mo. CME Term SOFR + CSA
+ 0.16% (f)
5.75%
06/25/47
132,810
CIM Trust
2,672,918
Series 2019-R1, Class A (d)
3.25%
10/25/58
2,332,411
3,005,418
Series 2019-R4, Class A1 (d)
3.00%
10/25/59
2,726,726
4,850,041
Series 2020-R3, Class A1A (d)
4.00%
01/26/60
4,458,621
21,112,000
Series 2020-R7, Class A1B (d) (m)
2.25%
12/27/61
13,891,276
13,939,953
Series 2021-R3, Class A1A (d)
1.95%
06/25/57
12,271,556
15,087,325
Series 2023-R1, Class A1A (d)
5.40%
04/25/62
13,465,654
14,885,431
Series 2023-R3, Class A1A (d)
4.50%
01/25/63
12,717,239
Connecticut Avenue Securities Trust
7,047,969
Series 2019-R04, Class 2B1, 30 Day Average SOFR +
5.36% (d) (f)
10.65%
06/25/39
7,439,079
6,500,000
Series 2021-R01, Class 1B1, 30 Day Average SOFR +
3.10% (d) (f)
8.39%
10/25/41
6,479,644
Credit Suisse Mortgage Trust
8,803,991
Series 2007-2, Class 1A4
5.75%
03/25/37
4,901,747
26,420,472
Series 2007-3, Class 1A1A
5.84%
04/25/37
6,464,107
14,009,005
Series 2021-RP11 (d)
3.78%
10/25/61
10,215,326
CSMCM Trust
600,508
Series 2021-RP11 (d)
3.78%
10/27/61
443,213
GMACM Mortgage Loan Trust
1,281,129
Series 2006-AR1, Class 1A1 (l)
3.28%
04/19/36
996,512
1,160,558
Series 2006-J1, Class A4
5.75%
04/25/36
989,319
GreenPoint Mortgage Funding Trust
65,847
Series 2006-AR1, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.58% (f)
6.01%
02/25/36
56,654
GSR Mortgage Loan Trust
21,406,942
Series 2006-OA1, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.52% (f)
5.95%
08/25/46
5,378,775
See Notes to Financial Statements
Page 37
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
HarborView Mortgage Loan Trust
$170,203
Series 2005-10, Class 2A1A, 1 Mo. CME Term SOFR + CSA +
0.62% (f)
6.05%
11/19/35
$120,886
1,039,045
Series 2007-7, Class 1A1, 1 Mo. CME Term SOFR + CSA +
2.00% (f)
7.43%
10/25/37
776,264
HomeBanc Mortgage Trust
534,208
Series 2004-2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.74% (f)
6.17%
12/25/34
502,820
Impac CMB Trust
144,360
Series 2005-2, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.52% (f)
5.95%
04/25/35
135,894
473,189
Series 2005-4, Class 1A1A, 1 Mo. CME Term SOFR + CSA +
0.27% (f)
5.06%
05/25/35
433,117
IndyMac INDX Mortgage Loan Trust
1,224,534
Series 2005-AR14, Class 2A1A, 1 Mo. CME Term SOFR + CSA
+ 0.60% (f)
6.03%
07/25/35
983,044
15,722,422
Series 2005-AR29, Class A1 (l)
3.58%
01/25/36
12,906,608
2,855,407
Series 2006-AR6, Class 2A1A, 1 Mo. CME Term SOFR + CSA
+ 0.40% (f)
5.83%
06/25/46
2,240,385
3,567,336
Series 2007-FLX4, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.25% (f)
5.68%
07/25/37
3,213,471
JP Morgan Mortgage Trust
1,377,333
Series 2006-A4, Class 1A1 (l)
4.40%
06/25/36
980,371
Lehman XS Trust
227,709
Series 2006-16N, Class A4A, 1 Mo. CME Term SOFR + CSA +
0.38% (f)
5.81%
11/25/46
195,934
4,391,919
Series 2007-16N, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.94% (f)
6.37%
09/25/47
4,029,538
2,206,735
Series 2007-16N, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.80% (f)
6.23%
09/25/47
1,880,854
Merrill Lynch Alternative Note Asset Trust
3,015,440
Series 2007-OAR3, Class A1, 1 Mo. CME Term SOFR + CSA +
0.19% (f)
5.62%
07/25/47
2,727,240
Morgan Stanley Mortgage Loan Trust
20,246
Series 2005-2AR, Class A, 1 Mo. CME Term SOFR + CSA +
0.26% (f)
5.69%
04/25/35
18,860
MortgageIT Trust
40,559
Series 2005-5, Class A1, 1 Mo. CME Term SOFR + CSA +
0.52% (f)
5.95%
12/25/35
38,904
Nomura Resecuritization Trust
312,482
Series 2015-5R, Class 1A1 (d)
4.00%
08/26/37
309,075
OBX Trust
4,113,731
Series 2021-NQM2, Class A1 (d)
1.10%
05/25/61
3,218,436
10,175,101
Series 2021-NQM3, Class A1 (d)
1.05%
07/25/61
7,641,095
Opteum Mortgage Acceptance Corp.
828,045
Series 2005-5, Class 1A1D, 1 Mo. CME Term SOFR + CSA +
0.76% (f)
6.19%
12/25/35
767,081
257,381
Series 2006-1, Class 1APT, 1 Mo. CME Term SOFR + CSA +
0.42% (f)
5.85%
04/25/36
224,886
PRKCM Trust
15,807,331
Series 2021-AFC2, Class A1 (d)
2.07%
11/25/56
13,125,050
See Notes to Financial Statements
Page 38
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
RALI Trust
$6,214,023
Series 2007-QS7, Class 1A1
6.00%
05/25/37
$4,971,998
2,884,531
Series 2007-QS9, Class A33
6.50%
07/25/37
2,309,196
RFMSI Trust
6,232,799
Series 2007-S6, Class 1A4
6.00%
06/25/37
4,666,949
Structured Adjustable Rate Mortgage Loan Trust
10,727
Series 2004-12, Class 3A1 (l)
5.43%
09/25/34
10,405
22,644,212
Series 2006-2, Class 4A1 (l)
4.45%
03/25/36
13,983,351
Structured Asset Mortgage Investments II Trust
1,394,356
Series 2006-AR1, Class 3A1, 1 Mo. CME Term SOFR + CSA +
0.46% (f)
5.89%
02/25/36
1,091,267
4,312,556
Series 2006-AR7, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.42% (f)
5.85%
08/25/36
3,493,316
3,127,358
Series 2007-AR6, Class A1, 12 Mo. Treasury Average +
1.50% (f)
5.93%
08/25/47
2,783,648
WaMu Mortgage Pass-Through Certificates Trust
66,197
Series 2005-AR1, Class A2A1, 1 Mo. CME Term SOFR + CSA
+ 0.68% (f)
6.11%
01/25/45
62,479
137,765
Series 2005-AR15, Class A1A1, 1 Mo. CME Term SOFR + CSA
+ 0.52% (f)
5.95%
11/25/45
126,256
177,714
Series 2006-AR3, Class A1A, 12 Mo. Treasury Average +
1.00% (f)
3.88%
02/25/46
157,168
272,074
Series 2006-AR4, Class 1A1A, 12 Mo. Treasury Average +
0.94% (f)
4.20%
05/25/46
251,467
 
223,355,975
Commercial Mortgage-Backed Securities — 3.7%
BFLD TRUST Mortgage-Backed Securities
2,000,000
Series 2020-EYP, Class A, 1 Mo. CME Term SOFR + CSA +
1.15% (d) (f)
6.58%
10/15/35
1,688,184
BX Commercial Mortgage Trust
7,250,766
Series 2019-XL, Class A, 1 Mo. CME Term SOFR + CSA +
0.92% (d) (f)
6.34%
10/15/36
7,234,864
12,546,000
Series 2020-VIV2, Class C (d) (l)
3.66%
03/09/44
10,396,274
6,600,000
Series 2020-VIVA, Class D (d) (l)
3.67%
03/11/44
5,339,781
4,000,000
Series 2021-ARIA, Class F, 1 Mo. CME Term SOFR + CSA +
2.59% (d) (f)
8.02%
10/15/36
3,733,130
3,909,651
Series 2021-XL2, Class J, 1 Mo. CME Term SOFR + CSA +
3.89% (d) (f)
9.31%
10/15/38
3,695,001
BX Trust
1,800,000
Series 2019-OC11, Class D (d) (l)
4.08%
12/09/41
1,506,370
BXHPP Trust
5,200,000
Series 2021-FILM, Class E, 1 Mo. CME Term SOFR + CSA +
2.00% (d) (f)
7.42%
08/15/36
4,457,197
BXP Trust
8,500,000
Series 2017-CC, Class B (d) (l)
3.67%
08/13/37
7,196,375
1,440,000
Series 2017-CC, Class D (d) (l)
3.67%
08/13/37
1,054,040
5,000,000
Series 2017-GM, Class D (d) (l)
3.54%
06/13/39
4,159,867
BXSC Commercial Mortgage Trust
8,450,000
Series 2022-WSS, Class D, 1 Mo. CME Term SOFR +
3.19% (d) (f)
8.50%
03/15/35
8,324,466
See Notes to Financial Statements
Page 39
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
CAMB Commercial Mortgage Trust
$9,150,000
Series 2019-LIFE, Class F, 1 Mo. CME Term SOFR + CSA +
2.55% (d) (f)
7.98%
12/15/37
$8,886,748
CENT Trust
6,470,000
Series 2023-CITY, Class A, 1 Mo. CME Term SOFR +
2.62% (d) (f)
7.87%
09/15/28
6,501,387
Century Plaza Towers
3,500,000
Series 2019-CPT, Class A (d)
2.87%
11/13/39
2,869,227
CRSO Trust
1,700,000
Series 2023-BRND
7.91%
07/10/28
1,722,950
DC Office Trust
3,600,000
Series 2019-MTC, Class A (d)
2.97%
09/15/45
2,913,331
DROP Mortgage Trust
12,284,000
Series 2021-FILE, Class B, 1 Mo. CME Term SOFR + CSA +
1.70% (d) (f)
7.12%
10/15/43
10,717,019
Grace Trust
5,080,000
Series 2020-GRCE, Class D (d) (l)
2.77%
12/10/40
3,588,119
Hilton U.S.A. Trust
4,000,000
Series 2016-HHV, Class F (d) (l)
4.33%
11/05/38
3,549,774
Hudson Yards Mortgage Trust
3,537,000
Series 2019-30HY, Class D (d) (l)
3.56%
07/10/39
2,791,316
Life Mortgage Trust
7,863,761
Series 2021-BMR, Class G, 1 Mo. CME Term SOFR + CSA +
2.95% (d) (f)
8.37%
03/15/38
7,473,005
Manhattan West
3,855,000
Series 2020-1MW, Class A (d)
2.13%
09/10/39
3,336,442
Med Trust
6,966,566
Series 2021-MDLN, Class D, 1 Mo. CME Term SOFR + CSA +
2.00% (d) (f)
7.42%
11/15/38
6,697,796
MSCG Trust
12,732,059
Series 2018-SELF, Class F, 1 Mo. CME Term SOFR + CSA +
3.05% (d) (f)
8.41%
10/15/37
12,496,301
SFAVE Commercial Mortgage Securities Trust
9,265,000
Series 2015-5AVE, Class A2A (d) (l)
3.66%
01/05/43
6,557,662
SLG Office Trust
7,600,000
Series 2021-OVA, Class A (d)
2.59%
07/15/41
6,110,416
5,000,000
Series 2021-OVA, Class E (d)
2.85%
07/15/41
3,565,611
5,000,000
Series 2021-OVA, Class F (d)
2.85%
07/15/41
3,452,524
SREIT Trust
7,100,000
Series 2021-PALM, Class E, 1 Mo. CME Term SOFR +
1.91% (d) (f)
7.33%
10/15/34
6,690,982
6,430,000
Series 2021-PALM, Class G, 1 Mo. CME Term SOFR +
3.62% (d) (f)
9.04%
10/15/34
6,114,591
TPGI Trust
3,775,413
Series 2021-DGWD, Class E, 1 Mo. CME Term SOFR + CSA +
2.35% (d) (f)
7.77%
06/15/26
3,613,933
 
168,434,683
Total Mortgage-Backed Securities
391,790,658
(Cost $445,111,063)
See Notes to Financial Statements
Page 40
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (c) — 5.7%
Agriculture — 0.2%
$2,325,000
Imperial Brands Finance PLC (d)
3.13%
07/26/24
$2,263,921
1,790,000
Imperial Brands Finance PLC (d)
4.25%
07/21/25
1,732,385
3,295,000
Imperial Brands Finance PLC (d)
3.50%
07/26/26
3,097,603
 
7,093,909
Airlines — 0.0%
558,000
Air Canada Pass-Through Trust, Series 2017-1, Class AA (d)
3.30%
01/15/30
492,902
Banks — 2.9%
1,830,000
HSBC Holdings PLC (e)
2.10%
06/04/26
1,706,654
1,765,000
HSBC Holdings PLC (e)
4.76%
06/09/28
1,694,004
6,100,000
HSBC Holdings PLC (e)
2.01%
09/22/28
5,246,588
8,045,000
HSBC Holdings PLC (e)
2.21%
08/17/29
6,743,215
1,755,000
HSBC Holdings PLC (e)
2.36%
08/18/31
1,391,156
9,845,000
HSBC Holdings PLC (e)
2.80%
05/24/32
7,866,295
2,075,000
HSBC Holdings PLC (e)
6.33%
03/09/44
2,094,311
3,000,000
Lloyds Banking Group PLC (e)
3.87%
07/09/25
2,943,575
5,000,000
Lloyds Banking Group PLC (e)
1.63%
05/11/27
4,463,702
3,000,000
Lloyds Banking Group PLC (e)
3.57%
11/07/28
2,727,661
1,245,000
Lloyds Banking Group PLC (e)
4.98%
08/11/33
1,153,712
7,600,000
Macquarie Group Ltd. (d) (e)
1.34%
01/12/27
6,820,556
4,775,000
Macquarie Group Ltd. (d) (e)
2.87%
01/14/33
3,746,389
6,655,000
NatWest Group PLC (e)
4.27%
03/22/25
6,581,626
10,775,000
Santander UK Group Holdings PLC (e)
4.80%
11/15/24
10,743,666
5,545,000
Santander UK Group Holdings PLC (e)
1.09%
03/15/25
5,376,762
930,000
Santander UK Group Holdings PLC (e)
1.53%
08/21/26
844,769
5,250,000
Santander UK Group Holdings PLC (e)
1.67%
06/14/27
4,624,449
1,735,000
Santander UK Group Holdings PLC (e)
2.47%
01/11/28
1,527,769
4,485,000
UBS Group AG (d) (e)
2.59%
09/11/25
4,326,539
1,200,000
UBS Group AG (d) (e)
1.36%
01/30/27
1,072,889
12,020,000
UBS Group AG (d) (e)
1.31%
02/02/27
10,716,601
1,865,000
UBS Group AG (d)
4.28%
01/09/28
1,745,921
15,740,000
UBS Group AG (d) (e)
4.19%
04/01/31
14,183,827
5,970,000
UBS Group AG (d) (e)
3.09%
05/14/32
4,922,018
13,095,000
UBS Group AG (d) (e)
9.02%
11/15/33
15,865,122
 
131,129,776
Beverages — 0.3%
6,260,000
Bacardi Ltd. (d)
4.45%
05/15/25
6,104,564
7,000,000
Becle SAB de C.V. (d)
2.50%
10/14/31
5,516,545
4,230,000
JDE Peet's N.V. (d)
2.25%
09/24/31
3,256,337
 
14,877,446
Diversified Financial Services — 0.5%
1,000,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.50%
01/15/25
966,338
1,296,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.45%
10/01/25
1,255,658
11,200,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.00%
10/29/28
9,714,259
1,755,000
Avolon Holdings Funding Ltd. (d)
2.88%
02/15/25
1,657,212
670,000
Avolon Holdings Funding Ltd. (d)
3.25%
02/15/27
603,333
5,256,000
Avolon Holdings Funding Ltd. (d)
2.53%
11/18/27
4,491,484
2,074,000
GGAM Finance Ltd. (d)
8.00%
06/15/28
2,105,027
467,000
Park Aerospace Holdings Ltd. (d)
5.50%
02/15/24
463,992
 
21,257,303
See Notes to Financial Statements
Page 41
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (c) (Continued)
Electric — 0.2%
$250,000
Mong Duong Finance Holdings B.V. (n)
5.13%
05/07/29
$226,770
3,975,000
TenneT Holding B.V., Medium-Term Note (EUR) (n)
4.50%
10/28/34
4,573,796
2,390,000
TenneT Holding B.V., Medium-Term Note (EUR) (n)
2.75%
05/17/42
2,264,130
1,190,000
TenneT Holding B.V., Medium-Term Note (EUR) (n)
4.75%
10/28/42
1,406,288
 
8,470,984
Engineering & Construction — 0.0%
1,700,000
Cellnex Finance Co., S.A., Medium-Term Note (EUR) (n)
2.00%
09/15/32
1,468,257
Entertainment — 0.0%
600,000
Banijay Entertainment SASU (d)
5.38%
03/01/25
585,180
Food — 0.2%
150,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
5.50%
01/15/30
145,349
1,505,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
3.75%
12/01/31
1,252,253
2,115,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
3.00%
05/15/32
1,671,820
2,495,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
5.75%
04/01/33
2,377,696
3,000,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
4.38%
02/02/52
2,128,945
2,015,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
6.50%
12/01/52
1,932,701
 
9,508,764
Gas — 0.0%
1,555,000
National Gas Transmission PLC, Medium-Term Note (EUR) (n)
4.25%
04/05/30
1,685,068
Healthcare-Services — 0.1%
3,250,000
Kedrion S.p.A. (d)
6.50%
09/01/29
2,778,750
Internet — 0.1%
2,775,000
Tencent Holdings Ltd. (d)
3.98%
04/11/29
2,558,099
2,380,000
Tencent Holdings Ltd. (d)
3.84%
04/22/51
1,634,608
 
4,192,707
Investment Companies — 0.0%
2,000,000
Gaci First Investment Co. (n)
5.25%
10/13/32
2,004,838
Mining — 0.0%
600,000
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia
Persero PT (d)
5.45%
05/15/30
575,780
Oil & Gas — 0.3%
450,000
Ecopetrol S.A.
8.88%
01/13/33
456,559
1,383,000
KazMunayGas National Co. JSC (n)
5.38%
04/24/30
1,260,703
1,200,000
KazMunayGas National Co. JSC (d)
3.50%
04/14/33
905,402
2,504,000
Pertamina Persero PT (d)
3.10%
08/27/30
2,165,793
5,717,000
Petroleos Mexicanos
5.95%
01/28/31
4,141,694
1,942,000
Petroleos Mexicanos
6.63%
06/15/35
1,341,259
565,000
Petroleos Mexicanos
6.95%
01/28/60
350,043
1,400,000
Qatar Energy (n)
2.25%
07/12/31
1,154,194
 
11,775,647
Packaging & Containers — 0.0%
1,000,000
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (d)
5.25%
08/15/27
857,785
1,500,000
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (d)
5.25%
08/15/27
1,286,678
 
2,144,463
Pharmaceuticals — 0.2%
500,000
Bayer AG, Medium-Term Note (EUR) (n)
4.63%
05/26/33
550,976
See Notes to Financial Statements
Page 42
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (c) (Continued)
Pharmaceuticals (Continued)
$1,380,000
Grifols S.A. (d)
4.75%
10/15/28
$1,212,012
5,680,000
Pfizer Investment Enterprises Pte Ltd.
5.30%
05/19/53
5,686,268
 
7,449,256
Pipelines — 0.1%
1,070,000
Enbridge, Inc.
5.70%
03/08/33
1,070,995
1,596,780
Galaxy Pipeline Assets Bidco Ltd. (d)
2.16%
03/31/34
1,344,428
800,000
Southern Gas Corridor CJSC (n)
6.88%
03/24/26
809,128
3,010,000
TMS Issuer Sarl (n)
5.78%
08/23/32
3,066,341
 
6,290,892
Real Estate — 0.2%
1,270,000
Annington Funding PLC, Medium-Term Note (GBP) (n)
3.18%
07/12/29
1,329,993
1,400,000
Annington Funding PLC, Medium-Term Note (GBP) (n)
2.31%
10/06/32
1,271,203
900,000
Annington Funding PLC, Medium-Term Note (GBP) (n)
3.69%
07/12/34
880,733
1,350,000
Blackstone Property Partners Europe Holdings Sarl, Medium-Term
Note (EUR) (n)
1.75%
03/12/29
1,148,543
2,400,000
Blackstone Property Partners Europe Holdings Sarl, Medium-Term
Note (EUR) (n)
1.63%
04/20/30
1,941,879
500,000
Vonovia Finance B.V. (EUR) (n)
2.25%
04/07/30
456,559
400,000
Vonovia SE, Medium-Term Note (EUR) (n)
5.00%
11/23/30
426,423
1,800,000
Vonovia SE (EUR) (n)
1.50%
06/14/41
1,083,252
 
8,538,585
Real Estate Investment Trusts — 0.1%
1,000,000
CapitaLand Ascendas REIT, Medium-Term Note (EUR) (n)
0.75%
06/23/28
887,940
4,065,000
Digital Intrepid Holding B.V. (EUR) (n)
0.63%
07/15/31
3,192,621
 
4,080,561
Retail — 0.1%
4,230,000
Alimentation Couche-Tard, Inc. (d)
3.80%
01/25/50
2,931,441
Savings & Loans — 0.1%
4,055,000
Nationwide Building Society (d) (e)
2.97%
02/16/28
3,667,912
Telecommunications — 0.1%
200,000
C&W Senior Financing DAC (d)
6.88%
09/15/27
185,808
3,860,000
Intelsat Jackson Holdings S.A. (g) (j) (k) (o)
8.50%
10/15/24
0
390,000
Intelsat Jackson Holdings S.A. (g) (j) (k) (o)
9.75%
07/15/25
0
2,000,000
Intelsat Jackson Holdings S.A. (g) (j) (k) (p)
5.50%
08/01/28
0
4,363,000
Intelsat Jackson Holdings S.A. (d)
6.50%
03/15/30
4,011,395
500,000
Ooredoo International Finance Ltd. (n)
2.63%
04/08/31
425,404
1,477,000
Vodafone Group PLC
4.88%
06/19/49
1,253,682
1,375,000
Vodafone Group PLC
4.25%
09/17/50
1,060,857
 
6,937,146
Total Foreign Corporate Bonds and Notes
259,937,567
(Cost $276,660,627)
 
Principal
Value
Description
Rate (q)
Stated
Maturity (r)
Value
SENIOR FLOATING-RATE LOAN INTERESTS — 1.5%
Aerospace/Defense — 0.0%
686,436
Transdigm, Inc., Term Loan, 1 Mo. CME Term SOFR + 3.25%,
0.00% Floor
8.49%
08/24/28
687,723
See Notes to Financial Statements
Page 43
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Rate (q)
Stated
Maturity (r)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Airlines — 0.0%
$283,637
AAdvantage Loyalty IP Ltd., Term Loan, 3 Mo. CME Term SOFR
+ CSA + 4.75%, 0.75% Floor
10.34%
04/20/28
$294,961
303,593
United Airlines, Inc., Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75%
Floor
9.29%
04/21/28
304,846
 
599,807
Brokerage Assetmanagers Exchanges — 0.0%
168,265
Deerfield Dakota Holding LLC, Term Loan B, 3 Mo. CME Term
SOFR + 3.75%, 1.00% Floor
8.99%
04/09/27
162,797
Cable Satellite — 0.1%
521,439
CSC Holdings LLC, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00%
Floor
7.92%
04/15/27
472,554
842,500
DIRECTV Financing LLC, Term Loan, 1 Mo. CME Term SOFR +
5.00%, 0.75% Floor
10.45%
08/02/27
833,932
2,290,051
EagleView Technology Corp., Term Loan B, 3 Mo. LIBOR +
3.50%, 0.00% Floor
9.04%
08/14/25
2,044,592
725,000
Virgin Media Bristol LLC, Term Loan N, 1 Mo. CME Term SOFR
+ CSA + 2.50%, 0.00% Floor
7.92%
01/31/28
706,150
 
4,057,228
Chemicals — 0.0%
1,358,177
Chemours (The) Co., Term Loan B2, 1 Mo. CME Term SOFR +
3.50%, 0.50% Floor
8.83%
08/18/28
1,341,200
Consumer Cyclical Services — 0.0%
116,454
8 Avenue Food & Provisions, Inc., Term Loan B, 1 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
9.20%
10/01/25
111,562
349,833
Arches Buyer, Inc., Term Loan, 1 Mo. CME Term SOFR + 3.25%,
0.50% Floor
8.68%
12/06/27
340,869
500,000
Prime Security Services Borrower LLC, Term Loan, 1 Mo. CME
Term SOFR + CSA + 2.75%, 0.00% Floor
8.08%
03/14/28
492,500
 
944,931
Consumer Products — 0.1%
105,155
AI Aqua Merger Sub, Inc., Delayed Draw Term Loan, 1 Mo. CME
Term SOFR + 4.00%, 0.50% Floor
9.33%
07/30/28
104,967
599,439
AI Aqua Merger Sub, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 3.75%, 0.50% Floor
9.08%
07/30/28
598,369
615,802
Sunshine Luxembourg VII, Term Loan B, 3 Mo. CME Term SOFR
+ 3.75%, 0.75% Floor
9.09%
10/02/26
617,043
2,577,031
Zep, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor
9.54%
08/11/24
2,409,524
 
3,729,903
Diversified Manufacturing — 0.0%
303,920
Filtration Group Corp., Term Loan, 1 Mo. CME Term SOFR +
CSA + 4.25%, 0.50% Floor
9.70%
10/24/28
305,154
Environmental — 0.0%
116,451
Patriot Container Corp., Term Loan, 1 Mo. CME Term SOFR +
CSA + 3.75%, 1.00% Floor
9.18%
03/20/25
109,755
Finance Companies — 0.2%
4,899,498
Avolon TLB Borrower 1 (U.S.) LLC, Term Loan B, 1 Mo. CME
Term SOFR + 2.25%, 0.50% Floor
7.66%
12/01/27
4,902,560
See Notes to Financial Statements
Page 44
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Rate (q)
Stated
Maturity (r)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Finance Companies (Continued)
$215,618
Delos Finance S.A.R.L., Term Loan B, 3 Mo. LIBOR + 1.75%,
0.00% Floor
7.29%
10/06/23
$215,820
1,450,000
Setanta Aircraft Leasing DAC, Term Loan B, 3 Mo. LIBOR +
2.00%, 0.00% Floor
7.54%
11/05/28
1,451,812
 
6,570,192
Food And Beverage — 0.1%
460,836
City Brewing Co. LLC, Term Loan B, 3 Mo. CME Term SOFR +
3.50%, 0.75% Floor
9.07%
04/05/28
304,152
136,880
H-Food Holdings LLC, Term Loan, 1 Mo. LIBOR + 3.69%, 0.00%
Floor
8.79%
05/31/25
124,570
1,069,773
Hostess Brands LLC, Term Loan, 1 Mo. CME Term SOFR + CSA
+ 2.50%, 0.00% Floor
7.74%
06/30/30
1,070,110
1,364
Naked Juice LLC, Delayed Draw Term Loan, 1 Mo. CME Term
SOFR + CSA + 3.25%, 0.50% Floor
8.58%
01/24/29
1,296
938,975
Naked Juice LLC, Term Loan, 3 Mo. CME Term SOFR + CSA +
3.25%, 0.50% Floor
8.59%
01/24/29
892,379
303,142
Naked Juice LLC, Term Loan, 3 Mo. CME Term SOFR + CSA +
6.00%, 0.50% Floor
11.34%
01/24/30
247,277
 
2,639,784
Gaming — 0.0%
152,111
Churchill Downs, Inc., Term Loan B, 1 Mo. CME Term SOFR +
CSA + 2.00%, 0.00% Floor
7.43%
03/17/28
152,491
500,000
Golden Nugget, Term Loan, 1 Mo. CME Term SOFR + CSA +
4.00%, 0.50% Floor
9.33%
01/27/29
495,938
 
648,429
Healthcare — 0.2%
1,123,106
Gainwell Acquisition Corp., Term Loan B, 3 Mo. CME Term
SOFR + 4.00%, 0.75% Floor
9.34%
10/01/27
1,107,663
2,997,046
Grifols Worldwide Operations Ltd., Term Loan B, 1 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
7.43%
11/15/27
2,964,274
674,178
ICON Luxembourg S.A.R.L., Term Loan B, 3 Mo. CME Term
SOFR + CSA + 2.50%, 0.50% Floor
7.75%
07/01/28
675,287
656,569
IQVIA, Inc., Term Loan, 3 Mo. LIBOR + 1.75%, 0.00% Floor
7.29%
06/11/25
658,743
592,500
Medline Borrower L.P., Term Loan B, 1 Mo. CME Term SOFR +
3.25%, 0.50% Floor
8.70%
10/21/28
592,808
778,030
Phoenix Newco, Inc., Term Loan, 1 Mo. CME Term SOFR +
3.25%, 0.50% Floor
8.70%
11/15/28
776,817
167,972
PRA Health Sciences, Inc., Term Loan B, 3 Mo. CME Term SOFR
+ CSA + 2.25%, 0.50% Floor
7.75%
07/01/28
168,248
 
6,943,840
Insurance — 0.1%
1,132,443
Acrisure LLC, Term Loan B, 1 Mo. CME Term SOFR + 3.50%,
0.00% Floor
8.95%
02/15/27
1,112,523
2,912,462
AmWINS Group, Inc., Term Loan B, 1 Mo. CME Term SOFR +
2.25%, 0.75% Floor
7.70%
02/19/28
2,916,103
348,824
Asurion LLC (fka Asurion Corp.), Term Loan B, 3 Mo. LIBOR +
3.25%, 0.00% Floor
8.79%
12/23/26
339,730
 
4,368,356
See Notes to Financial Statements
Page 45
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Rate (q)
Stated
Maturity (r)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Leisure — 0.0%
$79,990
Delta 2 Lux S.A.R.L., Term Loan B, 1 Mo. CME Term SOFR +
3.25%, 0.50% Floor
8.33%
01/15/30
$80,303
969,869
William Morris Endeavor Entertainment LLC, Term Loan B1, 1
Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor
8.20%
05/18/25
969,947
 
1,050,250
Lodging — 0.0%
161,940
Hilton Worldwide Finance LLC, Term Loan B2, 1 Mo. CME Term
SOFR + 1.75%, 0.00% Floor
7.16%
06/21/26
162,033
Media Entertainment — 0.0%
298,930
AppLovin Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA +
3.00%, 0.50% Floor
8.41%
08/15/30
298,445
374,153
MH Sub I LLC, Term Loan, 1 Mo. CME Term SOFR + 4.25%,
0.50% Floor
9.58%
05/03/28
360,240
 
658,685
Medical Equipment & Devices — 0.0%
1,324,614
Avantor Funding, Inc., Term Loan B, 1 Mo. LIBOR + 2.25%,
1.00% Floor
7.68%
11/06/27
1,327,396
Packaging — 0.1%
1,143,840
Berry Global, Inc., Term Loan, 3 Mo. CME Term SOFR + 1.75%,
0.00% Floor
7.29%
07/01/26
1,144,858
1,511,250
Plaze, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.75%
Floor
9.20%
08/03/26
1,446,833
2,179,787
Proampac PG Borrower LLC, Term Loan B, 1 Mo. CME Term
SOFR + CSA + 3.75%, 0.75% Floor
9.18%-9.32%
11/03/25
2,179,786
 
4,771,477
Paper — 0.0%
969,693
Mativ Holdings, Inc., Delayed Draw Term Loan, 1 Mo. CME Term
SOFR + CSA + 2.50%, 0.00% Floor (j)
7.93%
05/06/27
945,451
Pharmaceuticals — 0.2%
1,549,782
Elanco Animal Health, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 1.75%, 0.00% Floor
7.17%
08/01/27
1,536,950
1,750,000
Horizon Therapeutics USA, Inc., Term Loan B, 1 Mo. CME Term
SOFR + CSA + 2.00%, 0.00% Floor
7.43%
05/22/26
1,751,566
2,097,661
Jazz Financing LUX S.A.R.L., Term Loan B, 1 Mo. CME Term
SOFR + CSA + 3.50%, 0.50% Floor
8.95%
05/05/28
2,100,283
2,269,278
Organon & Co., Term Loan, 3 Mo. CME Term SOFR + CSA +
3.00%, 0.50% Floor
8.43%
06/02/28
2,277,085
272,727
Perrigo Investments LLC, Delayed Draw Term Loan B, 1 Mo. CME
Term SOFR + CSA + 2.50%, 0.50% Floor
7.58%
04/20/29
272,046
469,773
Perrigo Investments LLC, Term Loan B, 1 Mo. CME Term SOFR +
CSA + 2.50%, 0.50% Floor
7.68%
04/20/29
468,598
 
8,406,528
Railroads — 0.0%
169,742
Genesee & Wyoming, Inc., Term Loan, 3 Mo. CME Term SOFR +
2.00%, 0.00% Floor
7.34%
12/30/26
169,964
Restaurants — 0.0%
181,005
Dave & Buster's, Inc., Term Loan B, 1 Mo. CME Term SOFR +
CSA + 3.75%, 0.50% Floor
9.19%
06/29/29
181,413
See Notes to Financial Statements
Page 46
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Rate (q)
Stated
Maturity (r)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
Services — 0.0%
$1,656,863
Spin Holdco, Inc., Term Loan, 3 Mo. LIBOR + 4.00%, 0.75% Floor
9.23%
03/04/28
$1,395,907
Technology — 0.3%
365,000
Amentum Government Services Holdings LLC, Term Loan B, 1
Mo. CME Term SOFR + 4.00%, 0.00% Floor
9.45%
01/31/27
363,175
335,382
Central Parent, Inc., Term Loan, 3 Mo. CME Term SOFR + 4.00%,
0.00% Floor
9.49%
07/06/29
336,004
3,908,629
Commscope, Inc., Term Loan B2, 1 Mo. CME Term SOFR + CSA
+ 3.25%, 0.00% Floor
8.70%
04/04/26
3,605,222
144,496
DTI Holdco, Inc., Term Loan B, 3 Mo. CME Term SOFR + 4.75%,
0.75% Floor
10.12%
04/26/29
140,122
114,373
Entegris, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.50%,
0.00% Floor
7.83%
07/06/29
114,702
58,022
Entegris, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.75%,
0.00% Floor
8.08%
07/06/29
58,189
195,914
Entegris, Inc., Term Loan B, 3 Mo. CME Term SOFR + 2.75%,
0.00% Floor
7.99%
07/06/29
196,478
2,130,348
NortonLifeLock, Inc., Term Loan A2, 1 Mo. CME Term SOFR +
1.75%, 0.00% Floor
6.93%
09/12/27
2,109,055
332,401
Open Text Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA +
1.75%, 0.00% Floor
7.18%
05/30/25
333,185
751,670
Open Text Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA +
2.75%, 0.50% Floor
8.20%
01/31/30
753,395
2,588,904
Oracle Corp., Term Loan A1, 1 Mo. CME Term SOFR + CSA +
1.60%, 0.00% Floor
7.02%
08/16/27
2,575,960
593,921
Peraton Corp., Term Loan B, 1 Mo. CME Term SOFR + 3.75%,
0.75% Floor
9.18%
02/01/28
589,234
165,930
RealPage, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.00%,
0.50% Floor
8.45%
04/22/28
164,356
453,427
Renaissance Holding Corp., Term Loan, 1 Mo. CME Term SOFR +
4.75%, 0.50% Floor
9.99%
04/07/30
454,810
536,124
SS&C Technologies, Inc., Term Loan B-5, 1 Mo. CME Term SOFR
+ 1.75%, 0.00% Floor
7.20%
04/16/25
536,660
 
12,330,547
Wireless — 0.0%
1,043,559
SBA Senior Finance II LLC, Term Loan B, 1 Mo. CME Term
SOFR + 1.75%, 0.00% Floor
7.09%
04/11/25
1,045,072
Wirelines — 0.1%
250,000
Zayo Group Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 3.00%, 0.00% Floor
8.45%
03/09/27
200,986
1,799,294
Zayo Group Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 4.25%, 0.50% Floor
9.66%
03/09/27
1,452,256
 
1,653,242
Total Senior Floating-Rate Loan Interests
67,207,064
(Cost $68,209,705)
 
See Notes to Financial Statements
Page 47
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (c) — 1.1%
Brazil — 0.1%
$3,330,000
Brazilian Government International Bond
3.88%
06/12/30
$2,956,322
200,000
Brazilian Government International Bond
6.00%
10/20/33
194,925
 
3,151,247
Chile — 0.1%
1,500,000
Chile Government International Bond
2.55%
01/27/32
1,262,030
1,540,000
Chile Government International Bond
2.55%
07/27/33
1,240,143
750,000
Chile Government International Bond
3.50%
01/31/34
651,082
 
3,153,255
Colombia — 0.0%
1,200,000
Colombia Government International Bond
4.50%
03/15/29
1,070,750
1,485,000
Colombia Government International Bond
3.00%
01/30/30
1,183,300
 
2,254,050
Dominican Republic — 0.1%
2,485,000
Dominican Republic International Bond (d)
4.50%
01/30/30
2,173,621
790,000
Dominican Republic International Bond (n)
4.88%
09/23/32
672,282
 
2,845,903
Guatemala — 0.1%
1,000,000
Guatemala Government Bond (n)
5.25%
08/10/29
951,343
2,000,000
Guatemala Government Bond (n)
3.70%
10/07/33
1,617,986
 
2,569,329
Hungary — 0.1%
1,000,000
Hungary Government International Bond (n)
5.25%
06/16/29
980,024
3,130,000
Hungary Government International Bond (d)
2.13%
09/22/31
2,414,078
 
3,394,102
Indonesia — 0.1%
3,500,000
Perusahaan Penerbit SBSN Indonesia III (d)
2.80%
06/23/30
3,034,406
Mexico — 0.1%
5,772,000
Mexico Government International Bond
2.66%
05/24/31
4,789,939
1,700,000
Mexico Government International Bond
4.75%
04/27/32
1,614,073
 
6,404,012
Oman — 0.0%
800,000
Oman Government International Bond (n)
6.75%
10/28/27
825,500
1,100,000
Oman Government International Bond (n)
5.63%
01/17/28
1,088,150
 
1,913,650
Panama — 0.1%
3,608,000
Panama Government International Bond
3.16%
01/23/30
3,150,850
500,000
Panama Government International Bond
2.25%
09/29/32
380,692
 
3,531,542
Paraguay — 0.0%
2,285,000
Paraguay Government International Bond (n)
4.95%
04/28/31
2,163,248
Peru — 0.1%
1,715,000
Peruvian Government International Bond
2.84%
06/20/30
1,487,419
1,260,000
Peruvian Government International Bond
2.78%
01/23/31
1,071,121
 
2,558,540
Philippines — 0.0%
2,500,000
Philippine Government International Bond
2.46%
05/05/30
2,133,391
See Notes to Financial Statements
Page 48
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (c) (Continued)
Poland — 0.0%
$323,000
Republic of Poland Government International Bond
5.75%
11/16/32
$336,208
1,995,000
Republic of Poland Government International Bond
4.88%
10/04/33
1,939,794
 
2,276,002
Romania — 0.1%
250,000
Romanian Government International Bond (d)
6.63%
02/17/28
258,744
3,000,000
Romanian Government International Bond (n)
3.00%
02/14/31
2,488,911
 
2,747,655
South Africa — 0.1%
730,000
Republic of South Africa Government International Bond
4.85%
09/30/29
644,685
759,000
Republic of South Africa Government International Bond
5.88%
06/22/30
692,443
1,550,000
Republic of South Africa Government International Bond
5.88%
04/20/32
1,374,517
 
2,711,645
United Arab Emirates — 0.0%
1,302,000
Finance Department Government of Sharjah (d)
6.50%
11/23/32
1,332,334
Uruguay — 0.0%
2,000,000
Uruguay Government International Bond
4.38%
01/23/31
1,969,467
Total Foreign Sovereign Bonds and Notes
50,143,778
(Cost $55,282,072)
MUNICIPAL BONDS — 0.5%
California — 0.1%
4,545,000
Regents of the Univ of CA Med Ctr Pooled Rev
3.26%
05/15/60
3,072,227
Massachusetts — 0.0%
1,845,000
Massachusetts Sch Bldg Auth
2.97%
10/15/32
1,572,433
New Jersey — 0.0%
2,000,000
NJ St Turnpike Auth Rev
1.86%
01/01/31
1,621,743
500,000
NJ St Turnpike Auth Rev
3.73%
01/01/36
435,592
 
2,057,335
New York — 0.4%
2,285,000
City of New York NY
3.62%
04/01/31
2,083,416
1,225,000
Metro Transprtn Auth NY Rev Txbl Green Bond, Ser C2
5.18%
11/15/49
1,134,823
970,000
New York City NY Transitional Fin Auth Rev, Ser A-3
3.96%
08/01/32
901,582
6,940,000
New York City NY Transitional Fin Auth Rev, Ser B-3
1.85%
08/01/32
5,401,906
400,000
New York City NY Transitional Fin Auth Rev Qualified Sch
Constr, Ser BD G-3
5.27%
05/01/27
403,016
2,690,000
NY St Dorm Auth, Ser D
5.00%
03/15/24
2,678,698
5,140,000
NY St Urban Dev Corp.
2.97%
03/15/34
4,272,998
 
16,876,439
Total Municipal Bonds
23,578,434
(Cost $29,078,486)
 
Shares
Description
Value
COMMON STOCKS — 0.0%
Wireless Telecommunication Services — 0.0%
59,835
Intelsat Jackson Emergence S.A. (j) (k) (p) (s)
0
(Cost $2,002,850)
See Notes to Financial Statements
Page 49
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Shares
Description
Value
RIGHTS — 0.0%
Wireless Telecommunication Services — 0.0%
6,263
Intelsat Jackson Holdings S.A., Series A (j) (k) (p) (s)
$0
6,263
Intelsat Jackson Holdings S.A., Series B (j) (k) (p) (s)
0
Total Rights
0
(Cost $138)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 4.7%
$179,545,000
U.S. Treasury Bill
(h)
11/28/23
177,224,381
34,595,000
U.S. Treasury Bill
(h)
12/21/23
34,030,860
Total U.S. Treasury Bills
211,255,241
(Cost $211,251,175)
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.9%
39,100,223
Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (t)
39,100,223
(Cost $39,100,223)
Total Investments — 119.6%
5,429,938,355
(Cost $5,709,825,720)
Net Other Assets and Liabilities — (19.6)%
(890,445,026
)
Net Assets — 100.0%
$4,539,493,329
Forward Foreign Currency Contracts at August 31, 2023 (See Note 2D - Forward Foreign Currency Contracts in the Notes to Financial Statements):
 
Settlement
Date
Counterparty
Amount
Purchased
Amount
Sold
Purchase Value
as of
8/31/2023
Sale Value
as of
8/31/2023
Unrealized
Appreciation
(Depreciation)
10/13/2023
Citi
GBP
110,000
USD
140,359
$139,369
$140,359
$(990
)
10/13/2023
Citi
USD
557,857
EUR
506,000
557,857
549,840
8,017
10/13/2023
Citi
USD
1,098,235
EUR
996,000
1,098,235
1,082,293
15,942
10/13/2023
Citi
USD
1,641,282
EUR
1,506,000
1,641,282
1,636,479
4,803
10/13/2023
Citi
USD
881,044
EUR
810,000
881,044
880,178
866
10/13/2023
Citi
USD
29,393,122
EUR
26,917,000
29,393,122
29,249,073
144,049
10/13/2023
Citi
USD
832,017
EUR
760,000
832,017
825,846
6,171
10/13/2023
Citi
USD
2,773,472
GBP
2,160,000
2,773,472
2,736,701
36,771
10/13/2023
Citi
USD
782,767
GBP
611,000
782,767
774,132
8,635
Net Unrealized Appreciation (Depreciation)
$224,264
Futures Contracts at August 31, 2023 (See Note 2C - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts
Position
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
Long
7,362
Dec-2023
$1,500,410,113
$3,020,657
U.S. 5-Year Treasury Notes
Long
353
Dec-2023
37,743,422
279,402
Ultra U.S. Treasury Bond Futures
Long
175
Dec-2023
22,657,031
738,912
Euro-Bobl Futures
Short
17
Dec-2023
(2,165,440
)
(9,911
)
See Notes to Financial Statements
Page 50
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
Futures Contracts
Position
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
Euro-Bund Futures
Short
44
Dec-2023
$(6,327,973
)
$(1,008
)
Euro-Buxl 30 Year Bonds Futures
Short
26
Dec-2023
(3,771,115
)
(5,674
)
Ultra 10-Year U.S. Treasury Notes
Short
364
Dec-2023
(42,263,812
)
(492,595
)
 
$1,506,282,226
$3,529,783
Interest Rate Swap Agreements at August 31, 2023 (See Note 2E - Swap Agreements in the Notes to Financial Statements):
 
Counterparty
Floating Rate
Expiration
Date
Notional
Value
Fixed Rate
Unrealized
Appreciation
(Depreciation)/
Value
Citadel Securities LLC
SOFR(1)
12/20/2053
$27,661,000
3.520
%(1)
$(144,715
)
 
(1)
The Fund pays the fixed rate and receives the floating rate. The floating rate is not effective until 12/20/2023 and no interest is
being accrued until that date.
 
(a)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2J - Mortgage Dollar Rolls in the Notes to
Financial Statements).
(b)
Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is
calculated on the basis of the current adjusted principal value.
(c)
Principal Value is in U.S. dollars unless otherwise indicated in the security description.
(d)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At August 31, 2023, securities noted as such amounted to $954,478,469 or
21.0% of net assets.
(e)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at August 31, 2023. At
a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(f)
Floating or variable rate security.
(g)
This issuer is in default. 
(h)
Zero coupon security.
(i)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
(j)
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
August 31, 2023, securities noted as such are valued at $11,568,843 or 0.3% of net assets.
(k)
This security’s value was determined using significant unobservable inputs (see Note2A- Portfolio Valuation in the Notes to
Financial Statements).
(l)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(m)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(n)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(o)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional
buyers (see Note2K - Restricted Securities in the Notes to Financial Statements).
(p)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
See Notes to Financial Statements
Page 51
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
(q)
Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests generally pay interest at rates which are
periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the
lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department
of the Treasury’s Office of Financial Research or another major financial institution, (iii) the prime rate offered by one or more
United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that
establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within
the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates.
(r)
Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior
Loans may be substantially less than the stated maturities shown.
(s)
Non-income producing security.
(t)
Rate shown reflects yield as of August 31, 2023.
 
Abbreviations throughout the Portfolio of Investments:
Citi
–  Citibank N.A.
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
EUR
–  Euro
GBP
–  British Pound Sterling
LIBOR
–  London Interbank Offered Rate
SOFR
–  Secured Overnight Financing Rate
TBA
–  To-Be-Announced Security
USD
–  United States Dollar
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed
Securities
$1,509,208,739
$— 
$1,509,208,739
$— 
U.S. Government Bonds and Notes
1,492,085,532
— 
1,492,085,532
— 
Corporate Bonds and Notes*
916,897,598
— 
916,897,598
— 
Asset-Backed Securities
468,733,521
— 
458,110,129
10,623,392
Mortgage-Backed Securities
391,790,658
— 
391,790,658
— 
Foreign Corporate Bonds and Notes:
Telecommunications
6,937,146
— 
6,937,146
— 
**
Other Industry Categories*
253,000,421
— 
253,000,421
— 
Senior Floating-Rate Loan Interests*
67,207,064
— 
67,207,064
— 
Foreign Sovereign Bonds and Notes***
50,143,778
— 
50,143,778
— 
Municipal Bonds****
23,578,434
— 
23,578,434
— 
Common Stocks*
— 
**
— 
— 
— 
**
Rights*
— 
**
— 
— 
— 
**
U.S. Treasury Bills
211,255,241
— 
211,255,241
— 
Money Market Funds
39,100,223
39,100,223
— 
— 
Total Investments
5,429,938,355
39,100,223
5,380,214,740
10,623,392
Forward Foreign Currency Contracts
225,254
— 
225,254
— 
Futures Contracts
4,038,971
4,038,971
— 
— 
Total
$5,434,202,580
$43,139,194
$5,380,439,994
$10,623,392
 
See Notes to Financial Statements
Page 52
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
Portfolio of Investments (Continued)
August 31, 2023 
LIABILITIES TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Forward Foreign Currency Contracts
$(990
)
$— 
$(990
)
$— 
Futures Contracts*****
(509,188
)
(509,188
)
— 
— 
Interest Rate Swap Agreements
(144,715
)
— 
(144,715
)
— 
Total
$(654,893
)
$(509,188
)
$(145,705
)
$— 
 
*
See Portfolio of Investments for industry breakout.
**
Investments are valued at $0.
***
See Portfolio of Investments for country breakout.
****
See Portfolio of Investments for state breakout.
*****
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current
day’s variation margin is presented on the Statements of Assets and Liabilities.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 53
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments
August 31, 2023 
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES — 24.4%
Collateralized Mortgage Obligations — 18.1%
Adjustable Rate Mortgage Trust
$75,641
Series 2005-8, Class 3A21 (a)
4.51%
11/25/35
$56,470
Ajax Mortgage Loan Trust
6,038,255
Series 2021-C, Class A, steps up to 5.12% on 09/25/24 (b) (c)
2.12%
01/25/61
5,722,069
2,645,122
Series 2021-D, Class A, steps up to 5.00% on 02/25/25 (b) (c)
2.00%
03/25/60
2,445,066
Alternative Loan Trust
625,459
Series 2005-13CB, Class A8
5.50%
05/25/35
528,525
223,318
Series 2005-16, Class A3, 1 Mo. CME Term SOFR + CSA +
0.50% (d)
5.93%
06/25/35
195,960
675,899
Series 2005-65CB, Class 2A4
5.50%
12/25/35
482,785
61,482
Series 2005-76, Class 1A1, 12 Mo. Treasury Average +
1.48% (d)
5.91%
01/25/36
56,746
268,477
Series 2006-33CB, Class 2A1
6.00%
11/25/36
143,971
846,825
Series 2007-15CB, Class A6
5.75%
07/25/37
486,580
402,667
Series 2007-OA6, Class A1B, 1 Mo. CME Term SOFR + CSA +
0.40% (d)
5.83%
06/25/37
358,495
American Home Mortgage Assets Trust
1,133,479
Series 2006-1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.21% (d)
5.64%
05/25/46
951,733
12,645,838
Series 2007-1, Class A1, 12 Mo. Treasury Average + 0.70% (d)
5.13%
02/25/47
5,046,869
3,156,581
Series 2007-2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.13% (d)
5.55%
03/25/47
2,777,942
American Home Mortgage Investment Trust
487,080
Series 2005-4, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.58% (d)
6.01%
11/25/45
425,483
APS Resecuritization Trust
14,507,586
Series 2016-3, Class 3MZ (a) (b)
0.88%
09/27/46
7,396,111
Banc of America Funding Trust
623,195
Series 2007-1, Class TA3A, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
01/25/37
541,185
2,028,794
Series 2007-2, Class TA4, 1 Mo. CME Term SOFR + CSA +
0.80% (d)
6.23%
03/25/37
1,822,840
BCAP LLC Trust
298,169
Series 2007-AA3, Class 1A1A, 1 Mo. CME Term SOFR + CSA
+ 0.42% (d)
5.85%
04/25/37
275,372
4,943,447
Series 2012-RR8, Class 4A6 (a) (b)
2.39%
11/20/36
4,219,826
Bear Stearns ALT-A Trust
376,533
Series 2004-8, Class M1, 1 Mo. CME Term SOFR + CSA +
0.92% (d)
6.34%
09/25/34
372,425
1,282,095
Series 2006-1, Class 21A2 (a)
4.13%
02/25/36
903,134
Bear Stearns Mortgage Funding Trust
4,049,341
Series 2006-AR1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.42% (d)
5.85%
07/25/36
3,599,475
430,185
Series 2006-AR3, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.18% (d)
5.61%
10/25/36
361,538
5,680,729
Series 2007-AR1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.16% (d)
5.59%
01/25/37
4,908,667
152,750
Series 2007-AR3, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.14% (d)
5.57%
03/25/37
130,391
3,637,251
Series 2007-AR5, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.23% (d)
5.66%
06/25/37
3,364,250
See Notes to Financial Statements
Page 54
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
CIM Trust
$7,633,620
Series 2020-R6, Class A1 (b)
2.25%
12/25/60
$6,175,143
524,923
Series 2020-R7, Class A1A (b) (e)
2.25%
12/27/61
453,914
5,005,571
Series 2021-INV1, Class A2 (b)
2.50%
07/01/51
3,974,895
994,921
Series 2021-R3, Class A1A (b)
1.95%
06/25/57
875,845
1,349,133
Series 2021-R5, Class A1A (b)
2.00%
08/25/61
1,072,000
6,655,084
Series 2023-R1, Class A1A (b)
5.40%
04/25/62
5,939,758
5,762,102
Series 2023-R3, Class A1A (b)
4.50%
01/25/63
4,922,802
Citigroup Mortgage Loan Trust
438,560
Series 2005-8, Class 2A4A
5.50%
09/25/35
391,780
1,064,553
Series 2009-10, Class 2A2 (b)
7.00%
12/25/35
773,609
COLT Mortgage Loan Trust
2,494,730
Series 2021-2, Class A1 (b)
0.92%
08/25/66
1,922,306
Connecticut Avenue Securities Trust
3,244,000
Series 2020-R01, Class 1B1, 30 Day Average SOFR +
3.36% (b) (d)
8.65%
01/25/40
3,254,714
2,500,000
Series 2021-R03, Class 1B1, 30 Day Average SOFR +
2.75% (b) (d)
8.04%
12/25/41
2,475,937
Credit Suisse Mortgage Trust
34,334
Series 2014-2R, Class 28A1 (a) (b)
3.00%
06/27/37
32,354
885,940
Series 2014-8R, Class 3A2 (a) (b)
4.64%
02/27/36
879,773
1,632,800
Series 2014-11R, Class 17A2, 1 Mo. CME Term SOFR + CSA +
0.15% (b) (d)
5.71%
12/27/36
1,574,364
6,972,421
Series 2020-RPL3, Class A1 (a) (b)
2.69%
03/25/60
6,926,086
7,251,593
Series 2020-RPL6, Class A1 (b)
2.69%
03/25/59
7,097,937
4,629,586
Series 2021-RP11, Class A1 (b)
2.25%
10/25/61
3,473,726
5,222,256
Series 2021-RPL4, Class A1 (b)
1.80%
12/27/60
4,940,580
3,423,912
Series 2022-RPL1, Class A1 (b)
4.15%
04/25/61
2,872,622
126,494
Series 2022-RPL1, Class CERT (b)
4.23%
04/25/61
100,128
3,009,691
Series 2022-RPL1, Class PT (b)
4.54%
04/25/61
2,413,235
Deutsche Alt-A Securities Mortgage Loan Trust
5,815,445
Series 2006-AF1, Class A4, 1 Mo. CME Term SOFR + CSA +
0.60% (d)
6.03%
04/25/36
5,250,510
2,446,662
Series 2007-AR3, Class 2A5, 1 Mo. CME Term SOFR + CSA +
0.40% (d)
5.83%
06/25/37
2,096,199
DSLA Mortgage Loan Trust
43,030
Series 2004-AR4, Class 2A1A, 1 Mo. CME Term SOFR + CSA
+ 0.72% (d)
6.15%
01/19/45
33,075
4,866,511
Series 2005-AR3, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.52% (d)
5.95%
07/19/45
3,764,079
Federal Home Loan Mortgage Corporation STACR REMIC Trust
2,975,000
Series 2021-HQA2, Class M2, 30 Day Average SOFR +
2.05% (b) (d)
7.34%
12/25/33
2,920,281
4,770,000
Series 2022-DNA1, Class M2, 30 Day Average SOFR +
2.50% (b) (d)
7.79%
01/25/42
4,713,794
5,000,000
Series 2022-DNA2, Class M2, 30 Day Average SOFR +
3.75% (b) (d)
9.04%
02/25/42
5,084,719
4,000,000
Series 2022-DNA3, Class M1B, 30 Day Average SOFR +
2.90% (b) (d)
8.19%
04/25/42
4,072,584
First Horizon Alternative Mortgage Securities Trust
23,818
Series 2004-AA4, Class A1 (a)
5.39%
10/25/34
23,398
See Notes to Financial Statements
Page 55
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
First Horizon Alternative Mortgage Securities Trust (Continued)
$1,560,913
Series 2005-AA4, Class 2A1 (a)
5.17%
06/25/35
$1,409,162
2,301,501
Series 2007-FA1, Class A4
6.25%
03/25/37
1,020,414
GreenPoint Mortgage Funding Trust
36,329
Series 2006-AR1, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.58% (d)
6.01%
02/25/36
31,257
3,777,340
Series 2006-AR6, Class A3A, 1 Mo. CME Term SOFR + CSA +
0.44% (d)
5.87%
10/25/46
3,435,748
5,097,634
Series 2007-AR1, Class 2A1A, 1 Mo. CME Term SOFR + CSA
+ 0.40% (d)
5.83%
03/25/47
4,575,504
497,998
Series 2007-AR2, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.40% (d)
5.83%
05/25/37
463,221
HarborView Mortgage Loan Trust
145,596
Series 2005-9, Class 2A1A, 1 Mo. CME Term SOFR + CSA +
0.68% (d)
6.11%
06/20/35
132,214
401,198
Series 2005-9, Class 2A1C, 1 Mo. CME Term SOFR + CSA +
0.90% (d)
6.33%
06/20/35
364,069
5,500,614
Series 2007-5, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.19% (d)
5.62%
09/19/37
4,712,312
634,972
Series 2007-7, Class 1A1, 1 Mo. CME Term SOFR + CSA +
2.00% (d)
7.43%
10/25/37
474,383
Headlands Residential LLC
4,240,000
Series 2021-RPL1, Class NOTE (b)
2.49%
09/25/26
4,068,722
HomeBanc Mortgage Trust
4,057,000
Series 2005-3, Class M4, 1 Mo. CME Term SOFR + CSA +
1.01% (d)
6.43%
07/25/35
3,683,890
Impac CMB Trust
36,809
Series 2005-1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.52% (d)
5.95%
04/25/35
33,707
4,275,286
Series 2005-3, Class A1, 1 Mo. CME Term SOFR + CSA +
0.48% (d)
5.91%
08/25/35
3,919,341
3,591,873
Series 2005-5, Class A1, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
6.07%
08/25/35
3,312,572
2,756,380
Series 2005-8, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.52% (d)
5.95%
02/25/36
2,505,283
Impac Secured Assets Trust
4,957,368
Series 2007-1, Class A3, 1 Mo. CME Term SOFR + CSA +
0.48% (d)
5.91%
03/25/37
4,172,673
IndyMac INDX Mortgage Loan Trust
3,248,806
Series 2006-AR2, Class 1A1B, 1 Mo. CME Term SOFR + CSA
+ 0.42% (d)
5.64%
04/25/46
2,891,088
433,210
Series 2006-AR4, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.42% (d)
5.85%
05/25/46
381,622
138,723
Series 2007-FLX2, Class A1C, 1 Mo. CME Term SOFR + CSA
+ 0.19% (d)
5.62%
04/25/37
125,606
JP Morgan Alternative Loan Trust
666,752
Series 2006-S1, Class 3A4
6.18%
03/25/36
561,084
46,096
Series 2007-S1, Class A2, 1 Mo. CME Term SOFR + CSA +
0.68% (d)
6.11%
04/25/47
43,541
JP Morgan Mortgage Trust
5,130,755
Series 2021-5, Class A4 (b)
2.50%
08/25/51
4,380,592
See Notes to Financial Statements
Page 56
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
JP Morgan Resecuritization Trust
$5,687,326
Series 2014-6, Class 3A2, 1 Mo. CME Term SOFR + CSA +
0.21% (b) (d)
3.94%
07/27/46
$5,197,182
Legacy Mortgage Asset Trust
3,552,142
Series 2020-GS2, Class A1, steps up to 6.75% on 03/25/24 (b) (c)
5.75%
03/25/60
3,538,731
Lehman Mortgage Trust
731,847
Series 2006-1, Class 1A5
5.50%
02/25/36
369,259
Lehman XS Trust
72,211
Series 2005-5N, Class 3A1A, 1 Mo. CME Term SOFR + CSA +
0.30% (d)
5.73%
11/25/35
70,771
640,977
Series 2006-2N, Class 2A1, 12 Mo. Treasury Average +
2.02% (d)
6.45%
02/25/36
559,504
6,097,930
Series 2006-4N, Class A1D1, 1 Mo. CME Term SOFR + CSA +
0.66% (d)
6.09%
04/25/46
5,423,662
494,599
Series 2007-12N, Class 1A3A, 1 Mo. CME Term SOFR + CSA +
0.40% (d)
5.83%
07/25/47
476,519
5,603,338
Series 2007-16N, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.94% (d)
6.37%
09/25/47
5,141,002
MASTR Adjustable Rate Mortgages Trust
5,349,747
Series 2006-OA2, Class 1A1, 12 Mo. Treasury Average +
0.80% (d)
5.23%
12/25/46
3,922,317
6,082,034
Series 2007-1, Class I1A, 1 Mo. CME Term SOFR + CSA +
0.39% (d)
5.82%
01/25/47
2,242,556
1,307,516
Series 2007-1, Class I2A3, 12 Mo. Treasury Average + 0.74% (d)
5.17%
01/25/47
1,289,150
4,700,000
Series 2007-HF2, Class A2, 1 Mo. CME Term SOFR + CSA +
1.10% (d)
6.53%
09/25/37
2,030,833
Merrill Lynch Mortgage Investors Trust
66,228
Series 2003-D, Class A, 1 Mo. CME Term SOFR + CSA +
0.62% (d)
6.05%
08/25/28
62,940
New Residential Mortgage Loan Trust
8,100,000
Series 2019-RPL3, Class M1 (b)
3.25%
07/25/59
6,808,964
Nomura Resecuritization Trust
1,696,177
Series 2014-1R, Class 1A13, 1 Mo. CME Term SOFR + CSA +
0.16% (b) (d)
1.64%
10/26/36
1,661,846
Opteum Mortgage Acceptance Corp Trust
5,049,932
Series 2006-1, Class 1AC1, 1 Mo. CME Term SOFR + CSA +
0.60% (d)
6.03%
04/25/36
4,495,084
PHH Alternative Mortgage Trust
916,175
Series 2007-2, Class 1A4, 1 Mo. CME Term SOFR + CSA +
0.60% (d)
6.03%
05/25/37
841,340
RALI Trust
1,297,908
Series 2005-QO1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.30% (d)
5.73%
08/25/35
972,264
2,232,194
Series 2006-QO10, Class A1, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
01/25/37
1,919,021
426,638
Series 2006-QS6, Class 1A15
6.00%
06/25/36
337,951
7,602,628
Series 2007-QA3, Class A1, 1 Mo. CME Term SOFR + CSA +
0.20% (d)
5.63%
05/25/37
6,847,099
2,660,920
Series 2007-QA3, Class A2, 1 Mo. CME Term SOFR + CSA +
0.34% (d)
5.77%
05/25/37
2,368,520
See Notes to Financial Statements
Page 57
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
RALI Trust (Continued)
$882,399
Series 2007-QH4, Class A1, 1 Mo. CME Term SOFR + CSA +
0.38% (d)
5.81%
05/25/37
$784,996
3,885,199
Series 2007-QH9, Class A1 (a)
5.65%
11/25/37
3,180,915
2,036,652
Series 2007-QS9, Class A33
6.50%
07/25/37
1,630,431
Structured Adjustable Rate Mortgage Loan Trust
11,242
Series 2005-12, Class 3A1 (a)
5.28%
06/25/35
9,904
294,330
Series 2006-11, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
12/25/36
270,737
499,303
Series 2007-4, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.48% (d)
5.91%
05/25/37
432,943
492,733
Series 2007-4, Class 1A2, 1 Mo. CME Term SOFR + CSA +
0.44% (d)
5.87%
05/25/37
430,572
Structured Asset Mortgage Investments II Trust
106,039
Series 2003-AR3, Class A1, 1 Mo. CME Term SOFR + CSA +
0.68% (d)
6.11%
11/19/33
100,695
224,797
Series 2005-AR2, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.46% (d)
5.89%
05/25/45
202,298
263,185
Series 2006-AR1, Class 3A1, 1 Mo. CME Term SOFR + CSA +
0.46% (d)
5.89%
02/25/36
205,977
326,688
Series 2006-AR3, Class 12A1, 1 Mo. CME Term SOFR + CSA +
0.44% (d)
5.87%
05/25/36
259,642
390,155
Series 2006-AR4, Class 3A1, 1 Mo. CME Term SOFR + CSA +
0.38% (d)
5.81%
06/25/36
332,087
38,759
Series 2006-AR5, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.42% (d)
5.85%
05/25/36
25,373
1,533,985
Series 2006-AR6, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.38% (d)
5.81%
07/25/46
1,082,430
542,032
Series 2006-AR8, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.40% (d)
5.83%
10/25/36
468,372
7,716,127
Series 2006-AR8, Class A2, 1 Mo. CME Term SOFR + CSA +
0.42% (d)
5.85%
10/25/36
6,218,847
340,710
Series 2007-AR1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
01/25/37
298,750
144,912
Series 2007-AR1, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.18% (d)
5.61%
01/25/37
130,106
565,185
Series 2007-AR6, Class A1, 12 Mo. Treasury Average +
1.50% (d)
5.93%
08/25/47
503,069
WaMu Mortgage Pass-Through Certificates Trust
4,846,187
Series 2005-AR15, Class A1A2, 1 Mo. CME Term SOFR + CSA
+ 0.56% (d)
5.99%
11/25/45
4,387,882
42,125
Series 2006-AR11, Class 1A, 12 Mo. Treasury Average +
0.96% (d)
5.39%
09/25/46
33,513
2,169,707
Series 2006-AR3, Class A1A, 12 Mo. Treasury Average +
1.00% (d)
3.88%
02/25/46
1,918,865
2,533,753
Series 2007-OA4, Class 1A, 12 Mo. Treasury Average +
0.77% (d)
5.20%
05/25/47
2,046,259
733,691
Series 2007-OA5, Class 1A, 12 Mo. Treasury Average +
0.75% (d)
5.18%
06/25/47
592,820
See Notes to Financial Statements
Page 58
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Collateralized Mortgage Obligations (Continued)
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
$2,013,530
Series 2006-AR6, Class 2A, 12 Mo. Treasury Average +
0.96% (d)
5.39%
08/25/46
$1,120,117
611,187
Series 2007-OC1, Class A4, 1 Mo. CME Term SOFR + CSA +
0.64% (d)
6.07%
01/25/47
560,598
Wells Fargo Mortgage Backed Securities Trust
178,547
Series 2007-AR5, Class A1 (a)
5.23%
10/25/37
150,349
 
268,729,122
Commercial Mortgage-Backed Securities — 6.3%
BAMLL Commercial Mortgage Securities Trust
3,150,000
Series 2018-PARK, Class A (a) (b)
4.23%
08/10/38
2,808,451
2,975,000
Series 2020-BHP3, Class A, 1 Mo. CME Term SOFR + CSA +
1.90% (b) (d)
7.33%
03/15/37
2,957,810
Banc of America Commercial Mortgage Trust
12,322,829
Series 2015-UBS7, Class XA, IO (a)
0.89%
09/15/48
145,989
BANK
34,072,360
Series 2020-BN27, Class XA, IO (a)
1.27%
04/15/63
1,981,563
Bayview Commercial Asset Trust
580,587
Series 2005-4A, Class A1, 1 Mo. CME Term SOFR + CSA +
0.45% (b) (d)
5.88%
01/25/36
529,207
BBCMS Mortgage Trust
2,445,000
Series 2020-BID, Class A, 1 Mo. CME Term SOFR + CSA +
2.14% (b) (d)
7.57%
10/15/37
2,333,234
2,300,000
Series 2020-BID, Class C, 1 Mo. CME Term SOFR + CSA +
3.64% (b) (d)
9.07%
10/15/37
2,172,155
BDS Ltd.
1,847,986
Series 2021-FL8, Class A, 1 Mo. CME Term SOFR + CSA +
0.92% (b) (d)
6.35%
01/18/36
1,827,387
Benchmark Mortgage Trust
2,000,000
Series 2020-B18, Class AGNE (b)
3.76%
07/15/53
1,764,641
1,810,000
Series 2020-IG2, Class UBRD (a) (b)
3.63%
09/15/48
1,513,311
72,208,715
Series 2020-IG3, Class XA, IO (a) (b)
0.82%
09/15/48
1,421,307
BFLD Trust
2,304,000
Series 2019-DPLO, Class A, 1 Mo. CME Term SOFR + CSA +
1.09% (b) (d)
6.54%
10/15/34
2,294,246
2,385,000
Series 2020-OBRK, Class A, 1 Mo. CME Term SOFR + CSA +
2.05% (b) (d)
7.47%
11/15/28
2,378,544
BLOX Trust
1,570,000
Series 2021-BLOX, Class D, 1 Mo. CME Term SOFR + CSA +
1.75% (b) (d)
7.18%
09/15/26
1,449,648
BX Commercial Mortgage Trust
3,420,000
Series 2020-VIV3, Class B (a) (b)
3.66%
03/09/44
2,912,322
4,050,000
Series 2020-VIV4, Class A (b)
2.84%
03/09/44
3,371,044
2,462,000
Series 2021-VOLT, Class E, 1 Mo. CME Term SOFR + CSA +
2.00% (b) (d)
7.42%
09/15/36
2,338,372
3,123,029
Series 2021-XL2, Class J, 1 Mo. CME Term SOFR + CSA +
3.89% (b) (d)
9.31%
10/15/38
2,951,567
2,845,000
Series 2022-AHP, Class AS, 1 Mo. CME Term SOFR +
1.49% (b) (d)
6.80%
01/17/39
2,795,035
BX Trust
2,800,000
Series 2019-OC11, Class A (b)
3.20%
12/09/41
2,409,831
See Notes to Financial Statements
Page 59
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
BX Trust (Continued)
$2,250,000
Series 2021-VIEW, Class A, 1 Mo. CME Term SOFR + CSA +
1.28% (b) (d)
6.70%
06/15/36
$2,143,392
1,500,000
Series 2022-VAMF, Class E, 1 Mo. CME Term SOFR +
2.70% (b) (d)
8.01%
01/15/39
1,433,312
BXMT Ltd.
2,781,643
Series 2020-FL3, Class A, 1 Mo. CME Term SOFR + CSA +
1.40% (b) (d)
6.83%
11/15/37
2,673,854
CAMB Commercial Mortgage Trust
3,050,000
Series 2019-LIFE, Class F, 1 Mo. CME Term SOFR + CSA +
2.55% (b) (d)
7.98%
12/15/37
2,962,249
Citigroup Commercial Mortgage Trust
50,290,380
Series 2017-C4, Class XA, IO (a)
1.17%
10/12/50
1,491,648
COMM Mortgage Trust
307,887
Series 2012-CR4, Class XA, IO (a)
1.29%
10/15/45
3
307,709
Series 2014-CR14, Class A2
3.15%
02/10/47
307,010
4,601,344
Series 2020-CBM, Class XCP, IO (a) (b)
0.72%
02/10/37
33,751
21,254,000
Series 2020-SBX, Class X, IO (a) (b)
0.66%
01/10/38
256,370
Credit Suisse Mortgage Trust
3,180,000
Series 2020-TMIC, Class A, 1 Mo. CME Term SOFR + CSA +
3.50% (b) (d)
8.93%
12/15/35
3,176,920
2,450,000
Series 2020-TMIC, Class B, 1 Mo. CME Term SOFR + CSA +
5.50% (b) (d)
10.93%
12/15/35
2,445,769
25,699,000
Series 2021-980M, Class X, IO (a) (b)
1.11%
07/15/31
638,576
Csail Commercial Mortgage Trust
1,350,000
Series 2015-C2, Class C (a)
4.31%
06/15/57
1,024,792
DROP Mortgage Trust
3,280,000
Series 2021-FILE, Class B, 1 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.12%
10/15/43
2,861,594
Extended Stay America Trust
2,338,056
Series 2021-ESH, Class C, 1 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.12%
07/15/38
2,306,175
FREMF Mortgage Trust
2,282,949
Series 2019-KF64, Class B, 30 Day Average SOFR +
2.41% (b) (d)
7.52%
06/25/26
2,181,274
GS Mortgage Securities Corp Trust
2,600,000
Series 2020-UPTN, Class XA, IO (a) (b)
0.45%
02/10/37
12,157
GS Mortgage Securities Trust
83,281,742
Series 2016-GS4, Class XA, IO (a)
0.69%
11/10/49
1,188,139
JP Morgan Chase Commercial Mortgage Securities Trust
31,349,084
Series 2016-JP3, Class XA, IO (a)
1.46%
08/15/49
980,700
1,757,303
Series 2022-NLP, Class G, 1 Mo. CME Term SOFR +
4.27% (b) (d)
9.59%
04/15/37
1,510,043
Life Mortgage Trust
2,309,980
Series 2021-BMR, Class G, 1 Mo. CME Term SOFR + CSA +
2.95% (b) (d)
8.37%
03/15/38
2,195,195
Med Trust
1,393,313
Series 2021-MDLN, Class G, 1 Mo. CME Term SOFR + CSA +
5.25% (b) (d)
10.67%
11/15/38
1,312,669
See Notes to Financial Statements
Page 60
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Morgan Stanley Capital I Trust
$27,707,577
Series 2018-H4, Class XA, IO (a)
1.00%
12/15/51
$905,182
1,050,000
Series 2018-MP, Class A (a) (b)
4.42%
07/11/40
859,959
MSCG Trust
1,503,319
Series 2018-SELF, Class E, 1 Mo. CME Term SOFR + CSA +
2.15% (b) (d)
7.51%
10/15/37
1,471,679
One Bryant Park Trust
2,800,000
Series 2019-OBP, Class A (b)
2.52%
09/15/54
2,280,643
SFAVE Commercial Mortgage Securities Trust
545,000
Series 2015-5AVE, Class C (a) (b)
4.53%
01/05/43
318,581
SLG Office Trust
2,950,000
Series 2021-OVA, Class C (b)
2.85%
07/15/41
2,274,509
SMRT
2,730,000
Series 2022-MINI, Class F, 1 Mo. CME Term SOFR +
3.35% (b) (d)
8.66%
01/15/39
2,535,038
STWD Mortgage Trust
1,550,000
Series 2021-LIH, Class AS, 1 Mo. CME Term SOFR + CSA +
1.26% (b) (d)
6.61%
11/15/36
1,506,412
UBS Commercial Mortgage Trust
58,227,463
Series 2017-C4, Class XA, IO (a)
1.24%
10/15/50
2,010,455
VMC Finance LLC
779,000
Series 2021-FL4, Class B, 1 Mo. CME Term SOFR + CSA +
1.80% (b) (d)
7.23%
06/16/36
741,968
1,800,000
Series 2021-HT1, Class B, 1 Mo. CME Term SOFR + CSA +
4.50% (b) (d)
9.93%
01/18/37
1,755,437
Wells Fargo Commercial Mortgage Trust
32,196,281
Series 2016-C35, Class XA, IO (a)
2.04%
07/15/48
1,280,604
975,000
Series 2019-JWDR, Class E (a) (b)
3.99%
09/15/31
876,579
 
94,308,302
Total Mortgage-Backed Securities
363,037,424
(Cost $385,685,244)
ASSET-BACKED SECURITIES — 24.3%
321 Henderson Receivables LLC
241,060
Series 2013-2A, Class A (b)
4.21%
03/15/62
213,593
ABFC Trust
62,890
Series 2007-NC1, Class A2, 1 Mo. CME Term SOFR + CSA +
0.30% (b) (d)
5.73%
05/25/37
58,027
928,229
Series 2007-WMC1, Class A1A, 1 Mo. CME Term SOFR + CSA
+ 1.25% (d)
6.68%
06/25/37
640,326
ACE Securities Corp. Home Equity Loan Trust
3,285,161
Series 2006-ASP6, Class A2C, 1 Mo. CME Term SOFR + CSA
+ 0.32% (d)
5.75%
12/25/36
1,151,861
785,030
Series 2006-HE3, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.30% (d)
5.73%
06/25/36
564,171
2,038,987
Series 2007-HE1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.30% (d)
5.73%
01/25/37
1,096,790
2,876,311
Series 2007-WM2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.21% (d)
5.64%
02/25/37
1,236,776
AFN ABSPROP001 LLC
3,620,778
Series 2019-1A, Class A1 (b)
3.78%
05/20/49
3,410,459
See Notes to Financial Statements
Page 61
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
AGL CLO Ltd.
$3,600,000
Series 2021-12A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.16% (b) (d)
6.75%
07/20/34
$3,579,342
AIG CLO Ltd.
1,600,000
Series 2018-1A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.29%
04/20/32
1,593,418
Aimco CLO Ltd.
2,600,000
Series 2015-AA, Class BR2, 3 Mo. CME Term SOFR + CSA +
1.60% (b) (d)
7.17%
10/17/34
2,568,388
2,100,000
Series 2020-11A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.13% (b) (d)
6.70%
10/17/34
2,088,459
Allegro CLO VI Ltd.
4,000,000
Series 2017-2A, Class B, 3 Mo. CME Term SOFR + CSA +
1.50% (b) (d)
7.07%
01/17/31
3,937,566
Ameriquest Mortgage Securities, Inc., Asset Backed Pass-Through Certificates
261,289
Series 2002-AR1, Class M1, 1 Mo. CME Term SOFR + CSA +
1.07% (d)
3.50%
09/25/32
270,792
AMMC CLO Ltd.
2,500,000
Series 2021-24A, Class B, 3 Mo. CME Term SOFR + CSA +
1.75% (b) (d)
7.34%
01/20/35
2,441,343
Apidos CLO XXXVII
1,625,000
Series 2021-37A, Class B, 3 Mo. CME Term SOFR + CSA +
1.60% (b) (d)
7.21%
10/22/34
1,599,774
Arbor Realty Commercial Real Estate Notes Ltd.
2,000,000
Series 2021-FL1, Class E, 1 Mo. CME Term SOFR + CSA +
3.40% (b) (d)
8.82%
12/15/35
1,887,005
Ares LXII CLO Ltd.
2,000,000
Series 2021-62A, Class B, 3 Mo. CME Term SOFR + CSA +
1.65% (b) (d)
7.26%
01/25/34
1,961,459
Argent Securities Trust
1,244,920
Series 2006-W2, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.38% (d)
5.81%
03/25/36
680,858
Argent Securities, Inc., Asset-Backed Pass-Through Certificates
101,957
Series 2005-W3, Class M1, 1 Mo. CME Term SOFR + CSA +
0.66% (d)
6.09%
11/25/35
98,021
2,200,000
Series 2005-W3, Class M2, 1 Mo. CME Term SOFR + CSA +
0.69% (d)
6.12%
11/25/35
1,881,371
BCMSC Trust
2,369,065
Series 2000-A, Class A5
8.32%
06/15/30
334,879
BlueMountain CLO XXXI Ltd
2,500,000
Series 2021-31A, Class B, 3 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.28%
04/19/34
2,441,572
BNC Mortgage Loan Trust
945,440
Series 2006-2, Class A4, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
11/25/36
898,382
CAL Funding IV Ltd.
2,086,279
Series 2020-1A, Class A (b)
2.22%
09/25/45
1,832,981
Carvana Auto Receivables Trust
5,450
Series 2020-P1, Class R (b)
(f)
09/08/27
614,729
3,700
Series 2021-N2, Class R (b)
(f)
03/10/28
630,859
2,500
Series 2021-P2, Class R (b)
(f)
05/10/28
578,940
2,800
Series 2021-P4, Class R (b)
(f)
09/11/28
942,720
See Notes to Financial Statements
Page 62
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Carvana Auto Receivables Trust (Continued)
$19,300
Series 2022-N1, Class R (b)
(f)
12/11/28
$3,079,992
17,100
Series 2022-P2, Class R (b)
(f)
05/10/29
3,317,619
8,700
Series 2023-P3, Class R (b) (g)
(f)
08/12/30
1,818,648
C-BASS Mortgage Loan Trust
4,767,905
Series 2007-CB3, Class A1 (c)
3.31%
03/25/37
1,771,339
1,717,631
Series 2007-CB3, Class A4, steps up to 6.47% after
Redemption (c)
3.31%
03/25/37
637,827
6,284,197
Series 2007-CB3, Class A5 (c)
3.31%
03/25/37
2,334,392
C-BASS TRUST
2,629,311
Series 2007-CB1, Class AF2, steps up to 6.22% after Redemption
Date (c)
3.15%
01/25/37
827,766
2,604,424
Series 2007-CB1, Class AF3, steps up to 6.24% after Redemption
Date (c)
3.15%
01/25/37
819,897
Cedar Funding XIV CLO Ltd.
1,850,000
Series 2021-14A, Class A, 3 Mo. CME Term SOFR + CSA +
1.10% (b) (d)
6.67%
07/15/33
1,841,651
CF Hippolyta Issuer LLC
3,658,071
Series 2020-1, Class A1 (b)
1.69%
07/15/60
3,310,991
Chase Auto Owner Trust
10,000
Series 2022-AA, Class R1 (b)
 
06/25/30
1,444,951
CIM Trust
4,605,873
Series 2021-NR1, Class A1, steps up to 5.00% on
02/25/25 (b) (c)
2.57%
07/25/55
4,481,838
6,952,547
Series 2023-NR1, Class A1, steps up to 9.00% on
01/01/26 (b) (c)
6.00%
06/25/62
6,801,571
CIT Education Loan Trust
2,359,648
Series 2005-1, Class A4, 3 Mo. LIBOR + 0.16% (d)
5.71%
12/15/33
2,287,902
Citigroup Mortgage Loan Trust
2,661,502
Series 2006-HE3, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.20% (d)
5.63%
12/25/36
1,706,759
Citigroup Mortgage Loan Trust, Inc.
221,835
Series 2007-WFH3, Class M1, 1 Mo. CME Term SOFR + CSA +
0.39% (d)
5.82%
06/25/37
217,463
CMFT Net Lease Master Issuer LLC
2,815,653
Series 2021-1, Class A1 (b)
2.09%
07/20/51
2,338,004
Cologix Data Centers US Issuer LLC
1,960,000
Series 2021-1A, Class A2 (b)
3.30%
12/26/51
1,738,984
Conseco Finance Corp.
1,527,783
Series 1999-3, Class A8
7.06%
02/01/31
1,347,582
CoreVest American Finance Trust
871,344
Series 2020-1, Class XA, IO (a) (b)
2.73%
03/15/50
45,662
1,640,000
Series 2020-4, Class B (b)
1.71%
12/15/52
1,459,049
Credit-Based Asset Servicing & Securitization LLC
677,709
Series 2006-MH1, Class B1 (b)
6.75%
10/25/36
653,779
CWABS Asset-Backed Certificates Trust
1,950,000
Series 2005-17, Class MV2, 1 Mo. CME Term SOFR + CSA +
0.72% (d)
6.15%
05/25/36
1,790,339
CWABS Inc Asset-backed Certificates
9,467,000
Series 2007-12, Class 2A4, 1 Mo. CME Term SOFR + CSA +
1.35% (d)
6.78%
08/25/47
8,658,518
See Notes to Financial Statements
Page 63
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
DataBank Issuer
$2,245,000
Series 2021-1A, Class A2 (b)
2.06%
02/27/51
$1,983,867
Dryden CLO Ltd.
1,600,000
Series 2018-58A, Class C, 3 Mo. CME Term SOFR + CSA +
1.80% (b) (d)
7.37%
07/17/31
1,572,927
625,000
Series 2019-72A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (b) (d)
7.28%
05/15/32
615,292
Eaton Vance CLO Ltd.
1,800,000
Series 2019-1A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.10% (b) (d)
6.67%
04/15/31
1,790,972
1,750,000
Series 2020-1A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.17% (b) (d)
6.74%
10/15/34
1,745,168
ECMC Group Student Loan Trust
1,179,527
Series 2021-1A, Class A1B, 30 Day Average SOFR +
0.68% (b) (d)
5.97%
11/25/70
1,150,095
Elmwood CLO VI Ltd.
2,600,000
Series 2020-3A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (b) (d)
7.24%
10/20/34
2,569,859
Exeter Automobile Receivables Trust
1,400,000
Series 2022-6A, Class D
8.03%
04/06/29
1,451,670
First Franklin Mortgage Loan Trust
6,881,200
Series 2006-FF7, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.48% (d)
5.91%
05/25/36
5,695,961
FirstKey Homes Trust
4,760,000
Series 2020-SFR1, Class B (b)
1.74%
08/17/37
4,368,313
2,893,000
Series 2020-SFR1, Class F2 (b)
4.28%
08/17/37
2,713,804
2,420,000
Series 2020-SFR2, Class F1 (b)
3.02%
10/19/37
2,206,471
Flatiron CLO Ltd.
1,000,000
Series 2021-1A, Class B, 3 Mo. LIBOR + 1.60% (b) (d)
7.18%
07/19/34
987,979
Fremont Home Loan Trust
17,960
Series 2005-D, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.68% (d)
6.11%
11/25/35
17,629
GCI Funding I LLC
2,489,911
Series 2021-1, Class A (b)
2.38%
06/18/46
2,131,504
Goldentree Loan Management US CLO Ltd.
1,200,000
Series 2019-4A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.11% (b) (d)
6.72%
04/24/31
1,196,244
Golub Capital Partners CLO L.P.
1,575,000
Series 2021-54A, Class A, 3 Mo. CME Term SOFR + CSA +
1.53% (b) (d)
7.16%
08/05/33
1,550,096
GoodLeap Sustainable Home Solutions Trust
4,496,988
Series 2023-1GS, Class A (b)
5.52%
02/22/55
4,274,474
GSAA Home Equity Trust
3,455,000
Series 2005-4, Class M2, 1 Mo. CME Term SOFR + CSA +
1.05% (d)
6.48%
03/25/35
3,365,572
186,488
Series 2007-8, Class A3, 1 Mo. CME Term SOFR + CSA +
0.90% (d)
6.33%
08/25/37
180,597
GSAMP Trust
719,607
Series 2006-HE4, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.52% (d)
5.95%
06/25/36
684,819
1,525,610
Series 2007-FM2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.14% (d)
5.57%
01/25/37
895,405
See Notes to Financial Statements
Page 64
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
HPS Loan Management Ltd.
$1,225,000
Series 10A-16, Class A1RR, 3 Mo. CME Term SOFR + CSA +
1.14% (b) (d)
6.73%
04/20/34
$1,214,930
3,244,911
Series 2021-16A, Class B, 3 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.31%
01/23/35
3,157,372
HSI Asset Securitization Corp Trust
5,303,568
Series 2007-OPT1, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.14% (d)
5.57%
12/25/36
4,405,981
Invitation Homes Trust
1,091,744
Series 2018-SFR4, Class A, 1 Mo. CME Term SOFR + CSA +
1.10% (b) (d)
6.53%
01/17/38
1,091,747
JGWPT XXV LLC
1,989,930
Series 2012-1A, Class A (b)
4.21%
02/16/65
1,785,462
JP Morgan Mortgage Acquisition Trust
620,107
Series 2006-CH2, Class AF6, steps up to 6.04% after
Redemption Date (c)
5.54%
10/25/36
384,895
584,121
Series 2006-WF1, Class A5
6.91%
07/25/36
169,457
898,738
Series 2007-CH2, Class AF6, steps up to 6.05% after
Redemption Date (c)
4.46%
01/25/37
481,258
LAD Auto Receivables Trust
4,950,000
Series 2023-1A, Class D (b)
7.30%
06/17/30
4,987,468
Lehman XS Trust
1,159,324
Series 2006-15, Class A4, 1 Mo. CME Term SOFR + CSA +
0.34% (d)
5.77%
10/25/36
1,043,480
6,309,887
Series 2006-17, Class 1A3, 1 Mo. CME Term SOFR + CSA +
0.50% (d)
5.93%
08/25/46
5,518,586
8,117,336
Series 2006-19, Class A3, 1 Mo. CME Term SOFR + CSA +
0.50% (d)
5.93%
12/25/36
7,430,471
1,953,127
Series 2007-11, Class A3, 1 Mo. CME Term SOFR + CSA +
0.52% (d)
5.95%
02/25/47
1,735,712
Long Beach Mortgage Loan Trust
6,405,721
Series 2006-1, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.38% (d)
5.81%
02/25/36
5,152,006
2,222,998
Series 2006-8, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
09/25/36
620,938
12,923,285
Series 2006-10, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
11/25/36
4,056,615
6,739,449
Series 2006-10, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.44% (d)
5.87%
11/25/36
2,116,684
Magnetite XXI Ltd
2,000,000
Series 2019-21A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.35% (b) (d)
6.94%
04/20/34
1,952,917
Mastr Asset Backed Securities Trust
3,800,036
Series 2005-NC2, Class A4, 1 Mo. CME Term SOFR + CSA +
0.70% (d)
6.13%
11/25/35
2,179,256
114,964
Series 2006-HE5, Class A3, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
11/25/36
68,136
1,569,645
Series 2006-NC2, Class A3, 1 Mo. CME Term SOFR + CSA +
0.22% (d)
5.65%
08/25/36
606,644
Merrill Lynch First Franklin Mortgage Loan Trust
1,651,701
Series 2007-1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.28% (d)
5.71%
04/25/37
708,215
See Notes to Financial Statements
Page 65
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Merrill Lynch First Franklin Mortgage Loan Trust (Continued)
$3,031,191
Series 2007-5, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.85% (d)
6.28%
10/25/37
$1,872,355
6,647,078
Series 2007-5, Class 2A2, 1 Mo. CME Term SOFR + CSA +
1.00% (d)
6.43%
10/25/37
5,379,826
Merrill Lynch Mortgage Investors Trust
2,814,050
Series 2006-HE6, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.46% (d)
5.89%
11/25/37
977,527
Morgan Stanley ABS Capital I, Inc. Trust
1,788,480
Series 2006-HE8, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.10% (d)
5.53%
10/25/36
778,722
1,731,587
Series 2006-HE8, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.14% (d)
5.57%
10/25/36
753,972
4,465,317
Series 2007-HE2, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.09% (d)
5.52%
01/25/37
2,001,290
1,258,289
Series 2007-HE4, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.18% (d)
5.61%
02/25/37
395,607
3,671,019
Series 2007-NC3, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.26% (d)
5.69%
05/25/37
2,713,083
Navient Student Loan Trust
18,354
Series 2014-1, Class A3, 30 Day Average SOFR + 0.62% (d)
5.91%
06/25/31
17,627
2,133,945
Series 2016-2A, Class A3, 30 Day Average SOFR +
1.61% (b) (d)
6.90%
06/25/65
2,139,506
3,738,124
Series 2018-2A, Class A3, 30 Day Average SOFR +
0.86% (b) (d)
6.15%
03/25/67
3,655,341
2,500,000
Series 2019-3A, Class B, 30 Day Average SOFR + 1.66% (b) (d)
6.95%
07/25/68
2,381,061
Nelnet Student Loan Trust
2,025,000
Series 2015-3A, Class B, 30 Day Average SOFR + 1.61% (b) (d)
6.90%
06/25/54
1,909,778
Neuberger Berman Loan Advisers CLO Ltd.
1,500,000
Series 2017-26A, Class D, 3 Mo. CME Term SOFR + CSA +
2.65% (b) (d)
8.22%
10/18/30
1,469,601
1,300,000
Series 2021-43A, Class A, 3 Mo. CME Term SOFR + CSA +
1.13% (b) (d)
6.70%
07/17/35
1,290,337
NovaStar Mortgage Funding Trust
515,747
Series 2007-2, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.20% (d)
5.63%
09/25/37
501,855
OCP CLO Ltd.
1,500,000
Series 2021-21A, Class B, 3 Mo. CME Term SOFR + CSA +
1.70% (b) (d)
7.29%
07/20/34
1,462,229
Octagon 55 Ltd.
4,000,000
Series 2021-1A, Class D, 3 Mo. CME Term SOFR + CSA +
3.10% (b) (d)
8.69%
07/20/34
3,836,079
Octagon Investment Partners 46 Ltd.
2,100,000
Series 2020-2A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.16% (b) (d)
6.73%
07/15/36
2,083,751
OHA Credit Funding Ltd.
2,000,000
Series 2019-3A, Class AR, 3 Mo. CME Term SOFR + CSA +
1.14% (b) (d)
6.73%
07/02/35
1,993,914
3,000,000
Series 2020-5A, Class B, 3 Mo. CME Term SOFR + CSA +
1.60% (b) (d)
7.17%
04/18/33
2,967,745
Palmer Square CLO Ltd.
3,100,000
Series 2020-3A, Class A1AR, 3 Mo. CME Term SOFR + CSA +
1.08% (b) (d)
6.71%
11/15/31
3,093,733
See Notes to Financial Statements
Page 66
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Park Place Securities Inc Asset-Backed Pass-Through Certificates
$3,200,000
Series 2005-WHQ4, Class M3, 1 Mo. CME Term SOFR + CSA
+ 0.78% (d)
6.21%
09/25/35
$2,756,770
PRET LLC
3,510,282
Series 2022-RN2, Class A1, steps up to 9.00% on
07/25/26 (b) (c)
5.00%
06/25/52
3,486,964
Progress Residential Trust
1,200,000
Series 2019-SFR3, Class F (b)
3.87%
09/17/36
1,155,088
3,887,195
Series 2020-SFR1, Class G (b)
4.03%
04/17/37
3,621,226
5,635,000
Series 2021-SFR2, Class E2 (b)
2.65%
04/19/38
4,963,705
5,500,000
Series 2021-SFR6, Class G (b)
4.00%
07/17/38
4,685,191
6,928,000
Series 2021-SFR8, Class E1 (b)
2.38%
10/17/38
6,000,051
8,100,000
Series 2021-SFR9, Class F (b)
4.05%
11/17/40
6,731,319
4,101,163
Series 2021-SFR10, Class F (b)
4.61%
12/17/40
3,497,852
PRPM LLC
2,397,266
Series 2021-6, Class A1, steps up to 5.93% on 07/25/25 (b) (c)
1.79%
07/25/26
2,274,424
7,768,628
Series 2021-9, Class A1, steps up to 5.36% on 10/25/24 (b) (c)
2.36%
10/25/26
7,337,352
7,403,266
Series 2021-10, Class A1, steps up to 5.49% on 10/25/24 (b) (c)
2.49%
10/25/26
6,975,388
Regatta XII Funding Ltd.
3,000,000
Series 2019-1A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.60% (b) (d)
7.17%
10/15/32
2,951,639
Regatta XX Funding Ltd
3,200,000
Series 2021-2A, Class A, 3 Mo. CME Term SOFR + CSA +
1.16% (b) (d)
6.73%
10/15/34
3,190,297
Residential Asset Mortgage Products, Inc.
1,400,000
Series 2006-NC2, Class M1, 1 Mo. CME Term SOFR + CSA +
0.54% (d)
5.97%
02/25/36
1,319,349
1,632,629
Series 2006-RZ2, Class M1, 1 Mo. CME Term SOFR + CSA +
0.33% (d)
5.92%
05/25/36
1,594,250
Residential Asset Securities Corp.
21,772
Series 2005-KS11, Class M2, 1 Mo. CME Term SOFR + CSA +
0.63% (d)
6.06%
12/25/35
21,595
Rockford Tower CLO Ltd.
1,325,000
Series 2019-2A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (b) (d)
7.29%
08/20/32
1,295,701
1,800,000
Series 2020-1A, Class B, 3 Mo. CME Term SOFR + CSA +
1.80% (b) (d)
7.39%
01/20/32
1,764,548
Sabey Data Center Issuer LLC
1,785,000
Series 2020-1, Class A2 (b)
3.81%
04/20/45
1,701,952
Saxon Asset Securities Trust
1,025,611
Series 2006-1, Class M1, 1 Mo. CME Term SOFR + CSA +
0.47% (d)
5.89%
03/25/36
976,274
Securitized Asset Backed Receivables LLC Trust
2,257,618
Series 2006-CB5, Class A3, 1 Mo. CME Term SOFR + CSA +
0.28% (d)
5.71%
06/25/36
1,454,447
Skyline Aircraft Finance LLC
601,415
Series 2020-1, Class A (g) (h)
3.23%
05/10/38
531,170
SLC Student Loan Trust
733,862
Series 2008-1, Class A4A, 3 Mo. LIBOR + 1.60% (d)
7.15%
12/15/32
738,443
SLM Student Loan EDC Repackaging Trust
1,000
Series 2013-M1, Class M1R (b)
(f)
10/28/29
515,096
See Notes to Financial Statements
Page 67
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
SLM Student Loan Trust
$2,030,332
Series 2006-2, Class B, 90 Day Average SOFR + 0.48% (d)
5.54%
01/25/41
$1,859,095
6,525
Series 2006-2, Class R
(f)
01/25/41
598,452
1,887,286
Series 2007-1, Class B, 90 Day Average SOFR + 0.48% (d)
5.54%
01/27/42
1,762,924
1,375
Series 2007-4, Class R
(f)
01/25/42
285,510
1,320,683
Series 2007-7, Class A4, 90 Day Average SOFR + 0.59% (d)
5.65%
01/25/22
1,289,758
905,000
Series 2007-7, Class B, 90 Day Average SOFR + 1.01% (d)
6.07%
10/27/70
790,723
300,000
Series 2008-2, Class B, 90 Day Average SOFR + 1.46% (d)
6.52%
01/25/83
285,479
300,000
Series 2008-3, Class B, 90 Day Average SOFR + 1.46% (d)
6.52%
04/26/83
263,254
604,973
Series 2008-4, Class A4, 90 Day Average SOFR + 1.91% (d)
6.97%
07/25/22
605,358
650,000
Series 2008-5, Class B, 90 Day Average SOFR + 2.11% (d)
7.17%
07/25/73
630,264
340,000
Series 2008-6, Class B, 90 Day Average SOFR + 2.11% (d)
7.17%
07/26/83
321,750
100,000
Series 2012-7, Class B, 30 Day Average SOFR + CSA +
1.8% (d)
7.20%
09/25/43
93,095
Soundview Home Loan Trust
1,954,245
Series 2007-OPT1, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.21% (d)
5.64%
06/25/37
1,299,405
187,164
Series 2007-OPT2, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.25% (d)
5.68%
07/25/37
143,083
Specialty Underwriting & Residential Finance Trust
2,661,240
Series 2006-AB3, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.48% (d)
5.91%
09/25/37
1,845,603
Structured Asset Securities Corp Mortgage Loan Trust
4,812,094
Series 2005-2XS, Class M1, 1 Mo. CME Term SOFR + CSA +
0.71% (d)
6.13%
02/25/35
4,522,788
906,848
Series 2006-BC3, Class A3, 1 Mo. CME Term SOFR + CSA +
0.32% (d)
5.75%
10/25/36
745,479
Structured Receivables Finance LLC
47,948
Series 2010-B, Class A (b)
3.73%
08/15/36
46,279
STWD Ltd.
2,483,000
Series 2019-FL1, Class AS, 1 Mo. CME Term SOFR + CSA +
1.40% (b) (d)
6.82%
07/15/38
2,382,508
Symphony CLO XIX Ltd.
1,500,000
Series 2018-19A, Class B, 3 Mo. CME Term SOFR + CSA +
1.35% (b) (d)
6.92%
04/16/31
1,472,798
TAL Advantage VII LLC
2,487,094
Series 2020-1A, Class A (b)
2.05%
09/20/45
2,201,058
Textainer Marine Containers Ltd.
1,512,000
Series 2021-3A, Class A (b)
1.94%
08/20/46
1,260,873
Textainer Marine Containers VII Ltd.
1,813,609
Series 2020-2A, Class A (b)
2.10%
09/20/45
1,602,335
Trestles CLO V Ltd.
1,900,000
Series 2021-5A, Class A1, 3 Mo. CME Term SOFR + CSA +
1.17% (b) (d)
6.76%
10/20/34
1,880,539
Tricon American Homes Trust
1,400,000
Series 2017-SFR2, Class E (b)
4.22%
01/17/36
1,384,595
Tricon Residential Trust
4,100,000
Series 2021-SFR1, Class F (b)
3.69%
07/17/38
3,597,742
Triton Container Finance VIII LLC
2,888,310
Series 2021-1A, Class A (b)
1.86%
03/20/46
2,449,186
TRP LLC
5,338,279
Series 2021-1, Class A (b)
2.07%
06/19/51
4,638,133
See Notes to Financial Statements
Page 68
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Wachovia Student Loan Trust
$1,048,765
Series 2006-1, Class B, 90 Day Average SOFR + 0.50% (b) (d)
5.56%
04/25/40
$967,118
WaMu Asset-Backed Certificates WaMu Trust
1,566,855
Series 2007-HE2, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.25% (d)
5.68%
04/25/37
596,895
644,583
Series 2007-HE3, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.24% (d)
5.67%
05/25/37
551,872
4,214,083
Series 2007-HE3, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.29% (d)
5.72%
05/25/37
3,613,211
2,026,580
Series 2007-HE3, Class 2A5, 1 Mo. CME Term SOFR + CSA +
0.25% (d)
5.68%
05/25/37
1,735,715
Washington Mutual Asset-Backed Certificates WMABS Trust
393,060
Series 2006-HE5, Class 1A, 1 Mo. CME Term SOFR + CSA +
0.31% (d)
4.16%
10/25/36
291,200
Wells Fargo Home Equity Asset-Backed Securities Trust
3,000,000
Series 2007-1, Class A3, 1 Mo. CME Term SOFR + CSA +
0.64% (d)
6.07%
03/25/37
2,620,280
Westlake Automobile Receivables Trust
5,290,000
Series 2023-1A, Class D (b)
6.79%
11/15/28
5,279,865
Total Asset-Backed Securities
361,113,584
(Cost $378,350,820)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 21.3%
Collateralized Mortgage Obligations — 0.0%
Federal National Mortgage Association
 
 
750,497
Series 2011-116, Class SA, IO, 30 Day Average SOFR ×-1+
5.89% (i)
0.60%
11/25/41
51,925
106,085
Series 2012-128, Class UA
2.50%
06/25/42
90,029
772,988
Series 2013-18, Class MI, IO
3.00%
02/25/33
38,993
Government National Mortgage Association
 
 
837,656
Series 2003-110, Class S, IO, 1 Mo. CME Term SOFR ×-1+
CSA + 6.60% (i)
1.17%
10/20/33
7,259
877,842
Series 2018-63, Class IO, IO
4.00%
09/20/47
139,941
 
328,147
Commercial Mortgage-Backed Securities — 0.5%
Federal Home Loan Mortgage Corporation Multiclass Certificates
 
 
10,524,361
Series 2021-P009, Class X, IO (a)
1.50%
01/25/31
454,417
Federal Home Loan Mortgage Corporation Multifamily PC REMIC
Trust
 
 
4,095,000
Series 2019-P002, Class X, IO (e)
1.14%
07/25/33
301,005
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass-Through Certificates
 
 
449,297
Series 2013-K035, Class X3, IO (a) (j)
2.04%
12/25/41
217
2,500,000
Series 2014-K037, Class X3, IO (a)
2.30%
01/25/42
18,218
30,173,138
Series 2014-K039, Class X1, IO (a)
0.81%
07/25/24
118,900
2,145,000
Series 2014-K039, Class X3, IO (a)
2.18%
08/25/42
55,070
112,882,634
Series 2015-K043, Class X1, IO (a)
0.63%
12/25/24
645,147
10,939,186
Series 2015-K044, Class X1, IO (a)
0.87%
01/25/25
91,900
20,449,223
Series 2015-K048, Class X3, IO (a)
1.54%
08/25/43
475,684
15,433,478
Series 2015-K051, Class X1, IO (a)
0.63%
09/25/25
129,274
6,897,149
Series 2016-K056, Class X3, IO (a)
2.19%
06/25/44
365,224
1,900,000
Series 2016-K060, Class X3, IO (a)
1.96%
12/25/44
101,924
See Notes to Financial Statements
Page 69
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage-Backed Securities (Continued)
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass-Through Certificates (Continued)
 
 
$26,082,170
Series 2016-K723, Class X3 (a)
1.88%
10/25/34
$37,777
83,845
Series 2016-KF25, Class A, 30 Day Average SOFR + 0.59% (d)
5.70%
10/25/23
83,838
3,566,233
Series 2016-KS06, Class X, IO (a)
1.17%
08/25/26
69,851
4,752,358
Series 2016-KS07, Class X, IO (a)
0.74%
09/25/25
55,143
8,366,040
Series 2017-K726, Class X1, IO (a)
1.04%
04/25/24
27,778
2,230,000
Series 2017-K728, Class X3, IO (a)
2.02%
11/25/45
45,345
1,344,841
Series 2019-KC04, Class X1, IO (a)
1.40%
12/25/26
26,643
6,604,344
Series 2019-KC05, Class X1, IO (a)
1.37%
06/25/27
171,506
4,245,998
Series 2019-KLU1, Class X3, IO (a)
4.24%
01/25/31
484,294
77,050,000
Series 2022-Q017, Class X, IO (e)
1.23%
04/25/30
1,058,083
Federal National Mortgage Association
 
 
22,098
Series 2016-M2, Class X3, IO (a)
2.04%
04/25/36
0
1,196,163
Series 2016-M4, Class X2, IO (a)
2.70%
01/25/39
16,259
92,031
Series 2016-M11, Class X2, IO (a)
3.09%
07/25/39
979
70,192
Series 2018-M10, Class A1 (a)
3.47%
07/25/28
69,505
6,100,000
Series 2019-M29, Class X4, IO
0.70%
03/25/29
174,917
FREMF
 
 
195,584,528
Series 2020K-1517, Class X2A, IO (b)
0.10%
07/25/35
1,390,449
Government National Mortgage Association
 
 
0
Series 2011-077, Class IO, IO (e)
4.28%
04/16/42
— 
115,480
Series 2011-119, Class D
3.51%
04/16/45
112,176
284,841
Series 2013-125, Class IO, IO (e)
0.23%
10/16/54
4,111
642,799
Series 2014-52, Class D (e)
3.63%
05/16/46
623,768
707,615
Series 2014-125, Class IO, IO (e)
0.91%
11/16/54
17,122
 
7,226,524
Pass-Through Securities — 20.8%
Federal Home Loan Mortgage Corporation
552,023
Pool WN0006
3.42%
07/01/30
510,792
Federal National Mortgage Association
450,308
Pool AM2974
4.10%
04/01/43
409,881
1,466,393
Pool AM9897
3.50%
09/01/35
1,330,479
23,375,000
Pool TBA (k)
2.50%
09/15/53
19,368,379
12,750,000
Pool TBA (k)
3.00%
09/15/53
10,987,412
5,550,000
Pool TBA (k)
4.00%
09/15/53
5,123,344
32,750,000
Pool TBA (k)
5.00%
09/15/53
31,757,906
47,500,000
Pool TBA (k)
5.50%
09/15/53
46,902,539
57,650,000
Pool TBA (k)
2.00%
10/15/53
45,973,623
34,525,000
Pool TBA (k)
2.50%
10/15/53
28,646,309
33,525,000
Pool TBA (k)
3.00%
10/15/53
28,921,861
14,000,000
Pool TBA (k)
4.00%
10/15/53
12,936,875
30,300,000
Pool TBA (k)
4.50%
10/15/53
28,749,492
38,375,000
Pool TBA (k)
5.00%
10/15/53
37,230,496
Government National Mortgage Association
7,750,000
Pool TBA (k)
4.50%
09/15/53
7,386,113
3,725,000
Pool TBA (k)
5.00%
09/15/53
3,624,963
 
309,860,464
Total U.S. Government Agency Mortgage-Backed Securities
317,415,135
(Cost $320,415,894)
See Notes to Financial Statements
Page 70
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) — 19.5%
Aerospace/Defense — 0.2%
$635,000
Boeing (The) Co.
1.43%
02/04/24
$622,845
2,250,000
TransDigm, Inc. (b)
6.75%
08/15/28
2,260,700
 
2,883,545
Agriculture — 0.3%
30,000
BAT Capital Corp.
2.73%
03/25/31
23,777
1,250,000
BAT Capital Corp.
4.54%
08/15/47
909,743
1,870,000
BAT Capital Corp.
4.76%
09/06/49
1,387,962
1,905,000
BAT Capital Corp.
5.65%
03/16/52
1,596,126
645,000
Reynolds American, Inc.
5.85%
08/15/45
560,743
 
4,478,351
Airlines — 0.1%
275,841
American Airlines Pass-Through Trust, Series 2014-1, Class A
3.70%
10/01/26
252,114
501,845
JetBlue Pass-Through Trust, Series 2020-1, Class A
4.00%
11/15/32
462,598
414,939
United Airlines Pass-Through Trust, Series 2013-1, Class A
4.30%
08/15/25
398,031
91,864
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%
10/01/24
91,288
 
1,204,031
Auto Manufacturers — 0.1%
850,000
Allison Transmission, Inc. (b)
3.75%
01/30/31
710,740
1,250,000
Ford Motor Credit Co. LLC
3.37%
11/17/23
1,240,756
 
1,951,496
Banks — 4.1%
20,000
Bank of America Corp. (m)
2.88%
10/22/30
17,170
455,000
Bank of America Corp. (m)
1.90%
07/23/31
359,442
3,510,000
Bank of America Corp. (m)
2.30%
07/21/32
2,769,134
1,665,000
Bank of America Corp. (m)
2.57%
10/20/32
1,335,147
815,000
Bank of America Corp., Series N (m)
1.66%
03/11/27
736,757
570,000
Bank of America Corp., Series RR (m)
4.38%
(n)
490,667
3,490,000
Bank of America Corp., Medium-Term Note (m)
2.55%
02/04/28
3,158,143
750,000
Bank of America Corp., Medium-Term Note (m)
3.97%
03/05/29
701,160
4,183,000
Bank of America Corp., Medium-Term Note (m)
1.92%
10/24/31
3,279,222
500,000
Citigroup, Inc. (m)
0.78%
10/30/24
495,494
520,000
Citigroup, Inc. (m)
3.07%
02/24/28
477,564
525,000
Citigroup, Inc. (m)
2.98%
11/05/30
451,788
2,380,000
Citigroup, Inc. (m)
2.57%
06/03/31
1,966,586
1,230,000
Citigroup, Inc. (m)
2.56%
05/01/32
991,370
1,540,000
Citigroup, Inc. (m)
2.52%
11/03/32
1,222,686
4,610,000
Citigroup, Inc. (m)
3.06%
01/25/33
3,804,611
135,000
Comerica, Inc. (m)
5.63%
(n)
124,365
1,615,000
Goldman Sachs Group (The), Inc. (m)
0.93%
10/21/24
1,602,402
3,025,000
Goldman Sachs Group (The), Inc. (m)
1.99%
01/27/32
2,356,695
3,320,000
Goldman Sachs Group (The), Inc. (m)
2.38%
07/21/32
2,625,221
1,170,000
Goldman Sachs Group (The), Inc. (m)
2.65%
10/21/32
939,215
715,000
JPMorgan Chase & Co. (m)
0.97%
06/23/25
685,625
750,000
JPMorgan Chase & Co. (m)
1.04%
02/04/27
671,563
1,660,000
JPMorgan Chase & Co. (m)
1.58%
04/22/27
1,491,308
780,000
JPMorgan Chase & Co. (m)
1.47%
09/22/27
689,308
425,000
JPMorgan Chase & Co. (m)
4.01%
04/23/29
398,884
770,000
JPMorgan Chase & Co. (m)
1.95%
02/04/32
607,101
2,725,000
JPMorgan Chase & Co. (m)
2.58%
04/22/32
2,231,573
See Notes to Financial Statements
Page 71
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Banks (Continued)
$3,605,000
JPMorgan Chase & Co. (m)
2.55%
11/08/32
$2,913,434
595,000
JPMorgan Chase & Co., Series KK (m)
3.65%
(n)
527,264
865,000
Morgan Stanley (m)
2.70%
01/22/31
728,501
4,790,000
Morgan Stanley (m)
2.48%
09/16/36
3,614,402
2,730,000
Morgan Stanley, Global Medium-Term Note (m)
2.24%
07/21/32
2,148,295
1,245,000
PNC Financial Services Group (The), Inc. (m)
6.04%
10/28/33
1,265,389
1,090,000
PNC Financial Services Group (The), Inc. (m)
5.07%
01/24/34
1,033,058
555,000
US Bancorp (m)
3.70%
(n)
419,452
1,255,000
US Bancorp (m)
5.85%
10/21/33
1,250,687
2,875,000
US Bancorp (m)
4.84%
02/01/34
2,668,097
855,000
US Bancorp (m)
5.84%
06/12/34
854,586
1,485,000
Wells Fargo & Co., Medium-Term Note (m)
2.39%
06/02/28
1,322,179
5,555,000
Wells Fargo & Co., Medium-Term Note (m)
3.35%
03/02/33
4,680,132
1,220,000
Wells Fargo & Co., Medium-Term Note (m)
4.90%
07/25/33
1,148,449
385,000
Wells Fargo & Co., Medium-Term Note (m)
5.01%
04/04/51
347,976
 
61,602,102
Beverages — 0.2%
720,000
Primo Water Holdings, Inc. (b)
4.38%
04/30/29
632,448
2,867,000
Triton Water Holdings, Inc. (b)
6.25%
04/01/29
2,439,686
 
3,072,134
Biotechnology — 0.2%
750,000
Amgen, Inc.
5.25%
03/02/33
746,415
1,350,000
Amgen, Inc.
4.88%
03/01/53
1,199,310
320,000
Amgen, Inc.
5.65%
03/02/53
317,456
1,000,000
Illumina, Inc.
2.55%
03/23/31
803,480
 
3,066,661
Chemicals — 0.4%
475,000
International Flavors & Fragrances, Inc. (b)
1.23%
10/01/25
425,512
300,000
International Flavors & Fragrances, Inc. (EUR)
1.80%
09/25/26
294,557
3,575,000
International Flavors & Fragrances, Inc. (b)
2.30%
11/01/30
2,776,694
60,000
International Flavors & Fragrances, Inc. (b)
3.27%
11/15/40
39,992
360,000
International Flavors & Fragrances, Inc.
4.38%
06/01/47
257,263
30,000
International Flavors & Fragrances, Inc.
5.00%
09/26/48
23,871
235,000
International Flavors & Fragrances, Inc. (b)
3.47%
12/01/50
146,325
175,000
Unifrax Escrow Issuer Corp. (b)
5.25%
09/30/28
118,511
625,000
Unifrax Escrow Issuer Corp. (b)
7.50%
09/30/29
325,929
1,819,000
Valvoline, Inc. (b)
3.63%
06/15/31
1,453,763
 
5,862,417
Commercial Services — 0.6%
189,000
Adtalem Global Education, Inc. (b)
5.50%
03/01/28
176,318
375,000
Carriage Services, Inc. (b)
4.25%
05/15/29
325,762
720,000
Global Payments, Inc. (EUR)
4.88%
03/17/31
783,221
520,000
Global Payments, Inc.
5.40%
08/15/32
510,130
958,000
Global Payments, Inc.
5.95%
08/15/52
915,151
2,515,000
Hertz (The) Corp. (b)
5.00%
12/01/29
2,070,194
1,475,000
Prime Security Services Borrower LLC / Prime Finance, Inc. (b)
3.38%
08/31/27
1,313,233
1,250,000
Rent-A-Center, Inc. (b)
6.38%
02/15/29
1,136,750
61,000
Service Corp. International
4.63%
12/15/27
57,395
See Notes to Financial Statements
Page 72
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Commercial Services (Continued)
$750,000
VT Topco, Inc. (b)
8.50%
08/15/30
$762,004
1,250,000
WASH Multifamily Acquisition, Inc. (b)
5.75%
04/15/26
1,160,367
 
9,210,525
Computers — 0.0%
448,000
NCR Corp. (b)
5.13%
04/15/29
407,854
Cosmetics/Personal Care — 0.0%
243,000
Edgewell Personal Care Co. (b)
5.50%
06/01/28
229,249
Diversified Financial Services — 0.4%
300,000
Air Lease Corp.
2.88%
01/15/26
280,620
1,390,000
Air Lease Corp.
2.20%
01/15/27
1,242,994
605,000
American Express Co. (m)
3.55%
(n)
505,175
1,505,000
Capital One Financial Corp. (m)
1.88%
11/02/27
1,320,181
540,000
Charles Schwab Corp. (The), Series K (m)
5.00%
(n)
473,548
1,750,000
Jane Street Group/JSG Finance, Inc. (b)
4.50%
11/15/29
1,537,611
 
5,360,129
Electric — 1.1%
2,045,000
Alliant Energy Finance LLC (b)
3.60%
03/01/32
1,767,098
1,285,000
American Electric Power Co., Inc.
2.03%
03/15/24
1,257,589
365,000
Appalachian Power Co., Series X
3.30%
06/01/27
339,981
3,000,000
Arizona Public Service Co.
6.35%
12/15/32
3,161,002
540,000
Duke Energy Carolinas LLC
3.55%
03/15/52
393,436
1,000,000
Duke Energy Corp.
3.75%
04/15/24
987,717
600,000
Duke Energy Corp. (EUR)
3.85%
06/15/34
597,939
750,000
Duke Energy Corp.
3.75%
09/01/46
549,549
100,000
Evergy Metro, Inc.
4.20%
06/15/47
81,103
1,254,000
FirstEnergy Corp., Series C
3.40%
03/01/50
831,122
750,000
Jersey Central Power & Light Co. (b)
4.70%
04/01/24
743,010
750,000
MidAmerican Energy Co.
3.95%
08/01/47
589,058
1,395,000
New England Power Co. (b)
5.94%
11/25/52
1,408,272
1,910,000
Niagara Mohawk Power Corp. (b)
5.78%
09/16/52
1,876,418
500,000
Pennsylvania Electric Co. (b)
4.15%
04/15/25
483,781
750,000
Pike Corp. (b)
5.50%
09/01/28
675,714
100,000
Puget Sound Energy, Inc.
4.22%
06/15/48
81,393
450,000
Southwestern Electric Power Co., Series M
4.10%
09/15/28
426,719
 
16,250,901
Engineering & Construction — 0.1%
1,113,000
Artera Services LLC (b)
9.03%
12/04/25
1,036,651
Entertainment — 0.7%
515,000
Churchill Downs, Inc. (b)
5.50%
04/01/27
496,634
14,000
Cinemark USA, Inc. (b)
5.25%
07/15/28
12,448
1,220,000
Everi Holdings, Inc. (b)
5.00%
07/15/29
1,089,765
590,000
Live Nation Entertainment, Inc. (b)
4.75%
10/15/27
550,175
1,580,000
Penn Entertainment, Inc. (b)
4.13%
07/01/29
1,293,593
110,000
Warnermedia Holdings, Inc.
4.28%
03/15/32
97,114
2,715,000
Warnermedia Holdings, Inc.
5.05%
03/15/42
2,234,370
5,131,000
Warnermedia Holdings, Inc.
5.14%
03/15/52
4,093,061
 
9,867,160
See Notes to Financial Statements
Page 73
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Environmental Control — 0.2%
$200,000
Clean Harbors, Inc. (b)
4.88%
07/15/27
$191,295
2,453,000
Waste Pro USA, Inc. (b)
5.50%
02/15/26
2,314,692
 
2,505,987
Food — 0.5%
708,000
B&G Foods, Inc.
5.25%
04/01/25
693,116
1,420,000
H-Food Holdings LLC / Hearthside Finance Co., Inc. (b)
8.50%
06/01/26
564,514
300,000
Kraft Heinz Foods Co.
3.75%
04/01/30
275,070
186,000
Kraft Heinz Foods Co.
4.25%
03/01/31
174,380
1,020,000
Pilgrim’s Pride Corp. (b)
5.88%
09/30/27
1,009,877
286,000
Pilgrim’s Pride Corp.
4.25%
04/15/31
247,688
1,395,000
Pilgrim’s Pride Corp.
3.50%
03/01/32
1,124,663
835,000
Pilgrim’s Pride Corp.
6.25%
07/01/33
829,653
1,600,000
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet
Food, Inc./Simmons Feed (b)
4.63%
03/01/29
1,333,023
387,000
Smithfield Foods, Inc. (b)
5.20%
04/01/29
359,707
561,000
TreeHouse Foods, Inc.
4.00%
09/01/28
480,808
 
7,092,499
Gas — 0.0%
155,000
Southern Co. Gas Capital Corp.
5.88%
03/15/41
153,539
Healthcare-Products — 0.4%
1,600,000
Alcon Finance Corp. (b)
3.00%
09/23/29
1,404,243
1,425,000
DENTSPLY SIRONA, Inc.
3.25%
06/01/30
1,225,171
1,997,000
Embecta Corp. (b)
5.00%
02/15/30
1,624,470
208,000
Hologic, Inc. (b)
4.63%
02/01/28
194,809
1,387,000
Medline Borrower L.P. (b)
3.88%
04/01/29
1,212,134
770,000
PerkinElmer, Inc.
2.25%
09/15/31
606,924
185,000
Revvity, Inc.
2.55%
03/15/31
151,928
 
6,419,679
Healthcare-Services — 1.4%
635,000
Barnabas Health, Inc., Series 2012
4.00%
07/01/28
599,269
429,000
Cano Health LLC (b)
6.25%
10/01/28
146,246
900,000
Catalent Pharma Solutions, Inc. (b)
5.00%
07/15/27
841,243
400,000
Catalent Pharma Solutions, Inc. (b)
3.13%
02/15/29
336,992
1,125,000
Centene Corp.
4.25%
12/15/27
1,053,437
1,778,000
Centene Corp.
2.45%
07/15/28
1,524,214
1,396,000
Centene Corp.
3.00%
10/15/30
1,162,484
500,000
Centene Corp.
2.50%
03/01/31
398,627
250,000
CommonSpirit Health
3.35%
10/01/29
222,974
90,000
HCA, Inc.
5.25%
04/15/25
89,204
365,000
HCA, Inc.
7.58%
09/15/25
375,357
380,000
HCA, Inc.
5.38%
09/01/26
377,347
360,000
HCA, Inc.
7.05%
12/01/27
374,674
417,000
HCA, Inc.
4.13%
06/15/29
385,381
2,870,000
HCA, Inc.
3.50%
09/01/30
2,507,887
2,093,000
HCA, Inc.
3.63%
03/15/32
1,800,846
1,830,000
HCA, Inc.
5.50%
06/15/47
1,667,480
470,000
HCA, Inc.
5.25%
06/15/49
410,603
3,000,000
ModivCare Escrow Issuer, Inc. (b)
5.00%
10/01/29
2,215,200
749,000
Molina Healthcare, Inc. (b)
3.88%
11/15/30
639,767
See Notes to Financial Statements
Page 74
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Healthcare-Services (Continued)
$2,325,000
Molina Healthcare, Inc. (b)
3.88%
05/15/32
$1,931,310
1,350,000
Prime Healthcare Services, Inc. (b)
7.25%
11/01/25
1,266,350
1,350,000
Universal Health Services, Inc.
1.65%
09/01/26
1,199,600
 
21,526,492
Household Products/Wares — 0.1%
120,000
Central Garden & Pet Co.
4.13%
10/15/30
103,390
952,000
Spectrum Brands, Inc. (b)
5.50%
07/15/30
886,419
 
989,809
Housewares — 0.1%
1,270,000
Newell Brands, Inc.
6.63%
09/15/29
1,259,255
Insurance — 0.8%
437,000
Acrisure LLC / Acrisure Finance, Inc. (b)
4.25%
02/15/29
378,342
700,000
Acrisure LLC / Acrisure Finance, Inc. (b)
6.00%
08/01/29
608,812
1,060,000
Aon Corp. / Aon Global Holdings PLC
3.90%
02/28/52
814,531
1,115,000
Athene Global Funding (b)
3.21%
03/08/27
1,005,880
1,560,000
Athene Global Funding (b)
1.99%
08/19/28
1,293,135
675,000
Athene Global Funding (b)
2.72%
01/07/29
564,036
810,000
Brown & Brown, Inc.
4.95%
03/17/52
684,773
250,000
Farmers Exchange Capital III (b) (m)
5.45%
10/15/54
216,618
775,000
Farmers Insurance Exchange (b)
8.63%
05/01/24
779,583
465,000
Farmers Insurance Exchange (b) (m)
4.75%
11/01/57
362,179
750,000
MassMutual Global Funding II (b)
3.40%
03/08/26
715,599
965,000
Metropolitan Life Global Funding I (b)
5.15%
03/28/33
944,311
1,360,000
Nationwide Mutual Insurance Co., 3 Mo. LIBOR + 2.29% (b) (d)
7.84%
12/15/24
1,358,661
50,000
Teachers Insurance & Annuity Association of America (b)
4.27%
05/15/47
40,501
220,000
Teachers Insurance & Annuity Association of America (b)
3.30%
05/15/50
149,127
1,260,000
Teachers Insurance & Annuity Association of America (b) (m)
4.38%
09/15/54
1,225,988
 
11,142,076
Internet — 0.4%
1,250,000
Gen Digital, Inc. (b)
6.75%
09/30/27
1,254,507
2,205,000
Meta Platforms, Inc.
5.60%
05/15/53
2,215,652
1,775,000
Netflix, Inc.
5.88%
02/15/25
1,785,109
850,000
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc. (b)
4.75%
04/30/27
748,577
 
6,003,845
Investment Companies — 0.1%
150,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
6.25%
05/15/26
139,144
1,537,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
5.25%
05/15/27
1,350,378
500,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
4.38%
02/01/29
395,389
 
1,884,911
Iron/Steel — 0.0%
700,000
ATI, Inc.
7.25%
08/15/30
706,951
Lodging — 0.1%
569,000
Boyd Gaming Corp. (b)
4.75%
06/15/31
501,678
1,626,000
Hilton Domestic Operating Co., Inc. (b)
3.63%
02/15/32
1,361,280
 
1,862,958
Machinery-Diversified — 0.1%
2,900,000
OT Merger Corp. (b)
7.88%
10/15/29
1,906,134
See Notes to Financial Statements
Page 75
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Media — 1.1%
$2,729,000
Cable One, Inc. (b)
4.00%
11/15/30
$2,131,124
295,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
2.30%
02/01/32
222,829
370,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.38%
05/01/47
295,864
325,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.75%
04/01/48
273,998
542,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.13%
07/01/49
417,466
1,000,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
4.80%
03/01/50
741,603
690,000
Charter Communications Operating LLC / Charter Communications
Operating Capital
5.25%
04/01/53
546,686
173,000
Cox Communications, Inc. (b)
3.15%
08/15/24
168,478
680,000
Cox Communications, Inc. (b)
2.60%
06/15/31
549,893
900,000
Cox Enterprises, Inc. (b)
7.38%
07/15/27
940,626
700,000
CSC Holdings LLC (b)
5.38%
02/01/28
574,551
700,000
CSC Holdings LLC (b)
7.50%
04/01/28
445,666
2,190,000
CSC Holdings LLC (b)
6.50%
02/01/29
1,812,516
600,000
CSC Holdings LLC (b)
4.63%
12/01/30
314,491
855,000
Diamond Sports Group LLC / Diamond Sports Finance Co. (b) (o)
5.38%
08/15/26
21,213
1,032,000
Directv Financing LLC / Directv Financing Co-Obligor, Inc. (b)
5.88%
08/15/27
915,506
1,205,000
Gray Escrow II, Inc. (b)
5.38%
11/15/31
842,352
816,000
Scripps Escrow II, Inc. (b)
5.38%
01/15/31
583,665
750,000
Scripps Escrow, Inc. (b)
5.88%
07/15/27
606,742
1,165,000
Sirius XM Radio, Inc. (b)
3.88%
09/01/31
907,779
630,000
Time Warner Cable LLC
5.88%
11/15/40
548,589
1,885,000
Time Warner Cable LLC
5.50%
09/01/41
1,549,899
390,000
Walt Disney (The) Co.
4.00%
10/01/23
389,471
 
15,801,007
Oil & Gas — 0.1%
800,000
Sunoco L.P. / Sunoco Finance Corp.
4.50%
05/15/29
724,276
Oil & Gas Services — 0.0%
750,000
Archrock Partners L.P. / Archrock Partners Finance Corp. (b)
6.25%
04/01/28
716,661
Packaging & Containers — 0.3%
58,000
Ball Corp.
4.00%
11/15/23
57,733
1,830,000
Berry Global, Inc. (b)
4.88%
07/15/26
1,768,006
295,000
Berry Global, Inc.
1.65%
01/15/27
255,945
1,500,000
Berry Global, Inc. (b)
5.50%
04/15/28
1,475,532
755,000
Clearwater Paper Corp. (b)
4.75%
08/15/28
660,044
728,000
Graphic Packaging International LLC
4.13%
08/15/24
713,609
60,000
Sealed Air Corp. (b)
5.50%
09/15/25
59,400
 
4,990,269
Pharmaceuticals — 0.7%
810,000
Bayer US Finance II LLC (b)
2.85%
04/15/25
766,903
180,000
Bayer US Finance II LLC (b)
4.25%
12/15/25
174,392
880,000
Bayer US Finance II LLC (b)
4.38%
12/15/28
836,348
265,000
Bayer US Finance II LLC (b)
4.63%
06/25/38
228,762
1,960,000
Bayer US Finance II LLC (b)
4.40%
07/15/44
1,547,749
400,000
Bayer US Finance II LLC (b)
4.88%
06/25/48
341,218
See Notes to Financial Statements
Page 76
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Pharmaceuticals (Continued)
$1,495,000
Becton Dickinson & Co.
2.82%
05/20/30
$1,293,862
330,000
Cigna Group (The)
4.38%
10/15/28
317,983
400,000
Cigna Group (The)
4.90%
12/15/48
357,020
1,205,000
CVS Health Corp.
5.05%
03/25/48
1,057,618
946,000
Option Care Health, Inc. (b)
4.38%
10/31/29
833,147
842,000
Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (b)
5.13%
04/30/31
718,145
550,000
Prestige Brands, Inc. (b)
5.13%
01/15/28
521,803
1,721,000
Prestige Brands, Inc. (b)
3.75%
04/01/31
1,425,676
 
10,420,626
Pipelines — 0.7%
1,535,000
Energy Transfer L.P.
5.40%
10/01/47
1,323,487
3,380,000
Energy Transfer L.P.
5.00%
05/15/50
2,785,400
594,000
Energy Transfer L.P., Series B (m)
6.63%
(n)
479,138
765,000
Global Partners L.P. / GLP Finance Corp
6.88%
01/15/29
723,621
250,000
Kinder Morgan, Inc.
5.55%
06/01/45
226,148
607,000
NGL Energy Operating LLC / NGL Energy Finance Corp. (b)
7.50%
02/01/26
604,861
845,000
Plains All American Pipeline L.P. / PAA Finance Corp.
3.55%
12/15/29
743,749
350,000
Rockies Express Pipeline LLC (b)
4.95%
07/15/29
320,704
100,000
Rockies Express Pipeline LLC (b)
6.88%
04/15/40
90,381
80,000
Sabine Pass Liquefaction LLC
4.50%
05/15/30
75,327
1,274,000
TransMontaigne Partners L.P. / TLP Finance Corp.
6.13%
02/15/26
1,095,423
2,605,000
Venture Global Calcasieu Pass LLC (b)
4.13%
08/15/31
2,212,352
 
10,680,591
Real Estate — 0.0%
463,000
Greystar Real Estate Partners LLC (b)
7.75%
09/01/30
468,209
Real Estate Investment Trusts — 2.2%
75,000
Alexandria Real Estate Equities, Inc.
3.45%
04/30/25
72,428
1,310,000
American Assets Trust L.P.
3.38%
02/01/31
1,018,608
150,000
American Homes 4 Rent L.P.
3.63%
04/15/32
128,616
1,885,000
American Homes 4 Rent L.P.
4.30%
04/15/52
1,460,005
330,000
American Tower Corp.
2.70%
04/15/31
270,176
250,000
American Tower Corp. (EUR)
1.00%
01/15/32
206,069
1,430,000
American Tower Corp.
5.65%
03/15/33
1,425,414
2,356,000
American Tower Corp.
5.55%
07/15/33
2,334,186
250,000
Boston Properties L.P.
2.75%
10/01/26
225,624
200,000
Boston Properties L.P.
3.40%
06/21/29
171,328
415,000
Crown Castle, Inc.
5.10%
05/01/33
399,651
500,000
CubeSmart L.P.
4.38%
02/15/29
468,770
1,135,000
CubeSmart L.P.
2.50%
02/15/32
895,698
281,000
Extra Space Storage L.P.
3.90%
04/01/29
257,607
975,000
Extra Space Storage L.P.
2.55%
06/01/31
783,631
1,978,000
Extra Space Storage L.P.
2.40%
10/15/31
1,554,910
1,450,000
Extra Space Storage L.P.
2.35%
03/15/32
1,129,025
2,500,000
GLP Capital L.P. / GLP Financing II, Inc.
5.38%
04/15/26
2,450,152
175,000
GLP Capital L.P. / GLP Financing II, Inc.
5.75%
06/01/28
170,216
1,460,000
GLP Capital L.P. / GLP Financing II, Inc.
4.00%
01/15/30
1,275,096
30,000
GLP Capital L.P. / GLP Financing II, Inc.
4.00%
01/15/31
25,760
208,000
GLP Capital L.P. / GLP Financing II, Inc.
3.25%
01/15/32
167,894
490,000
Healthcare Realty Holdings L.P.
3.63%
01/15/28
442,769
See Notes to Financial Statements
Page 77
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Real Estate Investment Trusts (Continued)
$595,000
Healthcare Realty Holdings L.P.
3.10%
02/15/30
$507,714
1,597,000
Healthcare Realty Holdings L.P.
2.40%
03/15/30
1,264,691
690,000
Healthcare Realty Holdings L.P.
2.00%
03/15/31
532,131
190,000
Healthcare Realty Holdings L.P.
2.05%
03/15/31
141,986
770,000
Hudson Pacific Properties L.P.
3.95%
11/01/27
606,075
520,000
Hudson Pacific Properties L.P.
5.95%
02/15/28
440,157
615,000
Hudson Pacific Properties L.P.
4.65%
04/01/29
469,170
915,000
Hudson Pacific Properties L.P.
3.25%
01/15/30
620,826
1,210,000
Invitation Homes Operating Partnership L.P.
2.00%
08/15/31
927,122
1,385,000
Invitation Homes Operating Partnership L.P.
2.70%
01/15/34
1,054,471
163,000
Iron Mountain, Inc. (b)
5.63%
07/15/32
146,424
173,000
Kilroy Realty L.P.
4.25%
08/15/29
150,038
400,000
Kilroy Realty L.P.
2.50%
11/15/32
282,070
505,000
LXP Industrial Trust
2.70%
09/15/30
400,790
830,000
Physicians Realty L.P.
2.63%
11/01/31
645,904
1,440,000
Prologis Euro Finance LLC, Medium-Term Note (EUR)
4.25%
01/31/43
1,427,639
675,000
Realty Income Corp. (EUR)
5.13%
07/06/34
736,960
200,000
Rexford Industrial Realty L.P.
2.15%
09/01/31
154,595
250,000
Ventas Realty L.P.
2.65%
01/15/25
238,339
35,000
VICI Properties L.P.
4.95%
02/15/30
32,954
2,110,000
VICI Properties L.P.
5.13%
05/15/32
1,957,488
343,000
VICI Properties L.P.
5.63%
05/15/52
302,089
399,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
4.63%
06/15/25
386,540
290,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
4.50%
09/01/26
274,753
690,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
3.75%
02/15/27
634,057
270,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
4.50%
01/15/28
250,799
452,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
3.88%
02/15/29
399,482
256,000
VICI Properties L.P. / VICI Note Co., Inc. (b)
4.13%
08/15/30
224,380
 
32,543,277
Retail — 0.4%
792,000
Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp. (b)
5.88%
04/01/29
699,498
2,387,000
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (b)
6.75%
01/15/30
1,973,273
788,000
FirstCash, Inc. (b)
5.63%
01/01/30
716,262
2,170,000
Michaels (The) Cos., Inc. (b)
7.88%
05/01/29
1,506,197
1,400,000
Papa John's International, Inc. (b)
3.88%
09/15/29
1,178,863
 
6,074,093
Semiconductors — 0.1%
75,000
Broadcom, Inc.
3.63%
10/15/24
73,347
316,000
Broadcom, Inc. (b)
2.60%
02/15/33
244,435
660,000
Broadcom, Inc. (b)
3.42%
04/15/33
547,178
415,000
Intel Corp.
3.73%
12/08/47
315,165
 
1,180,125
Software — 0.5%
225,000
Central Parent, Inc. / CDK Global, Inc. (b)
7.25%
06/15/29
222,144
1,755,000
Oracle Corp.
3.80%
11/15/37
1,416,128
895,000
Oracle Corp.
6.50%
04/15/38
944,737
1,640,000
Oracle Corp.
4.00%
11/15/47
1,224,216
1,880,000
Oracle Corp.
3.60%
04/01/50
1,300,351
See Notes to Financial Statements
Page 78
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (l) (Continued)
Software (Continued)
$1,585,000
Oracle Corp.
3.95%
03/25/51
$1,159,527
615,000
Oracle Corp.
6.90%
11/09/52
670,316
 
6,937,419
Telecommunications — 0.7%
1,450,000
AT&T, Inc.
4.50%
05/15/35
1,289,328
670,000
AT&T, Inc.
3.80%
12/01/57
452,253
162,000
CommScope, Inc. (b)
6.00%
03/01/26
147,374
1,750,000
CommScope, Inc. (b)
4.75%
09/01/29
1,302,067
1,706,000
Frontier Communications Holdings LLC (b)
5.00%
05/01/28
1,463,396
925,000
Frontier Communications Holdings LLC (b)
6.75%
05/01/29
718,873
1,160,000
Frontier Communications Holdings LLC (b)
8.63%
03/15/31
1,118,182
342,000
Qwest Corp.
7.25%
09/15/25
325,630
335,000
SES GLOBAL Americas Holdings, Inc. (b)
5.30%
03/25/44
239,355
859,686
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint
Spectrum Co. III LLC (b)
4.74%
03/20/25
851,251
266,000
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint
Spectrum Co. III LLC (b)
5.15%
03/20/28
263,788
74,000
T-Mobile USA, Inc.
4.75%
02/01/28
71,930
1,000,000
T-Mobile USA, Inc.
2.63%
02/15/29
866,852
1,660,000
Zayo Group Holdings, Inc. (b)
4.00%
03/01/27
1,245,560
 
10,355,839
Total Corporate Bonds and Notes
290,829,733
(Cost $313,253,454)
FOREIGN CORPORATE BONDS AND NOTES (l) — 7.3%
Agriculture — 0.2%
2,555,000
BAT International Finance PLC, Medium-Term Note (GBP) (p)
2.25%
09/09/52
1,315,833
1,200,000
Imperial Brands Finance PLC (b)
6.13%
07/27/27
1,213,769
 
2,529,602
Banks — 2.9%
1,025,000
ABN AMRO Bank N.V. (b) (m)
2.47%
12/13/29
865,160
955,000
DNB Bank ASA (b) (m)
0.86%
09/30/25
905,073
505,000
HSBC Holdings PLC (m)
1.59%
05/24/27
448,936
3,180,000
HSBC Holdings PLC (m)
4.76%
06/09/28
3,052,086
1,440,000
HSBC Holdings PLC (m)
2.21%
08/17/29
1,206,989
565,000
HSBC Holdings PLC (m)
2.36%
08/18/31
447,865
3,662,000
HSBC Holdings PLC (m)
2.80%
05/24/32
2,925,990
1,485,000
HSBC Holdings PLC (m)
6.33%
03/09/44
1,498,820
200,000
Lloyds Banking Group PLC
3.90%
03/12/24
197,822
1,005,000
Lloyds Banking Group PLC (m)
3.57%
11/07/28
913,767
1,575,000
Lloyds Banking Group PLC (m)
4.98%
08/11/33
1,459,516
565,000
Macquarie Group Ltd. (b) (m)
1.34%
01/12/27
507,055
785,000
Macquarie Group Ltd. (b) (m)
2.69%
06/23/32
615,978
1,070,000
Macquarie Group Ltd. (b) (m)
2.87%
01/14/33
839,505
1,515,000
NatWest Group PLC (m)
4.27%
03/22/25
1,498,296
2,005,000
Santander UK Group Holdings PLC (m)
1.09%
03/15/25
1,944,167
2,390,000
Santander UK Group Holdings PLC (m)
1.67%
06/14/27
2,105,225
430,000
Santander UK Group Holdings PLC (m)
2.47%
01/11/28
378,640
505,000
UBS Group AG (b) (m)
2.59%
09/11/25
487,158
2,160,000
UBS Group AG (b) (m)
1.31%
02/02/27
1,925,779
See Notes to Financial Statements
Page 79
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (l) (Continued)
Banks (Continued)
$7,595,000
UBS Group AG (b) (m)
4.19%
04/01/31
$6,844,102
5,550,000
UBS Group AG (b) (m)
3.09%
05/14/32
4,575,745
6,465,000
UBS Group AG (b) (m)
9.02%
11/15/33
7,832,609
 
43,476,283
Beverages — 0.2%
505,000
Bacardi Ltd. (b)
2.75%
07/15/26
465,757
670,000
Bacardi Ltd. (b)
4.70%
05/15/28
647,654
1,000,000
Becle SAB de C.V. (b)
2.50%
10/14/31
788,078
1,895,000
JDE Peet's N.V. (b)
2.25%
09/24/31
1,458,808
 
3,360,297
Building Materials — 0.0%
40,000
Ingersoll-Rand Luxembourg Finance S.A.
3.55%
11/01/24
39,130
Chemicals — 0.2%
700,000
Axalta Coating Systems LLC / Axalta Coating Systems Dutch
Holding B B.V. (b)
4.75%
06/15/27
659,361
1,675,000
EverArc Escrow Sarl (b)
5.00%
10/30/29
1,377,637
275,000
Herens Holdco Sarl (b)
4.75%
05/15/28
211,498
 
2,248,496
Diversified Financial Services — 0.7%
115,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.88%
01/23/28
105,858
1,650,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.00%
10/29/28
1,431,118
2,720,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.30%
01/30/32
2,211,454
100,000
Avolon Holdings Funding Ltd. (b)
3.95%
07/01/24
97,586
325,000
Avolon Holdings Funding Ltd. (b)
2.88%
02/15/25
306,891
4,645,000
Avolon Holdings Funding Ltd. (b)
2.53%
11/18/27
3,969,358
1,480,000
GGAM Finance Ltd. (b)
8.00%
06/15/28
1,502,141
82,000
Park Aerospace Holdings Ltd. (b)
5.50%
02/15/24
81,472
 
9,705,878
Electric — 0.2%
500,000
Comision Federal de Electricidad (b)
4.69%
05/15/29
454,754
250,000
Mong Duong Finance Holdings B.V. (p)
5.13%
05/07/29
226,770
1,460,000
TenneT Holding B.V., Medium-Term Note (EUR) (p)
4.50%
10/28/34
1,679,935
945,000
TenneT Holding B.V., Medium-Term Note (EUR) (p)
2.75%
05/17/42
895,232
280,000
TenneT Holding B.V., Medium-Term Note (EUR) (p)
4.75%
10/28/42
330,891
 
3,587,582
Engineering & Construction — 0.0%
500,000
Cellnex Finance Co., S.A., Medium-Term Note (EUR) (p)
2.00%
09/15/32
431,840
Entertainment — 0.2%
1,500,000
Banijay Entertainment SASU (b)
5.38%
03/01/25
1,462,951
700,000
Ontario Gaming GTA, L.P. (b)
8.00%
08/01/30
708,239
 
2,171,190
Environmental Control — 0.1%
1,400,000
GFL Environmental, Inc. (b)
4.00%
08/01/28
1,251,065
750,000
GFL Environmental, Inc. (b)
3.50%
09/01/28
663,236
 
1,914,301
See Notes to Financial Statements
Page 80
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (l) (Continued)
Food — 0.2%
$1,700,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
3.75%
12/01/31
$1,414,506
1,285,000
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.
6.50%
12/01/52
1,232,516
 
2,647,022
Gas — 0.1%
680,000
National Gas Transmission PLC, Medium-Term Note (EUR) (p)
4.25%
04/05/30
736,878
Healthcare-Services — 0.1%
2,150,000
Kedrion S.p.A. (b)
6.50%
09/01/29
1,838,250
Internet — 0.0%
200,000
Tencent Holdings Ltd. (b)
3.68%
04/22/41
146,466
200,000
Tencent Holdings Ltd. (b)
3.84%
04/22/51
137,362
 
283,828
Investment Companies — 0.1%
1,140,000
Gaci First Investment Co. (p)
5.25%
10/13/32
1,142,758
Machinery-Diversified — 0.0%
222,000
Titan Acquisition Ltd. / Titan Co-Borrower LLC (b)
7.75%
04/15/26
216,009
Media — 0.2%
910,000
Tele Columbus AG (EUR) (p)
3.88%
05/02/25
634,240
2,500,000
VZ Secured Financing B.V. (b)
5.00%
01/15/32
2,040,389
 
2,674,629
Mining — 0.1%
800,000
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia
Persero PT
5.45%
05/15/30
771,872
Oil & Gas — 0.4%
570,000
Ecopetrol S.A.
8.88%
01/13/33
578,308
1,100,000
KazMunayGas National Co. JSC (p)
5.38%
04/24/30
1,002,728
1,000,000
KazMunayGas National Co. JSC (p)
3.50%
04/14/33
754,502
1,100,000
Pertamina Persero PT (b)
3.10%
08/27/30
951,427
554,000
Petroleos Mexicanos
5.95%
01/28/31
401,347
170,000
Petroleos Mexicanos
6.35%
02/12/48
102,342
110,000
Petroleos Mexicanos
6.95%
01/28/60
68,150
2,650,000
Qatar Energy (p)
2.25%
07/12/31
2,184,723
200,000
Saudi Arabian Oil Co. (b)
2.25%
11/24/30
164,945
 
6,208,472
Packaging & Containers — 0.1%
2,000,000
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (b)
5.25%
08/15/27
1,715,571
Pharmaceuticals — 0.3%
1,500,000
1375209 BC Ltd. (b)
9.00%
01/30/28
1,503,257
150,000
Bayer AG, Medium-Term Note (EUR) (p)
4.63%
05/26/33
165,293
2,161,000
Grifols S.A. (b)
4.75%
10/15/28
1,897,941
365,000
Jazz Securities DAC (b)
4.38%
01/15/29
327,379
850,000
Teva Pharmaceutical Finance Netherlands III B.V.
8.13%
09/15/31
901,615
 
4,795,485
Pipelines — 0.3%
2,572,590
Galaxy Pipeline Assets Bidco Ltd. (b)
2.16%
03/31/34
2,166,023
400,000
QazaqGaz NC JSC (p)
4.38%
09/26/27
368,740
2,380,000
TMS Issuer Sarl (p)
5.78%
08/23/32
2,424,549
 
4,959,312
See Notes to Financial Statements
Page 81
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (l) (Continued)
Real Estate — 0.2%
415,000
Annington Funding PLC, Medium-Term Note (GBP) (p)
3.18%
07/12/29
$434,604
380,000
Annington Funding PLC, Medium-Term Note (GBP) (p)
2.31%
10/06/32
345,041
400,000
Annington Funding PLC, Medium-Term Note (GBP) (p)
3.69%
07/12/34
391,437
600,000
Blackstone Property Partners Europe Holdings Sarl, Medium-Term
Note (EUR) (p)
1.75%
03/12/29
510,463
1,000,000
Blackstone Property Partners Europe Holdings Sarl, Medium-Term
Note (EUR) (p)
1.63%
04/20/30
809,116
$605,000
China Aoyuan Group Ltd. (p)
6.35%
02/08/24
19,221
200,000
China SCE Group Holdings Ltd. (p)
7.00%
05/02/25
20,250
400,000
Sunac China Holdings Ltd. (p)
6.50%
01/10/25
45,000
200,000
Times China Holdings Ltd. (o) (p)
6.75%
07/08/25
6,500
100,000
Vonovia Finance B.V. (EUR) (p)
2.25%
04/07/30
91,312
100,000
Vonovia SE, Medium-Term Note (EUR) (p)
5.00%
11/23/30
106,606
800,000
Vonovia SE (EUR) (p)
1.50%
06/14/41
481,445
415,000
Zhenro Properties Group Ltd. (o) (p)
6.63%
01/07/26
5,366
 
3,266,361
Real Estate Investment Trusts — 0.1%
510,000
CapitaLand Ascendas REIT, Medium-Term Note (EUR) (p)
0.75%
06/23/28
452,849
1,945,000
Digital Intrepid Holding B.V. (EUR) (p)
0.63%
07/15/31
1,527,589
 
1,980,438
Retail — 0.0%
345,000
1011778 BC ULC / New Red Finance, Inc. (b)
3.50%
02/15/29
302,371
Savings & Loans — 0.1%
1,520,000
Nationwide Building Society (b) (m)
2.97%
02/16/28
1,374,902
Software — 0.0%
625,000
Open Text Corp. (b)
6.90%
12/01/27
633,816
Telecommunications — 0.3%
200,000
C&W Senior Financing DAC (b)
6.88%
09/15/27
185,808
1,500,000
Global Switch Finance B.V., Medium-Term Note (EUR) (p)
1.38%
10/07/30
1,343,331
750,000
Intelsat Jackson Holdings S.A. (g) (h) (o) (q)
8.50%
10/15/24
0
303,000
Intelsat Jackson Holdings S.A. (g) (h) (o) (q)
9.75%
07/15/25
0
600,000
Intelsat Jackson Holdings S.A. (g) (h) (j) (o)
5.50%
08/01/28
0
1,929,000
Intelsat Jackson Holdings S.A. (b) (o)
6.50%
03/15/30
1,773,546
580,000
Vodafone Group PLC
4.25%
09/17/50
447,488
 
3,750,173
Total Foreign Corporate Bonds and Notes
108,762,746
(Cost $112,975,169)
U.S. GOVERNMENT BONDS AND NOTES — 7.2%
70,000
U.S. Treasury Bond
4.13%
08/15/53
69,076
10,161,828
U.S. Treasury Inflation Indexed Bond
1.25%
04/15/28
9,786,310
95,204,000
U.S. Treasury Note
5.00%
08/31/25
95,479,198
1,805,000
U.S. Treasury Note
4.38%
08/31/28
1,816,211
215,000
U.S. Treasury Note
3.88%
08/15/33
211,187
Total U.S. Government Bonds and Notes
107,361,982
(Cost $107,699,426)
See Notes to Financial Statements
Page 82
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (l) — 3.3%
Brazil — 0.2%
$1,850,000
Brazilian Government International Bond
3.88%
06/12/30
$1,642,401
1,200,000
Brazilian Government International Bond
6.00%
10/20/33
1,169,549
 
2,811,950
Chile — 0.1%
1,352,000
Chile Government International Bond
2.55%
01/27/32
1,137,509
500,000
Chile Government International Bond
2.55%
07/27/33
402,644
750,000
Chile Government International Bond
3.50%
01/31/34
651,083
 
2,191,236
Colombia — 0.2%
978,000
Colombia Government International Bond
4.50%
03/15/29
872,661
1,450,000
Colombia Government International Bond
3.00%
01/30/30
1,155,410
200,000
Colombia Government International Bond
3.13%
04/15/31
154,596
200,000
Colombia Government International Bond
8.00%
04/20/33
207,118
 
2,389,785
Dominican Republic — 0.2%
3,150,000
Dominican Republic International Bond (b)
4.50%
01/30/30
2,755,295
Guatemala — 0.2%
800,000
Guatemala Government Bond (p)
5.25%
08/10/29
761,074
700,000
Guatemala Government Bond (p)
4.90%
06/01/30
657,770
1,717,000
Guatemala Government Bond (p)
3.70%
10/07/33
1,389,041
 
2,807,885
Hungary — 0.2%
550,000
Hungary Government International Bond (b)
6.13%
05/22/28
558,691
3,200,000
Hungary Government International Bond (b)
2.13%
09/22/31
2,468,067
 
3,026,758
Indonesia — 0.3%
1,000,000
Indonesia Government International Bond
4.85%
01/11/33
981,706
4,050,000
Perusahaan Penerbit SBSN Indonesia III (b)
2.80%
06/23/30
3,511,241
 
4,492,947
Mexico — 0.4%
1,960,000
Mexico Government International Bond
2.66%
05/24/31
1,626,522
3,750,000
Mexico Government International Bond
4.88%
05/19/33
3,559,713
700,000
Mexico Government International Bond
3.50%
02/12/34
581,867
700,000
Mexico Government International Bond
6.35%
02/09/35
727,775
 
6,495,877
Oman — 0.2%
600,000
Oman Government International Bond (p)
6.75%
10/28/27
619,125
2,450,000
Oman Government International Bond (p)
5.63%
01/17/28
2,423,606
 
3,042,731
Panama — 0.4%
3,700,000
Panama Government International Bond
3.16%
01/23/30
3,231,193
2,603,000
Panama Government International Bond
2.25%
09/29/32
1,981,883
 
5,213,076
Paraguay — 0.1%
1,920,000
Paraguay Government International Bond (p)
4.95%
04/28/31
1,817,696
Peru — 0.2%
643,000
Peruvian Government International Bond
2.84%
06/20/30
557,673
See Notes to Financial Statements
Page 83
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (l) (Continued)
Peru (Continued)
$2,370,000
Peruvian Government International Bond
2.78%
01/23/31
$2,014,727
550,000
Peruvian Government International Bond
1.86%
12/01/32
416,580
 
2,988,980
Philippines — 0.1%
1,950,000
Philippine Government International Bond
2.46%
05/05/30
1,664,045
Poland — 0.1%
750,000
Republic of Poland Government International Bond
5.50%
11/16/27
764,100
1,169,000
Republic of Poland Government International Bond
5.75%
11/16/32
1,216,802
100,000
Republic of Poland Government International Bond
4.88%
10/04/33
97,233
 
2,078,135
Romania — 0.2%
1,000,000
Romanian Government International Bond (b)
6.63%
02/17/28
1,034,977
2,350,000
Romanian Government International Bond (p)
3.00%
02/14/31
1,949,647
 
2,984,624
Saudi Arabia — 0.0%
200,000
Saudi Government International Bond (p)
3.25%
10/22/30
180,092
South Africa — 0.2%
1,693,000
Republic of South Africa Government International Bond
4.30%
10/12/28
1,497,819
200,000
Republic of South Africa Government International Bond
4.85%
09/30/29
176,626
583,000
Republic of South Africa Government International Bond
5.88%
06/22/30
531,877
400,000
Republic of South Africa Government International Bond
5.88%
04/20/32
354,714
 
2,561,036
United Arab Emirates — 0.0%
200,000
Finance Department Government of Sharjah (b)
6.50%
11/23/32
204,660
Total Foreign Sovereign Bonds and Notes
49,706,808
(Cost $52,195,198)
U.S. GOVERNMENT AGENCY SECURITIES — 2.0%
30,000,000
Federal Home Loan Bank Discount Notes
(f)
10/18/23
29,799,520
(Cost $29,801,853)
 
 
MUNICIPAL BONDS — 0.0%
Colorado — 0.0%
220,000
City & Cnty of Denver Cnty Arpt Rev
2.24%
11/15/30
184,331
New York — 0.0%
50,000
Metro Transprtn Auth NY Rev Txbl Green Bond, Ser C2
5.18%
11/15/49
46,319
Total Municipal Bonds
230,650
(Cost $270,000)
 
Shares
Description
Value
COMMON STOCKS — 0.0%
Wireless Telecommunication Services — 0.0%
15,769
Intelsat Jackson Emergence S.A. (g) (h) (j) (r)
0
(Cost $527,847)
See Notes to Financial Statements
Page 84
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Shares
Description
Value
RIGHTS — 0.0%
Wireless Telecommunication Services — 0.0%
1,648
Intelsat Jackson Holdings S.A., Series A (g) (h) (j) (r)
$0
1,648
Intelsat Jackson Holdings S.A., Series B (g) (h) (j) (r)
0
Total Rights
0
(Cost $23)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. TREASURY BILLS — 9.1%
$55,935,000
U.S. Treasury Bill
(f)
10/12/23
55,597,530
71,995,000
U.S. Treasury Bill
(f)
10/19/23
71,487,075
3,695,000
U.S. Treasury Bill
(f)
11/21/23
3,651,166
4,065,000
U.S. Treasury Bill
(f)
11/28/23
4,012,460
Total U.S. Treasury Bills
134,748,231
(Cost $134,786,964)
 
Shares
Description
Value
MONEY MARKET FUNDS — 3.3%
49,427,050
Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (s)
49,427,050
(Cost $49,427,050)
Total Investments — 121.7%
1,812,432,863
(Cost $1,885,388,942)
Net Other Assets and Liabilities — (21.7)%
(323,535,680
)
Net Assets — 100.0%
$1,488,897,183
Forward Foreign Currency Contracts at August 31, 2023 (See Note 2D - Forward Foreign Currency Contracts in the Notes to Financial Statements):
 
Settlement
Date
Counterparty
Amount
Purchased
Amount
Sold
Purchase Value
as of
8/31/2023
Sale Value
as of
8/31/2023
Unrealized
Appreciation
(Depreciation)
10/13/2023
Citi
USD
167,578
EUR
152,000
$167,578
$165,169
$2,409
10/13/2023
Citi
USD
219,426
EUR
199,000
219,426
216,241
3,185
10/13/2023
Citi
USD
574,340
EUR
527,000
574,340
572,659
1,681
10/13/2023
Citi
USD
290,418
EUR
267,000
290,418
290,133
285
10/13/2023
Citi
USD
12,666,004
EUR
11,599,000
12,666,004
12,603,931
62,073
10/13/2023
Citi
USD
459,799
EUR
420,000
459,799
456,389
3,410
10/13/2023
Citi
USD
2,249,594
GBP
1,752,000
2,249,594
2,219,769
29,825
10/13/2023
Citi
USD
269,036
GBP
210,000
269,036
266,068
2,968
Net Unrealized Appreciation (Depreciation)
$105,836
Futures Contracts at August 31, 2023 (See Note 2C - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts
Position
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
Long
453
Dec-2023
$92,323,524
$229,822
U.S. 5-Year Treasury Notes
Long
2,226
Dec-2023
238,008,094
1,760,841
Euro-Bobl Futures
Short
8
Dec-2023
(1,019,030
)
(4,662
)
See Notes to Financial Statements
Page 85
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
Futures Contracts
Position
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
Euro-Bund Futures
Short
24
Dec-2023
$(3,451,622
)
$(550
)
Euro-Buxl 30 Year Bonds Futures
Short
12
Dec-2023
(1,740,515
)
(2,619
)
Ultra 10-Year U.S. Treasury Notes
Short
1,426
Dec-2023
(165,571,969
)
(1,929,780
)
Ultra U.S. Treasury Bond Futures
Short
470
Dec-2023
(60,850,312
)
(932,096
)
 
$97,698,170
$(879,044
)
Interest Rate Swap Agreements at August 31, 2023 (See Note 2E - Swap Agreements in the Notes to Financial Statements):
 
Counterparty
Floating Rate
Expiration
Date
Notional
Value
Fixed Rate
Unrealized
Appreciation
(Depreciation)/
Value
Barclay Bank PLC
SOFR(1)
12/20/2053
$3,279,000
3.520
%(1)
$(17,155
)
 
(1)
The Fund pays the fixed rate and receives the floating rate. The floating rate is not effective until 12/20/2023 and no interest is
being accrued until that date.
 
(a)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At August 31, 2023, securities noted as such amounted to $617,855,390 or
41.5% of net assets.
(c)
Step-up security. A security where the coupon increases or steps up at a predetermined date. The coupon rate is determined based
on the underlying investments. The coupon rate resets periodically.
(d)
Floating or variable rate security.
(e)
Weighted Average Coupon security. Coupon is based on the blended interest rate of the underlying holdings, which may have
different coupons. The coupon may change in any period.
(f)
Zero coupon security.
(g)
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
August 31, 2023, securities noted as such are valued at $2,349,818 or 0.2% of net assets.
(h)
This security’s value was determined using significant unobservable inputs (see Note2A- Portfolio Valuation in the Notes to
Financial Statements).
(i)
Inverse floating rate security.
(j)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(k)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2J - Mortgage Dollar Rolls in the Notes to
Financial Statements).
(l)
Principal Value is in U.S. dollars unless otherwise indicated in the security description.
(m)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at August 31, 2023. At
a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(n)
Perpetual maturity.
(o)
This issuer is in default. 
(p)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(q)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional
buyers (see Note2K - Restricted Securities in the Notes to Financial Statements).
See Notes to Financial Statements
Page 86
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
(r)
Non-income producing security.
(s)
Rate shown reflects yield as of August 31, 2023.
 
Abbreviations throughout the Portfolio of Investments:
Citi
–  Citibank N.A.
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
EUR
–  Euro
GBP
–  British Pound Sterling
IO
–  Interest-Only Security - Principal amount shown represents par value on which interest payments are based
LIBOR
–  London Interbank Offered Rate
REMIC
–  Real Estate Mortgage Investment Conduit
SOFR
–  Secured Overnight Financing Rate
TBA
–  To-Be-Announced Security
USD
–  United States Dollar
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Mortgage-Backed Securities
$363,037,424
$— 
$363,037,424
$— 
Asset-Backed Securities
361,113,584
— 
360,582,414
531,170
U.S. Government Agency Mortgage-Backed
Securities
317,415,135
— 
317,415,135
— 
Corporate Bonds and Notes*
290,829,733
— 
290,829,733
— 
Foreign Corporate Bonds and Notes:
Telecommunications
3,750,173
— 
3,750,173
— 
**
Other Industry Categories*
105,012,573
— 
105,012,573
— 
U.S. Government Bonds and Notes
107,361,982
— 
107,361,982
— 
Foreign Sovereign Bonds and Notes***
49,706,808
— 
49,706,808
— 
U.S. Government Agency Securities
29,799,520
— 
29,799,520
— 
Municipal Bonds****
230,650
— 
230,650
— 
Common Stocks*
— 
**
— 
— 
— 
**
Rights*
— 
**
— 
— 
— 
**
U.S. Treasury Bills
134,748,231
— 
134,748,231
— 
Money Market Funds
49,427,050
49,427,050
— 
— 
Total Investments
1,812,432,863
49,427,050
1,762,474,643
531,170
Forward Foreign Currency Contracts
105,836
— 
105,836
— 
Futures Contracts*****
1,990,663
1,990,663
— 
— 
Total
$1,814,529,362
$51,417,713
$1,762,580,479
$531,170
 
See Notes to Financial Statements
Page 87
First Trust TCW Unconstrained Plus Bond ETF (UCON)
Portfolio of Investments (Continued)
August 31, 2023 
LIABILITIES TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Futures Contracts*****
$(2,869,707
)
$(2,869,707
)
$— 
$— 
Interest Rate Swap Agreements
(17,155
)
— 
(17,155
)
— 
Total
$(2,886,862
)
$(2,869,707
)
$(17,155
)
$— 
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
***
See Portfolio of Investments for country breakout.
****
See Portfolio of Investments for state breakout.
*****
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current
day’s variation margin is presented on the Statements of Assets and Liabilities.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 88
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments
August 31, 2023 
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 70.0%
Collateralized Mortgage Obligations — 4.8%
Federal Home Loan Mortgage Corporation
 
 
$17,934
Series 2005-3071, Class TF, 30 Day Average SOFR + 0.41% (a)
5.60%
04/15/35
$17,876
32,908
Series 2010-3778, Class L
3.50%
12/15/25
32,118
91,096
Series 2017-360, Class 250
2.50%
11/15/47
81,464
40,711
Series 2020-4993, Class OP, PO
(b)
10/25/58
37,046
925,000
Series 2022-5210, Class LB
3.00%
08/25/50
687,868
Federal Home Loan Mortgage Corporation STACR REMIC Trust
 
 
652,685
Series 2021-HQA1, Class M2, 30 Day Average SOFR +
2.25% (a) (c)
7.54%
08/25/33
645,868
550,000
Series 2022-DNA1, Class M1B, 30 Day Average SOFR +
1.85% (a) (c)
7.14%
01/25/42
540,615
Federal National Mortgage Association
 
 
103,339
Series 2006-56, Class FE, 30 Day Average SOFR + 0.54% (a)
5.83%
07/25/36
102,085
81,478
Series 2011-47, Class GF, 30 Day Average SOFR + 0.68% (a)
5.97%
06/25/41
80,261
106,270
Series 2018-50, Class BA
3.00%
07/25/48
93,827
4,323
Series 2018-86, Class JA
4.00%
05/25/47
4,131
75,174
Series 2019-67, Class FE, 30 Day Average SOFR + 0.56% (a)
5.85%
11/25/49
72,205
1,452,431
Series 2019-68, Class US, IO, 30 Day Average SOFR ×-1+
5.89% (d)
0.60%
11/25/49
150,583
Government National Mortgage Association
 
 
1,210,153
Series 2012-34, Class SA, IO, (1 Mo. CME Term SOFR + CSA)
x -1 + 6.05% (d)
0.62%
03/20/42
117,207
1,784,765
Series 2013-25, Class SA, IO, (1 Mo. CME Term SOFR + CSA)
x -1 + 6.20% (d)
0.77%
02/20/43
177,167
757,577
Series 2014-57, Class PS, IO, (1 Mo. CME Term SOFR + CSA)
x -1 + 6.20% (d)
0.77%
04/20/44
77,859
400,000
Series 2023-113, Class FD, 30 Day Average SOFR + 1.35% (a)
6.42%
08/20/53
401,011
400,000
Series 2023-116, Class FL, 30 Day Average SOFR + 1.15% (a)
6.33%
08/20/53
400,665
 
3,719,856
Commercial Mortgage-Backed Securities — 0.1%
Federal Home Loan Mortgage Corporation Multifamily Structured
Pass-Through Certificates
 
 
1,000,000
Series 2018-K732, Class X3, IO (e)
2.24%
05/25/46
36,232
FREMF Mortgage Trust
 
 
21,686,166
Series 2017-K726, Class X2B, IO (c)
0.10%
07/25/49
12,318
 
48,550
Pass-Through Securities — 65.1%
Federal Home Loan Mortgage Corporation
48,851
Pool G08681
3.50%
12/01/45
44,578
25,321
Pool G08792
3.50%
12/01/47
23,002
91,370
Pool G60659
3.50%
08/01/46
83,343
109,420
Pool G61748
3.50%
11/01/48
99,860
124,988
Pool G67706
3.50%
12/01/47
114,170
159,763
Pool G67710
3.50%
03/01/48
145,478
1,040,614
Pool QC8921
2.50%
10/01/51
864,885
1,488,148
Pool QD7088
2.00%
02/01/52
1,188,934
695,082
Pool QD8010
2.00%
03/01/52
555,053
579,826
Pool QE8999
4.00%
08/01/52
535,960
303,688
Pool RA5552
3.00%
07/01/51
263,435
1,771,732
Pool RA5855
2.50%
09/01/51
1,472,010
See Notes to Financial Statements
Page 89
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal Home Loan Mortgage Corporation (Continued)
$1,033,614
Pool RA7659
3.50%
07/01/52
$924,914
717,720
Pool RA7773
4.00%
08/01/52
663,198
108,881
Pool SD0499
3.00%
08/01/50
95,316
1,018,253
Pool SD0956
2.50%
04/01/52
845,448
491,727
Pool SD1382
4.00%
08/01/52
454,321
432,173
Pool SD2190
4.50%
10/01/52
410,032
55,496
Pool SD7502
3.50%
07/01/49
50,804
114,485
Pool SD7511
3.50%
01/01/50
104,182
71,125
Pool SD7513
3.50%
04/01/50
64,768
72,225
Pool ZM1779
3.00%
09/01/46
63,604
Federal National Mortgage Association
25,939
Pool BE3619
4.00%
05/01/47
24,410
294,420
Pool BQ1163
2.00%
08/01/50
236,015
589,392
Pool BQ1226
2.00%
09/01/50
472,199
691,969
Pool BU9074
2.00%
01/01/52
553,685
68,686
Pool BV4119
2.50%
03/01/52
57,031
1,322,287
Pool BV8463
2.50%
04/01/52
1,097,669
987,107
Pool BV8464
3.00%
04/01/52
851,847
1,360,358
Pool BV8477
3.00%
05/01/52
1,173,980
1,379,673
Pool BV8515
3.00%
05/01/52
1,190,743
666,918
Pool BV9960
4.00%
06/01/52
617,669
356,145
Pool BW1478
4.50%
06/01/52
337,937
324,515
Pool BW6293
4.50%
08/01/52
307,890
554,633
Pool BW9886
4.50%
10/01/52
526,221
213,339
Pool BW9888
4.00%
10/01/52
197,057
50,123
Pool CA0995
3.50%
01/01/48
45,666
550,249
Pool CA5689
3.00%
05/01/50
482,041
1,150,793
Pool CB2411
2.50%
12/01/51
955,745
504,714
Pool CB2430
3.00%
12/01/51
435,651
830,059
Pool CB2610
2.00%
01/01/52
663,182
551,078
Pool CB2802
2.00%
02/01/52
440,215
1,200,286
Pool CB3151
2.00%
03/01/52
958,719
1,075,902
Pool CB3486
3.50%
05/01/52
963,038
118,127
Pool CB4365
3.50%
08/01/52
105,730
63,469
Pool FM2870
3.00%
03/01/50
55,603
1,385,751
Pool FS0139
2.50%
01/01/52
1,156,599
418,921
Pool FS3160
3.00%
06/01/52
361,574
959,824
Pool FS3781
2.00%
11/01/51
768,254
59,850
Pool MA4093
2.00%
08/01/40
50,278
87,568
Pool MA4152
2.00%
10/01/40
73,432
133,969
Pool MA4176
2.00%
11/01/40
112,766
140,754
Pool MA4204
2.00%
12/01/40
118,487
181,921
Pool MA4333
2.00%
05/01/41
152,752
3,625,000
Pool TBA (f)
2.50%
09/15/53
3,003,652
900,000
Pool TBA (f)
3.00%
09/15/53
775,582
1,150,000
Pool TBA (f)
3.50%
09/15/53
1,028,037
1,000,000
Pool TBA (f)
4.00%
09/15/53
923,125
1,875,000
Pool TBA (f)
5.00%
09/15/53
1,818,201
3,025,000
Pool TBA (f)
5.50%
09/15/53
2,986,951
See Notes to Financial Statements
Page 90
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Continued)
Pass-Through Securities (Continued)
Federal National Mortgage Association (Continued)
$3,650,000
Pool TBA (f)
2.00%
10/15/53
$2,910,732
300,000
Pool TBA (f)
3.00%
10/15/53
258,809
300,000
Pool TBA (f)
4.00%
10/15/53
277,219
1,800,000
Pool TBA (f)
4.50%
10/15/53
1,707,891
2,200,000
Pool TBA (f)
5.00%
10/15/53
2,134,387
Government National Mortgage Association
43,271
Pool MA3873
3.00%
08/20/46
38,719
53,839
Pool MA4382
3.50%
04/20/47
49,651
40,224
Pool MA4778
3.50%
10/20/47
37,047
28,216
Pool MA4779
4.00%
10/20/47
26,717
1,028,594
Pool MA7418
2.50%
06/20/51
876,439
193,796
Pool MA7705
2.50%
11/20/51
165,140
5,450,000
Pool TBA (f)
2.50%
09/15/53
4,637,609
1,925,000
Pool TBA (f)
4.50%
09/15/53
1,834,615
925,000
Pool TBA (f)
5.00%
09/15/53
900,159
 
51,002,062
Total U.S. Government Agency Mortgage-Backed Securities
54,770,468
(Cost $57,129,656)
MORTGAGE-BACKED SECURITIES (g) — 31.2%
Collateralized Mortgage Obligations — 19.6%
Alternative Loan Trust
203,016
Series 2005-16, Class A4, 1 Mo. CME Term SOFR + CSA +
0.48% (a)
5.91%
06/25/35
177,987
129,557
Series 2007-5CB, Class 1A11
6.00%
04/25/37
73,208
111,565
Series 2007-15CB, Class A5
5.75%
07/25/37
64,105
313,734
Series 2007-HY8C, Class A1, 1 Mo. CME Term SOFR + CSA +
0.32% (a)
5.75%
09/25/47
274,408
143,820
Series 2007-OA7, Class A1A, 1 Mo. CME Term SOFR + CSA +
0.36% (a)
5.79%
05/25/47
122,792
American Home Mortgage Assets Trust
98,645
Series 2006-3, Class 1A1, 12 Mo. Treasury Average + 0.97% (a)
5.40%
10/25/46
82,503
Banc of America Funding Trust
111,443
Series 2007-C, Class 7A1, 1 Mo. CME Term SOFR + CSA +
0.42% (a)
5.85%
05/20/47
99,389
BCAP LLC Trust
83,694
Series 2006-AA2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.34% (a)
5.77%
01/25/37
78,022
Bear Stearns ALT-A Trust
520,724
Series 2005-1, Class M2, 1 Mo. CME Term SOFR + CSA +
1.13% (a)
6.55%
01/25/35
485,643
498,593
Series 2006-1, Class 21A2 (e)
4.13%
02/25/36
351,219
Bear Stearns ARM Trust
134,282
Series 2005-1, Class 2A1 (e)
4.24%
03/25/35
122,273
CHL Mortgage Pass-Through Trust
191,073
Series 2004-25, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.68% (a)
6.11%
02/25/35
161,391
102,051
Series 2007-20, Class A1
6.50%
01/25/38
49,214
See Notes to Financial Statements
Page 91

First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (g) (Continued)
Collateralized Mortgage Obligations (Continued)
CIM Trust
$204,512
Series 2021-R3, Class A1A (c)
1.95%
06/25/57
$180,035
450,000
Series 2023-R3, Class A1B (c)
4.50%
01/25/63
296,335
Citigroup Mortgage Loan Trust
249,289
Series 2009-10, Class 2A2 (c)
7.00%
12/25/35
181,158
Connecticut Avenue Securities Trust
500,000
Series 2021-R03, Class 1B2, 30 Day Average SOFR +
5.50% (a) (c)
10.79%
12/25/41
494,377
750,000
Series 2021-R03, Class 1M2, 30 Day Average SOFR +
1.65% (a) (c)
6.94%
12/25/41
731,953
Credit Suisse Mortgage Trust
530,137
Series 2014-8R, Class 3A2 (c) (e)
4.64%
02/27/36
526,446
264,682
Series 2020-RPL2, Class A12 (c)
3.51%
02/25/60
267,250
712,032
Series 2021-RP11 (c)
3.78%
10/25/61
519,211
451,375
Series 2021-RPL4, Class A1 (c)
1.80%
12/27/60
427,029
CSMCM Trust
25,736
Series 2021-RP11 (c)
3.78%
10/27/61
18,995
Deutsche Alt-A Securities Mortgage Loan Trust
182,133
Series 2007-3, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.75% (a)
6.18%
10/25/47
141,440
GreenPoint Mortgage Funding Trust
152,303
Series 2005-AR4, Class G41B, 1 Mo. CME Term SOFR + CSA
+ 0.20% (a)
5.63%
10/25/45
137,843
GSR Mortgage Loan Trust
230,538
Series 2006-OA1, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.52% (a)
5.95%
08/25/46
57,926
IndyMac INDX Mortgage Loan Trust
121,835
Series 2005-AR29, Class A1 (e)
3.58%
01/25/36
100,015
65,945
Series 2006-AR3, Class 2A1A (e)
3.49%
03/25/36
48,198
560,451
Series 2006-AR13, Class A3 (e)
3.83%
07/25/36
406,940
134,070
Series 2006-AR19, Class 5A2 (e)
3.92%
08/25/36
104,530
454,629
Series 2006-AR31, Class A3 (e)
3.43%
11/25/36
419,652
730,538
Series 2007-AR21, Class 6A1 (e)
3.47%
09/25/37
546,825
Lehman XS Trust
483,498
Series 2006-10N, Class 1A4A, 1 Mo. CME Term SOFR + CSA +
0.60% (a)
6.03%
07/25/46
333,787
169,205
Series 2007-12N, Class 1A3A, 1 Mo. CME Term SOFR + CSA +
0.40% (a)
5.83%
07/25/47
163,020
LHOME Mortgage Trust
1,275,000
Series 2021-RTL3, Class A1, steps up to 3.36% on
04/25/24 (c) (h)
2.36%
09/25/26
1,234,165
Luminent Mortgage Trust
882,633
Series 2007-1, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.32% (a)
5.75%
11/25/36
804,615
MASTR Adjustable Rate Mortgages Trust
1,055,871
Series 2006-OA2, Class 1A1, 12 Mo. Treasury Average +
0.80% (a)
5.23%
12/25/46
774,141
800,000
Series 2007-HF2, Class A2, 1 Mo. CME Term SOFR + CSA +
1.10% (a)
6.53%
09/25/37
345,674
See Notes to Financial Statements
Page 92
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (g) (Continued)
Collateralized Mortgage Obligations (Continued)
RALI Trust
$405,512
Series 2005-QO1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.30% (a)
5.73%
08/25/35
$303,769
3,222,305
Series 2006-QO2, Class A1, 1 Mo. CME Term SOFR + CSA +
0.44% (a)
5.87%
02/25/46
651,386
184,804
Series 2006-QS7, Class A2
6.00%
06/25/36
142,355
292,105
Series 2007-QH4, Class A1, 1 Mo. CME Term SOFR + CSA +
0.38% (a)
5.81%
05/25/37
259,861
90,749
Series 2007-QS1, Class 1A4
6.00%
01/25/37
69,707
151,173
Series 2007-QS2, Class A4
6.25%
01/25/37
121,515
RFMSI Trust
541,970
Series 2006-S10, Class 1A1
6.00%
10/25/36
411,738
Structured Asset Mortgage Investments II Trust
136,063
Series 2005-AR8, Class A2, 12 Mo. Treasury Average +
1.48% (a)
3.91%
02/25/36
116,215
584,375
Series 2006-AR6, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.38% (a)
5.81%
07/25/46
412,355
100,235
Series 2006-AR7, Class A1BG, 1 Mo. CME Term SOFR + CSA
+ 0.12% (a)
5.55%
08/25/36
86,042
384,544
Series 2007-AR1, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.18% (a)
5.61%
01/25/37
345,254
27,674
Series 2007-AR3, Class 2A1, 1 Mo. CME Term SOFR + CSA +
0.19% (a)
5.62%
09/25/47
24,728
WaMu Mortgage Pass-Through Certificates Trust
49,527
Series 2006-AR3, Class A1A, 12 Mo. Treasury Average +
1.00% (a)
3.88%
02/25/46
43,801
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
604,059
Series 2006-AR6, Class 2A, 12 Mo. Treasury Average +
0.96% (a)
5.39%
08/25/46
336,035
735,561
Series 2006-AR10, Class A2A, 1 Mo. CME Term SOFR + CSA
+ 0.34% (a)
5.77%
12/25/36
602,869
 
15,331,344
Commercial Mortgage-Backed Securities — 11.6%
BBCMS Mortgage Trust
545,000
Series 2020-BID, Class D, 1 Mo. CME Term SOFR + CSA +
4.63% (a) (c)
10.06%
10/15/37
515,351
Benchmark Mortgage Trust
117,000
Series 2020-B18, Class AGNF (c)
4.14%
07/15/53
101,907
BWAY Mortgage Trust
17,489,337
Series 2013-1515, Class XA, IO (c) (e)
0.67%
03/10/33
95,565
BX Commercial Mortgage Trust
195,483
Series 2021-XL2, Class J, 1 Mo. CME Term SOFR + CSA +
3.89% (a) (c)
9.31%
10/15/38
184,750
BX Trust
605,000
Series 2021-VIEW, Class B, 1 Mo. CME Term SOFR + CSA +
1.80% (a) (c)
7.22%
06/15/36
566,491
CAMB Commercial Mortgage Trust
215,000
Series 2019-LIFE, Class G, 1 Mo. CME Term SOFR + CSA +
3.32% (a) (c)
8.68%
12/15/37
208,552
See Notes to Financial Statements
Page 93
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (g) (Continued)
Commercial Mortgage-Backed Securities (Continued)
Citigroup Commercial Mortgage Trust
$50,067
Series 2013-GC15, Class XA, IO (e)
0.73%
09/10/46
$1
4,384,843
Series 2016-P3, Class XA, IO (e)
1.82%
04/15/49
121,112
COMM Mortgage Trust
938,014
Series 2012-CR4, Class XA, IO (e)
1.29%
10/15/45
9
127,446
Series 2013-LC13, Class XA, IO (e)
0.82%
08/10/46
1
21,159,096
Series 2014-CR14, Class XA, IO (e)
0.65%
02/10/47
4,281
31,159,505
Series 2014-CR16, Class XA, IO (e)
1.09%
04/10/47
89,004
1,250,689
Series 2014-UBS2, Class XA, IO (e)
1.19%
03/10/47
1,062
20,315,859
Series 2014-UBS3, Class XA, IO (e)
1.21%
06/10/47
60,765
11,151,000
Series 2014-UBS3, Class XB, IO (c) (e)
0.42%
06/10/47
16,436
7,000,000
Series 2015-LC21, Class XE, IO (c) (e)
1.22%
07/10/48
124,891
35,000
Series 2020-CX, Class E (c) (e)
2.77%
11/10/46
22,563
Credit Suisse Mortgage Trust
182,000
Series 2019-UVIL, Class B (c) (e)
3.39%
12/15/41
148,361
801,000
Series 2021-BPNY, Class A, 1 Mo. CME Term SOFR + CSA +
3.71% (a) (c)
9.14%
08/15/26
701,457
CSAIL Commercial Mortgage Trust
2,624,677
Series 2016-C5, Class XA, IO (e)
1.05%
11/15/48
40,426
DBUBS Mortgage Trust
120,000
Series 2017-BRBK, Class A (c)
3.45%
10/10/34
109,591
DROP Mortgage Trust
386,000
Series 2021-FILE, Class B, 1 Mo. CME Term SOFR + CSA +
1.70% (a) (c)
7.12%
10/15/43
336,761
European Loan Conduit DAC
568,576
Series 36A, Class E, 3 Mo. EURIBOR + 3.35% (EUR) (a) (c)
7.15%
02/17/30
584,526
Frost CMBS DAC
794,145
Series 2021-1A, Class GBB, SONIA + 1.65% (GBP) (a) (i)
6.87%
11/20/33
957,421
Grace Trust
1,000,000
Series 2020-GRCE, Class X, IO (c) (e)
0.30%
12/10/40
18,004
GS Mortgage Securities Trust
113,297
Series 2011-GC5, Class AS (c)
5.21%
08/10/44
106,581
1,402,478
Series 2011-GC5, Class XA, IO (e) (j)
0.09%
08/10/44
14
28,000,181
Series 2015-GC28, Class XA, IO (e)
1.11%
02/10/48
251,013
JP Morgan Chase Commercial Mortgage Securities Trust
1,425,781
Series 2013-C16, Class XA, IO (e)
0.84%
12/15/46
14
152,004
Series 2013-LC11, Class XA, IO (e)
1.09%
04/15/46
2
12,456,430
Series 2014-C20, Class XA, IO (e)
1.29%
07/15/47
19,648
JPMBB Commercial Mortgage Securities Trust
801,546
Series 2015-C32, Class XA, IO (e)
1.26%
11/15/48
10,225
JPMCC Commercial Mortgage Securities Trust
9,975,974
Series 2017-JP5, Class XA, IO (e)
0.96%
03/15/50
209,952
JPMDB Commercial Mortgage Securities Trust
5,402,804
Series 2016-C2, Class XA, IO (e)
1.63%
06/15/49
157,191
Last Mile Logistics Pan Euro Finance DAC
706,936
Series 1A, Class E, 3 Mo. EURIBOR + 2.70% (EUR) (a) (c)
6.49%
08/17/33
693,354
Morgan Stanley Bank of America Merrill Lynch Trust
1,278,565
Series 2013-C13, Class XA, IO (e)
1.02%
11/15/46
13
3,292,262
Series 2014-C14, Class XA, IO (e) (k)
1.05%
02/15/47
33
See Notes to Financial Statements
Page 94
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
MORTGAGE-BACKED SECURITIES (g) (Continued)
Commercial Mortgage-Backed Securities (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust (Continued)
$9,126,653
Series 2015-C20, Class XA, IO (e)
1.38%
02/15/48
$91,162
29,011,034
Series 2015-C25, Class XA, IO (e)
1.18%
10/15/48
401,057
MSCG Trust
320,769
Series 2018-SELF, Class F, 1 Mo. CME Term SOFR + CSA +
3.05% (a) (c)
8.41%
10/15/37
314,829
SFAVE Commercial Mortgage Securities Trust
690,000
Series 2015-5AVE, Class A2A (c) (e)
3.66%
01/05/43
488,374
340,000
Series 2015-5AVE, Class A2B (c) (e)
4.14%
01/05/43
232,739
SLG Office Trust
385,000
Series 2021-OVA, Class G (c)
2.85%
07/15/41
239,357
SMRT
105,000,000
Series 2022-MINI, Class XCP, IO (e) (j)
0.00%
01/15/39
110
UBS-Barclays Commercial Mortgage Trust
451,167
Series 2012-C2, Class XA, IO (c) (e)
0.71%
05/10/63
5
Wells Fargo Commercial Mortgage Trust
7,918,641
Series 2015-C26, Class XA, IO (e)
1.32%
02/15/48
96,975
13,853,465
Series 2015-C27, Class XA, IO (e)
0.98%
02/15/48
119,658
27,245,721
Series 2015-C28, Class XA, IO (e)
0.71%
05/15/48
188,633
1,817,171
Series 2015-LC22, Class XA, IO (e)
0.90%
09/15/58
21,700
3,573,081
Series 2016-C33, Class XA, IO (e)
1.73%
03/15/59
107,837
5,823,000
Series 2016-C37, Class XEF, IO (c) (e)
1.60%
12/15/49
248,617
WFRBS Commercial Mortgage Trust
898,221
Series 2014-C22, Class XA, IO (e)
0.92%
09/15/57
4,196
4,799,882
Series 2014-C24, Class XA, IO (e)
0.98%
11/15/47
29,342
24,230,512
Series 2014-LC14, Class XA, IO (e)
1.40%
03/15/47
11,156
 
9,053,075
Total Mortgage-Backed Securities
24,384,419
(Cost $28,979,525)
ASSET-BACKED SECURITIES — 29.0%
AMSR Trust
572,000
Series 2020-SFR1, Class F (c)
3.57%
04/17/37
535,714
605,000
Series 2020-SFR3, Class G (c)
4.99%
09/17/37
566,559
Ares LXII CLO Ltd.
700,000
Series 2021-62A, Class B, 3 Mo. CME Term SOFR + CSA +
1.65% (a) (c)
7.26%
01/25/34
686,511
Argent Securities Trust
737,760
Series 2006-M1, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.30% (a)
5.73%
07/25/36
190,042
Argent Securities, Inc., Asset-Backed Pass-Through Certificates
600,000
Series 2005-W3, Class M2, 1 Mo. CME Term SOFR + CSA +
0.69% (a)
6.12%
11/25/35
513,101
Boyce Park CLO Ltd.
1,178,571
Series 2022-1A, Class M2, IO (c)
0.00%
04/21/35
52,367
1,100,000
Series 2022-1A, Class SUB (c)
0.00%
04/21/35
810,909
C-BASS Mortgage Loan Trust
817,920
Series 2007-CB3, Class A3, steps up to 6.23% after
Redemption (h)
3.31%
03/25/37
303,892
940,607
Series 2007-CB3, Class A4, steps up to 6.47% after
Redemption (h)
3.31%
03/25/37
349,286
See Notes to Financial Statements
Page 95
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
CIFC Funding Ltd.
$700,000
Series 2022-2A, Class INCB (c)
0.00%
04/19/35
$582,089
CIM Trust
67,535
Series 2021-NR3, Class A1, steps up to 5.57% on
04/01/24 (c) (h)
2.57%
06/25/57
65,658
Cologix Data Centers US Issuer LLC
190,000
Series 2021-1A, Class A2 (c)
3.30%
12/26/51
168,575
CoreVest American Finance Trust
2,464,430
Series 2021-2, Class XA, IO (c) (e)
3.14%
07/15/54
194,082
Credit-Based Asset Servicing and Securitization LLC
130,142
Series 2007-CB6, Class A1, 1 Mo. CME Term SOFR + CSA +
0.12% (a) (c)
5.55%
07/25/37
83,597
Dryden CLO Ltd.
315,000
Series 2019-72A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (a) (c)
7.28%
05/15/32
310,107
Elmwood CLO VI Ltd.
600,000
Series 2020-3A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.65% (a) (c)
7.24%
10/20/34
593,045
First Franklin Mortgage Loan Trust
565,000
Series 2006-FF7, Class 2A4, 1 Mo. CME Term SOFR + CSA +
0.48% (a)
5.91%
05/25/36
467,683
Flexential Issuer
610,000
Series 2021-1A, Class A2 (c)
3.25%
11/27/51
533,848
Golub Capital Partners CLO L.P.
1,100,000
Series 2021-54A, Class A, 3 Mo. CME Term SOFR + CSA +
1.53% (a) (c)
7.16%
08/05/33
1,082,607
HSI Asset Securitization Corp. Trust
202,891
Series 2006-WMC1, Class A4, 1 Mo. CME Term SOFR + CSA
+ 0.50% (a)
5.93%
07/25/36
89,004
JP Morgan Mortgage Acquisition Trust
1,368,602
Series 2006-WMC2, Class A4, 1 Mo. CME Term SOFR + CSA
+ 0.30% (a)
5.73%
07/25/36
585,048
Long Beach Mortgage Loan Trust
288,381
Series 2006-10, Class 2A3, 1 Mo. CME Term SOFR + CSA +
0.32% (a)
5.75%
11/25/36
90,523
Madison Park Funding XLV Ltd.
825,000
Series 2020-45A, Class BR, 3 Mo. CME Term SOFR + CSA +
1.70% (a) (c)
7.27%
07/15/34
814,749
Mastr Asset Backed Securities Trust
1,535,500
Series 2007-HE1, Class A4, 1 Mo. CME Term SOFR + CSA +
0.28% (a)
5.71%
05/25/37
1,185,489
Merrill Lynch First Franklin Mortgage Loan Trust
326,262
Series 2007-1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.28% (a)
5.71%
04/25/37
139,894
620,186
Series 2007-3, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.26% (a)
5.69%
06/25/37
473,954
Merrill Lynch Mortgage Investors Trust
1,115,399
Series 2006-HE6, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.30% (a)
5.73%
11/25/37
385,939
1,000,000
Series 2006-OPT1, Class A2D, 1 Mo. CME Term SOFR + CSA
+ 0.48% (a)
5.91%
08/25/37
778,109
See Notes to Financial Statements
Page 96
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Morgan Stanley Capital I, Inc., Trust
$15,699
Series 2006-NC2, Class A2D, 1 Mo. CME Term SOFR + CSA +
0.58% (a)
6.01%
02/25/36
$15,382
Navient Student Loan Trust
320,000
Series 2015-3, Class B, 30 Day Average SOFR + 1.61% (a)
6.90%
10/25/58
300,202
975,000
Series 2019-3A, Class B, 30 Day Average SOFR + 1.66% (a) (c)
6.95%
07/25/68
928,614
Nelnet Student Loan Trust
353,604
Series 2005-4, Class B, 90 Day Average SOFR + 0.54% (a)
5.51%
09/22/35
309,777
Oakwood Mortgage Investors, Inc.
659,157
Series 1999-C, Class A2
7.48%
08/15/27
534,338
582,662
Series 2001-C, Class A2
5.92%
06/15/31
58,957
Ownit Mortgage Loan Trust
627,911
Series 2006-6, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.32% (a)
5.75%
09/25/37
291,410
Park Avenue Institutional Advisers CLO Ltd.
150,000
Series 2018-1A, Class A2R, 3 Mo. CME Term SOFR + CSA +
1.60% (a) (c)
7.19%
10/20/31
147,663
PRET LLC
1,023,607
Series 2022-RN1, Class A1, steps up to 6.72% on
02/25/25 (c) (h)
3.72%
07/25/51
992,298
Progress Residential
1,060,000
Series 2021-SFR1, Class H (c)
5.00%
04/17/38
950,046
PRPM LLC
1,085,113
Series 2021-11, Class A1, steps up to 5.49% on 11/25/24 (c) (h)
2.49%
11/25/26
1,038,812
995,188
Series 2021-3, Class A1, steps up to 4.87% on 04/25/24 (c) (h)
1.87%
04/25/26
940,444
Sabey Data Center Issuer LLC
650,000
Series 2020-1, Class A2 (c)
3.81%
04/20/45
619,759
Saxon Asset Securities Trust
61,804
Series 2005-1, Class M2, 1 Mo. CME Term SOFR + CSA +
0.72% (a)
1.87%
05/25/35
57,814
Securitized Asset Backed Receivables LLC Trust
47,062
Series 2006-NC2, Class A3, 1 Mo. CME Term SOFR + CSA +
0.48% (a)
5.91%
03/25/36
45,928
330,177
Series 2007-NC2, Class A2B, 1 Mo. CME Term SOFR + CSA +
0.28% (a)
5.71%
01/25/37
284,858
SLM Student Loan Trust
65,000
Series 2008-4, Class B, 90 Day Average SOFR + 2.11% (a)
7.17%
04/25/73
62,811
65,000
Series 2008-5, Class B, 90 Day Average SOFR + 2.11% (a)
7.17%
07/25/73
63,026
Soundview Home Loan Trust
318,133
Series 2007-OPT1, Class 2A2, 1 Mo. CME Term SOFR + CSA +
0.15% (a)
5.58%
06/25/37
211,534
179,997
Series 2007-OPT3, Class 1A1, 1 Mo. CME Term SOFR + CSA +
0.17% (a)
5.60%
08/25/37
151,792
Specialty Underwriting & Residential Finance Trust
1,143,004
Series 2006-AB3, Class A2C, 1 Mo. CME Term SOFR + CSA +
0.48% (a)
5.91%
09/25/37
792,688
Stratus CLO Ltd.
925,000
Series 2021-3A, Class SUB (c)
0.00%
12/29/29
518,675
Structured Asset Securities Corp. Mortgage Loan Trust
41,822
Series 2006-OPT1, Class A1, 1 Mo. CME Term SOFR + CSA +
0.18% (a)
5.61%
04/25/36
40,687
See Notes to Financial Statements
Page 97
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
ASSET-BACKED SECURITIES (Continued)
Textainer Marine Containers VII Ltd.
$73,458
Series 2020-3A, Class A (c)
2.11%
09/20/45
$64,575
VOYA CLO
175,000
Series 2017-2A, Class A2AR, 3 Mo. CME Term SOFR + CSA +
1.65% (a) (c)
7.22%
06/07/30
173,618
Wachovia Student Loan Trust
548,613
Series 2006-1, Class B, 90 Day Average SOFR + 0.50% (a) (c)
5.56%
04/25/40
505,903
Total Asset-Backed Securities
22,733,992
(Cost $26,050,443)
U.S. GOVERNMENT BONDS AND NOTES — 0.0%
5,000
U.S. Treasury Note
3.88%
08/15/33
4,911
(Cost $4,912)
 
 
 
Shares
Description
Value
MONEY MARKET FUNDS — 0.8%
648,279
Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (l)
648,279
(Cost $648,279)
Total Investments — 131.0%
102,542,069
(Cost $112,812,815)
Net Other Assets and Liabilities — (31.0)%
(24,244,339
)
Net Assets — 100.0%
$78,297,730
Forward Foreign Currency Contracts at August 31, 2023 (See Note 2D - Forward Foreign Currency Contracts in the Notes to Financial Statements):
 
Settlement
Date
Counterparty
Amount
Purchased
Amount
Sold
Purchase Value
as of
8/31/2023
Sale Value
as of
8/31/2023
Unrealized
Appreciation
(Depreciation)
10/13/2023
Citi
USD
925,775
GBP
721,000
$925,775
$913,501
$12,274
10/13/2023
GSIL
EUR
63,000
USD
68,537
68,458
68,537
(79
)
10/13/2023
GSIL
USD
1,316,541
EUR
1,206,000
1,316,541
1,310,487
6,054
Net Unrealized Appreciation (Depreciation)
$18,249
Futures Contracts at August 31, 2023 (See Note 2C - Futures Contracts in the Notes to Financial Statements):
 
Futures Contracts
Position
Number of
Contracts
Expiration
Date
Notional
Value
Unrealized
Appreciation
(Depreciation)/
Value
U.S. 2-Year Treasury Notes
Long
62
Dec-2023
$12,635,891
$24,117
U.S. 5-Year Treasury Notes
Long
62
Dec-2023
6,629,156
43,720
Ultra 10-Year U.S. Treasury Notes
Long
65
Dec-2023
7,547,109
67,060
Ultra U.S. Treasury Bond Futures
Long
9
Dec-2023
1,165,219
34,977
 
$27,977,375
$169,874
 
(a)
Floating or variable rate security.
(b)
Zero coupon security.
See Notes to Financial Statements
Page 98
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
(c)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At August 31, 2023, securities noted as such amounted to $26,095,641 or 33.3%
of net assets.
(d)
Inverse floating rate security.
(e)
Collateral Strip Rate security. Coupon is based on the weighted net interest rate of the investment’s underlying collateral. The
interest rate resets periodically.
(f)
All or a portion of this security is part of a mortgage dollar roll agreement (see Note 2J - Mortgage Dollar Rolls in the Notes to
Financial Statements).
(g)
Principal Value is in U.S. dollars unless otherwise indicated in the security description.
(h)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
(i)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(j)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional
buyers (see Note2K - Restricted Securities in the Notes to Financial Statements).
(k)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(l)
Rate shown reflects yield as of August 31, 2023.
 
Abbreviations throughout the Portfolio of Investments:
Citi
–  Citibank N.A.
CME
–  Chicago Mercantile Exchange
CSA
–  Credit Spread Adjustment
EUR
–  Euro
EURIBOR
–  Euro Interbank Offered Rate
GBP
–  British Pound Sterling
GSIL
–  Goldman Sachs International, London
IO
–  Interest-Only Security - Principal amount shown represents par value on which interest payments are based
PO
–  Principal-Only Security
REMIC
–  Real Estate Mortgage Investment Conduit
SOFR
–  Secured Overnight Financing Rate
SONIA
–  Sterling Overnight Index Average
TBA
–  To-Be-Announced Security
USD
–  United States Dollar
See Notes to Financial Statements
Page 99
First Trust TCW Securitized Plus ETF (DEED)
Portfolio of Investments (Continued)
August 31, 2023 
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
ASSETS TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
U.S. Government Agency Mortgage-Backed
Securities
$54,770,468
$— 
$54,770,468
$— 
Mortgage-Backed Securities
24,384,419
— 
24,384,419
— 
Asset-Backed Securities
22,733,992
— 
22,733,992
— 
U.S. Government Bonds and Notes
4,911
— 
4,911
— 
Money Market Funds
648,279
648,279
— 
— 
Total Investments
102,542,069
648,279
101,893,790
— 
Forward Foreign Currency Contracts
18,328
— 
18,328
— 
Futures Contracts*
169,874
169,874
— 
— 
Total
$102,730,271
$818,153
$101,912,118
$— 
 
LIABILITIES TABLE
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Forward Foreign Currency Contracts
$(79
)
$— 
$(79
)
$— 
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s
variation margin is presented on the Statements of Assets and Liabilities.
See Notes to Financial Statements
Page 100
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments
August 31, 2023 
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (a) — 64.8%
Angola — 1.7%
$200,000
Angolan Government International Bond (b)
8.25%
05/09/28
$175,426
200,000
Angolan Government International Bond (c)
8.00%
11/26/29
165,557
220,000
Angolan Government International Bond (c)
8.75%
04/14/32
181,354
 
522,337
Argentina — 1.6%
605,626
Argentine Republic Government International Bond, steps up to
4.13% on 07/10/2024 (d)
3.63%
07/09/35
179,987
374,969
Argentine Republic Government International Bond, steps up to
5.00% on 07/10/2024 (d)
4.25%
01/09/38
132,133
607,464
Argentine Republic Government International Bond, steps up to
4.88% on 07/10/2029 (d)
3.50%
07/09/41
189,042
 
501,162
Bahrain — 2.5%
200,000
Bahrain Government International Bond (c)
6.75%
09/20/29
200,260
200,000
Bahrain Government International Bond (c)
5.63%
05/18/34
176,498
400,000
Bahrain Government International Bond (b)
7.75%
04/18/35
411,040
 
787,798
Brazil — 1.3%
200,000
Brazilian Government International Bond
3.75%
09/12/31
172,365
250,000
Brazilian Government International Bond
6.00%
10/20/33
243,656
 
416,021
Chile — 1.8%
200,000
Chile Government International Bond
2.75%
01/31/27
186,147
200,000
Chile Government International Bond
4.95%
01/05/36
193,262
199,000
Chile Government International Bond
5.33%
01/05/54
192,288
 
571,697
Colombia — 2.6%
400,000
Colombia Government International Bond
7.50%
02/02/34
398,064
415,000
Colombia Government International Bond
7.38%
09/18/37
403,070
 
801,134
Costa Rica — 0.7%
200,000
Costa Rica Government International Bond (b)
6.55%
04/03/34
201,956
Dominican Republic — 2.6%
150,000
Dominican Republic International Bond (b)
5.50%
02/22/29
140,612
375,000
Dominican Republic International Bond (b)
4.50%
01/30/30
328,011
250,000
Dominican Republic International Bond (b)
4.88%
09/23/32
212,747
150,000
Dominican Republic International Bond (c)
6.85%
01/27/45
134,784
 
816,154
Ecuador — 1.3%
173,773
Ecuador Government International Bond, steps up to 6.90%
on 08/01/2024 (c) (d)
6.00%
07/31/30
85,462
537,746
Ecuador Government International Bond, steps up to 5.50%
on 08/01/2024 (b) (d)
3.50%
07/31/35
199,185
340,000
Ecuador Government International Bond, steps up to 5.00%
on 07/31/2024 (c) (d)
2.50%
07/31/40
112,478
 
397,125
Egypt — 2.4%
300,000
Egypt Government International Bond (c)
7.60%
03/01/29
193,836
See Notes to Financial Statements
Page 101
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
Egypt (Continued)
$200,000
Egypt Government International Bond (c)
5.88%
02/16/31
$109,468
200,000
Egypt Government International Bond (b)
7.05%
01/15/32
114,581
616,000
Egypt Government International Bond (c)
7.30%
09/30/33
341,947
 
759,832
El Salvador — 1.3%
250,000
El Salvador Government International Bond (c)
6.38%
01/18/27
196,385
140,000
El Salvador Government International Bond (c)
8.25%
04/10/32
107,872
170,000
El Salvador Government International Bond (c)
7.12%
01/20/50
114,750
 
419,007
Gabon — 0.5%
200,000
Gabon Government International Bond (c)
6.63%
02/06/31
145,925
Ghana — 1.8%
460,000
Ghana Government International Bond (c)
6.38%
02/11/27
201,227
200,000
Ghana Government International Bond (c)
7.75%
04/07/29
86,943
250,000
Ghana Government International Bond (c)
7.63%
05/16/29
108,523
200,000
Ghana Government International Bond (c)
8.63%
04/07/34
88,803
200,000
Ghana Government International Bond (c)
8.88%
05/07/42
83,793
 
569,289
Guatemala — 0.6%
200,000
Guatemala Government Bond (c)
5.25%
08/10/29
190,269
Hungary — 2.8%
499,000
Hungary Government International Bond (b)
5.25%
06/16/29
489,032
200,000
Hungary Government International Bond (b)
6.75%
09/25/52
203,449
200,000
Magyar Export-Import Bank Zrt (b)
6.13%
12/04/27
199,056
 
891,537
Indonesia — 1.3%
200,000
Indonesia Government International Bond (c)
5.25%
01/17/42
198,206
240,000
Perusahaan Penerbit SBSN Indonesia III (c)
2.55%
06/09/31
201,997
 
400,203
Ivory Coast (Cote d'Ivoire) — 0.5%
190,000
Ivory Coast Government International Bond (EUR) (b)
4.88%
01/30/32
159,211
Jordan — 1.3%
200,000
Jordan Government International Bond (b)
7.75%
01/15/28
205,650
200,000
Jordan Government International Bond (b)
7.50%
01/13/29
203,404
 
409,054
Kenya — 1.1%
200,000
Republic of Kenya Government International Bond (c)
6.88%
06/24/24
190,452
200,000
Republic of Kenya Government International Bond (c)
6.30%
01/23/34
145,347
 
335,799
Mexico — 3.7%
600,000
Mexico Government International Bond
6.35%
02/09/35
623,807
550,000
Mexico Government International Bond
6.34%
05/04/53
550,389
 
1,174,196
Morocco — 0.6%
200,000
Morocco Government International Bond (b)
5.95%
03/08/28
200,750
Nigeria — 2.5%
200,000
Nigeria Government International Bond (b)
6.13%
09/28/28
165,570
See Notes to Financial Statements
Page 102
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
Nigeria (Continued)
$370,000
Nigeria Government International Bond (c)
8.38%
03/24/29
$327,335
400,000
Nigeria Government International Bond (b)
7.70%
02/23/38
292,128
 
785,033
Oman — 3.2%
400,000
Oman Government International Bond (c)
6.00%
08/01/29
403,163
393,000
Oman Government International Bond (c)
6.25%
01/25/31
398,584
200,000
Oman Government International Bond (c)
6.75%
01/17/48
194,573
 
996,320
Pakistan — 1.3%
600,000
Pakistan Government International Bond (b)
6.00%
04/08/26
312,913
200,000
Pakistan Government International Bond (c)
6.88%
12/05/27
102,730
 
415,643
Panama — 2.5%
200,000
Panama Government International Bond
3.16%
01/23/30
174,659
550,000
Panama Government International Bond
2.25%
09/29/32
418,761
250,000
Panama Government International Bond
4.50%
04/16/50
187,770
 
781,190
Paraguay — 0.7%
255,000
Paraguay Government International Bond (c)
3.85%
06/28/33
218,125
Peru — 2.5%
478,000
Peruvian Government International Bond
2.78%
01/23/31
406,346
474,000
Peruvian Government International Bond
3.00%
01/15/34
386,643
 
792,989
Philippines — 2.3%
250,000
Philippine Government International Bond
3.56%
09/29/32
224,223
200,000
Philippine Government International Bond
5.00%
07/17/33
199,750
200,000
Philippine Government International Bond
2.95%
05/05/45
137,537
200,000
Philippine Government International Bond
3.20%
07/06/46
143,118
 
704,628
Poland — 2.4%
220,000
Republic of Poland Government International Bond
5.50%
11/16/27
224,136
335,000
Republic of Poland Government International Bond
4.88%
10/04/33
325,730
197,000
Republic of Poland Government International Bond
5.50%
04/04/53
191,932
 
741,798
Romania — 2.5%
468,000
Romanian Government International Bond (b)
6.63%
02/17/28
484,369
80,000
Romanian Government International Bond (b)
7.13%
01/17/33
84,260
196,000
Romanian Government International Bond (b)
7.63%
01/17/53
211,304
 
779,933
Senegal — 0.4%
190,000
Senegal Government International Bond (EUR) (b)
5.38%
06/08/37
138,116
South Africa — 1.0%
200,000
Republic of South Africa Government International Bond
5.88%
06/22/30
182,462
200,000
Republic of South Africa Government International Bond
5.65%
09/27/47
142,329
 
324,791
Turkey — 4.4%
200,000
Turkey Government International Bond
4.25%
04/14/26
185,040
See Notes to Financial Statements
Page 103
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
Turkey (Continued)
$200,000
Turkey Government International Bond
9.38%
03/14/29
$207,975
600,000
Turkey Government International Bond
9.38%
01/19/33
628,089
500,000
Turkey Government International Bond
5.75%
05/11/47
357,175
 
1,378,279
Ukraine — 0.7%
200,000
Ukraine Government International Bond (c)
7.75%
09/01/27
57,302
600,000
Ukraine Government International Bond (c)
7.25%
03/15/35
161,034
 
218,336
United Arab Emirates — 2.0%
600,000
Finance Department Government of Sharjah (b)
6.50%
11/23/32
613,979
Uruguay — 2.0%
663,000
Uruguay Government International Bond
5.10%
06/18/50
639,530
Zambia — 0.4%
250,000
Zambia Government International Bond (c)
5.38%
09/20/22
123,250
Total Foreign Sovereign Bonds and Notes
20,322,396
(Cost $20,405,782)
FOREIGN CORPORATE BONDS AND NOTES (a) — 29.8%
Banks — 1.2%
200,000
BBVA Bancomer S.A. (c) (e)
5.13%
01/18/33
174,123
200,000
Multibank, Inc. (b)
7.75%
02/03/28
203,306
 
377,429
Building Materials — 0.6%
200,000
Cemex SAB de C.V. (b) (e)
5.13%
(f)
185,733
Electric — 3.9%
200,000
AES Andes S.A. (c) (e)
7.13%
03/26/79
191,464
260,000
Eskom Holdings SOC Ltd. (c)
6.35%
08/10/28
244,075
200,000
Eskom Holdings SOC Ltd. (c)
8.45%
08/10/28
194,355
200,000
MVM Energetika Zrt
7.50%
06/09/28
203,750
200,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (c)
5.25%
05/15/47
170,551
285,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (c)
4.88%
07/17/49
226,355
 
1,230,550
Energy-Alternate Sources — 0.7%
250,000
India Green Power Holdings (c)
4.00%
02/22/27
221,531
Investment Companies — 1.8%
270,000
Gaci First Investment Co. (c)
4.88%
02/14/35
255,522
200,000
Gaci First Investment Co. (c)
5.13%
02/14/53
173,851
200,000
MDGH GMTN RSC Ltd., Medium-Term Note (c)
3.40%
06/07/51
143,250
 
572,623
Iron/Steel — 1.1%
200,000
CSN Resources S.A. (c)
4.63%
06/10/31
152,063
200,000
POSCO (b)
5.75%
01/17/28
201,606
 
353,669
Lodging — 0.6%
200,000
MGM China Holdings Ltd. (c)
4.75%
02/01/27
181,156
Mining — 3.0%
200,000
First Quantum Minerals Ltd. (b)
8.63%
06/01/31
203,774
See Notes to Financial Statements
Page 104
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)
Mining (Continued)
$300,000
Freeport Indonesia PT (b)
5.32%
04/14/32
$280,067
475,000
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia
Persero PT (b)
5.45%
05/15/30
455,826
 
939,667
Oil & Gas — 11.5%
285,000
Ecopetrol S.A.
8.63%
01/19/29
290,916
135,000
Ecopetrol S.A.
8.88%
01/13/33
136,968
200,000
Empresa Nacional del Petroleo (b)
6.15%
05/10/33
197,796
300,000
Energean Israel Finance Ltd. (b) (c)
5.38%
03/30/28
273,522
1,000,000
KazMunayGas National Co. JSC (b)
4.75%
04/19/27
942,500
115,000
Leviathan Bond Ltd. (b) (c)
6.75%
06/30/30
108,114
200,000
Oil and Gas Holding (The) Co. BSCC (c)
7.50%
10/25/27
204,087
170,000
Petroleos Mexicanos
6.88%
08/04/26
155,367
598,000
Petroleos Mexicanos
6.49%
01/23/27
524,273
200,000
Qatar Energy (c)
2.25%
07/12/31
164,885
850,000
Qatar Energy (c)
3.30%
07/12/51
597,395
 
3,595,823
Pipelines — 4.8%
245,405
Acu Petroleo Luxembourg Sarl (b)
7.50%
01/13/32
223,522
290,000
Galaxy Pipeline Assets Bidco Ltd. (b)
2.63%
03/31/36
230,142
189,970
Galaxy Pipeline Assets Bidco Ltd. (b)
2.94%
09/30/40
150,081
490,000
Greensaif Pipelines Bidco Sarl (b)
6.13%
02/23/38
492,388
400,000
Greensaif Pipelines Bidco Sarl (b)
6.51%
02/23/42
405,800
 
1,501,933
Semiconductors — 0.6%
200,000
SK Hynix, Inc. (b)
6.38%
01/17/28
202,761
Total Foreign Corporate Bonds and Notes
9,362,875
(Cost $9,494,142)
CORPORATE BONDS AND NOTES — 3.2%
Auto Manufacturers — 2.1%
140,000
Hyundai Capital America (b)
5.50%
03/30/26
139,461
170,000
Hyundai Capital America (b)
5.60%
03/30/28
169,227
338,000
Hyundai Capital America (b)
5.70%
06/26/30
332,862
 
641,550
Chemicals — 0.6%
200,000
Sasol Financing USA LLC (b)
8.75%
05/03/29
195,453
Oil & Gas — 0.5%
200,000
Gran Tierra Energy, Inc. (c)
7.75%
05/23/27
159,147
Total Corporate Bonds and Notes
996,150
(Cost $1,031,815)
 
See Notes to Financial Statements
Page 105
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Shares
Description
Value
MONEY MARKET FUNDS — 0.7%
216,018
Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (g)
$216,018
(Cost $216,018)
Total Investments — 98.5%
30,897,439
(Cost $31,147,757)
Net Other Assets and Liabilities — 1.5%
467,201
Net Assets — 100.0%
$31,364,640
Credit Default Swap Agreements at August 31, 2023 (See Note 2E - Swap Agreements in the Notes to Financial Statements):
 
Reference Entity
Protection
Buy/Sell
Counterparty
Notional
Value
Pay/Receive
Fixed Rate
Expiration
Date
Value
Markit CDX Emerging Markets
Index *
Buy
Barclays
Bank PLC
$725,000
1.00
%
06/20/2028
$28,823
 
*
Cost of $36,615
 
(a)
Principal Value is in U.S. dollars unless otherwise indicated in the security description.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At August 31, 2023, securities noted as such amounted to $11,340,690 or 36.2%
of net assets.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(d)
Step-up security. A security where the coupon increases or steps up at a predetermined date.
(e)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at August 31, 2023. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(f)
Perpetual maturity.
(g)
Rate shown reflects yield as of August 31, 2023.
 
Abbreviations throughout the Portfolio of Investments:
EUR
–  Euro
See Notes to Financial Statements
Page 106
First Trust TCW Emerging Markets Debt ETF (EFIX)
Portfolio of Investments (Continued)
August 31, 2023 
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
8/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Foreign Sovereign Bonds and Notes*
$20,322,396
$— 
$20,322,396
$— 
Foreign Corporate Bonds and Notes**
9,362,875
— 
9,362,875
— 
Corporate Bonds and Notes**
996,150
— 
996,150
— 
Money Market Funds
216,018
216,018
— 
— 
Total Investments
30,897,439
216,018
30,681,421
— 
Credit Default Swap Agreements
28,823
— 
28,823
— 
Total
$30,926,262
$216,018
$30,710,244
$— 
 
*
See Portfolio of Investments for country breakout.
**
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 107
First Trust Exchange-Traded Fund VIII
Statements of Assets and Liabilities
August 31, 2023 
 
 
First Trust
TCW
Opportunistic
Fixed Income
ETF
(FIXD)
First Trust
TCW
Unconstrained
Plus Bond ETF
(UCON)
First Trust
TCW
Securitized Plus
ETF
(DEED)
First Trust
TCW Emerging
Markets Debt
ETF
(EFIX)
ASSETS:
Investments, at value
$5,429,938,355
$1,812,432,863
$102,542,069
$30,897,439
Swap contracts, at value
— 
— 
— 
28,823
Cash
763,736
222,655
167
— 
Cash segregated as collateral for open swap
contracts
2,876,061
323,780
— 
— 
Cash segregated as collateral for open futures
contracts
15,001,552
6,824,450
774,998
— 
Unrealized appreciation on forward foreign
currency contracts
225,254
105,836
18,328
— 
Receivables:
Investment securities sold
618,785,733
251,048,426
10,285,382
— 
Interest
23,514,378
9,236,546
517,118
462,548
Capital shares sold
19,580,782
4,855,481
— 
— 
Dividends
703,954
150,683
4,997
1,210
Variation margin
401,217
— 
34,125
— 
Reclaims
6,736
1,981
4,970
— 
Total Assets
6,111,797,758
2,085,202,701
114,182,154
31,390,020
 
LIABILITIES:
Swap contracts, at value
144,715
17,155
— 
— 
Unrealized depreciation on forward foreign
currency contracts
990
— 
79
— 
Payables:
Investment securities purchased
1,569,742,917
594,890,389
35,833,553
— 
Investment advisory fees
2,415,807
1,053,618
50,792
25,380
Variation margin
— 
342,749
— 
— 
Other liabilities
— 
1,607
— 
— 
Total Liabilities
1,572,304,429
596,305,518
35,884,424
25,380
NET ASSETS
$4,539,493,329
$1,488,897,183
$78,297,730
$31,364,640
 
NET ASSETS consist of:
Paid-in capital
$5,509,679,008
$1,587,876,948
$121,560,785
$34,749,734
Par value
1,045,500
615,500
37,500
20,500
Accumulated distributable earnings (loss)
(971,231,179
)
(99,595,265
)
(43,300,555
)
(3,405,594
)
NET ASSETS
$4,539,493,329
$1,488,897,183
$78,297,730
$31,364,640
NET ASSET VALUE, per share
$43.42
$24.19
$20.88
$15.30
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
104,550,002
61,550,002
3,750,002
2,050,002
Investments, at cost
$5,709,825,720
$1,885,388,942
$112,812,815
$31,147,757
Swap contracts, at cost
$— 
$— 
$— 
$36,615
See Notes to Financial Statements
Page 108
First Trust Exchange-Traded Fund VIII
Statements of Operations
For the Year Ended August 31, 2023 
 
 
First Trust
TCW
Opportunistic
Fixed Income
ETF
(FIXD)
First Trust
TCW
Unconstrained
Plus Bond ETF
(UCON)
First Trust
TCW
Securitized Plus
ETF
(DEED)
First Trust
TCW Emerging
Markets Debt
ETF
(EFIX)
INVESTMENT INCOME:
Interest
$153,825,778
$75,567,266
$6,536,549
$1,677,080
Dividends
5,426,260
1,253,315
119,348
21,207
Total investment income
159,252,038
76,820,581
6,655,897
1,698,287
 
EXPENSES:
Investment advisory fees
23,729,487
12,043,308
823,820
216,423
Total expenses
23,729,487
12,043,308
823,820
216,423
Less fees waived by the investment advisor
(1,072,857
)
(434,101
)
(46,874
)
(5,784
)
Net expenses
22,656,630
11,609,207
776,946
210,639
NET INVESTMENT INCOME (LOSS)
136,595,408
65,211,374
5,878,951
1,487,648
 
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments
(249,355,246
)
(38,115,814
)
(14,203,405
)
(1,087,167
)
Purchased options contracts
(1,113,442
)
— 
— 
— 
Written options contracts
1,053,959
— 
— 
— 
Futures contracts
(40,655,259
)
17,808,623
(1,792,659
)
— 
Forward foreign currency contracts
(282,080
)
(104,978
)
34,398
(41,004
)
Swap contracts
(19,753,156
)
(3,303,626
)
— 
342
Foreign currency transactions
25,058
17,870
(51,883
)
(1,813
)
Net realized gain (loss)
(310,080,166
)
(23,697,925
)
(16,013,549
)
(1,129,642
)
Net change in unrealized appreciation (depreciation)
on:
Investments
37,958,481
2,819,206
2,381,446
784,972
Purchased options contracts
1,100,623
— 
— 
— 
Written options contracts
(1,034,052
)
— 
— 
— 
Futures contracts
4,013,457
(1,717,442
)
304,162
— 
Forward foreign currency contracts
(38,366
)
(28,157
)
(134,064
)
— 
Swap contracts
17,131,761
2,709,615
— 
(7,792
)
Foreign currency translation
(358
)
1,673
671
(36
)
Net change in unrealized appreciation (depreciation)
59,131,546
3,784,895
2,552,215
777,144
NET REALIZED AND UNREALIZED GAIN
(LOSS)
(250,948,620
)
(19,913,030
)
(13,461,334
)
(352,498
)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS
$(114,353,212
)
$45,298,344
$(7,582,383
)
$1,135,150
See Notes to Financial Statements
Page 109
First Trust Exchange-Traded Fund VIII
Statements of Changes in Net Assets
 
 
First Trust TCW Opportunistic
Fixed Income ETF (FIXD)
First Trust TCW Unconstrained
Plus Bond ETF (UCON)
 
Year
Ended
8/31/2023 
Year
Ended
8/31/2022 
Year
Ended
8/31/2023 
Year
Ended
8/31/2022 
OPERATIONS:
Net investment income (loss)
$136,595,408
$80,469,634
$65,211,374
$23,333,968
Net realized gain (loss)
(310,080,166
)
(340,923,588
)
(23,697,925
)
(3,190,864
)
Net change in unrealized appreciation (depreciation)
59,131,546
(392,335,084
)
3,784,895
(83,166,440
)
Net increase (decrease) in net assets resulting from
operations
(114,353,212
)
(652,789,038
)
45,298,344
(63,023,336
)
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(145,560,753
)
(82,614,627
)
(66,620,002
)
(21,248,341
)
Return of capital
— 
— 
— 
— 
Total distributions to shareholders
(145,560,753
)
(82,614,627
)
(66,620,002
)
(21,248,341
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
1,725,247,082
394,188,882
328,149,848
775,430,197
Cost of shares redeemed
(474,282,766
)
(1,408,009,711
)
(86,745,545
)
(30,661,288
)
Net increase (decrease) in net assets resulting from
shareholder transactions
1,250,964,316
(1,013,820,829
)
241,404,303
744,768,909
Total increase (decrease) in net assets
991,050,351
(1,749,224,494
)
220,082,645
660,497,232
 
NET ASSETS:
Beginning of period
3,548,442,978
5,297,667,472
1,268,814,538
608,317,306
End of period
$4,539,493,329
$3,548,442,978
$1,488,897,183
$1,268,814,538
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
76,850,002
98,150,002
51,650,002
22,900,002
Shares sold
38,500,000
7,900,000
13,500,000
30,000,000
Shares redeemed
(10,800,000
)
(29,200,000
)
(3,600,000
)
(1,250,000
)
Shares outstanding, end of period
104,550,002
76,850,002
61,550,002
51,650,002
See Notes to Financial Statements
Page 110
 
First Trust TCW Securitized Plus
ETF (DEED)
First Trust TCW Emerging
Markets Debt ETF (EFIX)
Year
Ended
8/31/2023 
Year
Ended
8/31/2022 
Year
Ended
8/31/2023 
Year
Ended
8/31/2022 
$5,878,951
$4,606,690
$1,487,648
$515,474
(16,013,549
)
(19,754,427
)
(1,129,642
)
(1,842,757
)
2,552,215
(13,529,922
)
777,144
(1,096,210
)
(7,582,383
)
(28,677,659
)
1,135,150
(2,423,493
)
(4,231,827
)
(4,631,176
)
(1,483,502
)
(549,502
)
(816,175
)
— 
— 
— 
(5,048,002
)
(4,631,176
)
(1,483,502
)
(549,502
)
9,991,372
84,294,818
23,931,095
— 
(104,570,582
)
(93,022,828
)
— 
(9,194,901
)
(94,579,210
)
8,728,010
23,931,095
(9,194,901
)
(107,209,595
)
(42,036,845
)
23,582,743
(12,167,896
)
185,507,325
227,544,170
7,781,897
19,949,793
$78,297,730
$185,507,325
$31,364,640
$7,781,897
8,150,002
8,750,002
500,002
1,000,002
450,000
3,250,000
1,550,000
— 
(4,850,000
)
(3,850,000
)
— 
(500,000
)
3,750,002
8,150,002
2,050,002
500,002
See Notes to Financial Statements
Page 111
First Trust Exchange-Traded Fund VIII
Financial Highlights
For a share outstanding throughout each period
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
 
 
Year Ended August 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$46.17
$53.98
$55.16
$52.97
$49.40
Income from investment operations:
Net investment income (loss)
1.64
 (a)
0.88
0.76
1.06
1.39
Net realized and unrealized gain (loss)
(2.64
)
(7.76
)
(0.34
)
2.85
3.63
Total from investment operations
(1.00
)
(6.88
)
0.42
3.91
5.02
Distributions paid to shareholders from:
Net investment income
(1.75
)
(0.93
)
(0.81
)
(1.12
)
(1.45
)
Net realized gain
— 
— 
(0.75
)
(0.60
)
— 
Return of capital
— 
— 
(0.04
)
— 
— 
Total distributions
(1.75
)
(0.93
)
(1.60
)
(1.72
)
(1.45
)
Net asset value, end of period
$43.42
$46.17
$53.98
$55.16
$52.97
Total return (b)
(2.15
)%
(12.84
)%
0.77
%
7.57
%
10.33
%
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$4,539,493
$3,548,443
$5,297,667
$3,640,505
$900,459
Ratio of total expenses to average net assets
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Ratio of net expenses to average net assets
0.62
%
0.55
%
0.55
%
0.55
%
0.55
%
Ratio of net investment income (loss) to average net
assets
3.72
%
1.74
%
1.34
%
1.61
%
2.69
%
Portfolio turnover rate (c) (d)
456
%
445
%
497
%
431
%
246
%
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the investment advisor.
(c)
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.
(d)
The portfolio turnover rate not including mortgage dollar rolls was 290%, 271%, 282%, 270% and 223% for the years ending August 31, 2023,
August 31, 2022, August 31, 2021, August 31, 2020 and August 31, 2019, respectively.
See Notes to Financial Statements
Page 112
First Trust Exchange-Traded Fund VIII
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust TCW Unconstrained Plus Bond ETF (UCON)
 
 
Year Ended August 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$24.57
$26.56
$26.19
$25.79
$25.12
Income from investment operations:
Net investment income (loss)
1.11
 (a)
0.55
0.53
0.75
0.77
Net realized and unrealized gain (loss)
(0.35
)
(2.01
)
0.52
0.50
0.75
Total from investment operations
0.76
(1.46
)
1.05
1.25
1.52
Distributions paid to shareholders from:
Net investment income
(1.14
)
(0.52
)
(0.51
)
(0.85
)
(0.81
)
Net realized gain
— 
(0.01
)
(0.17
)
— 
(0.04
)
Total distributions
(1.14
)
(0.53
)
(0.68
)
(0.85
)
(0.85
)
Net asset value, end of period
$24.19
$24.57
$26.56
$26.19
$25.79
Total return (b)
3.18
%
(5.55
)%
4.04
%
4.97
%
6.15
%
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$1,488,897
$1,268,815
$608,317
$204,295
$207,606
Ratio of total expenses to average net assets
0.85
%
0.85
%
0.85
%
0.85
%
0.85
%
Ratio of net expenses to average net assets
0.82
%
0.75
%
0.75
%
0.75
%
0.75
%
Ratio of net investment income (loss) to average net assets
4.60
%
2.35
%
1.90
%
2.88
%
3.16
%
Portfolio turnover rate (c) (d)
257
%
208
%
190
%
111
%
40
%
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the investment advisor.
(c)
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.
(d)
The portfolio turnover rate not including mortgage dollar rolls was 33%, 43%, 40%, 67% and 39% for the years ending August 31, 2023,
August 31, 2022, August 31, 2021, August 31, 2020, and August 31, 2019, respectively.
See Notes to Financial Statements
Page 113
First Trust Exchange-Traded Fund VIII
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust TCW Securitized Plus ETF (DEED)
 
 
Year Ended August 31,
Period
Ended

8/31/2020  (a)
 
2023
2022
2021
Net asset value, beginning of period
$22.76
$26.01
$25.88
$25.00
Income from investment operations:
Net investment income (loss)
1.16
 (b)
0.49
0.28
0.08
Net realized and unrealized gain (loss)
(1.98
)
(3.28
)
0.47
0.87
Total from investment operations
(0.82
)
(2.79
)
0.75
0.95
Distributions paid to shareholders from:
Net investment income
(0.89
)
(0.39
)
(0.29
)
(0.07
)
Net realized gain
— 
(0.07
)
(0.33
)
— 
Return of capital
(0.17
)
— 
— 
— 
Total distributions
(1.06
)
(0.46
)
(0.62
)
(0.07
)
Net asset value, end of period
$20.88
$22.76
$26.01
$25.88
Total return (c)
(3.62
)%
(10.87
)%
2.93
%
3.80
%
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$78,298
$185,507
$227,544
$25,877
Ratio of total expenses to average net assets
0.75
%
0.75
%
0.75
%
0.75
%  (d)
Ratio of net expenses to average net assets
0.71
%
0.65
%
0.65
%
0.65
%  (d)
Ratio of net investment income (loss) to average net assets
5.35
%
1.90
%
0.98
%
0.94
%  (d)
Portfolio turnover rate (e) (f)
405
%
678
%
678
%
186
%
 
(a)
Inception date is April 29, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units
were established.
(b)
Based on average shares outstanding.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the investment advisor.
(d)
Annualized.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
(f)
The portfolio turnover rate not including mortgage dollar rolls was 93%, 272%, 299% and 21% for the periods ending August 31, 2023,
August 31, 2022, August 31, 2021 and August 31, 2020, respectively.
See Notes to Financial Statements
Page 114
First Trust Exchange-Traded Fund VIII
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust TCW Emerging Markets Debt ETF (EFIX)
 
 
Year Ended August 31,
Period
Ended

8/31/2021  (a)
 
2023
2022
Net asset value, beginning of period
$15.56
$19.95
$20.00
Income from investment operations:
Net investment income (loss)
0.99
 (b)
0.70
0.40
Net realized and unrealized gain (loss)
(0.29
)
(4.33
)
(0.02
)
Total from investment operations
0.70
(3.63
)
0.38
Distributions paid to shareholders from:
Net investment income
(0.96
)
(0.76
)
(0.43
)
Net asset value, end of period
$15.30
$15.56
$19.95
Total return (c)
4.67
%
(18.52
)%
1.93
%
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$31,365
$7,782
$19,950
Ratio of total expenses to average net assets
0.95
%
0.95
%
0.95
%  (d)
Ratio of net expenses to average net assets
0.92
%
0.85
%
0.85
%  (d)
Ratio of net investment income (loss) to average net assets
6.53
%
4.00
%
3.75
%  (d)
Portfolio turnover rate (e)
151
%
125
%
100
%
 
(a)
Inception date is February 17, 2021, which is consistent with the commencement of investment operations and is the date the initial creation
units were established.
(b)
Based on average shares outstanding.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year. The total returns would have been lower if certain
fees had not been waived by the investment advisor.
(d)
Annualized.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 115
Notes to Financial Statements
First Trust Exchange-Traded Fund VIII
August 31, 2023 
1. Organization
First Trust Exchange-Traded Fund VIII (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on February 22, 2016, 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 sixty-nine funds that are offering shares. This report covers the four funds (each a “Fund” and collectively, the “Funds”) listed below: 
 
First Trust TCW Opportunistic Fixed Income ETF – (The Nasdaq Stock Market LLC (“Nasdaq”) ticker “FIXD”)
First Trust TCW Unconstrained Plus Bond ETF – (NYSE Arca, Inc. (“NYSE Arca”) ticker “UCON”)
First Trust TCW Securitized Plus ETF – (NYSE Arca ticker “DEED”)
First Trust TCW Emerging Markets Debt ETF – (NYSE Arca ticker “EFIX”)
Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.”
Each Fund is an actively managed exchange-traded fund. FIXD’s, UCON’s, and DEED’s investment objective is to seek to maximize long-term total return. EFIX’s investment objective is to seek to provide high total return from current income and capital appreciation. Each of FIXD and UCON seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in fixed income securities. DEED seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in securitized debt securities. EFIX seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in debt securities issued or guaranteed by companies, financial institutions and government entities located in emerging market countries.
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. Domestic debt securities and 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:
Corporate bonds, corporate notes, U.S. government securities, mortgage-backed securities, asset-backed securities, municipal securities, capital preferred securities and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or by a third-party pricing service approved by the Advisor’s Pricing Committee, which may use the following valuation inputs when available:
Page 116
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
 1)
benchmark yields;
 2)
reported trades;
 3)
broker/dealer quotes;
 4)
issuer spreads;
 5)
benchmark securities;
 6)
bids and offers; and
 7)
reference data including market research publications.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
Common stocks 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 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.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Options on swaps (“swaptions”) are valued by a third-party pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
Shares of open-end funds are valued based on NAV per share.
Senior Floating-Rate Loan Interests (“Senior Loans”)(1) are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans. 
Forward foreign currency contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety, and one-hundred eighty day forward rates provided by a third-party pricing service.
Exchange-traded futures contracts are valued at the end of the day settlement price.
Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Options contracts traded in the over-the-counter market may be valued as follows, depending on the market in which the instrument trades: (1) the mean of the most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option. 
Swaps are valued utilizing quotations provided by a third-party pricing service or, if the third-party pricing service does not provide a value, by quotes provided by the selling dealer or financial institution.
Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific
(1)
The terms “security” and “securities” used throughout the Notes to Financial Statements include Senior Loans.
Page 117
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:
 1)
the credit conditions in the relevant market and changes thereto;
 2)
the liquidity conditions in the relevant market and changes thereto;
 3)
the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);
 4)
issuer-specific conditions (such as significant credit deterioration); and
 5)
any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the “1933 Act”)) 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 most recent price provided by a pricing service;
 2)
the fundamental business data relating to the borrower/issuer;
 3)
an evaluation of the forces which influence the market in which these securities are purchased and sold;
 4)
the type, size and cost of a security;
 5)
the financial statements of the borrower/issuer or the financial condition of the country of issue;
 6)
the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee’s, TCW Investment Management Company LLC’s (“TCW” or the “Sub-Advisor”) or portfolio manager’s analysis, as applicable, or external analysis;
 7)
the information as to any transactions in or offers for the security
 8)
the price and extent of public trading in similar securities of the borrower/issuer, or comparable companies;
 9)
the coupon payments;
10)
the quality, value and salability of collateral, if any, securing the security;
11)
the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower’s/issuer’s management (for corporate debt only);
12)
the economic, political and social prospects/developments of the country of issue and the assessment of the country’s government leaders/officials (for sovereign debt only);
13)
the prospects for the borrower’s/issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only);
14)
the borrower’s/issuer’s competitive position within the industry;
15)
the borrower’s/issuer’s ability to access additional liquidity through public and/or private markets; and
16)
other relevant factors.
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 the 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.
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:
Page 118
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
•  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 August 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. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.
The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates the London Interbank Offered Rates (“LIBOR”) ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. The overnight and 12-month USD LIBOR settings permanently ceased as of June 30, 2023. The FCA announced that the 1-, 3- and 6-month USD LIBOR settings will continue to be published using a synthetic methodology to serve as a fallback for non-U.S. contracts until September 2024. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of the Secured Overnight Financing Rate (“SOFR”) as a replacement rate. There is no assurance that any alternative reference rate, including SOFR, will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. At this time, it is not possible to predict the full impact of the elimination of LIBOR and the establishment of an alternative reference rate on the Funds or their investments.
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.
Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Each Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At August 31, 2023, the Funds had no when-issued or delayed-delivery securities. At August 31, 2023, FIXD, UCON, and DEED held $950,192,120, $307,609,312 and $25,196,969, respectively, of forward purchase commitments.
C. Futures Contracts
Each Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between a Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If a Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in “Net realized gain (loss) on futures contracts” on the Statements of Operations.
Page 119
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
Upon entering into a futures contract, a Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked-to-market daily with the change in value recognized as a component of “Net change in unrealized appreciation (depreciation) on futures contracts” on the Statements of Operations. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in “Variation margin” receivable or payable on the Statements of Assets and Liabilities. If market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.
D. Forward Foreign Currency Contracts
Each Fund is subject to foreign currency risk in the normal course of pursuing its investment objective. Forward foreign currency contracts are agreements between two parties (“Counterparties”) to exchange one currency for another at a future date and at a specified price. Each Fund uses forward foreign currency contracts to facilitate transactions in foreign securities and to manage the Fund’s foreign currency exposure. These contracts are valued daily, and a Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in “Unrealized appreciation on forward foreign currency contracts” and “Unrealized depreciation on forward foreign currency contracts” on the Statements of Assets and Liabilities. The change in unrealized appreciation/(depreciation) is included in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts” on the Statements of Operations. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or the cost of) the closing transaction and the Fund’s basis in the contract. This realized gain or loss is included in “Net realized gain (loss) on forward foreign currency contracts” on the Statements of Operations. Risks arise from the possible inability of Counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Due to the risks, a Fund could incur losses in excess of the net unrealized value shown on the Forward Foreign Currency Contracts table in the Fund’s Portfolio of Investments. In the event of default by the Counterparty, a Fund will provide notice to the Counterparty of the Fund’s intent to convert the currency held by the Fund into the currency that the Counterparty agreed to exchange with the Fund. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.
E. Swap Agreements
Each Fund may enter into swap agreements. A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed upon prices, rates, credit event, etc. Payment received or made by the Fund for swaps, if any, are recorded on the Statements of Operations as “Net realized gain (loss) on swap contracts.” When a swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts, if any, is the premium received or paid. Swap agreements are individually negotiated and involve the risk of the potential inability of the Counterparties to meet the terms of the agreement. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. In the event of a default by a Counterparty, the Fund will seek withdrawal of the collateral and may incur certain costs exercising its rights with respect to the collateral. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.
Swap agreements may increase or decrease the overall volatility of the investments of the Fund. The performance of swap agreements may be affected by changes in the specific interest rate, credit event, security, currency, or other factors that determine the amounts of payments due to and from the Fund. The notional amount represents the U.S. dollar value of the contract as of the day of the opening transaction or contract reset. When the Fund enters into a swap agreement, any premium paid is included in “Swap contracts, at value” on the Statements of Assets and Liabilities.
FIXD and UCON held interest rate swap agreements at August 31, 2023. An interest rate swap agreement involves the Fund’s agreement to exchange a stream of interest payments for another party’s stream of cash flows. Interest rate swaps do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited
Page 120
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
to the net amount of interest payments that the Fund is contractually obligated to make. The Fund’s maximum interest rate risk to meet its future payments under swap agreements is equal to the total notional amount as shown on the Portfolio of Investments.
EFIX held credit default swap contracts (“CDS”) at August 31, 2023. A fund may enter into credit default swap contracts for investment purposes or to manage credit risk. A CDS is an agreement between two parties (“Counterparties”) to exchange the credit risk of an issuer. Swap agreements may be privately negotiated in the over-the-counter market as a bilateral contract or centrally cleared.
A CDS can mitigate risks in bond investing by transferring a given risk from one party to another without transferring the underlying bond or other credit asset. In a credit default swap agreement, one party “sells” risk and the counterparty “buys” that risk. The “seller” of credit risk, who also tends to own the underlying credit asset, pays a periodic fee to the risk “buyer.” In return, the risk “buyer” agrees to pay the “seller” a set amount if there is a default, or a credit event.
A CDS is marked to market daily based upon quotations from brokers, market makers or an independent pricing service and the change in value, if any, is recorded as unrealized appreciation (depreciation). For a CDS sold by the Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the reference debt obligation purchased/received.
F. Options and Swaptions
FIXD may invest in option contracts to adjust its exposure to interest rate risk. The primary risk associated with purchasing options is that the value of the underlying investments may move in such a way that the option is out-of-the-money (the exercise price of the option exceeds the value of the underlying investment), the position is worthless at expiration, and the Fund loses the premium paid. The primary risk associated with selling options is that the value of the underlying investments may move in such a way that the option is in-the money (the exercise price of the option exceeds the value of the underlying investment), the counterparty exercises the option, and the Fund loses an amount equal to the market value of the option written less the premium received.
FIXD and UCON may invest in options on swaps (swaptions), which are transacted over-the-counter (“OTC”) and not on an exchange. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options have the risk of the potential inability of counterparties to meet the terms of their contracts. Each Fund’s maximum equity price risk for purchased options is limited to the premium initially paid.
FIXD may purchase or write (sell) put and call options on futures contracts and enter into closing transactions with respect to such options to terminate an existing position. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price prior to the expiration of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. Prior to exercise or expiration, a futures contract may be closed out by an offsetting purchase or sale of a futures option of the same series. Options are marked-to-market daily and their value is affected by changes in the value of the underlying security, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying securities, and the remaining time to the option’s expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or the trading volume diminishes.
When a Fund purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in “Options contracts purchased, at value” on the Statements of Assets and Liabilities. When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in “Options contracts written, at value” on the Statements of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the underlying equity securities, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options’ expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes
When a Fund purchases a call or put swaption, the premium paid represents the cost of the call or put swaption, which is included in “Swaptions contracts purchased, at value” on the Statements of Assets and Liabilities and is subsequently adjusted daily to the current
Page 121
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
market value of the option purchased. Fluctuations in the value of the swaptions are recorded in the Statements of Operations as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized. If a Fund elects to allow a put swaption to expire, then the interest rate risk for purchased swaptions is limited to the premium initially paid. Any gain or loss on swaptions is included in “Purchased/Written swaptions contracts” on the Statements of Operations.
G. 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.
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.
The Funds do not have the right to offset financial assets and financial liabilities related to options and swaptions contracts, forward foreign currency contracts, futures contracts or swap contracts on the Statements of Assets and Liabilities.
H. 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 included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date for fixed-income securities is included in “Net realized gain (loss) on investments” on the Statements of Operations.
I. Interest-Only Securities
An interest-only security (“IO Security”) is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on each Fund’s Portfolio of Investments.
J. Mortgage Dollar Rolls
Each Fund may invest, without limitation, in mortgage dollar rolls. The Funds intend to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Funds’ Sub-Advisor. In a mortgage dollar roll, a Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. Mortgage dollar rolls are recorded as separate purchases and sales in a Fund.
K. Restricted Securities
FIXD, UCON, and DEED invest in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration
Page 122
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of August 31, 2023, FIXD, UCON, and DEED held restricted securities as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security-specific factors and assumptions, which require subjective judgment. Each Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security. There are no unrestricted securities with the same maturity dates and yields for these issuers.
 
Security
Acquisition
Date
Principal
Value
Current
Price
Carrying
Cost
Value
% of
Net Assets
FIXD 
Intelsat Jackson Holdings S.A.,
8.50%, 10/15/2024
2/25/2022
$3,860,000
$0.00
$0
$0
0.00
%
Intelsat Jackson Holdings S.A.,
9.75%, 07/15/2025
2/25/2022
390,000
0.00
0
0
0.00
 
$0
$0
0.00
%
UCON 
Intelsat Jackson Holdings S.A.,
8.50%, 10/15/2024
2/25/2022
750,000
0.00
0
0
0.00
Intelsat Jackson Holdings S.A.,
9.75%, 07/15/2025
2/25/2022
303,000
0.00
0
0
0.00
 
$0
$0
0.00
%
DEED 
GS Mortgage Securities Trust,
Series 2011-GC5, Class XA, IO,
0.09%, 08/10/2044
5/19/2020
1,402,478
0.00
*
0
14
0.00
**
SMRT, Series 2022-MINI,
Class XCP, IO, 0.00%,
01/15/2039
1/24/2022
105,000,000
0.00
*
0
110
0.00
**
 
$0
$124
0.00
%**
 
*
Amount is less than $0.01.
**
Amount is less than 0.01%.
L. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid monthly, or as the Board of Trustees may determine from time to time. Distributions of net realized 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 in cash may be reinvested automatically in additional whole shares only if the broker through whom the shares were purchased makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
Page 123
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
The tax character of distributions paid by each Fund during the fiscal year ended August 31, 2023 was as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust TCW Opportunistic Fixed Income ETF
$145,560,753
$— 
$— 
First Trust TCW Unconstrained Plus Bond ETF
66,620,002
— 
— 
First Trust TCW Securitized Plus ETF
4,231,827
— 
816,175
First Trust TCW Emerging Markets Debt ETF
1,483,502
— 
— 
The tax character of distributions paid by each Fund during the fiscal year ended August 31, 2022 was as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust TCW Opportunistic Fixed Income ETF
$88,246,752
$— 
$— 
First Trust TCW Unconstrained Plus Bond ETF
21,039,193
209,148
— 
First Trust TCW Securitized Plus ETF
4,631,176
— 
— 
First Trust TCW Emerging Markets Debt ETF
549,502
— 
— 
As of August 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)
First Trust TCW Opportunistic Fixed Income ETF
$3,532,151
$(679,160,951
)
$(295,602,379
)
First Trust TCW Unconstrained Plus Bond ETF
2,786,750
(28,758,103
)
(73,623,912
)
First Trust TCW Securitized Plus ETF
— 
(35,512,224
)
(7,788,331
)
First Trust TCW Emerging Markets Debt ETF
(49,295
)
(2,989,368
)
(366,931
)
M. Income 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.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For FIXD, UCON, and DEED, the taxable years ended 2020, 2021, 2022, and 2023 remain open to federal and state audit. For EFIX, the taxable years ended 2021, 2022, and 2023 remain open to federal and state audit. As of August 31, 2023, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At August 31, 2023, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
Page 124
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
 
Non-Expiring
Capital Loss
Carryforwards
First Trust TCW Opportunistic Fixed Income ETF
$679,160,951
First Trust TCW Unconstrained Plus Bond ETF
28,758,103
First Trust TCW Securitized Plus ETF
35,512,224
First Trust TCW Emerging Markets Debt ETF
2,989,368
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended August 31, 2023, the following Funds listed below incurred and elected to defer net late year ordinary or capital losses as follows:
 
 
Qualified Late Year Losses
 
Ordinary Losses
Capital Losses
First Trust TCW Opportunistic Fixed Income ETF
$— 
$— 
First Trust TCW Unconstrained Plus Bond ETF
— 
— 
First Trust TCW Securitized Plus ETF
— 
— 
First Trust TCW Emerging Markets Debt ETF
38,096
— 
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. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended August 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
First Trust TCW Opportunistic Fixed Income ETF
$11,973,580
$(11,973,580
)
$— 
First Trust TCW Unconstrained Plus Bond ETF
2,947,481
(2,947,481
)
— 
First Trust TCW Securitized Plus ETF
(694,715
)
694,715
— 
First Trust TCW Emerging Markets Debt ETF
(26,614
)
26,614
— 
As of August 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)
First Trust TCW Opportunistic Fixed Income ETF
$5,729,148,242
$24,917,613
$(320,518,168
)
$(295,600,555
)
First Trust TCW Unconstrained Plus Bond ETF
1,885,267,091
15,219,387
(88,843,978
)
(73,624,591
)
First Trust TCW Securitized Plus ETF
110,518,397
421,033
(8,209,238
)
(7,788,205
)
First Trust TCW Emerging Markets Debt ETF
31,256,542
504,704
(871,599
)
(366,895
)
N. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3).
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the 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.
Page 125
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
TCW serves as the Funds’ sub-advisor and manages each Fund’s portfolio subject to First Trust’s supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Advisor and TCW, First Trust will supervise TCW and its management of the investment of each Fund’s assets and will pay TCW for its services as the Funds’ sub-advisor. TCW receives a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund’s expenses accrued during the most recent twelve months are subtracted from the unitary management fee for that month. During any period in which the Advisor’s management fee is reduced in accordance with the breakpoints described below, the investment sub-advisory fee (which is based on the Advisor’s management fee) paid to TCW will be reduced to reflect the reduction in the Advisor’s management fee. First Trust will also be responsible for each Fund’s expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. Effective November 1, 2022, the unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net asset (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
FIXD
UCON
DEED
EFIX
Fund net assets up to and including $2.5 billion
0.65000
%
0.85000
%
0.75000
%
0.95000
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.63375
%
0.82875
%
0.73125
%
0.92625
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.61750
%
0.80750
%
0.71250
%
0.90250
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.60125
%
0.78625
%
0.69375
%
0.87875
%
Fund net assets greater than $10 billion
0.58500
%
0.76500
%
0.67500
%
0.85500
%
Prior to November 1, 2022, FIXD, UCON, DEED, and EFIX each paid First Trust an annual unitary management fee equal to 0.65%, 0.85%, 0.75%, and 0.95%, respectively, of its average daily net assets.
Pursuant to a contractual agreement, First Trust agreed to waive management fees of 0.10% of average daily net assets until December 31, 2022 for FIXD, UCON, and DEED and February 10, 2023 for EFIX. The contractual agreement terminated and was not renewed. During the year ended August 31, 2023, the Advisor waived fees of $1,072,857, $434,101, $46,874, and $5,784, for FIXD, UCON, DEED, and EFIX, respectively. During any period in which First Trust waived fees, the Funds were not eligible for any break point discounts described above.
The Trust has multiple service agreements with The Bank of New York Mellon (“BNYM”). Under the service agreements, BNYM performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNYM is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNYM is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNYM is responsible for maintaining shareholder records for each Fund. BNYM is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
Page 126
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
4. Purchases and Sales of Securities
For the fiscal year ended August 31, 2023, the cost of purchases and proceeds from sales and paydowns of U.S. Government securities and non-U.S. Government securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust TCW Opportunistic Fixed Income ETF
U.S. Government securities
$19,973,652,487
$18,851,462,776
Non-U.S. Government securities
793,726,233
647,334,694
First Trust TCW Unconstrained Plus Bond ETF
U.S. Government securities
3,437,639,949
3,190,778,007
Non-U.S. Government securities
580,954,659
363,330,450
First Trust TCW Securitized Plus ETF
U.S. Government securities
599,554,770
683,650,071
Non-U.S. Government securities
507,670
48,803,845
First Trust TCW Emerging Markets Debt ETF
U.S. Government securities
— 
— 
Non-U.S. Government securities
57,583,843
34,300,602
For the fiscal year ended August 31, 2023, the Funds had no in-kind transactions.
5. Derivative Transactions
The following table presents the types of derivatives held by each Fund at August 31, 2023, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.
 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
FIXD
 
 
 
Forward foreign
currency contracts
Currency Risk
Unrealized appreciation on
forward foreign currency
contracts
$225,254
Unrealized depreciation on
forward foreign currency
contracts
$990
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
4,038,971
Unrealized depreciation on
futures contracts*
509,188
Swap contracts
Interest Rate Risk
Swap contracts, at value
— 
Swap contracts, at value
144,715
UCON
 
 
 
Forward foreign
currency contracts
Currency Risk
Unrealized appreciation on
forward foreign currency
contracts
105,836
Unrealized depreciation on
forward foreign currency
contracts
— 
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
1,990,663
Unrealized depreciation on
futures contracts*
2,869,707
Swap contracts
Interest Rate Risk
Swap contracts, at value
— 
Swap contracts, at value
17,155
DEED
 
 
 
Forward foreign
currency contracts
Currency Risk
Unrealized appreciation on
forward foreign currency
contracts
18,328
Unrealized depreciation on
forward foreign currency
contracts
79
Futures contracts
Interest Rate Risk
Unrealized appreciation on
futures contracts*
169,874
Unrealized depreciation on
futures contracts*
— 
Page 127
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
EFIX
 
 
 
Swap contracts
Credit Risk
Swap contracts, at value
$28,823
Swap contracts, at value
$— 
 
*
Includes cumulative appreciation/depreciation on futures contracts as reported in each Fund’s Portfolio of Investments. Only the
current day’s variation margin is presented on the Statements of Assets and Liabilities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended August 31, 2023, on each Fund’s derivative instruments, as well as the primary underlying risk exposure associated with the instruments.
 
 
Statements of Operations Location
FIXD 
UCON 
DEED 
EFIX 
Credit Risk Exposure
Net realized gain (loss) on swap contracts
$— 
$— 
$— 
$342
Net change in unrealized appreciation (depreciation) on swap
contracts
— 
— 
— 
(7,792
)
Currency Risk Exposure
Net realized gain (loss) on forward foreign currency contracts
(282,080
)
(104,978
)
34,398
(41,004
)
Net change in unrealized appreciation (depreciation) on forward
foreign currency contracts
(38,366
)
(28,157
)
(134,064
)
— 
Interest Rate Risk Exposure
Net realized gain (loss) on:
Purchased options contracts
(1,113,442
)
— 
— 
— 
Written options contracts
1,053,959
— 
— 
— 
Futures contracts
(40,655,259
)
17,808,623
(1,792,659
)
— 
Swap contracts
(19,753,156
)
(3,303,626
)
— 
— 
Net change in unrealized appreciation (depreciation) on:
Purchased options contracts
1,100,623
— 
— 
— 
Written options contracts
(1,034,052
)
— 
— 
— 
Futures contracts
4,013,457
(1,717,442
)
304,162
— 
Swap contracts
17,131,761
2,709,615
— 
— 
FIXD
During the fiscal year ended August 31, 2023, the premiums for purchased options contracts opened were $0 and the premiums for purchased options contracts closed, exercised and expired were $1,113,442.
During the fiscal year ended August 31, 2023, the premiums for written options contracts opened were $0 and the premiums for written options contracts closed, exercised and expired were $1,053,958.
During the fiscal year ended August 31, 2023, the notional value of forward foreign currency contracts opened and closed were $138,656,768 and $110,357,898, respectively.
During the fiscal year ended August 31, 2023, the notional value of futures contracts opened and closed were $6,755,975,205 and $5,919,579,127, respectively.
For the fiscal year ended August 31, 2023, the average volume of interest rate swaps was $341,184,192.
UCON
During the fiscal year ended August 31, 2023, the notional value of forward foreign currency contracts opened and closed were $42,228,202 and $904,754, respectively.
During the fiscal year ended August 31, 2023, the notional value of futures contracts opened and closed were $3,591,666,841 and $3,437,986,536, respectively.
Page 128
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
For the fiscal year ended August 31, 2023, the average volume of interest rate swaps was $49,900,362.
DEED
During the fiscal year ended August 31, 2023, the notional value of forward foreign currency contracts opened and closed were $8,493,847 and $9,774,518, respectively.
During the fiscal year ended August 31, 2023, the notional value of futures contracts opened and closed were $219,837,568 and $234,441,725, respectively.
EFIX
During the fiscal year ended August 31, 2023, the notional value of forward foreign currency contracts opened and closed were $4,245,865 and $4,245,865, respectively.
For the fiscal year ended August 31, 2023, the average volume of credit default swaps was $725,000.
6. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process:the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
7. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. (“FTP”), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
Page 129
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 
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 December 31, 2024.
8. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
9. Other Matters
By operation of law, DEED now operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act.
10. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 130
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of First Trust Exchange-Traded Fund VIII:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of First Trust TCW Opportunistic Fixed Income ETF, First Trust TCW Unconstrained Plus Bond ETF, First Trust TCW Securitized Plus ETF, and First Trust TCW Emerging Markets Debt ETF (the “Funds”), each a series of the First Trust Exchange-Traded Fund VIII, as of August 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, the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2023, 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 the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.
 
Individual Funds Included
in the Trust
Financial Highlights
First Trust TCW Opportunistic
Fixed Income ETF
For the years ended August 31, 2023, 2022, 2021, 2020, and 2019
First Trust TCW Unconstrained
Plus Bond ETF
For the years ended August 31, 2023, 2022, 2021, 2020, and 2019
First Trust TCW Securitized Plus
ETF
For the years ended August 31, 2023, 2022, 2021 and for the period from April 29, 2020
(commencement of investment operations) through August 31, 2020
First Trust TCW Emerging
Markets Debt ETF
For the years ended August 31, 2023, 2022 and for the period from February 17, 2021
(commencement of investment operations) through August 31, 2021
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 August 31, 2023, by correspondence with the custodian, agent banks, and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
Chicago, Illinois
October 25, 2023
We have served as the auditor of one or more First Trust investment companies since 2001.
Page 131
Additional Information
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
Distributions paid to foreign shareholders for the taxable year ended August 31, 2023 that were properly designated by each Fund as “interest-related dividends” or “short-term capital gain dividends,” may not be subject to federal income tax provided that the income was earned directly by such foreign shareholders.
Of the ordinary income (including short-term capital gain) distribution made by each Fund during the fiscal year ended August 31, 2023, none qualify for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.
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
Page 132
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
participate in a gain in the value of the underlying ETF up to the cap for the investor’s investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund’s share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless.
Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund’s portfolio managers use derivatives to enhance the fund’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund’s shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an 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
Page 133
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
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 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.
Page 134
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
Preferred Securities Risk. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.
Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.
NOT FDIC INSURED  NOT BANK GUARANTEED  MAY LOSE VALUE
Remuneration
First Trust Advisors L.P. (“First Trust”) is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded Fund VIII funds it manages (the “Funds”) in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund Managers Directive (the “Directive”). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust’s interpretation of currently available regulatory guidance on remuneration disclosures.
During the year ended December 31, 2022, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $2,615,530. This figure is comprised of $101,395 paid (or to be paid) in fixed compensation and $2,514,135 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $1,379,438 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,236,092 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, “Code Staff”).
Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:
i. 
to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;
ii. 
to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and
iii. 
to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.
First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.
Page 135
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.
No individual is involved in setting his or her own remuneration.
Advisory and Sub-Advisory Agreements
Board Considerations Regarding Approval of the Continuation of the Investment Management and Sub-Advisory Agreements
The Board of Trustees of First Trust Exchange-Traded Fund VIII (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Advisory Agreement” and collectively, the “Advisory Agreements”) with First Trust Advisors L.P. (the “Advisor”) and the Investment Sub-Advisory Agreements (as applicable to a specific Fund, the “Sub-Advisory Agreement” and collectively, the “Sub-Advisory Agreements” and together with the Advisory Agreements, the “Agreements”) among the Trust, the Advisor and TCW Investment Management Company LLC (the “Sub-Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
 
First Trust TCW Opportunistic Fixed Income ETF (FIXD)
First Trust TCW Unconstrained Plus Bond ETF (UCON)
First Trust TCW Securitized Plus ETF (DEED)
First Trust TCW Emerging Markets Debt ETF (EFIX)
The Board approved the continuation of the applicable Agreements for each Fund for a one-year period ending June 30, 2024 at a meeting held on June 4–5, 2023. The Board determined for each Fund that the continuation of the applicable Agreements is 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.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 17, 2023 and June 4–5, 2023, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined:the services provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the sub-advisory fee as compared to fees charged to other clients of the Sub-Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”), and the Sub-Advisor; and information on the Advisor’s and the Sub-Advisor’s compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 17, 2023, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 4–5, 2023 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from each Fund’s perspective. The Board determined that, given the totality of the information provided with
Page 136
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund’s unitary fee.
In reviewing the applicable Agreements for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the applicable Agreements. With respect to the Advisory Agreements, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor’s day-to-day management of each Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s, the Sub-Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 17, 2023 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreements, the Board noted that each Fund is an actively-managed ETF and the Sub-Advisor actively manages the Fund’s investments. In addition to the written materials provided by the Sub-Advisor, at the June 4–5, 2023 meeting, the Board also received a presentation from representatives of the Sub-Advisor, who discussed the services that the Sub-Advisor provides to each Fund, including the Sub-Advisor’s day-to-day management of the Funds’ investments. In considering the Sub-Advisor’s management of the Funds, the Board noted the background and experience of the Sub-Advisor’s portfolio management teams. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the applicable Advisory Agreement for the services provided. The Board noted that the sub-advisory fee for each Fund is paid by the Advisor from the Fund’s unitary fee. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Advisory Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board considered that, to the extent EFIX invests in underlying funds that are other funds in the First Trust Fund Complex, the Advisor has agreed to offset the unitary fee paid by EFIX related to EFIX’s assets invested in the affiliated underlying funds. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board, at the April 17, 2023 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for actively-managed ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board also noted that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board received and reviewed information comparing each Fund’s performance for one or more periods ended December 31, 2022 to the performance of the funds in its Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that EFIX outperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2022; that FIXD underperformed its Performance Universe median and benchmark index for the one-, three- and five-
Page 137
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
year periods ended December 31, 2022; that DEED underperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2022; and that UCON outperformed its Performance Universe median for the one- and three-year periods ended December 31, 2022 and underperformed its benchmark index for the one- and three-year periods ended December 31, 2022. The Board noted the Advisor’s discussion of FIXD’s performance at the April 17, 2023 meeting.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund (out of which the Sub-Advisor is compensated) continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2022 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
The Board considered the Sub-Advisor’s statements that the Sub-Advisor believes economies of scale in managing fixed-income portfolios are limited, that the current sub-advisory fees appropriately reflect economies of scale, and that the Sub-Advisor continues to add resources commensurate with and often ahead of the demands of its business. The Board noted that the Advisor pays the Sub-Advisor for each Fund from the unitary fee, that the sub-advisory fee will be reduced consistent with the breakpoints in the unitary fee rate schedule and its understanding that each Fund’s sub-advisory fee was the product of an arm’s length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to each Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered the potential indirect benefits to the Sub-Advisor from being associated with the Advisor and the Funds, and noted the Sub-Advisor’s statements that the Sub-Advisor does not accrue any ancillary or indirect benefits due to its relationship with the Funds, and that the Sub-Advisor’s U.S./Developed Markets and Emerging Markets Fixed Income teams do not enter into soft dollar arrangements. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds and each other fund in the First Trust Fund Complex, other than the closed-end funds, have adopted and implemented a liquidity risk management program (the “Program”) reasonably designed to assess and manage the funds’ liquidity risk, i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. The Board of Trustees of the First Trust Funds has appointed First Trust Advisors, L.P. (the “Advisor”) as the person designated to administer the Program, and in this capacity the Advisor performs its duties primarily through the activities and efforts of the First Trust Liquidity Committee (the “Liquidity Committee”).
Pursuant to the Program, the Liquidity Committee classifies the liquidity of each fund’s portfolio investments into one of the four liquidity categories specified by Rule 22e-4: highly liquid investments, moderately liquid investments, less liquid investments and
Page 138
Additional Information (Continued)
First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)
illiquid investments. The Liquidity Committee determines certain of the inputs for this classification process, including reasonably anticipated trade sizes and significant investor dilution thresholds. The Liquidity Committee also determines and periodically reviews a highly liquid investment minimum for certain funds, monitors the funds’ holdings of assets classified as illiquid investments to seek to ensure they do not exceed 15% of a fund’s net assets and establishes policies and procedures regarding redemptions in kind.
At the April 17, 2023 meeting of the Board of Trustees, as required by Rule 22e-4 and the Program, the Advisor provided the Board with a written report prepared by the Advisor that addressed the operation of the Program during the period from March 17, 2022 through the Liquidity Committee’s annual meeting held on March 23, 2023 and assessed the Program’s adequacy and effectiveness of implementation during this period, including the operation of the highly liquid investment minimum for each fund that is required under the Program to have one, and any material changes to the Program. Note that because the Funds primarily hold assets that are highly liquid investments, the Funds have not adopted any highly liquid investment minimums.
As stated in the written report, during the review period, two funds breached the 15% limitation on illiquid investments for one day each, as a result of an unscheduled week-long closure of the stock exchange in Istanbul following devastating earthquakes in February, causing all Turkish equities to be re-classified as “illiquid” for one day. Each fund filed a Form N-RN on the day after the breach occurred, and one day later after the breach was cured. No fund with a highly liquid investment minimum breached that minimum during the reporting period. The Advisor concluded that each fund’s investment strategy is appropriate for an open-end fund; that the Program operated effectively in all material respects during the review period; and that the Program is reasonably designed to assess and manage the liquidity risk of each fund and to maintain compliance with Rule 22e-4.
Board of Trustees
Effective September 10, 2023, the exchange-traded funds, closed-end funds, mutual funds and variable insurance funds (collectively, the “Funds”) advised by First Trust Advisors L.P. (“FTA”) announced the appointment of Ms. Bronwyn Wright as a Trustee of all Funds except the exchange-traded funds included in the First Trust Exchange-Traded Fund and the First Trust Dynamic Europe Equity Income Fund, a closed-end fund. Ms. Wright has acted as an independent director to a number of Irish collective investment funds since 2009. Ms. Wright is a former Managing Director of Citibank Europe plc and Head of Securities and Fund Services for Citi Ireland. In these positions, she was responsible for the management and strategic direction of Citi Ireland’s securities and fund services business which included funds, custody, security finance/lending and global agency and trust. She also had responsibility for leading, managing and growing the Trustee, Custodian and Depositary business in Ireland, the United Kingdom, Luxembourg, Jersey and Cayman.
Page 139
Board of Trustees and Officers
First Trust Exchange-Traded Fund VIII
August 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)
241
None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term
• Since Inception
Retired; President, ADM Investors
Services, Inc. (Futures Commission
Merchant) (2010 to July 2022)
241
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)
241
Director and Board Chair of
Advocate Home Health
Services, Advocate Home
Care Products and Advocate
Hospice; Director and Board
Chair of Aurora At Home
(since 2018); Director of
Advocate Physician Partners
Accountable Care
Organization; Director of
RML Long Term Acute Care
Hospitals; Director of Senior
Helpers (since 2021); and
Director of MobileHelp
(since 2022)
Robert F. Keith, Trustee
(1956)
• Indefinite Term
• Since Inception
President, Hibs Enterprises (Financial
and Management Consulting)
241
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)
241
None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee,
Chairman of the Board
(1955)
• Indefinite Term
• Since Inception
Chief Executive Officer, First Trust
Advisors L.P. and First Trust
Portfolios L.P., Chairman of the
Board of Directors, BondWave LLC
(Software Development Company)
and Stonebridge Advisors LLC
(Investment Advisor)
241
None
(1)
Mr. Bowen is deemed an “interested person” of the Trust due to his position as Chief Executive Officer of First Trust Advisors L.P., investment advisor of the Trust.
Page 140
Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VIII
August 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 Inception
Managing Director and Chief Financial Officer, First Trust
Advisors L.P. and First Trust Portfolios L.P.; Chief Financial
Officer, BondWave LLC (Software Development Company) and
Stonebridge Advisors LLC (Investment Advisor)
Derek D. Maltbie
(1972)
Treasurer, Chief Financial
Officer and Chief
Accounting Officer
• Indefinite Term
• Since 2023
Senior Vice President, First Trust Advisors L.P. and First Trust
Portfolios L.P., July 2021 to Present. Previously, Vice President,
First Trust Advisors L.P. and First Trust Portfolios L.P., 2014 -
2021.
W. Scott Jardine
(1960)
Secretary and Chief Legal
Officer
• Indefinite Term
• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust
Portfolios L.P.; Secretary and General Counsel, BondWave LLC;
Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President
• Indefinite Term
• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust
Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer
and Assistant Secretary
• Indefinite Term
• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First
Trust Portfolios L.P.
Roger F. Testin
(1966)
Vice President
• Indefinite Term
• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust
Portfolios L.P.
Stan Ueland
(1970)
Vice President
• Indefinite Term
• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust
Portfolios L.P.
(2)
The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
Page 141
Privacy Policy
First Trust Exchange-Traded Fund VIII
August 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 142
 
First Trust Exchange-Traded Fund VIII
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
INVESTMENT SUB-ADVISOR
TCW Investment Management Company LLC

865 South Figueroa Street
Los Angeles, CA 90017
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606