FIRST TRUST

First Trust Exchange-Traded Fund
Book 3

First Trust Dividend Strength ETF (FTDS)
(formerly First Trust Total US Market AlphaDEX(R) ETF (TUSA))
First Trust Dorsey Wright People's Portfolio ETF (DWPP)
First Trust Dow 30 Equal Weight ETF (EDOW)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)

Semi-Annual Report
For the Six Months Ended
June 30, 2022

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TABLE OF CONTENTS
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FIRST TRUST EXCHANGE-TRADED FUND
SEMI-ANNUAL REPORT
JUNE 30, 2022

Shareholder Letter.......................................................... 2
Market Overview............................................................. 3
Fund Performance Overview
First Trust Dividend Strength ETF (FTDS)................................. 4
First Trust Dorsey Wright People's Portfolio ETF (DWPP).................. 6
First Trust Dow 30 Equal Weight ETF (EDOW)............................... 8
First Trust Lunt U.S. Factor Rotation ETF (FCTR)......................... 10
Notes to Fund Performance Overview.......................................... 12
Understanding Your Fund Expenses............................................ 13
Portfolio of Investments
First Trust Dividend Strength ETF (FTDS)................................. 14
First Trust Dorsey Wright People's Portfolio ETF (DWPP).................. 16
First Trust Dow 30 Equal Weight ETF (EDOW)............................... 23
First Trust Lunt U.S. Factor Rotation ETF (FCTR)......................... 24
Statements of Assets and Liabilities........................................ 28
Statements of Operations.................................................... 29
Statements of Changes in Net Assets......................................... 30
Financial Highlights........................................................ 32
Notes to Financial Statements............................................... 34
Additional Information...................................................... 42

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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

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SHAREHOLDER LETTER
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FIRST TRUST EXCHANGE-TRADED FUND
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JUNE 30, 2022

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for certain
funds in the First Trust Exchange-Traded Fund (the "Funds"), which contains
detailed information about the Funds for the six months ended June 30, 2022.

The trillions of dollars of stimulus funneled into the U.S. financial system by
the Federal government throughout the bulk of the coronavirus ("COVID-19")
pandemic was effective in bolstering economic activity, as reflected by some
impressive gross domestic product ("GDP") statistics. It also fueled inflation.
I will touch on that angle as well. Data from the U.S. Bureau of Economic
Analysis indicates that annualized real GDP growth rates over the four quarters
comprising 2021 were 6.3%, 6.7%, 2.3% and 6.9%, respectively. It appears,
however, that the upside from those stimulus dollars may be waning. In the first
two quarters of 2022, the U.S. economy contracted. Real GDP declined by an
annualized 1.6% in the first quarter and declined by an annualized 0.9% in the
second quarter. Why the downturn? Well, the lion's share of the stimulus
programs for individuals ended in September 2021. The war between Russia and
Ukraine, which commenced in late February 2022, China's COVID-19 shutdown this
year and the ongoing supply chain bottlenecks have also provided a drag on the
global economy and securities markets, in my opinion. While the standard
definition of a recession is two consecutive quarters of negative GDP growth,
the official arbiter of declaring recessions in the U.S. belongs to the National
Bureau of Economic Research, and it factors in additional economic indicators in
its evaluation process. Even if we were to experience a recession, it does not
necessarily mean it will be deep in scope. Currently, the Federal Reserve (the
"Fed") is still hoping to orchestrate a soft landing for the economy, though it
admits it will be challenging.

In addition to the recent decline in economic activity, the financial media is
paying a good deal of attention to the inverted yield curve in the Treasury
market, particularly the spread between the yields on the 2-Year and 10-Year
Treasury Note ("T-Note"). As of July 27, 2022, the closing yield on the 2-Year
T-Note was 3.00%, 21 basis points ("bps") above the 2.79% yield on the 10-Year
T-Note. The current inversion has only been in play in earnest since July 5,
2022. Yields on shorter-maturity bonds should be lower than those further out on
the curve. For the 30-year period ended July 27, 2022, the average yield on the
10-Year T-Note was 113 bps higher than the average yield on the 2-Year T-Note.
Historically, such inversions have portended that a recession is likely to
arrive in the next 12-24 months. At its meeting on July 27, 2022, the Fed raised
the Federal Funds target rate by 75 bps to combat the spike in inflation. The
target rate currently sits at 2.50%, marking the upper bound of its 2.25% to
2.50% range. The Fed's next meeting is scheduled for September 20-21, 2022.

In the current climate, the number one goal is to tame inflation. The Fed has
made it clear that it is committed to doing so. The Consumer Price Index stood
at a trailing 12-month rate of 9.1% in June 2022, its highest level since 1981.
Surging inflation is the number one concern of Americans. It is certainly going
to be a hot button issue in the upcoming mid-term elections in November. A
recent CNN poll revealed that 75% of Americans consider inflation their top
economic concern and only 25% approve of President Joe Biden's efforts to
curtail it. This dovetails into another concern: the markets. With respect to
returns, on a year-to-date and 12-month basis, all the major domestic and
foreign stock and bond indices were sitting in negative territory, based on
their respective total returns through June 30, 2022. Sell-offs are a natural
part of market cycles. We all know that prices do not go up in a straight line.
As previously noted, the Fed, the economy and the markets are battling some
significant headwinds. The good news is we know what they are. Suffice it to
say, it will take some time to remedy them. Stay the course!

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,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.

Page 2

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MARKET OVERVIEW
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FIRST TRUST EXCHANGE-TRADED FUND
SEMI-ANNUAL REPORT
JUNE 30, 2022 (UNAUDITED)

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

As we head into the second half of 2022, the latest hot topic appears to be
whether or not the U.S. economy is on the cusp of a recession. After all, real
gross domestic product ("GDP") declined by an annualized 1.6% in the first
quarter of 2022, according to data from the U.S. Bureau of Economic Analysis.
The technical definition of a recession is two consecutive quarters of negative
GDP growth. Opinions on this topic vary. Some pundits believe the U.S. economy
is already in a recession. Brian Wesbury, Chief Economist at First Trust, is not
one of them. Wesbury notes that the official arbiter of recessions, the National
Bureau of Economic Research, considers other factors beyond just real GDP,
including the job market, manufacturing activity and real income. While subject
to change, Wesbury does not currently foresee a recession arriving until late
2023 or 2024. Investors should monitor the actions of the Federal Reserve (the
"Fed") over the next few months. We are anticipating additional interest rate
hikes by the Fed to combat the surge in inflation, which reached 9.1% on a
trailing 12-month basis in June 2022, as measured by the Consumer Price Index.

The global growth forecast from the International Monetary Fund ("IMF") released
in April 2022 projected a 3.6% real GDP growth rate for 2022, down from 6.1% in
2021. The IMF is calling for a 3.7% growth rate for the U.S. in 2022, down from
5.7% the previous year. Advanced Economies are expected to register a 3.3%
growth rate, down from 5.2%. While the gap has narrowed from prior years,
Emerging Market and Developing Economies are still expected to grow faster than
Advanced Economies. Their 2022 growth rate estimate is 3.8%, down from 6.8% a
year ago.

Investors continued to funnel capital into exchange-traded funds ("ETFs") and
related exchange-traded products ("ETPs") in the first half of 2022 despite the
sharp sell-off in the markets. ETFGI, an independent research and consultancy
firm, reported that total assets invested in ETFs/ETPs listed in the U.S. stood
at $6.18 trillion at the close of June 2022, down from $7.21 trillion at the end
of 2021. In the first half of 2022, net inflows to ETFs/ETPs listed in the U.S.
totaled $307.49 billion, with $158.73 billion of it flowing to equity funds.
Total assets invested in ETFs/ETPs listed globally stood at $8.86 trillion, down
from $10.27 trillion at the end of 2021. In the first half of this year, net
inflows to ETFs/ETPs listed globally totaled $463.81 billion, with $277.22
billion of it flowing to equity funds.

U.S. STOCKS AND BONDS

In the first half of 2022, three of the major U.S. stock indices posted
double-digit declines. The S&P 500(R) Index (the "Index"), S&P MidCap 400(R)
Index and S&P SmallCap 600(R) Index posted total returns of -19.96%, -19.54%,
and -18.94%, respectively, according to Bloomberg. Only one of the 11 major
sectors that comprise the Index posted positive total returns. The
top-performing sector was Energy, up 31.84%, while the worst-performing sector
was Consumer Discretionary, down 32.82%. Bloomberg's 2022 and 2023 consensus
earnings growth rate estimates for the Index were 10.37% and 8.49%,
respectively, as of July 1, 2022.

The Index posted a price-only return (dividends not included) of -20.58% in the
first half of 2022, the worst showing since a 21.01% decline in the first half
of 1970, according to MarketWatch. The definition of a bear market is a 20%
price decline from the most recent peak of a security or index. Statistics
provided by Dow Jones Market Data indicate that, since 1932, the Index has
endured a first-half decline of 15% or more on five occasions (1932, 1939, 1940,
1962 and 1970). The Index rebounded over the following six months in each of
those instances. The average second-half return for the five occurrences was
23.66%, with a median return of 15.25%, according to MarketWatch. Keep in mind,
past performance is no guarantee of future results.

In the U.S. bond market, all the major bond groups posted negative total returns
in the first half of 2022. The top performing major debt group we track was
intermediate Treasuries. The Bloomberg U.S. Treasury: Intermediate Index posted
a total return of -5.80%. The worst performing debt group we track was long-term
municipal bonds. The Bloomberg Municipal Bond: Long Bond (22+) Index posted a
total return of -14.66%. The yield on the benchmark 10-Year Treasury Note rose
151 basis points to 3.02% in the first half of 2022, according to Bloomberg. For
comparative purposes, its average yield for the 20-year period ended June 30,
2022, was 2.92%.

FOREIGN STOCKS AND BONDS

The U.S. Dollar rose by 9.43% against a basket of major currencies in the first
half of 2022, as measured by the U.S. Dollar Index ("DXY"), according to
Bloomberg. The DXY Index closed at a reading of 104.69 on June 30, 2022,
significantly above its 20-year average of 88.49. The stronger U.S. Dollar had a
negative influence on the returns of foreign securities held by U.S. investors,
provided they were unhedged.

The Bloomberg EM Hard Currency Aggregate Index of emerging markets debt posted a
total return of -18.50% (USD), while the Bloomberg Global Aggregate Index of
higher quality debt declined by 13.91% (USD). With respect to equities, the MSCI
Emerging Markets Index of stocks posted a total return of -17.63% (USD), while
the MSCI World ex USA Index was down 18.76% (USD) on a total return basis,
according to Bloomberg.

Page 3

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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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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 equity index called The Dividend Strength Index (the "Index").
The Fund will normally invest at least 90% of its net assets (including
investment borrowings) in the common stocks and real estate investment trusts
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. To be eligible for inclusion in the
index, a security must: (i) have a minimum market capitalization of $5 billion;
(ii) be ranked in the top 1,500 securities in the Nasdaq US Benchmark Index by
free-float market capitalization; and (iii) have a minimum three-month average
daily dollar trading volume of $5 million. To be included in the Index, a
security's issuer must also 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%. Each eligible security is ranked based upon indicated
dividend yield. Securities within each Industry Classification Benchmark
industry 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. 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 and are
equally weighted. 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 Nasdaq
Stock Market LLC. The first day of secondary market trading in shares of the
Fund was December 7, 2006.

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PERFORMANCE
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AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (12/5/06) Ended Ended (12/5/06)
6/30/22 6/30/22 6/30/22 6/30/22 to 6/30/22 6/30/22 6/30/22 to 6/30/22

FUND PERFORMANCE
NAV -18.39% -13.87% 7.74% 9.58% 5.98% 45.20% 149.74% 146.82%
Market Price -18.34% -13.84% 7.79% 9.57% 5.99% 45.50% 149.40% 147.46%

INDEX PERFORMANCE
The Dividend Strength Index(1)(2) N/A N/A N/A N/A N/A N/A N/A N/A
Nasdaq AlphaDEX(R) Total US
Market Index(1) -18.00% -13.13% 8.58% N/A N/A 50.91% N/A N/A
S&P 500(R) Index(3) -19.96% -10.62% 11.31% 12.96% 8.71% 70.86% 238.16% 267.05%
Russell 3000(R) Index -21.10% -13.87% 10.60% 12.57% 8.53% 65.47% 226.86% 257.35%
Dow Jones U.S. Select
Dividend Index -2.56% 4.18% 9.15% 11.81% 7.71% 54.94% 205.47% 217.68%
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(1) On January 9, 2015, the Fund's underlying index changed from the Value
Line(R) Equity Allocation Index to the Nasdaq AlphaDEX(R) Total US Market
Index. On April 29, 2022, the Fund's underlying index changed again from
the Nasdaq AlphaDEX(R) Total US Market Index to The Dividend Strength
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. Since the Nasdaq AlphaDEX(R) Total US Market
Index had an inception date of September 8, 2014, it was not in existence
for all of the periods disclosed.

(2) Because the Fund's underlying Index has an inception date of March 7,
2022, performance data for the Index is not available for the periods
shown in the table.

(3) The S&P 500(R) Index will serve as the Fund's new primary benchmark index.
The Fund's portfolio managers believe that the S&P 500(R) Index provides a
more appropriate comparison to Fund returns.

(See Notes to Fund Performance Overview on page 12.)

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Nasdaq(R) and The Dividend Strength 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. AlphaDEX(R) is a
registered trademark owned by First Trust that has been licensed to Nasdaq, Inc.
for use in the name of the Index. 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

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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FIRST TRUST DIVIDEND STRENGTH ETF (FTDS) (CONTINUED)

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% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
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Financials 30.1%
Industrials 20.9
Materials 15.6
Consumer Discretionary 15.2
Information Technology 5.8
Consumer Staples 4.3
Health Care 2.2
Real Estate 2.1
Energy 2.0
Communication Services 1.8
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Total 100.0%
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% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
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Booz Allen Hamilton Holding Corp. 2.3%
Landstar System, Inc. 2.3
M&T Bank Corp. 2.3
Cummins, Inc. 2.2
Quest Diagnostics, Inc. 2.2
Mondelez International, Inc., Class A 2.2
United Parcel Service, Inc., Class B 2.2
Popular, Inc. 2.2
Duke Realty Corp. 2.1
Bank OZK 2.1
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Total 22.1%
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PERFORMANCE OF A $10,000 INITIAL INVESTMENT
DECEMBER 31, 2011 - JUNE 30, 2022

First Trust S&P 500(R) Russell 3000(R) Dow Jones U.S. Select
Dividend Strength ETF Index Index Dividend Index

12/11 $10,000 $10,000 $10,000 $10,000
06/12 10,174 10,949 10,932 10,654
12/12 10,874 11,600 11,641 11,084
06/13 12,443 13,203 13,278 12,619
12/13 14,642 15,356 15,547 14,305
06/14 15,380 16,452 16,626 15,716
12/14 14,988 17,459 17,499 16,502
06/15 15,165 17,674 17,838 15,913
12/15 14,091 17,701 17,583 16,233
06/16 14,550 18,381 18,220 18,757
12/16 16,271 19,818 19,822 19,802
06/17 17,499 21,669 21,592 21,008
12/17 19,433 24,144 24,010 22,859
06/18 20,294 24,784 24,783 23,092
12/18 17,465 23,086 22,751 21,499
06/19 20,446 27,366 27,008 24,431
12/19 21,893 30,354 29,809 26,466
06/20 19,110 29,419 28,772 20,728
12/20 24,884 35,938 36,039 25,257
06/21 29,502 41,419 41,484 31,240
12/21 31,133 46,253 45,285 33,402
06/22 25,408 37,021 35,730 32,547

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

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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

The First Trust Dorsey Wright People's Portfolio 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 Nasdaq Dorsey Wright People's
Portfolio Index(TM) (the "Index"). The Fund will normally invest at least 80% of
its total assets (including investment borrowings) in the common stocks or an
exchange-traded fund ("ETF") that comprise the Index. The Index is a modified
market-capitalization weighted index designed to tactically allocate exposure to
one of three allocations: (i) Nasdaq US 500 Large Cap Index(TM); (ii) Nasdaq US
500 Large Cap Equal Weight Index(TM); or (iii) First Trust Enhanced Short
Maturity ETF ("FTSM") (each, an "Underlying Allocation"), based on daily
relative strength readings. The Nasdaq US 500 Large Cap Index(TM) and the Nasdaq
US 500 Large Cap Equal Weight Index(TM) (each, an "Underlying Equity Index") are
equity indices that seek to provide exposure to the 500 securities with the
highest float-adjusted market capitalization comprising the Nasdaq US Benchmark
Index(TM). Therefore, each Underlying Equity Index is composed of the same
constituent securities. What differs, however, is the methodology each
Underlying Equity Index utilizes to assign security weights. The Nasdaq US 500
Large Cap Index(TM) assigns security weights based on market capitalization and
the Nasdaq US 500 Large Cap Equal Weight Index(TM) weights components equally.
The third Underlying Allocation is FTSM. FTSM is an actively-managed ETF that
invests in short-duration securities, which are primarily U.S.
dollar-denominated, investment-grade securities. The Index is rebalanced and
reconstituted periodically 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 Nasdaq Stock Market LLC. The first day of secondary
market trading in shares of the Fund was August 30, 2012.

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PERFORMANCE
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AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (8/29/12) Ended (8/29/12)
6/30/22 6/30/22 6/30/22 to 6/30/22 6/30/22 to 6/30/22

FUND PERFORMANCE
NAV -21.33% -13.26% 2.46% 4.73% 12.90% 57.48%
Market Price -21.17% -13.09% 2.48% 4.74% 13.02% 57.71%

INDEX PERFORMANCE
Nasdaq Dorsey Wright People's Portfolio
Index(TM) (1) -21.13% -12.77% N/A N/A N/A N/A
S&P 500(R) Index -19.96% -10.62% 11.31% 12.74% 70.86% 225.33%
Nasdaq US 500 Large Cap Index(TM) -21.13% -12.77% 11.17% N/A 69.83% N/A
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(1) On August 18, 2017, the Fund's underlying index changed from the CBOE(R)
VIX(R) Tail Hedge Index to the Nasdaq Dorsey Wright People's Portfolio
Index(TM) (the "Index"). Therefore, the Fund's performance and total
returns for the periods prior to August 18, 2017, are not necessarily
indicative of the performance the Fund, based on its current index, would
have generated. Since the Fund's current Index had an inception date of
July 24, 2017, it was not in existence for all of the periods disclosed.

(See Notes to Fund Performance Overview on page 12.)

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% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
-----------------------------------------------------------
Information Technology 28.4%
Health Care 15.5
Consumer Discretionary 11.0
Financials 10.8
Industrials 7.8
Consumer Staples 7.1
Communication Services 7.1
Energy 4.4
Real Estate 3.0
Utilities 2.9
Materials 2.0
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Total 100.0%
=======

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% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
-----------------------------------------------------------
Apple, Inc. 6.8%
Microsoft Corp. 6.3
Amazon.com, Inc. 3.2
Alphabet, Inc., Class A 2.1
Tesla, Inc. 1.9
Johnson & Johnson 1.5
UnitedHealth Group, Inc. 1.5
Exxon Mobil Corp. 1.2
NVIDIA Corp. 1.2
Meta Platforms, Inc., Class A 1.1
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Total 26.8%
=======

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Nasdaq(R) and Nasdaq Dorsey Wright People's Portfolio Index(TM) 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 6

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP) (CONTINUED)

PERFORMANCE OF A $10,000 INITIAL INVESTMENT
AUGUST 29, 2012 - JUNE 30, 2022

First Trust Dorsey Wright S&P 500(R)
People'sPortfolio ETF Index

08/12 $10,000 $10,000
12/12 9,863 10,193
06/13 10,686 11,602
12/13 11,738 13,494
06/14 12,251 14,457
12/14 13,525 15,342
06/15 13,175 15,531
12/15 12,730 15,554
06/16 12,551 16,151
12/16 12,800 17,414
06/17 13,952 19,040
12/17 15,579 21,214
06/18 15,782 21,776
12/18 14,292 20,284
06/19 17,139 24,045
12/19 18,609 26,673
06/20 14,206 25,851
12/20 15,925 31,580
06/21 18,157 36,396
12/21 20,019 40,645
06/22 15,748 32,533

Performance figures assume reinvestment of all distributions and do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the index does
not actually hold a portfolio of securities and therefore does not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund's past performance does not predict future performance.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Page 7

--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------

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 equity index called the Dow Jones Industrial Average(R) Equal
Weight Index (the "Index"). The Fund will normally invest at least 90% of its
net assets (including investment borrowings) in the common stocks that comprise
the Index. The Index is an equal weight version of the Dow Jones Industrial
Average(R) (the "DJIA"). The 30 securities comprising the DJIA are issued by
blue-chip U.S. companies covering all industries, with the exception of
transportation and utilities. 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. 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 CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year Inception Inception
Ended Ended (8/8/17) (8/8/17)
6/30/22 6/30/22 to 6/30/22 to 6/30/22

FUND PERFORMANCE
NAV -13.61% -9.62% 8.51% 49.14%
Market Price -13.48% -9.51% 8.54% 49.35%

INDEX PERFORMANCE
Dow Jones Industrial Average(R) Equal Weight Index -13.41% -9.16% 9.18% 53.72%
Dow Jones Industrial Average(R) -14.44% -9.05% 9.41% 55.26%
------------------------------------------------------------------------------------------------------------------------------------

(See Notes to Fund Performance Overview on page 12.)

-----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
-----------------------------------------------------------
Information Technology 23.7%
Health Care 14.2
Consumer Staples 13.5
Financials 13.3
Industrials 13.0
Consumer Discretionary 9.9
Communication Services 6.7
Materials 2.9
Energy 2.8
-------
Total 100.0%
=======

-----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
-----------------------------------------------------------
Boeing (The) Co. 3.7%
UnitedHealth Group, Inc. 3.6
Merck & Co., Inc. 3.6
McDonald's Corp. 3.6
International Business Machines Corp. 3.6
Goldman Sachs Group (The), Inc. 3.6
Johnson & Johnson 3.5
Coca-Cola (The) Co. 3.5
Microsoft Corp. 3.5
Amgen, Inc. 3.5
-------
Total 35.7%
=======

-----------------------------
Dow Jones Industrial Average(R) 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(R) is a registered trademark of Standard & Poor's Financial
Services LLC ("S&P"); Dow Jones(R) 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 nor do they have any liability for
any errors, omissions, or interruptions of the Index.

Page 8

FIRST TRUST DOW 30 EQUAL WEIGHT ETF (EDOW) (CONTINUED)

PERFORMANCE OF A $10,000 INITIAL INVESTMENT
AUGUST 8, 2017 - JUNE 30, 2022

Dow Jones Industrial
First Trust Dow 30 Average(R) Equal Dow Jones Industrial
Equal Weight ETF Weight Index Average(R)

08/17 $10,000 $10,000 $10,000
12/17 11,102 11,124 11,302
06/18 11,024 11,069 11,219
12/18 11,004 11,079 10,908
06/19 12,615 12,739 12,588
12/19 13,676 13,849 13,674
06/20 12,342 12,576 12,521
12/20 14,552 14,874 15,004
06/21 16,500 16,922 17,072
12/21 17,263 17,753 18,146
06/22 14,914 15,372 15,526

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Page 9

--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------

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 common stocks that comprise
the Index. The Index is owned and was developed by Lunt Capital Management, Inc.
(the "Index Provider"). The Index is calculated and maintained by Nasdaq, Inc.
The Index is designed to track the performance of U.S. securities exhibiting
desirable factor exposure. 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: momentum, value, quality and 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 CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year Inception Inception
Ended Ended (7/25/18) (7/25/18)
6/30/22 6/30/22 to 6/30/22 to 6/30/22

FUND PERFORMANCE
NAV -23.06% -21.17% 8.73% 38.96%
Market Price -23.02% -21.15% 8.75% 39.06%

INDEX PERFORMANCE
Lunt Capital Large Cap Factor Rotation Index -22.80% -20.62% 9.55% 43.14%
Nasdaq US 500 Large Cap Index(TM) -21.13% -12.77% 9.30% 41.85%
------------------------------------------------------------------------------------------------------------------------------------

(See Notes to Fund Performance Overview on page 12.)

-----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
-----------------------------------------------------------
Financials 19.9%
Health Care 14.7
Energy 13.0
Utilities 10.5
Information Technology 9.1
Consumer Staples 7.5
Real Estate 6.7
Materials 5.7
Consumer Discretionary 5.4
Industrials 5.1
Communication Services 2.4
-------
Total 100.0%
=======

-----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
-----------------------------------------------------------
Occidental Petroleum Corp. 1.9%
Devon Energy Corp. 1.7
Mosaic (The) Co. 1.7
AbbVie, Inc. 1.7
Marathon Oil Corp. 1.5
Cincinnati Financial Corp. 1.5
CF Industries Holdings, Inc. 1.5
O'Reilly Automotive, Inc. 1.4
Evergy, Inc. 1.3
Apple, Inc. 1.3
-------
Total 15.5%
=======

-----------------------------
Lunt Capital Management, Inc. ("Lunt") and the 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 10

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR) (CONTINUED)

PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 25, 2018 - JUNE 30, 2022

First Trust Lunt U.S. Lunt Capital Large Cap Nasdaq US 500
Factor Rotation ETF Factor Rotation Index Large Cap Index(TM)

07/18 $10,000 $10,000 $10,000
12/18 8,791 8,813 8,869
06/19 10,828 10,901 10,567
12/19 11,459 11,578 11,711
06/20 11,988 12,168 11,509
12/20 14,899 15,184 14,220
06/21 17,627 18,031 16,261
12/21 18,060 18,540 17,985
06/22 13,896 14,314 14,185

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

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 SEC 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
JUNE 30, 2022 (UNAUDITED)

As a shareholder of First Trust Dividend Strength ETF, First Trust Dorsey Wright
People's Portfolio ETF, First Trust Dow 30 Equal Weight ETF or First Trust Lunt
U.S. Factor Rotation 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 June 30, 2022.

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.

--------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
JANUARY 1, 2022 JUNE 30, 2022 PERIOD PERIOD (b)
--------------------------------------------------------------------------------------------------------------------------

FIRST TRUST DIVIDEND STRENGTH ETF (FTDS)
Actual $1,000.00 $ 816.10 0.70% (a) $3.15
Hypothetical (5% return before expenses) $1,000.00 $1,021.32 0.70% (a) $3.51

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO
ETF (DWPP)
Actual $1,000.00 $ 786.70 0.60% $2.66
Hypothetical (5% return before expenses) $1,000.00 $1,021.82 0.60% $3.01

FIRST TRUST DOW 30 EQUAL WEIGHT ETF (EDOW)
Actual $1,000.00 $ 863.90 0.50% $2.31
Hypothetical (5% return before expenses) $1,000.00 $1,022.32 0.50% $2.51

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)
Actual $1,000.00 $ 769.40 0.65% $2.85
Hypothetical (5% return before expenses) $1,000.00 $1,021.57 0.65% $3.26

(a) These expense ratios reflect an expense cap. See Note 3 in 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 (January 1,
2022 through June 30, 2022), multiplied by 181/365 (to reflect the
six-month period).

Page 13

FIRST TRUST DIVIDEND STRENGTH ETF (FTDS)

PORTFOLIO OF INVESTMENTS
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 4.2%
1,521 General Dynamics Corp. $ 336,521
793 Lockheed Martin Corp. 340,959
----------------
677,480
----------------
AIR FREIGHT & LOGISTICS -- 2.2%
1,972 United Parcel Service, Inc.,
Class B 359,969
----------------
BANKS -- 22.2%
9,252 Bank OZK 347,227
9,071 Citizens Financial Group, Inc. 323,744
4,195 Comerica, Inc. 307,829
9,503 Fifth Third Bancorp 319,301
2,323 M&T Bank Corp. 370,263
2,118 PNC Financial Services Group
(The), Inc. 334,157
4,588 Popular, Inc. 352,955
17,883 Regions Financial Corp. 335,306
8,148 Synovus Financial Corp. 293,735
7,033 U.S. Bancorp 323,659
7,347 Webster Financial Corp. 309,676
----------------
3,617,852
----------------
CAPITAL MARKETS -- 1.8%
3,281 Blackstone, Inc. 299,326
----------------
CHEMICALS -- 11.6%
2,554 Celanese Corp. 300,376
3,435 Eastman Chemical Co. 308,360
10,891 Huntsman Corp. 308,760
3,609 LyondellBasell Industries N.V.,
Class A 315,643
2,890 PPG Industries, Inc. 330,443
4,291 RPM International, Inc. 337,787
----------------
1,901,369
----------------
CONTAINERS & PACKAGING -- 1.9%
2,274 Packaging Corp. of America 312,675
----------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.1%
6,364 Duke Realty Corp. 349,702
----------------
FOOD PRODUCTS -- 4.3%
5,818 Mondelez International, Inc.,
Class A 361,240
3,884 Tyson Foods, Inc., Class A 334,257
----------------
695,497
----------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.2%
2,727 Quest Diagnostics, Inc. 362,636
----------------
HOTELS, RESTAURANTS & LEISURE
-- 2.0%
4,530 Texas Roadhouse, Inc. 331,596
----------------
HOUSEHOLD DURABLES -- 4.1%
3,331 Garmin Ltd. 327,271
4,829 Lennar Corp., Class A 340,782
----------------
668,053
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INDUSTRIAL CONGLOMERATES -- 2.0%
1,899 Honeywell International, Inc. $ 330,065
----------------
INSURANCE -- 6.1%
8,785 Fidelity National Financial, Inc. 324,694
6,370 First American Financial Corp. 337,100
5,013 Principal Financial Group, Inc. 334,818
----------------
996,612
----------------
IT SERVICES -- 2.0%
19,563 Western Union (The) Co. 322,203
----------------
LEISURE PRODUCTS -- 2.0%
4,897 Brunswick Corp. 320,166
----------------
MACHINERY -- 7.8%
1,627 Caterpillar, Inc. 290,842
1,892 Cummins, Inc. 366,159
1,756 Snap-on, Inc. 345,985
2,642 Stanley Black & Decker, Inc. 277,040
----------------
1,280,026
----------------
MEDIA -- 1.8%
10,749 Interpublic Group of (The) Cos.,
Inc. 295,920
----------------
METALS & MINING -- 2.0%
1,908 Reliance Steel & Aluminum Co. 324,093
----------------
OIL, GAS & CONSUMABLE FUELS
-- 2.0%
3,657 ConocoPhillips 328,435
----------------
PROFESSIONAL SERVICES -- 2.3%
4,223 Booz Allen Hamilton Holding
Corp. 381,590
----------------
ROAD & RAIL -- 2.3%
2,562 Landstar System, Inc. 372,566
----------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
8,117 Intel Corp. 303,657
----------------
SPECIALTY RETAIL -- 7.1%
1,695 Advance Auto Parts, Inc. 293,387
3,951 Best Buy Co., Inc. 257,566
1,217 Home Depot (The), Inc. 333,787
2,488 Williams-Sonoma, Inc. 276,044
----------------
1,160,784
----------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 2.0%
4,910 NetApp, Inc. 320,328
----------------
TOTAL COMMON STOCKS
-- 99.9% 16,312,600
(Cost $18,398,873) ----------------

MONEY MARKET FUNDS -- 0.1%
18,687 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.34% (a) 18,687
(Cost $18,687) ----------------

Page 14 See Notes to Financial Statements

FIRST TRUST DIVIDEND STRENGTH ETF (FTDS)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

DESCRIPTION VALUE
---------------------------------------------------------------
TOTAL INVESTMENTS -- 100.0% $ 16,331,287
(Cost $18,417,560)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (6,857)
----------------
NET ASSETS -- 100.0% $ 16,324,430
================

(a) Rate shown reflects yield as of June 30, 2022.

-----------------------------

VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of June 30, 2022
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2022 PRICES INPUTS INPUTS
---------------------------------------------------------------------

Common Stocks*.................................. $ 16,312,600 $ 16,312,600 $ -- $ --
Money Market Funds.............................. 18,687 18,687 -- --
---------------------------------------------------------------------
Total Investments............................... $ 16,331,287 $ 16,331,287 $ -- $ --
=====================================================================

* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements Page 15

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.7%
161 Boeing (The) Co. (a) $ 22,012
63 General Dynamics Corp. 13,939
12 HEICO Corp. 1,574
48 L3Harris Technologies, Inc. 11,602
64 Lockheed Martin Corp. 27,517
39 Northrop Grumman Corp. 18,664
404 Raytheon Technologies Corp. 38,828
46 Textron, Inc. 2,809
12 TransDigm Group, Inc. (a) 6,440
----------------
143,385
----------------
AIR FREIGHT & LOGISTICS -- 0.7%
42 Expeditors International of
Washington, Inc. 4,094
61 FedEx Corp. 13,829
200 United Parcel Service, Inc.,
Class B 36,508
----------------
54,431
----------------
AIRLINES -- 0.2%
174 Delta Air Lines, Inc. (a) 5,041
147 Southwest Airlines Co. (a) 5,310
82 United Airlines Holdings,
Inc. (a) 2,904
----------------
13,255
----------------
AUTO COMPONENTS -- 0.1%
74 Aptiv PLC (a) 6,591
----------------
AUTOMOBILES -- 2.3%
1,073 Ford Motor Co. 11,943
353 General Motors Co. (a) 11,211
177 Lucid Group, Inc. (a) 3,037
102 Rivian Automotive, Inc.,
Class A (a) 2,626
236 Tesla, Inc. (a) 158,927
----------------
187,744
----------------
BANKS -- 3.7%
1,904 Bank of America Corp. 59,272
528 Citigroup, Inc. 24,283
120 Citizens Financial Group, Inc. 4,283
164 Fifth Third Bancorp 5,510
49 First Republic Bank 7,066
364 Huntington Bancshares, Inc. 4,379
798 JPMorgan Chase & Co. 89,863
215 KeyCorp 3,704
49 M&T Bank Corp. 7,810
112 PNC Financial Services Group
(The), Inc. 17,670
236 Regions Financial Corp. 4,425
14 Signature Bank 2,509
15 SVB Financial Group (a) 5,925
362 Truist Financial Corp. 17,170
367 U.S. Bancorp 16,889
1,030 Wells Fargo & Co. 40,345
----------------
311,103
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BEVERAGES -- 2.0%
84 Brown-Forman Corp., Class B $ 5,893
1,072 Coca-Cola (The) Co. 67,440
42 Constellation Brands, Inc.,
Class A 9,789
216 Keurig Dr Pepper, Inc. 7,644
102 Monster Beverage Corp. (a) 9,455
376 PepsiCo, Inc. 62,664
----------------
162,885
----------------
BIOTECHNOLOGY -- 2.4%
480 AbbVie, Inc. 73,517
24 Alnylam Pharmaceuticals, Inc. (a) 3,501
136 Amgen, Inc. 33,089
33 Biogen, Inc. (a) 6,730
40 BioMarin Pharmaceutical, Inc. (a) 3,315
317 Gilead Sciences, Inc. 19,594
59 Horizon Therapeutics PLC (a) 4,706
57 Incyte Corp. (a) 4,330
91 Moderna, Inc. (a) 12,999
23 Regeneron Pharmaceuticals,
Inc. (a) 13,596
46 Seagen, Inc. (a) 8,139
65 Vertex Pharmaceuticals, Inc. (a) 18,316
----------------
201,832
----------------
BUILDING PRODUCTS -- 0.3%
171 Carrier Global Corp. 6,098
180 Johnson Controls International
PLC 8,618
61 Masco Corp. 3,087
60 Trane Technologies PLC 7,792
----------------
25,595
----------------
CAPITAL MARKETS -- 3.3%
28 Ameriprise Financial, Inc. 6,655
200 Bank of New York Mellon (The)
Corp. 8,342
41 BlackRock, Inc. 24,971
190 Blackstone, Inc. 17,334
67 Carlyle Group (The), Inc. 2,121
459 Charles Schwab (The) Corp. 29,000
89 CME Group, Inc. 18,218
43 Coinbase Global, Inc.,
Class A (a) 2,022
10 FactSet Research Systems, Inc. 3,846
80 Franklin Resources, Inc. 1,865
93 Goldman Sachs Group (The), Inc. 27,623
152 Intercontinental Exchange, Inc. 14,294
130 KKR & Co., Inc. 6,018
22 LPL Financial Holdings, Inc. 4,058
44 Moody's Corp. 11,967
371 Morgan Stanley 28,218
21 MSCI, Inc. 8,655
29 Nasdaq, Inc. 4,424
57 Northern Trust Corp. 5,499
48 Raymond James Financial, Inc. 4,292
92 S&P Global, Inc. 31,009
93 State Street Corp. 5,733
58 T. Rowe Price Group, Inc. 6,589
----------------
272,753
----------------

Page 16 See Notes to Financial Statements

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CHEMICALS -- 1.3%
57 Air Products and Chemicals, Inc. $ 13,707
30 Albemarle Corp. 6,269
26 Celanese Corp. 3,058
45 CF Industries Holdings, Inc. 3,858
197 Corteva, Inc. 10,666
198 Dow, Inc. 10,219
138 DuPont de Nemours, Inc. 7,670
31 Eastman Chemical Co. 2,783
69 Ecolab, Inc. 10,609
34 FMC Corp. 3,638
62 International Flavors &
Fragrances, Inc. 7,385
62 LyondellBasell Industries N.V.,
Class A 5,423
86 Mosaic (The) Co. 4,062
61 PPG Industries, Inc. 6,975
65 Sherwin-Williams (The) Co. 14,554
----------------
110,876
----------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.5%
24 Cintas Corp. 8,965
61 Copart, Inc. (a) 6,628
56 Republic Services, Inc. 7,329
74 Rollins, Inc. 2,584
107 Waste Management, Inc. 16,369
----------------
41,875
----------------
COMMUNICATIONS EQUIPMENT
-- 0.7%
71 Arista Networks, Inc. (a) 6,656
1,069 Cisco Systems, Inc. 45,582
40 Motorola Solutions, Inc. 8,384
----------------
60,622
----------------
CONSTRUCTION & ENGINEERING
-- 0.1%
39 Quanta Services, Inc. 4,888
----------------
CONSTRUCTION MATERIALS -- 0.1%
15 Martin Marietta Materials, Inc. 4,489
34 Vulcan Materials Co. 4,831
----------------
9,320
----------------
CONSUMER FINANCE -- 0.5%
88 Ally Financial, Inc. 2,949
164 American Express Co. 22,734
101 Capital One Financial Corp. 10,523
67 Discover Financial Services 6,337
108 Synchrony Financial 2,983
----------------
45,526
----------------
CONTAINERS & PACKAGING -- 0.2%
19 Avery Dennison Corp. 3,076
76 Ball Corp. 5,226
33 Crown Holdings, Inc. 3,042
86 International Paper Co. 3,597
24 Packaging Corp. of America 3,300
----------------
18,241
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
DISTRIBUTORS -- 0.1%
36 Genuine Parts Co. $ 4,788
77 LKQ Corp. 3,780
10 Pool Corp. 3,512
----------------
12,080
----------------
DIVERSIFIED FINANCIAL SERVICES
-- 1.1%
106 Apollo Global Management, Inc. 5,139
328 Berkshire Hathaway, Inc.,
Class B (a) 89,550
----------------
94,689
----------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.2%
1,945 AT&T, Inc. 40,767
1,141 Verizon Communications, Inc. 57,906
----------------
98,673
----------------
ELECTRIC UTILITIES -- 1.9%
62 Alliant Energy Corp. 3,634
133 American Electric Power Co.,
Inc. 12,760
209 Duke Energy Corp. 22,407
97 Edison International 6,134
49 Entergy Corp. 5,519
55 Evergy, Inc. 3,589
87 Eversource Energy 7,349
253 Exelon Corp. 11,466
146 FirstEnergy Corp. 5,605
534 NextEra Energy, Inc. 41,364
421 PG&E Corp. (a) 4,201
188 PPL Corp. 5,100
274 Southern (The) Co. 19,539
139 Xcel Energy, Inc. 9,836
----------------
158,503
----------------
ELECTRICAL EQUIPMENT -- 0.5%
63 AMETEK, Inc. 6,923
108 Eaton Corp. PLC 13,607
161 Emerson Electric Co. 12,806
16 Generac Holdings, Inc. (a) 3,369
30 Rockwell Automation, Inc. 5,979
----------------
42,684
----------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 0.6%
140 Amphenol Corp., Class A 9,013
35 CDW Corp. 5,515
209 Corning, Inc. 6,586
47 Keysight Technologies, Inc. (a) 6,479
77 TE Connectivity Ltd. 8,712
11 Teledyne Technologies, Inc. (a) 4,126
64 Trimble, Inc. (a) 3,727
13 Zebra Technologies Corp.,
Class A (a) 3,821
----------------
47,979
----------------
ENERGY EQUIPMENT & SERVICES
-- 0.3%
211 Baker Hughes Co. 6,092

See Notes to Financial Statements Page 17

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES
(CONTINUED)
216 Halliburton Co. $ 6,774
365 Schlumberger N.V. 13,052
----------------
25,918
----------------
ENTERTAINMENT -- 1.1%
68 Electronic Arts, Inc. 8,272
45 Liberty Media Corp.-Liberty
Formula One, Class C (a) 2,856
40 Live Nation Entertainment,
Inc. (a) 3,303
121 Netflix, Inc. (a) 21,159
125 ROBLOX Corp., Class A (a) 4,108
27 Roku, Inc. (a) 2,218
41 Take-Two Interactive Software,
Inc. (a) 5,024
495 Walt Disney (The) Co. (a) 46,728
----------------
93,668
----------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.9%
38 Alexandria Real Estate Equities,
Inc. 5,511
124 American Tower Corp. 31,693
35 AvalonBay Communities, Inc. 6,799
36 Boston Properties, Inc. 3,203
26 Camden Property Trust 3,497
112 Crown Castle International Corp. 18,859
73 Digital Realty Trust, Inc. 9,478
97 Duke Realty Corp. 5,330
23 Equinix, Inc. 15,111
44 Equity LifeStyle Properties, Inc. 3,101
88 Equity Residential 6,355
17 Essex Property Trust, Inc. 4,446
34 Extra Space Storage, Inc. 5,784
136 Healthpeak Properties, Inc. 3,524
158 Invitation Homes, Inc. 5,622
158 Kimco Realty Corp. 3,124
29 Mid-America Apartment
Communities, Inc. 5,065
189 Prologis, Inc. 22,236
40 Public Storage 12,507
154 Realty Income Corp. 10,512
28 SBA Communications Corp. 8,961
83 Simon Property Group, Inc. 7,878
31 Sun Communities, Inc. 4,940
76 UDR, Inc. 3,499
101 Ventas, Inc. 5,194
246 VICI Properties, Inc. 7,328
115 Welltower, Inc. 9,470
180 Weyerhaeuser Co. 5,962
52 WP Carey, Inc. 4,309
----------------
239,298
----------------
FOOD & STAPLES RETAILING -- 1.6%
120 Costco Wholesale Corp. 57,514
168 Kroger (The) Co. 7,951
138 Sysco Corp. 11,690

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
FOOD & STAPLES RETAILING
(CONTINUED)
195 Walgreens Boots Alliance, Inc. $ 7,390
396 Walmart, Inc. 48,146
----------------
132,691
----------------
FOOD PRODUCTS -- 1.1%
128 Archer-Daniels-Midland Co. 9,933
37 Bunge Ltd. 3,356
106 Conagra Brands, Inc. 3,629
146 General Mills, Inc. 11,016
37 Hershey (The) Co. 7,961
78 Hormel Foods Corp. 3,694
28 J.M. Smucker (The) Co. 3,584
60 Kellogg Co. 4,280
216 Kraft Heinz (The) Co. 8,238
56 McCormick & Co., Inc. 4,662
376 Mondelez International, Inc.,
Class A 23,346
75 Tyson Foods, Inc., Class A 6,455
----------------
90,154
----------------
GAS UTILITIES -- 0.0%
32 Atmos Energy Corp. 3,587
----------------
HEALTH CARE EQUIPMENT &
SUPPLIES -- 2.7%
476 Abbott Laboratories 51,717
20 Align Technology, Inc. (a) 4,733
122 Baxter International, Inc. 7,836
77 Becton, Dickinson and Co. 18,983
365 Boston Scientific Corp. (a) 13,604
12 Cooper (The) Cos., Inc. 3,757
100 Dexcom, Inc. (a) 7,453
160 Edwards Lifesciences Corp. (a) 15,214
52 Hologic, Inc. (a) 3,604
21 IDEXX Laboratories, Inc. (a) 7,365
12 Insulet Corp. (a) 2,615
91 Intuitive Surgical, Inc. (a) 18,265
346 Medtronic PLC 31,054
35 ResMed, Inc. 7,337
24 STERIS PLC 4,948
91 Stryker Corp. 18,103
10 Teleflex, Inc. 2,458
51 Zimmer Biomet Holdings, Inc. 5,358
----------------
224,404
----------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.4%
43 AmerisourceBergen Corp. 6,084
66 Cardinal Health, Inc. 3,450
129 Centene Corp. (a) 10,915
81 Cigna Corp. 21,345
356 CVS Health Corp. 32,987
66 Elevance Health, Inc. 31,850
58 HCA Healthcare, Inc. 9,748
32 Humana, Inc. 14,978
24 Laboratory Corp. of America
Holdings 5,625
38 McKesson Corp. 12,396
12 Molina Healthcare, Inc. (a) 3,355

Page 18 See Notes to Financial Statements

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
30 Quest Diagnostics, Inc. $ 3,989
242 UnitedHealth Group, Inc. 124,298
----------------
281,020
----------------
HEALTH CARE TECHNOLOGY -- 0.1%
32 Veeva Systems, Inc., Class A (a) 6,337
----------------
HOTELS, RESTAURANTS & LEISURE
-- 1.9%
98 Airbnb, Inc., Class A (a) 8,730
11 Booking Holdings, Inc. (a) 19,239
45 Caesars Entertainment, Inc. (a) 1,723
231 Carnival Corp. (a) 1,998
7 Chipotle Mexican Grill, Inc. (a) 9,151
25 Darden Restaurants, Inc. 2,828
9 Domino's Pizza, Inc. 3,507
39 Expedia Group, Inc. (a) 3,698
72 Hilton Worldwide Holdings, Inc. 8,024
89 Las Vegas Sands Corp. (a) 2,989
79 Marriott International, Inc.,
Class A 10,745
201 McDonald's Corp. 49,623
98 MGM Resorts International 2,837
49 Royal Caribbean Cruises Ltd. (a) 1,711
312 Starbucks Corp. 23,834
68 Yum! Brands, Inc. 7,719
----------------
158,356
----------------
HOUSEHOLD DURABLES -- 0.2%
79 D.R. Horton, Inc. 5,229
39 Garmin Ltd. 3,832
62 Lennar Corp., Class A 4,375
1 NVR, Inc. (a) 4,004
----------------
17,440
----------------
HOUSEHOLD PRODUCTS -- 1.6%
62 Church & Dwight Co., Inc. 5,745
31 Clorox (The) Co. 4,370
228 Colgate-Palmolive Co. 18,272
86 Kimberly-Clark Corp. 11,623
652 Procter & Gamble (The) Co. 93,751
----------------
133,761
----------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 0.0%
147 AES (The) Corp. 3,088
----------------
INDUSTRIAL CONGLOMERATES -- 0.8%
147 3M Co. 19,023
248 General Electric Co. 15,790
185 Honeywell International, Inc. 32,155
----------------
66,968
----------------
INSURANCE -- 2.1%
161 Aflac, Inc. 8,908
75 Allstate (The) Corp. 9,505
196 American International Group,
Inc. 10,021
54 Aon PLC, Class A 14,563
88 Arch Capital Group Ltd. (a) 4,003

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE (CONTINUED)
54 Arthur J. Gallagher & Co. $ 8,804
62 Brown & Brown, Inc. 3,617
108 Chubb Ltd. 21,231
39 Cincinnati Financial Corp. 4,640
72 Fidelity National Financial, Inc. 2,661
79 Hartford Financial Services Group
(The), Inc. 5,169
49 Loews Corp. 2,904
4 Markel Corp. (a) 5,173
130 Marsh & McLennan Cos., Inc. 20,183
186 MetLife, Inc. 11,679
56 Principal Financial Group, Inc. 3,740
159 Progressive (The) Corp. 18,487
96 Prudential Financial, Inc. 9,185
60 Travelers (The) Cos., Inc. 10,148
57 W.R. Berkley Corp. 3,891
----------------
178,512
----------------
INTERACTIVE MEDIA & SERVICES
-- 3.5%
82 Alphabet, Inc., Class A (a) 178,699
74 Match Group, Inc. (a) 5,157
592 Meta Platforms, Inc., Class A (a) 95,460
148 Pinterest, Inc., Class A (a) 2,688
319 Snap, Inc., Class A (a) 4,189
187 Twitter, Inc. (a) 6,992
72 ZoomInfo Technologies, Inc. (a) 2,393
----------------
295,578
----------------
INTERNET & DIRECT MARKETING
RETAIL -- 3.3%
2,488 Amazon.com, Inc. (a) 264,250
55 DoorDash, Inc., Class A (a) 3,529
152 eBay, Inc. 6,334
32 Etsy, Inc. (a) 2,343
----------------
276,456
----------------
IT SERVICES -- 4.8%
172 Accenture PLC, Class A 47,756
41 Akamai Technologies, Inc. (a) 3,745
113 Automatic Data Processing, Inc. 23,735
141 Block, Inc. (a) 8,666
30 Broadridge Financial Solutions,
Inc. 4,276
54 Cloudflare, Inc., Class A (a) 2,362
135 Cognizant Technology Solutions
Corp., Class A 9,111
13 EPAM Systems, Inc. (a) 3,832
156 Fidelity National Information
Services, Inc. 14,301
155 Fiserv, Inc. (a) 13,790
20 FleetCor Technologies, Inc. (a) 4,202
21 Gartner, Inc. (a) 5,078
73 Global Payments, Inc. 8,077
232 International Business Machines
Corp. 32,756
233 Mastercard, Inc., Class A 73,507
13 MongoDB, Inc. (a) 3,373
37 Okta, Inc. (a) 3,345

See Notes to Financial Statements Page 19

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
IT SERVICES (CONTINUED)
82 Paychex, Inc. $ 9,337
315 PayPal Holdings, Inc. (a) 22,000
80 Snowflake, Inc., Class A (a) 11,125
61 SS&C Technologies Holdings, Inc. 3,542
44 Twilio, Inc., Class A (a) 3,688
25 VeriSign, Inc. (a) 4,183
447 Visa, Inc., Class A 88,010
----------------
403,797
----------------
LIFE SCIENCES TOOLS & SERVICES
-- 2.0%
72 Agilent Technologies, Inc. 8,551
161 Avantor, Inc. (a) 5,007
6 Bio-Rad Laboratories, Inc.,
Class A (a) 2,970
10 Bio-Techne Corp. 3,466
13 Charles River Laboratories
International, Inc. (a) 2,782
186 Danaher Corp. 47,155
37 Illumina, Inc. (a) 6,821
49 IQVIA Holdings, Inc. (a) 10,632
5 Mettler-Toledo International,
Inc. (a) 5,744
26 PerkinElmer, Inc. 3,698
106 Thermo Fisher Scientific, Inc. 57,588
14 Waters Corp. (a) 4,634
17 West Pharmaceutical Services,
Inc. 5,140
----------------
164,188
----------------
MACHINERY -- 1.5%
145 Caterpillar, Inc. 25,920
36 Cummins, Inc. 6,967
76 Deere & Co. 22,760
36 Dover Corp. 4,367
90 Fortive Corp. 4,894
21 IDEX Corp. 3,814
72 Illinois Tool Works, Inc. 13,122
85 Ingersoll Rand, Inc. 3,577
115 Otis Worldwide Corp. 8,127
94 PACCAR, Inc. 7,740
35 Parker-Hannifin Corp. 8,612
39 Stanley Black & Decker, Inc. 4,090
50 Westinghouse Air Brake
Technologies Corp. 4,104
43 Xylem, Inc. 3,362
----------------
121,456
----------------
MEDIA -- 1.0%
33 Charter Communications, Inc.,
Class A (a) 15,462
1,215 Comcast Corp., Class A 47,677
74 Fox Corp., Class A 2,380
91 Interpublic Group of (The) Cos.,
Inc. 2,505
33 Liberty Broadband Corp.,
Class C (a) 3,816
53 Omnicom Group, Inc. 3,371

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MEDIA (CONTINUED)
129 Paramount Global, Class B $ 3,184
203 Sirius XM Holdings, Inc. 1,244
----------------
79,639
----------------
METALS & MINING -- 0.3%
362 Freeport-McMoRan, Inc. 10,592
203 Newmont Corp. 12,113
61 Nucor Corp. 6,369
----------------
29,074
----------------
MULTILINE RETAIL -- 0.5%
52 Dollar General Corp. 12,763
61 Dollar Tree, Inc. (a) 9,507
118 Target Corp. 16,665
----------------
38,935
----------------
MULTI-UTILITIES -- 0.9%
61 Ameren Corp. 5,512
149 CenterPoint Energy, Inc. 4,407
69 CMS Energy Corp. 4,658
90 Consolidated Edison, Inc. 8,559
220 Dominion Energy, Inc. 17,558
45 DTE Energy Co. 5,704
121 Public Service Enterprise Group,
Inc. 7,657
68 Sempra Energy 10,218
80 WEC Energy Group, Inc. 8,051
----------------
72,324
----------------
OIL, GAS & CONSUMABLE FUELS
-- 4.1%
69 Cheniere Energy, Inc. 9,179
491 Chevron Corp. 71,087
351 ConocoPhillips 31,523
171 Coterra Energy, Inc. 4,410
169 Devon Energy Corp. 9,314
45 Diamondback Energy, Inc. 5,452
140 EOG Resources, Inc. 15,462
1,145 Exxon Mobil Corp. 98,058
65 Hess Corp. 6,886
548 Kinder Morgan, Inc. 9,184
171 Marathon Oil Corp. 3,844
137 Marathon Petroleum Corp. 11,263
216 Occidental Petroleum Corp. 12,718
113 ONEOK, Inc. 6,271
131 Phillips 66 10,741
58 Pioneer Natural Resources Co. 12,939
104 Valero Energy Corp. 11,053
314 Williams (The) Cos., Inc. 9,800
----------------
339,184
----------------
PERSONAL PRODUCTS -- 0.2%
63 Estee Lauder (The) Cos., Inc.,
Class A 16,044
41 Olaplex Holdings, Inc. (a) 578
----------------
16,622
----------------
PHARMACEUTICALS -- 4.9%
578 Bristol-Myers Squibb Co. 44,506
41 Catalent, Inc. (a) 4,399

Page 20 See Notes to Financial Statements

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
PHARMACEUTICALS (CONTINUED)
214 Eli Lilly & Co. $ 69,385
715 Johnson & Johnson 126,920
653 Merck & Co., Inc. 59,534
1,524 Pfizer, Inc. 79,903
329 Viatris, Inc. 3,445
128 Zoetis, Inc. 22,002
----------------
410,094
----------------
PROFESSIONAL SERVICES -- 0.3%
108 CoStar Group, Inc. (a) 6,524
33 Equifax, Inc. 6,032
31 Jacobs Engineering Group, Inc. 3,941
46 TransUnion 3,679
41 Verisk Analytics, Inc. 7,097
----------------
27,273
----------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 0.1%
83 CBRE Group, Inc., Class A (a) 6,110
----------------
ROAD & RAIL -- 1.1%
555 CSX Corp. 16,128
22 J.B. Hunt Transport Services,
Inc. 3,464
65 Norfolk Southern Corp. 14,774
24 Old Dominion Freight Line, Inc. 6,151
534 Uber Technologies, Inc. (a) 10,926
171 Union Pacific Corp. 36,471
----------------
87,914
----------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 5.1%
440 Advanced Micro Devices, Inc. (a) 33,647
141 Analog Devices, Inc. 20,599
225 Applied Materials, Inc. 20,471
88 Broadcom, Inc. 42,751
34 Enphase Energy, Inc. (a) 6,638
32 Entegris, Inc. 2,948
1,044 Intel Corp. 39,056
36 KLA Corp. 11,487
36 Lam Research Corp. 15,341
199 Marvell Technology, Inc. 8,662
142 Microchip Technology, Inc. 8,247
288 Micron Technology, Inc. 15,921
12 Monolithic Power Systems, Inc. 4,609
638 NVIDIA Corp. 96,714
58 NXP Semiconductors N.V. 8,586
103 ON Semiconductor Corp. (a) 5,182
26 Qorvo, Inc. (a) 2,452
304 QUALCOMM, Inc. 38,833
41 Skyworks Solutions, Inc. 3,798
38 Teradyne, Inc. 3,403
238 Texas Instruments, Inc. 36,569
----------------
425,914
----------------
SOFTWARE -- 10.0%
122 Adobe, Inc. (a) 44,659
21 ANSYS, Inc. (a) 5,025
39 AppLovin Corp., Class A (a) 1,343
59 Autodesk, Inc. (a) 10,146

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE (CONTINUED)
22 Bill.com Holdings, Inc. (a) $ 2,419
70 Cadence Design Systems, Inc. (a) 10,502
58 Crowdstrike Holdings, Inc.,
Class A (a) 9,776
63 Datadog, Inc., Class A (a) 6,000
54 DocuSign, Inc. (a) 3,099
55 Dynatrace, Inc. (a) 2,169
164 Fortinet, Inc. (a) 9,279
12 HubSpot, Inc. (a) 3,608
68 Intuit, Inc. 26,210
2,032 Microsoft Corp. 521,879
134 NortonLifeLock, Inc. 2,943
413 Oracle Corp. 28,856
492 Palantir Technologies, Inc.,
Class A (a) 4,462
27 Palo Alto Networks, Inc. (a) 13,336
14 Paycom Software, Inc. (a) 3,922
18 RingCentral, Inc., Class A (a) 941
26 Roper Technologies, Inc. 10,261
254 Salesforce, Inc. (a) 41,920
51 ServiceNow, Inc. (a) 24,252
41 Splunk, Inc. (a) 3,627
36 Synopsys, Inc. (a) 10,933
106 Trade Desk (The), Inc.,
Class A (a) 4,440
10 Tyler Technologies, Inc. (a) 3,325
85 UiPath, Inc., Class A (a) 1,546
55 Unity Software, Inc. (a) 2,025
61 VMware, Inc., Class A 6,953
54 Workday, Inc., Class A (a) 7,537
60 Zoom Video Communications,
Inc., Class A (a) 6,478
24 Zscaler, Inc. (a) 3,588
----------------
837,459
----------------
SPECIALTY RETAIL -- 2.1%
15 Advance Auto Parts, Inc. 2,596
5 AutoZone, Inc. (a) 10,746
62 Bath & Body Works, Inc. 1,669
51 Best Buy Co., Inc. 3,325
15 Burlington Stores, Inc. (a) 2,043
41 CarMax, Inc. (a) 3,710
20 Carvana Co. (a) 452
279 Home Depot (The), Inc. 76,521
174 Lowe's Cos., Inc. 30,392
18 O'Reilly Automotive, Inc. (a) 11,372
82 Ross Stores, Inc. 5,759
318 TJX (The) Cos., Inc. 17,760
29 Tractor Supply Co. 5,622
13 Ulta Beauty, Inc. (a) 5,011
----------------
176,978
----------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 7.1%
4,133 Apple, Inc. 565,064
75 Dell Technologies, Inc., Class C 3,466
332 Hewlett Packard Enterprise Co. 4,402
235 HP, Inc. 7,703
48 NetApp, Inc. 3,132

See Notes to Financial Statements Page 21

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS (CONTINUED)
59 Seagate Technology Holdings
PLC $ 4,215
81 Western Digital Corp. (a) 3,631
----------------
591,613
----------------
TEXTILES, APPAREL & LUXURY
GOODS -- 0.5%
345 NIKE, Inc., Class B 35,259
76 VF Corp. 3,357
----------------
38,616
----------------
TOBACCO -- 0.7%
462 Altria Group, Inc. 19,298
400 Philip Morris International, Inc. 39,496
----------------
58,794
----------------
TRADING COMPANIES &
DISTRIBUTORS -- 0.2%
149 Fastenal Co. 7,438
18 United Rentals, Inc. (a) 4,372
13 W.W. Grainger, Inc. 5,908
----------------
17,718
----------------
WATER UTILITIES -- 0.1%
47 American Water Works Co., Inc. 6,992
----------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.3%
174 T-Mobile US, Inc. (a) 23,410
----------------

TOTAL INVESTMENTS -- 99.9% 8,326,870
(Cost $8,120,168)
NET OTHER ASSETS AND
LIABILITIES -- 0.1% 5,245
----------------
NET ASSETS -- 100.0% $ 8,332,115
================

(a) Non-income producing security.

-----------------------------

VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of June 30, 2022
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2022 PRICES INPUTS INPUTS
---------------------------------------------------------------------

Common Stocks*.................................. $ 8,326,870 $ 8,326,870 $ -- $ --
=====================================================================

* See Portfolio of Investments for industry breakout.

Page 22 See Notes to Financial Statements

FIRST TRUST DOW 30 EQUAL WEIGHT ETF (EDOW)

PORTFOLIO OF INVESTMENTS
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 3.7%
33,029 Boeing (The) Co. (a) $ 4,515,725
----------------
BANKS -- 3.2%
35,087 JPMorgan Chase & Co. 3,951,147
----------------
BEVERAGES -- 3.5%
68,306 Coca-Cola (The) Co. 4,297,130
----------------
BIOTECHNOLOGY -- 3.5%
17,477 Amgen, Inc. 4,252,154
----------------
CAPITAL MARKETS -- 3.5%
14,615 Goldman Sachs Group (The), Inc. 4,340,947
----------------
CHEMICALS -- 2.9%
67,798 Dow, Inc. 3,499,055
----------------
COMMUNICATIONS EQUIPMENT
-- 3.4%
96,452 Cisco Systems, Inc. 4,112,713
----------------
CONSUMER FINANCE -- 3.1%
27,164 American Express Co. 3,765,474
----------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 3.4%
82,540 Verizon Communications, Inc. 4,188,905
----------------
ENTERTAINMENT -- 3.3%
42,200 Walt Disney (The) Co. (a) 3,983,680
----------------
FOOD & STAPLES RETAILING -- 6.6%
100,980 Walgreens Boots Alliance, Inc. 3,827,142
34,467 Walmart, Inc. 4,190,498
----------------
8,017,640
----------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.6%
8,655 UnitedHealth Group, Inc. 4,445,468
----------------
HOTELS, RESTAURANTS & LEISURE
-- 3.6%
17,671 McDonald's Corp. 4,362,616
----------------
HOUSEHOLD PRODUCTS -- 3.5%
29,550 Procter & Gamble (The) Co. 4,248,995
----------------
INDUSTRIAL CONGLOMERATES -- 6.4%
30,474 3M Co. 3,943,640
22,518 Honeywell International, Inc. 3,913,854
----------------
7,857,494
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE -- 3.4%
24,777 Travelers (The) Cos., Inc. $ 4,190,534
----------------
IT SERVICES -- 6.9%
30,800 International Business Machines
Corp. 4,348,652
21,025 Visa, Inc., Class A 4,139,612
----------------
8,488,264
----------------
MACHINERY -- 2.8%
19,494 Caterpillar, Inc. 3,484,747
----------------
OIL, GAS & CONSUMABLE FUELS
-- 2.8%
23,915 Chevron Corp. 3,462,414
----------------
PHARMACEUTICALS -- 7.1%
24,310 Johnson & Johnson 4,315,268
48,115 Merck & Co., Inc. 4,386,645
----------------
8,701,913
----------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.3%
107,062 Intel Corp. 4,005,189
----------------
SOFTWARE -- 6.7%
16,580 Microsoft Corp. 4,258,242
23,506 Salesforce, Inc. (a) 3,879,430
----------------
8,137,672
----------------
SPECIALTY RETAIL -- 3.2%
14,502 Home Depot (The), Inc. 3,977,464
----------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 3.4%
30,589 Apple, Inc. 4,182,128
----------------
TEXTILES, APPAREL & LUXURY
GOODS -- 3.1%
36,561 NIKE, Inc., Class B 3,736,534
----------------
TOTAL INVESTMENTS -- 99.9% 122,206,002
(Cost $134,667,178)
NET OTHER ASSETS AND
LIABILITIES -- 0.1% 65,060
----------------
NET ASSETS -- 100.0% $ 122,271,062
================

(a) Non-income producing security.

-----------------------------

VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of June 30, 2022
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2022 PRICES INPUTS INPUTS
---------------------------------------------------------------------

Common Stocks*.................................. $ 122,206,002 $ 122,206,002 $ -- $ --
=====================================================================

* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements Page 23

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)

PORTFOLIO OF INVESTMENTS
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
AIR FREIGHT & LOGISTICS -- 1.2%
23,016 Expeditors International of
Washington, Inc. $ 2,243,139
11,140 United Parcel Service, Inc.,
Class B 2,033,496
----------------
4,276,635
----------------
AUTOMOBILES -- 0.5%
53,954 General Motors Co. (a) 1,713,579
----------------
BANKS -- 1.0%
5,215 Bank of America Corp. 162,343
39,047 Citigroup, Inc. 1,795,771
32,211 Citizens Financial Group, Inc. 1,149,611
2,895 Signature Bank 518,813
----------------
3,626,538
----------------
BEVERAGES -- 0.9%
16,786 Coca-Cola (The) Co. 1,056,007
8,682 Constellation Brands, Inc.,
Class A 2,023,427
----------------
3,079,434
----------------
BIOTECHNOLOGY -- 3.4%
38,897 AbbVie, Inc. 5,957,464
7,498 Amgen, Inc. 1,824,263
35,939 Gilead Sciences, Inc. 2,221,390
7,296 Horizon Therapeutics PLC (a) 581,929
5,688 Moderna, Inc. (a) 812,531
1,498 Regeneron Pharmaceuticals,
Inc. (a) 885,513
----------------
12,283,090
----------------
CAPITAL MARKETS -- 5.8%
42,595 Bank of New York Mellon (The)
Corp. 1,776,637
1,396 BlackRock, Inc. 850,220
8,145 Blackstone, Inc. 743,068
87,930 Carlyle Group (The), Inc. 2,783,864
6,487 FactSet Research Systems, Inc. 2,494,706
65,060 Franklin Resources, Inc. 1,516,549
37,088 Intercontinental Exchange, Inc. 3,487,756
10,298 LPL Financial Holdings, Inc. 1,899,775
7,260 Moody's Corp. 1,974,502
9,732 Nasdaq, Inc. 1,484,519
16,062 T. Rowe Price Group, Inc. 1,824,804
----------------
20,836,400
----------------
CHEMICALS -- 4.0%
61,594 CF Industries Holdings, Inc. 5,280,454
28,278 Dow, Inc. 1,459,428
18,494 LyondellBasell Industries N.V.,
Class A 1,617,485
126,936 Mosaic (The) Co. 5,995,187
----------------
14,352,554
----------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.1%
1,452 Cintas Corp. 542,366
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONSTRUCTION & ENGINEERING
-- 0.6%
18,579 Quanta Services, Inc. $ 2,328,692
----------------
CONSUMER FINANCE -- 1.3%
48,310 Ally Financial, Inc. 1,618,868
16,841 Capital One Financial Corp. 1,754,664
44,815 Synchrony Financial 1,237,790
----------------
4,611,322
----------------
CONTAINERS & PACKAGING -- 0.4%
31,569 International Paper Co. 1,320,531
----------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.4%
5,039 Berkshire Hathaway, Inc.,
Class B (a) 1,375,748
----------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.7%
118,801 AT&T, Inc. 2,490,069
----------------
ELECTRIC UTILITIES -- 6.1%
32,825 Alliant Energy Corp. 1,923,873
20,725 Duke Energy Corp. 2,221,927
28,089 Edison International 1,776,348
15,244 Entergy Corp. 1,717,084
70,376 Evergy, Inc. 4,592,034
22,044 Eversource Energy 1,862,057
79,070 Exelon Corp. 3,583,453
45,241 FirstEnergy Corp. 1,736,802
5,134 NextEra Energy, Inc. 397,680
75,901 PPL Corp. 2,059,194
----------------
21,870,452
----------------
ELECTRICAL EQUIPMENT -- 0.4%
13,860 AMETEK, Inc. 1,523,075
----------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 0.3%
2,230 Amphenol Corp., Class A 143,568
6,452 Keysight Technologies, Inc. (a) 889,408
----------------
1,032,976
----------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 6.6%
9,109 Alexandria Real Estate Equities,
Inc. 1,321,078
7,549 AvalonBay Communities, Inc. 1,466,393
10,589 Camden Property Trust 1,424,009
34,086 Duke Realty Corp. 1,873,026
19,684 Equity Residential 1,421,579
18,085 Extra Space Storage, Inc. 3,076,620
55,185 Healthpeak Properties, Inc. 1,429,843
13,310 Mid-America Apartment
Communities, Inc. 2,324,858
10,878 Prologis, Inc. 1,279,797
7,429 Public Storage 2,322,826
30,850 Realty Income Corp. 2,105,821
30,685 UDR, Inc. 1,412,737
28,826 WP Carey, Inc. 2,388,522
----------------
23,847,109
----------------

Page 24 See Notes to Financial Statements

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD & STAPLES RETAILING -- 2.4%
7,035 Costco Wholesale Corp. $ 3,371,735
24,577 Kroger (The) Co. 1,163,229
57,157 Walgreens Boots Alliance, Inc. 2,166,250
14,958 Walmart, Inc. 1,818,594
----------------
8,519,808
----------------
FOOD PRODUCTS -- 2.6%
32,221 Archer-Daniels-Midland Co. 2,500,349
23,168 Bunge Ltd. 2,101,106
4,861 Hershey (The) Co. 1,045,893
43,686 Kraft Heinz (The) Co. 1,666,184
23,918 Tyson Foods, Inc., Class A 2,058,383
----------------
9,371,915
----------------
HEALTH CARE EQUIPMENT &
SUPPLIES -- 2.5%
20,282 Abbott Laboratories 2,203,639
6,892 Becton, Dickinson and Co. 1,699,085
24,172 Edwards Lifesciences Corp. (a) 2,298,515
1,901 IDEXX Laboratories, Inc. (a) 666,738
16,160 Medtronic PLC 1,450,360
2,634 STERIS PLC 542,999
----------------
8,861,336
----------------
HEALTH CARE PROVIDERS & SERVICES
-- 4.5%
12,517 AmerisourceBergen Corp. 1,770,905
23,176 Cardinal Health, Inc. 1,211,410
20,032 Centene Corp. (a) 1,694,908
8,579 Cigna Corp. 2,260,738
32,242 CVS Health Corp. 2,987,544
2,168 Elevance Health, Inc. 1,046,233
6,158 McKesson Corp. 2,008,801
11,906 Quest Diagnostics, Inc. 1,583,260
3,446 UnitedHealth Group, Inc. 1,769,969
----------------
16,333,768
----------------
HOTELS, RESTAURANTS & LEISURE
-- 0.2%
11,748 Starbucks Corp. 897,430
----------------
HOUSEHOLD DURABLES -- 1.0%
24,395 D.R. Horton, Inc. 1,614,705
28,511 Lennar Corp., Class A 2,012,021
----------------
3,626,726
----------------
HOUSEHOLD PRODUCTS -- 0.6%
13,898 Colgate-Palmolive Co. 1,113,786
6,770 Procter & Gamble (The) Co. 973,458
----------------
2,087,244
----------------
INSURANCE -- 11.4%
27,397 Aflac, Inc. 1,515,876
17,731 Allstate (The) Corp. 2,247,050
53,005 American International Group,
Inc. 2,710,146
5,033 Aon PLC, Class A 1,357,299
35,395 Arch Capital Group Ltd. (a) 1,610,119
39,407 Brown & Brown, Inc. 2,299,004
11,662 Chubb Ltd. 2,292,516

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE (CONTINUED)
45,219 Cincinnati Financial Corp. $ 5,380,157
27,523 Hartford Financial Services Group
(The), Inc. 1,800,830
35,019 Loews Corp. 2,075,226
2,195 Markel Corp. (a) 2,838,684
24,948 Marsh & McLennan Cos., Inc. 3,873,177
40,236 MetLife, Inc. 2,526,419
25,741 Principal Financial Group, Inc. 1,719,241
30,274 Prudential Financial, Inc. 2,896,616
9,811 Travelers (The) Cos., Inc. 1,659,334
30,939 W.R. Berkley Corp. 2,111,896
----------------
40,913,590
----------------
INTERACTIVE MEDIA & SERVICES
-- 0.7%
1,193 Alphabet, Inc., Class A (a) 2,599,857
----------------
IT SERVICES -- 2.5%
7,342 Accenture PLC, Class A 2,038,506
3,461 Gartner, Inc. (a) 836,973
14,209 International Business Machines
Corp. 2,006,169
6,839 Mastercard, Inc., Class A 2,157,568
18,707 Paychex, Inc. 2,130,166
----------------
9,169,382
----------------
LIFE SCIENCES TOOLS & SERVICES
-- 2.7%
3,122 Bio-Rad Laboratories, Inc.,
Class A (a) 1,545,390
4,639 Danaher Corp. 1,176,079
10,651 IQVIA Holdings, Inc. (a) 2,311,160
2,978 Mettler-Toledo International,
Inc. (a) 3,421,037
4,621 PerkinElmer, Inc. 657,199
838 Thermo Fisher Scientific, Inc. 455,269
----------------
9,566,134
----------------
MACHINERY -- 1.6%
4,090 Deere & Co. 1,224,832
6,505 Dover Corp. 789,187
20,461 Illinois Tool Works, Inc. 3,729,017
----------------
5,743,036
----------------
MEDIA -- 1.0%
36,681 Comcast Corp., Class A 1,439,362
82,911 Paramount Global, Class B 2,046,244
----------------
3,485,606
----------------
METALS & MINING -- 1.3%
59,734 Freeport-McMoRan, Inc. 1,747,817
28,222 Nucor Corp. 2,946,659
----------------
4,694,476
----------------
MULTI-UTILITIES -- 4.0%
23,760 Ameren Corp. 2,146,954
66,153 CenterPoint Energy, Inc. 1,956,806
31,077 CMS Energy Corp. 2,097,697
22,326 Consolidated Edison, Inc. 2,123,203

See Notes to Financial Statements Page 25

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MULTI-UTILITIES (CONTINUED)
24,481 Dominion Energy, Inc. $ 1,953,829
12,230 Sempra Energy 1,837,802
21,443 WEC Energy Group, Inc. 2,158,023
----------------
14,274,314
----------------
OIL, GAS & CONSUMABLE FUELS
-- 12.9%
29,965 Cheniere Energy, Inc. 3,986,244
41,981 ConocoPhillips 3,770,314
110,504 Devon Energy Corp. 6,089,875
26,620 Diamondback Energy, Inc. 3,225,013
27,131 EOG Resources, Inc. 2,996,348
17,293 Exxon Mobil Corp. 1,480,973
244,332 Marathon Oil Corp. 5,492,583
52,657 Marathon Petroleum Corp. 4,328,932
117,678 Occidental Petroleum Corp. 6,928,881
25,499 ONEOK, Inc. 1,415,194
21,957 Phillips 66 1,800,254
13,332 Pioneer Natural Resources Co. 2,974,103
18,966 Valero Energy Corp. 2,015,706
----------------
46,504,420
----------------
PERSONAL PRODUCTS -- 1.0%
14,812 Estee Lauder (The) Cos., Inc.,
Class A 3,772,172
----------------
PHARMACEUTICALS -- 1.6%
30,524 Bristol-Myers Squibb Co. 2,350,348
7,076 Eli Lilly & Co. 2,294,251
19,471 Pfizer, Inc. 1,020,865
----------------
5,665,464
----------------
ROAD & RAIL -- 0.2%
2,773 Old Dominion Freight Line, Inc. 710,664
----------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.2%
2,787 KLA Corp. 889,276
3,156 Monolithic Power Systems, Inc. 1,212,030
42,184 ON Semiconductor Corp. (a) 2,122,277
----------------
4,223,583
----------------
SOFTWARE -- 2.3%
32,248 Fortinet, Inc. (a) 1,824,592
5,584 Microsoft Corp. 1,434,139
5,740 Palo Alto Networks, Inc. (a) 2,835,215
3,906 Roper Technologies, Inc. 1,541,503
2,640 Synopsys, Inc. (a) 801,768
----------------
8,437,217
----------------
SPECIALTY RETAIL -- 2.8%
15,528 Best Buy Co., Inc. 1,012,270
7,559 Home Depot (The), Inc. 2,073,207
4,664 Lowe's Cos., Inc. 814,661
7,743 O'Reilly Automotive, Inc. (a) 4,891,718
5,733 Tractor Supply Co. 1,111,342
----------------
9,903,198
----------------

SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 2.8%
32,786 Apple, Inc. $ 4,482,502
30,540 Dell Technologies, Inc., Class C 1,411,253
161,555 Hewlett Packard Enterprise Co. 2,142,219
41,496 Western Digital Corp. (a) 1,860,266
----------------
9,896,240
----------------
TEXTILES, APPAREL & LUXURY
GOODS -- 0.9%
31,021 NIKE, Inc., Class B 3,170,346
----------------
TRADING COMPANIES & DISTRIBUTORS
-- 0.9%
32,774 Fastenal Co. 1,636,078
1,817 United Rentals, Inc. (a) 441,368
2,208 W.W. Grainger, Inc. 1,003,381
----------------
3,080,827
----------------
WATER UTILITIES -- 0.5%
11,074 American Water Works Co., Inc. 1,647,479
----------------
TOTAL COMMON STOCKS
-- 99.8% 358,266,802
(Cost $397,888,547) ----------------

MONEY MARKET FUNDS -- 0.1%
481,284 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.34% (b) 481,284
(Cost $481,284) ----------------

TOTAL INVESTMENTS -- 99.9% 358,748,086
(Cost $398,369,831)
NET OTHER ASSETS AND
LIABILITIES -- 0.1% 210,393
----------------
NET ASSETS -- 100.0% $ 358,958,479
================

(a) Non-income producing security.

(b) Rate shown reflects yield as of June 30, 2022.

Page 26 See Notes to Financial Statements

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)

PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2022 (UNAUDITED)

-----------------------------

VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of June 30, 2022
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2022 PRICES INPUTS INPUTS
---------------------------------------------------------------------

Common Stocks*.................................. $ 358,266,802 $ 358,266,802 $ -- $ --
Money Market Funds.............................. 481,284 481,284 -- --
---------------------------------------------------------------------
Total Investments............................... $ 358,748,086 $ 358,748,086 $ -- $ --
=====================================================================

* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements Page 27

FIRST TRUST EXCHANGE-TRADED FUND

STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2022 (UNAUDITED)

FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
DIVIDEND DORSEY WRIGHT DOW 30 LUNT U.S.
STRENGTH PEOPLE'S PORTFOLIO EQUAL WEIGHT FACTOR ROTATION
ETF ETF ETF ETF
(FTDS) (DWPP) (EDOW) (FCTR)
---------------- ---------------- ---------------- ----------------

ASSETS:
Investments, at value............................. $ 16,331,287 $ 8,326,870 $ 122,206,002 $ 358,748,086
Cash.............................................. 2,436 2,984 19,977 --
Receivables:
Dividends...................................... 35,082 6,509 96,799 420,600
Investment securities sold..................... -- -- -- 2,731,285
Prepaid expenses.................................. 3,893 -- -- --
-------------- -------------- -------------- --------------
Total Assets................................... 16,372,698 8,336,363 122,322,778 361,899,971
-------------- -------------- -------------- --------------
LIABILITIES:
Payables:
Audit and tax fees............................. 20,702 -- -- --
Capital shares redeemed........................ -- -- -- 2,734,243
Investment advisory fees....................... 7,321 4,248 51,716 207,249
Licensing fees................................. 315 -- -- --
Shareholder reporting fees..................... 1,860 -- -- --
Other liabilities................................. 18,070 -- -- --
-------------- -------------- -------------- --------------
Total Liabilities.............................. 48,268 4,248 51,716 2,941,492
-------------- -------------- -------------- --------------
NET ASSETS........................................ $ 16,324,430 $ 8,332,115 $ 122,271,062 $ 358,958,479
============== ============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital................................... $ 20,145,339 $ 18,334,749 $ 135,595,318 $ 530,782,886
Par value......................................... 4,000 3,000 44,978 132,000
Accumulated distributable earnings (loss)......... (3,824,909) (10,005,634) (13,369,234) (171,956,407)
-------------- -------------- -------------- --------------
NET ASSETS........................................ $ 16,324,430 $ 8,332,115 $ 122,271,062 $ 358,958,479
============== ============== ============== ==============
NET ASSET VALUE, per share........................ $ 40.81 $ 27.77 $ 27.18 $ 27.19
============== ============== ============== ==============
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share).. 400,002 300,002 4,497,756 13,200,002
============== ============== ============== ==============
Investments, at cost.............................. $ 18,417,560 $ 8,120,168 $ 134,667,178 $ 398,369,831
============== ============== ============== ==============
Securities on loan, at value...................... $ -- $ -- $ -- $ --
============== ============== ============== ==============

Page 28 See Notes to Financial Statements

FIRST TRUST EXCHANGE-TRADED FUND

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

INVESTMENT INCOME:
Dividends......................................... $ 253,080 $ 82,041 $ 1,610,751 $ 4,592,759
Securities lending income (net of fees)........... 248 -- -- --
Foreign withholding tax........................... (303) (17) -- (1,218)
-------------- -------------- -------------- --------------
Total investment income........................ 253,025 82,024 1,610,751 4,591,541
-------------- -------------- -------------- --------------
EXPENSES:
Investment advisory fees.......................... 52,110 32,134 (a) 336,452 (a) 1,607,533 (a)
Custodian fees.................................... 10,334 -- -- --
Audit and tax fees................................ 14,773 -- -- --
Accounting and administration fees................ 8,800 -- -- --
Licensing fees.................................... 4,645 -- -- --
Shareholder reporting fees........................ 6,727 -- -- --
Trustees' fees and expenses....................... 3,430 -- -- --
Listing fees...................................... 2,997 -- -- --
Transfer agent fees............................... 521 -- -- --
Legal fees........................................ 181 -- -- --
Other expenses.................................... 1,902 -- -- --
-------------- -------------- -------------- --------------
Total expenses................................. 106,420 32,134 336,452 1,607,533
Less fees waived and expenses reimbursed by the
investment advisor.......................... (33,609) -- -- --
-------------- -------------- -------------- --------------
Net expenses................................... 72,811 32,134 336,452 1,607,533
-------------- -------------- -------------- --------------
NET INVESTMENT INCOME (LOSS)...................... 180,214 49,890 1,274,299 2,984,008
-------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments.................................... 480,673 (62,187) (1,003,691) (98,217,608)
In-kind redemptions............................ 917,839 197,961 5,185,547 11,196,020
-------------- -------------- -------------- --------------
Net realized gain (loss).......................... 1,398,512 135,774 4,181,856 (87,021,588)
-------------- -------------- -------------- --------------
Net change in unrealized appreciation (depreciation)
on investments................................. (5,564,933) (2,775,791) (25,033,902) (58,544,052)
-------------- -------------- -------------- --------------
NET REALIZED AND UNREALIZED
GAIN (LOSS).................................... (4,166,421) (2,640,017) (20,852,046) (145,565,640)
-------------- -------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS...................... $ (3,986,207) $ (2,590,127) $ (19,577,747) $ (142,581,632)
============== ============== ============== ==============

(a) Fund is subject to a Unitary Fee (see Note 3 in the Notes to Financial
Statements).

See Notes to Financial Statements Page 29

FIRST TRUST EXCHANGE-TRADED FUND

STATEMENTS OF CHANGES IN NET ASSETS

FIRST TRUST FIRST TRUST
DIVIDEND DORSEY WRIGHT
STRENGTH PEOPLE'S
ETF PORTFOLIO ETF
(FTDS) (DWPP)
------------------------------- -------------------------------
Six Months Six Months
Ended Ended
6/30/2022 Year Ended 6/30/2022 Year Ended
(Unaudited) 12/31/2021 (Unaudited) 12/31/2021
-------------- -------------- -------------- --------------

OPERATIONS:
Net investment income (loss)............................ $ 180,214 $ 176,263 $ 49,890 $ 85,431
Net realized gain (loss)................................ 1,398,512 4,384,304 135,774 678,067
Net change in unrealized appreciation (depreciation).... (5,564,933) (272,120) (2,775,791) 1,815,679
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations...................................... (3,986,207) 4,288,447 (2,590,127) 2,579,177
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations................................... (157,125) (162,991) (47,245) (81,660)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold............................... -- 18,455,594 -- 1,693,588
Cost of shares redeemed................................. (4,755,506) (13,606,364) (1,445,822) (3,150,430)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions........................ (4,755,506) 4,849,230 (1,445,822) (1,456,842)
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets................. (8,898,838) 8,974,686 (4,083,194) 1,040,675

NET ASSETS:
Beginning of period..................................... 25,223,268 16,248,582 12,415,309 11,374,634
-------------- -------------- -------------- --------------
End of period........................................... $ 16,324,430 $ 25,223,268 $ 8,332,115 $ 12,415,309
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................. 500,002 400,002 350,002 400,002
Shares sold............................................. -- 400,000 -- 50,000
Shares redeemed......................................... (100,000) (300,000) (50,000) (100,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period....................... 400,002 500,002 300,002 350,002
============== ============== ============== ==============

Page 30 See Notes to Financial Statements

FIRST TRUST FIRST TRUST
DOW 30 LUNT U.S.
EQUAL WEIGHT FACTOR ROTATION
ETF ETF
(EDOW) (FCTR)
------------------------------- -------------------------------
Six Months Six Months
Ended Ended
6/30/2022 Year Ended 6/30/2022 Year Ended
(Unaudited) 12/31/2021 (Unaudited) 12/31/2021
-------------- -------------- -------------- --------------

$ 1,274,299 $ 1,722,405 $ 2,984,008 $ 1,848,939
4,181,856 4,385,378 (87,021,588) 32,626,101
(25,033,902) 8,652,152 (58,544,052) 2,900,642
-------------- -------------- -------------- --------------

(19,577,747) 14,759,935 (142,581,632) 37,375,682
-------------- -------------- -------------- --------------

(1,204,623) (1,719,752) (2,595,250) (1,580,945)
-------------- -------------- -------------- --------------

32,467,164 75,916,321 189,163,988 1,095,761,531
(27,455,970) (22,908,579) (348,033,819) (599,707,580)
-------------- -------------- -------------- --------------

5,011,194 53,007,742 (158,869,831) 496,053,951
-------------- -------------- -------------- --------------
(15,771,176) 66,047,925 (304,046,713) 531,848,688

138,042,238 71,994,313 663,005,192 131,156,504
-------------- -------------- -------------- --------------
$ 122,271,062 $ 138,042,238 $ 358,958,479 $ 663,005,192
============== ============== ============== ==============

4,347,756 2,647,756 18,650,002 4,450,002
1,050,000 2,500,000 5,750,000 31,600,000
(900,000) (800,000) (11,200,000) (17,400,000)
-------------- -------------- -------------- --------------
4,497,756 4,347,756 13,200,002 18,650,002
============== ============== ============== ==============

See Notes to Financial Statements Page 31

FIRST TRUST EXCHANGE-TRADED FUND

FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

FIRST TRUST DIVIDEND STRENGTH ETF (FTDS)

SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/2022 --------------------------------------------------------------------
(UNAUDITED) 2021 2020 2019 2018 2017
------------ ------------ ------------ ------------ ------------ ------------

Net asset value, beginning of period $ 50.45 $ 40.62 $ 36.20 $ 29.22 $ 32.85 $ 27.74
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.44 0.39 0.35 0.40 0.34 0.25
Net realized and unrealized gain (loss) (9.71) 9.80 4.47 6.99 (3.64) 5.12
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (9.27) 10.19 4.82 7.39 (3.30) 5.37
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.37) (0.36) (0.40) (0.41) (0.33) (0.26)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 40.81 $ 50.45 $ 40.62 $ 36.20 $ 29.22 $ 32.85
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (18.39)% 25.12% 13.65% 25.36% (10.13)% 19.44%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 16,324 $ 25,223 $ 16,249 $ 18,100 $ 13,151 $ 14,783
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 1.02% (b) 1.08% 1.16% 1.02% 1.57% 1.69%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 1.73% (b) 0.84% 1.04% 1.20% 1.03% 0.88%
Portfolio turnover rate (c) 143% (d) 98% 125% 119% 110% 112%

FIRST TRUST DORSEY WRIGHT PEOPLE'S PORTFOLIO ETF (DWPP)

Net asset value, beginning of period $ 35.47 $ 28.44 $ 33.42 $ 25.96 $ 28.64 $ 23.80
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.16 0.25 0.11 0.37 0.33 0.30
Net realized and unrealized gain (loss) (7.71) 7.02 (4.94) 7.45 (2.67) 4.84
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (7.55) 7.27 (4.83) 7.82 (2.34) 5.14
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.15) (0.24) (0.15) (0.36) (0.34) (0.30)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 27.77 $ 35.47 $ 28.44 $ 33.42 $ 25.96 $ 28.64
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (21.33)% 25.71% (14.42)% 30.24% (8.26)% 21.71%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 8,332 $ 12,415 $ 11,375 $ 63,507 $ 35,042 $ 30,072
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net expenses to average net
assets 0.60% (b) 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net investment income (loss) to
average net assets 0.93% (b) 0.77% 0.69% 1.28% 1.19% 1.29%
Portfolio turnover rate (c) 3% 7% 114% 30% 32% 30% (e)

(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net
asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods
of less than a year. The total returns for First Trust Dividend Strength
ETF would have been lower if certain fees had not been waived and expenses
reimbursed by the investment advisor.

(b) Annualized.

(c) Portfolio turnover is calculated for the time period presented and is not
annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind
transactions.

(d) The variation in the portfolio turnover rate is due to the change in the
Fund's underlying index effective April 29, 2022, which resulted in a
complete rebalance of the Fund's portfolio.

(e) The variation in the portfolio turnover rate is due to the change in the
Fund's underlying index effective August 18, 2017, which resulted in a
complete rebalance of the Fund's portfolio.

Page 32 See Notes to Financial Statements

FIRST TRUST EXCHANGE-TRADED FUND

FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

FIRST TRUST DOW 30 EQUAL WEIGHT ETF (EDOW)

SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/2022 ------------------------------------------------------ PERIOD ENDED
(UNAUDITED) 2021 2020 2019 2018 12/31/2017 (a)
------------ ------------ ------------ ------------ ------------ ------------

Net asset value, beginning of period $ 31.75 $ 27.19 $ 26.11 $ 21.43 $ 22.00 $ 19.97
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.29 0.48 0.50 0.47 0.40 0.17
Net realized and unrealized gain (loss) (4.59) 4.56 1.08 4.70 (0.58) 2.03
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (4.30) 5.04 1.58 5.17 (0.18) 2.20
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.27) (0.48) (0.50) (0.49) (0.39) (0.17)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 27.18 $ 31.75 $ 27.19 $ 26.11 $ 21.43 $ 22.00
========== ========== ========== ========== ========== ==========
TOTAL RETURN (b) (13.61)% 18.63% 6.41% 24.27% (0.88)% 11.02%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 122,271 $ 138,042 $ 71,994 $ 43,077 $ 12,859 $ 2,200
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.50% (c) 0.50% 0.50% 0.50% 0.50% 0.50% (c)
Ratio of net expenses to average net
assets 0.50% (c) 0.50% 0.50% 0.50% 0.50% 0.50% (c)
Ratio of net investment income (loss) to
average net assets 1.89% (c) 1.70% 2.11% 1.99% 2.33% 1.99% (c)
Portfolio turnover rate (d) 9% 14% 31% 13% 16% 20%

FIRST TRUST LUNT U.S. FACTOR ROTATION ETF (FCTR)

SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/2022 ---------------------------------------- PERIOD ENDED
(UNAUDITED) 2021 2020 2019 12/31/2018 (a)
------------ ------------ ------------ ------------ ------------

Net asset value, beginning of period $ 35.55 $ 29.47 $ 22.80 $ 17.67 $ 20.23
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.22 0.17 0.12 0.23 0.12
Net realized and unrealized gain (loss) (8.40) 6.07 6.68 5.12 (2.56)
---------- ---------- ---------- ---------- ----------
Total from investment operations (8.18) 6.24 6.80 5.35 (2.44)
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.18) (0.16) (0.13) (0.22) (0.12)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 27.19 $ 35.55 $ 29.47 $ 22.80 $ 17.67
========== ========== ========== ========== ==========
TOTAL RETURN (b) (23.06)% 21.22% 30.02% 30.35% (12.09)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 358,958 $ 663,005 $ 131,157 $ 62,696 $ 28,269
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.65% (c) 0.65% 0.65% 0.65% 0.65% (c)
Ratio of net expenses to average net
assets 0.65% (c) 0.65% 0.65% 0.65% 0.65% (c)
Ratio of net investment income (loss) to
average net assets 1.21% (c) 0.52% 0.42% 1.17% 1.48% (c)
Portfolio turnover rate (d) 217% 307% 460% 246% 183%

(a) Inception dates for EDOW and FCTR are August 8, 2017 and July 25, 2018,
respectively, which are consistent with the respective Fund's commencement
of investment operations and are the dates the initial creation units were
established.

(b) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net
asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods
of less than a year.

(d) Portfolio turnover is calculated for the time period presented and is not
annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind
transactions.

See Notes to Financial Statements Page 33

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

1. ORGANIZATION

First Trust Exchange-Traded Fund (the "Trust") is an open-end management
investment company organized as a Massachusetts business trust on August 8,
2003, and is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of twenty-two exchange-traded funds. This report
covers the four funds (each a "Fund" and collectively, the "Funds") listed
below:

First Trust Dividend Strength ETF - (The Nasdaq Stock Market LLC
("Nasdaq") ticker "FTDS")(1)
First Trust Dorsey Wright People's Portfolio ETF - (Nasdaq ticker
"DWPP")
First Trust Dow 30 Equal Weight ETF - (NYSE Arca, Inc. ("NYSE Arca")
ticker "EDOW")
First Trust Lunt U.S. Factor Rotation ETF - (Cboe BZX Exchange, Inc.
("Cboe BZX") ticker "FCTR")

(1) Effective on April 29, 2022, First Trust Total US Market AlphaDEX(R) ETF
(Nasdaq ticker "TUSA") changed its name and ticker to First Trust Dividend
Strength ETF (Nasdaq ticker "FTDS").

Each Fund represents a separate series of beneficial interest in the Trust.
Unlike conventional mutual funds, each Fund issues and redeems shares on a
continuous basis, at net asset value ("NAV"), only in large blocks of shares
known as "Creation Units." The investment objective of each Fund is to seek
investment results that correspond generally to the price and yield (before the
Fund's fees and expenses) of the following indices:

FUND INDEX

First Trust Dividend Strength ETF The Dividend Strength Index(2)
First Trust Dorsey Wright People's Portfolio ETF Nasdaq Dorsey Wright People's Portfolio Index(TM)
First Trust Dow 30 Equal Weight ETF Dow Jones Industrial Average(R) Equal Weight Index
First Trust Lunt U.S. Factor Rotation ETF Lunt Capital Large Cap Factor Rotation Index

(2) Prior to April 29, 2022, the index was Nasdaq AlphaDEX(R) Total US Market
Index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. PORTFOLIO VALUATION

Each Fund's NAV is determined daily as of the close of regular trading on the
New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day
the NYSE is open for trading. If the NYSE closes early on a valuation day, the
NAV is determined as of that time. Each Fund's NAV is calculated by dividing the
value of all assets of each Fund (including accrued interest and dividends),
less all liabilities (including accrued expenses and dividends declared but
unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value. Market
value prices represent last sale or official closing prices from a national or
foreign exchange (i.e., a regulated market) and are primarily obtained from
third-party pricing services. Fair value prices represent any prices not
considered market value prices and are either obtained from a third-party
pricing service or are determined by the Pricing Committee of the Funds'
investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"),
in accordance with valuation procedures adopted by the Trust's Board of
Trustees, and in accordance with provisions of the 1940 Act. Investments valued
by the Advisor's Pricing Committee, if any, are footnoted as such in the
footnotes to the Portfolio of Investments. Each Fund's investments are valued as
follows:

Common stocks and other equity securities listed on any national or
foreign exchange (excluding Nasdaq and the London Stock Exchange
Alternative Investment Market ("AIM")) are valued at the last sale price
on the exchange on which they are principally traded or, for Nasdaq and
AIM securities, the official closing price. Securities traded on more than
one securities exchange are valued at the last sale price or official
closing price, as applicable, at the close of the securities exchange
representing the principal market for such securities.

Page 34

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

Shares of open-end funds are valued at fair value which is based on NAV
per share.

Securities traded in an over-the-counter market are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise
at their closing bid price.

U.S. Treasuries are fair valued on the basis of valuations provided by a
third-party pricing service approved by the Trust's Board of Trustees.

Overnight repurchase agreements are valued at amortized cost when it
represents the best estimate of fair value.

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

1) the type of security;

2) the size of the holding;

3) the initial cost of the security;

4) transactions in comparable securities;

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

6) relationships among various securities;

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

8) an analysis of the issuer's financial statements; and

9) the existence of merger proposals or tender offers that might affect
the value of the security.

In addition, differences between the prices used to calculate a Fund's NAV and
the prices used by such Fund's corresponding index could result in a difference
between a Fund's performance and the performance of its underlying index.

The Funds are subject to fair value accounting standards that define fair value,
establish the framework for measuring fair value and provide a three-level
hierarchy for fair valuation based upon the inputs to the valuation as of the
measurement date. The three levels of the fair value hierarchy are as follows:

o Level 1 - Level 1 inputs are quoted prices in active markets for
identical investments. An active market is a market in which
transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.

o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.

o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).

o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.

o Level 3 - Level 3 inputs are unobservable inputs. Unobservable
inputs may reflect the reporting entity's own assumptions about the
assumptions that market participants would use in pricing the
investment.

The inputs or methodologies used for valuing investments are not necessarily an
indication of the risk associated with investing in those investments. A summary
of the inputs used to value each Fund's investments as of June 30, 2022, is
included with each Fund's Portfolio of Investments.

Page 35

FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income, if any, is
recorded on the accrual basis.

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

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

C. OFFSETTING ON THE STATEMENTS OF ASSETS AND LIABILITIES

Offsetting Assets and Liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset on the
Statements of Assets and Liabilities, and disclose instruments and transactions
subject to master netting or similar agreements. These disclosure requirements
are intended to help investors and other financial statement users better assess
the effect or potential effect of offsetting arrangements on a fund's financial
position. The transactions subject to offsetting disclosures are derivative
instruments, repurchase agreements and reverse repurchase agreements, and
securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of
Investments under the heading "Offsetting Assets and Liabilities." For financial
reporting purposes, the Funds do not offset financial assets and financial
liabilities that are subject to master netting arrangements ("MNAs") or similar
agreements on the Statements of Assets and Liabilities. MNAs provide the right,
in the event of default (including bankruptcy and insolvency), for the
non-defaulting counterparty to liquidate the collateral and calculate the net
exposure to the defaulting party or request additional collateral.

D. SECURITIES LENDING

The Funds may lend securities representing up to 33 1/3% of the value of their
total assets to broker-dealers, banks and other institutions to generate
additional income. When a Fund loans its portfolio securities, it will receive,
at the inception of each loan, collateral equal to at least 102% (for domestic
securities) or 105% (for international securities) of the market value of the
loaned securities. The collateral amount is valued at the beginning of each
business day and is compared to the market value of the loaned securities from
the prior business day to determine if additional collateral is required. If
additional collateral is required, a request is sent to the borrower. Securities
lending involves the risk that the Fund may lose money because the borrower of
the Fund's loaned securities fails to return the securities in a timely manner
or at all. The Fund could also lose money in the event of (i) a decline in the
value of the collateral provided for the loaned securities, (ii) a decline in
the value of any investments made with cash collateral or (iii) an increase in
the value of the loaned securities if the borrower does not increase the
collateral accordingly and the borrower fails to return the securities. These
events could also trigger adverse tax consequences for the Funds.

Under the Funds' Securities Lending Agency Agreement, the securities lending
agent will generally bear the risk that a borrower may default on its obligation
to return loaned securities. Brown Brothers Harriman & Co. ("BBH") acts as the
Funds' securities lending agent and is responsible for executing the lending of
the portfolio securities to creditworthy borrowers. The Funds, however, will be
responsible for the risks associated with the investment of cash collateral. A
Fund may lose money on its investment of cash collateral, which may affect its
ability to repay the collateral to the borrower without the use of other Fund
assets. Each Fund that engages in securities lending receives compensation (net
of any rebate and securities lending agent fees) for lending its securities.
Compensation can be in the form of fees received from the securities lending
agent or dividends or interest earned from the investment of cash collateral.
The fees received from the securities lending agent are accrued daily. The
dividend and interest earned on the securities loaned is accounted for in the
same manner as other dividend and interest income. At June 30, 2022, none of the
Funds had securities in the securities lending program. During the six month
period ended June 30, 2022, only FTDS participated in the securities lending
program.

In the event of a default by a borrower with respect to any loan, BBH will
exercise any and all remedies provided under the applicable borrower agreement
to make the Funds whole. These remedies include purchasing replacement
securities by applying the collateral held from the defaulting broker against
the purchase cost of the replacement securities. If, despite such efforts by BBH
to exercise these remedies, a Fund sustains losses as a result of a borrower's
default, BBH will indemnify the Fund by purchasing replacement securities at its
own expense, or paying the Fund an amount equal to the market value of the
replacement securities, subject to certain limitations which are set forth in
detail in the Securities Lending Agency Agreement between the Trust on behalf of
the Funds and BBH.

Page 36

FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

E. REPURCHASE AGREEMENTS

Repurchase agreements involve the purchase of securities subject to the seller's
agreement to repurchase the securities at a mutually agreed upon date and price,
under the terms of a Master Repurchase Agreement ("MRA"). During the term of a
repurchase agreement, the value of the underlying securities held as collateral
on behalf of a Fund, including accrued interest, is required to exceed the value
of the repurchase agreement, including accrued interest. The underlying
securities for all repurchase agreements are held at the Funds' custodian or
designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs
contain provisions for, among other things, initiation, income payments, events
of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S.
Treasury securities. The U.S. Treasury securities are held in a joint custody
account at BBH on behalf of the Funds participating in the securities lending
program. In the event the counterparty defaults on the repurchase agreement, the
U.S. Treasury securities can either be maintained as part of a Fund's portfolio
or sold for cash. A Fund could suffer a loss to the extent that the proceeds
from the sale of the underlying collateral held by the Fund is less than the
repurchase price and the Fund's costs associated with the delay and enforcement
of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements
held by the Funds during the six months ended June 30, 2022 were received as
collateral for lending securities. There were no repurchase agreements held by
the Funds as of June 30, 2022.

F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income of each Fund, if any, are declared and paid
quarterly, or as the Board of Trustees may determine from time to time.
Distributions of net realized gains earned by each Fund, if any, are distributed
at least annually.

Distributions from net investment income and realized capital gains are
determined in accordance with federal income tax regulations, which may differ
from U.S. GAAP. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax
character. These permanent differences are primarily due to the varying
treatment of income and gain/loss on portfolio securities held by the Funds and
have no impact on net assets or NAV per share. Temporary differences, which
arise from recognizing certain items of income, expense and gain/loss in
different periods for financial statement and tax purposes, will reverse at some
time in the future.

The tax character of distributions paid by each Fund during the fiscal year
ended December 31, 2021 was as follows:

Distributions Distributions
Distributions paid paid paid
from Ordinary from Capital from Return
Income Gains of Capital
------------------ ---------------- -----------------

First Trust Dividend Strength ETF $ 162,991 $ -- $ --
First Trust Dorsey Wright People's Portfolio ETF 81,660 -- --
First Trust Dow 30 Equal Weight ETF 1,719,752 -- --
First Trust Lunt U.S. Factor Rotation ETF 1,580,945 -- --

As of December 31, 2021, the components of distributable earnings on a tax basis
for each Fund were as follows:

Accumulated
Undistributed Capital and Net Unrealized
Ordinary Other Appreciation
Income Gain (Loss) (Depreciation)
------------------ ---------------- -----------------

First Trust Dividend Strength ETF $ 15,478 $ (3,066,140) $ 3,369,085
First Trust Dorsey Wright People's Portfolio ETF 3,829 (10,350,687) 2,978,596
First Trust Dow 30 Equal Weight ETF 2,653 (4,087,639) 11,498,122
First Trust Lunt U.S. Factor Rotation ETF 268,020 (32,651,496) 5,603,951

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

G. INCOME TAXES

Each Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no
provision has been made for federal and state income taxes. However, due to the
timing and amount of distributions, each Fund may be subject to an excise tax of
4% of the amount by which approximately 98% of each Fund's taxable income
exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. The taxable years ended 2018,
2019, 2020, and 2021 remain open to federal and state audit. As of June 30,
2022, management has evaluated the application of these standards to the Funds,
and has determined that no provision for income tax is required in the Funds'
financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
Each Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. At December 31, 2021, for
federal income tax purposes, each applicable Fund had a capital loss
carryforward available that is shown in the table below, to the extent provided
by regulations, to offset future capital gains. To the extent that these loss
carryforwards are used to offset future capital gains, it is probable that the
capital gains so offset will not be distributed to each applicable Fund's
shareholders.

Non-Expiring
Capital Loss
Carryforward
------------------

First Trust Dividend Strength ETF $ 3,066,140
First Trust Dorsey Wright People's Portfolio ETF 10,350,687
First Trust Dow 30 Equal Weight ETF* 4,087,639
First Trust Lunt U.S. Factor Rotation ETF 32,651,496

* $3,196,583 of First Trust Dow 30 Equal Weight ETF's non-expiring net
capital losses is subject to loss limitation resulting from reorganization
activity. This limitation generally reduces the utilization of these
losses to a maximum of $212,620 per year.

During the taxable year ended December 31, 2021, the following Funds utilized
non-expiring capital loss carryforwards in the following amounts:

Capital Loss
Carryforward
Utilized
------------------

First Trust Dividend Strength ETF $ 147,994
First Trust Dorsey Wright People's Portfolio ETF 75,189
First Trust Dow 30 Equal Weight ETF 73,031

Certain losses realized during the current fiscal year may be deferred and
treated as occurring on the first day of the following fiscal year for federal
income tax purposes. For the fiscal year ended December 31, 2021, the Funds had
no net late year ordinary or capital losses.

As of June 30, 2022, the aggregate cost, gross unrealized appreciation, gross
unrealized depreciation, and net unrealized appreciation/(depreciation) on
investments (including short positions and derivatives, if any) for federal
income tax purposes were as follows:

Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Tax Cost Appreciation (Depreciation) (Depreciation)
------------------ ------------------ ------------------ ------------------

First Trust Dividend Strength ETF $ 18,417,560 $ 39,923 $ (2,126,196) $ (2,086,273)
First Trust Dorsey Wright People's Portfolio ETF 8,120,168 1,008,164 (801,462) 206,702
First Trust Dow 30 Equal Weight ETF 134,667,178 4,649,792 (17,110,968) (12,461,176)
First Trust Lunt U.S. Factor Rotation ETF 398,369,831 3,879,498 (43,501,243) (39,621,745)

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

H. EXPENSES

Expenses that are directly related to First Trust Dividend Strength ETF are
charged directly to the Fund. Expenses for First Trust Dorsey Wright People's
Portfolio ETF, First Trust Dow 30 Equal Weight ETF, and First Trust Lunt U.S.
Factor Rotation ETF (the "Unitary Fee Funds"), other than excluded expenses
(discussed in Note 3), are paid by the Advisor. General expenses of the Trust
are allocated to all the Funds based upon the net assets of each Fund.

First Trust has entered into licensing agreements with each of the following
"Licensors" for the respective Funds:

FUND LICENSOR

First Trust Dividend Strength ETF Nasdaq, Inc.
First Trust Dorsey Wright People's Portfolio ETF Nasdaq, Inc.
First Trust Dow 30 Equal Weight ETF S&P Dow Jones Indices LLC
First Trust Lunt U.S. Factor Rotation ETF Lunt Capital Management, Inc.

The respective license agreements allow for the use by First Trust of certain
trademarks and trade names of the respective Licensors. The Funds are
sub-licensees to the applicable license agreement. The First Trust Dividend
Strength ETF is required to pay licensing fees, which are shown on the
Statements of Operations.

3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS

First Trust, the investment advisor to the Funds, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First
Trust is responsible for the selection and ongoing monitoring of the securities
in each Fund's portfolio, managing the Funds' business affairs and providing
certain administrative services necessary for the management of the Funds.

For the First Trust Dividend Strength ETF, First Trust is paid an annual
management fee of 0.50% of the Fund's average daily net assets. For such Fund,
the Trust and the Advisor have entered into an Expense Reimbursement, Fee Waiver
and Recovery Agreement ("Recovery Agreement") in which First Trust has agreed to
waive fees and/or reimburse Fund expenses to the extent that the operating
expenses of the Fund (excluding interest expense, brokerage commissions and
other trading expenses, acquired fund fees and expenses, taxes and extraordinary
expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap").
The Expense Cap will be in effect until at least April 30, 2024.

Expenses reimbursed and fees waived by First Trust under the Recovery Agreement
are subject to recovery by First Trust for up to three years from the date the
fee or expense was incurred, but no reimbursement payment will be made by a Fund
if it results in the Fund exceeding (i) the applicable expense limitation in
place for the most recent fiscal year for which such expense limitation was in
place, (ii) the applicable expense limitation in place at the time the fees were
waived, or (iii) the current expense limitation. These amounts would be included
in "Expenses previously waived or reimbursed" on the Statements of Operations.

The advisory fee waivers and expense reimbursements for the six months ended
June 30, 2022 and fees waived or expenses borne by First Trust subject to
recovery from the Fund for the periods indicated were as follows:

Fees Waived and Expenses Borne by
First Trust Subject to Recovery
--------------------------------------------------------------
Advisory Six Months Year Year Six Months
Fee Expense Ended Ended Ended Ended
Waivers Reimbursement 12/31/2019 12/31/2020 12/31/2021 6/30/2022 Total
--------- ------------- ---------- ---------- ---------- ---------- ----------

First Trust Dividend
Strength ETF $ 33,609 $ -- $ -- $ 63,952 $ 78,956 $ 33,609 $ 176,517

For the First Trust Dorsey Wright People's Portfolio ETF, First Trust Dow 30
Equal Weight ETF, and First Trust Lunt U.S. Factor Rotation ETF, First Trust is
paid an annual unitary management fee of 0.60%, 0.50%, and 0.65%, respectively,
of such Fund's average daily net assets and is responsible for the expenses of
such Fund including the cost of transfer agency, custody, fund administration,
legal, audit, licensing and other services, but excluding fee payments under the
Investment Management Agreement, distribution and service fees pursuant to a
Rule 12b-1 plan, if any, brokerage commissions and other expenses connected with
the execution of portfolio transactions, acquired fund fees and expenses, taxes,
interest, and extraordinary expenses. Pursuant to a contractual agreement
between the Trust, on behalf of DWPP, and First Trust, the management fees paid
to First Trust will be reduced by the proportional amount of the acquired fund
fees and expenses of the shares of investment companies held by DWPP so that the
Fund would not bear the indirect costs of holding them, provided that the
investment companies are advised by First Trust. This contractual agreement

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

shall continue until the earlier of (i) its termination at the direction of the
Trust's Board of Trustees or (ii) upon the termination of the Fund's management
agreement with First Trust. First Trust does not have the right to recover the
fees waived that are attributable to acquired fund fees and expenses of the
shares of investment companies advised by First Trust.

The Trust has multiple service agreements with The Bank of New York Mellon
("BNYM"). Under the service agreements, BNYM performs custodial, fund
accounting, certain administrative services, and transfer agency services for
each Fund. As custodian, BNYM is responsible for custody of each Fund's assets.
As fund accountant and administrator, BNYM is responsible for maintaining the
books and records of each Fund's securities and cash. As transfer agent, BNYM is
responsible for maintaining shareholder records for each Fund. BNYM is a
subsidiary of The Bank of New York Mellon Corporation, a financial holding
company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustees") is paid a fixed annual
retainer that is allocated equally among each fund in the First Trust Fund
Complex. Each Independent Trustee is also paid an annual per fund fee that
varies based on whether the fund is a closed-end or other actively managed fund,
a defined-outcome fund or is an index fund.

Additionally, the Lead Independent Trustee and the Chairs of the Audit
Committee, Nominating and Governance Committee and Valuation Committee are paid
annual fees to serve in such capacities, with such compensation allocated pro
rata among each fund in the First Trust Fund Complex based on net assets.
Independent Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and Committee Chairs
rotate every three years. The officers and "Interested" Trustee receive no
compensation from the Trust for acting in such capacities.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2022, the cost of purchases and proceeds from
sales of investments for each Fund, excluding short-term investments and in-kind
transactions, were as follows:

Purchases Sales
--------------- ---------------

First Trust Dividend Strength ETF $ 29,892,953 $ 29,888,491
First Trust Dorsey Wright People's Portfolio ETF 360,950 345,984
First Trust Dow 30 Equal Weight ETF 11,972,499 11,904,400
First Trust Lunt U.S. Factor Rotation ETF 1,086,096,718 1,086,950,176

For the six months ended June 30, 2022, the cost of in-kind purchases and
proceeds from in-kind sales for each Fund were as follows:

Purchases Sales
--------------- ---------------

First Trust Dividend Strength ETF $ -- $ 4,725,952
First Trust Dorsey Wright People's Portfolio ETF -- 1,445,157
First Trust Dow 30 Equal Weight ETF 32,354,596 27,357,254
First Trust Lunt U.S. Factor Rotation ETF 189,559,775 347,887,180

5. CREATION, REDEMPTION AND TRANSACTION FEES

Each Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as "Authorized
Participants" have contractual arrangements with a Fund or one of the Fund's
service providers to purchase and redeem Fund shares directly with the Fund in
large blocks of shares known as "Creation Units." Prior to the start of trading
on every business day, a Fund publishes through the National Securities Clearing
Corporation ("NSCC") the "basket" of securities, cash or other assets that it
will accept in exchange for a Creation Unit of the Fund's shares. An Authorized
Participant that wishes to effectuate a creation of a Fund's shares deposits
with the Fund the "basket" of securities, cash or other assets identified by the
Fund that day, and then receives the Creation Unit of the Fund's shares in
return for those assets. After purchasing a Creation Unit, the Authorized
Participant may continue to hold the Fund's shares or sell them in the secondary
market. The redemption process is the reverse of the purchase process: the
Authorized Participant redeems a Creation Unit of a Fund's shares for a basket
of securities, cash or other assets. The combination of the creation and
redemption process with secondary market trading in a Fund's shares and
underlying securities provides arbitrage opportunities that are designed to help
keep the market price of a Fund's shares at or close to the NAV per share of the
Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These
fees may vary based upon various fact-based circumstances, including, but not
limited to, the composition of the securities included in the Creation Unit or
the countries in which the transactions are settled. The price for each Creation
Unit will equal the daily NAV per share of a Fund times the number of shares

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

in a Creation Unit, plus the fees described above and, if applicable, any
operational processing and brokerage costs, transfer fees, stamp taxes and part
or all of the spread between the expected bid and offer side of the market
related to the securities comprising the creation basket.

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

6. DISTRIBUTION PLAN

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are
authorized to pay an amount up to 0.25% of their average daily net assets each
year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the
Funds, for amounts expended to finance activities primarily intended to result
in the sale of Creation Units or the provision of investor services. FTP may
also use this amount to compensate securities dealers or other persons that are
Authorized Participants for providing distribution assistance, including
broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual
arrangement, no 12b-1 fees will be paid any time before April 30, 2024.

7. INDEMNIFICATION

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

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds
through the date the financial statements were issued and has determined that
there were no subsequent events requiring recognition or disclosure in the
financial statements that have not already been disclosed.

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Trust uses to determine
how to vote proxies and information on how each Fund voted proxies relating to
its portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
each Fund's website at www.ftportfolios.com; and (3) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.

PORTFOLIO HOLDINGS

Each Fund files portfolio holdings information for each month in a fiscal
quarter within 60 days after the end of the relevant fiscal quarter on Form
N-PORT. Portfolio holdings information for the third month of each fiscal
quarter will be publicly available on the SEC's website at www.sec.gov. Each
Fund's complete schedule of portfolio holdings for the second and fourth
quarters of each fiscal year is included in the semi-annual and annual reports
to shareholders, respectively, and is filed with the SEC on Form N-CSR. The
semi-annual and annual report for each Fund is available to investors within 60
days after the period to which it relates. Each Fund's Forms N-PORT and Forms
N-CSR are available on the SEC's website listed above.

RISK CONSIDERATIONS

RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE
APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS
RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW
APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT
IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY
FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE,
RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT
WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO
REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.

CONCENTRATION RISK. To the extent that a fund is able to invest a significant
percentage of its assets in a single asset class or the securities of issuers
within the same country, state, region, industry or sector, an adverse economic,
business or political development may affect the value of the fund's investments
more than if the fund were more broadly diversified. A fund that tracks an index
will be concentrated to the extent the fund's corresponding index is
concentrated. A concentration makes a fund more susceptible to any single
occurrence and may subject the fund to greater market risk than a fund that is
more broadly diversified.

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

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

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

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

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

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

ETF RISK. The shares of an ETF trade like common stock and represent an interest
in a portfolio of securities. The risks of owning an ETF generally reflect the
risks of owning the underlying securities, although lack of liquidity in an ETF
could result in it being more volatile and ETFs have management fees that
increase their costs. Shares of an ETF trade on an exchange at market prices
rather than net asset value, which may cause the shares to trade at a price
greater than net asset value (premium) or less than net asset value (discount).
In times of market stress, decisions by market makers to reduce or step away
from their role of providing a market for an ETF's shares, or decisions by an
ETF's authorized participants that they are unable or unwilling to proceed with
creation and/or redemption orders of an ETF's shares, could result in shares of
the ETF trading at a discount to net asset value and in greater than normal
intraday bid-ask spreads.

FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income
securities, the fund will be subject to credit risk, income risk, interest rate
risk, liquidity risk and prepayment risk. Income risk is the risk that income
from a fund's fixed income investments could decline during periods of falling
interest rates. Interest rate risk is the risk that the value of a fund's fixed
income securities will decline because of rising interest rates. Liquidity risk
is the risk that a security cannot be purchased or sold at the time desired, or
cannot be purchased or sold without adversely affecting the price. Prepayment
risk is the risk that the securities will be redeemed or prepaid by the issuer,
resulting in lower interest payments received by the fund. In addition to these
risks, high yield securities, or "junk" bonds, are subject to greater market
fluctuations and risk of loss than securities with higher ratings, and the
market for high yield securities is generally smaller and less liquid than that
for investment grade securities.

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

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

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

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

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

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FIRST TRUST EXCHANGE-TRADED FUND
JUNE 30, 2022 (UNAUDITED)

MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are
subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in
interest rates and perceived trends in securities prices. Shares of a fund could
decline in value or underperform other investments as a result of the risk of
loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a significant
negative impact on a fund and its investments. Such events may affect certain
geographic regions, countries, sectors and industries more significantly than
others. In February 2022, Russia invaded Ukraine which has caused and could
continue to cause significant market disruptions and volatility within the
markets in Russia, Europe, and the United States. The hostilities and sanctions
resulting from those hostilities could have a significant impact on certain fund
investments as well as fund performance. The outbreak of the respiratory disease
designated as COVID-19 in December 2019 has caused significant volatility and
declines in global financial markets, which have caused losses for investors.
While the development of vaccines has slowed the spread of the virus and allowed
for the resumption of "reasonably" normal business activity in the United
States, many countries continue to impose lockdown measures in an attempt to
slow the spread. Additionally, there is no guarantee that vaccines will be
effective against emerging variants of the disease.

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

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

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

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE

ADVISORY AGREEMENTS

BOARD CONSIDERATIONS REGARDING APPROVAL OF CONTINUATION OF INVESTMENT MANAGEMENT
AGREEMENTS

The Board of Trustees of First Trust Exchange-Traded Fund (the "Trust"),
including the Independent Trustees, unanimously approved the continuation of the
Investment Management Agreements (as applicable to a specific Fund, the
"Agreement" and collectively, the "Agreements") with First Trust Advisors L.P.
(the "Advisor") on behalf of the following four series of the Trust (each a
"Fund" and collectively, the "Funds"):

First Trust Dividend Strength ETF (FTDS)
First Trust Dorsey Wright People's Portfolio ETF (DWPP)
First Trust Dow 30 Equal Weight ETF (EDOW)
First Trust Lunt U.S. Factor Rotation ETF (FCTR)

The Board approved the continuation of the Agreement for each Fund for a
one-year period ending June 30, 2023 at a meeting held on June 12-13, 2022. The
Board determined for each Fund that the continuation of the Agreement is in the
best interests of the Fund in light of the nature, extent and quality of the
services provided and such other matters as the Board considered to be relevant
in the exercise of its business judgment.

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JUNE 30, 2022 (UNAUDITED)

To reach this determination for each Fund, the Board considered its duties under
the Investment Company Act of 1940, as amended (the "1940 Act"), as well as
under the general principles of state law, in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. At meetings held on April 18, 2022 and June 12-13, 2022, the
Board, including the Independent Trustees, reviewed materials provided by the
Advisor responding to requests for information from counsel to the Independent
Trustees, submitted on behalf of the Independent Trustees, that, among other
things, outlined: the services provided by the Advisor to each Fund (including
the relevant personnel responsible for these services and their experience); the
advisory fee rate payable by FTDS and the unitary fee rates payable by each of
DWPP, EDOW and FCTR (each a "Unitary Fee Fund" and collectively, the "Unitary
Fee Funds") as compared to fees charged to a peer group of funds (the "Expense
Group") and a broad peer universe of funds (the "Expense Universe"), each
assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent
source, and as compared to fees charged to other clients of the Advisor,
including other exchange-traded funds ("ETFs") managed by the Advisor; the
expense ratio of each Fund as compared to expense ratios of the funds in the
Fund's Expense Group and Expense Universe; performance information for each
Fund, including comparisons of each Fund's performance to that of one or more
relevant benchmark indexes and to that of a performance group of funds and a
broad performance universe of funds (the "Performance Universe"), each assembled
by Broadridge; the nature of expenses incurred in providing services to each
Fund and the potential for the Advisor to realize economies of scale, if any;
profitability and other financial data for the Advisor; any indirect benefits to
the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and
information on the Advisor's compliance program. The Board reviewed initial
materials with the Advisor at the meeting held on April 18, 2022, prior to which
the Independent Trustees and their counsel met separately to discuss the
information provided by the Advisor. Following the April meeting, counsel to the
Independent Trustees, on behalf of the Independent Trustees, requested certain
clarifications and supplements to the materials provided, and the information
provided in response to those requests was considered at an executive session of
the Independent Trustees and their counsel held prior to the June 12-13, 2022
meeting, as well as at the June meeting. The Board applied its business judgment
to determine whether the arrangement between the Trust and the Advisor continues
to be a reasonable business arrangement from each Fund's perspective. The Board
determined that, given the totality of the information provided with respect to
the Agreements, the Board had received sufficient information to renew the
Agreements. The Board considered that shareholders chose to invest or remain
invested in a Fund knowing that the Advisor manages the Fund and knowing FTDS's
advisory fee and the Unitary Fee Funds' unitary fees.

In reviewing the Agreement for each Fund, the Board considered the nature,
extent and quality of the services provided by the Advisor under the Agreement.
The Board considered that the Advisor is responsible for the overall management
and administration of the Trust and each Fund and reviewed all of the services
provided by the Advisor to the Funds, as well as the background and experience
of the persons responsible for such services. In reviewing the services
provided, the Board noted the compliance program that had been developed by the
Advisor and considered that it includes a robust program for monitoring the
Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's
compliance with its investment objective, policies and restrictions. The Board
also considered a report from the Advisor with respect to its risk management
functions related to the operation of the Funds. Finally, as part of the Board's
consideration of the Advisor's services, the Advisor, in its written materials
and at the April 18, 2022 meeting, described to the Board the scope of its
ongoing investment in additional personnel and infrastructure to maintain and
improve the quality of services provided to the Funds and the other funds in the
First Trust Fund Complex. In light of the information presented and the
considerations made, the Board concluded that the nature, extent and quality of
the services provided to the Trust and each Fund by the Advisor under the
Agreements have been and are expected to remain satisfactory and that the
Advisor has managed each Fund consistent with its investment objective, policies
and restrictions.

With respect to FTDS, the Board considered the advisory fee rate payable by FTDS
under the Agreement for the services provided. The Board considered that the
Advisor agreed to extend the current expense cap for FTDS through April 30,
2024. The Board noted that expenses reimbursed and fees waived are subject to
recovery by the Advisor for up to three years from the date the fee was waived
or expense was incurred, but no reimbursement payment would be made by the Fund
if it results in the Fund exceeding (i) the applicable expense limitation in
place for the most recent fiscal year for which such expense limitation was in
place, (ii) the applicable expense limitation in place at the time the fees were
waived, or (iii) the current expense limitation. The Board received and reviewed
information showing the fee rates and expense ratios of the peer funds in FTDS's
Expense Group, as well as advisory and unitary fee rates charged by the Advisor
to other fund (including ETFs) and non-fund clients, as applicable. Because
FTDS's Expense Group included peer funds that pay a unitary fee, the Board
determined that expense ratios were the most relevant comparative data point.
Based on the information provided, the Board noted that the total (net) expense
ratio of FTDS was above the median total (net) expense ratio of the peer funds
in its Expense Group. With respect to FTDS's Expense Group, the Board, at the
April 18, 2022 meeting, discussed with Broadridge its methodology for assembling
peer groups and discussed with the Advisor limitations in creating peer groups
for index ETFs, including differences in underlying indexes and index-tracking
methodologies that can result in greater management complexities across
seemingly comparable ETFs, and different business models that may affect the
pricing of services among ETF sponsors. The Board took these limitations and
differences into account in considering the peer data. With respect to fees

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JUNE 30, 2022 (UNAUDITED)

charged to other non-ETF clients, the Board considered differences between FTDS
and other non-ETF clients that limited their comparability. In considering the
advisory fee rate for FTDS overall, the Board also considered the Advisor's
statement that it seeks to meet investor needs through innovative and
value-added investment solutions and the Advisor's demonstrated long-term
commitment to FTDS and the other funds in the First Trust Fund Complex.

With respect to each Unitary Fee Fund, the Board considered the unitary fee rate
payable by each Fund under the applicable Agreement for the services provided.
The Board considered that as part of the unitary fee the Advisor is responsible
for each Fund's expenses, including the cost of transfer agency, custody, fund
administration, legal, audit and other services and license fees, if any, but
excluding the fee payment under the applicable Agreement and interest, taxes,
brokerage commissions and other expenses connected with the execution of
portfolio transactions, distribution and service fees pursuant to a Rule 12b-1
plan, if any, and extraordinary expenses, if any. The Board received and
reviewed information showing the fee rates and expense ratios of the peer funds
in the Unitary Fee Funds' Expense Groups, as well as advisory and unitary fee
rates charged by the Advisor to other fund (including ETFs) and non-fund
clients, as applicable. Because each Unitary Fee Fund pays a unitary fee, the
Board determined that expense ratios were the most relevant comparative data
point. Based on the information provided, the Board noted that the unitary fee
rate for each Unitary Fee Fund was above the median total (net) expense ratio of
the peer funds in its respective Expense Group. With respect to the Expense
Groups for the Unitary Fee Funds, the Board, at the April 18, 2022 meeting,
discussed with Broadridge its methodology for assembling peer groups and
discussed with the Advisor limitations in creating peer groups for index ETFs,
including differences in underlying indexes and index-tracking methodologies
that can result in greater management complexities across seemingly comparable
ETFs and different business models that may affect the pricing of services among
ETF sponsors. The Board took these limitations and differences into account in
considering the peer data. With respect to fees charged to other non-ETF
clients, the Board considered differences between the Unitary Fee Funds and
other non-ETF clients that limited their comparability. In considering the
unitary fee rates for the Unitary Fee Funds overall, the Board also considered
the Advisor's statement that it seeks to meet investor needs through innovative
and value-added investment solutions and the Advisor's demonstrated long-term
commitment to each Unitary Fee Fund and the other funds in the First Trust Fund
Complex.

The Board considered performance information for each Fund. The Board noted the
process it has established for monitoring each Fund's performance and portfolio
risk on an ongoing basis, which includes quarterly performance reporting from
the Advisor for the Funds. The Board determined that this process continues to
be effective for reviewing each Fund's performance. The Board received and
reviewed information for periods ended December 31, 2021 regarding the
performance of each Fund's underlying index, the correlation between each Fund's
performance and that of its underlying index, each Fund's tracking difference
and each Fund's excess return as compared to its benchmark index. With respect
to FTDS, the Board noted that during 2022, it approved changes to the Fund's
investment objective and effective April 29, 2022, the Fund changed its name and
began tracking The Dividend Strength Index. The Board also noted that during
2015, FTDS changed its underlying index to an index using the AlphaDEX(R) stock
selection methodology, and that the performance information included a blend of
the two old indexes. With respect to DWPP, the Board noted that during 2017, the
Fund changed its underlying index to the Nasdaq Dorsey Wright People's Portfolio
Index(TM), and that the performance information included a blend of the old and
new indexes. Based on the information provided for each Fund and its ongoing
review of performance, the Board concluded that each Fund was correlated to its
underlying index and that the tracking difference for each Fund was within a
reasonable range. In addition, the Board reviewed data prepared by Broadridge
comparing each Fund's performance to that of its respective Performance Universe
and to that of a broad-based benchmark index and noted the Advisor's discussion
of DWPP's performance at the April 18, 2022 meeting, but given each Fund's
objective of seeking investment results that correspond generally to the
performance of its underlying index, the Board placed more emphasis on its
review of correlation and tracking difference.

On the basis of all the information provided on the fees and expenses of FTDS,
the unitary fees of the Unitary Fee Funds and the performance of each Fund and
the ongoing oversight by the Board, the Board concluded that the advisory fee
for FTDS and the unitary fee for each Unitary Fee Fund continue to be reasonable
and appropriate in light of the nature, extent and quality of the services
provided by the Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there
were any economies of scale in connection with providing advisory services to
the Funds and noted the Advisor's statement that it believes that its expenses
relating to providing advisory services to the Funds will likely increase during
the next twelve months as the Advisor continues to build infrastructure and add
new staff. For the Unitary Fee Funds, the Board noted that any reduction in
fixed costs associated with the management of the Funds would benefit the
Advisor, but that the unitary fee structure provides a level of certainty in
expenses for the Funds. The Board considered the revenues and allocated costs
(including the allocation methodology) of the Advisor in serving as investment
advisor to each Fund for the twelve months ended December 31, 2021 and the
estimated profitability level for each Fund calculated by the Advisor based on
such data, as well as complex-wide and product-line profitability data, for the
same period. The Board noted the inherent limitations in the profitability
analysis and concluded that, based on the information provided, the Advisor's
profitability level for each Fund was not unreasonable. In addition, the Board
considered indirect benefits described by the Advisor that may be realized

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JUNE 30, 2022 (UNAUDITED)

from its relationship with the Funds. The Board considered that the Advisor had
identified as an indirect benefit to the Advisor and FTP their exposure to
investors and brokers who, absent their exposure to the Funds, may have had no
dealings with the Advisor or FTP, and noted that the Advisor does not utilize
soft dollars in connection with the Funds. The Board concluded that the
character and amount of potential indirect benefits to the Advisor were not
unreasonable.

Based on all of the information considered and the conclusions reached, the
Board, including the Independent Trustees, unanimously determined that the terms
of the Agreements continue to be fair and reasonable and that the continuation
of the Agreements is in the best interests of each Fund. No single factor was
determinative in the Board's analysis.

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as
amended (the "1940 Act"), the Funds and each other fund in the First Trust Fund
Complex, other than the closed-end funds, have adopted and implemented a
liquidity risk management program (the "Program") reasonably designed to assess
and manage the funds' liquidity risk, i.e., the risk that a fund could not meet
requests to redeem shares issued by the fund without significant dilution of
remaining investors' interests in the fund. The Board of Trustees of the First
Trust Funds has appointed First Trust Advisors, L.P. (the "Advisor") as the
person designated to administer the Program, and in this capacity the Advisor
performs its duties primarily through the activities and efforts of the First
Trust Liquidity Committee (the "Liquidity Committee").

Pursuant to the Program, the Liquidity Committee classifies the liquidity of
each fund's portfolio investments into one of the four liquidity categories
specified by Rule 22e-4: highly liquid investments, moderately liquid
investments, less liquid investments and illiquid investments. The Liquidity
Committee determines certain of the inputs for this classification process,
including reasonably anticipated trade sizes and significant investor dilution
thresholds. The Liquidity Committee also determines and periodically reviews a
highly liquid investment minimum for certain funds, monitors the funds' holdings
of assets classified as illiquid investments to seek to ensure they do not
exceed 15% of a fund's net assets and establishes policies and procedures
regarding redemptions in kind.

At the April 18, 2022 meeting of the Board of Trustees, as required by Rule
22e-4 and the Program, the Advisor provided the Board with a written report
prepared by the Advisor that addressed the operation of the Program during the
period from March 16, 2021 through the Liquidity Committee's annual meeting held
on March 17, 2022 and assessed the Program's adequacy and effectiveness of
implementation during this period, including the operation of the highly liquid
investment minimum for each fund that is required under the Program to have one,
and any material changes to the Program. Note that because the Funds primarily
hold assets that are highly liquid investments, the Funds have not adopted any
highly liquid investment minimums.

As stated in the written report, during the review period, no fund breached the
15% limitation on illiquid investments, no fund with a highly liquid investment
minimum breached that minimum and no fund filed a Form N-LIQUID. The Advisor
concluded that each fund's investment strategy is appropriate for an open-end
fund; that the Program operated effectively in all material respects during the
review period; and that the Program is reasonably designed to assess and manage
the liquidity risk of each fund and to maintain compliance with Rule 22e-4.

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FIRST TRUST

First Trust Exchange-Traded Fund

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606

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