Caution Regarding Forward-Looking Statements

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

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

Performance and Risk Disclosure

There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money 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 teams 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 are just that:informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

Page 1

Shareholder Letter

First Trust Exchange-Traded Fund 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. Please note that the First Trust Multi-Strategy Alternative ETF (“LALT”) was incepted on January 31, 2023, so information in this letter and the report prior to that date will not apply to this Fund.

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 Innovation Leaders ETF (ILDR)

The First Trust Innovation Leaders ETF (the “Fund”) seeks to provide capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in common stock and depository receipts issued by U.S. and non-U.S. companies that may benefit from the development or application of scientific and technological innovation. This includes, but is not limited to, companies that are poised to benefit from new products or services, scientific research, technological improvements and/or enhancements to existing products or services related to automation, advanced medicine, networks, advanced computing, enhanced mobility, energy revolution and e-commerce. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the NYSE Arca, Inc. under the ticker symbol “ILDR.”

Performance
		Average Annual Total Returns	Cumulative Total Returns
	1 Year Ended 8/31/23	Inception (5/25/21) to 8/31/23	Inception (5/25/21) to 8/31/23
Fund Performance
NAV	20.03%	-4.11%	-9.08%
Market Price	19.76%	-3.92%	-8.68%
Index Performance
Russell 3000® Growth Index	21.03%	4.51%	10.53%

(See Notes to Fund Performance Overview on page 8.)

Sector Allocation	% of Total Long-Term Investments
Information Technology	40.9%
Health Care	20.3
Industrials	14.1
Communication Services	11.7
Consumer Discretionary	7.6
Financials	5.4
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Amazon.com, Inc.	5.8%
Microsoft Corp.	5.6
NVIDIA Corp.	5.2
Alphabet, Inc., Class C	4.6
Uber Technologies, Inc.	4.0
ServiceNow, Inc.	3.3
Regeneron Pharmaceuticals, Inc.	2.9
Schneider Electric SE	2.4
Netflix, Inc.	2.3
Broadcom, Inc.	2.3
Total	38.4%

Page 3

Fund Performance Overview (Unaudited) (Continued)

First Trust Expanded Technology ETF (XPND)

The First Trust Expanded Technology ETF (the “Fund”) seeks to provide long-term capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of companies identified by the Fund’s investment advisor as either information technology companies or financial companies and communication services companies whose operations are principally derived from and/or dependent upon technology. Prior to March 16, 2023, consumer discretionary companies were included in the Fund’s strategy. As of that date, financial companies replaced consumer discretionary companies in the strategy. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the NYSE Arca, Inc. under the ticker symbol “XPND.”

Performance
		Average Annual Total Returns	Cumulative Total Returns
	1 Year Ended 8/31/23	Inception (6/14/21) to 8/31/23	Inception (6/14/21) to 8/31/23
Fund Performance
NAV	28.55%	3.71%	8.40%
Market Price	28.55%	3.71%	8.40%
Index Performance
S&P 500® Information Technology Index	33.33%	11.29%	26.73%

(See Notes to Fund Performance Overview on page 8.)

Sector Allocation	% of Total Long-Term Investments
Information Technology	74.6%
Communication Services	14.1
Financials	11.3
Total	100.0%

Top Ten Holdings	% of Total Long-Term Investments
Adobe, Inc.	5.5%
NVIDIA Corp.	5.3
Cisco Systems, Inc.	4.7
Broadcom, Inc.	4.6
Mastercard, Inc., Class A	4.6
Meta Platforms, Inc., Class A	4.6
Visa, Inc., Class A	4.5
Alphabet, Inc., Class A	4.5
Netflix, Inc.	4.5
Apple, Inc.	4.3
Total	47.1%

Page 5

Fund Performance Overview (Unaudited) (Continued)

First Trust Multi-Strategy Alternative ETF (LALT)

The First Trust Multi-Strategy Alternative ETF (the “Fund”) seeks to provide long-term total return. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve long-term total return by allocating its assets amongst a variety of alternative asset categories and strategies in an effort to provide lower correlation and diversifying risk exposures compared to traditional equity and fixed income benchmarks (e.g., the S&P 500® Index or Bloomberg Aggregate Bond Index) over various market cycles. The alternative asset categories and strategies the Fund may employ include, but are not limited to, hedged equity, long/short, event driven, managed futures, commodities, real estate, opportunistic fixed income, relative value, currencies and global macro. The Fund will primarily gain exposure to these alternative asset categories and strategies through investments in exchange-traded products (“ETPs”) (including ETFs, exchange-traded notes (“ETNs”) and trusts backed by physical commodities or currencies). The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the NYSE Arca, Inc. under the ticker symbol “LALT.”

Performance
	Cumulative Total Returns
	Inception (1/31/23) to 8/31/23
Fund Performance
NAV	1.47%
Market Price	1.57%
Index Performance
Credit Suisse AllHedge Index(1)	2.05%

(See Notes to Fund Performance Overview on page 8.)

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.

(1)	Effective as of August 1, 2023, the Credit Suisse AllHedge Index replaced the Hedge Fund Research HFRX Global Fund Index, which is no longer available for use by the Fund.

Page 7

Notes to Fund Performance Overview (Unaudited)

Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.

Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under 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. 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 8

Portfolio Commentary

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to the First Trust Innovation Leaders ETF (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Portfolio Management Team

The following persons serve as the portfolio managers of the Fund:

Bob Hensley, CFA, Vice President of First Trust
David McGarel, CFA, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
Chris Peterson, CFA, Senior Vice President of First Trust
Jared Wollen, CFA, Vice President of First Trust

Each portfolio manager has served in such capacity for the Fund since 2021.

Commentary

Market Recap

It has been a tale of two markets for the 12-month period ended August 31, 2023. The Russell 3000® Growth Index (the “Benchmark”) was down -7.6% from August 2022 through year-end 2022 only to rally a staggering 31% from year-end 2022 to August 2023. Markets and market prognosticators were very bearish into 2023 as the Federal Reserve (the “Fed”) was aggressively hiking interest rates to combat inflation and the Information Technology sector was maligned for its high cash burn rates and high stock multiples. Market participants expected the Fed to “break-something” and priced the market accordingly.

Indeed, something did break during the 12-month period ended August 31, 2023. Silicon Valley Bank (“SVB”) and some other regional banks came under extreme duress in March 2023 as consumers pulled cash deposits. The “run” on select lenders led to a required capital raise at SVB as long-term held bonds had substantial losses and near-term deposits faced withdrawal pressures from higher rates. Large balance sheet losses were going to be realized on the selling of longer-duration debt to satiate the cash withdrawals. During the more favorable interest rate environment preceding 2022, regional banks were able to take deposits, often paying little or no interest, and then deposit the cash in long-term bonds with higher relative interest rates. However, as depositors asked for their money back, the long-term bonds would have to be sold at a loss and eat through the banks reserved capital. The event climaxed when SVB was taken over by U.S. regulators resulting in the largest U.S. bank failure since 2008. It is our view that this event could have served as a catalyst for the much-anticipated recession, but federal regulators backstopping depositors and the Fed easing financial conditions served to forestall this outcome.

As 2023 progressed from the March banking dislocation, however, a budding “soft-landing” narrative began to take hold. Inflation came down, since cresting at a 9.1% year-over-year rise in June 2022, and has since fallen to a much less alarming 3.7% as of August 31, 2023, allowing the Fed to slow down, and even pause, hiking interest rates. Artificial Intelligence (“AI”) entered the popular market zeitgeist as ChatGPT 3, and Google’s Bard were released. Companies, especially NVIDIA Corp. and Microsoft Corp., detailed enhanced growth opportunities and expectations for better AI models to change how work is performed and even how the foundations of the economy are formed. While multiples of companies identified as AI plays expanded far faster than revenues as this narrative took hold there is data to support the excitement. Most telling, as of July 31, 2023, NVIDIA Corp. revenues expanded 101% from the prior year and 88% from the preceding quarter! Jensen Huang, President of NVIDIA Corp., commented “A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI.”

Stock performance reflected this as year-to-date through August 31, 2023, the S&P 500® Index returned 18.73% with seven stocks responsible for 13.25% of the return:Apple, Inc. (2.79%), Microsoft Corp. (2.17%), NVIDIA Corp. (2.69%), Amazon.com, Inc. (1.52%), Meta Platforms, Inc. (1.25%), Alphabet, Inc. (Google) (1.69%), and Tesla, Inc. (1.14%). All other stocks of the S&P 500® Index contributed (5.48)%.

Fund Performance

For the 12-month period ended August 31, 2023, the Fund returned 20.03% on a net asset value basis and 19.76% on a market price basis. The Benchmark returned 21.03% during the same period. Allocation was a positive contributor to performance as structural underweights to the Consumer Staples, Energy and Consumer Discretionary sectors benefited the Fund. Selection was a negative for

Page 9

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

the period as strong returns were most concentrated to the Mega-Cap technology stocks, most of which the Fund is underweight. For the same period, Apple had an average weight of 11.79% in the Benchmark and returned 20.20%. The Fund did not hold Apple, Inc. and so 2.19% of contribution headwinds were attributable to this one stock. Similarly, Microsoft Corp. returned 26.56% for the period and the Benchmark had an average weight of 10.14% in this holding. Despite being the Fund’s largest holding at 5.21%, 1.44% of contribution drag was generated from the Benchmark’s outsized weight.

September through December of 2022 saw a challenging market and the Benchmark was off -7.59% and the Fund was down -7.39%. Risk-off sentiment dominated the market narratives and defensive sectors such as Health Care, though not small biotechnology, and Consumer Staples were in favor. Performance was markedly different with the turn of the calendar. From December 30, 2022 through August 31, 2023, Technology stocks, particularly those exposed to the latest generation of AI technologies, entered a strong uptrend. The Fund was well positioned for this as the AI theme is one of the Fund’s identified target themes. Helping drive strong 2023 performance were stocks such as Microsoft Corp., Palantir Technologies, Inc., NVIDIA Corp., ServiceNow, Inc. and MongoDB, Inc. which were up 37.60%, 133.33%, 237.82%, 51.65% and 93.71%, respectively. These contributed a full 9.97% of Fund returns year-to-date. The Healthcare sector detracted from the Fund’s performance as it held nearly double the Benchmark’s weight in the sector and it was weak throughout the period

Market and Fund Outlook

The portfolio management team was cautious into 2023 and positioning reflected it. While markets have been strong for the 12-month period ended August 31, 2023, the Fund still enjoyed robust performance as the defensive positioning expressed itself by owning larger-capitalization Technology stocks, such as Microsoft Corp. and NVIDIA Corp. at higher relative levels to history, and these stocks particularly benefited from the AI breakthroughs. It is not coincidental that the larger stocks benefit most. AI requires enormous technical skill sets and has large data and computational requirements. Large, well-capitalized companies are the most able to take advantage of this. Our expectation for AI is that it will most benefit select semi-conductor stocks and be a strong tailwind to growth for software providers, in our opinion. Companies able to utilize AI in their platforms could enjoy expanded revenue opportunities from new products but also pricing power as solutions often lower customer costs. The portfolio management team continues to have a positive view on the network and advanced computing themes which has driven a heavy weight to the Information Technology sector.

Stock market valuation levels are currently elevated, but we do not feel that they are extreme, in our opinion. Inflation is moderating, enabling the Fed to slow raising interest rates thereby creating support for equity valuations. In our view, caution on further multiple expansion seems warranted if only because it is now possible to get decent yields from fixed income investments again which should attract investor capital. For too long there was no alternative to equities, but we believe high rates should create heightened competition for asset allocation making further multiple expansion more challenging going forward. The Fund continues to find dynamic companies creating the technologies of tomorrow. The portfolio management team is disciplined in seeking the most innovative technologies but being judicious in the price we pay for assets.

Page 10

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the investment advisor to the First Trust Expanded Technology ETF (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Portfolio Management Team

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
Jon C. Erickson, Senior Vice President of First Trust
David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
Roger F. Testin, Senior Vice President of First Trust
Stan Ueland, Senior Vice President of First Trust
Chris A. Peterson, Senior Vice President of First Trust
Erik Russo, Vice President of First Trust
Omar Sepulveda, Vice President of First Trust

The Investment Committee members are primarily and jointly responsible for the day-to-day management of the Fund. Each Investment Committee member has served as a part of the portfolio management team of the Fund since June 2021.

Commentary

Market Recap

U.S. equity markets have seen major shifts over the last three years. The start of the COVID-19 pandemic saw equities sharply decline in early 2020 only to rally for the next seven quarters with the S&P 500® Index hitting an all-time closing high of 4,796.56 on January 3, 2022. Though stocks then trailed off for the first three quarters of 2022, a reversal in the trend came as equities unexpectedly began to climb in the fourth quarter of 2022. Equities and investors have shown their resilience as they have combatted headwinds since the start of 2020 through the pandemic, inflation, rising interest rates, and bank failures earlier this year. While many risks are still evident in the markets and uncertainty exists concerning when the Federal Reserve (the “Fed”) will end their interest rate hiking cycle in their mission to reduce inflation, the fact remains that the S&P 500® Index has managed to gain 15.94% over the preceding 12-month period ended August 31, 2023. Inflation’s decline from its peak in June 2022 gave investors hope that the interest rate increases would eventually subside which helped give equities a boost over the last 12 months. The Information Technology (S&P 500® Information Technology Index, up 33.33%) and the Communications Services (S&P 500® Communication Services Index, up 25.76%) sectors led stocks higher through the last 12 months. A large catalyst for the equity markets’ rally came earlier this year with Artificial Intelligence (“AI”) headlines generating excitement, which helped mega-cap chip maker NVIDIA Corp. push higher through the euphoria. The company’s strong sales forecasts gave the stock momentum, helping propel them into an elite group of companies worth over $1 trillion which includes Apple, Inc., Microsoft Corp., Alphabet, Inc., and Amazon.com, Inc. The S&P 500® Financials Index declined 9.55% in March 2023 as the Financials sector was under pressure due to the failure of Silicon Valley Bank and Signature Bank, which weighed on sentiment towards the sector. The Financials sector managed to post a positive return over the last 12 months but underperformed the overall market. U.S. consumer sentiment remained steady throughout the period with a slight uptick in June and July, although consumer confidence fell in August as higher borrowing costs and fears that inflation will begin to rise again weighed on consumers. The Utilities and Real Estate sectors were the only sectors to post negative returns. Value stocks (S&P 500® Value Index, up 17.28%) outperformed growth stocks (S&P 500® Growth Index, up 13.38%), while large-cap stocks outperformed both mid-cap stocks (S&P MidCap 400® Index, up 10.71%) and small-caps (S&P SmallCap 600® Index, up 5.53%) over the 12-month period ended August 31, 2023.

Fund Performance

For the 12-month period ended August 31, 2023, the Fund returned 28.55% on both a net asset value basis and market price basis. The S&P 500® Information Technology Index (the “Benchmark”) returned 33.33% during the same period, more than doubling the S&P 500® Index performance of 15.94%.

The Fund’s focus on Information Technology sector stocks and those whose operations are principally derived from and/or dependent upon technology contributed to the outperformance relative to the overall equity market, though the Fund underperformed the S&P

Page 11

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

500® Information Technology Index. Much of the relative underperformance can be attributed to the Fund’s exposure to the Semiconductors & Semiconductor Equipment industry. While the Fund was overweight the best performing industry in the Information Technology sector, the Fund was underweight the industry’s largest holding, mega-cap semiconductor stock NVIDIA Corp., which returned 227.25% over the period. The Electronic Equipment, Instruments & Components industry contributed negatively to the relative return as the Fund was overweight the underperforming industry. The Media industry within the Communication Services sector also detracted from the Fund’s relative return. The Fund had positions in the underperforming industry which is not part of the Benchmark. The Fund’s relative performance benefited from an underweighting in Apple, Inc. [20.20%] and Microsoft Corp. [26.56%], as both underperformed the Benchmark.

A factor attribution analysis revealed the Fund had heavy factor loadings to small size and low quality relative to the Benchmark, while the Fund had heavy factor loadings to small size and high quality relative to the S&P 500® Index, which represents the overall U.S. equity market. Quality and small size were the best performing factors over the last 12 months. The Fund had higher exposure to smaller size, due in part to the Fund’s modified market capitalization weighting scheme. High quality names Apple, Inc. and Microsoft Corp. each carried a weight of 20% or greater in the Benchmark. The Fund limits weights to a maximum of 4.5% at every rebalance to lower exposure to single-stock risk.

Market and Fund Outlook

We believe market risk is more elevated in the near term due to uncertainty across several spectrums including inflation, higher interest rates, and slowing growth. Stock valuations are currently mixed as some industries are reasonable while others have become very expensive as their multiples expanded over the last 12 months, specifically the mega-cap technology focused names. Against this backdrop, we remain constructive on equities for the long-term but believe market volatility will likely remain heightened in the near term.

Page 12

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

Advisor

First Trust Advisor L.P. (“First Trust” or the “Advisor”) is the investment advisor to the First Trust Multi-Strategy Alternative ETF (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Portfolio Management Team

The following persons serve as the portfolio managers of the Fund:

John Gambla, CFA, FRM, PRM, Senior Vice President, Co-Head of the Alternatives Investment Team of First Trust
Rob Guttschow, CFA, Senior Vice President, Co-Head of the Alternatives Investment Team of First Trust
Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
Chris A. Petersen, CFA, Senior Vice President and Head of Research Strategy of First Trust

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Each portfolio manager has served as a part of the portfolio management team of the Fund since January 2023.

Commentary

The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment objective is long-term total return. The Fund seeks to achieve its investment objective by allocating its assets amongst a variety of alternative asset categories and strategies, primarily in ETF form, in an effort to provide lower correlation and diversifying risk exposures compared to traditional equity and fixed income benchmarks (e.g., the S&P 500® Index or Bloomberg Aggregate Bond Index). For performance measurement, the Fund is benchmarked against the Credit Suisse AllHedge Index (the “Benchmark”), which is an asset-weighted hedge fund peer group. This commentary discusses the Fund’s performance since inception on January 31, 2023 through August 31, 2023.

Overall Market Recap

U.S. economic growth was strong during the fiscal period from the Fund’s inception on January 31, 2023 to August 31, 2023. Real gross domestic product (“GDP”) grew by an average 2.05% (annualized) during the first two quarters of 2023 and current forecasts from the Atlanta Fed GDPNow forecasting tool place third quarter 2023 GDP growth at a strong 4.86% annualized. The U.S. Labor market, as measured by the U.S. Bureau of Labor Statistics nonfarm payroll release, showed strong employment growth during the fiscal period, with 1.88 million jobs created in 2023 year-to-date. Job growth has been positive in all of the reported months for 2023. The robust growth in employment has lowered the overall number of jobs open, according to the Jolts U.S. Job Opening index. As of the last reported Jolts release in July 2023, the number of job openings in the U.S. has declined to 8.8 million jobs, down 1.73 million job openings from the January 2023 release. The increase in employment and resultant decline in job openings is also evidently helping to boost wages, as wage growth, as of the end of the fiscal period, is starting to exceed the inflation rate after being below it since April of 2021. As of August 31, 2023, year-over-year wages grew at 4.3% which was faster than the year-over-year Consumer Price Index growth rate of 3.7%.

The Federal Reserve’s (the “Fed”) interest rate hiking program, which began back in March of 2022, has successfully lowered inflation from a year-over-year peak of 9.1% in June of 2022 to a most recent year-over-year value of 3.7% as of August 2023. During the process, the short-term Federal Funds target rate has risen from 0.25% to 5.50%. Most, if not all, U.S. based interest rates have risen as the Federal Funds rate has risen. Most pertinent to U.S. consumers is the increase in the 30-year conforming mortgage rates which, according to Bankrate.com, have risen by 1.15% during this fiscal period, and by 3.23% since February of 2022, just before the Fed began raising the Federal Funds rate. The U.S. equity market, as represented by the S&P 500® Index (the “Index”), rallied during this fiscal period, up 11.70%. Returns in the Index were particularly good for technology stocks related to Artificial Intelligence (“AI”), as the release of ChatGPT sparked a strong rally in AI related stocks. Bonds, as represented by the Bloomberg Aggregate Bond Index, sold off during the period down 1.66% while riskier high yield bonds (Bloomberg High Yield Index) were up 3.20%. Commodity markets declined with the Bloomberg Commodity Index down 2.29%.

Fund Performance

The Fund’s performance from the Fund’s inception on January 31, 2023 through August 31, 2023 was 1.47% on a net asset value (“NAV”) basis and 1.57% on a market price basis. The Benchmark returned 2.05% during the fiscal period.

Page 13

Portfolio Commentary (Continued)

First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)

During the performance period, the Fund held allocations in 10 different exchange-traded funds representing the following alternative categories/sectors:Hedged Equity, Managed Futures, Currencies, Opportunistic Fixed Income, and Inflation Protection. Additionally, the Fund also held positions in U.S. treasuries and cash during the fiscal period. The largest contributor to the Fund’s return during the fiscal period was its allocation to the Managed Futures category. The Fund had an average weight of approximately 21.5% to the First Trust Managed Futures Strategy Fund, which returned 4.72% on a NAV basis during the period. Hedged equity, represented by the First Trust Long/Short Equity ETF (“FTLS”) and the First Trust Merger Arbitrage ETF (“MARB”), was the second largest contributor to Fund returns. During the fiscal period, FTLS’s and MARB’s average weights in the Fund were 10.1% and 11.9%, respectively, and their NAV Fund returns were 7.51% and 1.59%, respectively. Rounding out the positive contributors during the fiscal period was the Fund’s allocation to unconstrained bond investments, First Trust TCW Unconstrained Plus Bond ETF and First Trust Low Duration Opportunities ETF both posting positive returns during the fiscal period (1.40% and 0.98%, respectively), while the overall bond market, as measured by the Bloomberg U.S. Aggregate Index posted a negative total return of -1.66%. Detracting from performance during the fiscal period were inflation protection strategies or commodity relative investments. The Fund’s allocation to the iShares Gold Trust and the First Trust Alternative Absolute Return Strategy ETF, which goes long and short commodities, both posted negative returns during the fiscal period, subtracting from the Fund’s overall returns. A treasury allocation in the iShares 7-10 Year Treasury Bond ETF and exposure to the Swiss Franc via the Invesco CurrencyShares Swiss Franc Trust also subtracted from overall returns.

Please see the Portfolio of Investments for a complete list of all positions and weights within the portfolio as of August 31, 2023.

Market and Fund Outlook

We believe the Fund is well positioned to achieve its investment objective of long-term total return. We believe that the Fund is currently broadly diversified across Alternative asset classes and strategies. Alternative allocations are and will continue to be a valuable component of any well diversified portfolio, offering investor diversification versus traditional long-only equity and
long-only bond strategies. Additionally, we believe that a Multi-Strategy fund offers investors a simple approach to building a diversified position in Alternative strategies.

Page 14

First Trust Exchange-Traded Fund VIII
Understanding Your Fund Expenses
August 31, 2023 (Unaudited)

As a shareholder of First Trust Innovation Leaders ETF, First Trust Expanded Technology ETF or First Trust Multi-Strategy Alternative 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 Innovation Leaders ETF (ILDR)
Actual	$1,000.00	$1,187.70	0.75%	$4.14
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	0.75%	$3.82
First Trust Expanded Technology ETF (XPND)
Actual	$1,000.00	$1,266.50	0.65%	$3.71
Hypothetical (5% return before expenses)	$1,000.00	$1,021.93	0.65%	$3.31
First Trust Multi-Strategy Alternative ETF (LALT) (b)
Actual	$1,000.00	$1,026.00	0.20%	$1.02
Hypothetical (5% return before expenses)	$1,000.00	$1,024.20	0.20%	$1.02

(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).
(b)	Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying funds in which the Fund invests.

Page 15

First Trust Innovation Leaders ETF (ILDR)
Portfolio of Investments
August 31, 2023

Shares	Description	Value
COMMON STOCKS — 96.1%
	Aerospace & Defense — 2.7%
1,273	AeroVironment, Inc. (a)	$123,519
631	L3Harris Technologies, Inc.	112,375
426	Northrop Grumman Corp.	184,496
		420,390
	Automobiles — 1.8%
1,055	Tesla, Inc. (a)	272,274
	Biotechnology — 13.0%
988	Alnylam Pharmaceuticals, Inc. (a)	195,446
6,121	Arcus Biosciences, Inc. (a)	125,481
3,111	BioMarin Pharmaceutical, Inc. (a)	284,283
26,872	Coherus Biosciences, Inc. (a)	143,228
1,905	Intellia Therapeutics, Inc. (a)	71,399
524	Regeneron Pharmaceuticals, Inc. (a)	433,081
5,091	REGENXBIO, Inc. (a)	90,111
9,900	Replimune Group, Inc. (a)	202,158
8,519	SpringWorks Therapeutics, Inc. (a)	240,065
650	Vertex Pharmaceuticals, Inc. (a)	226,421
		2,011,673
	Broadline Retail — 5.6%
6,258	Amazon.com, Inc. (a)	863,667
	Capital Markets — 1.1%
1,955	Tradeweb Markets, Inc., Class A	168,971
	Communications Equipment — 2.1%
1,140	Arista Networks, Inc. (a)	222,562
2,124	Ciena Corp. (a)	106,158
		328,720
	Electrical Equipment — 4.1%
5,321	Bloom Energy Corp., Class A (a)	79,762
2,039	Emerson Electric Co.	200,332
2,076	Schneider Electric SE (EUR)	356,981
		637,075
	Electronic Equipment, Instruments & Components — 1.6%
766	Keysight Technologies, Inc. (a)	102,108
1,055	TE Connectivity Ltd.	139,671
		241,779
	Entertainment — 3.0%
801	Netflix, Inc. (a)	347,378
849	Take-Two Interactive Software, Inc. (a)	120,728
		468,106
	Financial Services — 4.1%
105	Adyen N.V. (EUR) (a) (b) (c)	87,955
1,904	Block, Inc. (a)	109,766
6,802	Toast, Inc., Class A (a)	150,800
1,158	Visa, Inc., Class A	284,497
		633,018
	Ground Transportation — 3.9%
12,715	Uber Technologies, Inc. (a)	600,529

Shares	Description	Value

	Health Care Equipment & Supplies — 3.0%
461	Align Technology, Inc. (a)	$170,635
900	Dexcom, Inc. (a)	90,882
424	Intuitive Surgical, Inc. (a)	132,576
5,304	Outset Medical, Inc. (a)	72,187
		466,280
	Health Care Providers & Services — 0.6%
2,976	Fulgent Genetics, Inc. (a)	97,494
	Industrial Conglomerates — 1.9%
1,980	Siemens AG (EUR)	298,178
	Interactive Media & Services — 7.3%
4,964	Alphabet, Inc., Class C (a)	681,805
985	Meta Platforms, Inc., Class A (a)	291,452
4,950	TripAdvisor, Inc. (a)	74,794
4,234	ZoomInfo Technologies, Inc. (a)	76,297
		1,124,348
	IT Services — 3.5%
495	Accenture PLC, Class A	160,266
381	MongoDB, Inc. (a)	145,275
2,126	Shopify, Inc., Class A (a)	141,358
1,582	Twilio, Inc., Class A (a)	100,789
		547,688
	Life Sciences Tools & Services — 2.8%
6,360	Avantor, Inc. (a)	137,694
7,447	Cytek Biosciences, Inc. (a)	56,597
443	Thermo Fisher Scientific, Inc.	246,796
		441,087
	Media — 0.9%
1,838	Trade Desk (The), Inc., Class A (a)	147,095
	Professional Services — 0.9%
708	Paylocity Holding Corp. (a)	141,954
	Semiconductors & Semiconductor Equipment — 9.0%
371	Broadcom, Inc.	342,392
733	Enphase Energy, Inc. (a)	92,746
1,786	Marvell Technology, Inc.	104,035
1,582	NVIDIA Corp.	780,796
1,378	Rambus, Inc. (a)	77,816
		1,397,785
	Software — 22.2%
1,260	Autodesk, Inc. (a)	279,644
1,906	Crowdstrike Holdings, Inc., Class A (a)	310,735
2,535	Datadog, Inc., Class A (a)	244,577
3,395	Dynatrace, Inc. (a)	163,639
464	Intuit, Inc.	251,400
2,534	Microsoft Corp.	830,544
12,729	Palantir Technologies, Inc., Class A (a)	190,680
3,536	PowerSchool Holdings, Inc., Class A (a)	78,216

See Notes to Financial Statements

Page 16

First Trust Innovation Leaders ETF (ILDR)
Portfolio of Investments (Continued)
August 31, 2023

Shares	Description	Value
COMMON STOCKS (Continued)
	Software (Continued)
846	ServiceNow, Inc. (a)	$498,150
1,697	Smartsheet, Inc., Class A (a)	70,816
2,126	Sprout Social, Inc., Class A (a)	113,826
733	Workday, Inc., Class A (a)	179,219
1,414	Zscaler, Inc. (a)	220,655
		3,432,101
	Technology Hardware, Storage & Peripherals — 1.0%
4,029	Pure Storage, Inc., Class A (a)	147,421
	Total Common Stocks	14,887,633
	(Cost $14,584,538)
MONEY MARKET FUNDS — 3.9%
602,382	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.21% (d)	602,382
	(Cost $602,382)


	Total Investments — 100.0%	15,490,015
	(Cost $15,186,920)
	Net Other Assets and Liabilities — (0.0)%	(801 )
	Net Assets — 100.0%	$15,489,214

(a)	Non-income producing security.
(b)	This security 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. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(d)	Rate shown reflects yield as of August 31, 2023.

Abbreviations throughout the Portfolio of Investments:
EUR	– Euro

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
Common Stocks*	$14,887,633	$14,887,633	$—	$—
Money Market Funds	602,382	602,382	—	—
Total Investments	$15,490,015	$15,490,015	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 17

First Trust Expanded Technology ETF (XPND)
Portfolio of Investments
August 31, 2023

Shares	Description	Value
COMMON STOCKS — 99.8%
	Communications Equipment — 6.2%
513	Arista Networks, Inc. (a)	$100,153
5,346	Cisco Systems, Inc.	306,593
		406,746
	Electronic Equipment, Instruments & Components — 2.1%
992	Amphenol Corp., Class A	87,673
87	CDW Corp.	18,370
92	Keysight Technologies, Inc. (a)	12,263
39	Teledyne Technologies, Inc. (a)	16,314
		134,620
	Entertainment — 4.8%
672	Netflix, Inc. (a)	291,433
603	Warner Music Group Corp., Class A	20,080
		311,513
	Financial Services — 11.3%
1,029	Fiserv, Inc. (a)	124,910
65	FleetCor Technologies, Inc. (a)	17,663
728	Mastercard, Inc., Class A	300,402
1,202	Visa, Inc., Class A	295,307
		738,282
	Interactive Media & Services — 9.1%
2,162	Alphabet, Inc., Class A (a)	294,399
1,004	Meta Platforms, Inc., Class A (a)	297,074
		591,473
	IT Services — 0.2%
160	Akamai Technologies, Inc. (a)	16,814
	Media — 0.2%
167	Omnicom Group, Inc.	13,529
	Semiconductors & Semiconductor Equipment — 31.6%
2,247	Advanced Micro Devices, Inc. (a)	237,553
836	Analog Devices, Inc.	151,968
1,399	Applied Materials, Inc.	213,711
328	Broadcom, Inc.	302,708
85	Enphase Energy, Inc. (a)	10,755
229	KLA Corp.	114,928
224	Lam Research Corp.	157,338
182	Lattice Semiconductor Corp. (a)	17,701
1,432	Marvell Technology, Inc.	83,414
909	Microchip Technology, Inc.	74,393
30	Monolithic Power Systems, Inc.	15,636
702	NVIDIA Corp.	346,472
719	ON Semiconductor Corp. (a)	70,793

Shares	Description	Value

	Semiconductors & Semiconductor Equipment (Continued)
142	Skyworks Solutions, Inc.	$15,441
1,512	Texas Instruments, Inc.	254,107
		2,066,918
	Software — 29.7%
635	Adobe, Inc. (a)	355,181
45	ANSYS, Inc. (a)	14,349
357	Autodesk, Inc. (a)	79,233
303	Bentley Systems, Inc., Class B	15,123
454	Cadence Design Systems, Inc. (a)	109,160
395	Crowdstrike Holdings, Inc., Class A (a)	64,397
290	Dynatrace, Inc. (a)	13,978
841	Gen Digital, Inc.	17,030
466	Intuit, Inc.	252,483
81	Manhattan Associates, Inc. (a)	16,412
808	Microsoft Corp.	264,830
509	Palo Alto Networks, Inc. (a)	123,840
110	PTC, Inc. (a)	16,189
1,189	Salesforce, Inc. (a)	263,316
339	ServiceNow, Inc. (a)	199,613
254	Synopsys, Inc. (a)	116,558
38	Tyler Technologies, Inc. (a)	15,140
		1,936,832
	Technology Hardware, Storage & Peripherals — 4.6%
1,498	Apple, Inc.	281,429
222	NetApp, Inc.	17,028
		298,457
	Total Common Stocks	6,515,184
	(Cost $5,485,904)
MONEY MARKET FUNDS — 0.2%
14,254	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.21% (b)	14,254
	(Cost $14,254)


	Total Investments — 100.0%	6,529,438
	(Cost $5,500,158)
	Net Other Assets and Liabilities — (0.0)%	(849 )
	Net Assets — 100.0%	$6,528,589

(a)	Non-income producing security.
(b)	Rate shown reflects yield as of August 31, 2023.

See Notes to Financial Statements

Page 18

First Trust Multi-Strategy Alternative ETF (LALT)
Portfolio of Investments
August 31, 2023

Shares	Description	Value
EXCHANGE-TRADED FUNDS — 99.9%
	Capital Markets — 99.9%
7,548	First Trust Alternative Absolute Return Strategy ETF (a)	$218,666
4,343	First Trust Global Tactical Commodity Strategy Fund (a)	106,186
1,876	First Trust Long/Short Equity ETF (a)	100,572
4,438	First Trust Managed Futures Strategy Fund (a)	216,598
5,950	First Trust Merger Arbitrage ETF (a)	120,904
4,101	First Trust TCW Unconstrained Plus Bond ETF (a)	99,654
1,025	iShares 7-10 Year Treasury Bond ETF	97,170
1,361	iShares Gold Trust (b)	50,017


	Total Investments — 99.9%	1,009,767
	(Cost $1,005,782)
	Net Other Assets and Liabilities — 0.1%	1,023
	Net Assets — 100.0%	$1,010,790

(a)	Investment in an affiliated fund.
(b)	Non-income producing security.

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
Exchange-Traded Funds*	$1,009,767	$1,009,767	$—	$—

*	See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 20

First Trust Exchange-Traded Fund VIII
Statements of Assets and Liabilities
August 31, 2023

	First Trust Innovation Leaders ETF (ILDR)	First Trust Expanded Technology ETF (XPND)	First Trust Multi-Strategy Alternative ETF (LALT)
ASSETS:
Investments, at value - Unaffiliated	$15,490,015	$6,529,438	$147,187
Investments, at value - Affiliated	—	—	862,580
Total investments, at value	15,490,015	6,529,438	1,009,767
Cash	—	—	1,193
Receivables:
Dividends	6,774	2,625	—
Reclaims	322	—	—
Total Assets	15,497,111	6,532,063	1,010,960

LIABILITIES:
Investment advisory fees payable	7,897	3,474	170
Total Liabilities	7,897	3,474	170
NET ASSETS	$15,489,214	$6,528,589	$1,010,790

NET ASSETS consist of:
Paid-in capital	$16,013,359	$8,328,206	$1,000,028
Par value	8,500	3,000	500
Accumulated distributable earnings (loss)	(532,645 )	(1,802,617 )	10,262
NET ASSETS	$15,489,214	$6,528,589	$1,010,790
NET ASSET VALUE, per share	$18.22	$21.76	$20.21
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)	850,002	300,002	50,002
Investments, at cost - Unaffiliated	$15,186,920	$5,500,158	$149,826
Investments, at cost - Affiliated	$—	$—	$855,956
Total investments, at cost	$15,186,920	$5,500,158	$1,005,782

See Notes to Financial Statements

Page 22

First Trust Exchange-Traded Fund VIII
Statements of Operations
For the Period Ended August 31, 2023

	First Trust Innovation Leaders ETF (ILDR)	First Trust Expanded Technology ETF (XPND)	First Trust Multi-Strategy Alternative ETF (LALT) (a)
INVESTMENT INCOME:
Dividends - Unaffiliated	$20,639	$103,714	$485
Dividends - Affiliated	—	—	12,065
Foreign withholding tax	(451 )	—	—
Total investment income	20,188	103,714	12,550

EXPENSES:
Investment advisory fees	29,414	66,638	1,158
Total expenses	29,414	66,638	1,158
NET INVESTMENT INCOME (LOSS)	(9,226 )	37,076	11,392

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Unaffiliated	(275,630 )	(1,264,614 )	9
Investments - Affiliated	—	—	(504 )
In-kind redemptions - Unaffiliated	—	515,401	—
Foreign currency transactions	55	—	—
Net realized gain (loss)	(275,575 )	(749,213 )	(495 )
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated	975,933	2,807,934	(2,639 )
Investments - Affiliated	—	—	6,624
Foreign currency translation	2	—	—
Net change in unrealized appreciation (depreciation)	975,935	2,807,934	3,985
NET REALIZED AND UNREALIZED GAIN (LOSS)	700,360	2,058,721	3,490
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$691,134	$2,095,797	$14,882

(a)	Inception date is January 31, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.

See Notes to Financial Statements

Page 23

First Trust Exchange-Traded Fund VIII
Statements of Changes in Net Assets

	First Trust Innovation Leaders ETF (ILDR)		First Trust Expanded Technology ETF (XPND)
	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)	$(9,226 )	$(16,898 )	$37,076	$31,444
Net realized gain (loss)	(275,575 )	(345,905 )	(749,213 )	(1,562,992 )
Net change in unrealized appreciation (depreciation)	975,935	(994,121 )	2,807,934	(2,600,150 )
Net increase (decrease) in net assets resulting from operations	691,134	(1,356,924 )	2,095,797	(4,131,698 )

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations	—	(5,085 )	(50,226 )	(16,900 )

SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold	11,762,394	2,079,627	3,331,179	4,886,380
Cost of shares redeemed	—	(1,125,105 )	(14,148,114 )	(1,837,015 )
Net increase (decrease) in net assets resulting from shareholder transactions	11,762,394	954,522	(10,816,935 )	3,049,365
Total increase (decrease) in net assets	12,453,528	(407,487 )	(8,771,364 )	(1,099,233 )

NET ASSETS:
Beginning of period	3,035,686	3,443,173	15,299,953	16,399,186
End of period	$15,489,214	$3,035,686	$6,528,589	$15,299,953

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period	200,002	150,002	900,002	750,002
Shares sold	650,000	100,000	200,000	250,000
Shares redeemed	—	(50,000 )	(800,000 )	(100,000 )
Shares outstanding, end of period	850,002	200,002	300,002	900,002

(a)	Inception date is January 31, 2023, which is consistent with the commencement of investment operations and is the date the initial creation units were established.

See Notes to Financial Statements

Page 24

First Trust Exchange-Traded Fund VIII
Financial Highlights
For a share outstanding throughout each period

First Trust Innovation Leaders ETF (ILDR)

	Year Ended August 31,		Period Ended 8/31/2021 (a)
	2023	2022	Period Ended 8/31/2021 (a)
Net asset value, beginning of period	$15.18	$22.95	$20.07
Income from investment operations:
Net investment income (loss)	(0.04 ) (b)	(0.08 )	(0.02 )
Net realized and unrealized gain (loss)	3.08	(7.66 )	2.90
Total from investment operations	3.04	(7.74 )	2.88
Distributions paid to shareholders from:
Net investment income	—	(0.00 ) (c)	—
Net realized gain	—	(0.03 )	—
Total distributions	—	(0.03 )	—
Net asset value, end of period	$18.22	$15.18	$22.95
Total return (d)	20.03 %	(33.75 )%	14.35 %

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$15,489	$3,036	$3,443
Ratio of total expenses to average net assets	0.75 %	0.75 %	0.75 % (e)
Ratio of net investment income (loss) to average net assets	(0.24 )%	(0.51 )%	(0.49 )% (e)
Portfolio turnover rate (f)	51 %	58 %	9 %

(a)	Inception date is May 25, 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)	Amount represents less than $0.01.
(d)	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.
(e)	Annualized.
(f)	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 26

First Trust Exchange-Traded Fund VIII
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Expanded Technology ETF (XPND)

	Year Ended August 31,		Period Ended 8/31/2021 (a)
	2023	2022	Period Ended 8/31/2021 (a)
Net asset value, beginning of period	$17.00	$21.87	$20.18
Income from investment operations:
Net investment income (loss)	0.06 (b)	0.04	(0.00 ) (c)
Net realized and unrealized gain (loss)	4.77	(4.89 )	1.69
Total from investment operations	4.83	(4.85 )	1.69
Distributions paid to shareholders from:
Net investment income	(0.07 )	(0.02 )	—
Net asset value, end of period	$21.76	$17.00	$21.87
Total return (d)	28.55 %	(22.19 )%	8.37 %

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$6,529	$15,300	$16,399
Ratio of total expenses to average net assets	0.65 %	0.65 %	0.65 % (e)
Ratio of net investment income (loss) to average net assets	0.36 %	0.19 %	(0.03 )% (e)
Portfolio turnover rate (f)	81 %	88 %	0 %

(a)	Inception date is June 14, 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)	Amount represents less than $0.01.
(d)	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.
(e)	Annualized.
(f)	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 27

First Trust Exchange-Traded Fund VIII
Financial Highlights (Continued)
For a share outstanding throughout the period

First Trust Multi-Strategy Alternative ETF (LALT)

	Period Ended 8/31/2023 (a)
	Period Ended 8/31/2023 (a)
Net asset value, beginning of period	$20.01
Income from investment operations:
Net investment income (loss) (b)	0.23
Net realized and unrealized gain (loss)	0.06
Total from investment operations	0.29
Distributions paid to shareholders from:
Net investment income	(0.09 )
Net asset value, end of period	$20.21
Total return (c)	1.47 %

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$1,011
Ratio of total expenses to average net assets (d)	0.20 % (e)
Ratio of net investment income (loss) to average net assets	1.97 % (e)
Portfolio turnover rate (f)	17 %

(a)	Inception date is January 31, 2023, 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 return presented does 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.
(d)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses.
(e)	Annualized.
(f)	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 28

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 three funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on the NYSE Arca, Inc.

First Trust Innovation Leaders ETF – (ticker “ILDR”)

First Trust Expanded Technology ETF – (ticker “XPND”)

First Trust Multi-Strategy Alternative ETF – (ticker “LALT”)(1)

(1)	Commenced investment operations on January 31, 2023.

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. ILDR’s investment objective seeks to provide capital appreciation. XPND’s investment objective seeks to provide long-term capital appreciation. LALT’s investment objective is long-term total return.

Under normal market conditions, ILDR will invest at least 80% of its net assets (plus any borrowings for investment purposes) in common stock and depository receipts issued by U.S. and non-U.S. companies that may benefit from the development or application of scientific and technological innovation.

Under normal market conditions, XPND will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of companies identified by the Fund’s investment advisor as either information technology companies or financial companies and communication services companies whose operations are principally derived from and/or dependent upon technology. Prior to March 16, 2023, consumer discretionary companies were included in the Fund’s strategy. As of that date, financial companies replaced consumer discretionary companies in the strategy.

Under normal market conditions, LALT allocates its assets amongst a variety of alternative asset categories and strategies in an effort to provide lower correlation and diversifying risk exposures compared to traditional equity and fixed income benchmarks (e.g., the S&P 500® Index or Bloomberg Aggregate Bond Index) over various market cycles.

There can be no assurance that a Fund will achieve its investment objective. The Funds may not be appropriate for all investors.

2. Significant Accounting Policies

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

A. Portfolio Valuation

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

Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the

Page 29

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:

Common stocks, exchange-traded funds and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock Market LLC (“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.

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

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

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

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

the type of security;

the size of the holding;

the initial cost of the security;

transactions in comparable securities;

price quotes from dealers and/or third-party pricing services;

relationships among various securities;

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

an analysis of the issuer’s financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

the value of similar foreign securities traded on other foreign markets;

ADR trading of similar securities;

closed-end fund or exchange-traded fund trading of similar securities;

foreign currency exchange activity;

the trading prices of financial products that are tied to baskets of foreign securities;

factors relating to the event that precipitated the pricing problem;

whether the event is likely to recur

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

other relevant factors.

Page 30

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

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:

• 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, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.

Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) may be comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

C. Foreign Currency

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are 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 is included in “Net realized gain (loss) on investments” on the Statements of Operations.

Page 31

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

D. Affiliated Transactions

LALT invests in securities of affiliated funds. Each Fund’s investment performance and risks are directly related to the investment performance and risks of the affiliated funds. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statements of Operations.

Amounts relating to investments at August 31, 2023 and for the fiscal period then ended are as follows:

Security Name	Shares at 8/31/2023	Value at 1/31/2023*	Purchases	Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value at 8/31/2023	Dividend Income
First Trust Alternative Absolute Return Strategy ETF	7,548	$—	$225,996	$(211 )	$(7,120 )	$1	$218,666	$2,781
First Trust Global Tactical Commodity Strategy Fund	4,343	—	106,774	(96 )	(490 )	(2 )	106,186	1,458
First Trust Long/Short Equity ETF	1,876	—	103,062	(8,851 )	6,126	235	100,572	664
First Trust Low Duration Opportunities ETF	—	—	101,367	(100,526 )	—	(841 )	—	1,410
First Trust Managed Futures Strategy Fund	4,438	—	215,820	(7,086 )	7,743	121	216,598	2,868
First Trust Merger Arbitrage ETF	5,950	—	119,617	(140 )	1,427	—	120,904	273
First Trust TCW Unconstrained Plus Bond ETF	4,101	—	101,920	(1,186 )	(1,062 )	(18 )	99,654	2,611
		$—	$974,556	$(118,096 )	$6,624	$(504 )	$862,580	$12,065

*	Commenced investment operations on January 31, 2023

E. Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, 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 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.

The tax character of distributions paid by each Fund during the fiscal period 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 Innovation Leaders ETF	$—	$—	$—
First Trust Expanded Technology ETF	50,226	—	—
First Trust Multi-Strategy Alternative ETF	4,620	—	—

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 Innovation Leaders ETF	$5,085	$—	$—

Page 32

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

	Distributions paid from Ordinary Income	Distributions paid from Capital Gains	Distributions paid from Return of Capital
First Trust Expanded Technology ETF	$16,900	$—	$—

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 Innovation Leaders ETF	$(4,454 )	$(805,741 )	$277,550
First Trust Expanded Technology ETF	1,394	(2,821,732 )	1,017,721
First Trust Multi-Strategy Alternative ETF	6,772	(486 )	3,976

F. Income Taxes

Each Fund intends to qualify or 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 ILDR and XPND, the taxable years ended 2021, 2022 and 2023 remain open to federal and state audit. For LALT, the taxable year ended 2023 remains 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.

	Non-Expiring Capital Loss Carryforwards
First Trust Innovation Leaders ETF	$805,741
First Trust Expanded Technology ETF	2,821,732
First Trust Multi-Strategy Alternative ETF	486

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal period ended 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 Innovation Leaders ETF	$4,454	$—
First Trust Expanded Technology ETF	—	—
First Trust Multi-Strategy Alternative ETF	—	—

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

Page 33

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal period 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 Innovation Leaders ETF	$15,303	$(55 )	$(15,248 )
First Trust Expanded Technology ETF	—	(488,167 )	488,167
First Trust Multi-Strategy Alternative ETF	—	—	—

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 Innovation Leaders ETF	$15,212,467	$981,039	$(703,491 )	$277,548
First Trust Expanded Technology ETF	5,511,717	1,100,925	(83,204 )	1,017,721
First Trust Multi-Strategy Alternative ETF	1,005,791	15,906	(11,930 )	3,976

G. 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 selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.

Pursuant to the Investment Management Agreement between the Trust and the Advisor, First Trust manages the investment of each Fund’s assets and is responsible for the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, license fees and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, pro rata share of fees and expenses attributable to investments in other investment companies (“acquired fund fees and expenses”), 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, for ILDR and XPND, and for LALT from its date of inception, January 31, 2023, the annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedules:

Breakpoints	ILDR
Fund net assets up to and including $2.5 billion	0.75000 %
Fund net assets greater than $2.5 billion up to and including $5 billion	0.73125 %
Fund net assets greater than $5 billion up to and including $7.5 billion	0.71250 %
Fund net assets greater than $7.5 billion up to and including $10 billion	0.69375 %
Fund net assets greater than $10 billion	0.67500 %

Page 34

Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

Breakpoints	XPND	LALT
Fund net assets up to and including $2.5 billion	0.65000 %	0.20000 %
Fund net assets greater than $2.5 billion up to and including $5 billion	0.63375 %	0.19500 %
Fund net assets greater than $5 billion up to and including $7.5 billion	0.61750 %	0.19000 %
Fund net assets greater than $7.5 billion up to and including $10 billion	0.60125 %	0.18500 %
Fund net assets greater than $10 billion up to and including $15 billion	0.58500 %	0.18000 %
Fund net assets greater than $15 billion	0.55250 %	0.17000 %

Prior to November 1, 2022, ILDR and XPND paid First Trust an annual unitary management fee based on each Fund’s average daily net assets at the following rates:

	Rate
First Trust Innovation Leaders ETF	0.75 %
First Trust Expanded Technology ETF	0.65 %

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.

4. Purchases and Sales of Securities

For the fiscal period ended August 31, 2023, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

	Purchases	Sales
First Trust Innovation Leaders ETF	$2,025,628	$2,162,294
First Trust Expanded Technology ETF	8,239,844	8,256,936
First Trust Multi-Strategy Alternative ETF	173,699	168,471

For the fiscal period ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

	Purchases	Sales
First Trust Innovation Leaders ETF	$11,329,942	$—
First Trust Expanded Technology ETF	3,321,351	14,110,879
First Trust Multi-Strategy Alternative ETF	1,001,049	—

5. Creations, Redemptions and Transaction Fees

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as “Creation Units.” Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s

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Notes to Financial Statements (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023

shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process:the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.

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

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

6. Distribution Plan

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, 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.

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 for ILDR and XPND, and January 27, 2025 for LALT.

7. Indemnification

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

8. Subsequent Events

Management has evaluated the impact of all subsequent events 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 36

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 Innovation Leaders ETF, First Trust Expanded Technology ETF, and First Trust Multi-Strategy Alternative ETF (the “Funds”), each a series of the First Trust Exchange-Traded Fund VIII, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and 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, and the results of their operations, the changes in their net assets, and the financial highlights for each of 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	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
First Trust Innovation Leaders ETF	For the year ended August 31, 2023	For the years ended August 31, 2023 and 2022	For the years ended August 31, 2023 and 2022, and for the period from May 25, 2021 (commencement of investment operations) through August 31, 2021
First Trust Expanded Technology ETF	For the year ended August 31, 2023	For the years ended August 31, 2023 and 2022	For the years ended August 31, 2023 and 2022, and for the period from June 14, 2021 (commencement of investment operations) through August 31, 2021
First Trust Multi-Strategy Alternative ETF	For the period from January 31, 2023 (commencement of investment operations) through August 31, 2023

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 and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Chicago, Illinois
October 23, 2023

We have served as the auditor of one or more First Trust investment companies since 2001.

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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

For the taxable period ended August 31, 2023, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:

	Dividends Received Deduction
First Trust Innovation Leaders ETF	0.00 %
First Trust Expanded Technology ETF	100.00 %
First Trust Multi-Strategy Alternative ETF	0.00 %

For the taxable period ended August 31, 2023, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:

	Qualified Dividend Income
First Trust Innovation Leaders ETF	0.00 %
First Trust Expanded Technology ETF	100.00 %
First Trust Multi-Strategy Alternative ETF	0.00 %

A portion of each of the Funds’ 2023 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended August 31, 2023, may be eligible for the Qualified Business Income Deduction (QBI) under the Internal Revenue Code of 1986, as amended (the “Code”), Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

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.

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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

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

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

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

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

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

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

“junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.

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

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

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

LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”) will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.

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

Market Risk. Market risk is the risk that a particular security, or shares of a fund in general, may fall in value. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the 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.

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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

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

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

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

Valuation Risk. The valuation of certain securities may carry more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. A fund may hold investments in sizes smaller than institutionally sized round lot positions (sometimes referred to as odd lots). However, third-party pricing services generally provide evaluations on the basis of institutionally-sized round lots. If a fund sells certain of its investments in an odd lot transaction, the sale price may be less than the value at which such securities have been held by the fund. Odd lots often trade at lower prices than institutional round lots. There is no assurance that the fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the fund.

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 $9,570. This figure is comprised of $371 paid (or to be paid) in fixed compensation and $9,199 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $5,047 paid (or to be paid) to senior management of First Trust Advisors L.P. and $4,523 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”).

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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:

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.

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 Agreements

Board Considerations Regarding Approval of the Continuation of the Investment Management Agreement

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 Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):

First Trust Innovation Leaders ETF (ILDR)

First Trust Expanded Technology ETF (XPND)

The Board approved the continuation of the Agreement 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 Agreement 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 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 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 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 to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. 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. 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 arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. 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, as well as the background and experience of the persons responsible for such services. The Board noted that each Fund is an actively-managed ETF and noted that the Advisor’s Research Group is responsible for the day-to-day management of the Funds’ investments. The Board considered the background and experience of the members of the Research Group and noted the Board’s prior meetings with members of the Research Group. The Board considered the Advisor’s statement that it applies the same oversight model internally with its Research Group as it uses for overseeing external sub-advisors, 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 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. 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 under the Agreement have been and are expected to remain satisfactory and that 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 Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, acquired fund fees and expenses, 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 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 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 below 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 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 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 the one-year period 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 each Fund outperformed its respective Performance Universe median and underperformed its respective benchmark index for the one-year period ended December 31, 2022.

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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 continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreement.

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, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the 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 Agreement continue to be fair and reasonable and that the continuation of the Agreement 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 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

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Additional Information (Continued)

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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.

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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.

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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 47

First Trust Exchange-Traded Fund VIII
August 31, 2023 (Unaudited)

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 48

Shareholder Letter	2
Fund Performance Overview
First Trust Innovation Leaders ETF (ILDR)	3
First Trust Expanded Technology ETF (XPND)	5
First Trust Multi-Strategy Alternative ETF (LALT)	7
Notes to Fund Performance Overview	8
Portfolio Commentary	9
Understanding Your Fund Expenses	15
Portfolio of Investments
First Trust Innovation Leaders ETF (ILDR)	16
First Trust Expanded Technology ETF (XPND)	18
First Trust Multi-Strategy Alternative ETF (LALT)	20
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	37
Additional Information	38
Board of Trustees and Officers	46
Privacy Policy	48