Annual Report
For the Period Ended
December 31, 2023
First Trust Exchange-Traded Fund
Book 3
First Trust Dividend Strength ETF (FTDS)
First Trust Dow 30 Equal Weight ETF (EDOW)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)

Table of Contents
First Trust Exchange-Traded Fund
Annual Report
December 31, 2023
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3
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8
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12
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14
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24
25
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28
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41
42
48
50

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 S&P 500 Diversified Free Cash Flow ETF was incepted on August 23, 2023 and therefore, any information in this letter or the annual report prior to that Fund’s inception date does 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 Dividend Strength ETF (FTDS)
The First Trust Dividend Strength ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called The Dividend StrengthTM Index (the “Index”). The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). 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 designed to provide exposure to well-capitalized companies with a history of increasing their dividends. The term “well-capitalized” reflects companies that have strong balance sheets with durable cash flow and a record of profitability. The Index screens companies for strong balance sheets, a high degree of liquidity, the ability to increase dividends and a record of dividend growth. According to the Index Provider, to be included in the Index, a security’s issuer must have: (i) a long-term debt to market cap ratio of less than 40%; (ii) a return on equity of greater than 10%; (iii) a 5-year compounded dividend growth rate greater than 5%; and (iv) a dividend payout ratio of less than 50%. Securities within each of the 11 industries used by the Industry Classification Benchmark are ranked by dividend yield relative to their industry peers, with the highest indicated dividend yielding security receiving a rank of 1. The top 15 securities per industry are selected and combined for the final evaluation universe. For the final selection, each remaining security from the combined evaluation universe is reranked based on indicated dividend yield with a rank of 1 representing the highest indicated dividend yield. The top 50 securities are selected for inclusion in the final portfolio and are then equally-weighted. The Index is rebalanced and reconstituted quarterly based on the Index’s rules-based methodology, 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 December 7, 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
(12/5/06)
to 12/31/23
5 Years
Ended
12/31/23
10 Years
Ended
12/31/23
Inception
(12/5/06)
to 12/31/23
Fund Performance
NAV
11.84%
11.45%
7.45%
6.47%
71.96%
105.12%
191.75%
Market Price
11.66%
11.45%
7.45%
6.47%
71.97%
105.06%
191.72%
Index Performance
The Dividend StrengthTM Index(1)(2)
12.63%
N/A
N/A
N/A
N/A
N/A
N/A
S&P 500® Index(3)
26.29%
15.69%
12.03%
9.54%
107.21%
211.49%
374.24%
Dow Jones U.S. Select Dividend Index
1.53%
10.05%
9.26%
7.41%
61.40%
142.54%
238.68%
Russell 1000® Value Index
11.46%
10.91%
8.40%
6.84%
67.79%
123.99%
209.16%
(1)
On April 29, 2022, the Fund’s underlying index changed from the Nasdaq AlphaDEX® Total US Market Index to The Dividend StrengthTM
Index. Therefore, the Fund’s performance and total returns shown are not necessarily indicative of the performance the Fund, based on its current
index, would have generated.
(2)
Because the Fund’s underlying index has an inception date of March 7, 2022, performance data for the Index is not available for all periods
shown in the table because performance data does not exist for some of the entire periods.
(3)
The S&P 500® Index will serve as the Fund’s new primary benchmark index. The Fund’s portfolio managers believe that the S&P 500® Index
provides a more appropriate comparison to Fund returns.
(See Notes to Fund Performance Overview on page 12.)
Performance Review
The Fund generated a net asset value (“NAV”) return of 11.84% 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 Industrials sector was the largest sector allocation by average weight at 24.9%. The largest contribution to the Fund’s return was also the Industrials sector, which contributed 4.8%. The largest negative contributors to the Fund’s return were the Consumer Staples sector and the Materials sector, each contributing -0.4% to the Fund’s return.

Nasdaq® and The Dividend 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 4

Fund Performance Overview (Unaudited) (Continued)
First Trust Dividend Strength ETF (FTDS) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
27.9%
Industrials
22.3
Energy
13.6
Information Technology
10.9
Consumer Discretionary
10.3
Materials
5.6
Consumer Staples
5.2
Real Estate
2.2
Health Care
2.0
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Zions Bancorp N.A.
2.6%
East West Bancorp, Inc.
2.5
Regions Financial Corp.
2.4
QUALCOMM, Inc.
2.4
SouthState Corp.
2.3
Williams-Sonoma, Inc.
2.3
Texas Roadhouse, Inc.
2.3
Cullen/Frost Bankers, Inc.
2.2
Commerce Bancshares, Inc.
2.2
PACCAR, Inc.
2.2
Total
23.4%
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 5

Fund Performance Overview (Unaudited) (Continued)
First Trust Dow 30 Equal Weight ETF (EDOW)
The First Trust Dow 30 Equal Weight ETF (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Dow Jones Industrial Average® Equal Weight Index (the “Index”). The Index is developed, maintained and sponsored by S&P Dow Jones Indices LLC (the “Index Provider”). 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 an equal weight version of the Dow Jones Industrial AverageTM (the “DJIA”). The DJIA is composed of 30 securities issued by blue-chip U.S. companies covering all industries, with the exception of transportation and utilities. According to the Index Provider, inclusion in the DJIA is not governed by quantitative rules but rather is based on the following criteria: (i) the company is not a utility or in the transportation business; (ii) the company has a premier reputation in its field; (iii) the company has a history of successful growth; (iv) there is wide interest in the company among individual and institutional investors; and (v) the company should be incorporated and headquartered in the U.S. According to the Index Provider, whenever one component is changed, the others are reviewed. For the sake of historical continuity, composition changes are rarely made. In the event that there is a change in the components of the DJIA, the component removed from the DJIA will simultaneously be removed from the Index, and the component that replaces the removed component will be added to the Index at the same weight as the component that was removed. The Index is rebalanced quarterly and reconstituted as needed 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 August 9, 2017.
Performance
 
 
Average Annual Total
Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
Inception
(8/8/17)
to 12/31/23
5 Years
Ended
12/31/23
Inception
(8/8/17)
to 12/31/23
Fund Performance
NAV
15.74%
10.92%
10.07%
67.91%
84.79%
Market Price
15.81%
10.95%
10.08%
68.12%
84.84%
Index Performance
Dow Jones Industrial Average® Equal Weight Index
16.37%
11.61%
10.72%
73.17%
91.86%
Dow Jones Industrial AverageTM
16.18%
12.47%
11.12%
80.00%
96.36%
S&P 500® Index
26.29%
15.69%
12.78%
107.21%
115.79%
(See Notes to Fund Performance Overview on page 12.)
Performance Review
The Fund generated a NAV return of 15.74% during the 12-month period covered by this report. During the same period, the Dow Jones Industrial AverageTM (the “Benchmark”) generated a return of 16.18%. The largest sector allocation by weight was the Information Technology sector, with an average portfolio weight of 21.3%. This sector also contributed the most to the Fund’s return, contributing 10.1%. The largest negative contributions to the Fund’s return came from the Energy sector and the Consumer Staples sector, each contributing -0.5% to the Fund’s return.

Dow Jones Industrial Average® Equal Weight Index (“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 6

Fund Performance Overview (Unaudited) (Continued)
First Trust Dow 30 Equal Weight ETF (EDOW) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
20.0%
Financials
17.1
Industrials
13.8
Consumer Staples
13.4
Health Care
13.1
Consumer Discretionary
9.7
Communication Services
6.2
Materials
3.4
Energy
3.3
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Intel Corp.
3.8%
Caterpillar, Inc.
3.6
Walgreens Boots Alliance, Inc.
3.6
American Express Co.
3.5
Goldman Sachs Group (The), Inc.
3.5
Honeywell International, Inc.
3.4
Dow, Inc.
3.4
JPMorgan Chase & Co.
3.4
Amgen, Inc.
3.4
Boeing (The) Co.
3.4
Total
35.0%
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 7

Fund Performance Overview (Unaudited) (Continued)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
The First Trust Lunt U.S. Factor Rotation 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 Lunt Capital Large Cap Factor Rotation 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 owned and was developed by Lunt Capital Management, Inc. (the “Index Provider”) and is calculated and maintained by Nasdaq, Inc. The Index is designed to track the performance of U.S. securities exhibiting desirable factor exposure. According to the Index Provider, the Index utilizes the Index Provider’s risk-adjusted relative strength methodology to allocate exposure to securities exhibiting either high or low levels of the characteristics associated with one of four primary investing factors: (i) momentum, (ii) value, (iii) quality and (iv) volatility. The Index is rebalanced and reconstituted periodically and the Fund will make corresponding changes to its portfolio after the Index changes are made public. The Fund’s shares are listed for trading on CBOE BZX Exchange, Inc. The first day of secondary market trading in shares of the Fund was July 26, 2018.
Performance
 
 
Average Annual Total
Returns
Cumulative Total Returns
 
1 Year
Ended
12/31/23
5 Years
Ended
12/31/23
Inception
(7/25/18)
to 12/31/23
5 Years
Ended
12/31/23
Inception
(7/25/18)
to 12/31/23
Fund Performance
NAV
0.68%
10.49%
7.05%
64.70%
44.78%
Market Price
0.61%
10.49%
7.04%
64.64%
44.73%
Index Performance
Lunt Capital Large Cap Factor Rotation Index
1.45%
11.34%
7.85%
71.09%
50.77%
Nasdaq US 500 Large CapTM Index
27.14%
15.74%
11.89%
107.67%
84.20%
S&P 500® Index
26.29%
15.69%
11.89%
107.21%
84.16%
(See Notes to Fund Performance Overview on page 12.)
Performance Review
The Fund generated a NAV return of 0.68% during the 12-month period covered by this report. During the same period, the Nasdaq US 500 Large CapTM Index (the “Benchmark”) generated a return of 27.14%. The largest sector allocation by weight was the Information Technology sector, with an average portfolio weight of 24.5%. The Financials sector was also highly weighted at 17.8%. The Information Technology sector contributed the most to the Fund’s return, contributing 5.4%. The largest negative contribution to the Fund’s return came from the Financials sector, contributing -2.9% during the period.

Lunt Capital Management, Inc. (“Lunt”) and Lunt Capital Large Cap Factor Rotation Index (“Lunt Index”) are trademarks of Lunt and have been licensed for use for certain purposes by First Trust. The First Trust Lunt U.S. Factor Rotation ETF is based on the Lunt Index and is not sponsored, endorsed, sold or promoted by Lunt, and Lunt makes no representation regarding the advisability of trading in such fund. Lunt has contracted with Nasdaq, Inc. to calculate and maintain the Lunt Index. The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Lunt Index to track general stock performance.
Page 8

Fund Performance Overview (Unaudited) (Continued)
First Trust Lunt U.S. Factor Rotation ETF (FCTR) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
36.3%
Consumer Discretionary
14.2
Financials
12.8
Industrials
10.1
Health Care
9.8
Communication Services
8.6
Materials
3.1
Consumer Staples
1.8
Real Estate
1.4
Energy
1.4
Utilities
0.5
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
NVIDIA Corp.
2.7%
Royal Caribbean Cruises Ltd.
2.3
Apollo Global Management, Inc.
2.1
Builders FirstSource, Inc.
1.8
Broadcom, Inc.
1.7
DraftKings, Inc., Class A
1.7
ROBLOX Corp., Class A
1.7
Fair Isaac Corp.
1.5
Insulet Corp.
1.5
Alnylam Pharmaceuticals, Inc.
1.5
Total
18.5%
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 9

Fund Performance Overview (Unaudited) (Continued)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
The First Trust S&P 500 Diversified Free Cash Flow ETF (the “Fund”) seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the S&P 500® Sector-Neutral FCF Index (the “Index”). Under normal 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, 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 Index is owned and was developed by S&P Dow Jones Indices, LLC a division of S&P Global (“SPDJI” or the “Index Provider”). The Index Provider reserves the right to make exceptions when applying the methodology if the need arises to ensure that the Index continues to achieve its objective. In addition, the Index Provider may revise Index policy covering rules for selecting companies, treatment of dividends, share counts or other matters. 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 August 24, 2023.
Performance
 
Cumulative
Total Returns
 
Inception
(8/23/23)
to 12/31/23
Fund Performance
NAV
10.23%
Market Price
10.23%
Index Performance
S&P 500® Sector-Neutral FCF Index
10.48%
S&P 500® Index
8.15%
(See Notes to Fund Performance Overview on page 12.)
Performance Review
The Fund generated a NAV return of 10.23% during period from the Fund’s inception date of August 23, 2023 through December 31, 2023. During the same period, the S&P 500® Index (the “Benchmark”) generated a return of 8.15%. The greatest allocation in the Fund during period were to investments in the Information Technology sector. These allocations were 27.3% and contributed 3.2% to the Fund’s overall return. A similar contribution to return came from the allocations to the Financials sector, which also had a contribution to return of 3.2%. The most negative contributor to the Fund’s return were the allocations to the Health Care sector. Investments in this sector received an allocation of 13.2% and caused a -0.3% drag on overall Fund return.

S&P 500® Sector-Neutral FCF Index (“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 10

Fund Performance Overview (Unaudited) (Continued)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
27.4%
Financials
14.4
Consumer Discretionary
12.5
Health Care
12.3
Industrials
8.2
Communication Services
8.0
Consumer Staples
6.1
Energy
4.0
Real Estate
2.6
Materials
2.3
Utilities
2.2
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Skyworks Solutions, Inc.
2.8%
HP, Inc.
2.6
Cisco Systems, Inc.
2.5
Live Nation Entertainment, Inc.
2.3
NetApp, Inc.
2.2
Fox Corp., Class A
2.2
F5, Inc.
2.2
Humana, Inc.
2.1
Microchip Technology, Inc.
2.1
Cognizant Technology Solutions Corp.,
Class A
2.0
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 11

Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived 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 12

First Trust Exchange-Traded Fund
Understanding Your Fund Expenses
December 31, 2023 (Unaudited)
As a shareholder of First Trust Dividend Strength ETF, First Trust Dow 30 Equal Weight ETF, First Trust Lunt U.S. Factor Rotation ETF or First Trust S&P 500 Diversified Free Cash Flow 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 (or since inception) and held through the six-month (or shorter) 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 Period” to estimate the expenses you paid on your account during this six-month (or shorter) 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
Expenses Paid
During the
Six-Month
Period (a)
First Trust Dividend Strength ETF (FTDS)
Actual
$1,000.00
$1,114.90
0.70%
(b)
$3.73
Hypothetical (5% return before expenses)
$1,000.00
$1,021.68
0.70%
(b)
$3.57
First Trust Dow 30 Equal Weight ETF (EDOW)
Actual
$1,000.00
$1,095.70
0.50%
$2.64
Hypothetical (5% return before expenses)
$1,000.00
$1,022.68
0.50%
$2.55
First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Actual
$1,000.00
$1,061.30
0.65%
$3.38
Hypothetical (5% return before expenses)
$1,000.00
$1,021.93
0.65%
$3.31
 
Beginning
Account Value
August 23, 2023 (c)
Ending
Account Value
December 31, 2023
Annualized
Expense Ratio
Based on the
Number of Days
in the Period
Expenses Paid
During the Period
August 23, 2023 (c)
to
December 31, 2023 (d)
First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
Actual
$1,000.00
$1,102.30
0.60%
$2.26
Hypothetical (5% return before expenses)
$1,000.00
$1,022.18
0.60%
$3.06
(a)
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).
(b)
These expense ratios reflect an expense cap. See Note 3 in the Notes to Financial Statements.
(c)
Inception date.
(d)
Actual expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period
(August 23, 2023 through December 31, 2023), multiplied by 131/365. Hypothetical expenses are assumed for the most recent six-month period.
Page 13

First Trust Dividend Strength ETF (FTDS)
Portfolio of Investments
December 31, 2023 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 5.9%
1,576
General Dynamics Corp.
$409,240
1,690
Huntington Ingalls Industries,
Inc.
438,792
834
Lockheed Martin Corp.
378,002
 
1,226,034
Banks — 16.3%
8,579
Commerce Bancshares, Inc.
458,204
4,300
Cullen/Frost Bankers, Inc.
466,507
7,191
East West Bancorp, Inc.
517,393
3,254
M&T Bank Corp.
446,058
25,638
Regions Financial Corp.
496,864
5,647
SouthState Corp.
476,889
12,357
Zions Bancorp N.A.
542,102
 
3,404,017
Building Products — 2.1%
7,600
Johnson Controls
International PLC
438,064
Capital Markets — 2.1%
6,416
Stifel Financial Corp.
443,666
Chemicals — 5.6%
5,530
FMC Corp.
348,667
10,455
Mosaic (The) Co.
373,557
2,968
PPG Industries, Inc.
443,864
 
1,166,088
Distributors — 1.9%
2,878
Genuine Parts Co.
398,603
Food Products — 5.2%
5,082
Archer-Daniels-Midland Co.
367,022
3,644
Bunge Global S.A.
367,862
1,939
Hershey (The) Co.
361,507
 
1,096,391
Ground Transportation —
4.1%
1,835
Norfolk Southern Corp.
433,758
1,752
Union Pacific Corp.
430,326
 
864,084
Health Care Providers &
Services — 2.0%
2,992
Quest Diagnostics, Inc.
412,537
Hotels, Restaurants & Leisure
— 4.2%
3,849
Texas Roadhouse, Inc.
470,463
5,026
Wyndham Hotels & Resorts, Inc.
404,141
 
874,604
Insurance — 9.5%
4,772
Aflac, Inc.
393,690
3,754
Cincinnati Financial Corp.
388,389
Shares
Description
Value
 
Insurance (Continued)
5,260
Hartford Financial Services
Group (The), Inc.
$422,799
2,291
Travelers (The) Cos., Inc.
436,412
7,565
Unum Group
342,089
 
1,983,379
Machinery — 8.0%
3,270
AGCO Corp.
397,010
1,689
Cummins, Inc.
404,634
4,691
PACCAR, Inc.
458,076
1,464
Snap-on, Inc.
422,862
 
1,682,582
Oil, Gas & Consumable Fuels
— 13.6%
2,219
Chevron Corp.
330,986
2,984
ConocoPhillips
346,353
12,797
Coterra Energy, Inc.
326,579
7,662
Devon Energy Corp.
347,089
2,224
Diamondback Energy, Inc.
344,898
2,798
EOG Resources, Inc.
338,418
6,592
HF Sinclair Corp.
366,317
3,261
Phillips 66
434,170
 
2,834,810
Professional Services — 2.1%
5,026
Robert Half, Inc.
441,886
Semiconductors &
Semiconductor Equipment
— 10.9%
2,223
Analog Devices, Inc.
441,399
4,913
Microchip Technology, Inc.
443,054
1,993
NXP Semiconductors N.V.
457,752
3,408
QUALCOMM, Inc.
492,899
4,016
Skyworks Solutions, Inc.
451,479
 
2,286,583
Specialized REITs — 2.2%
1,474
Public Storage
449,570
Specialty Retail — 4.2%
1,896
Tractor Supply Co.
407,697
2,356
Williams-Sonoma, Inc.
475,394
 
883,091
Total Common Stocks
20,885,989
(Cost $19,386,809)
See Notes to Financial Statements
Page 14

First Trust Dividend Strength ETF (FTDS)
Portfolio of Investments (Continued)
December 31, 2023 
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
29,233
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.22% (a)
$29,233
(Cost $29,233)
Total Investments — 100.0%
20,915,222
(Cost $19,416,042)
Net Other Assets and
Liabilities — (0.0)%
(7,065
)
Net Assets — 100.0%
$20,908,157
(a)
Rate shown reflects yield as of December 31, 2023.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
12/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$20,885,989
$20,885,989
$
$
Money Market Funds
29,233
29,233
Total Investments
$20,915,222
$20,915,222
$
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 15

First Trust Dow 30 Equal Weight ETF (EDOW)
Portfolio of Investments
December 31, 2023 
Shares
Description
Value
COMMON STOCKS — 100.0%
Aerospace & Defense — 3.4%
32,524
Boeing (The) Co. (a)
$8,477,706
Banks — 3.4%
50,210
JPMorgan Chase & Co.
8,540,721
Beverages — 3.2%
135,796
Coca-Cola (The) Co.
8,002,458
Biotechnology — 3.4%
29,576
Amgen, Inc.
8,518,480
Capital Markets — 3.5%
22,688
Goldman Sachs Group (The),
Inc.
8,752,350
Chemicals — 3.4%
156,305
Dow, Inc.
8,571,766
Communications Equipment
— 3.3%
164,510
Cisco Systems, Inc.
8,311,045
Consumer Finance — 3.6%
47,254
American Express Co.
8,852,564
Consumer Staples Distribution
& Retail — 6.9%
343,655
Walgreens Boots Alliance, Inc.
8,972,832
52,758
Walmart, Inc.
8,317,299
 
17,290,131
Diversified Telecommunication
Services — 3.1%
208,083
Verizon Communications, Inc.
7,844,729
Entertainment — 3.1%
85,746
Walt Disney (The) Co.
7,742,006
Financial Services — 3.3%
31,124
Visa, Inc., Class A
8,103,133
Health Care Providers &
Services — 3.1%
14,475
UnitedHealth Group, Inc.
7,620,653
Hotels, Restaurants & Leisure
— 3.3%
27,876
McDonald’s Corp.
8,265,513
Household Products — 3.2%
54,836
Procter & Gamble (The) Co.
8,035,667
Industrial Conglomerates —
6.8%
76,998
3M Co.
8,417,421
40,900
Honeywell International, Inc.
8,577,139
 
16,994,560
Insurance — 3.4%
43,910
Travelers (The) Cos., Inc.
8,364,416
IT Services — 3.2%
49,144
International Business Machines
Corp.
8,037,501
Shares
Description
Value
 
Machinery — 3.6%
30,668
Caterpillar, Inc.
$9,067,608
Oil, Gas & Consumable Fuels
— 3.3%
55,151
Chevron Corp.
8,226,323
Pharmaceuticals — 6.6%
51,542
Johnson & Johnson
8,078,693
76,712
Merck & Co., Inc.
8,363,142
 
16,441,835
Semiconductors &
Semiconductor Equipment
— 3.8%
186,393
Intel Corp.
9,366,248
Software — 6.6%
21,268
Microsoft Corp.
7,997,619
31,736
Salesforce, Inc. (a)
8,351,011
 
16,348,630
Specialty Retail — 3.4%
24,381
Home Depot (The), Inc.
8,449,236
Technology Hardware, Storage
& Peripherals — 3.1%
40,667
Apple, Inc.
7,829,618
Textiles, Apparel & Luxury
Goods — 3.0%
68,666
NIKE, Inc., Class B
7,455,068
Total Investments — 100.0%
249,509,965
(Cost $226,431,875)
Net Other Assets and
Liabilities — 0.0%
92,789
Net Assets — 100.0%
$249,602,754
(a)
Non-income producing security.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
12/31/2023
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$249,509,965
$249,509,965
$
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 16

First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments
December 31, 2023 
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 2.7%
1,387
Axon Enterprise, Inc. (a)
$358,304
3,357
Boeing (The) Co. (a)
875,035
3,822
Howmet Aerospace, Inc.
206,847
768
TransDigm Group, Inc.
776,909
 
2,217,095
Automobiles — 3.2%
33,611
Ford Motor Co.
409,718
132,216
Lucid Group, Inc. (a)
556,630
48,692
Rivian Automotive, Inc.,
Class A (a)
1,142,314
2,171
Tesla, Inc. (a)
539,450
 
2,648,112
Banks — 1.4%
13,302
Citizens Financial Group, Inc.
440,828
29,130
Huntington Bancshares, Inc.
370,533
2,420
M&T Bank Corp.
331,734
 
1,143,095
Biotechnology — 2.0%
6,606
Alnylam Pharmaceuticals,
Inc. (a)
1,264,455
4,378
Moderna, Inc. (a)
435,392
 
1,699,847
Broadline Retail — 0.9%
4,124
Amazon.com, Inc. (a)
626,600
1,554
Etsy, Inc. (a)
125,952
 
752,552
Building Products — 2.9%
8,778
Builders FirstSource, Inc. (a)
1,465,399
1,241
Carlisle Cos., Inc.
387,726
5,303
Carrier Global Corp.
304,657
1,045
Trane Technologies PLC
254,876
 
2,412,658
Capital Markets — 5.2%
4,624
Ares Management Corp.,
Class A
549,886
3,743
Blackstone, Inc.
490,034
10,836
Carlyle Group (The), Inc.
440,917
6,535
Charles Schwab (The) Corp.
449,608
13,250
KKR & Co., Inc.
1,097,762
719
LPL Financial Holdings, Inc.
163,659
911
Moody’s Corp.
355,800
727
MSCI, Inc.
411,227
4,671
Northern Trust Corp.
394,139
 
4,353,032
Chemicals — 1.3%
3,781
CF Industries Holdings, Inc.
300,590
Shares
Description
Value
 
Chemicals (Continued)
5,490
International Flavors &
Fragrances, Inc.
$444,525
10,028
Mosaic (The) Co.
358,300
 
1,103,415
Commercial Services &
Supplies — 0.7%
305
Cintas Corp.
183,811
7,822
Copart, Inc. (a)
383,278
 
567,089
Communications Equipment
— 0.6%
2,125
Arista Networks, Inc. (a)
500,459
Construction & Engineering
— 0.3%
1,268
Quanta Services, Inc.
273,634
Consumer Staples Distribution
& Retail — 1.8%
330
Costco Wholesale Corp.
217,826
3,366
Dollar General Corp.
457,608
3,171
Dollar Tree, Inc. (a)
450,441
14,026
Walgreens Boots Alliance, Inc.
366,219
 
1,492,094
Containers & Packaging —
0.4%
5,980
Ball Corp.
343,970
Electric Utilities — 0.5%
3,533
Constellation Energy Corp.
412,972
Electrical Equipment — 0.3%
796
Hubbell, Inc.
261,828
Electronic Equipment,
Instruments & Components
— 0.7%
4,512
Jabil, Inc.
574,829
Energy Equipment & Services
— 0.6%
14,317
Baker Hughes Co.
489,355
Entertainment — 4.1%
945
Netflix, Inc. (a)
460,102
30,143
ROBLOX Corp., Class A (a)
1,378,138
3,275
Take-Two Interactive Software,
Inc. (a)
527,111
90,200
Warner Bros. Discovery, Inc. (a)
1,026,476
 
3,391,827
Financial Services — 4.2%
18,514
Apollo Global Management, Inc.
1,725,320
6,376
Block, Inc. (a)
493,184
3,336
Fidelity National Information
Services, Inc.
200,393
See Notes to Financial Statements
Page 17

First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
December 31, 2023 
Shares
Description
Value
COMMON STOCKS (Continued)
Financial Services (Continued)
1,354
Mastercard, Inc., Class A
$577,495
1,867
Visa, Inc., Class A
486,073
 
3,482,465
Ground Transportation —
0.8%
931
Old Dominion Freight Line, Inc.
377,362
5,392
Uber Technologies, Inc. (a)
331,986
 
709,348
Health Care Equipment &
Supplies — 4.4%
8,200
Dexcom, Inc. (a)
1,017,538
706
IDEXX Laboratories, Inc. (a)
391,865
5,831
Insulet Corp. (a)
1,265,211
1,645
Intuitive Surgical, Inc. (a)
554,957
2,340
ResMed, Inc.
402,527
 
3,632,098
Health Care REITs — 0.5%
9,131
Ventas, Inc.
455,089
Health Care Technology —
0.7%
3,041
Veeva Systems, Inc., Class A (a)
585,453
Hotels, Restaurants & Leisure
— 8.1%
2,893
Airbnb, Inc., Class A (a)
393,853
90
Chipotle Mexican Grill, Inc. (a)
205,826
864
Domino’s Pizza, Inc.
356,167
10,931
DoorDash, Inc., Class A (a)
1,080,967
39,343
DraftKings, Inc., Class A (a)
1,386,841
12,203
Las Vegas Sands Corp.
600,510
1,096
McDonald’s Corp.
324,975
4,033
MGM Resorts International (a)
180,194
14,507
Royal Caribbean Cruises Ltd. (a)
1,878,511
2,864
Yum! Brands, Inc.
374,210
 
6,782,054
Household Durables — 0.8%
36
NVR, Inc. (a)
252,016
4,105
PulteGroup, Inc.
423,718
 
675,734
Industrial Conglomerates —
0.6%
4,234
General Electric Co.
540,385
Insurance — 2.0%
1,570
Allstate (The) Corp.
219,769
1,162
Arthur J. Gallagher & Co.
261,311
3,193
Brown & Brown, Inc.
227,054
3,630
Cincinnati Financial Corp.
375,560
137
Markel Group, Inc. (a)
194,526
Shares
Description
Value
 
Insurance (Continued)
1,101
Marsh & McLennan Cos., Inc.
$208,606
2,137
Prudential Financial, Inc.
221,628
 
1,708,454
Interactive Media & Services
— 3.4%
2,724
Alphabet, Inc., Class A (a)
380,516
4,124
Match Group, Inc. (a)
150,526
3,212
Meta Platforms, Inc., Class A (a)
1,136,920
6,035
Pinterest, Inc., Class A (a)
223,536
57,369
Snap, Inc., Class A (a)
971,257
 
2,862,755
IT Services — 3.3%
9,660
Cloudflare, Inc., Class A (a)
804,292
1,955
MongoDB, Inc. (a)
799,302
3,804
Snowflake, Inc., Class A (a)
756,996
1,893
VeriSign, Inc. (a)
389,882
 
2,750,472
Life Sciences Tools & Services
— 1.1%
14,130
Avantor, Inc. (a)
322,588
4,250
Illumina, Inc. (a)
591,770
 
914,358
Media — 1.1%
669
Charter Communications, Inc.,
Class A (a)
260,027
8,195
Paramount Global, Class B
121,204
7,675
Trade Desk (The), Inc.,
Class A (a)
552,293
 
933,524
Metals & Mining — 1.3%
3,415
Newmont Corp.
141,347
1,993
Nucor Corp.
346,862
837
Reliance Steel & Aluminum Co.
234,092
3,283
Steel Dynamics, Inc.
387,722
 
1,110,023
Office REITs — 0.2%
1,383
Alexandria Real Estate Equities,
Inc.
175,323
Oil, Gas & Consumable Fuels
— 0.8%
2,747
Marathon Petroleum Corp.
407,545
2,917
Targa Resources Corp.
253,400
 
660,945
Passenger Airlines — 0.2%
5,596
Southwest Airlines Co.
161,612
Pharmaceuticals — 1.6%
1,713
Eli Lilly & Co.
998,542
1,517
Zoetis, Inc.
299,410
 
1,297,952
See Notes to Financial Statements
Page 18

First Trust Lunt U.S. Factor Rotation ETF (FCTR)
Portfolio of Investments (Continued)
December 31, 2023 
Shares
Description
Value
COMMON STOCKS (Continued)
Professional Services — 0.7%
1,072
Paycom Software, Inc.
$221,604
1,361
Verisk Analytics, Inc.
325,088
 
546,692
Semiconductors &
Semiconductor Equipment
— 11.0%
6,152
Advanced Micro Devices,
Inc. (a)
906,866
2,259
Applied Materials, Inc.
366,116
1,255
Broadcom, Inc.
1,400,894
3,142
First Solar, Inc. (a)
541,304
23,708
Intel Corp.
1,191,327
1,175
KLA Corp.
683,028
665
Monolithic Power Systems, Inc.
419,469
4,474
NVIDIA Corp.
2,215,614
3,526
ON Semiconductor Corp. (a)
294,527
3,027
QUALCOMM, Inc.
437,795
3,184
Skyworks Solutions, Inc.
357,945
3,212
Teradyne, Inc.
348,566
 
9,163,451
Software — 17.1%
1,159
Adobe, Inc. (a)
691,459
831
Aspen Technology, Inc. (a)
182,945
1,332
Autodesk, Inc. (a)
324,315
7,058
Bentley Systems, Inc., Class B
368,286
5,587
BILL Holdings, Inc. (a)
455,843
2,661
Cadence Design Systems,
Inc. (a)
724,777
4,655
Crowdstrike Holdings, Inc.,
Class A (a)
1,188,515
6,472
Datadog, Inc., Class A (a)
785,571
5,808
Dynatrace, Inc. (a)
317,639
1,087
Fair Isaac Corp. (a)