Annual Report
For the Period Ended
December 31, 2023
First Trust Exchange-Traded Fund
Book 1
First Trust Dow Jones Select MicroCap Index Fund (FDM)
First Trust Morningstar Dividend Leaders Index Fund (FDL)
First Trust US Equity Opportunities ETF (FPX)
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
First Trust Dow Jones Internet Index Fund (FDN)
First Trust Capital Strength ETF (FTCS)
First Trust Value Line® Dividend Index Fund (FVD)
First Trust Growth Strength ETF (FTGS)
First Trust Indxx Aerospace & Defense ETF (MISL)
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)

Table of Contents
First Trust Exchange-Traded Fund
Annual Report
December 31, 2023
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88

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 (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 by investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s 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 market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
Page 1

Shareholder Letter
First Trust Exchange-Traded Fund
Annual Letter from the Chairman and CEO
December 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 (the “Funds”), which contains detailed information about the Funds for the twelve months ended December 31, 2023. Please note that the First Trust Bloomberg Inflation Sensitive Equity ETF was incepted on March 13, 2023, so information contained in this letter and the report prior to that Fund’s inception date will not apply to that Fund.
As 2023 comes to a close, it strikes me that many of the critical themes investors have been navigating over the past year remain unresolved. High inflation, the direction of central bank policy, and the risk of an economic recession in the U.S. are just a few examples, but another is war. The war between Russia and Ukraine rages on and will enter its third full year in just a few short months. In addition, geopolitical tensions across the Middle East are rising. Israel is at war with Hamas, and the Houthi rebels have been attacking global shipping lanes in the Red Sea, threatening the global supply chain, and prompting a military response from the U.S. and Britain.
Despite these headwinds, the broader U.S. equity and fixed income markets surged during the year. In the U.S., the S&P 500® Index rose by 26.29% on a total return basis between December 31, 2022, and December 31, 2023, according to data from Bloomberg. The Bloomberg U.S. Aggregate Bond Index also enjoyed a positive total return, rising by 5.53% over the same period. These returns can be explained, in part, by expectations that the Federal Reserve (the “Fed”) could cut interest rates in 2024. In its December 2023 statement, the Fed indicated that it expects to reduce the Federal Funds target rate by as much as 75 basis points (“bps”) over three cuts throughout 2024. It appears investors expect even steeper cuts than the Fed announced. As of December 31, 2023, the Fed Funds Futures market was pricing in nearly six rate cuts totaling more than 150 bps by the end of 2024.
In some regards, the past year serves as a stark warning against taking an overly myopic view when it comes to investing. Data from the Investment Company Institute revealed that total net assets in money market accounts stood at a record $5.9 trillion on December 6, 2023, up from $4.8 trillion at the start of the year. While the figure may be sizable, it is not surprising, in my view, especially considering the impediments to growth mentioned above. While money market assets likely earned higher interest payments than they would have before the Fed began interest rate hikes, they certainly underperformed the S&P 500® Index’s staggering total return for the year.
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

Market Overview
First Trust Exchange-Traded Fund
Annual Report
December 31, 2023
Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service and Registered Rep.
State of the Economy/Investing
The direction of central bank policy, inflation, and the threat that an economic recession might befall the U.S. economy dominated global headlines throughout much of 2023. In the U.S., the Federal Reserve (the “Fed”) increased the Federal Funds target rate (upper bound) from 4.50% to 5.50% over the first three quarters of the year before pausing in September. As a result, inflation, as measured by the trailing 12-month change in the rate of the Consumer Price Index, moderated from 6.5% on December 31, 2022 to 3.4% as of December 31, 2023. While the correlation between higher interest rates and declining inflation is welcome news, the metric remains elevated well-above the Fed’s stated goal of 2.0%, fueling continued debate regarding the Fed’s ability to orchestrate a “soft landing” in the U.S. economy.
Higher interest rates appear to be hindering global growth. In their October 2023 “World Economic Outlook”, the International Monetary Fund (“IMF”) projected that real gross domestic product (“GDP”) would decline from 3.5%, where it stood in 2022, to 2.9% in 2024. For comparison, global growth averaged 3.8% from 2000-2019. On a percentage basis, advanced economies are expected to fare worse than emerging markets and developing economies. The IMF is projecting a 1.4% growth rate for advanced economies in 2024, down from 2.6% in 2022. For comparison, GDP among emerging markets and developing economies is expected to fall to 4.0% in 2024, down from 4.1% in 2022.
U.S. Stocks and Bonds
All three of the major U.S. stock indices posted substantial gains in 2023. The S&P 500® Index (the “Index”), the S&P MidCap 400® Index and the S&P SmallCap 600® Index posted total returns of 26.29%, 16.44%, and 16.05%, respectively, according to Bloomberg. Nine of the eleven major sectors that comprise the Index posted positive total returns for the year. The Index’s top performing sector was the Information Technology sector, up 57.84%, while the worst performing sector was the Utilities sector, which fell by 7.08% on a total return basis during the year. After a forecasted contraction in 2023, earnings estimates are expected to recover in 2024. Bloomberg’s consensus year-over-year earnings growth rate estimates for the Index for 2023 and 2024 stood at -3.11% and 10.73%, respectively, as of January 12, 2024.
The yield on the benchmark 10-Year Treasury Note (“T-Note”) closed trading on December 29, 2023, at 3.88%, unchanged from where it stood on December 30, 2022, according to data from Bloomberg. The 3.88% yield stood 157 basis points (“bps”) above its 2.31% average for the 10-year period ended December 29, 2023. Despite ending the year unchanged, the yield on the 10-Year T-Note was quite volatile in 2023, falling to an intra-year low of 3.31% on April 6, peaking at 4.99% on October 19, then retreating again to 3.88% at year-end. Most bond investors likely know that bond prices and yields typically move in opposite directions. Between October 19, 2023 (the peak on the yield of the 10-Year T-Note), and December 29, 2023, the total return of the Bloomberg U.S. Aggregate Bond Index stood at 9.28%, reflecting a decline of 111 bps in the yield of the 10-Year T-Note over the period. All the major U.S. bond indices we track posted positive total returns in 2023. The top performing major debt group was corporate high yield bonds. The Bloomberg U.S. Corporate High Yield Index posted a total return of 13.44% over the period. The worst performing debt group that we track was intermediate U.S. Treasuries. The Bloomberg U.S. Intermediate Treasury Index posted a total return of 4.28% over the period.
Foreign Stocks and Bonds
The U.S. Dollar depreciated by 2.11% against a basket of major currencies in 2023, as measured by the U.S. Dollar Index (“DXY”), according to Bloomberg. The DXY closed 2023 at a reading of 101.33, significantly above its 20-year average of 88.91. The weaker U.S. Dollar likely had a positive influence on the returns of unhedged foreign securities held by U.S. investors.
The Bloomberg EM Hard Currency Aggregate Index of emerging markets debt posted a total return of 9.63% (USD), while the Bloomberg Global Aggregate Index of higher quality debt rose 5.72% (USD). With respect to equities, the MSCI Emerging Markets Index of stocks posted a total return of 9.83% (USD), while the MSCI World ex USA Index rose by 17.94% (USD) on a total return basis, according to Bloomberg.
Page 3

Fund Performance Overview (Unaudited)
First Trust Dow Jones Select MicroCap Index Fund (FDM)
The First Trust Dow Jones Select MicroCap Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Select MicroCap IndexSM (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by S&P Dow Jones Indices LLC (the “Index Provider”). According to the Index Provider, the Index is designed to measure the performance of micro-cap stocks issued by U.S. companies that are comparatively liquid and have strong fundamentals relative to the micro-cap segment as a whole. The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca”). The first day of secondary market trading in shares of the Fund was September 30, 2005.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(9/27/05)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(9/27/05)
to 12/31/23
Fund Performance
NAV
13.01%
10.40%
8.11%
7.55%
64.04%
118.07%
277.89%
Market Price
13.21%
10.46%
8.17%
7.56%
64.43%
119.30%
278.17%
Index Performance
Dow Jones Select MicroCap IndexSM
13.72%
11.26%
8.84%
8.29%
70.49%
133.18%
328.14%
Russell 2000® Index
16.93%
9.97%
7.16%
7.80%
60.85%
99.59%
294.14%
Russell 3000® Index
25.96%
15.16%
11.48%
9.79%
102.54%
196.41%
450.50%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a net asset value (“NAV”) return of 13.01% during the 12-month period covered by this report. During the same period, the Russell 2000® Index (the “Benchmark”) generated a return of 16.93%. During the period covered by this report, the greatest allocation in the Fund went to securities in the Financials sector. This sector’s average weight in the Fund was 28.3% and contributed 0.8% to the Fund’s overall return. The greatest contribution to the Fund’s return was 5.7% from the allocation to the Consumer Discretionary sector and the greatest source of drag for the Fund was the -1.3% contribution to the Fund’s return which came from investments in the Health Care sector.

Dow Jones Select MicroCap IndexSM (“Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
Page 4

Fund Performance Overview (Unaudited) (Continued)
First Trust Dow Jones Select MicroCap Index Fund (FDM) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
28.3%
Industrials
20.3
Energy
11.3
Consumer Discretionary
10.3
Information Technology
9.0
Materials
8.2
Health Care
3.8
Communication Services
3.0
Utilities
2.4
Real Estate
2.1
Consumer Staples
1.3
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Crescent Energy, Inc., Class A
1.7%
ScanSource, Inc.
1.6
ACM Research, Inc., Class A
1.5
SunCoke Energy, Inc.
1.4
VSE Corp.
1.4
Powell Industries, Inc.
1.3
Barrett Business Services, Inc.
1.2
Viad Corp.
1.2
Ambac Financial Group, Inc.
1.2
Haynes International, Inc.
1.2
Total
13.7%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 5

Fund Performance Overview (Unaudited) (Continued)
First Trust Morningstar Dividend Leaders Index Fund (FDL)
The First Trust Morningstar Dividend Leaders Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Morningstar® Dividend Leaders IndexSM (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by Morningstar, Inc. (the “Index Provider”). Effective December 12, 2023, the Index Provider also serves as the calculation agent. According to the Index Provider, the Index is designed to measure the performance of the 100 highest-yielding stocks that have a consistent record of dividend payment and have the ability to sustain their dividend payments. The securities comprising the Morningstar® US Market IndexSM serve as the Fund’s selection universe. The Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca. The first day of secondary market trading in shares of the Fund was March 15, 2006.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(3/9/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(3/9/06)
to 12/31/23
Fund Performance
NAV
2.90%
10.24%
9.16%
7.45%
62.83%
140.34%
259.94%
Market Price
2.90%
10.25%
9.16%
7.45%
62.90%
140.33%
259.83%
Index Performance
Morningstar® Dividend Leaders IndexSM
3.42%
10.83%
9.72%
7.99%
67.25%
152.86%
293.58%
S&P 500® Index
26.29%
15.69%
12.03%
9.87%
107.21%
211.49%
434.64%
Russell 1000® Value Index
11.46%
10.91%
8.40%
7.45%
67.79%
123.99%
259.66%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 2.90% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 26.29%. The greatest allocations in the Fund were a 20.5% allocation in the Financials sector, which contributed 3.7% to the Fund’s overall return and a 19.1% allocation in the Energy sector, which had a contribution of -0.2% to the Fund’s return. The investments in the Financials sector were the greatest source of return for the Fund during the period covered by this report. The most negative contribution to the Fund’s return came from investments in the Health Care sector, which caused a -2.1% drag in the Fund.

Morningstar® and Morningstar® Dividend Leaders IndexSM are registered trademarks and service marks of Morningstar, Inc. (“Morningstar”) and have been licensed for use by First Trust on behalf of the Fund. The Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.
Page 6

Fund Performance Overview (Unaudited) (Continued)
First Trust Morningstar Dividend Leaders Index Fund (FDL) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
24.0%
Energy
16.9
Health Care
15.4
Consumer Staples
12.7
Utilities
9.2
Communication Services
8.3
Information Technology
4.7
Consumer Discretionary
3.4
Industrials
2.9
Materials
2.5
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Chevron Corp.
8.5%
AbbVie, Inc.
8.4
Verizon Communications, Inc.
8.3
Pfizer, Inc.
7.0
Philip Morris International, Inc.
6.3
Altria Group, Inc.
5.1
International Business Machines Corp.
4.7
Citigroup, Inc.
3.3
3M Co.
2.7
U.S. Bancorp
2.5
Total
56.8%
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 indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 7

Fund Performance Overview (Unaudited) (Continued)
First Trust US Equity Opportunities ETF (FPX)
The First Trust US Equity Opportunities ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the IPOX®-100 U.S. Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by IPOX Schuster LLC (the “Index Provider”). According to the Index Provider, the Index seeks to measure the performance of the equity securities of the 100 typically largest and most liquid initial public offerings (“IPOs”) (including spin-offs and equity carve-outs) of U.S. companies. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca. The first day of secondary market trading in shares of the Fund was April 13, 2006.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(4/12/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(4/12/06)
to 12/31/23
Fund Performance
NAV
22.01%
9.63%
8.45%
10.05%
58.34%
125.16%
446.19%
Market Price
22.22%
9.64%
8.45%
10.06%
58.43%
125.11%
446.33%
Index Performance
IPOX®-100 U.S. Index
22.65%
10.14%
9.00%
10.66%
62.06%
136.72%
502.34%
S&P 500® Index
26.29%
15.69%
12.03%
9.84%
107.21%
211.49%
427.34%
Russell 3000® Index
25.96%
15.16%
11.48%
9.62%
102.54%
196.41%
409.55%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 22.01% during the 12-month period covered by this report. During the same period, the Russell 3000® Index (the “Benchmark”) generated a return of 25.96%. The two sectors with the greatest allocation, and the most positive contributions to the Fund’s overall return, during the period covered by this report were the Information Technology sector and the Industrial sector. The Fund allocated 24.7% to investments in the Information Technology sector, which contributed 8.6% to the Fund’s overall return. The Fund also allocated 23.2% to the Industrials sector which contributed 10.1% to the Fund’s return. No sector had a significantly negative contribution to the Fund’s return. The most negative contribution to return was -0.2% from the allocation to the Health Care sector.

IPOX® and IPOX®-100 U.S. Index are registered international trademarks and service marks of IPOX® Schuster LLC (“IPOX”) and have been licensed for use by First Trust. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.
Page 8

Fund Performance Overview (Unaudited) (Continued)
First Trust US Equity Opportunities ETF (FPX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
30.7%
Information Technology
26.6
Consumer Discretionary
15.1
Health Care
10.1
Financials
9.2
Consumer Staples
2.4
Utilities
2.1
Communication Services
1.8
Energy
0.9
Real Estate
0.7
Materials
0.4
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Carrier Global Corp.
7.8%
Samsara, Inc., Class A
6.9
Uber Technologies, Inc.
6.6
Airbnb, Inc., Class A
6.4
Regeneron Pharmaceuticals, Inc.
5.8
Snowflake, Inc., Class A
3.5
Symbotic, Inc.
3.5
Otis Worldwide Corp.
3.2
DoorDash, Inc., Class A
3.0
Block, Inc.
2.4
Total
49.1%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9

Fund Performance Overview (Unaudited) (Continued)
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
The First Trust NYSE® Arca® Biotechnology Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the NYSE® Arca® Biotechnology Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by ICE Data Indices, LLC (the Index Provider). According to the Index Provider, the Index is an equal-dollar weighted index designed to measure the performance of a cross section of small, mid and large capitalization companies in the biotechnology industry that are primarily involved in the use of biological processes to develop products or provide services. Such processes include, but are not limited to, recombinant DNA technology, molecular biology, genetic engineering, monoclonal antibody-based technology, lipid/liposome technology and genomics. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca. The first day of secondary market trading in shares of the Fund was June 23, 2006.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(6/19/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(6/19/06)
to 12/31/23
Fund Performance
NAV
2.26%
4.92%
8.64%
12.60%
27.16%
128.96%
700.76%
Market Price
2.31%
4.92%
8.64%
12.60%
27.15%
128.96%
700.75%
Index Performance
NYSE® Arca® Biotechnology Index
2.86%
5.43%
9.13%
13.18%
30.25%
139.56%
776.78%
S&P Composite 1500® Health Care Index
1.92%
11.24%
11.32%
11.21%
70.33%
192.23%
544.37%
Nasdaq® Biotechnology Index
4.59%
8.26%
6.89%
11.27%
48.72%
94.78%
550.74%
S&P 500® Index
26.29%
15.69%
12.03%
10.16%
107.21%
211.49%
445.83%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 2.26% during the 12-month period covered by this report. During the same period, the S&P Composite 1500® Health Care Index (the “Benchmark”) returned 1.92%. The Fund was highly concentrated in the Biotechnology industry, which received an 80.4% allocation in the Fund during the period covered by this report. The Biotechnology investments in the Fund contributed 4.0% to the Fund’s overall return, by far the most significant driver of Fund return. The Fund’s only other significant allocation was a 19.5% allocation to the Life Sciences Tools & Services industry, which contributed -1.0% to the Fund’s return during the period.

Source ICE Data Indices, LLC, is used with permission. “NYSE®” is a service/trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the NYSE® Arca® Biotechnology Index (the “Index”) for use by First Trust Portfolios L.P. in connection with the First Trust NYSE® Arca® Biotechnology Index Fund (the “Product”). Neither First Trust Portfolios L.P., First Trust Exchange-Traded Fund (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
Page 10

Fund Performance Overview (Unaudited) (Continued)
First Trust NYSE® Arca® Biotechnology Index Fund (FBT) (Continued)
Industry Allocation
% of Total
Long-Term
Investments
Biotechnology
78.8%
Life Sciences Tools & Services
21.2
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Ultragenyx Pharmaceutical, Inc.
4.2%
Grifols S.A., ADR
4.2
ACADIA Pharmaceuticals, Inc.
4.1
Charles River Laboratories International, Inc.
3.7
IQVIA Holdings, Inc.
3.7
Moderna, Inc.
3.6
Bio-Techne Corp.
3.5
Neurocrine Biosciences, Inc.
3.5
Mettler-Toledo International, Inc.
3.5
Alnylam Pharmaceuticals, Inc.
3.5
Total
37.5%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 11

Fund Performance Overview (Unaudited) (Continued)
First Trust Dow Jones Internet Index Fund (FDN)
The First Trust Dow Jones Internet Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Internet Composite IndexSM (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by S&P Dow Jones Indices LLC (the “Index Provider”). According to the Index Provider, the Index is designed to measure the performance of the largest and most actively traded securities issued by U.S. companies in the Internet industry. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca. The first day of secondary market trading in shares of the Fund was June 23, 2006.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(6/19/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(6/19/06)
to 12/31/23
Fund Performance
NAV
51.44%
9.84%
12.04%
13.61%
59.88%
211.66%
836.53%
Market Price
51.49%
9.84%
12.04%
13.61%
59.86%
211.65%
836.63%
Index Performance
Dow Jones Internet Composite IndexSM
52.23%
10.45%
12.62%
14.22%
64.36%
228.26%
929.43%
S&P Composite 1500® Information
Technology Index
56.53%
26.48%
20.32%
15.81%
223.73%
536.03%
1,211.51%
S&P 500® Index
26.29%
15.69%
12.03%
10.16%
107.21%
211.49%
445.83%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 51.44% during the 12-month period covered by this report. During the same period, the S&P Composite 1500® Information Technology Index (the “Benchmark”) generated a return of 56.53%. The largest allocation was to the Information Technology sector with 43.4% average weight which generated an 18.6% contribution to the Fund’s return. The largest contribution to the Fund’s return came from the Communication Services sector, which had an average weight of 28.9% and contributed 21.4% to the Fund’s return. The only negatively contributing sector to the Fund’s return was the Financials sector, which contributed -0.8% to the Fund’s return during the period.

Dow Jones Internet Composite IndexSM (“Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
Page 12

Fund Performance Overview (Unaudited) (Continued)
First Trust Dow Jones Internet Index Fund (FDN) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
43.1%
Communication Services
30.5
Consumer Discretionary
20.3
Financials
3.1
Health Care
3.0
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Amazon.com, Inc.
9.3%
Meta Platforms, Inc., Class A
7.7
Alphabet, Inc., Class A
5.3
Salesforce, Inc.
5.1
Netflix, Inc.
4.7
Cisco Systems, Inc.
4.6
Alphabet, Inc., Class C
4.5
Snowflake, Inc., Class A
3.1
PayPal Holdings, Inc.
3.1
Arista Networks, Inc.
3.0
Total
50.4%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13

Fund Performance Overview (Unaudited) (Continued)
First Trust Capital Strength ETF (FTCS)
The First Trust Capital Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called The Capital StrengthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index seeks to provide exposure to well-capitalized companies with strong market positions that have the potential to provide their stockholders with a greater degree of stability and performance over time. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on Nasdaq, Inc. The first day of secondary market trading in shares of the Fund was July 11, 2006.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(7/6/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(7/6/06)
to 12/31/23
Fund Performance
NAV
8.57%
12.06%
10.57%
9.83%
76.70%
173.12%
415.65%
Market Price
8.57%
12.05%
10.55%
9.83%
76.65%
172.74%
415.71%
Index Performance
The Capital StrengthTM Index(1)
9.21%
12.75%
11.27%
N/A
82.20%
190.85%
N/A
S&P 500® Index
26.29%
15.69%
12.03%
10.01%
107.21%
211.49%
430.75%
(1)
On June 4, 2013, the Fund’s underlying index changed from the Credit Suisse U.S. Value Index, Powered by HOLTTM to The Capital StrengthTM
Index. On June 18, 2010, the Fund’s underlying index changed from the Deutsche Bank CROCI® US+ IndexTM to the Credit Suisse U.S. Value
Index, Powered by HOLTTM. Therefore, the Fund’s performance and historical returns shown for the periods prior to June 4, 2013, are not
necessarily indicative of the performance that the Fund, based on its current index, would have generated. Since the Fund’s new underlying index
had an inception date of March 20, 2013, it was not in existence for some of the periods disclosed.
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 8.57% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 26.29%. The Fund allocated 26.7% to the Health Care sector, which was the largest sector weight in the Fund. The second highest weight in the Fund was in the Industrials sector, which had an average weight of 23.5%. These sectors contributed 0.0% and 1.3% to the Fund’s return, respectively. The Information Technology sector contributed 3.3% to the Fund’s return, which was the largest positive contributor. The Communication Services sectors contributed -0.2% to the Fund’s return, which was the largest detractor to the Fund’s return during the period.

Nasdaq® and The Capital StrengthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 14

Fund Performance Overview (Unaudited) (Continued)
First Trust Capital Strength ETF (FTCS) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
23.7%
Health Care
19.2
Consumer Staples
17.7
Financials
14.5
Information Technology
12.9
Consumer Discretionary
8.6
Materials
1.8
Energy
1.6
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Gartner, Inc.
2.4%
Moody’s Corp.
2.3
Garmin Ltd.
2.3
Amphenol Corp., Class A
2.3
PACCAR, Inc.
2.3
Ameriprise Financial, Inc.
2.2
Home Depot (The), Inc.
2.2
Ross Stores, Inc.
2.2
TE Connectivity Ltd.
2.2
Costco Wholesale Corp.
2.2
Total
22.6%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 15

Fund Performance Overview (Unaudited) (Continued)
First Trust Value Line® Dividend Index Fund (FVD)
The First Trust Value Line® Dividend Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Value Line® Dividend Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Index is developed by Value Line Publishing, LLC (the “Index Provider”) and calculated by ICE Data Indices, LLC as the calculation agent on behalf of the Index Provider. According to the Index Provider, the Index seeks to measure the performance of the securities ranked #1 or #2 according to Value Line Publishing, LLC’s proprietary Value Line® SafetyTM Ranking System that are also still expected to provide above-average dividend yield. The Index is rebalanced and reconstituted monthly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca.
Performance
 
 
Average Annual Total Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(8/19/03)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(8/19/03)
to 12/31/23
Fund Performance
NAV
4.10%
9.29%
9.08%
9.20%
55.88%
138.40%
500.04%
Market Price
4.08%
9.28%
9.06%
9.19%
55.85%
138.12%
499.89%
Index Performance
Value Line® Dividend Index(1)
4.85%
10.16%
9.95%
N/A
62.26%
158.14%
N/A
S&P 500® Index
26.29%
15.69%
12.03%
10.11%
107.21%
211.49%
610.57%
S&P 500® Value Index
22.23%
14.11%
10.01%
9.01%
93.49%
159.66%
479.04%
Dow Jones U.S. Select Dividend IndexSM(1)
1.53%
10.05%
9.26%
N/A
61.40%
142.54%
N/A
 
On December 15, 2006, the Fund acquired the assets and adopted the financial and performance history of First Trust Value Line® Dividend
Fund (the “Predecessor FVD Fund,” a closed-end fund), which had an inception date of August 19, 2003. The inception date total returns at net
asset value (“NAV”) include the sales load of $0.675 per share on the initial offering. The investment goals, strategies and policies of the Fund
are substantially similar to those of the Predecessor FVD Fund. The inception date of the Index was July 3, 2006. Returns for the Index are only
disclosed for those periods in which the Index was in existence for the entire period. The cumulative total returns for the period from the
reorganization date (December 15, 2006) through period end (December 31, 2023) were 270.97% and 272.65% at NAV and Market Price,
respectively. That compares to an Index return of 324.18% for the same period. The average annual total returns for the period from the
reorganization date (December 15, 2006) through period end (December 31, 2023) were 8.00% and 8.02% at NAV and Market Price,
respectively. That compares to an Index return of 8.85% for the same period.

NAV and Market Price returns assume that all distributions have been reinvested in the Fund at NAV and Market Price, respectively. Prior to
December 15, 2006, NAV and Market Price returns assumed that all distributions were reinvested at prices obtained by the Dividend
Reinvestment Plan of the Predecessor FVD Fund and the price used to calculate Market Price return was the AMEX (now known as the NYSE
American) closing market price of the Predecessor FVD Fund.
(1)
Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the
entire periods.
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 4.10% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 26.29%. The Fund allocated 22.2% to the Utilities sector, which was the largest sector weight in the Fund. This allocation contributed -2.1% to the Fund’s return, which was the most negative contribution to return of any sector. The Industrials sector contributed the most positive contribution to the Fund’s return of any sector, contributing 3.1%. The Financials sector also notably contributed positively towards the Fund’s return, contributing 2.1% during the period.

Value Line® and Value Line® Dividend Index are trademarks or registered trademarks of Value Line, Inc. (“Value Line”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.
Page 16

Fund Performance Overview (Unaudited) (Continued)
First Trust Value Line® Dividend Index Fund (FVD) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Utilities
20.9%
Industrials
19.7
Consumer Staples
14.9
Financials
11.1
Health Care
10.6
Information Technology
8.0
Consumer Discretionary
5.6
Materials
4.9
Communication Services
1.9
Real Estate
1.8
Energy
0.6
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Novartis AG, ADR
0.6%
T-Mobile US, Inc.
0.6
Tractor Supply Co.
0.6
Toyota Motor Corp., ADR
0.6
Broadridge Financial Solutions, Inc.
0.6
Travelers (The) Cos., Inc.
0.6
Chubb Ltd.
0.6
Hershey (The) Co.
0.6
Lancaster Colony Corp.
0.6
Amgen, Inc.
0.6
Total
6.0%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 17

Fund Performance Overview (Unaudited) (Continued)
First Trust Growth Strength ETF (FTGS)
The First Trust Growth Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called The Growth StrengthTM Index (the “Index”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Index is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index seeks to provide exposure to (without limitation) a mix of domestic common stocks and real estate investment trusts (“REITs”) with filters for liquidity, return on equity, long-term debt, revenue and cash flow growth. Companies that do not meet requirements for minimum metrics on those criteria are filtered out of, or excluded from, the Index, according to the Index Provider. The Index is rebalanced and reconstituted quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on Nasdaq, Inc. The first day of secondary market trading in shares of the Fund was October 26, 2022.
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
12/31/23
Inception
(10/25/22)
to 12/31/23
Inception
(10/25/22)
to 12/31/23
Fund Performance
NAV
33.54%
28.97%
35.14%
Market Price
33.43%
29.09%
35.29%
Index Performance
The Growth StrengthTM Index
34.47%
29.66%
35.99%
S&P 500® Index
26.29%
21.65%
26.10%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 33.54% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 26.29%. The Fund allocated 33.1% to the Information Technology sector during the period, which was more than the weight given to any other sector. Investments in this sector contributed 18.3% to the Fund’s return, the greatest contribution to the Fund’s return of any sector. The Consumer Discretionary sector also contributed significantly to the Fund’s performance, contributing 7.5%. During the period, no sector contributed negatively to the Fund’s return.

Nasdaq® and The Growth StrengthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Page 18

Fund Performance Overview (Unaudited) (Continued)
First Trust Growth Strength ETF (FTGS) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
33.7%
Consumer Discretionary
21.5
Health Care
13.1
Financials
8.1
Energy
8.0
Industrials
8.0
Materials
5.8
Communication Services
1.8
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
D.R. Horton, Inc.
2.6%
Dexcom, Inc.
2.5
Lennar Corp., Class A
2.5
Blackstone, Inc.
2.4
Deckers Outdoor Corp.
2.3
Enphase Energy, Inc.
2.3
QUALCOMM, Inc.
2.3
EPAM Systems, Inc.
2.3
Lam Research Corp.
2.2
Broadcom, Inc.
2.2
Total
23.6%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 19

Fund Performance Overview (Unaudited) (Continued)
First Trust Indxx Aerospace & Defense ETF (MISL)
The First Trust Indxx Aerospace & Defense ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Indxx US Aerospace & Defense Index (the “Index”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Index is developed, maintained and sponsored by Indxx, Inc. (the “Index Provider”).
According to the Index Provider, the Index’s starting universe consists of U.S. companies engaged in business activities associated with the following aerospace and defense sub-themes, as identified by the Index Provider: (1) Hypersonic: Companies involved in developing Hypersonic warfare weapons technology for defense related applications; (2) Directed Energy: Companies involved in developing weapons like high power microwaves, laser technology products and electromagnetic weapons for defense related applications; (3) Space Technologies: Companies involved in developing rockets, satellites and launch vehicles; (4) Unmanned Aerial Vehicle/Advanced Air Mobility: Companies that develop military aircrafts guided by remote control or programmed autonomously and companies involved in developing an air transportation system that moves cargo and people for defense related applications; or (5) Autonomous, Cybersecurity and C5ISR Systems: Companies involved in providing autonomous, cybersecurity, and C5ISR solutions for improving national security, enhancing public safety and designing better combat results. These sub-themes also include the commercial (non-government/defense) application of such activities. According to the Index Provider, the starting universe also includes Traditional Aerospace & Defense companies that manufacture construction materials, electronics, and telecommunications equipment used in the manufacture of aircraft for both defense and commercial aviation. From the starting universe, only companies that derive at least 50% of revenues from aerospace and defense activities in one or more of the sub-themes identified above will be eligible for inclusion in the Index, according to the Index Provider. These companies have their principal business strategies and/or growth prospects inextricably linked to aerospace and defense. According to the Index Provider, from the list of eligible companies, a total of 50 companies ranked from highest to lowest market capitalization will be selected. In the event there are less than 50 companies that meet the 50% revenue test, all eligible companies will be selected (i.e., there may be fewer than 50 companies in the Index). The selected securities are assigned weights based on their market capitalization. The Index is rebalanced quarterly and reconstituted semi-annually, and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s shares are listed for trading on the NYSE Arca, Inc. The first day of secondary market trading in shares of the Fund was October 26, 2022.
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
12/31/23
Inception
(10/25/22)
to 12/31/23
Inception
(10/25/22)
to 12/31/23
Fund Performance
NAV
14.88%
19.38%
23.32%
Market Price
14.78%
19.37%
23.32%
Index Performance
Indxx US Aerospace & Defense Index
15.57%
20.03%
24.13%
S&P 500® Index
26.29%
21.65%
26.10%
S&P Composite 1500® Aerospace & Defense Index
8.69%
15.60%
18.72%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 14.88% during the 12-month period covered by this report. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 26.29%. During the period, the Fund allocated 86.3% to the Aerospace & Defense sub-industry, which was more than the weight given to any other sub-industry. Investments in the Aerospace & Defense sub-industry contributed 14.4% to the Fund’s return, the greatest contribution to return of any sector. The Research & Consulting Services sub-industry was the other significant contributor to the Fund’s return. This sub-industry had an average weight of 13.0% and contributed 1.0% to the Fund’s return during the period. No sub-industry contributed negatively to the Fund’s total return during the period.

Indxx and Indxx US Aerospace & Defense Index (“Index”) are trademarks of Indxx, Inc. (“Indxx”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Indxx, and Indxx makes no representation regarding the advisability of trading in such product. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.
Page 20

Fund Performance Overview (Unaudited) (Continued)
First Trust Indxx Aerospace & Defense ETF (MISL) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
99.5%
Communication Services
0.5
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Boeing (The) Co.
10.0%
RTX Corp.
8.2
General Dynamics Corp.
7.6
Lockheed Martin Corp.
7.3
Northrop Grumman Corp.
6.8
Howmet Aerospace, Inc.
4.3
L3Harris Technologies, Inc.
4.2
TransDigm Group, Inc.
4.2
Leidos Holdings, Inc.
4.1
Huntington Ingalls Industries, Inc.
4.0
Total
60.7%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 21

Fund Performance Overview (Unaudited) (Continued)
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
The First Trust Bloomberg Inflation Sensitive Equity ETF (the “Fund”) seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the Bloomberg Inflation Sensitive Equity Index (the “Index”). 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 that comprise the Index. The Index is developed, maintained and sponsored by Bloomberg Index Services Limited (the “Index Provider”). The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the total return performance of the Index, which includes dividends paid by the common stocks in the Index. The Fund will generally employ a full replication strategy, meaning that it will normally invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Fund’s shares are listed for trading on the NYSE Arca, Inc. The first day of secondary market trading in shares of the Fund was March 14, 2023.
Performance
 
Cumulative
Total Returns
 
Inception
(3/13/23)
to 12/31/23
Fund Performance
NAV
13.06%
Market Price
13.06%
Index Performance
Bloomberg Inflation Sensitive Equity Index
13.66%
S&P 500® Index
25.32%
(See Notes to Fund Performance Overview on page 24.)
Performance Review
The Fund generated a NAV return of 13.06% during the period from the Fund’s inception date of March 13, 2023 through December 31, 2023. During the same period, the S&P 500® Index (“Benchmark”) generated a return of 25.32%. The Energy sector received the greatest allocation of any sector in the Fund, with an allocation of 30.1%, and contributed 4.8% to the Fund’s return. Investments in the Industrials sector contributed 5.5% to the Fund’s return, the greatest of any sector in the Fund. During the same period, no sector contributed negatively to the Fund’s total return.

“Bloomberg®” and Bloomberg Inflation Sensitive Equity Index licensed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by First Trust Advisors L.P. (the “Licensee”). Bloomberg is not affiliated with the Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.
Page 22

Fund Performance Overview (Unaudited) (Continued)
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Energy
38.6%
Industrials
25.6
Materials
19.2
Real Estate
14.4
Information Technology
2.2
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Weatherford International PLC
2.8%
Simon Property Group, Inc.
2.3
Carlisle Cos., Inc.
2.3
Cleveland-Cliffs, Inc.
2.3
General Dynamics Corp.
2.3
Caterpillar, Inc.
2.2
Parker-Hannifin Corp.
2.2
Diamondback Energy, Inc.
2.2
PACCAR, Inc.
2.2
Amphenol Corp., Class A
2.2
Total
23.0%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 23

Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under the Securities and Exchange Commission’s rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Prior to January 1, 2019, the price used was the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund were listed for trading as of the time that the Fund’s NAV was calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
Page 24

First Trust Exchange-Traded Fund
Understanding Your Fund Expenses
December 31, 2023 (Unaudited)
As a shareholder of First Trust Dow Jones Select MicroCap Index Fund, First Trust Morningstar Dividend Leaders Index Fund, First Trust US Equity Opportunities ETF, First Trust NYSE® Arca® Biotechnology Index Fund, First Trust Dow Jones Internet Index Fund, First Trust Capital Strength ETF, First Trust Value Line® Dividend Index Fund, First Trust Growth Strength ETF, First Trust Indxx Aerospace & Defense ETF or First Trust Bloomberg Inflation Sensitive Equity 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 December 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
July 1, 2023
Ending
Account Value
December 31, 2023
Annualized
Expense Ratio
Based on the
Six-Month
Period (a)
Expenses Paid
During the
Six-Month
Period (b)
First Trust Dow Jones Select MicroCap Index Fund (FDM)
Actual
$1,000.00
$1,102.60
0.60%
$3.18
Hypothetical (5% return before expenses)
$1,000.00
$1,022.18
0.60%
$3.06
First Trust Morningstar Dividend Leaders Index Fund (FDL)
Actual
$1,000.00
$1,080.80
0.45%
$2.36
Hypothetical (5% return before expenses)
$1,000.00
$1,022.94
0.45%
$2.29
First Trust US Equity Opportunities ETF (FPX)
Actual
$1,000.00
$1,087.60
0.58%
$3.05
Hypothetical (5% return before expenses)
$1,000.00
$1,022.28
0.58%
$2.96
First Trust NYSE® Arca® Biotechnology Index Fund (FBT)
Actual
$1,000.00
$1,035.40
0.56%
$2.87
Hypothetical (5% return before expenses)
$1,000.00
$1,022.38
0.56%
$2.85
First Trust Dow Jones Internet Index Fund (FDN)
Actual
$1,000.00
$1,144.10
0.50%
$2.70
Hypothetical (5% return before expenses)
$1,000.00
$1,022.68
0.50%
$2.55
First Trust Capital Strength ETF (FTCS)
Actual
$1,000.00
$1,074.40
0.54%
$2.82
Hypothetical (5% return before expenses)
$1,000.00
$1,022.48
0.54%
$2.75
Page 25

First Trust Exchange-Traded Fund
Understanding Your Fund Expenses (Continued)
December 31, 2023 (Unaudited)
 
Beginning
Account Value
July 1, 2023
Ending
Account Value
December 31, 2023
Annualized
Expense Ratio
Based on the
Six-Month
Period (a)
Expenses Paid
During the
Six-Month
Period (b)
First Trust Value Line® Dividend Index Fund (FVD)
Actual
$1,000.00
$1,024.00
0.56%
$2.86
Hypothetical (5% return before expenses)
$1,000.00
$1,022.38
0.56%
$2.85
First Trust Growth Strength ETF (FTGS)
Actual
$1,000.00
$1,162.40
0.60%
$3.27
Hypothetical (5% return before expenses)
$1,000.00
$1,022.18
0.60%
$3.06
First Trust Indxx Aerospace & Defense ETF (MISL)
Actual
$1,000.00
$1,099.50
0.60%
$3.18
Hypothetical (5% return before expenses)
$1,000.00
$1,022.18
0.60%
$3.06
First Trust Bloomberg Inflation Sensitive Equity ETF (FTIF)
Actual
$1,000.00
$1,081.60
0.60%
$3.15
Hypothetical (5% return before expenses)
$1,000.00
$1,022.18
0.60%
$3.06
(a)
These expense ratios reflect expense caps for certain Funds. See Note 3 in the Notes to Financial Statements.
(b)
Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (July 1, 2023
through December 31, 2023), multiplied by 184/365 (to reflect the six-month period).
Page 26

First Trust Dow Jones Select MicroCap Index Fund (FDM)
Portfolio of Investments
December 31, 2023 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.8%
37,303
Ducommun, Inc. (a)
$1,941,994
14,402
National Presto Industries, Inc.
1,156,193
 
3,098,187
Air Freight & Logistics —
0.4%
98,041
Radiant Logistics, Inc. (a)
650,992
Banks — 21.4%
48,799
Amalgamated Financial Corp.
1,314,645
41,649
Bar Harbor Bankshares
1,222,815
29,835
BayCom Corp.
703,808
64,771
Business First Bancshares, Inc.
1,596,605
36,889
Capital City Bank Group, Inc.
1,085,643
29,609
Coastal Financial Corp. (a)
1,314,936
25,091
Codorus Valley Bancorp, Inc.
644,839
117,859
CrossFirst Bankshares, Inc. (a)
1,600,525
18,487
Esquire Financial Holdings, Inc.
923,610
29,073
First Financial Corp.
1,251,011
32,247
Five Star Bancorp
844,226
19,286
FS Bancorp, Inc.
712,811
23,986
Great Southern Bancorp, Inc.
1,423,569
35,727
HBT Financial, Inc.
754,197
167,902
Heritage Commerce Corp.
1,665,588
42,992
HomeTrust Bancshares, Inc.
1,157,345
57,269
Independent Bank Corp.
1,490,139
177,355
Kearny Financial Corp.
1,590,874
17,164
MainStreet Bancshares, Inc. (b)
425,839
40,514
Mercantile Bank Corp.
1,635,955
39,241
MidWestOne Financial Group,
Inc.
1,055,975
32,202
MVB Financial Corp.
726,477
18,198
Northeast Bank
1,004,348
39,797
Northeast Community Bancorp,
Inc.
705,999
15,183
Northrim BanCorp, Inc.
868,619
18,232
Oak Valley Bancorp (b)
546,048
110,548
Old Second Bancorp, Inc.
1,706,861
11,790
Orange County Bancorp, Inc. (b)
710,230
13,389
Plumas Bancorp
553,635
36,361
Sierra Bancorp
819,941
32,611
South Plains Financial, Inc.
944,415
26,167
Southern Missouri Bancorp, Inc.
1,397,056
22,273
Timberland Bancorp, Inc.
700,709
81,089
Univest Financial Corp.
1,786,391
 
36,885,684
Biotechnology — 1.0%
92,875
Cullinan Oncology, Inc. (a)
946,396
85,839
Voyager Therapeutics, Inc. (a)
724,481
 
1,670,877
Shares
Description
Value
 
Capital Markets — 1.4%
83,701
Bridge Investment Group
Holdings, Inc., Class A
$818,596
7,909
Diamond Hill Investment Group,
Inc.
1,309,651
84,739
Heritage Global, Inc. (a)
235,575
 
2,363,822
Chemicals — 1.0%
73,475
American Vanguard Corp.
806,021
20,217
Core Molding Technologies,
Inc. (a)
374,621
25,671
Intrepid Potash, Inc. (a)
613,280
 
1,793,922
Commercial Services &
Supplies — 4.4%
80,360
CECO Environmental Corp. (a)
1,629,701
61,568
Liquidity Services, Inc. (a)
1,059,585
84,032
Quad Graphics, Inc. (a)
455,454
57,486
Viad Corp. (a)
2,080,993