Certified Annual Shareholder Report for Management Investment Companies (n-csr)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22717

First Trust Exchange-Traded Fund VI
(Exact name of registrant as specified in charter)

 

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices)

 

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (630) 765-8000

Date of fiscal year end: March 31

Date of reporting period: March 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 

Item 1. Report to Stockholders.

The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

 

 

First Trust Exchange-Traded Fund VI

First Trust Nasdaq Bank ETF (FTXO)

First Trust Nasdaq Food & Beverage ETF (FTXG)

First Trust Nasdaq Oil & Gas ETF (FTXN)

First Trust Nasdaq Pharmaceuticals ETF (FTXH)

First Trust Nasdaq Retail ETF (FTXD)

First Trust Nasdaq Semiconductor ETF (FTXL)

First Trust Nasdaq Transportation ETF (FTXR)

Annual Report
For the Year Ended
March 31, 2020

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2020

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3
Fund Performance Overview

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20
Portfolio of Investments

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Table of Contents
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 VI (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, 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 web page 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 the prospectus, the statement of additional information, and other Fund regulatory filings.
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Table of Contents
Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
March 31, 2020
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended March 31, 2020.
I am sorry to report that the coronavirus (COVID-19) pandemic is still dominating our daily lives, the economy and securities markets. Many of us have learned the hard way that it is no fun sheltering in place for weeks on end, and by hard way I mean at the behest of state and local government officials. It is also not fun being furloughed from a job or losing a job outright for reasons beyond one’s control. As President Donald J. Trump has repeatedly said, the cure cannot be worse than the problem itself. For those who do not follow the news closely, the governors of Georgia, South Carolina, Tennessee and Texas announced on or about April 20, 2020, that they intend to open some “nonessential” businesses by early May. If nothing else, these could prove to be valuable test cases for the rest of the states trying to strike a balance between fighting COVID-19 and curbing the economic fallout stemming from the virus. While we certainly trumpet the call for health and safety first, we also realize that we need to find a way to get Americans back to work.
Suffice it to say that this virus is proving to be plenty stubborn. While I tend to be largely U.S.-centric, it does not escape me that this fight is global in scope. We now have proof that the virus can flare up again after seemingly being mitigated. Singapore, which had been credited with having a successful blueprint for curbing the spread of the virus, reported that it experienced back-to-back days of more than 1,000 new cases in the third week of April. As a result, it has extended its partial lockdown strategy another four weeks. COVID-19 impacts business dealings at every level, especially the C-suite. Refinitiv, a global provider of financial market data, reported that global mergers and acquisitions deal activity totaled $762.6 billion year-to-date through April 17, 2020, down 33% from the same period a year ago, according to Reuters. The number of deals declined by 20%. A recent survey by EY of more than 2,900 executives worldwide found that 56% of them, despite the current crisis, are still planning an acquisition in the next 12 months. The takeaway here is that, despite having to navigate unchartered waters, more than one out of two executives are looking to grow their companies over the next 12 months. I’ll take that ratio in this climate. At First Trust Advisors L.P., we have always believed in the traditional buy-and-hold philosophy of investing. Investors should strongly consider shifting their focus away from the next two quarters, which are likely to be dismal, to what potentially lies beyond – a full-on recovery, in our opinion.
The Federal Reserve, Treasury Department and Congress are all working with the Trump Administration to pull together trillions of dollars of aid and stimulus to help prop up workers, companies and municipalities in this time of need. Health Care companies have ramped up their efforts to develop and manufacture much needed testing equipment, medical supplies and therapeutics. Hopefully, at some point in the near-future, one or more of these companies will deliver us a present in the form of a vaccine.
Both the equity and debt markets in the U.S. have responded favorably to the enormous financial support from the Federal government. The government has responded faster and more robustly to the current crisis than it did in the 2008-2009 financial crisis. While still down, stock and bond valuations have rebounded significantly from their lows reached in late March. We remain optimistic about the second half of 2020 and 2021. 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,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
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Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2020 (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 over 27 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 Global Economy
The onset of the coronavirus (COVID-19) pandemic has inflicted tremendous damage on the global economy. It single-handedly brought an end to the bull market in stocks in the first quarter of 2020 (see below), although that nearly happened in the fourth quarter of 2018. At this time, we don’t know how long it will take for the virus to run its course or for a vaccine to become available for the masses. History suggests that vaccines take roughly 18 months to win approval and go to market, but some are hoping for closer to 12 months this time around. Perhaps an existing drug will be proven effective against the virus.
The International Monetary Fund (“IMF”) has characterized the quarantine and social distancing efforts accompanying the COVID-19 pandemic as the “Great Lockdown.” No country has been spared. The IMF adjusted its global economic growth projections following the end of the first quarter of 2020. It now sees world real gross domestic product (“GDP”) growth declining by 3.0% in 2020, down over six percentage points from its 3.3% growth projection prior to the onset of the virus. Provided the pandemic fades in the second half of 2020, the IMF sees the growth rate rising by 5.8% in 2021. U.S. real GDP growth is projected to be down 5.9% in 2020, but up 4.7% in 2021. Emerging Markets and Developing Nations are expected to come in at 1.0% in 2020 and 8.5% in 2021.
In addition to the COVID-19 developments, investors should also be aware that, despite the Phase One trade deal signed with China in January 2020, there is still an ongoing trade conflict between the U.S. and China, and who knows if the virus might eventually get folded into the battle since it reportedly first surfaced in China in the fourth quarter of 2019. President Donald J. Trump has driven home this point at more than one of his press briefings. The Trump Administration’s implementation of tariffs, particularly against China, has been operational for 24 months and counting.
Global Equities Markets
For the 12-month period ended March 31, 2020, the MSCI World ex USA and MSCI Emerging Markets Indices posted total returns of -14.89% (USD) and -17.69% (USD), respectively, according to Bloomberg. Over that same period, the U.S. dollar appreciated 1.82% against a basket of major currencies, as measured by the U.S. Dollar Index (DXY). The slight gain in the dollar likely had just a small drag on the performance of the two foreign stock indices during the period, in our opinion. With respect to U.S. equities, the S&P 500®, S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of -6.98%, -22.51% and -25.89%, respectively, over the past 12 months. Large-capitalization (cap) stocks clearly outperformed their mid- and small-cap counterparts as investors sought to reduce their risk exposure due to the escalation in the trade war between the U.S. and China and the onset of COVID-19 in the first quarter of 2020, in our opinion. Ten of the 11 sectors that comprise the S&P 500® Index were down on a total return basis for the same period. The top performer for the period was Information Technology, up 10.43%, while the worst result by far came from Energy, down 52.42%.
The S&P 500® Index closed at 2,584.59 on March 31, 2020, 23.67% below its all-time closing high of 3,386.15 on February 19, 2020, according to Bloomberg. The nearly 11-year bull market was no more. The S&P 500® Index was now in bear market territory. A bear market entails a price decline of 20% or more from the most recent high. Data from Goldman Sachs and CNBC indicates that the average bear market since WWII has generated an average loss of 30.4%, has lasted 13 months and taken 21.9 months on average to recover. A Bloomberg survey of 19 equity strategists found that their average 2020 year-end price target for the S&P 500® Index was 3,039 as of March 26, 2020, according to its own release. The highest estimate was 3,500 while the lowest estimate was 2,650. Keep in mind, earnings and revenue projections may become harder to come by in the months ahead if more and more companies choose to suspend guidance.
Investors liquidated an estimated net $78.44 billion from U.S. Equity mutual funds and exchange-traded funds (“ETFs”) for the 12-month period ended March 31, 2020, according to Morningstar. International Equity mutual funds and ETFs, however, took in an estimated net $7.36 billion over the same period. Investors continue to favor passive over active funds. Passive U.S. Equity mutual funds and ETFs reported estimated net inflows totaling $180.37 billion in the period, compared to estimated net outflows for active U.S. Equity mutual funds and ETFs totaling $258.81 billion. Passive International Equity mutual funds and ETFs reported estimated
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Table of Contents
Market Overview (Continued)
net inflows totaling $73.19 billion for the same period, compared to estimated net outflows for active International Equity mutual funds and ETFs totaling $65.83 billion.
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Table of Contents
Fund Performance Overview (Unaudited)
First Trust Nasdaq Bank ETF (FTXO)
The First Trust Nasdaq Bank 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 Nasdaq US Smart Banks Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXO.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the banking sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising the banking sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. This classification includes companies providing a broad range of financial services, including retail banking, loans and money transmissions.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -33.93% -4.62% -15.35%
Market Price -33.93% -4.62% -15.35%
Index Performance      
Nasdaq US Smart Banks Index -33.55% -4.02% -13.47%
NASDAQ US Benchmark Banks Index -24.91% 1.47% 5.27%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a net asset value (“NAV”) return of -33.93% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund invested entirely in the Banking industry in the Financials sector. The Fund significantly underperformed the Benchmark. The Banking industry securities in the Benchmark performed worse than the Benchmark as a whole, so the Fund underperformed due to the allocation effect to this industry. The investments in the Banking industry in the Fund performed -8.9% worse, on average, than the Banking investments in the Benchmark, so the Fund also underperformed due to the selection effect. The only sources of outperformance for the Fund came simply from not allocating any investments to some of the other poor-performing sectors. The most notable of these is the Energy sector. The lack of investments in the Energy sector earned 1.6% of outperformance for the Fund versus the Benchmark.

Nasdaq® and Nasdaq US Smart Banks Index (“the Nasdaq Indexes”) 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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Bank ETF (FTXO) (Continued)
Sector Allocation % of Total
Investments
Financials 100.0%
Total 100.0%
Top Ten Holdings % of Total
Investments
JPMorgan Chase & Co. 9.5%
PNC Financial Services Group (The), Inc. 8.7
US Bancorp 8.0
Citigroup, Inc. 7.8
Wells Fargo & Co. 7.4
Bank of America Corp. 4.4
Huntington Bancshares, Inc. 3.8
Zions Bancorp N.A. 3.8
First Horizon National Corp. 3.5
Fifth Third Bancorp 3.4
Total 60.3%

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
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 98 0 0 0
4/1/17 – 3/31/18 186 0 0 0
4/1/18 – 3/31/19 163 6 0 0
4/1/19 – 3/31/20 86 1 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 34 1 0 0
4/1/17 – 3/31/18 64 0 0 0
4/1/18 – 3/31/19 81 0 1 0
4/1/19 – 3/31/20 166 0 0 0
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Food & Beverage ETF (FTXG)
The First Trust Nasdaq Food & Beverage 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 Nasdaq US Smart Food & Beverage Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXG.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the food and beverage sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising either the beverages sector or food producers sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. These classifications include: (i) manufacturers and shippers of cider or malt products; (ii) producers, distillers, vintners, blenders and shippers of wine and spirits; (iii) manufacturers, bottlers and distributors of non-alcoholic beverages; (iv) companies that grow crops or raise livestock, operate fisheries or own non-tobacco plantations; (v) food producers, including meatpacking, snacks, fruits, vegetables, dairy products and frozen seafood; (vi) producers of pet food; and (vii) manufacturers of dietary supplements, vitamins and related items.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -12.69% -2.70% -9.20%
Market Price -12.87% -2.81% -9.57%
Index Performance      
Nasdaq US Smart Food & Beverage Index -12.15% -2.09% -7.18%
NASDAQ US Benchmark Food & Beverage Index -4.15% 1.88% 6.79%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of -12.69% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund allocated almost exclusively to the Consumer Staples sector during the period, predominately in the Food, Beverage, & Tobacco industry, but also across the Food & Staples Retailing as well as Household & Personal Products industries. The allocation to Food, Beverage, & Tobacco was 90.7% and caused -6.2% total return to the Fund. The Food & Staples Retailing received only 5.8% allocation, but, due to performance of -49.3%, contributed -4.3% to the Fund’s return. On a relative basis, the Fund underperformed the Benchmark. The most underperformance for the Fund came from the poor-performing Food & Staples Retailing industry, which caused -3.7% of relative performance for the Fund. The Fund earned the most outperformance against the Benchmark by not allocating to the Energy sector. The investments in this sector were a drag on the Index and this caused 2.2% of outperformance for the Fund versus the Benchmark.

Nasdaq® and Nasdaq US Smart Food & Beverage Index (“the Nasdaq Indexes”) 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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Food & Beverage ETF (FTXG) (Continued)
Sector Allocation % of Total
Investments
Consumer Staples 100.0%
Total 100.0%
Top Ten Holdings % of Total
Investments
Hershey (The) Co. 8.8%
PepsiCo, Inc. 8.7
Archer-Daniels-Midland Co. 8.1
Tyson Foods, Inc., Class A 6.3
General Mills, Inc. 4.9
Mondelez International, Inc., Class A 4.7
Kellogg Co. 4.5
Ingredion, Inc. 4.5
US Foods Holding Corp. 4.4
Brown-Forman Corp., Class B 4.0
Total 58.9%

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
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 117 0 0 0
4/1/17 – 3/31/18 191 1 0 0
4/1/18 – 3/31/19 134 3 5 0
4/1/19 – 3/31/20 111 3 1 2
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 15 1 0 0
4/1/17 – 3/31/18 58 0 0 0
4/1/18 – 3/31/19 107 1 1 0
4/1/19 – 3/31/20 134 0 2 0
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Oil & Gas ETF (FTXN)
The First Trust Nasdaq Oil & Gas 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 Nasdaq US Smart Oil & Gas Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXN.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the oil and gas sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising either the oil & gas producers sector or the oil equipment, services & distribution sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. These classifications include: (i) companies engaged in the exploration for and drilling, production, refining and supply of oil and gas products; (ii) integrated oil and gas companies engaged in the exploration for, and drilling, production, refining, distribution and retail sales of, oil and gas products; (iii) suppliers of equipment and services to oil fields and offshore platforms, such as drilling, exploration, seismic-information services and platform construction; and (iv) operators of pipelines carrying oil, gas or other forms of fuel.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -56.26% -20.94% -56.33%
Market Price -56.39% -20.99% -56.44%
Index Performance      
Nasdaq US Smart Oil & Gas Index -56.07% -20.48% -55.43%
NASDAQ US Benchmark Oil & Gas Index -53.88% -18.44% -51.27%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of -56.26% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund invested 90.0% in the Energy sector, which performed poorly during the year, contributing -53.1% to the Fund’s return. On a relative basis, the Fund underperformed the Benchmark. The investments in Energy caused -41.4% of underperformance for the Fund versus the Benchmark. The greatest source of outperformance for the Fund came by simply not investing in the Financials market, an allocation which earned 1.1% of outperformance for the Fund.

Nasdaq® and Nasdaq US Smart Oil & Gas Index (“the Nasdaq Indexes”) 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.
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Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Oil & Gas ETF (FTXN) (Continued)
Sector Allocation % of Total
Investments
Energy 88.5%
Utilities 11.5
Total 100.0%
Top Ten Holdings % of Total
Investments
OGE Energy Corp. 11.5%
Kinder Morgan, Inc. 11.2
Chevron Corp. 9.8
Valero Energy Corp. 7.5
Southwestern Energy Co. 7.1
Phillips 66 5.0
Williams (The) Cos., Inc. 4.9
Exxon Mobil Corp. 4.4
Cheniere Energy, Inc. 4.4
ConocoPhillips 4.1
Total 69.9%

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
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 86 4 0 0
4/1/17 – 3/31/18 187 5 1 0
4/1/18 – 3/31/19 181 3 3 0
4/1/19 – 3/31/20 149 1 1 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 43 0 0 0
4/1/17 – 3/31/18 57 0 0 0
4/1/18 – 3/31/19 61 2 1 0
4/1/19 – 3/31/20 101 1 0 0
Page 10

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Pharmaceuticals ETF (FTXH)
The First Trust Nasdaq Pharmaceuticals 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 Nasdaq US Smart Pharmaceuticals Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXH.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the pharmaceutical sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising the pharmaceuticals sub-sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. This classification includes vaccine producers and manufacturers of prescription or over-the-counter drugs.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -9.13% 0.14% 0.51%
Market Price -8.57% 0.14% 0.51%
Index Performance      
Nasdaq US Smart Pharmaceuticals Index -8.44% 0.84% 2.99%
NASDAQ US Benchmark Pharmaceuticals Index -3.72% 6.81% 26.16%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of -9.13% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund’s investments were largely focused in the Health Care sector, with 91.3% in the Pharmaceuticals Biotechnology & Life Sciences industry. These investments caused -12.5% contribution to the Fund’s total return. The investments in the Health Care Equipment & Services industry received 6.0% allocation and caused 0.4% contribution to the Fund’s return. On a relative basis, the Fund underperformed the Benchmark. The bulk of the underperformance came from the Health Care sector, which caused -4.1% of underperformance versus the Benchmark. The Fund earned the most outperformance by allocating nothing to the Energy sector, an allocation which caused 2.3% of outperformance for the Fund.

Nasdaq® and Nasdaq US Smart Pharmaceuticals Index (“the Nasdaq Indexes”) 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 11

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Pharmaceuticals ETF (FTXH) (Continued)
Sector Allocation % of Total
Investments
Health Care 100.0%
Total 100.0%
Top Ten Holdings % of Total
Investments
Bristol-Myers Squibb Co. 10.1%
Johnson & Johnson 9.8
Merck & Co., Inc. 9.1
Pfizer, Inc. 8.7
Eli Lilly & Co. 6.1
Catalent, Inc. 5.0
Zoetis, Inc. 4.9
Abbott Laboratories 4.7
Horizon Therapeutics PLC 4.6
Innoviva, Inc. 4.5
Total 67.5%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 62 0 1 0
4/1/17 – 3/31/18 178 1 0 0
4/1/18 – 3/31/19 175 9 4 0
4/1/19– 3/31/20 100 2 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 70 0 0 0
4/1/17 – 3/31/18 70 1 0 0
4/1/18 – 3/31/19 58 5 0 0
4/1/19– 3/31/20 146 1 2 2
Page 12

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Retail ETF (FTXD)
The First Trust Nasdaq Retail 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 Nasdaq US Smart Retail Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXD.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the retail sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising either the food & drug retailers sector or the general retailers sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. This classification includes: (i) operators of pharmacies, including wholesalers and distributors catering to these businesses; (ii) supermarkets, food-oriented convenience stores and other food retailers and distributors; (iii) retailers and wholesalers specializing mainly in clothing, shoes, jewelry, sunglasses and other accessories; (iv) retail outlets and wholesalers; (v) retailers and wholesalers concentrating on the sale of home improvement products; (vi) providers of consumer services such as online marketplaces, auction houses, day-care centers, dry cleaners, schools, consumer rental companies, veterinary clinics, hair salons and providers of funerals, lawn maintenance, consumer storage, heating and cooling installation and plumbing services; and (vii) retailers and wholesalers concentrating on a single class of goods, such as electronics, books, automotive parts or closeouts.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -17.90% -1.45% -5.02%
Market Price -17.96% -1.48% -5.12%
Index Performance      
Nasdaq US Smart Retail Index -17.43% -0.86% -2.99%
NASDAQ US Benchmark Retail Index -0.95% 12.78% 52.80%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of -17.90% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. During the period, the Fund allocated 63.1% to the Retail industry in the Consumer Discretionary sector and 24.8% to the Food & Staples Retailing industry in the Consumer Staples sector. In total, investments in Consumer Discretionary contributed -15.0% to the Fund’s return and investments in Consumer Staples contributed -1.5% to the Fund’s return. The Fund also had minimal exposure to other sectors. The only positively contributing sector during the period were the investments in Communication Services which received 0.4% allocation and contributed 0.04% to the Fund’s return. On a relative basis, the Fund underperformed the Benchmark. The most underperformance for the Fund versus the Benchmark came from the sector with the greatest weight, the Consumer Discretionary sector. This sector caused -10.5% of underperformance for the Fund versus the Benchmark. The sector with the most outperformance for the Fund was the Energy sector. The Fund did not allocate any investments to this sector during the period, which performed poorly during the year. This earned 2.1% of outperformance for the Fund versus the Benchmark.

Nasdaq® and Nasdaq US Smart Retail Index (“the Nasdaq Indexes”) 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 13

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Retail ETF (FTXD) (Continued)
Sector Allocation % of Total
Investments
Consumer Discretionary 56.1%
Consumer Staples 34.7
Health Care 4.8
Industrials 4.0
Communication Services 0.4
Total 100.0%
Top Ten Holdings % of Total
Investments
Kroger (The) Co. 11.5%
Walmart, Inc. 10.0
Target Corp. 6.5
Sysco Corp. 5.9
AutoZone, Inc. 5.8
Costco Wholesale Corp. 5.0
Home Depot (The), Inc. 4.4
Dollar General Corp. 4.2
CVS Health Corp. 4.1
TJX (The) Cos., Inc. 4.1
Total 61.5%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 91 0 0 0
4/1/17 – 3/31/18 48 1 0 0
4/1/18 – 3/31/19 189 4 0 0
4/1/19 – 3/31/20 58 0 1 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 42 0 0 0
4/1/17 – 3/31/18 201 0 0 0
4/1/18 – 3/31/19 57 1 0 0
4/1/19 – 3/31/20 194 0 0 0
Page 14

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Semiconductor ETF (FTXL)
The First Trust Nasdaq Semiconductor 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 Nasdaq US Smart Semiconductor Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXL.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the semiconductor sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising the semiconductors sub-sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. This classification includes producers and distributors of semiconductors and other integrated chips, including other products related to the semiconductor industry, such as semiconductor capital equipment and motherboards.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV 4.82% 16.20% 69.81%
Market Price 4.89% 16.18% 69.70%
Index Performance      
Nasdaq US Smart Semiconductor Index 5.49% 16.95% 73.71%
NASDAQ US Benchmark Semiconductors Index 8.65% 17.67% 77.48%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of 4.82% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund earned a positive return from its focus in the Semiconductors & Semiconductor Equipment industry. This industry received an allocation of 95.7% and contributed 7.2% to the Fund’s total return. Investments in the Technology Hardware & Equipment industry, however, contributed negatively to the Fund, causing -1.7% of drag in the portfolio. Both of these industries are in the Information Technology sector. On a relative basis, the Fund outperformed the Benchmark. The most outperformance came from investments in Semiconductors & Semiconductor Equipment, which earned 17.7% outperformance for the Fund. Meanwhile, investments in the Technology Hardware & Equipment industry caused -3.0% of underperformance for the Fund versus the Benchmark during the period.

Nasdaq® and Nasdaq US Smart Semiconductor Index (“the Nasdaq Indexes”) 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 15

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Semiconductor ETF (FTXL) (Continued)
Sector Allocation % of Total
Investments
Information Technology 100.0%
Total 100.0%
Top Ten Holdings % of Total
Investments
Entegris, Inc. 8.7%
Intel Corp. 8.6
Skyworks Solutions, Inc. 8.4
Maxim Integrated Products, Inc. 7.9
Qorvo, Inc. 7.1
Cirrus Logic, Inc. 4.2
Lam Research Corp. 4.1
KLA Corp. 4.0
Teradyne, Inc. 4.0
Texas Instruments, Inc. 3.8
Total 60.8%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 106 15 0 0
4/1/17 – 3/31/18 172 0 0 0
4/1/18 – 3/31/19 168 6 1 0
4/1/19 – 3/31/20 148 8 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 11 1 0 0
4/1/17 – 3/31/18 78 0 0 0
4/1/18 – 3/31/19 72 3 1 0
4/1/19 – 3/31/20 93 1 2 1
Page 16

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Transportation ETF (FTXR)
The First Trust Nasdaq Transportation 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 Nasdaq US Smart Transportation Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “FTXR.” The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”).
The Index is designed to provide exposure to U.S. companies comprising the transportation sector that have been selected based upon their liquidity and weighted based upon their cumulative score on three investing factors: volatility, value and growth. The Index’s initial selection universe consists of the component securities of the NASDAQ US Benchmark Index that have been classified as comprising the industrial transportation sector, the automobiles & parts sector or the airlines sub-sector according to the Industry Classification Benchmark. The NASDAQ US Benchmark Index is an index seeking to track the performance of small, mid and large capitalization U.S. companies. These classifications include: (i) operators of mail and package delivery services; (ii) providers of on-water transportation for commercial markets; (iii) providers of industrial railway transportation and railway lines; (iv) companies that manage airports, train depots, roads, bridges, tunnels, ports, and providers of logistic services to shippers of goods; (v) companies that provide commercial trucking services; (vi) makers of motorcycles and passenger vehicles; (vii) manufacturers and distributors of new and replacement parts for motorcycles and automobiles; (viii) manufacturers, distributors and retreaders of automobile, truck and motorcycle tires; and (ix) companies providing primarily passenger air transport.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (9/20/16)
to 3/31/20
Inception (9/20/16)
to 3/31/20
Fund Performance      
NAV -34.35% -6.32% -20.58%
Market Price -34.33% -6.32% -20.58%
Index Performance      
Nasdaq US Smart Transportation Index -34.09% -5.78% -18.94%
NASDAQ US Benchmark Industrial Transportation Index -15.80% 7.61% 29.52%
NASDAQ US Benchmark Index -8.86% 6.85% 26.33%
(See Notes to Fund Performance Overview on page 19.)
Performance Review
The Fund generated a NAV return of -34.35% during the period covered by this report. During the same period, the NASDAQ US Benchmark Index (“Benchmark”) generated a return of -8.86%. The Fund allocated 68.0% to the Transportation industry within the Industrials sector, and 23.1% allocation went to Automobiles & Components in the Consumer Discretionary sector. The most positively contributing investments in an industry, and the only positively contributing industry, were investments in Capital Goods, which received 0.9% allocation and contributed 0.01% to the Fund’s total return. The most negatively contributing industry was the industry with the greatest weight, Transportation, which caused -20.6% total contribution to the Fund’s total return. On a relative basis, the Fund underperformed the Benchmark. The greatest contribution to underperformance came from investments in Transportation, which caused -14.2% of underperformance for the Fund versus the Benchmark. Some outperformance was earned for the Fund by allocating nothing to the Energy sector. This difference from the Benchmark earned 1.7% of outperformance for the Fund.

Nasdaq® and Nasdaq US Smart Transportation Index (“the Nasdaq Indexes”) 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 17

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
First Trust Nasdaq Transportation ETF (FTXR) (Continued)
Sector Allocation % of Total
Investments
Industrials 67.8%
Consumer Discretionary 32.2
Total 100.0%
Top Ten Holdings % of Total
Investments
Kansas City Southern 10.8%
General Motors Co. 7.5
Old Dominion Freight Line, Inc. 6.7
Delta Air Lines, Inc. 6.5
JetBlue Airways Corp. 6.0
Tesla, Inc. 4.5
United Airlines Holdings, Inc. 4.4
Genuine Parts Co. 4.2
Southwest Airlines Co. 4.0
XPO Logistics, Inc. 3.8
Total 58.4%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period September 21, 2016 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 91 7 0 0
4/1/17 – 3/31/18 128 0 0 0
4/1/18 – 3/31/19 115 2 0 0
4/1/19 – 3/31/20 138 0 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
9/21/16 – 3/31/17 34 1 0 0
4/1/17 – 3/31/18 122 0 0 0
4/1/18 – 3/31/19 128 6 0 0
4/1/19 – 3/31/20 115 0 0 0
Page 18

Table of Contents
Notes to Fund Performance Overview (Unaudited)
Total returns for the period since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund are listed for trading as of the time that the Fund’s NAV is calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
Page 19

Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
March 31, 2020 (Unaudited)
As a shareholder of First Trust Nasdaq Bank ETF, First Trust Nasdaq Food & Beverage ETF, First Trust Nasdaq Oil & Gas ETF, First Trust Nasdaq Pharmaceuticals ETF, First Trust Nasdaq Retail ETF, First Trust Nasdaq Semiconductor ETF or First Trust Nasdaq Transportation 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 March 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
October 1, 2019
Ending
Account Value
March 31, 2020
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust Nasdaq Bank ETF (FTXO)
Actual $1,000.00 $620.70 0.60% $2.43
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
First Trust Nasdaq Food & Beverage ETF (FTXG)
Actual $1,000.00 $814.50 0.60% $2.72
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
First Trust Nasdaq Oil & Gas ETF (FTXN)
Actual $1,000.00 $509.40 0.60% $2.26
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
First Trust Nasdaq Pharmaceuticals ETF (FTXH)
Actual $1,000.00 $959.20 0.60% $2.94
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
First Trust Nasdaq Retail ETF (FTXD)
Actual $1,000.00 $779.80 0.60% $2.67
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
Page 20

Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses (Continued)
March 31, 2020 (Unaudited)
  Beginning
Account Value
October 1, 2019
Ending
Account Value
March 31, 2020
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
First Trust Nasdaq Semiconductor ETF (FTXL)
Actual $1,000.00 $955.10 0.60% $2.93
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
First Trust Nasdaq Transportation ETF (FTXR)
Actual $1,000.00 $655.90 0.60% $2.48
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (October 1, 2019 through March 31, 2020), multiplied by 183/366 (to reflect the six-month period).
Page 21

Table of Contents
First Trust Nasdaq Bank ETF (FTXO)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.6%
    Banks – 97.3%    
122,418   Bank of America Corp.   $2,598,934
59,012   Bank OZK   985,500
108,597   Citigroup, Inc.   4,574,106
106,057   Citizens Financial Group, Inc.   1,994,932
24,874   Comerica, Inc.   729,803
18,719   Cullen/Frost Bankers, Inc.   1,044,333
38,224   East West Bancorp, Inc.   983,886
135,111   Fifth Third Bancorp   2,006,398
250,547   First Horizon National Corp.   2,019,409
15,936   First Republic Bank   1,311,214
273,936   Huntington Bancshares, Inc.   2,249,015
61,912   JPMorgan Chase & Co.   5,573,937
170,220   KeyCorp   1,765,181
10,631   M&T Bank Corp.   1,099,564
47,033   PacWest Bancorp   842,831
106,153   People’s United Financial, Inc.   1,172,991
53,246   PNC Financial Services Group (The), Inc.   5,096,707
221,414   Regions Financial Corp.   1,986,084
14,200   Signature Bank   1,141,538
85,772   Sterling Bancorp   896,317
7,557   SVB Financial Group (a)   1,141,712
45,984   Synovus Financial Corp.   807,479
30,303   Texas Capital Bancshares, Inc. (a)   671,818
32,007   Truist Financial Corp.   987,096
106,992   Umpqua Holdings Corp.   1,166,213
135,896   US Bancorp   4,681,617
149,797   Wells Fargo & Co.   4,299,174
33,578   Western Alliance Bancorp   1,027,823
81,937   Zions Bancorp N.A.   2,192,634
        57,048,246
    Thrifts & Mortgage Finance – 2.3%    
146,939   New York Community Bancorp, Inc.   1,379,757
    Total Investments – 99.6%   58,428,003
    (Cost $102,051,953) (b)    
    Net Other Assets and Liabilities – 0.4%   230,147
    Net Assets – 100.0%   $58,658,150
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $102,671,796. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $0 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $44,243,793. The net unrealized depreciation was $44,243,793.
 

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $58,428,003 $58,428,003 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 22
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq Food & Beverage ETF (FTXG)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.9%
    Beverages – 20.9%    
1,878   Brown-Forman Corp., Class B   $104,248
1,461   Coca-Cola (The) Co.   64,649
321   Constellation Brands, Inc., Class A   46,019
1,182   Molson Coors Brewing Co., Class B   46,110
998   Monster Beverage Corp. (a)   56,147
1,875   PepsiCo, Inc.   225,187
        542,360
    Food & Staples Retailing – 4.4%    
6,405   US Foods Holding Corp. (a)   113,433
    Food Products – 71.5%    
5,933   Archer-Daniels-Midland Co.   208,723
2,386   Bunge Ltd.   97,898
1,281   Campbell Soup Co.   59,131
2,067   Conagra Brands, Inc.   60,646
2,389   General Mills, Inc.   126,067
2,414   Hain Celestial Group (The), Inc. (a)   62,692
1,719   Hershey (The) Co.   227,767
1,340   Hormel Foods Corp.   62,498
1,531   Ingredion, Inc.   115,590
589   JM Smucker (The) Co.   65,379
1,956   Kellogg Co.   117,340
1,957   Kraft Heinz (The) Co.   48,416
1,517   Lamb Weston Holdings, Inc.   86,621
353   McCormick & Co., Inc.   49,847
2,424   Mondelez International, Inc., Class A   121,394
977   Post Holdings, Inc. (a)   81,062
360   Sanderson Farms, Inc.   44,395
1,221   TreeHouse Foods, Inc. (a)   53,907
2,834   Tyson Foods, Inc., Class A   164,004
        1,853,377
    Personal Products – 3.1%    
1,308   Herbalife Nutrition Ltd. (a)   38,141
679   Medifast, Inc.   42,438
        80,579
    Total Investments – 99.9%   2,589,749
    (Cost $3,307,756) (b)    
    Net Other Assets and Liabilities – 0.1%   2,558
    Net Assets – 100.0%   $2,592,307
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $3,320,664. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $12,109 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $743,024. The net unrealized depreciation was $730,915.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $2,589,749 $2,589,749 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 23

Table of Contents
First Trust Nasdaq Oil & Gas ETF (FTXN)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 97.5%
    Electric Utilities – 11.2%    
25,193   OGE Energy Corp.   $774,181
    Energy Equipment &
Services – 3.6%
   
12,529   Baker Hughes Co.   131,555
1,581   Halliburton Co.   10,830
835   Helmerich & Payne, Inc.   13,068
16,097   Nabors Industries Ltd.   6,279
1,464   National Oilwell Varco, Inc.   14,391
3,707   Patterson-UTI Energy, Inc.   8,711
4,234   Schlumberger Ltd.   57,117
6,662   Transocean Ltd. (a)   7,728
        249,679
    Oil, Gas & Consumable Fuels – 82.7%    
16,659   Antero Resources Corp. (a)   11,876
1,494   Apache Corp.   6,245
2,076   Cabot Oil & Gas Corp.   35,686
9,043   Callon Petroleum Co. (a)   4,955
8,754   Cheniere Energy, Inc. (a)   293,259
55,422   Chesapeake Energy Corp. (a)   9,571
9,044   Chevron Corp.   655,328
716   Cimarex Energy Co.   12,050
458   Concho Resources, Inc.   19,625
8,839   ConocoPhillips   272,241
1,072   Continental Resources, Inc.   8,190
15,437   Delek US Holdings, Inc.   243,287
24,206   Devon Energy Corp.   167,264
426   Diamondback Energy, Inc.   11,161
474   EOG Resources, Inc.   17,026
3,793   EQT Corp.   26,817
7,771   Exxon Mobil Corp.   295,065
7,784   Hess Corp.   259,207
10,283   HollyFrontier Corp.   252,036
54,027   Kinder Morgan, Inc.   752,056
2,841   Marathon Oil Corp.   9,347
8,737   Marathon Petroleum Corp.   206,368
23,019   Murphy Oil Corp.   141,107
1,598   Noble Energy, Inc.   9,652
14,108   Oasis Petroleum, Inc. (a)   4,938
865   Occidental Petroleum Corp.   10,017
7,461   ONEOK, Inc.   162,724
2,211   Parsley Energy, Inc., Class A   12,669
9,825   PBF Energy, Inc., Class A   69,561
6,232   Phillips 66   334,347
256   Pioneer Natural Resources Co.   17,958
10,096   QEP Resources, Inc.   3,377
9,502   Range Resources Corp.   21,665
3,993   SM Energy Co.   4,871
281,366   Southwestern Energy Co. (a)   475,509
903   Targa Resources Corp.   6,240
11,099   Valero Energy Corp.   503,451
7,206   Whiting Petroleum Corp. (a)   4,831
23,322   Williams (The) Cos., Inc.   330,006
Shares   Description   Value
    Oil, Gas & Consumable
Fuels (Continued)
   
3,367   WPX Energy, Inc. (a)   $10,269
        5,691,852
    Total Investments – 97.5%   6,715,712
    (Cost $8,846,307) (b)    
    Net Other Assets and Liabilities – 2.5%   169,619
    Net Assets – 100.0%   $6,885,331
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $9,068,804. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $38,968 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $2,392,060. The net unrealized depreciation was $2,353,092.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $6,715,712 $6,715,712 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 24
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq Pharmaceuticals ETF (FTXH)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.7%
    Biotechnology – 17.0%    
3,390   AbbVie, Inc.   $258,284
6,191   Alkermes PLC (a)   89,274
12,417   Amicus Therapeutics, Inc. (a)   114,733
1,586   Blueprint Medicines Corp. (a)   92,749
2,534   Esperion Therapeutics, Inc. (a)   79,897
5,091   Heron Therapeutics, Inc. (a)   59,768
10,826   Ironwood Pharmaceuticals, Inc. (a)   109,235
1,176   Madrigal Pharmaceuticals, Inc. (a)   78,510
841   Sage Therapeutics, Inc. (a)   24,154
7,778   Vanda Pharmaceuticals, Inc. (a)   80,580
        987,184
    Health Care Equipment &
Supplies – 4.7%
   
3,481   Abbott Laboratories   274,685
    Pharmaceuticals – 78.0%    
10,448   Bristol-Myers Squibb Co.   582,372
5,571   Catalent, Inc. (a)   289,413
10,143   Corcept Therapeutics, Inc. (a)   120,600
2,535   Eli Lilly & Co.   351,655
25,617   Endo International PLC (a)   94,783
9,074   Horizon Therapeutics PLC (a)   268,772
22,066   Innoviva, Inc. (a)   259,496
1,968   Jazz Pharmaceuticals PLC (a)   196,288
4,327   Johnson & Johnson   567,400
6,824   Merck & Co., Inc.   525,039
6,929   Mylan N.V. (a)   103,311
2,816   Pacira BioSciences, Inc. (a)   94,420
2,540   Perrigo Co. PLC   122,149
15,444   Pfizer, Inc.   504,092
5,566   Supernus Pharmaceuticals, Inc. (a)   100,132
2,398   Zoetis, Inc.   282,221
2,724   Zogenix, Inc. (a)   67,365
        4,529,508
    Total Investments – 99.7%   5,791,377
    (Cost $6,757,943) (b)    
    Net Other Assets and Liabilities – 0.3%   18,151
    Net Assets – 100.0%   $5,809,528
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $6,893,585. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $189,580 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $1,291,788. The net unrealized depreciation was $1,102,208.
 

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $5,791,377 $5,791,377 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 25

Table of Contents
First Trust Nasdaq Retail ETF (FTXD)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.7%
    Commercial Services &
Supplies – 4.0%
   
2,122   Copart, Inc. (a)   $145,399
    Diversified Consumer
Services – 2.7%
   
6,484   H&R Block, Inc.   91,295
286   WW International, Inc. (a)   4,836
        96,131
    Entertainment – 0.4%    
39   Netflix, Inc. (a)   14,644
    Food & Staples Retailing – 34.6%    
630   Costco Wholesale Corp.   179,632
13,814   Kroger (The) Co.   416,077
4,689   Sysco Corp.   213,959
1,809   Walgreens Boots Alliance, Inc.   82,762
3,171   Walmart, Inc.   360,289
        1,252,719
    Health Care Providers &
Services – 4.8%
   
141   AmerisourceBergen Corp.   12,479
2,509   CVS Health Corp.   148,859
86   McKesson Corp.   11,632
        172,970
    Internet & Direct Marketing
Retail – 3.6%
   
7   Amazon.com, Inc. (a)   13,648
2,554   eBay, Inc.   76,773
285   Etsy, Inc. (a)   10,956
287   GrubHub, Inc. (a)   11,690
142   Stamps.com, Inc. (a)   18,471
        131,538
    Multiline Retail – 13.7%    
1,003   Dollar General Corp.   151,463
135   Dollar Tree, Inc. (a)   9,919
622   Kohl’s Corp.   9,075
807   Macy’s, Inc.   3,962
4,947   Nordstrom, Inc.   75,887
189   Ollie’s Bargain Outlet Holdings, Inc. (a)   8,758
2,542   Target Corp.   236,330
        495,394
    Specialty Retail – 35.9%    
79   Advance Auto Parts, Inc.   7,372
826   American Eagle Outfitters, Inc.   6,567
249   AutoZone, Inc. (a)   210,654
848   Bed Bath & Beyond, Inc.   3,570
2,040   Best Buy Co., Inc.   116,280
55   Burlington Stores, Inc. (a)   8,715
1,942   CarMax, Inc. (a)   104,538
130   Carvana Co. (a)   7,162
Shares   Description   Value
    Specialty Retail (Continued)    
4,122   Dick’s Sporting Goods, Inc.   $87,634
100   Five Below, Inc. (a)   7,038
309   Foot Locker, Inc.   6,813
1,738   Gap (The), Inc.   12,236
856   Home Depot (The), Inc.   159,824
840   L Brands, Inc.   9,710
105   Lowe’s Cos., Inc.   9,035
391   O’Reilly Automotive, Inc. (a)   117,711
918   RH (a)   92,231
1,427   Ross Stores, Inc.   124,106
3,089   TJX (The) Cos., Inc.   147,685
131   Tractor Supply Co.   11,076
53   Ulta Beauty, Inc. (a)   9,312
482   Urban Outfitters, Inc. (a)   6,864
813   Williams-Sonoma, Inc.   34,569
        1,300,702
    Total Investments – 99.7%   3,609,497
    (Cost $4,713,438) (b)    
    Net Other Assets and Liabilities – 0.3%   9,786
    Net Assets – 100.0%   $3,619,283
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $4,751,099. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $46,820 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $1,188,422. The net unrealized depreciation was $1,141,602.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $3,609,497 $3,609,497 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 26
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq Semiconductor ETF (FTXL)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.9%
    Communications Equipment – 1.6%    
11,011   InterDigital, Inc.   $491,421
    Semiconductors &
Semiconductor Equipment – 98.3%
   
15,975   Advanced Micro Devices, Inc. (a)   726,543
12,763   Analog Devices, Inc.   1,144,203
24,899   Applied Materials, Inc.   1,140,872
3,506   Broadcom, Inc.   831,273
4,687   Cabot Microelectronics Corp.   534,974
20,106   Cirrus Logic, Inc. (a)   1,319,557
14,146   Cree, Inc. (a)   501,617
60,929   Entegris, Inc.   2,727,791
8,982   Inphi, Corp. (a)   711,105
49,667   Intel Corp.   2,687,978
8,798   KLA Corp.   1,264,625
5,403   Lam Research Corp.   1,296,720
23,718   Marvell Technology Group Ltd.   536,738
50,876   Maxim Integrated Products, Inc.   2,473,082
7,217   Microchip Technology, Inc.   489,313
20,743   Micron Technology, Inc. (a)   872,451
5,884   MKS Instruments, Inc.   479,252
3,892   Monolithic Power Systems, Inc.   651,754
2,885   NVIDIA Corp.   760,486
29,130   ON Semiconductor Corp. (a)   362,377
27,667   Qorvo, Inc. (a)   2,230,790
7,486   QUALCOMM, Inc.   506,428
12,906   Semtech Corp. (a)   483,975
5,904   Silicon Laboratories, Inc. (a)   504,261
29,330   Skyworks Solutions, Inc.   2,621,515
23,033   Teradyne, Inc.   1,247,698
11,993   Texas Instruments, Inc.   1,198,460
6,740   Xilinx, Inc.   525,316
        30,831,154
    Total Investments – 99.9%   31,322,575
    (Cost $35,609,198) (b)    
    Net Other Assets and Liabilities – 0.1%   30,276
    Net Assets – 100.0%   $31,352,851
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $35,740,923. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $662,025 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $5,080,373. The net unrealized depreciation was $4,418,348.
 

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $31,322,575 $31,322,575 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 27

Table of Contents
First Trust Nasdaq Transportation ETF (FTXR)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 99.5%
    Air Freight & Logistics – 13.1%    
556   CH Robinson Worldwide, Inc.   $36,807
570   Expeditors International of Washington, Inc.   38,030
266   FedEx Corp.   32,255
356   United Parcel Service, Inc., Class B   33,258
1,180   XPO Logistics, Inc. (a)   57,525
        197,875
    Airlines – 25.6%    
1,414   Alaska Air Group, Inc.   40,257
1,484   American Airlines Group, Inc.   18,090
3,404   Delta Air Lines, Inc.   97,116
10,122   JetBlue Airways Corp. (a)   90,592
1,692   Southwest Airlines Co.   60,252
1,092   Spirit Airlines, Inc. (a)   14,076
2,102   United Airlines Holdings, Inc. (a)   66,318
        386,701
    Auto Components – 9.2%    
1,952   Adient PLC (a)   17,705
2,320   BorgWarner, Inc.   56,538
6,098   Goodyear Tire & Rubber (The) Co.   35,490
354   Lear Corp.   28,763
        138,496
    Automobiles – 14.9%    
4,708   Ford Motor Co.   22,739
5,418   General Motors Co.   112,586
1,172   Harley-Davidson, Inc.   22,186
130   Tesla, Inc. (a)   68,120
        225,631
    Distributors – 7.9%    
934   Genuine Parts Co.   62,886
2,764   LKQ Corp. (a)   56,690
        119,576
    Road & Rail – 28.8%    
596   CSX Corp.   34,151
368   JB Hunt Transport Services, Inc.   33,941
1,280   Kansas City Southern   162,790
1,154   Knight-Swift Transportation Holdings, Inc.   37,851
220   Norfolk Southern Corp.   32,120
762   Old Dominion Freight Line, Inc.   100,020
Shares   Description   Value
    Road & Rail (Continued)    
242   Union Pacific Corp.   $34,132
        435,005
    Total Investments – 99.5%   1,503,284
    (Cost $1,898,119) (b)    
    Net Other Assets and Liabilities – 0.5%   8,074
    Net Assets – 100.0%   $1,511,358
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $1,908,840. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $38,203 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $443,759. The net unrealized depreciation was $405,556.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $1,503,284 $1,503,284 $ $
    
* See Portfolio of Investments for industry breakout.
 
Page 28
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Page 29

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities
March 31, 2020
  First Trust
Nasdaq
Bank
ETF
(FTXO)
  First Trust
Nasdaq
Food &
Beverage
ETF
(FTXG)
  First Trust
Nasdaq
Oil & Gas
ETF
(FTXN)
ASSETS:          
Investments, at value

$ 58,428,003   $ 2,589,749   $ 6,715,712
Cash

  559   1,646
Receivables:          
Dividends

284,494   3,349   1,132
Dividend reclaims

   
Investment securities sold

3,116,915     160,917
Miscellaneous

    7,965
Total Assets

61,829,412   2,593,657   6,887,372
LIABILITIES:          
Due to custodian

4,294    
Payables:          
Investment advisory fees

38,538   1,350   2,041
Fund shares redeemed

3,128,430    
Total Liabilities

3,171,262   1,350   2,041
NET ASSETS

$58,658,150   $2,592,307   $6,885,331
NET ASSETS consist of:          
Paid-in capital

$ 154,983,362   $ 3,611,101   $ 15,762,341
Par value

37,500   1,500   8,500
Accumulated distributable earnings (loss)

(96,362,712)   (1,020,294)   (8,885,510)
NET ASSETS

$58,658,150   $2,592,307   $6,885,331
NET ASSET VALUE, per share

$15.64   $17.28   $8.10
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

3,750,002   150,002   850,002
Investments, at cost

$102,051,953   $3,307,756   $8,846,307
Page 30
See Notes to Financial Statements

Table of Contents
First Trust
Nasdaq
Pharmaceuticals
ETF
(FTXH)
  First Trust
Nasdaq
Retail
ETF
(FTXD)
  First Trust
Nasdaq
Semiconductor
ETF
(FTXL)
  First Trust
Nasdaq
Transportation
ETF
(FTXR)
             
$ 5,791,377   $ 3,609,497   $ 31,322,575   $ 1,503,284
620   6,328   38,447   7,855
             
4,175   5,462   10,657   712
287       79
16,028      
     
5,812,487   3,621,287   31,371,679   1,511,930
             
     
             
2,959   2,004   18,828   572
     
2,959   2,004   18,828   572
$ 5,809,528   $ 3,619,283   $ 31,352,851   $ 1,511,358
             
$ 7,565,035   $ 5,915,845   $ 39,525,190   $ 2,437,051
3,000   2,000   9,500   1,000
(1,758,507)   (2,298,562)   (8,181,839)   (926,693)
$ 5,809,528   $ 3,619,283   $ 31,352,851   $ 1,511,358
$19.36   $18.10   $33.00   $15.11
300,002   200,002   950,002   100,002
$6,757,943   $4,713,438   $35,609,198   $1,898,119
See Notes to Financial Statements
Page 31

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations
For the Year Ended March 31, 2020
  First Trust
Nasdaq
Bank
ETF
(FTXO)
  First Trust
Nasdaq
Food &
Beverage
ETF
(FTXG)
  First Trust
Nasdaq
Oil & Gas
ETF
(FTXN)
INVESTMENT INCOME:          
Dividends

$ 4,481,850   $ 72,082   $ 220,557
Interest

 3,099    95    352
Total investment income

4,484,949   72,177   220,909
EXPENSES:          
Investment advisory fees

 818,681    19,879    48,457
Total expenses

818,681   19,879   48,457
NET INVESTMENT INCOME (LOSS)

3,666,268   52,298   172,452
NET REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) on:          
Investments

(10,735,724)   (16,881)   (1,937,252)
In-kind redemptions

(3,502,413)   474,160   (835,293)
Net realized gain (loss)

(14,238,137)    457,279   (2,772,545)
Net change in unrealized appreciation (depreciation) on investments

(20,119,560)   (837,798)   (1,452,086)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(34,357,697)   (380,519)   (4,224,631)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(30,691,429)   $(328,221)   $(4,052,179)
Page 32
See Notes to Financial Statements

Table of Contents
  First Trust
Nasdaq
Pharmaceuticals
ETF
(FTXH)
  First Trust
Nasdaq
Retail
ETF
(FTXD)
  First Trust
Nasdaq
Semiconductor
ETF
(FTXL)
  First Trust
Nasdaq
Transportation
ETF
(FTXR)
               
  $105,690   $125,421   $554,769   $45,414
  102   194   653   59
  105,792   125,615   555,422   45,473
               
  43,709   44,194   208,718   16,674
  43,709   44,194   208,718   16,674
  62,083   81,421   346,704   28,799
               
               
  (163,349)   (428,184)   (228,603)   (160,624)
  838,816   1,281,316   2,764,655   288,770
  675,467   853,132   2,536,052   128,146
  (1,041,156)   (1,325,454)   (4,808,273)   (382,690)
  (365,689)   (472,322)   (2,272,221)   (254,544)
  $(303,606)   $(390,901)   $(1,925,517)   $(225,745)
See Notes to Financial Statements
Page 33

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets
  First Trust Nasdaq
Bank ETF (FTXO)
  First Trust Nasdaq
Food & Beverage ETF (FTXG)
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
OPERATIONS:              
Net investment income (loss)

$ 3,666,268   $ 14,440,955   $ 52,298   $ 17,255
Net realized gain (loss)

 (14,238,137)    11,148,105    457,279    (97,234)
Net change in unrealized appreciation (depreciation)

 (20,119,560)    (123,008,249)    (837,798)    166,354
Net increase (decrease) in net assets resulting from operations

(30,691,429)   (97,419,189)   (328,221)   86,375
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (3,868,010)    (14,689,357)    (51,985)    (14,971)
Return of capital

 —    —    —    —
Total distributions to shareholders

(3,868,010)   (14,689,357)   (51,985)   (14,971)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 20,330,421    353,763,083    6,337,625    948,776
Cost of shares redeemed

 (95,560,223)    (1,387,651,548)    (5,370,720)    —
Net increase (decrease) in net assets resulting from shareholder transactions

(75,229,802)   (1,033,888,465)   966,905   948,776
Total increase (decrease) in net assets

 (109,789,241)    (1,145,997,011)    586,699    1,020,180
NET ASSETS:              
Beginning of period

 168,447,391    1,314,444,402    2,005,608    985,428
End of period

$58,658,150   $168,447,391   $2,592,307   $2,005,608
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 6,900,002    44,550,002    100,002    50,002
Shares sold

 800,000    12,000,000    300,000    50,000
Shares redeemed

 (3,950,000)    (49,650,000)    (250,000)    —
Shares outstanding, end of period

3,750,002   6,900,002   150,002   100,002
Page 34
See Notes to Financial Statements

Table of Contents
First Trust Nasdaq
Oil & Gas ETF (FTXN)
  First Trust Nasdaq
Pharmaceuticals ETF (FTXH)
  First Trust Nasdaq
Retail ETF (FTXD)
Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
                     
$ 172,452   $ 337,433   $ 62,083   $ 27,637   $ 81,421   $ 62,033
(2,772,545)    (5,292,867)    675,467    (109,935)    853,132    (543,007)
(1,452,086)    (926,753)    (1,041,156)    146,896    (1,325,454)    225,610
(4,052,179)   (5,882,187)   (303,606)   64,598   (390,901)   (255,364)
                     
(179,319)    (324,106)    (63,555)    (25,550)    (96,141)    (43,750)
(6,197)    —    —    —    —    —
(185,516)   (324,106)   (63,555)   (25,550)   (96,141)   (43,750)
                     
12,391,122    40,494,178    4,298,507    7,921,843    2,487,585    14,840,691
(13,561,689)    (25,985,088)    (3,497,323)    (4,699,347)    (7,315,467)    (6,650,460)
(1,170,567)   14,509,090   801,184   3,222,496   (4,827,882)   8,190,231
(5,408,262)    8,302,797    434,023    3,261,544    (5,314,924)    7,891,117
                     
12,293,593    3,990,796    5,375,505    2,113,961    8,934,207    1,043,090
$6,885,331   $12,293,593   $5,809,528   $5,375,505   $3,619,283   $8,934,207
                     
650,002    200,002    250,002    100,002    400,002    50,002
1,300,000    1,700,000    200,000    350,000    100,000    650,000
(1,100,000)    (1,250,000)    (150,000)    (200,000)    (300,000)    (300,000)
850,002   650,002   300,002   250,002   200,002   400,002
See Notes to Financial Statements
Page 35

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets (Continued)
  First Trust Nasdaq
Semiconductor ETF (FTXL)
  First Trust Nasdaq
Transportation ETF (FTXR)
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
OPERATIONS:              
Net investment income (loss)

$ 346,704   $ 261,018   $ 28,799   $ 41,698
Net realized gain (loss)

 2,536,052    (1,118,345)    128,146    (105,880)
Net change in unrealized appreciation (depreciation)

 (4,808,273)    (1,466,467)    (382,690)    (4,821)
Net increase (decrease) in net assets resulting from operations

(1,925,517)   (2,323,794)   (225,745)   (69,003)
DISTRIBUTIONS TO SHAREHOLDERS FROM:              
Investment operations

 (356,856)    (228,505)    (28,821)    (40,176)
Return of capital

 —    —    —    —
Total distributions to shareholders

(356,856)   (228,505)   (28,821)   (40,176)
SHAREHOLDER TRANSACTIONS:              
Proceeds from shares sold

 33,122,477    19,028,462    6,534,030    —
Cost of shares redeemed

 (29,728,784)    (33,481,492)    (7,101,369)    (1,297,832)
Net increase (decrease) in net assets resulting from shareholder transactions

3,393,693   (14,453,030)   (567,339)   (1,297,832)
Total increase (decrease) in net assets

 1,111,320    (17,005,329)    (821,905)    (1,407,011)
NET ASSETS:              
Beginning of period

 30,241,531    47,246,860    2,333,263    3,740,274
End of period

$31,352,851   $30,241,531   $1,511,358   $2,333,263
CHANGES IN SHARES OUTSTANDING:              
Shares outstanding, beginning of period

 950,002    1,450,002    100,002    150,002
Shares sold

 900,000    600,000    300,000    —
Shares redeemed

 (900,000)    (1,100,000)    (300,000)    (50,000)
Shares outstanding, end of period

950,002   950,002   100,002   100,002
Page 36
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights
For a share outstanding throughout each period
First Trust Nasdaq Bank ETF (FTXO)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 24.41   $ 29.50   $ 25.94   $ 20.01
Income from investment operations:              
Net investment income (loss)

0.73   0.84   0.40   0.07
Net realized and unrealized gain (loss)

(8.77)   (5.14)   3.56   5.91
Total from investment operations

(8.04)   (4.30)   3.96   5.98
Distributions paid to shareholders from:              
Net investment income

(0.73)   (0.79)   (0.40)   (0.05)
Net asset value, end of period

$15.64   $24.41   $29.50   $25.94
Total return (b)

(33.93)%   (14.49)%   15.35%   29.89%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 58,658   $ 168,447   $ 1,314,444   $ 1,027,400
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

2.69%   1.83%   1.47%   4.05%(c)
Portfolio turnover rate (d)

59%   87%   39%   7%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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 37

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Food & Beverage ETF (FTXG)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 20.06   $ 19.71   $ 20.63   $ 19.96
Income from investment operations:              
Net investment income (loss)

0.27   0.27   0.35   0.14
Net realized and unrealized gain (loss)

(2.77)   0.33   (0.95)   0.64
Total from investment operations

(2.50)   0.60   (0.60)   0.78
Distributions paid to shareholders from:              
Net investment income

(0.28)   (0.25)   (0.32)   (0.11)
Net asset value, end of period

$17.28   $20.06   $19.71   $20.63
Total return (b)

(12.69)%   3.13%   (2.96)%   3.91%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 2,592   $ 2,006   $ 985   $ 5,158
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

1.58%   1.55%   1.53%   1.58%(c)
Portfolio turnover rate (d)

59%   108%   76%   54%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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.
Page 38
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Oil & Gas ETF (FTXN)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 18.91   $ 19.95   $ 20.63   $ 19.84
Income from investment operations:              
Net investment income (loss)

0.31   0.41   0.36   0.14
Net realized and unrealized gain (loss)

(10.79)   (1.06)   (0.67)   0.80
Total from investment operations

(10.48)   (0.65)   (0.31)   0.94
Distributions paid to shareholders from:              
Net investment income

(0.32)   (0.39)   (0.33)   (0.15)
Return of capital

(0.01)     (0.04)  
Total distributions

(0.33)   (0.39)   (0.37)   (0.15)
Net asset value, end of period

$8.10   $18.91   $19.95   $20.63
Total return (b)

(56.26)%   (3.27)%   (1.47)%   4.75%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 6,885   $ 12,294   $ 3,991   $ 2,063
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.61%(c) (d)
Ratio of net investment income (loss) to average net assets

2.14%   1.69%   1.96%   1.30%(c)
Portfolio turnover rate (e)

76%   126%   92%   58%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(d) Includes excise tax. If this excise tax was not included, the expense ratio would have been 0.60%.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 39

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Pharmaceuticals ETF (FTXH)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 21.50   $ 21.14   $ 19.83   $ 20.12
Income from investment operations:              
Net investment income (loss)

0.18   0.13   0.17   0.06
Net realized and unrealized gain (loss)

(2.13)   0.35   1.65   (0.28)
Total from investment operations

(1.95)   0.48   1.82   (0.22)
Distributions paid to shareholders from:              
Net investment income

(0.19)   (0.12)   (0.17)   (0.06)
Net realized gain

    (0.34)   (0.01)
Total distributions

(0.19)   (0.12)   (0.51)   (0.07)
Net asset value, end of period

$19.36   $21.50   $21.14   $19.83
Total return (b)

(9.13)%   2.30%   9.32%   (1.10)%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 5,810   $ 5,376   $ 2,114   $ 1,983
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

0.85%   0.69%   0.80%   0.64%(c)
Portfolio turnover rate (d)

42%   107%   70%   48%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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.
Page 40
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Retail ETF (FTXD)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 22.34   $ 20.86   $ 19.68   $ 19.90
Income from investment operations:              
Net investment income (loss)

0.27   0.21   0.31   0.15
Net realized and unrealized gain (loss)

(4.22)   1.45   1.18   (0.24)
Total from investment operations

(3.95)   1.66   1.49   (0.09)
Distributions paid to shareholders from:              
Net investment income

(0.29)   (0.18)   (0.31)   (0.13)
Net asset value, end of period

$18.10   $22.34   $20.86   $19.68
Total return (b)

(17.90)%   7.98%   7.63%   (0.45)%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 3,619   $ 8,934   $ 1,043   $ 1,968
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.61%(c) (d)
Ratio of net investment income (loss) to average net assets

1.11%   1.41%   1.54%   1.44%(c)
Portfolio turnover rate (e)

65%   127%   126%   65%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(d) Includes excise tax. If this excise tax was not included, the expense ratio would have been 0.60%.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 41

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Semiconductor ETF (FTXL)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 31.83   $ 32.58   $ 25.04   $ 19.93
Income from investment operations:              
Net investment income (loss)

0.38   0.25   0.14   0.05
Net realized and unrealized gain (loss)

1.18   (0.79)   7.54   5.11
Total from investment operations

1.56   (0.54)   7.68   5.16
Distributions paid to shareholders from:              
Net investment income

(0.39)   (0.21)   (0.14)   (0.05)
Net realized gain

      (0.00)(b)
Total distributions

(0.39)   (0.21)   (0.14)   (0.05)
Net asset value, end of period

$33.00   $31.83   $32.58   $25.04
Total return (c)

4.82%   (1.62)%   30.77%   25.92%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 31,353   $ 30,242   $ 47,247   $ 15,024
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.60%(d)
Ratio of net investment income (loss) to average net assets

1.00%   0.78%   0.55%   0.66%(d)
Portfolio turnover rate (e)

64%   94%   59%   58%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Amount is less than $0.01.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d) Annualized.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 42
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Nasdaq Transportation ETF (FTXR)  
  Year Ended March 31,   Period
Ended
3/31/2017 (a)
2020   2019   2018  
Net asset value, beginning of period

$ 23.33   $ 24.93   $ 22.78   $ 19.94
Income from investment operations:              
Net investment income (loss)

0.30   0.35   0.32   0.14
Net realized and unrealized gain (loss)

(8.22)   (1.62)   2.16   2.84
Total from investment operations

(7.92)   (1.27)   2.48   2.98
Distributions paid to shareholders from:              
Net investment income

(0.30)   (0.33)   (0.33)   (0.14)
Net realized gain

      (0.00)(b)
Total distributions

(0.30)   (0.33)   (0.33)   (0.14)
Net asset value, end of period

$15.11   $23.33   $24.93   $22.78
Total return (c)

(34.35)%   (5.11)%   10.89%   14.97%
Ratios to average net assets/supplemental data:              
Net assets, end of period (in 000’s)

$ 1,511   $ 2,333   $ 3,740   $ 2,278
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%   0.61%(d) (e)
Ratio of net investment income (loss) to average net assets

1.04%   1.38%   1.27%   1.22%(d)
Portfolio turnover rate (f)

89%   108%   78%   28%
    
(a) Inception date is September 20, 2016, which is consistent with the commencement of investment operations and is the date the initial creation units were established.
(b) Amount is less than $0.01.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d) Annualized.
(e) Includes excise tax. If this excise tax was not included, the expense ratio would have been 0.60%.
(f) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 43

Table of Contents
Notes to Financial Statements
First Trust Exchange-Traded Fund VI
March 31, 2020
1. Organization
First Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on June 4, 2012, 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 thirty exchange-traded funds that are offering shares. This report covers the seven funds listed below, each a non-diversified series of the Trust.
First Trust Nasdaq Bank ETF - (The Nasdaq Stock Market LLC (“Nasdaq”) ticker “FTXO”)
First Trust Nasdaq Food & Beverage ETF - (Nasdaq ticker “FTXG”)
First Trust Nasdaq Oil & Gas ETF - (Nasdaq ticker “FTXN”)
First Trust Nasdaq Pharmaceuticals ETF - (Nasdaq ticker “FTXH”)
First Trust Nasdaq Retail ETF - (Nasdaq ticker “FTXD”)
First Trust Nasdaq Semiconductor ETF - (Nasdaq ticker “FTXL”)
First Trust Nasdaq Transportation ETF - (Nasdaq ticker “FTXR”)
Each fund represents a separate series of shares of beneficial interest in the Trust (each a “Fund” and collectively, the “Funds”). Each Fund’s shares currently are listed and traded on Nasdaq. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified blocks consisting of 50,000 shares called a “Creation Unit.” Creation Units are issued and redeemed principally in-kind for securities in which each Fund invests, or in certain circumstances, for cash and only to and from broker-dealers and large institutional investors that have entered into participating agreements. Except when aggregated in Creation Units, each Fund’s shares are not redeemable securities. 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 Nasdaq Bank ETF Nasdaq US Smart Banks Index
First Trust Nasdaq Food & Beverage ETF Nasdaq US Smart Food & Beverage Index
First Trust Nasdaq Oil & Gas ETF Nasdaq US Smart Oil & Gas Index
First Trust Nasdaq Pharmaceuticals ETF Nasdaq US Smart Pharmaceuticals Index
First Trust Nasdaq Retail ETF Nasdaq US Smart Retail Index
First Trust Nasdaq Semiconductor ETF Nasdaq US Smart Semiconductor Index
First Trust Nasdaq Transportation ETF Nasdaq US Smart Transportation 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
Page 44

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
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.
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.
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:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
Page 45

Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
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 March 31, 2020, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
C. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid quarterly by each Fund, or as the Board of Trustees may determine from time to time. Distributions of net realized capital 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 March 31, 2020, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust Nasdaq Bank ETF

$ 3,868,010   $ —   $ —
First Trust Nasdaq Food & Beverage ETF

 51,985    —    —
First Trust Nasdaq Oil & Gas ETF

 179,319    —    6,197
First Trust Nasdaq Pharmaceuticals ETF

 63,555    —    —
First Trust Nasdaq Retail ETF

 96,141    —    —
First Trust Nasdaq Semiconductor ETF

 356,856    —    —
First Trust Nasdaq Transportation ETF

 28,821    —    —
The tax character of distributions paid by each Fund during the fiscal year ended March 31, 2019, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
First Trust Nasdaq Bank ETF

$ 14,689,357   $ —   $ —
First Trust Nasdaq Food & Beverage ETF

 14,971    —    —
First Trust Nasdaq Oil & Gas ETF

 324,106    —    —
First Trust Nasdaq Pharmaceuticals ETF

 25,550    —    —
First Trust Nasdaq Retail ETF

 43,750    —    —
First Trust Nasdaq Semiconductor ETF

 228,505    —    —
First Trust Nasdaq Transportation ETF

 40,176    —    —
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
As of March 31, 2020, the components of distributable earnings on a tax basis for each Fund were as follows:
  Undistributed
Ordinary
Income
  Accumulated
Capital and
Other
Gain (Loss)
  Net
Unrealized
Appreciation
(Depreciation)
First Trust Nasdaq Bank ETF

$ 220,978   $ (52,339,897)   $ (44,243,793)
First Trust Nasdaq Food & Beverage ETF

 2,597    (291,976)    (730,915)
First Trust Nasdaq Oil & Gas ETF

 —    (6,532,418)    (2,353,092)
First Trust Nasdaq Pharmaceuticals ETF

 623    (656,922)    (1,102,208)
First Trust Nasdaq Retail ETF

 4,732    (1,161,692)    (1,141,602)
First Trust Nasdaq Semiconductor ETF

 22,361    (3,785,852)    (4,418,348)
First Trust Nasdaq Transportation ETF

 60    (521,197)    (405,556)
D. 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. Taxable years ended 2017, 2018, 2019, and 2020 remain open to federal and state audit. As of March 31, 2020, 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.
The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Funds are 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 March 31, 2020, the Funds had non-expiring capital loss carryforwards for federal income tax purposes as follows:
  Capital
Loss Available
First Trust Nasdaq Bank ETF

$ 52,339,897
First Trust Nasdaq Food & Beverage ETF

 291,976
First Trust Nasdaq Oil & Gas ETF

 6,532,418
First Trust Nasdaq Pharmaceuticals ETF

 656,922
First Trust Nasdaq Retail ETF

 1,161,692
First Trust Nasdaq Semiconductor ETF

 3,785,852
First Trust Nasdaq Transportation ETF

 521,197
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended March 31, 2020, the adjustments for each Fund were as follows:
  Accumulated
Net
Investment
Income (Loss)
  Accumulated
Net Realized
Gain (Loss)
on Investments
  Paid-in
Capital
First Trust Nasdaq Bank ETF

$ —   $ 4,911,533   $ (4,911,533)
First Trust Nasdaq Food & Beverage ETF

 —    (454,678)    454,678
First Trust Nasdaq Oil & Gas ETF

 —    917,975    (917,975)
First Trust Nasdaq Pharmaceuticals ETF

 —    (739,609)    739,609
First Trust Nasdaq Retail ETF

 —    (1,166,626)    1,166,626
First Trust Nasdaq Semiconductor ETF

 —    (2,071,877)    2,071,877
First Trust Nasdaq Transportation ETF

 —    (267,804)    267,804
E. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (See Note 3).
First Trust has entered into licensing agreements with Nasdaq, Inc. (“Licensor”) for the Funds. The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensor. The Funds are sub-licensees to the applicable license agreements.
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.
First Trust is paid an annual unitary management fee of 0.60% of each Fund’s average daily net assets. First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit, and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $9,250 per Fund, which is covered under the annual unitary management fee.
The Trust has multiple service agreements with Brown Brothers Harriman & Co. (“BBH”). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Funds. As custodian, BBH is responsible for custody of each Fund’s assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.
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 an index fund.
Additionally, the Lead Independent Trustee and the Chairmen 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 Chairmen rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
4. Purchases and Sales of Securities
For the fiscal year ended March 31, 2020, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
  Purchases   Sales
First Trust Nasdaq Bank ETF $ 79,383,094   $ 79,707,962
First Trust Nasdaq Food & Beverage ETF  1,830,669    1,816,581
First Trust Nasdaq Oil & Gas ETF  6,130,869    6,192,147
First Trust Nasdaq Pharmaceuticals ETF  2,992,579    3,024,179
First Trust Nasdaq Retail ETF  4,734,392    4,736,004
First Trust Nasdaq Semiconductor ETF  21,868,985    21,833,383
First Trust Nasdaq Transportation ETF  2,524,178    2,522,723
       
For the fiscal year ended March 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
  Purchases   Sales
First Trust Nasdaq Bank ETF $ 20,282,336   $ 95,200,157
First Trust Nasdaq Food & Beverage ETF  6,321,116    5,365,661
First Trust Nasdaq Oil & Gas ETF  12,283,113    13,525,870
First Trust Nasdaq Pharmaceuticals ETF  4,295,242    3,481,052
First Trust Nasdaq Retail ETF  2,487,572    7,308,808
First Trust Nasdaq Semiconductor ETF  33,096,524    29,682,564
First Trust Nasdaq Transportation ETF  6,506,744    7,082,974
5. Creations, Redemptions and Transaction Fees
Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 50,000 shares in transactions with broker-dealers or large institutional investors that have entered into a participation agreement (an “Authorized Participant”). In order to purchase Creation Units of a Fund, an Authorized Participant must deposit (i) a designated portfolio of equity securities determined by First Trust (the “Deposit Securities”) and generally make or receive a cash payment referred to as the “Cash Component,” which is an amount equal to the difference between the NAV of the Fund shares (per Creation Unit Aggregations) and the market value of the Deposit Securities, and/or (ii) cash in lieu of all or a portion of the Deposit Securities. If the Cash Component is a positive number (i.e., the NAV per Creation Unit Aggregation exceeds the Deposit Amount), the Authorized Participant will deliver the Cash Component. If the Cash Component is a negative number (i.e., the NAV per Creation Unit Aggregation is less than the Deposit Amount), the Authorized Participant will receive the Cash Component. Authorized Participants purchasing Creation Units must pay to BBH, as transfer agent, a creation transaction fee (the “Creation Transaction Fee”) regardless of the number of Creation Units purchased in the transaction. The Creation Transaction Fee may vary and is based on the composition of the securities included in the respective Fund’s portfolio and the countries in which the transactions are settled. The Creation Transaction Fee may increase or decrease with changes in each Fund’s portfolio. The price for each Creation Unit will equal the daily NAV per share times the number of shares in a Creation Unit plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees or stamp taxes.
Authorized Participants redeeming Creation Units must pay to BBH, as transfer agent, a redemption transaction fee (the “Redemption Transaction Fee”), regardless of the number of Creation Units redeemed in the transaction. The Redemption Transaction Fee may vary and is based on the composition of the securities included in each Fund’s portfolio and the countries in which the transactions are settled. The Redemption Transaction Fee may increase or decrease with changes in each Fund’s portfolio. An Authorized Participant may request cash redemption in lieu of securities; however, a Fund may, in its discretion, reject any such request.
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, each Fund is authorized to pay an amount up to 0.25% of its 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 to provide investor services. FTP may also use this amount to compensate securities dealers or other
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
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 July 31, 2021.
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. Other Matters
On August 28, 2018, Nasdaq, Inc., the independent Index Provider, determined the need to enact an interim rebalance of the indexes in accordance with its methodology guidelines of ensuring Index integrity. The interim rebalance was completed prior to market open on August 31, 2018, and each Fund’s portfolio was promptly adjusted to reflect the Index share and component changes instituted by such rebalance to allow each Fund to continue to track its index.
9. Subsequent Events
Management has evaluated the impact of all subsequent events to 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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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund VI:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust Nasdaq Bank ETF, First Trust Nasdaq Food & Beverage ETF, First Trust Nasdaq Oil & Gas ETF, First Trust Nasdaq Pharmaceuticals ETF, First Trust Nasdaq Retail ETF, First Trust Nasdaq Semiconductor ETF, and First Trust Nasdaq Transportation ETF (the “Funds”), each a series of First Trust Exchange-Traded Fund VI, including the portfolios of investments, as of March 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2020, 2019 and 2018 and for the period from September 20, 2016 (commencement of operations) through March 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2020, 2019 and 2018 and for the period from September 20, 2016 (commencement of operations) through March 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
May 26, 2020
We have served as the auditor of one or more First Trust investment companies since 2001.
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Additional Information
First Trust Exchange-Traded Fund VI
March 31, 2020 (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 portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
For the taxable year ended March 31, 2020, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:
  Dividends
Received Deduction
First Trust Nasdaq Bank ETF

100.00%
First Trust Nasdaq Food & Beverage ETF

100.00%
First Trust Nasdaq Oil & Gas ETF

100.00%
First Trust Nasdaq Pharmaceuticals ETF

100.00%
First Trust Nasdaq Retail ETF

100.00%
First Trust Nasdaq Semiconductor ETF

100.00%
First Trust Nasdaq Transportation ETF

100.00%
For the taxable year ended March 31, 2020, the following percentages of income dividend paid by the Funds is hereby designated as qualified dividend income:
  Qualified
Dividend Income
First Trust Nasdaq Bank ETF

100.00%
First Trust Nasdaq Food & Beverage ETF

100.00%
First Trust Nasdaq Oil & Gas ETF

100.00%
First Trust Nasdaq Pharmaceuticals ETF

100.00%
First Trust Nasdaq Retail ETF

100.00%
First Trust Nasdaq Semiconductor ETF

100.00%
First Trust Nasdaq Transportation ETF

100.00%
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 large 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
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
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 not concentrated.
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.
Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund’s portfolio managers use derivatives to enhance the fund’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund’s shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF’s shares, or decisions by an ETF’s authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF’s shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund’s fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund’s fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
Index Constituent Risk. Certain funds may be a constituent of one or more indices. 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 significantly 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.
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
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.
Investment Companies Risk. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund’s investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.
LIBOR Risk. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. In 2017, the United Kingdom’s Financial Conduct Authority announced that LIBOR will cease to be available for use after 2021. 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. 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. 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. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.
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; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; 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.
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
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Board of Trustees and Officers
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951)
• Indefinite Term

• Since Inception
Physician; Officer, Wheaton Orthopedics; Limited Partner, Gundersen Real Estate Limited Partnership (June 1992 to December 2016); Member, Sportsmed LLC (April 2007 to November 2015) 173 None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term

• Since Inception
President, ADM Investor Services, Inc. (Futures Commission Merchant) 173 Director of ADM Investor Services, Inc., ADM Investor Services International, Futures Industry Association, and National Futures Association
Robert F. Keith, Trustee
(1956)
• Indefinite Term

• Since Inception
President, Hibs Enterprises (Financial and Management Consulting) 173 Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954)
• Indefinite Term

• Since Inception
Senior Advisor (August 2018 to Present), Managing Director and Chief Operating Officer (January 2015 to August 2018), Pelita Harapan Educational Foundation (Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Servant Interactive LLC (Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Dew Learning LLC (Educational Products and Services) 173 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955)
• Indefinite Term

• Since Inception
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 173 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
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Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966)
President and Chief Executive Officer • Indefinite Term

• Since January 2016
Managing Director and Chief Financial Officer (January 2016 to Present), Controller (January 2011 to January 2016), Senior Vice President (April 2007 to January 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer (January 2016 to Present), BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972)
Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term

• Since January 2016
Senior Vice President (July 2016 to Present), Vice President (April 2012 to July 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960)
Secretary and Chief Legal Officer • Indefinite Term

• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President • Indefinite Term

• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer and Assistant Secretary • Indefinite Term

• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
Roger F. Testin
(1966)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
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Privacy Policy
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
Information we receive from you and your broker-dealer, investment advisor or financial representative through interviews, applications, agreements or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from your inquiries by mail, e-mail or telephone; and
Information we collect on our website through the use of “cookies”. For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2019
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First Trust Exchange-Traded Fund VI
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

Table of Contents

 

 

First Trust Exchange-Traded Fund VI

Developed International Equity Select ETF (RNDM)

Emerging Markets Equity Select ETF (RNEM)

Large Cap US Equity Select ETF (RNLC)

Mid Cap US Equity Select ETF (RNMC)

Small Cap US Equity Select ETF (RNSC)

US Equity Dividend Select ETF (RNDV)

Annual Report
For the Year Ended
March 31, 2020

Table of Contents
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2020

2

3
Fund Performance Overview

4

6

8

10

12

14

16

17
Portfolio of Investments

18

25

30

36

42

48

52

54

56

58

64

72

73

76

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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 VI (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, 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 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 web page 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 the prospectus, the statement of additional information, and other Fund regulatory filings.
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Shareholder Letter
First Trust Exchange-Traded Fund VI
Annual Letter from the Chairman and CEO
March 31, 2020
Dear Shareholders,
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VI (the “Funds”), which contains detailed information about the Funds for the twelve months ended March 31, 2020.
I am sorry to report that the coronavirus (COVID-19) pandemic is still dominating our daily lives, the economy and securities markets. Many of us have learned the hard way that it is no fun sheltering in place for weeks on end, and by hard way I mean at the behest of state and local government officials. It is also not fun being furloughed from a job or losing a job outright for reasons beyond one’s control. As President Donald J. Trump has repeatedly said, the cure cannot be worse than the problem itself. For those who do not follow the news closely, the governors of Georgia, South Carolina, Tennessee and Texas announced on or about April 20, 2020, that they intend to open some “nonessential” businesses by early May. If nothing else, these could prove to be valuable test cases for the rest of the states trying to strike a balance between fighting COVID-19 and curbing the economic fallout stemming from the virus. While we certainly trumpet the call for health and safety first, we also realize that we need to find a way to get Americans back to work.
Suffice it to say that this virus is proving to be plenty stubborn. While I tend to be largely U.S.-centric, it does not escape me that this fight is global in scope. We now have proof that the virus can flare up again after seemingly being mitigated. Singapore, which had been credited with having a successful blueprint for curbing the spread of the virus, reported that it experienced back-to-back days of more than 1,000 new cases in the third week of April. As a result, it has extended its partial lockdown strategy another four weeks. COVID-19 impacts business dealings at every level, especially the C-suite. Refinitiv, a global provider of financial market data, reported that global mergers and acquisitions deal activity totaled $762.6 billion year-to-date through April 17, 2020, down 33% from the same period a year ago, according to Reuters. The number of deals declined by 20%. A recent survey by EY of more than 2,900 executives worldwide found that 56% of them, despite the current crisis, are still planning an acquisition in the next 12 months. The takeaway here is that, despite having to navigate unchartered waters, more than one out of two executives are looking to grow their companies over the next 12 months. I’ll take that ratio in this climate. At First Trust Advisors L.P., we have always believed in the traditional buy-and-hold philosophy of investing. Investors should strongly consider shifting their focus away from the next two quarters, which are likely to be dismal, to what potentially lies beyond – a full-on recovery, in our opinion.
The Federal Reserve, Treasury Department and Congress are all working with the Trump Administration to pull together trillions of dollars of aid and stimulus to help prop up workers, companies and municipalities in this time of need. Health Care companies have ramped up their efforts to develop and manufacture much needed testing equipment, medical supplies and therapeutics. Hopefully, at some point in the near-future, one or more of these companies will deliver us a present in the form of a vaccine.
Both the equity and debt markets in the U.S. have responded favorably to the enormous financial support from the Federal government. The government has responded faster and more robustly to the current crisis than it did in the 2008-2009 financial crisis. While still down, stock and bond valuations have rebounded significantly from their lows reached in late March. We remain optimistic about the second half of 2020 and 2021. 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,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
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Table of Contents
Market Overview
First Trust Exchange-Traded Fund VI
Annual Report
March 31, 2020 (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 over 27 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 Global Economy
The onset of the coronavirus (COVID-19) pandemic has inflicted tremendous damage on the global economy. It single-handedly brought an end to the bull market in stocks in the first quarter of 2020 (see below), although that nearly happened in the fourth quarter of 2018. At this time, we don’t know how long it will take for the virus to run its course or for a vaccine to become available for the masses. History suggests that vaccines take roughly 18 months to win approval and go to market, but some are hoping for closer to 12 months this time around. Perhaps an existing drug will be proven effective against the virus.
The International Monetary Fund (“IMF”) has characterized the quarantine and social distancing efforts accompanying the COVID-19 pandemic as the “Great Lockdown.” No country has been spared. The IMF adjusted its global economic growth projections following the end of the first quarter of 2020. It now sees world real gross domestic product (“GDP”) growth declining by 3.0% in 2020, down over six percentage points from its 3.3% growth projection prior to the onset of the virus. Provided the pandemic fades in the second half of 2020, the IMF sees the growth rate rising by 5.8% in 2021. U.S. real GDP growth is projected to be down 5.9% in 2020, but up 4.7% in 2021. Emerging Markets and Developing Nations are expected to come in at 1.0% in 2020 and 8.5% in 2021.
In addition to the COVID-19 developments, investors should also be aware that, despite the Phase One trade deal signed with China in January 2020, there is still an ongoing trade conflict between the U.S. and China, and who knows if the virus might eventually get folded into the battle since it reportedly first surfaced in China in the fourth quarter of 2019. President Donald J. Trump has driven home this point at more than one of his press briefings. The Trump Administration’s implementation of tariffs, particularly against China, has been operational for 24 months and counting.
Global Equities Markets
For the 12-month period ended March 31, 2020, the MSCI World ex USA and MSCI Emerging Markets Indices posted total returns of -14.89% (USD) and -17.69% (USD), respectively, according to Bloomberg. Over that same period, the U.S. dollar appreciated 1.82% against a basket of major currencies, as measured by the U.S. Dollar Index (DXY). The slight gain in the dollar likely had just a small drag on the performance of the two foreign stock indices during the period, in our opinion. With respect to U.S. equities, the S&P 500®, S&P MidCap 400® and S&P SmallCap 600® Indices posted total returns of -6.98%, -22.51% and -25.89%, respectively, over the past 12 months. Large-capitalization (cap) stocks clearly outperformed their mid- and small-cap counterparts as investors sought to reduce their risk exposure due to the escalation in the trade war between the U.S. and China and the onset of COVID-19 in the first quarter of 2020, in our opinion. Ten of the 11 sectors that comprise the S&P 500® Index were down on a total return basis for the same period. The top performer for the period was Information Technology, up 10.43%, while the worst result by far came from Energy, down 52.42%.
The S&P 500® Index closed at 2,584.59 on March 31, 2020, 23.67% below its all-time closing high of 3,386.15 on February 19, 2020, according to Bloomberg. The nearly 11-year bull market was no more. The S&P 500® Index was now in bear market territory. A bear market entails a price decline of 20% or more from the most recent high. Data from Goldman Sachs and CNBC indicates that the average bear market since WWII has generated an average loss of 30.4%, has lasted 13 months and taken 21.9 months on average to recover. A Bloomberg survey of 19 equity strategists found that their average 2020 year-end price target for the S&P 500® Index was 3,039 as of March 26, 2020, according to its own release. The highest estimate was 3,500 while the lowest estimate was 2,650. Keep in mind, earnings and revenue projections may become harder to come by in the months ahead if more and more companies choose to suspend guidance.
Investors liquidated an estimated net $78.44 billion from U.S. Equity mutual funds and exchange-traded funds (“ETFs”) for the 12-month period ended March 31, 2020, according to Morningstar. International Equity mutual funds and ETFs, however, took in an estimated net $7.36 billion over the same period. Investors continue to favor passive over active funds. Passive U.S. Equity mutual funds and ETFs reported estimated net inflows totaling $180.37 billion in the period, compared to estimated net outflows for active U.S. Equity mutual funds and ETFs totaling $258.81 billion. Passive International Equity mutual funds and ETFs reported estimated net inflows totaling $73.19 billion for the same period, compared to estimated net outflows for active International Equity mutual funds and ETFs totaling $65.83 billion.
Page 3

Table of Contents
Fund Performance Overview (Unaudited)
Developed International Equity Select ETF (RNDM)
The Developed International Equity Select 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 Nasdaq Riskalyze Developed Markets Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNDM.” The Fund normally invests at least 90% of its net assets (including investment borrowings) in the common stocks, depositary receipts, preferred shares and real estate investment trusts that comprise the Index.
The Index is designed to select low volatility developed markets (excluding the United States) securities that are included in the NASDAQ Developed Markets Ex-US Large Mid Cap Index (the “Base Index”) and have a minimum three-month average daily dollar trading volume of $5 million. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies in developed markets (excluding the United States), as determined by Nasdaq, Inc. A country is classified as “developed” based on a number of criteria including national income per capita, national market capitalization and national trading volume. Companies are classified as operating in a country primarily by their country of incorporation, domicile and primary exchange listing.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -16.64% -5.48% -14.49%
Market Price -16.87% -5.45% -14.41%
Index Performance      
Nasdaq Riskalyze Developed Markets Index -15.38% -4.20% -11.25%
NASDAQ Developed Markets Ex-US Large Mid Cap Index -14.12% -3.71% -9.97%
MSCI World ex USA Index -14.89% -4.13% -11.05%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a net asset value (“NAV”) return of -16.64% during the period covered by this report. During the same period, the MSCI World ex USA Index (“Benchmark”) generated a return of -14.89%. Japanese securities were given the largest weighting in the Fund at 15.5%. The Japanese securities in the Fund were the worst contributing securities with a -2.5% contribution, stemming from their -19.4% return. Switzerland securities were the Fund’s best contributing securities with a 0.7% contribution, stemming from their 9.8% allocation and 9.5% return. The total currency effect over the period was -2.4%, primarily impacted by the Fund’s exposure to the Australian Dollar (-0.95% contribution) and the British Pound Sterling (-0.5% contribution). On a relative basis, the Fund underperformed the Benchmark. The Fund underperformed the Benchmark among Japanese securities by -13.0%, creating -2.6% of relative underperformance. The Fund outperformed the Benchmark among United Kingdom securities by 8.4%, creating 1.3% of relative outperformance.

Riskalyze and the Nasdaq Riskalyze Developed Markets Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 4

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Developed International Equity Select ETF (RNDM) (Continued)
Sector Allocation % of Total
Investments
Consumer Staples 17.6%
Financials 14.8
Industrials 13.7
Health Care 12.4
Real Estate 11.7
Consumer Discretionary 7.0
Materials 6.2
Utilities 5.2
Communication Services 4.6
Energy 3.6
Information Technology 3.2
Total 100.0%
Top Ten Holdings % of Total
Investments
Japan Tobacco, Inc. 3.1%
Sekisui House Ltd. 3.1
Roche Holding AG 2.7
Novartis AG 2.3
Royal Dutch Shell PLC, Class A 2.0
Croda International PLC 1.6
Sanofi 1.5
Chocoladefabriken Lindt & Spruengli AG 1.4
Barry Callebaut AG 1.2
West Japan Railway Co. 1.2
Total 20.1%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 134 51 0 0
4/1/18 – 3/31/19 180 13 0 0
4/1/19 – 3/31/20 190 20 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 10 0 0 0
4/1/18 – 3/31/19 58 0 0 0
4/1/19 – 3/31/20 36 6 1 0
Page 5

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Emerging Markets Equity Select ETF (RNEM)
The Emerging Markets Equity Select 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 Nasdaq Riskalyze Emerging Markets Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNEM.” The Fund normally invests at least 90% of its net assets (including investment borrowings) in the common stocks, depository receipts, preferred shares and real estate investment trusts that comprise the Index.
The Index is designed to select low volatility emerging markets securities that are included in the NASDAQ Emerging Markets Large Mid Cap Index (the “Base Index”) and have a minimum three-month average daily dollar trading volume of $5 million. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies in emerging markets, as determined by Nasdaq, Inc. A country is classified as “emerging” based on a number of criteria including national income per capita, national market capitalization and national trading volume. Emerging markets are generally characterized by lower market efficiency and less strict standards in accounting and securities regulation than developed markets. Companies are classified as operating in a country primarily by their country of incorporation, domicile and primary exchange listing.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -23.66% -6.72% -17.59%
Market Price -23.80% -6.54% -17.14%
Index Performance      
Nasdaq Riskalyze Emerging Markets Index -22.64% -5.08% -13.49%
NASDAQ Emerging Markets Large Mid Cap Index -20.52% -3.40% -9.16%
MSCI Emerging Markets Index -17.69% -3.71% -9.96%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -23.66% during the period covered by this report. During the same period, the MSCI Emerging Markets Index (“Benchmark”) generated a return of -17.69%. Indian securities were given the largest weighting in the Fund at 20.8%. The Indian securities in the Fund were the worst contributing securities with a -5.2% contribution, stemming from their -22.7% return. No single country contributed positively to the Fund’s return over the time period. The total currency effect over the period was -6.6%, primarily impacted by the Fund’s exposure to the Brazilian Real (-2.7% contribution) and the Indian Rupee (-1.6% contribution). On a relative basis, the Fund underperformed the Benchmark. The Fund underperformed the Benchmark among Chinese securities by -11.9%, creating -3.9% of relative underperformance. The Fund reduced some of this underperformance with its allocation to Brazilian securities, which created 0.5% of relative outperformance.

Riskalyze and the Nasdaq Riskalyze Emerging Markets Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 6

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Emerging Markets Equity Select ETF (RNEM) (Continued)
Sector Allocation % of Total
Investments
Financials 39.7%
Information Technology 11.4
Consumer Staples 10.9
Materials 7.5
Communication Services 6.3
Industrials 5.6
Energy 5.0
Real Estate 4.5
Utilities 4.2
Consumer Discretionary 2.6
Health Care 2.3
Total 100.0%
Top Ten Holdings % of Total
Investments
Quanta Computer, Inc. 4.3%
Compal Electronics, Inc. 3.9
Housing Development Finance Corp., Ltd. 3.0
Kotak Mahindra Bank Ltd. 2.9
HDFC Bank Ltd. 2.6
Atacadao S.A. 1.8
Asian Paints Ltd. 1.8
China Minsheng Banking Corp., Ltd., Class H 1.6
China Construction Bank Corp., Class H 1.6
Agricultural Bank of China Ltd., Class H 1.5
Total 25.0%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 110 50 5 0
4/1/18 – 3/31/19 67 97 40 0
4/1/19 – 3/31/20 109 92 5 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 23 5 2 0
4/1/18 – 3/31/19 37 9 1 0
4/1/19 – 3/31/20 37 5 2 3
Page 7

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Large Cap US Equity Select ETF (RNLC)
The Large Cap US Equity Select 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 Nasdaq Riskalyze US Large Cap Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNLC.” The Fund normally invests 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 select dividend-paying US large cap securities that are included in the Nasdaq US 500 Large Cap Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by Nasdaq, Inc.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -12.98% -0.16% -0.44%
Market Price -13.22% -0.18% -0.50%
Index Performance      
Nasdaq Riskalyze US Large Cap Index -12.44% 0.44% 1.24%
Nasdaq US 500 Large Cap Index -6.27% 4.47% 12.91%
S&P 500® Index -6.98% 4.18% 12.04%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -12.98% during the period covered by this report. During the same period, the Nasdaq US 500 Large Cap Index (“Benchmark”) generated a return of -6.27%. Information Technology was the most heavily weighted sector in the Fund with a 23.4% allocation, while Materials was the least heavily weighted sector in the Fund with a 2.5% allocation. No single sector in the Fund contributed positively to the Fund’s return, however, the Materials sector had the smallest negative impact given the sector’s small allocation in the Fund. The worst contributing sector in the Fund was the Energy sector with a -2.5% contribution stemming from its -60.2% return and 4.4% allocation. On a relative basis, the Fund underperformed the Benchmark. This underperformance came most noticeably from the selection of specific Information Technology securities. This sector carried a similar weight in the Fund and the Benchmark (23.4% versus 23.8%), but the Information Technology names in the Fund returned -4.5% during the period while those in the Benchmark returned 10.1%, resulting in -2.8% of underperformance for the Fund versus the Benchmark. A small portion of the underperformance was reversed due to the Fund outperforming the Benchmark among Industrial securities by 2.0%, creating 0.2% of relative outperformance.

Riskalyze and the Nasdaq Riskalyze US Large Cap Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 8

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Large Cap US Equity Select ETF (RNLC) (Continued)
Sector Allocation % of Total
Investments
Information Technology 26.1%
Health Care 16.8
Industrials 11.0
Financials 11.0
Consumer Discretionary 8.9
Consumer Staples 7.9
Real Estate 5.8
Communication Services 4.3
Utilities 3.6
Materials 2.3
Energy 2.3
Total 100.0%
Top Ten Holdings % of Total
Investments
Citrix Systems, Inc. 1.1%
NortonLifeLock, Inc. 1.1
NVIDIA Corp. 0.9
Verizon Communications, Inc. 0.9
Microsoft Corp. 0.8
Leidos Holdings, Inc. 0.8
Oracle Corp. 0.8
L3Harris Technologies, Inc. 0.8
AT&T, Inc. 0.8
Intel Corp. 0.8
Total 8.8%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 189 0 0 0
4/1/18 – 3/31/19 221 4 0 0
4/1/19 – 3/31/20 178 0 0 1
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 6 0 0 0
4/1/18 – 3/31/19 24 1 1 0
4/1/19 – 3/31/20 73 0 0 1
Page 9

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Mid Cap US Equity Select ETF (RNMC)
The Mid Cap US Equity Select 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 Nasdaq Riskalyze US Mid Cap Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNMC.” The Fund normally invests 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 select dividend-paying US mid cap securities that are included in the Nasdaq US 600 Mid Cap Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of mid cap US companies, as determined by Nasdaq, Inc.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -24.23% -6.23% -16.37%
Market Price -24.39% -6.27% -16.48%
Index Performance      
Nasdaq Riskalyze US Mid Cap Index -23.83% -5.69% -15.03%
Nasdaq US 600 Mid Cap Index -23.60% -3.83% -10.27%
S&P MidCap 400® Index -22.51% -5.04% -13.37%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -24.23% during the period covered by this report. During the same period, the Nasdaq US 600 Mid Cap Index (“Benchmark”) generated a return of -23.60%. Financials was the most heavily weighted sector in the Fund with a 17.2% allocation, while Energy was the least heavily weighted sector in the Fund with a 2.7% allocation. No single sector in the Fund contributed positively to the Fund’s return, however, the Health Care sector had the smallest negative impact given the sector’s relatively small allocation and relatively good performance of -0.4% in the Fund. The worst contributing sector in the Fund was the Financials sector with a -5.1% contribution stemming from its -28.2% return and large 17.2% allocation. On a relative basis, the Fund underperformed the Benchmark. The Fund underperformed the Benchmark among the Industrial sector by -2.6% creating -0.3% of relative underperformance. The Fund outperformed the Benchmark among the Financials sector by 1.4% creating 0.2% of relative outperformance.

Riskalyze and the Nasdaq Riskalyze US Mid Cap Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 10

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Mid Cap US Equity Select ETF (RNMC) (Continued)
Sector Allocation % of Total
Investments
Information Technology 16.1%
Financials 16.0
Industrials 14.5
Health Care 12.6
Consumer Discretionary 11.7
Real Estate 9.6
Materials 6.1
Utilities 4.5
Communication Services 4.0
Consumer Staples 3.0
Energy 1.9
Total 100.0%
Top Ten Holdings % of Total
Investments
Chemed Corp. 1.9%
Perrigo Co. PLC 1.8
Encompass Health Corp. 1.8
Hill-Rom Holdings, Inc. 1.7
Bio-Techne Corp. 1.6
Ensign Group (The), Inc. 1.6
Cogent Communications Holdings, Inc. 1.5
Bruker Corp. 1.3
Monolithic Power Systems, Inc. 1.1
Pegasystems, Inc. 1.1
Total 15.4%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 173 0 0 0
4/1/18 – 3/31/19 237 5 0 0
4/1/19 – 3/31/20 222 1 1 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 22 0 0 0
4/1/18 – 3/31/19 8 1 0 0
4/1/19 – 3/31/20 29 0 0 0
Page 11

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Small Cap US Equity Select ETF (RNSC)
The Small Cap US Equity Select 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 Nasdaq Riskalyze US Small Cap Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNSC.” The Fund normally invests 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 select dividend-paying US small cap securities that are included in the Nasdaq US 700 Small Cap Index (the “Base Index”) and have paid a dividend in the trailing twelve months (based on ex-date). The Base Index is a comprehensive, rules-based index designed to measure stock market performance of small cap US companies, as determined by Nasdaq, Inc.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -27.51% -8.07% -20.86%
Market Price -27.75% -8.08% -20.87%
Index Performance      
Nasdaq Riskalyze US Small Cap Index -27.04% -7.49% -19.44%
Nasdaq US 700 Small Cap Index -28.04% -6.68% -17.47%
S&P SmallCap 600® Index -25.89% -5.95% -15.66%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -27.51% during the period covered by this report. During the same period, the Nasdaq US 700 Small Cap Index (“Benchmark”) generated a return of -28.04%. The Industrials sector was given the largest allocation in the Fund over the period at 19.3%. The Utilities sector was given the smallest allocation in the Fund at 2.6% while also being the only positively contributing sector in the Fund with a 0.02% contribution stemming from its 3.4% return. The least contributing sector in the Fund was the Financials sector due to the sector’s 17.1% allocation and -25.4% return. The Energy sector was the worst performing sector in the Fund at -79.4% while the Utilities sector was the best performing sector in the Fund at 3.4%. On a relative basis, the Fund outperformed the Benchmark. The primary reason for the outperformance is due to the Fund outperforming the Benchmark among the Industrials sector by 5.9%, creating 1.4% of relative outperformance. The Fund underperformed the Benchmark among the Information Technology sector by -5.1%, which reduced the Fund’s outperformance by -0.7%.

Riskalyze and the Nasdaq Riskalyze US Small Cap Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 12

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
Small Cap US Equity Select ETF (RNSC) (Continued)
Sector Allocation % of Total
Investments
Industrials 21.4%
Financials 16.3
Health Care 15.2
Information Technology 13.9
Real Estate 8.3
Consumer Discretionary 7.9
Consumer Staples 5.4
Materials 4.6
Utilities 2.9
Energy 2.1
Communication Services 2.0
Total 100.0%
Top Ten Holdings % of Total
Investments
Luminex Corp. 3.7%
Healthcare Services Group, Inc. 3.0
Atrion Corp. 2.7
National HealthCare Corp. 2.6
Patterson Cos., Inc. 2.3
US Physical Therapy, Inc. 1.9
NIC, Inc. 1.7
CONMED Corp. 1.6
Switch, Inc., Class A 1.6
Power Integrations, Inc. 1.4
Total 22.5%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Frequency Distribution of Discounts and Premiums
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 163 0 0 0
4/1/18 – 3/31/19 233 5 1 0
4/1/19 – 3/31/20 240 1 0 0
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 32 0 0 0
4/1/18 – 3/31/19 11 1 0 0
4/1/19 – 3/31/20 12 0 0 0
Page 13

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
US Equity Dividend Select ETF (RNDV)
The US Equity Dividend Select 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 Nasdaq Riskalyze US Large Cap Select Dividend Index (the “Index”). The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol “RNDV.” The Fund normally invests 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 select dividend-paying US securities that (i) are included in the Nasdaq US 500 Large Cap Index (the “Base Index”); (ii) have paid a dividend in the trailing twelve months (based on the ex-date); and (iii) have a trailing twelve-month dividend yield higher than the index yield of the Base Index. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by Nasdaq, Inc.
Performance      
    Average Annual
Total Returns
Cumulative
Total Returns
  1 Year Ended
3/31/20
Inception (6/20/17)
to 3/31/20
Inception (6/20/17)
to 3/31/20
Fund Performance      
NAV -16.81% -1.53% -4.19%
Market Price -16.81% -1.53% -4.19%
Index Performance      
Nasdaq Riskalyze US Large Cap Select Dividend Index -16.42% -1.02% -2.80%
Nasdaq US 500 Large Cap Index -6.27% 4.47% 12.91%
S&P 500® Index -6.98% 4.18% 12.04%
(See Notes to Fund Performance Overview on page 16.)
Performance Review
The Fund generated a NAV return of -16.81% during the period covered by this report. During the same period, the Nasdaq US 500 Large Cap Index (“Benchmark”) generated a return of -6.27%. The Information Technology sector was given the largest allocation in the Fund over the period at 23.3%. The Materials sector was given the smallest allocation in the Fund at 2.3%. The Health Care sector was the only positively impacting sector to the Fund’s return over the period with a 0.5% contribution, stemming from its 14.1% allocation and 10.7% return. The least contributing sector in the Fund was the Consumer Discretionary sector due to the sector’s 11.8% allocation and -44.7% return. The Energy sector was the worst performing sector in the Fund at -54.6% while the Health Care sector was the best performing sector in the Fund at 10.7%. On a relative basis, the Fund underperformed the Benchmark. The majority of the underperformance is due to the Fund underperforming the Benchmark among the Consumer Discretionary sector by -38%, causing -4.1% of relative underperformance. The Fund outperformed the Benchmark among Health Care securities by 11.7%, creating 1.2% of relative outperformance.

Riskalyze and the Nasdaq Riskalyze US Large Cap Select Dividend Index (“Riskalyze Indexes”) are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.
Page 14

Table of Contents
Fund Performance Overview (Unaudited) (Continued)
US Equity Dividend Select ETF (RNDV) (Continued)
Sector Allocation % of Total
Investments
Information Technology 27.0%
Health Care 18.2
Industrials 10.7
Real Estate 9.8
Consumer Staples 8.9
Consumer Discretionary 7.6
Financials 6.2
Communication Services 4.1
Utilities 3.5
Energy 2.7
Materials 1.3
Total 100.0%
Top Ten Holdings % of Total
Investments
Gilead Sciences, Inc. 4.9%
AbbVie, Inc. 4.5
Cardinal Health, Inc. 3.9
International Business Machines Corp. 3.9
Seagate Technology PLC 3.4
Pfizer, Inc. 3.3
United Parcel Service, Inc., Class B 2.9
3M Co. 2.8
Eaton Corp. PLC 2.7
HP, Inc. 2.6
Total 34.9%

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
Bid/Ask Midpoint vs. NAV through March 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period June 21, 2017 (commencement of trading) through March 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
Number of Days Bid/Ask Midpoint At/Above NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 190 0 0 0
4/1/18 – 3/31/19 175 3 0 0
4/1/19 – 3/31/20 101 2 2 1
Number of Days Bid/Ask Midpoint Below NAV
For the Period 0.00%–0.49% 0.50%–0.99% 1.00%–1.99% >=2.00%
6/21/17 – 3/31/18 5 0 0 0
4/1/18 – 3/31/19 68 4 1 0
4/1/19 – 3/31/20 143 4 0 0
Page 15

Table of Contents
Notes to Fund Performance Overview (Unaudited)
Total returns for the period since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund are listed for trading as of the time that the Fund’s NAV is calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance.
Page 16

Table of Contents
First Trust Exchange-Traded Fund VI
Understanding Your Fund Expenses
March 31, 2020 (Unaudited)
As a shareholder of Developed International Equity Select ETF, Emerging Markets Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF, Small Cap US Equity Select ETF or US Equity Dividend Select 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 (in U.S. dollars) 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 March 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this six-month period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
Account Value
October 1, 2019
Ending
Account Value
March 31, 2020
Annualized
Expense Ratio
Based on the
Six-Month
Period
Expenses Paid
During the
Six-Month
Period (a)
Developed International Equity Select ETF (RNDM)
Actual $1,000.00 $814.00 0.65% $2.95
Hypothetical (5% return before expenses) $1,000.00 $1,021.75 0.65% $3.29
Emerging Markets Equity Select ETF (RNEM)
Actual $1,000.00 $772.70 0.75% $3.32
Hypothetical (5% return before expenses) $1,000.00 $1,021.25 0.75% $3.79
Large Cap US Equity Select ETF (RNLC)
Actual $1,000.00 $823.60 0.60% $2.74
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
Mid Cap US Equity Select ETF (RNMC)
Actual $1,000.00 $721.30 0.60% $2.58
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
Small Cap US Equity Select ETF (RNSC)
Actual $1,000.00 $720.20 0.60% $2.58
Hypothetical (5% return before expenses) $1,000.00 $1,022.00 0.60% $3.03
US Equity Dividend Select ETF (RNDV)
Actual $1,000.00 $797.10 0.50% $2.25
Hypothetical (5% return before expenses) $1,000.00 $1,022.50 0.50% $2.53
    
(a) Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (October 1, 2019 through March 31, 2020), multiplied by 183/366 (to reflect the six-month period).
Page 17

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) – 91.5%
    Australia – 5.0%    
1,778   AGL Energy Ltd. (b)   $18,607
1,421   ASX Ltd. (b)   66,703
10,294   Aurizon Holdings Ltd. (b)   26,678
18,767   AusNet Services (b)   19,705
4,038   Australia & New Zealand Banking Group Ltd. (b)   42,348
10,023   Bendigo & Adelaide Bank Ltd. (b)   38,507
5,327   Brambles Ltd. (b)   34,432
1,425   Commonwealth Bank of Australia (b)   53,765
14,577   Insurance Australia Group Ltd. (b)   55,000
879   Macquarie Group Ltd. (b)   46,814
3,878   National Australia Bank Ltd. (b)   39,780
23,850   Orica Ltd. (b)   223,265
9,169   QBE Insurance Group Ltd. (b)   47,761
11,263   Sonic Healthcare Ltd. (b)   169,281
8,708   Suncorp Group Ltd. (b)   48,358
7,563   Sydney Airport (b)   26,131
24,105   Tabcorp Holdings Ltd. (b)   37,305
27,235   Telstra Corp., Ltd. (b)   51,124
4,134   Transurban Group (b)   30,793
2,937   Wesfarmers Ltd. (b)   62,236
3,136   Woolworths Group Ltd. (b)   68,197
        1,206,790
    Austria – 0.2%    
175   ams AG (b) (c)   1,711
165   ANDRITZ AG (b)   5,169
453   Erste Group Bank AG (b)   8,293
330   OMV AG (b)   9,031
645   Raiffeisen Bank International AG (b)   9,278
288   voestalpine AG (b)   5,811
        39,293
    Belgium – 1.0%    
464   Ageas (b)   19,336
2,055   Anheuser-Busch InBev S.A./N.V. (b)   90,769
116   Colruyt S.A. (b)   6,288
97   Galapagos N.V. (b) (c)   19,049
268   Groupe Bruxelles Lambert S.A. (b)   21,086
396   KBC Group N.V. (b)   17,968
318   Proximus S.A.D.P. (b)   7,303
163   Solvay S.A. (b)   11,747
135   Telenet Group Holding N.V. (b)   4,054
203   UCB S.A. (b)   17,369
447   Umicore S.A. (b)   15,418
        230,387
    Bermuda – 0.6%    
4,222   CK Infrastructure Holdings Ltd. (b)   22,351
Shares   Description   Value
    Bermuda (Continued)    
5,561   Hiscox Ltd. (b)   $63,329
4,000   Hongkong Land Holdings Ltd. (b)   14,965
300   Jardine Matheson Holdings Ltd. (b)   15,100
12,101   Kerry Properties Ltd. (b)   31,644
4,000   Nine Dragons Paper Holdings Ltd. (b)   3,624
        151,013
    Canada – 4.5%    
1,634   Algonquin Power & Utilities Corp.   22,003
1,434   Bank of Montreal   72,408
1,860   Bank of Nova Scotia (The)   75,957
1,287   BCE, Inc.   52,795
1,281   Canadian Imperial Bank of Commerce   74,641
759   Canadian Utilities Ltd., Class A   18,143
510   Emera, Inc.   20,113
529   Fortis, Inc.   20,400
885   George Weston Ltd.   63,283
1,210   Hydro One Ltd. (d) (e)   21,787
1,050   Intact Financial Corp.   90,749
1,307   Loblaw Cos., Ltd.   67,379
1,691   Metro, Inc.   68,383
2,123   National Bank of Canada   82,051
1,278   Rogers Communications, Inc., Class B   53,343
1,302   Royal Bank of Canada   80,648
3,789   Shaw Communications, Inc., Class B   61,467
3,498   TELUS Corp.   55,305
1,812   Toronto-Dominion Bank (The)   77,035
        1,077,890
    Cayman Islands – 0.6%    
5,332   CK Asset Holdings Ltd. (b)   28,930
4,390   CK Hutchison Holdings Ltd. (b)   29,260
6,668   Wharf Real Estate Investment Co., Ltd. (b)   27,198
58,000   Xinyi Glass Holdings Ltd. (b)   66,228
        151,616
    Denmark – 2.3%    
24   AP Moller - Maersk A.S., Class B (b)   21,273
118   Carlsberg A.S., Class B (b)   13,284
490   Chr Hansen Holding A.S. (b)   36,159
345   Coloplast A.S., Class B (b)   50,034
1,205   Danske Bank A.S. (b)   13,411
1,624   Demant A.S. (b) (c)   35,360
284   DSV Panalpina A.S. (b)   25,824
205   Genmab A.S. (b) (c)   41,178
1,025   GN Store Nord A.S. (b)   45,447
1,254   H Lundbeck A.S. (b)   36,820
 
Page 18
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Denmark (Continued)    
1,093   ISS A.S. (b)   $14,953
809   Novo Nordisk A.S., Class B (b)   48,310
989   Novozymes A.S., Class B (b)   44,363
298   Orsted A.S. (b) (d) (e)   29,174
436   Pandora A.S. (b)   14,009
212   Royal Unibrew A.S. (b)   15,239
79   SimCorp A.S. (b)   6,587
590   Tryg A.S. (b)   14,361
455   Vestas Wind Systems A.S. (b)   37,021
        542,807
    Finland – 1.3%    
345   Elisa OYJ (b)   21,295
997   Fortum OYJ (b)   14,503
525   Huhtamaki OYJ (b)   16,809
157   Kesko OYJ, Class B (b)   8,878
368   Kone OYJ, Class B (b)   20,608
561   Metso OYJ (b)   13,220
986   Neste OYJ (b)   32,782
12,906   Nokia OYJ (b)   39,749
271   Nokian Renkaat OYJ (b)   6,471
6,862   Nordea Bank Abp (b)   38,601
1,225   Sampo OYJ, Class A (b)   35,340
2,083   Stora Enso OYJ, Class R (b)   20,828
849   UPM-Kymmene OYJ (b)   23,150
1,871   Wartsila OYJ Abp (b)   13,663
        305,897
    France – 10.5%    
1,139   Air Liquide S.A. (b)   145,391
2,164   AXA S.A. (b)   36,641
2,860   CNP Assurances (b)   27,692
2,333   Danone S.A. (b)   149,308
1,976   Eiffage S.A. (b)   140,264
2,592   Engie S.A. (b)   26,543
743   Eurazeo SE (b)   33,338
13,637   Getlink SE (b)   164,935
297   Hermes International (b)   202,082
2,870   Legrand S.A. (b)   183,054
734   L’Oreal S.A. (b)   189,967
4,775   Orange S.A. (b)   57,813
1,154   Pernod Ricard S.A. (b)   163,794
4,024   Sanofi (b)   348,377
1,131   Sodexo S.A. (b)   75,953
2,692   Suez (b)   27,349
5,498   TOTAL S.A. (b)   207,158
1,669   Veolia Environnement S.A. (b)   35,251
1,902   Vinci S.A. (b)   155,411
4,628   Vivendi S.A. (b)   97,852
401   Wendel S.A. (b)   31,821
        2,499,994
    Germany – 6.8%    
264   Allianz SE (b)   44,958
1,631   BASF SE (b)   76,236
Shares   Description   Value
    Germany (Continued)    
2,700   Bayerische Motoren Werke AG (b)   $137,833
1,612   Beiersdorf AG (b)   162,314
394   Deutsche Boerse AG (b)   54,129
3,124   Deutsche Post AG (b)   83,750
3,977   Deutsche Telekom AG (b)   51,365
1,686   Deutsche Wohnen SE (b)   63,897
3,265   E.ON SE (b)   33,491
1,230   Fraport AG Frankfurt Airport Services Worldwide (b)   49,514
364   Hannover Rueck SE (b)   51,399
1,444   HeidelbergCement AG (b)   61,692
1,921   Henkel AG & Co., KGaA (Preference Shares) (b)   153,645
538   LEG Immobilien AG (b)   60,330
1,250   Merck KGaA (b)   126,203
238   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)   47,855
1,015   RWE AG (b)   26,544
974   Siemens AG (b)   81,558
1,173   Symrise AG (b)   108,513
23,931   Telefonica Deutschland Holding AG (b)   58,753
968   Uniper SE (b)   23,777
1,213   Vonovia SE (b)   60,339
        1,618,095
    Greece – 0.0%    
551   Hellenic Telecommunications Organization S.A. (b)   6,661
538   OPAP S.A. (b)   4,053
        10,714
    Hong Kong – 2.4%    
4,066   AIA Group Ltd. (b)   36,410
3,021   CLP Holdings, Ltd. (b)   27,673
16,267   Hang Lung Properties Ltd. (b)   32,803
1,772   Hang Seng Bank Ltd. (b)   30,190
8,433   Henderson Land Development Co., Ltd. (b)   31,918
15,519   Hong Kong & China Gas Co., Ltd. (b)   25,411
1,303   Hong Kong Exchanges & Clearing Ltd. (b)   39,037
9,334   Hysan Development Co., Ltd. (b)   30,143
19,048   MTR Corp., Ltd. (b)   97,976
29,155   New World Development Co., Ltd. (b)   31,087
4,368   Power Assets Holdings Ltd. (b)   25,912
24,182   Sino Land Co., Ltd. (b)   30,435
2,500   Sun Hung Kai Properties Ltd. (b)   32,685
4,015   Swire Pacific Ltd., Class A (b)   25,558
16,933   Wharf Holdings (The) Ltd. (b)   29,760
 
See Notes to Financial Statements
Page 19

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Hong Kong (Continued)    
7,091   Wheelock & Co., Ltd. (b)   $48,048
        575,046
    Ireland – 0.7%    
2,124   Bank of Ireland Group PLC (b)   3,959
911   CRH PLC (b)   24,636
1,734   Glanbia PLC   18,876
184   Kerry Group PLC, Class A   21,349
643   Kingspan Group PLC (b)   34,673
2,398   Ryanair Holdings PLC (b) (c)   23,916
1,054   Smurfit Kappa Group PLC (b)   29,858
        157,267
    Israel – 0.4%    
170   Azrieli Group Ltd. (b)   9,720
1,693   Bank Hapoalim BM (b)   10,144
1,875   Bank Leumi Le-Israel BM (b)   10,339
52   Elbit Systems Ltd. (b)   6,738
1,614   Israel Chemicals Ltd. (b)   5,140
3,035   Israel Discount Bank Ltd., Class A (b)   8,850
537   Mizrahi Tefahot Bank Ltd. (b)   9,884
139   Nice, Ltd. (b) (c)   20,099
2,339   Teva Pharmaceutical Industries Ltd. (b) (c)   20,784
        101,698
    Italy – 2.2%    
19,473   A2A S.p.A. (b)   24,025
286   Amplifon S.p.A. (b)   5,809
1,797   Assicurazioni Generali S.p.A. (b)   24,340
759   Atlantia S.p.A. (b)   9,429
800   Buzzi Unicem S.p.A (b)   14,611
1,844   Davide Campari-Milano S.p.A. (b)   13,224
60   DiaSorin S.p.A. (b)   7,909
4,786   Enel S.p.A. (b)   33,013
3,899   Eni S.p.A. (b)   38,746
3,289   FinecoBank Banca Fineco S.p.A. (b)   29,591
8,707   Hera S.p.A. (b)   31,501
1,270   Infrastrutture Wireless Italiane S.p.A. (b) (d) (e)   13,751
14,684   Intesa Sanpaolo S.p.A. (b)   23,760
5,537   Italgas S.p.A. (b)   30,295
1,561   Leonardo S.p.A. (b)   10,320
3,188   Mediobanca Banca di Credito Finanziario S.p.A. (b)   17,385
467   Moncler S.p.A. (b)   16,970
3,063   Poste Italiane S.p.A. (b) (d) (e)   25,781
11,809   Snam S.p.A. (b)   53,971
23,099   Telecom Italia S.p.A. (b) (c)   9,350
5,564   Terna Rete Elettrica Nazionale S.p.A (b)   34,974
6,538   Unipol Gruppo S.p.A. (b)   22,296
Shares   Description   Value
    Italy (Continued)    
13,092   UnipolSai Assicurazioni S.p.A. (b)   $32,221
        523,272
    Japan – 11.3%    
10,300   ANA Holdings, Inc. (b)   250,947
12,000   Chugoku Electric Power (The) Co., Inc. (b)   167,427
11,600   Japan Airlines Co., Ltd. (b)   213,178
6,800   Japan Post Bank Co., Ltd. (b)   62,799
7,200   Japan Post Holdings Co., Ltd. (b)   56,323
40,400   Japan Tobacco, Inc. (b)   747,266
43,100   Mizuho Financial Group, Inc. (b)   49,448
2,000   MS&AD Insurance Group Holdings, Inc. (b)   55,802
45,000   Sekisui House Ltd. (b)   742,142
1,900   Sumitomo Mitsui Financial Group, Inc. (b)   46,158
1,700   Sumitomo Realty & Development Co., Ltd. (b)   41,510
4,100   West Japan Railway Co. (b)   280,419
        2,713,419
    Luxembourg – 0.5%    
1,770   ArcelorMittal S.A. (b)   16,710
7,525   Aroundtown S.A. (b)   37,666
2,736   Grand City Properties S.A. (b)   57,274
1,081   Tenaris S.A. (b)   6,521
        118,171
    Netherlands – 4.9%    
399   Aalberts N.V. (b)   9,559
1,982   ABN AMRO Bank N.V. (b) (d) (e)   16,084
24   Adyen N.V. (c) (d) (e)   20,398
8,398   Aegon N.V. (b)   20,973
279   Akzo Nobel N.V. (b)   18,350
130   Argenx SE (b) (c)   17,112
1,170   ASM International N.V. (b)   119,038
435   ASML Holding N.V. (b)   114,673
946   ASR Nederland N.V. (b)   23,786
676   Euronext N.V. (b) (d) (e)   49,776
520   EXOR N.V. (b)   26,800
935   Heineken Holding N.V. (b)   72,863
862   Heineken N.V. (b)   73,153
337   IMCD N.V. (b)   24,182
3,338   ING Groep N.V. (b)   17,104
2,256   Koninklijke Ahold Delhaize N.V. (b)   52,557
207   Koninklijke DSM N.V. (b)   23,285
10,488   Koninklijke KPN N.V. (b)   25,081
1,949   Koninklijke Philips N.V. (b)   80,021
308   Koninklijke Vopak N.V. (b)   16,173
985   NN Group N.V. (b)   26,768
1,054   OCI N.V. (b) (c)   12,595
 
Page 20
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Netherlands (Continued)    
4,300   QIAGEN N.V. (c)   $173,622
322   Randstad N.V. (b)   11,364
402   SBM Offshore N.V. (b)   5,315
1,549   Unilever N.V. (b)   76,135
773   Wolters Kluwer N.V. (b)   54,814
        1,181,581
    New Zealand – 0.3%    
1,549   a2 Milk Co., Ltd. (b) (c)   15,824
2,164   Auckland International Airport Ltd. (b)   6,448
1,979   Fisher & Paykel Healthcare Corp., Ltd. (b)   35,975
3,966   Spark New Zealand Ltd. (b)   9,653
259   Xero Ltd. (b) (c)   10,772
        78,672
    Norway – 0.6%    
276   Aker ASA, Class A (b)   6,194
1,018   Aker BP ASA (b)   12,769
835   DNB ASA (b)   9,303
1,432   Equinor ASA (b)   17,852
742   Gjensidige Forsikring ASA (b)   12,636
1,797   Leroy Seafood Group ASA (b)   8,796
471   Mowi ASA (b)   7,121
3,481   Norsk Hydro ASA (b)   7,506
1,200   Orkla ASA (b)   10,281
250   Salmar ASA (b)   8,271
610   Schibsted ASA, Class A (b)   11,749
1,311   Telenor ASA (b)   19,161
224   TOMRA Systems ASA (b)   6,255
285   Yara International ASA (b)   9,011
        146,905
    Portugal – 0.2%    
18,405   Banco Comercial Portugues S.A., Class R (b)   2,068
5,024   EDP - Energias de Portugal S.A. (b)   20,213
1,063   Galp Energia SGPS S.A. (b)   12,157
564   Jeronimo Martins SGPS S.A. (b)   10,180
        44,618
    Singapore – 1.0%    
1,500   BOC Aviation Ltd. (b) (d) (e)   9,476
8,800   CapitaLand Ltd. (b)   17,635
3,200   City Developments Ltd. (b)   16,226
4,200   ComfortDelGro Corp., Ltd. (b)   4,472
1,200   DBS Group Holdings Ltd. (b)   15,658
11,500   Genting Singapore Ltd. (b)   5,575
300   Jardine Cycle & Carriage Ltd. (b)   4,125
3,300   Keppel Corp., Ltd. (b)   12,274
2,900   Oversea-Chinese Banking Corp., Ltd. (b)   17,571
4,000   SATS Ltd. (b)   8,891
Shares   Description   Value
    Singapore (Continued)    
1,100   Singapore Airlines Ltd. (b)   $4,465
3,700   Singapore Exchange Ltd. (b)   23,830
5,100   Singapore Technologies Engineering Ltd. (b)   11,158
16,800   Singapore Telecommunications Ltd. (b)   29,950
1,200   United Overseas Bank Ltd. (b)   16,464
4,100   UOL Group Ltd. (b)   18,810
6,800   Wilmar International Ltd. (b)   15,378
        231,958
    South Korea – 4.3%    
588   Hana Financial Group, Inc. (b)   11,063
117   Hyundai Heavy Industries Holdings Co., Ltd. (b)   18,843
626   Hyundai Steel Co. (b)   9,152
1,571   Industrial Bank of Korea (b)   9,599
551   Kangwon Land, Inc. (b)   8,879
486   KB Financial Group, Inc. (b)   13,668
1,103   Korea Electric Power Corp. (b) (c)   17,224
54   Korea Zinc Co., Ltd. (b)   15,715
1,190   KT Corp., ADR   9,258
1,085   KT&G Corp. (b)   66,432
81   LG Chem Ltd. (b)   20,062
586   LG Corp. (b)   28,386
1,196   LG Uplus Corp. (b)   10,507
2,764   Mirae Asset Daewoo Co., Ltd. (b)   11,827
219   NCSoft Corp. (b)   116,881
107   POSCO (b)   14,080
457   Samsung C&T Corp. (b)   33,346
5,299   Samsung Electronics Co., Ltd. (b)   206,033
93   Samsung Fire & Marine Insurance Co., Ltd. (b)   11,762
292   Samsung Life Insurance Co., Ltd. (b)   10,219
1,365   Samsung SDS Co., Ltd. (b)   166,849
496   Shinhan Financial Group Co., Ltd. (b)   11,604
1,274   SK Holdings Co., Ltd. (b)   174,264
171   SK Innovation Co., Ltd. (b)   12,099
67   SK Telecom Co., Ltd. (b)   9,745
        1,017,497
    Spain – 2.7%    
229   Acciona S.A. (b)   24,221
608   ACS Actividades de Construccion y Servicios S.A. (b)   12,074
133   Aena SME S.A. (b) (d) (e)   14,430
928   Amadeus IT Group S.A. (b)   43,680
6,288   Banco Bilbao Vizcaya Argentaria S.A. (b)   19,471
34,097   Banco de Sabadell S.A. (b)   17,243
 
See Notes to Financial Statements
Page 21

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Spain (Continued)    
8,045   Banco Santander S.A. (b)   $19,138
17,350   Bankia S.A. (b)   18,920
5,188   Bankinter S.A. (b)   18,820
12,473   CaixaBank S.A. (b)   23,083
1,156   Cellnex Telecom S.A. (b) (d) (e)   52,439
1,737   Enagas S.A. (b)   34,266
1,530   Endesa S.A. (b)   32,375
840   Ferrovial S.A. (b)   19,939
1,084   Grifols S.A. (b)   36,268
3,873   Iberdrola S.A. (b)   37,882
2,589   Industria de Diseno Textil S.A. (b)   67,090
12,165   Mapfre S.A. (b)   20,637
1,517   Naturgy Energy Group S.A. (b)   26,614
1,982   Red Electrica Corp. S.A. (b)   35,616
1,908   Repsol S.A. (b)   17,022
2,197   Siemens Gamesa Renewable Energy S.A. (b)   32,419
6,256   Telefonica S.A. (b)   28,472
        652,119
    Sweden – 2.5%    
1,242   AAK AB (b)   20,082
1,929   Alfa Laval AB (b)   33,026
1,711   Assa Abloy AB, Class B (b)   31,942
1,272   Axfood AB (b)   25,867
1,062   Castellum AB (b)   17,906
1,016   Electrolux AB, Class B (b)   12,551
825   Essity AB, Class B (b)   25,273
1,380   Fabege AB (b)   17,607
601   Fastighets AB Balder, Class B (b) (c)   21,727
3,166   Husqvarna AB, Class B (b)   15,750
585   ICA Gruppen AB (b)   24,433
1,039   Industrivarden AB, Class C (b)   19,894
465   Investor AB, Class B (b)   20,978
1,097   Kinnevik AB, Class B (b)   17,891
604   L E Lundbergforetagen AB, Class B (b)   24,485
3,003   Nibe Industrier AB, Class B (b)   43,437
2,445   Sandvik AB (b)   34,393
2,486   Securitas AB, Class B (b)   26,706
2,475   Skandinaviska Enskilda Banken AB, Class A (b) (c)   16,575
1,880   Skanska AB, Class B (b)   28,292
2,304   SKF AB, Class B (b)   31,397
2,429   Svenska Handelsbanken AB, Class A (b) (c)   20,032
1,694   Tele2 AB, Class B (b)   22,569
5,631   Telia Co., AB (b)   20,156
2,712   Volvo AB, Class B (b)   32,235
        605,204
    Switzerland – 12.1%    
2,526   ABB Ltd. (b)   43,904
Shares   Description   Value
    Switzerland (Continued)    
897   Adecco Group AG (b)   $35,348
289   Baloise Holding AG (b)   37,677
141   Barry Callebaut AG (b)   282,219
9   Belimo Holding AG (b)   57,358
39   Chocoladefabriken Lindt & Spruengli AG (b)   327,345
55   EMS-Chemie Holding AG (b)   34,302
268   Flughafen Zurich AG (b)   29,982
104   Geberit AG (b)   45,571
12   Givaudan S.A. (b)   36,924
375   Helvetia Holding AG (b)   32,039
337   Kuehne + Nagel International AG (b)   45,906
2,686   Nestle S.A. (b)   274,960
6,641   Novartis AG (b)   547,875
672   Pargesa Holding S.A. (b)   44,368
67   Partners Group Holding AG (b)   45,873
407   PSP Swiss Property AG (b)   50,895
1,979   Roche Holding AG (b)   636,727
20   SGS S.A. (b)   46,129
108   Swiss Life Holding AG (b)   36,250
529   Swiss Prime Site AG (b)   51,488
496   Swiss Re AG (b)   38,191
58   Swisscom AG (b)   31,058
4,555   UBS Group AG (b)   41,752
135   Zurich Insurance Group AG (b)   47,426
        2,901,567
    United Kingdom – 12.6%    
4,359   Admiral Group PLC (b)   120,047
3,624   Compass Group PLC (b)   56,462
7,226   Croda International PLC (b)   381,226
6,692   Diageo PLC (b)   212,200
30,751   Direct Line Insurance Group PLC (b)   112,263
12,711   GlaxoSmithKline PLC (b)   238,511
14,780   HSBC Holdings PLC (b)   82,972
1,495   InterContinental Hotels Group PLC (b)   63,602
5,022   National Grid PLC (b)   58,678
3,925   RELX PLC (b)   83,769
13,776   Rightmove PLC (b)   83,083
27,458   Royal Dutch Shell PLC, Class A (b)   477,047
17,281   RSA Insurance Group PLC (b)   90,179
2,046   Severn Trent PLC (b)   57,916
11,320   Smith & Nephew PLC (b)   199,419
30,306   Tate & Lyle PLC (b)   246,565
4,561   Unilever PLC (b)   230,012
5,363   United Utilities Group PLC (b)   60,033
1,766   Whitbread PLC (b)   65,451
 
Page 22
See Notes to Financial Statements

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    United Kingdom (Continued)    
37,869   Wm Morrison Supermarkets PLC (b)   $82,731
        3,002,166
    Total Common Stocks   21,885,656
    (Cost $26,700,136)    
REAL ESTATE INVESTMENT TRUSTS (a) – 7.7%
    Australia – 0.6%    
9,653   Dexus (b)   53,493
18,695   GPT (The) Group (b)   41,534
29,303   Scentre Group (b)   28,067
44,810   Vicinity Centres (b)   28,031
        151,125
    Belgium – 0.1%    
981   Warehouses De Pauw CVA (b)   28,002
    Canada – 1.3%    
2,613   Allied Properties Real Estate Investment Trust   83,071
2,570   Canadian Apartment Properties REIT   77,777
6,342   First Capital Real Estate Investment Trust   61,424
6,052   H&R Real Estate Investment Trust   38,403
5,306   RioCan Real Estate Investment Trust   60,816
        321,491
    France – 0.5%    
522   Covivio (b)   29,316
352   Gecina S.A. (b)   46,319
618   ICADE (b)   48,506
        124,141
    Hong Kong – 0.3%    
58,000   Champion REIT (b)   34,831
3,400   Link REIT (b)   28,657
        63,488
    Japan – 2.6%    
20   Advance Residence Investment Corp. (b)   58,124
23   Daiwa House REIT Investment Corp. (b)   56,371
8   Daiwa Office Investment Corp. (b)   44,397
50   GLP J-REIT (b)   56,697
88   Japan Hotel REIT Investment Corp. (b)   25,689
14   Japan Prime Realty Investment Corp. (b)   42,298
10   Japan Real Estate Investment Corp. (b)   58,783
Shares   Description   Value
    Japan (Continued)    
31   Japan Retail Fund Investment Corp. (b)   $35,240
9   Nippon Building Fund, Inc. (b)   60,542
24   Nippon Prologis REIT, Inc. (b)   60,386
36   Nomura Real Estate Master Fund, Inc. (b)   45,789
30   Orix JREIT, Inc. (b)   39,458
34   United Urban Investment Corp. (b)   34,016
        617,790
    Multinational – 0.1%    
240   Unibail-Rodamco-Westfield (b)   13,758
    Singapore – 0.4%    
10,000   Ascendas Real Estate Investment Trust (b)   19,800
15,000   CapitaLand Commercial Trust (b)   16,096
11,800   CapitaLand Mall Trust (b)   14,796
13,600   Mapletree Commercial Trust (b)   17,443
19,200   Mapletree Logistics Trust (b)   21,267
16,300   Suntec Real Estate Investment Trust (b)   14,255
        103,657
    Spain – 0.2%    
2,715   Inmobiliaria Colonial Socimi S.A. (b)   25,593
2,347   Merlin Properties Socimi S.A. (b)   17,712
        43,305
    United Kingdom – 1.6%    
2,739   Derwent London PLC (b)   110,643
10,779   Land Securities Group PLC (b)   74,331
11,385   Segro PLC (b)   107,627
8,454   UNITE Group (The) PLC (b)   84,366
        376,967
    Total Real Estate Investment Trusts   1,843,724
    (Cost $2,454,014)    
    Total Investments – 99.2%   23,729,380
    (Cost $29,154,150) (f)    
    Net Other Assets and Liabilities – 0.8%   199,834
    Net Assets – 100.0%   $23,929,214
    

(a) Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.
 
See Notes to Financial Statements
Page 23

Table of Contents
Developed International Equity Select ETF (RNDM)
Portfolio of Investments (Continued)
March 31, 2020
(b) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940, as amended. At March 31, 2020, securities noted as such are valued at $22,086,496 or 92.3% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded.
(c) Non-income producing security.
(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(e) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(f) Aggregate cost for federal income tax purposes was $29,282,194. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $742,047 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $6,294,861. The net unrealized depreciation was $5,552,814.
    
ADR American Depositary Receipt

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Canada $1,077,890 $1,077,890 $ $
Ireland 157,267 40,225 117,042
Netherlands 1,181,581 194,020 987,561
South Korea 1,017,497 9,258 1,008,239
Other Country Categories* 18,451,421 18,451,421
Real Estate Investment Trusts:        
Canada 321,491 321,491
Other Country Categories* 1,522,233 1,522,233
Total Investments $23,729,380 $1,642,884 $22,086,496 $
    
* See Portfolio of Investments for country breakout.
    
Currency Exposure
Diversification
% of Total
Investments
Euro 31.8%
British Pound Sterling 14.5
Japanese Yen 14.0
Swiss Franc 12.2
Canadian Dollar 5.9
Australian Dollar 5.8
South Korean Won 4.3
Hong Kong Dollar 3.6
Swedish Krona 2.7
Danish Krone 2.3
Singapore Dollar 1.4
Norwegian Krone 0.6
Israeli Shekel 0.4
New Zealand Dollar 0.3
United States Dollar 0.2
Total 100.0%
 
Page 24
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) – 98.5%
    Bermuda – 0.2%    
38,000   Beijing Enterprises Water Group Ltd. (b)   $14,732
    Brazil – 11.1%    
28,862   Ambev S.A.   66,210
34,349   Atacadao S.A.   136,375
12,691   BB Seguridade Participacoes S.A.   60,694
2,220   Cia de Saneamento do Parana   10,190
2,524   Cia de Transmissao de Energia Electrica Paulista (Preference Shares)   9,215
3,181   EDP - Energias do Brasil S.A.   9,966
5,364   Embraer S.A. (c)   9,848
1,248   Energisa S.A.   9,079
2,033   Eneva S.A. (c)   13,596
1,404   Engie Brasil Energia S.A.   10,516
3,108   Equatorial Energia S.A.   10,527
1,875   Fleury S.A.   7,304
1,477   Hypera S.A.   8,127
9,353   Iguatemi Empresa de Shopping Centers S.A.   56,250
12,691   Itau Unibanco Holding S.A. (Preference Shares)   56,395
33,730   Itausa - Investimentos Itau S.A. (Preference Shares)   56,930
33,757   Klabin S.A.   103,881
15,409   Multiplan Empreendimentos Imobiliarios S.A.   56,582
3,065   Odontoprev S.A.   8,541
7,549   Porto Seguro S.A.   65,261
3,921   Rumo S.A. (c)   14,828
1,013   Telefonica Brasil S.A. (Preference Shares)   9,640
4,673   TIM Participacoes S.A.   11,188
2,165   Transmissora Alianca de Energia Eletrica S.A.   10,762
3,965   WEG S.A.   25,616
        837,521
    Cayman Islands – 1.4%    
171,000   Zhenro Properties Group Ltd. (b) (d)   106,789
    Chile – 1.2%    
177,384   Banco de Chile   14,321
352,558   Banco Santander Chile   13,165
7,477   Cencosud S.A.   7,776
3,839   Empresas CMPC S.A. (b)   8,178
1,303   Empresas COPEC S.A. (b)   7,463
178,674   Enel Americas S.A. (b)   21,772
1,113   Latam Airlines Group S.A. (b)   2,839
2,202   SACI Falabella (b)   4,840
Shares   Description   Value
    Chile (Continued)    
324   Sociedad Quimica y Minera de Chile S.A., Class B (Preference Shares) (b)   $7,373
        87,727
    China – 19.3%    
286,094   Agricultural Bank of China Ltd., Class H (b)   114,227
285,194   Bank of China Ltd., Class H (b)   108,563
171,897   Bank of Communications Co., Ltd., Class H (b)   104,696
76,197   CGN Power Co., Ltd., Class H (b) (d) (e)   17,359
210,200   China CITIC Bank Corp., Ltd., Class H (b)   103,369
60,800   China Communications Construction Co., Ltd., Class H (b)   41,907
146,598   China Construction Bank Corp., Class H (b)   119,162
164,598   China Minsheng Banking Corp., Ltd., Class H (b)   121,744
175,998   China Petroleum & Chemical Corp., Class H (b)   85,994
26,000   China Shenhua Energy Co., Ltd., Class H (b)   49,126
181,994   China Telecom Corp., Ltd., Class H (b)   55,141
68,200   CRRC Corp., Ltd., Class H (b)   34,367
40,800   Huaneng Power International, Inc., Class H (b)   15,215
167,398   Industrial & Commercial Bank of China Ltd., Class H (b)   114,195
280,000   People’s Insurance Co Group of China (The) Ltd., Class H (b)   91,716
203,600   PetroChina Co., Ltd., Class H (b)   73,793
9,600   Ping An Insurance Group Co. of China Ltd., Class H (b)   93,756
183,400   Postal Savings Bank of China Co., Ltd., Class H (b) (d) (e)   111,661
        1,455,991
    Colombia – 0.3%    
3,349   Bancolombia S.A. (Preference Shares)   22,673
    Egypt – 0.2%    
4,385   Commercial International Bank Egypt SAE (b)   16,188
    Hong Kong – 3.4%    
10,400   Beijing Enterprises Holdings Ltd. (b)   37,955
33,100   BOC Hong Kong Holdings Ltd. (b)   90,860
32,000   China Merchants Port Holdings Co., Ltd. (b)   36,352
 
See Notes to Financial Statements
Page 25

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Hong Kong (Continued)    
9,900   China Mobile Ltd. (b)   $74,193
10,400   Guangdong Investment Ltd. (b)   19,958
        259,318
    Hungary – 0.4%    
1,643   MOL Hungarian Oil & Gas PLC (b)   9,641
715   OTP Bank Nyrt (b)   20,509
        30,150
    India – 20.6%    
5,970   Asian Paints Ltd. (b)   131,505
1,186   Bajaj Auto Ltd. (b)   31,620
1,186   Britannia Industries Ltd. (b)   41,946
4,076   Cipla Ltd. (b)   22,646
2,321   Colgate-Palmolive India Ltd. (b)   38,294
7,804   Dabur India Ltd. (b)   46,352
642   Dr Reddy’s Laboratories Ltd. (b)   26,138
8,410   HCL Technologies Ltd. (b)   48,512
16,994   HDFC Bank Ltd. (b)   193,666
1,761   Hindustan Unilever Ltd. (b)   53,406
10,550   Housing Development Finance Corp., Ltd. (b)   227,715
5,640   Infosys Ltd. (b)   46,727
13,432   ITC Ltd. (b)   30,289
12,684   Kotak Mahindra Bank Ltd. (b)   216,501
7,136   Larsen & Toubro Ltd. (b)   76,084
2,424   Lupin Ltd. (b)   18,838
8,853   Marico Ltd. (b)   32,043
251   Nestle India Ltd. (b)   54,270
12,861   NTPC Ltd. (b)   14,305
5,824   Petronet LNG Ltd. (b)   15,377
7,592   Power Grid Corp. of India Ltd. (b)   15,948
2,164   Tata Consultancy Services Ltd. (b)   52,059
6,360   Tech Mahindra Ltd. (b)   47,375
1,040   Torrent Pharmaceuticals Ltd. (b)   26,989
18,949   Wipro Ltd. (b)   49,295
        1,557,900
    Indonesia – 2.6%    
83,780   Adaro Energy Tbk PT (b)   5,006
56,381   Astra International Tbk PT (b)   13,405
20,002   Bank Central Asia Tbk PT (b)   33,702
87,036   Bank Mandiri Persero Tbk PT (b)   24,745
82,595   Bank Negara Indonesia Persero Tbk PT (b)   19,263
147,348   Bank Rakyat Indonesia Persero Tbk PT (b)   27,024
148,514   Barito Pacific Tbk PT (b) (c)   6,508
7,105   Gudang Garam Tbk PT (b)   17,851
33,702   Perusahaan Gas Negara Tbk PT (b)   1,588
Shares   Description   Value
    Indonesia (Continued)    
12,730   Semen Indonesia Persero Tbk PT (b)   $5,913
163,114   Telekomunikasi Indonesia Persero Tbk PT (b)   31,680
7,146   United Tractors Tbk PT (b)   7,359
30,791   Vale Indonesia Tbk PT (b) (c)   4,055
        198,099
    Isle Of Man (U.K.) – 0.1%    
2,179   NEPI Rockcastle PLC (b)   9,086
    Luxembourg – 0.1%    
754   PLAY Communications S.A. (b) (d) (e)   5,287
    Malaysia – 2.3%    
6,300   Axiata Group Bhd (b)   4,780
23,100   CIMB Group Holdings Bhd (b)   19,222
12,400   Dialog Group Bhd (b)   8,712
6,200   Genting Bhd (b)   5,363
11,700   Genting Malaysia Bhd (b)   5,427
16,400   IHH Healthcare Bhd (b)   19,480
13,600   Malayan Banking Bhd (b)   23,464
11,800   Petronas Chemicals Group Bhd (b)   13,763
5,800   Public Bank Bhd (b)   21,337
20,600   RHB Bank Bhd (b)   22,415
7,500   Telekom Malaysia Bhd (b)   6,531
9,000   Tenaga Nasional Bhd (b)   25,048
        175,542
    Mexico – 3.7%    
13,264   Alfa S.A.B. de C.V., Class A   3,545
96,536   America Movil S.A.B. de C.V., Series L   57,378
4,101   Arca Continental S.A.B. de C.V.   16,553
29,891   Cemex S.A.B. de C.V., Series CPO   6,262
2,416   Fomento Economico Mexicano S.A.B. de C.V.   14,689
2,166   Gruma S.A.B. de C.V., Class B   16,661
1,963   Grupo Aeroportuario del Centro Norte S.A.B. de C.V.   6,643
1,210   Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B   6,542
762   Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B   7,183
12,156   Grupo Bimbo S.A.B. de C.V., Series A   17,827
10,334   Grupo Financiero Banorte, S.A.B. de C.V., Class O   28,315
5,125   Grupo Mexico S.A.B. de C.V., Series B   9,504
17,040   Grupo Televisa S.A.B., Series CPO   19,832
900   Industrias Penoles S.A.B. de C.V.   6,048
 
Page 26
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Mexico (Continued)    
1,686   Infraestructura Energetica Nova S.A.B. de C.V.   $5,175
11,040   Kimberly-Clark de Mexico S.A.B. de C.V., Class A   16,782
6,140   Orbia Advance Corp S.A.B. de C.V.   6,771
1,299   Promotora y Operadora de Infraestructura S.A.B. de C.V. (c)   8,716
11,274   Wal-Mart de Mexico S.A.B. de C.V.   26,561
        280,987
    Netherlands – 0.1%    
371   X5 Retail Group N.V., GDR (b) (d)   9,913
    Philippines – 1.7%    
1,550   Ayala Corp. (b)   14,172
27,710   Ayala Land, Inc. (b)   16,352
14,740   Bank of the Philippine Islands (b)   17,932
9,590   BDO Unibank, Inc. (b)   19,386
6,860   Jollibee Foods Corp. (b)   14,279
1,570   SM Investments Corp. (b)   25,116
36,800   SM Prime Holdings, Inc. (b)   20,437
        127,674
    Poland – 1.3%    
925   Bank Polska Kasa Opieki S.A. (b)   12,398
324   CD Projekt S.A. (b)   22,314
305   Dino Polska S.A. (b) (c) (d) (e)   11,864
464   Grupa Lotos S.A. (b)   5,791
375   KGHM Polska Miedz S.A. (b) (c)   5,360
416   Polski Koncern Naftowy ORLEN S.A. (b)   5,567
8,728   Polskie Gornictwo Naftowe i Gazownictwo S.A. (b)   7,208
2,409   Powszechna Kasa Oszczednosci Bank Polski S.A. (b)   13,076
2,534   Powszechny Zaklad Ubezpieczen S.A. (b)   19,035
        102,613
    Russia – 2.1%    
28,043   Alrosa PJSC (b)   22,574
205,089   Inter RAO UES PJSC (b)   12,616
237   Magnit PJSC (b)   9,540
125   MMC Norilsk Nickel PJSC (b)   30,297
4,000   Mobile TeleSystems PJSC (b)   15,082
4,931   Moscow Exchange MICEX-RTS PJSC (b)   6,055
2,239   Severstal PJSC (b)   24,297
Shares   Description   Value
    Russia (Continued)    
5,436   Tatneft PJSC (b)   $37,568
        158,029
    South Africa – 2.7%    
1,892   Absa Group Ltd. (b)   7,871
816   Bid Corp., Ltd. (b)   9,618
877   Bidvest Group (The) Ltd. (b)   7,150
225   Capitec Bank Holdings Ltd. (b)   11,068
1,223   Clicks Group Ltd. (b)   17,628
2,536   Discovery Ltd. (b)   11,058
4,650   FirstRand Ltd. (b)   10,435
1,608   Foschini Group (The) Ltd. (b)   6,005
6,654   Life Healthcare Group Holdings Ltd.   6,868
2,027   MTN Group Ltd. (b)   5,435
1,275   Nedbank Group Ltd. (b)   5,925
14,960   Old Mutual Ltd. (b)   9,925
1,370   PSG Group Ltd. (b)   9,866
1,772   Remgro Ltd. (b)   12,115
3,851   RMB Holdings Ltd. (b)   10,530
3,878   Sanlam Ltd. (b)   11,043
1,376   SPAR Group (The) Ltd. (b)   13,928
1,655   Standard Bank Group Ltd. (b)   9,472
2,765   Telkom S.A. SOC Ltd. (b)   3,147
814   Tiger Brands Ltd. (b)   8,432
1,634   Vodacom Group Ltd. (b)   10,678
4,772   Woolworths Holdings Ltd. (b)   7,355
        205,552
    Taiwan – 17.2%    
19,418   Cathay Financial Holding Co., Ltd. (b)   22,600
36,684   Chang Hwa Commercial Bank Ltd. (b)   23,159
36,797   Cheng Shin Rubber Industry Co., Ltd. (b)   37,359
32,285   China Life Insurance Co., Ltd. (b) (c)   17,857
72,294   China Steel Corp. (b)   45,286
13,059   Chunghwa Telecom Co., Ltd. (b)   46,298
510,136   Compal Electronics, Inc. (b)   291,183
38,554   CTBC Financial Holding Co., Ltd. (b)   22,702
30,256   E. Sun Financial Holding Co., Ltd. (b)   24,152
101,284   Eva Airways Corp. (b)   29,554
36,432   First Financial Holding Co., Ltd. (b)   23,542
19,178   Formosa Chemicals & Fibre Corp. (b)   42,232
17,827   Fubon Financial Holding Co., Ltd. (b)   22,035
37,910   Hua Nan Financial Holdings Co., Ltd. (b)   22,553
27,625   Mega Financial Holding Co., Ltd. (b)   25,940
 
See Notes to Financial Statements
Page 27

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Taiwan (Continued)    
23,856   Nan Ya Plastics Corp. (b)   $42,921
42,397   Pou Chen Corp. (b)   35,835
161,333   Quanta Computer, Inc. (b)   319,463
65,637   SinoPac Financial Holdings Co., Ltd. (b)   23,918
57,343   Taishin Financial Holding Co., Ltd. (b)   22,075
62,291   Taiwan Business Bank (b)   19,825
38,742   Taiwan Cooperative Financial Holding Co., Ltd. (b)   23,396
12,942   Taiwan Mobile Co., Ltd. (b)   42,732
22,531   Uni-President Enterprises Corp. (b)   48,766
42,930   Yuanta Financial Holding Co., Ltd. (b)   21,918
        1,297,301
    Thailand – 5.5%    
5,700   Advanced Info Service PCL (b)   35,186
20,100   Airports of Thailand PCL   31,083
1,200   Bangkok Bank PCL (b)   3,664
2,100   Bangkok Bank PCL (b)   6,408
21,500   Bangkok Dusit Medical Services PCL, Class F   12,382
55,500   BTS Group Holdings PCL   15,390
4,100   Bumrungrad Hospital PCL   14,242
8,500   Central Pattana PCL   11,073
19,600   Charoen Pokphand Foods PCL   14,513
9,200   CP ALL PCL (b)   17,082
2,100   Electricity Generating PCL   14,782
43,500   Home Product Center PCL   14,713
7,200   Intouch Holdings PCL, Class F (b)   11,790
3,700   Kasikornbank PCL (b)   10,165
8,800   Kiatnakin Bank PCL   10,458
33,700   Krung Thai Bank PCL   11,706
60,400   Land & Houses PCL   12,331
19,800   Minor International PCL   10,136
53,800   PTT PCL (b)   50,821
10,400   Ratch Group PCL   18,063
3,700   Siam Cement (The) PCL (b)   36,461
4,900   Siam Commercial Bank (The) PCL   10,340
30,800   Thai Union Group PCL, Class F   12,952
10,200   Thanachart Capital PCL   10,334
5,700   Tisco Financial Group PCL   12,115
121,900   WHA Corp. PCL   8,172
        416,362
    Turkey – 1.0%    
5,488   Akbank T.A.S. (b) (c)   4,608
2,278   Arcelik A.S. (b) (c)   4,640
841   Aselsan Elektronik Sanayi Ve Ticaret A.S. (b)   2,981
996   BIM Birlesik Magazalar A.S.   7,553
Shares   Description   Value
    Turkey (Continued)    
4,413   Eregli Demir ve Celik Fabrikalari T.A.S. (b)   $5,000
4,657   Haci Omer Sabanci Holding A.S. (b)   5,251
3,268   KOC Holding A.S. (b)   6,608
431   Tupras Turkiye Petrol Rafinerileri A.S. (b) (c)   4,905
3,947   Turk Hava Yollari AO (b) (c)   5,394
3,485   Turkcell Iletisim Hizmetleri A.S. (b)   6,473
4,365   Turkiye Garanti Bankasi A.S. (b) (c)   5,353
7,107   Turkiye Is Bankasi A.S., Class C (b) (c)   5,072
7,686   Turkiye Sise ve Cam Fabrikalari A.S.   4,812
8,603   Turkiye Vakiflar Bankasi TAO, Class D (b) (c)   6,007
        74,657
    Total Common Stocks   7,450,091
    (Cost $9,877,085)    
REAL ESTATE INVESTMENT TRUSTS (a) – 0.6%
    Mexico – 0.4%    
38,007   Fibra Uno Administracion S.A. de C.V.   29,832
    South Africa – 0.2%    
12,519   Growthpoint Properties Ltd. (b)   8,961
36,933   Redefine Properties Ltd. (b)   4,886
        13,847
    Total Real Estate Investment Trusts   43,679
    (Cost $104,361)    
    Total Investments – 99.1%   7,493,770
    (Cost $9,981,446) (f)    
    Net Other Assets and Liabilities – 0.9%   66,770
    Net Assets – 100.0%   $7,560,540
    

(a) Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview.
 
Page 28
See Notes to Financial Statements

Table of Contents
Emerging Markets Equity Select ETF (RNEM)
Portfolio of Investments (Continued)
March 31, 2020
(b) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940, as amended. At March 31, 2020, securities noted as such are valued at $6,023,477 or 79.7% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded.
(c) Non-income producing security.
(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(e) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(f) Aggregate cost for federal income tax purposes was $10,028,714. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $85,285 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $2,620,229. The net unrealized depreciation was $2,534,944.
    
GDR Global Depositary Receipt

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:        
Brazil $837,521 $837,521 $ $
Chile 87,727 35,262 52,465
Colombia 22,673 22,673
Mexico 280,987 280,987
South Africa 205,552 6,868 198,684
Turkey 74,657 12,365 62,292
Other Country Categories* 5,940,974 5,940,974
Real Estate Investment Trusts:        
Mexico 29,832 29,832
South Africa 13,847 13,847
Total Investments $7,493,770 $1,225,508 $6,268,262 $
    
* See Portfolio of Investments for country breakout.
    
Currency Exposure
Diversification
% of Total
Investments
Hong Kong Dollar 24.5%
Indian Rupee 20.8
New Taiwan Dollar 17.3
Brazilian Real 11.2
Thai Baht 5.6
Mexican Peso 4.2
South African Rand 3.1
Indonesian Rupiah 2.6
Malaysian Ringgit 2.3
Russian Ruble 2.1
Philippine Peso 1.7
Polish Zloty 1.4
Chilean Peso 1.2
Turkish Lira 1.0
Hungarian Forint 0.4
Colombian Peso 0.3
Egyptian Pound 0.2
United States Dollar 0.1
Total 100.0%
 
See Notes to Financial Statements
Page 29

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 93.9%
    Aerospace & Defense – 2.0%    
1,132   Arconic, Inc.   $18,180
107   Boeing (The) Co.   15,958
198   General Dynamics Corp.   26,197
305   HEICO Corp.   22,756
632   L3Harris Technologies, Inc.   113,836
89   Lockheed Martin Corp.   30,167
101   Northrop Grumman Corp.   30,557
781   Textron, Inc.   20,829
233   United Technologies Corp.   21,979
        300,459
    Air Freight & Logistics – 0.8%    
446   CH Robinson Worldwide, Inc.   29,525
447   Expeditors International of Washington, Inc.   29,824
230   FedEx Corp.   27,890
298   United Parcel Service, Inc., Class B   27,839
        115,078
    Airlines – 0.7%    
2,246   American Airlines Group, Inc.   27,379
1,101   Delta Air Lines, Inc.   31,411
1,193   Southwest Airlines Co.   42,483
        101,273
    Auto Components – 0.1%    
432   Aptiv PLC   21,272
    Automobiles – 0.3%    
4,415   Ford Motor Co.   21,325
1,122   General Motors Co.   23,315
        44,640
    Banks – 2.0%    
1,021   Bank of America Corp.   21,676
450   Citigroup, Inc.   18,954
885   Citizens Financial Group, Inc.   16,647
501   Comerica, Inc.   14,699
1,170   Fifth Third Bancorp   17,374
306   First Republic Bank   25,178
2,385   Huntington Bancshares, Inc.   19,581
258   JPMorgan Chase & Co.   23,228
1,777   KeyCorp   18,427
212   M&T Bank Corp.   21,927
225   PNC Financial Services Group (The), Inc.   21,537
2,096   Regions Financial Corp.   18,801
638   Truist Financial Corp.   19,676
606   US Bancorp   20,877
668   Wells Fargo & Co.   19,172
        297,754
    Beverages – 1.1%    
607   Brown-Forman Corp., Class B   33,694
742   Coca-Cola (The) Co.   32,833
Shares   Description   Value
    Beverages (Continued)    
216   Constellation Brands, Inc., Class A   $30,966
762   Molson Coors Brewing Co., Class B   29,726
300   PepsiCo, Inc.   36,030
        163,249
    Biotechnology – 1.6%    
986   AbbVie, Inc.   75,123
362   Amgen, Inc.   73,388
1,343   Gilead Sciences, Inc.   100,403
        248,914
    Building Products – 0.8%    
280   Allegion PLC   25,766
856   Johnson Controls International PLC   23,078
143   Lennox International, Inc.   25,996
726   Masco Corp.   25,098
338   Trane Technologies PLC   27,915
        127,853
    Capital Markets – 4.5%    
216   Ameriprise Financial, Inc.   22,136
714   Bank of New York Mellon (The) Corp.   24,048
72   BlackRock, Inc.   31,678
643   Blackstone Group (The), Inc., Class A   29,301
300   Cboe Global Markets, Inc.   26,775
756   Charles Schwab (The) Corp.   25,417
179   CME Group, Inc.   30,951
793   E*TRADE Financial Corp.   27,216
240   FactSet Research Systems, Inc.   62,563
1,384   Franklin Resources, Inc.   23,099
156   Goldman Sachs Group (The), Inc.   24,116
389   Intercontinental Exchange, Inc.   31,412
1,233   KKR & Co., Inc., Class A   28,939
95   MarketAxess Holdings, Inc.   31,594
151   Moody’s Corp.   31,936
703   Morgan Stanley   23,902
139   MSCI, Inc.   40,165
336   Nasdaq, Inc.   31,903
338   Northern Trust Corp.   25,505
402   Raymond James Financial, Inc.   25,406
132   S&P Global, Inc.   32,347
455   State Street Corp.   24,238
295   T Rowe Price Group, Inc.   28,807
        683,454
    Chemicals – 1.3%    
77   Air Products & Chemicals, Inc.   15,370
148   Celanese Corp.   10,862
381   CF Industries Holdings, Inc.   10,363
1,389   Corteva, Inc.   32,641
 
Page 30
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals (Continued)    
332   Dow, Inc.   $9,708
283   DuPont de Nemours, Inc.   9,650
230   Eastman Chemical Co.   10,713
94   Ecolab, Inc.   14,648
182   FMC Corp.   14,868
141   International Flavors & Fragrances, Inc.   14,393
193   LyondellBasell Industries N.V., Class A   9,579
841   Mosaic (The) Co.   9,100
136   PPG Industries, Inc.   11,370
60   Sherwin-Williams (The) Co.   27,571
        200,836
    Commercial Services &
Supplies – 1.0%
   
129   Cintas Corp.   22,346
389   Republic Services, Inc.   29,198
1,942   Rollins, Inc.   70,184
306   Waste Management, Inc.   28,323
        150,051
    Communications Equipment – 1.4%    
2,607   Cisco Systems, Inc.   102,481
776   Motorola Solutions, Inc.   103,146
        205,627
    Construction & Engineering – 0.2%    
388   Jacobs Engineering Group, Inc.   30,757
    Construction Materials – 0.3%    
125   Martin Marietta Materials, Inc.   23,654
242   Vulcan Materials Co.   26,153
        49,807
    Consumer Finance – 0.6%    
1,177   Ally Financial, Inc.   16,984
289   American Express Co.   24,741
349   Capital One Financial Corp.   17,597
424   Discover Financial Services   15,124
999   Synchrony Financial   16,074
        90,520
    Containers & Packaging – 0.4%    
139   Avery Dennison Corp.   14,160
539   Ball Corp.   34,852
395   International Paper Co.   12,296
        61,308
    Distributors – 0.2%    
387   Genuine Parts Co.   26,057
Shares   Description   Value
    Diversified Financial Services – 0.1%    
1,451   Equitable Holdings, Inc.   $20,967
    Diversified Telecommunication
Services – 2.4%
   
3,882   AT&T, Inc.   113,160
11,485   CenturyLink, Inc.   108,648
2,471   Verizon Communications, Inc.   132,767
        354,575
    Electric Utilities – 1.8%    
418   Alliant Energy Corp.   20,185
242   American Electric Power Co., Inc.   19,355
251   Duke Energy Corp.   20,301
304   Edison International   16,656
191   Entergy Corp.   17,948
352   Evergy, Inc.   19,378
269   Eversource Energy   21,039
502   Exelon Corp.   18,479
471   FirstEnergy Corp.   18,873
95   NextEra Energy, Inc.   22,859
255   Pinnacle West Capital Corp.   19,326
638   PPL Corp.   15,746
359   Southern (The) Co.   19,436
360   Xcel Energy, Inc.   21,708
        271,289
    Electrical Equipment – 0.7%    
349   AMETEK, Inc.   25,135
368   Eaton Corp. PLC   28,590
457   Emerson Electric Co.   21,776
172   Rockwell Automation, Inc.   25,957
        101,458
    Electronic Equipment,
Instruments & Components – 1.4%
   
322   Amphenol Corp., Class A   23,468
875   CDW Corp.   81,611
4,295   Corning, Inc.   88,219
364   TE Connectivity Ltd.   22,925
        216,223
    Energy Equipment &
Services – 0.3%
   
1,528   Baker Hughes Co.   16,044
1,600   Halliburton Co.   10,960
974   Schlumberger Ltd.   13,139
        40,143
    Entertainment – 0.6%    
691   Activision Blizzard, Inc.   41,101
445   Walt Disney (The) Co.   42,987
        84,088
 
See Notes to Financial Statements
Page 31

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Food & Staples Retailing – 1.8%    
219   Costco Wholesale Corp.   $62,444
2,222   Kroger (The) Co.   66,927
753   Sysco Corp.   34,359
1,092   Walgreens Boots Alliance, Inc.   49,959
542   Walmart, Inc.   61,582
        275,271
    Food Products – 3.1%    
886   Archer-Daniels-Midland Co.   31,169
831   Campbell Soup Co.   38,359
1,199   Conagra Brands, Inc.   35,179
767   General Mills, Inc.   40,475
279   Hershey (The) Co.   36,967
910   Hormel Foods Corp.   42,442
394   JM Smucker (The) Co.   43,734
594   Kellogg Co.   35,634
1,278   Kraft Heinz (The) Co.   31,618
477   Lamb Weston Holdings, Inc.   27,237
242   McCormick & Co., Inc.   34,173
745   Mondelez International, Inc., Class A   37,310
451   Tyson Foods, Inc., Class A   26,099
        460,396
    Gas Utilities – 0.1%    
205   Atmos Energy Corp.   20,342
    Health Care Equipment &
Supplies – 5.6%
   
1,005   Abbott Laboratories   79,305
1,044   Baxter International, Inc.   84,762
321   Becton Dickinson and Co.   73,756
272   Cooper (The) Cos., Inc.   74,982
227   Danaher Corp.   31,419
1,542   DENTSPLY SIRONA, Inc.   59,876
769   Medtronic PLC   69,348
563   ResMed, Inc.   82,924
416   Stryker Corp.   69,260
232   Teleflex, Inc.   67,944
581   West Pharmaceutical Services, Inc.   88,457
583   Zimmer Biomet Holdings, Inc.   58,930
        840,963
    Health Care Providers &
Services – 4.9%
   
758   AmerisourceBergen Corp.   67,083
289   Anthem, Inc.   65,615
1,726   Cardinal Health, Inc.   82,744
427   Cigna Corp.   75,656
867   CVS Health Corp.   51,439
590   HCA Healthcare, Inc.   53,011
238   Humana, Inc.   74,737
466   McKesson Corp.   63,031
817   Quest Diagnostics, Inc.   65,605
Shares   Description   Value
    Health Care Providers &
Services (Continued)
   
297   UnitedHealth Group, Inc.   $74,066
608   Universal Health Services, Inc., Class B   60,241
        733,228
    Health Care Technology – 0.7%    
1,703   Cerner Corp.   107,272
    Hotels, Restaurants &
Leisure – 3.6%
   
1,267   Carnival Corp.   16,686
591   Darden Restaurants, Inc.   32,186
219   Domino’s Pizza, Inc.   70,971
581   Hilton Worldwide Holdings, Inc.   39,647
933   Las Vegas Sands Corp.   39,625
425   Marriott International, Inc., Class A   31,794
326   McDonald’s Corp.   53,904
1,936   MGM Resorts International   22,845
482   Royal Caribbean Cruises Ltd.   15,506
733   Starbucks Corp.   48,187
269   Vail Resorts, Inc.   39,734
464   Wynn Resorts Ltd.   27,928
1,342   Yum China Holdings, Inc.   57,210
639   Yum! Brands, Inc.   43,791
        540,014
    Household Durables – 0.6%    
778   DR Horton, Inc.   26,452
421   Garmin Ltd.   31,558
736   Lennar Corp., Class A   28,115
        86,125
    Household Products – 1.3%    
584   Church & Dwight Co., Inc.   37,481
267   Clorox (The) Co.   46,258
596   Colgate-Palmolive Co.   39,551
299   Kimberly-Clark Corp.   38,233
329   Procter & Gamble (The) Co.   36,190
        197,713
    Independent Power &
Renewable Electricity Producers – 0.2%
   
1,150   AES Corp.   15,640
996   Vistra Energy Corp.   15,896
        31,536
    Industrial Conglomerates – 0.7%    
198   3M Co.   27,029
3,122   General Electric Co.   24,789
197   Honeywell International, Inc.   26,357
 
Page 32
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Industrial
Conglomerates (Continued)
   
98   Roper Technologies, Inc.   $30,557
        108,732
    Insurance – 3.6%    
680   Aflac, Inc.   23,283
320   Allstate (The) Corp.   29,354
701   American International Group, Inc.   16,999
378   Arthur J. Gallagher & Co.   30,811
911   Brown & Brown, Inc.   32,996
231   Chubb Ltd.   25,800
342   Cincinnati Financial Corp.   25,804
217   Erie Indemnity Co., Class A   32,168
130   Everest Re Group Ltd.   25,015
793   Fidelity National Financial, Inc.   19,730
342   Globe Life, Inc.   24,614
592   Hartford Financial Services Group (The), Inc.   20,862
609   Lincoln National Corp.   16,029
685   Loews Corp.   23,859
323   Marsh & McLennan Cos., Inc.   27,927
706   MetLife, Inc.   21,582
654   Principal Financial Group, Inc.   20,496
497   Progressive (The) Corp.   36,698
384   Prudential Financial, Inc.   20,022
221   Reinsurance Group of America, Inc.   18,595
263   Travelers (The) Cos., Inc.   26,129
520   WR Berkley Corp.   27,128
        545,901
    Internet & Direct Marketing
Retail – 0.6%
   
1,784   eBay, Inc.   53,627
596   Expedia Group, Inc.   33,537
        87,164
    IT Services – 4.3%    
165   Accenture PLC, Class A   26,938
204   Automatic Data Processing, Inc.   27,883
490   Booz Allen Hamilton Holding Corp.   33,634
282   Broadridge Financial Solutions, Inc.   26,742
2,016   Cognizant Technology Solutions Corp., Class A   93,683
3,326   DXC Technology Co.   43,404
250   Fidelity National Information Services, Inc.   30,410
191   Global Payments, Inc.   27,548
933   International Business Machines Corp.   103,498
239   Jack Henry & Associates, Inc.   37,102
1,277   Leidos Holdings, Inc.   117,037
120   Mastercard, Inc., Class A   28,987
Shares   Description   Value
    IT Services (Continued)    
410   Paychex, Inc.   $25,797
191   Visa, Inc., Class A   30,774
        653,437
    Leisure Products – 0.2%    
389   Hasbro, Inc.   27,833
    Life Sciences Tools &
Services – 0.9%
   
408   Agilent Technologies, Inc.   29,221
359   PerkinElmer, Inc.   27,026
269   Thermo Fisher Scientific, Inc.   76,288
        132,535
    Machinery – 2.0%    
236   Caterpillar, Inc.   27,386
195   Cummins, Inc.   26,387
201   Deere & Co.   27,770
302   Dover Corp.   25,350
456   Fortive Corp.   25,167
203   IDEX Corp.   28,036
194   Illinois Tool Works, Inc.   27,571
440   PACCAR, Inc.   26,897
169   Parker-Hannifin Corp.   21,924
210   Stanley Black & Decker, Inc.   21,000
448   Westinghouse Air Brake Technologies Corp.   21,562
442   Xylem, Inc.   28,788
        307,838
    Media – 1.3%    
1,432   Comcast Corp., Class A   49,232
1,737   Fox Corp., Class A   41,045
795   Omnicom Group, Inc.   43,646
9,008   Sirius XM Holdings, Inc.   44,500
1,535   ViacomCBS, Inc., Class B   21,505
        199,928
    Metals & Mining – 0.3%    
1,387   Freeport-McMoRan, Inc.   9,362
419   Newmont Goldcorp Corp.   18,972
323   Nucor Corp.   11,635
        39,969
    Multiline Retail – 0.7%    
413   Dollar General Corp.   62,367
502   Target Corp.   46,671
        109,038
    Multi-Utilities – 1.3%    
298   Ameren Corp.   21,703
839   CenterPoint Energy, Inc.   12,963
364   CMS Energy Corp.   21,385
253   Consolidated Edison, Inc.   19,734
276   Dominion Energy, Inc.   19,924
176   DTE Energy Co.   16,715
822   NiSource, Inc.   20,525
 
See Notes to Financial Statements
Page 33

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Multi-Utilities (Continued)    
388   Public Service Enterprise Group, Inc.   $17,425
151   Sempra Energy   17,062
248   WEC Energy Group, Inc.   21,856
        189,292
    Oil, Gas & Consumable Fuels – 2.1%    
325   Chevron Corp.   23,550
447   Concho Resources, Inc.   19,154
602   ConocoPhillips   18,542
1,141   Continental Resources, Inc.   8,717
1,508   Devon Energy Corp.   10,420
422   Diamondback Energy, Inc.   11,056
467   EOG Resources, Inc.   16,775
561   Exxon Mobil Corp.   21,301
586   Hess Corp.   19,514
1,849   Kinder Morgan, Inc.   25,738
2,883   Marathon Oil Corp.   9,485
650   Marathon Petroleum Corp.   15,353
1,576   Noble Energy, Inc.   9,519
950   Occidental Petroleum Corp.   11,001
517   ONEOK, Inc.   11,276
351   Phillips 66   18,831
259   Pioneer Natural Resources Co.   18,169
418   Valero Energy Corp.   18,960
1,651   Williams (The) Cos., Inc.   23,362
        310,723
    Personal Products – 0.2%    
199   Estee Lauder (The) Cos., Inc., Class A   31,709
    Pharmaceuticals – 3.1%    
1,360   Bristol-Myers Squibb Co.   75,806
664   Eli Lilly & Co.   92,110
598   Johnson & Johnson   78,416
960   Merck & Co., Inc.   73,862
2,228   Pfizer, Inc.   72,722
659   Zoetis, Inc.   77,558
        470,474
    Professional Services – 0.6%    
257   Equifax, Inc.   30,699
407   TransUnion   26,935
233   Verisk Analytics, Inc.   32,475
        90,109
    Road & Rail – 1.1%    
482   CSX Corp.   27,619
298   JB Hunt Transport Services, Inc.   27,484
227   Kansas City Southern   28,870
179   Norfolk Southern Corp.   26,134
275   Old Dominion Freight Line, Inc.   36,096
193   Union Pacific Corp.   27,221
        173,424
Shares   Description   Value
    Semiconductors &
Semiconductor Equipment – 10.2%
   
1,052   Analog Devices, Inc.   $94,312
2,048   Applied Materials, Inc.   93,839
396   Broadcom, Inc.   93,892
2,089   Intel Corp.   113,057
702   KLA Corp.   100,905
428   Lam Research Corp.   102,720
4,707   Marvell Technology Group Ltd.   106,519
2,032   Maxim Integrated Products, Inc.   98,775
1,194   Microchip Technology, Inc.   80,953
531   NVIDIA Corp.   139,972
1,417   QUALCOMM, Inc.   95,860
1,034   Skyworks Solutions, Inc.   92,419
1,833   Teradyne, Inc.   99,294
974   Texas Instruments, Inc.   97,332
169   Universal Display Corp.   22,271
1,279   Xilinx, Inc.   99,685
        1,531,805
    Software – 5.0%    
1,127   Citrix Systems, Inc.   159,527
477   Intuit, Inc.   109,710
793   Microsoft Corp.   125,064
8,472   NortonLifeLock, Inc.   158,511
2,360   Oracle Corp.   114,059
2,036   SS&C Technologies Holdings, Inc.   89,217
        756,088
    Specialty Retail – 2.2%    
402   Advance Auto Parts, Inc.   37,515
734   Best Buy Co., Inc.   41,838
295   Home Depot (The), Inc.   55,079
538   Lowe’s Cos., Inc.   46,295
553   Ross Stores, Inc.   48,094
1,055   TJX (The) Cos., Inc.   50,440
689   Tractor Supply Co.   58,255
        337,516
    Technology Hardware,
Storage & Peripherals – 3.7%
   
426   Apple, Inc.   108,328
7,883   Hewlett Packard Enterprise Co.   76,544
6,084   HP, Inc.   105,618
2,008   NetApp, Inc.   83,713
2,101   Seagate Technology PLC   102,529
1,970   Western Digital Corp.   81,991
        558,723
    Textiles, Apparel & Luxury
Goods – 0.4%
   
405   NIKE, Inc., Class B   33,510
412   VF Corp.   22,281
        55,791
 
Page 34
See Notes to Financial Statements

Table of Contents
Large Cap US Equity Select ETF (RNLC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Tobacco – 0.4%    
823   Altria Group, Inc.   $31,825
483   Philip Morris International, Inc.   35,240
        67,065
    Trading Companies &
Distributors – 0.4%
   
943   Fastenal Co.   29,469
103   WW Grainger, Inc.   25,595
        55,064
    Water Utilities – 0.1%    
186   American Water Works Co., Inc.   22,238
    Total Common Stocks   14,162,908
    (Cost $16,956,085)    
REAL ESTATE INVESTMENT TRUSTS – 6.0%
    Equity Real Estate Investment
Trusts – 5.8%
   
223   Alexandria Real Estate Equities, Inc.   30,564
156   American Tower Corp.   33,969
171   AvalonBay Communities, Inc.   25,166
261   Boston Properties, Inc.   24,072
339   Camden Property Trust   26,862
253   Crown Castle International Corp.   36,533
300   Digital Realty Trust, Inc.   41,673
1,037   Duke Realty Corp.   33,578
62   Equinix, Inc.   38,723
511   Equity LifeStyle Properties, Inc.   29,372
444   Equity Residential   27,399
120   Essex Property Trust, Inc.   26,429
340   Extra Space Storage, Inc.   32,558
279   Federal Realty Investment Trust   20,816
1,043   Healthpeak Properties, Inc.   24,876
1,938   Host Hotels & Resorts, Inc.   21,396
1,200   Invitation Homes, Inc.   25,644
273   Mid-America Apartment Communities, Inc.   28,127
403   Prologis, Inc.   32,389
169   Public Storage   33,565
488   Realty Income Corp.   24,332
570   Regency Centers Corp.   21,905
149   SBA Communications Corp.   40,226
241   Simon Property Group, Inc.   13,221
240   Sun Communities, Inc.   29,964
770   UDR, Inc.   28,136
623   Ventas, Inc.   16,696
1,407   VICI Properties, Inc.   23,413
541   Vornado Realty Trust   19,590
440   Welltower, Inc.   20,143
1,191   Weyerhaeuser Co.   20,188
449   WP Carey, Inc.   26,078
        877,603
Shares   Description   Value
    Mortgage Real Estate
Investment Trusts – 0.2%
   
3,817   Annaly Capital Management, Inc.   $19,352
    Total Real Estate Investment Trusts   896,955
    (Cost $1,069,816)    
    Total Investments – 99.9%   15,059,863
    (Cost $18,025,901) (a)    
    Net Other Assets and Liabilities – 0.1%   21,073
    Net Assets – 100.0%   $15,080,936
    

(a) Aggregate cost for federal income tax purposes was $18,202,516. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $723,232 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $3,865,885. The net unrealized depreciation was $3,142,653.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $14,162,908 $14,162,908 $ $
Real Estate Investment Trusts* 896,955 896,955
Total Investments $15,059,863 $15,059,863 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 35

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 89.5%
    Aerospace & Defense – 1.1%    
681   BWX Technologies, Inc.   $33,172
299   Curtiss-Wright Corp.   27,631
576   Hexcel Corp.   21,421
168   Huntington Ingalls Industries, Inc.   30,611
579   Spirit AeroSystems Holdings, Inc., Class A   13,855
        126,690
    Airlines – 0.3%    
608   Alaska Air Group, Inc.   17,310
638   SkyWest, Inc.   16,709
        34,019
    Auto Components – 1.0%    
1,163   BorgWarner, Inc.   28,342
1,741   Gentex Corp.   38,581
3,245   Goodyear Tire & Rubber (The) Co.   18,886
368   Lear Corp.   29,900
        115,709
    Automobiles – 0.5%    
1,357   Harley-Davidson, Inc.   25,688
680   Thor Industries, Inc.   28,682
        54,370
    Banks – 7.3%    
699   Ameris Bancorp   16,608
1,349   Associated Banc-Corp.   17,254
792   Atlantic Union Bankshares Corp.   17,345
947   BancorpSouth Bank   17,917
312   Bank of Hawaii Corp.   17,235
975   Bank OZK   16,282
813   BankUnited, Inc.   15,203
340   BOK Financial Corp.   14,470
782   Cathay General Bancorp   17,947
1,190   CenterState Bank Corp.   20,504
652   CIT Group, Inc.   11,254
731   Columbia Banking System, Inc.   19,591
437   Commerce Bancshares, Inc.   22,003
419   Community Bank System, Inc.   24,637
304   Cullen/Frost Bankers, Inc.   16,960
1,377   CVB Financial Corp.   27,609
611   East West Bancorp, Inc.   15,727
56   First Citizens BancShares, Inc., Class A   18,641
848   First Financial Bankshares, Inc.   22,760
1,031   First Hawaiian, Inc.   17,042
1,795   First Horizon National Corp.   14,468
2,341   FNB Corp.   17,253
1,706   Fulton Financial Corp.   19,602
646   Glacier Bancorp, Inc.   21,967
677   Hancock Whitney Corp.   13,215
1,512   Home BancShares, Inc.   18,129
2,495   Investors Bancorp, Inc.   19,935
Shares   Description   Value
    Banks (Continued)    
1,626   Old National Bancorp   $21,447
776   PacWest Bancorp   13,906
1,760   People’s United Financial, Inc.   19,448
464   Pinnacle Financial Partners, Inc.   17,419
506   Popular, Inc.   17,710
414   Prosperity Bancshares, Inc.   19,975
218   Signature Bank   17,525
342   South State Corp.   20,086
1,411   Sterling Bancorp   14,745
758   Synovus Financial Corp.   13,310
635   TCF Financial Corp.   14,389
433   UMB Financial Corp.   20,083
1,680   Umpqua Holdings Corp.   18,312
769   United Bankshares, Inc.   17,749
2,596   Valley National Bancorp   18,977
557   Webster Financial Corp.   12,755
521   Western Alliance Bancorp   15,948
419   Wintrust Financial Corp.   13,768
573   Zions Bancorp N.A.   15,333
        814,443
    Building Products – 1.4%    
886   AO Smith Corp.   33,500
449   Armstrong World Industries, Inc.   35,660
772   Fortune Brands Home & Security, Inc.   33,389
648   Owens Corning   25,149
527   Simpson Manufacturing Co., Inc.   32,663
        160,361
    Capital Markets – 2.4%    
351   Affiliated Managers Group, Inc.   20,758
834   Ares Management Corp., Class A   25,796
636   Eaton Vance Corp.   20,511
397   Evercore, Inc., Class A   18,286
912   Federated Hermes, Inc.   17,374
1,654   Invesco, Ltd.   15,018
744   Lazard Ltd., Class A   17,529
828   Legg Mason, Inc.   40,448
322   LPL Financial Holdings, Inc.   17,526
272   Morningstar, Inc.   31,620
454   SEI Investments Co.   21,038
490   Stifel Financial Corp.   20,227
        266,131
    Chemicals – 2.8%    
456   Albemarle Corp.   25,705
434   Ashland Global Holdings, Inc.   21,730
327   Balchem Corp.   32,281
1,838   Chemours (The) Co.   16,303
1,376   Huntsman Corp.   19,856
68   NewMarket Corp.   26,035
1,928   Olin Corp.   22,500
433   RPM International, Inc.   25,763
313   Scotts Miracle-Gro (The) Co.   32,051
503   Sensient Technologies Corp.   21,886
 
Page 36
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals (Continued)    
2,357   Valvoline, Inc.   $30,853
474   Westlake Chemical Corp.   18,093
476   WR Grace & Co.   16,946
        310,002
    Commercial Services &
Supplies – 1.8%
   
1,120   ABM Industries, Inc.   27,283
5,326   ADT, Inc.   23,008
466   Brink’s (The) Co.   24,255
1,892   KAR Auction Services, Inc.   22,704
334   MSA Safety, Inc.   33,801
490   Tetra Tech, Inc.   34,604
209   UniFirst Corp.   31,578
        197,233
    Communications Equipment – 1.8%    
5,357   Juniper Networks, Inc.   102,533
698   Ubiquiti, Inc.   98,823
        201,356
    Construction & Engineering – 1.0%    
490   EMCOR Group, Inc.   30,047
2,238   Fluor Corp.   15,465
1,037   Quanta Services, Inc.   32,904
282   Valmont Industries, Inc.   29,886
        108,302
    Construction Materials – 0.2%    
466   Eagle Materials, Inc.   27,224
    Consumer Finance – 0.9%    
368   FirstCash, Inc.   26,400
2,173   Navient Corp.   16,471
705   OneMain Holdings, Inc.   13,480
1,272   Santander Consumer USA Holdings, Inc.   17,694
3,337   SLM Corp.   23,993
        98,038
    Containers & Packaging – 2.0%    
365   AptarGroup, Inc.   36,332
2,537   Graphic Packaging Holding Co.   30,951
377   Packaging Corp. of America   32,735
1,061   Sealed Air Corp.   26,217
1,359   Silgan Holdings, Inc.   39,438
685   Sonoco Products Co.   31,750
984   WestRock Co.   27,808
        225,231
    Distributors – 0.4%    
238   Pool Corp.   46,831
Shares   Description   Value
    Diversified Consumer
Services – 1.1%
   
65   Graham Holdings Co., Class B   $22,176
1,755   H&R Block, Inc.   24,710
896   Service Corp. International   35,043
260   Strategic Education, Inc.   36,338
        118,267
    Diversified Financial Services – 0.3%    
1,391   Jefferies Financial Group, Inc.   19,015
488   Voya Financial, Inc.   19,788
        38,803
    Diversified Telecommunication
Services – 1.5%
   
2,004   Cogent Communications Holdings, Inc.   164,268
    Electric Utilities – 1.4%    
328   ALLETE, Inc.   19,903
569   Hawaiian Electric Industries, Inc.   24,495
250   IDACORP, Inc.   21,948
671   NRG Energy, Inc.   18,292
834   OGE Energy Corp.   25,629
526   PNM Resources, Inc.   19,988
478   Portland General Electric Co.   22,915
        153,170
    Electrical Equipment – 1.3%    
306   Acuity Brands, Inc.   26,212
564   EnerSys   27,929
3,636   GrafTech International Ltd.   29,524
285   Hubbell, Inc.   32,701
493   Regal Beloit Corp.   31,035
        147,401
    Electronic Equipment,
Instruments & Components – 2.5%
   
995   Avnet, Inc.   24,974
754   Cognex Corp.   31,834
599   Dolby Laboratories, Inc., Class A   32,472
811   FLIR Systems, Inc.   25,863
1,022   Jabil, Inc.   25,121
221   Littelfuse, Inc.   29,486
997   National Instruments Corp.   32,981
1,024   SYNNEX Corp.   74,854
        277,585
    Energy Equipment &
Services – 0.2%
   
816   Helmerich & Payne, Inc.   12,771
1,481   National Oilwell Varco, Inc.   14,558
        27,329
    Entertainment – 0.3%    
1,218   Cinemark Holdings, Inc.   12,411
 
See Notes to Financial Statements
Page 37

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Entertainment (Continued)    
635   World Wrestling Entertainment, Inc., Class A   $21,546
        33,957
    Food & Staples Retailing – 0.3%    
260   Casey’s General Stores, Inc.   34,447
    Food Products – 2.1%    
877   Bunge Ltd.   35,983
2,322   Flowers Foods, Inc.   47,647
543   Ingredion, Inc.   40,997
274   J&J Snack Foods Corp.   33,154
316   Lancaster Colony Corp.   45,706
286   Sanderson Farms, Inc.   35,270
        238,757
    Gas Utilities – 1.3%    
573   National Fuel Gas Co.   21,367
599   New Jersey Resources Corp.   20,348
285   ONE Gas, Inc.   23,832
809   South Jersey Industries, Inc.   20,225
351   Southwest Gas Holdings, Inc.   24,415
320   Spire, Inc.   23,834
590   UGI Corp.   15,735
        149,756
    Health Care Equipment &
Supplies – 2.6%
   
2,964   Cantel Medical Corp.   106,408
1,850   Hill-Rom Holdings, Inc.   186,110
        292,518
    Health Care Providers &
Services – 5.2%
   
478   Chemed Corp.   207,069
3,033   Encompass Health Corp.   194,203
4,631   Ensign Group (The), Inc.   174,172
        575,444
    Hotels, Restaurants &
Leisure – 3.0%
   
950   Aramark   18,971
1,377   Boyd Gaming Corp.   19,856
398   Choice Hotels International, Inc.   24,377
300   Churchill Downs, Inc.   30,885
268   Cracker Barrel Old Country Store, Inc.   22,303
546   Dunkin’ Brands Group, Inc.   28,993
460   Hyatt Hotels Corp., Class A   22,034
320   Marriott Vacations Worldwide Corp.   17,786
914   Six Flags Entertainment Corp.   11,462
732   Texas Roadhouse, Inc.   30,232
1,857   Wendy’s (The) Co.   27,632
478   Wingstop, Inc.   38,097
Shares   Description   Value
    Hotels, Restaurants &
Leisure (Continued)
   
798   Wyndham Destinations, Inc.   $17,317
656   Wyndham Hotels & Resorts, Inc.   20,670
        330,615
    Household Durables – 1.3%    
993   Leggett & Platt, Inc.   26,493
2,626   Newell Brands, Inc.   34,873
1,301   PulteGroup, Inc.   29,039
1,277   Toll Brothers, Inc.   24,582
342   Whirlpool Corp.   29,344
        144,331
    Household Products – 0.3%    
1,005   Energizer Holdings, Inc.   30,401
    Independent Power &
Renewable Electricity Producers – 0.5%
   
358   Ormat Technologies, Inc.   24,222
1,733   TerraForm Power, Inc., Class A   27,330
        51,552
    Industrial Conglomerates – 0.3%    
261   Carlisle Cos., Inc.   32,698
    Insurance – 3.3%    
271   American Financial Group, Inc.   18,992
253   American National Insurance Co.   20,842
227   Assurant, Inc.   23,628
606   Assured Guaranty Ltd.   15,629
500   Axis Capital Holdings Ltd.   19,325
509   First American Financial Corp.   21,587
218   Hanover Insurance Group (The), Inc.   19,746
383   Kemper Corp.   28,484
611   Mercury General Corp.   24,880
1,345   National General Holdings Corp.   22,260
1,329   Old Republic International Corp.   20,267
227   Primerica, Inc.   20,085
152   RenaissanceRe Holdings Ltd.   22,696
331   RLI Corp.   29,105
457   Selective Insurance Group, Inc.   22,713
1,020   Unum Group   15,310
27   White Mountains Insurance Group Ltd.   24,570
        370,119
    IT Services – 3.1%    
377   Alliance Data Systems Corp.   12,686
1,002   Genpact Ltd.   29,258
1,385   KBR, Inc.   28,642
568   MAXIMUS, Inc.   33,058
4,989   Perspecta, Inc.   90,999
1,837   Sabre Corp.   10,894
 
Page 38
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    IT Services (Continued)    
1,516   Science Applications International Corp.   $113,139
1,110   Western Union (The) Co.   20,124
        338,800
    Leisure Products – 0.5%    
841   Brunswick Corp.   29,746
496   Polaris, Inc.   23,883
        53,629
    Life Sciences Tools &
Services – 3.0%
   
957   Bio-Techne Corp.   181,466
4,122   Bruker Corp.   147,815
        329,281
    Machinery – 4.0%    
547   AGCO Corp.   25,846
874   Allison Transmission Holdings, Inc.   28,501
489   Crane Co.   24,049
733   Donaldson Co., Inc.   28,316
849   Flowserve Corp.   20,282
812   Graco, Inc.   39,569
572   ITT, Inc.   25,946
375   John Bean Technologies Corp.   27,851
1,145   Kennametal, Inc.   21,320
436   Lincoln Electric Holdings, Inc.   30,084
260   Nordson Corp.   35,118
446   Oshkosh Corp.   28,691
250   Snap-on, Inc.   27,205
751   Timken (The) Co.   24,287
530   Toro (The) Co.   34,498
356   Woodward, Inc.   21,161
        442,724
    Media – 1.9%    
28   Cable One, Inc.   46,033
1,784   Interpublic Group of (The) Cos., Inc.   28,883
1,282   New York Times (The) Co., Class A   39,370
2,915   News Corp., Class A   26,162
351   Nexstar Media Group, Inc., Class A   20,263
1,236   Sinclair Broadcast Group, Inc., Class A   19,875
2,470   TEGNA, Inc.   26,824
        207,410
    Metals & Mining – 0.8%    
3,959   Cleveland-Cliffs, Inc.   15,638
278   Reliance Steel & Aluminum Co.   24,350
272   Royal Gold, Inc.   23,857
Shares   Description   Value
    Metals & Mining (Continued)    
977   Steel Dynamics, Inc.   $22,022
        85,867
    Multiline Retail – 0.4%    
809   Kohl’s Corp.   11,803
2,425   Macy’s, Inc.   11,907
1,007   Nordstrom, Inc.   15,447
        39,157
    Multi-Utilities – 0.9%    
555   Avista Corp.   23,582
339   Black Hills Corp.   21,706
1,422   MDU Resources Group, Inc.   30,573
372   NorthWestern Corp.   22,257
        98,118
    Oil, Gas & Consumable Fuels – 1.7%    
4,886   Antero Midstream Corp.   10,261
1,450   Apache Corp.   6,061
2,130   Cabot Oil & Gas Corp.   36,615
706   Cimarex Energy Co.   11,882
918   CVR Energy, Inc.   15,174
1,106   Delek US Holdings, Inc.   17,431
3,402   EQT Corp.   24,052
2,775   Equitrans Midstream Corp.   13,958
731   HollyFrontier Corp.   17,917
1,384   Murphy Oil Corp.   8,484
1,961   Parsley Energy, Inc., Class A   11,236
1,182   PBF Energy, Inc., Class A   8,369
908   Targa Resources Corp.   6,274
        187,714
    Paper & Forest Products – 0.2%    
1,424   Louisiana-Pacific Corp.   24,464
    Personal Products – 0.2%    
4,486   Coty, Inc., Class A   23,148
    Pharmaceuticals – 1.8%    
4,066   Perrigo Co. PLC   195,534
    Professional Services – 1.0%    
612   Exponent, Inc.   44,009
491   Insperity, Inc.   18,314
435   ManpowerGroup, Inc.   23,051
669   Robert Half International, Inc.   25,255
        110,629
    Real Estate Management &
Development – 0.3%
   
171   Jones Lang LaSalle, Inc.   17,267
1,333   Kennedy-Wilson Holdings, Inc.   17,889
        35,156
 
See Notes to Financial Statements
Page 39

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Road & Rail – 0.9%    
1,178   Knight-Swift Transportation Holdings, Inc.   $38,639
370   Landstar System, Inc.   35,468
778   Ryder System, Inc.   20,570
        94,677
    Semiconductors &
Semiconductor Equipment – 4.9%
   
3,145   Brooks Automation, Inc.   95,922
914   Cabot Microelectronics Corp.   104,324
2,634   Entegris, Inc.   117,924
1,200   MKS Instruments, Inc.   97,740
741   Monolithic Power Systems, Inc.   124,088
        539,998
    Software – 3.6%    
1,657   Blackbaud, Inc.   92,046
2,412   CDK Global, Inc.   79,234
1,408   J2 Global, Inc.   105,389
1,656   Pegasystems, Inc.   117,957
        394,626
    Specialty Retail – 1.8%    
722   Aaron’s, Inc.   16,447
2,804   American Eagle Outfitters, Inc.   22,292
1,058   Foot Locker, Inc.   23,329
2,332   Gap (The), Inc.   16,417
2,276   L Brands, Inc.   26,310
280   Lithia Motors, Inc., Class A   22,901
528   Monro, Inc.   23,132
821   Penske Automotive Group, Inc.   22,988
561   Williams-Sonoma, Inc.   23,854
        197,670
    Technology Hardware,
Storage & Peripherals – 0.2%
   
1,146   Xerox Holdings Corp.   21,705
    Textiles, Apparel & Luxury
Goods – 1.7%
   
462   Carter’s, Inc.   30,367
504   Columbia Sportswear Co.   35,164
3,399   Hanesbrands, Inc.   26,750
480   PVH Corp.   18,067
431   Ralph Lauren Corp.   28,804
1,174   Steven Madden Ltd.   27,272
1,872   Tapestry, Inc.   24,243
        190,667
    Thrifts & Mortgage Finance – 0.8%    
572   Essent Group Ltd.   15,066
2,098   MGIC Investment Corp.   13,322
2,474   New York Community Bancorp, Inc.   23,231
Shares   Description   Value
    Thrifts & Mortgage
Finance (Continued)
   
1,181   Radian Group, Inc.   $15,294
811   Washington Federal, Inc.   21,054
        87,967
    Trading Companies &
Distributors – 1.1%
   
888   Air Lease Corp.   19,660
509   GATX Corp.   31,843
576   MSC Industrial Direct Co., Inc., Class A   31,663
235   Watsco, Inc.   37,137
        120,303
    Transportation Infrastructure – 0.2%    
986   Macquarie Infrastructure Corp.   24,896
    Water Utilities – 0.4%    
308   American States Water Co.   25,176
568   Essential Utilities, Inc.   23,118
        48,294
    Wireless Telecommunication
Services – 0.4%
   
2,379   Telephone & Data Systems, Inc.   39,872
    Total Common Stocks   9,929,664
    (Cost $13,936,878)    
REAL ESTATE INVESTMENT TRUSTS – 10.1%
    Equity Real Estate Investment
Trusts – 9.3%
   
423   Agree Realty Corp.   26,184
648   American Assets Trust, Inc.   16,200
632   American Campus Communities, Inc.   17,538
1,134   American Homes 4 Rent, Class A   26,309
848   Americold Realty Trust   28,866
576   Apartment Investment & Management Co., Class A   20,246
1,830   Apple Hospitality REIT, Inc.   16,781
1,376   Brixmor Property Group, Inc.   13,072
265   CoreSite Realty Corp.   30,713
1,012   Corporate Office Properties Trust   22,396
722   Cousins Properties, Inc.   21,133
944   CubeSmart   25,290
454   CyrusOne, Inc.   28,034
677   Douglas Emmett, Inc.   20,655
224   EastGroup Properties, Inc.   23,404
421   EPR Properties   10,197
716   First Industrial Realty Trust, Inc.   23,793
690   Gaming and Leisure Properties, Inc.   19,120
891   Healthcare Realty Trust, Inc.   24,886
 
Page 40
See Notes to Financial Statements

Table of Contents
Mid Cap US Equity Select ETF (RNMC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Equity Real Estate Investment
Trusts (Continued)
   
982   Healthcare Trust of America, Inc., Class A   $23,843
608   Highwoods Properties, Inc.   21,535
789   Hudson Pacific Properties, Inc.   20,009
933   Iron Mountain, Inc.   22,205
745   JBG SMITH Properties   23,713
354   Kilroy Realty Corp.   22,550
1,436   Kimco Realty Corp.   13,886
333   Lamar Advertising Co., Class A   17,076
275   Life Storage, Inc.   26,001
1,105   Macerich (The) Co.   6,221
1,409   Medical Properties Trust, Inc.   24,362
365   National Health Investors, Inc.   18,075
555   National Retail Properties, Inc.   17,865
702   Omega Healthcare Investors, Inc.   18,631
1,108   Outfront Media, Inc.   14,936
2,136   Paramount Group, Inc.   18,797
1,149   Park Hotels & Resorts, Inc.   9,089
1,109   Pebblebrook Hotel Trust   12,077
1,570   Physicians Realty Trust   21,886
180   PS Business Parks, Inc.   24,394
908   Rayonier, Inc.   21,383
652   Rexford Industrial Realty, Inc.   26,738
1,678   RLJ Lodging Trust   12,954
344   Ryman Hospitality Properties, Inc.   12,332
1,394   Sabra Health Care REIT, Inc.   15,222
1,222   Service Properties Trust   6,599
324   SL Green Realty Corp.   13,964
604   Spirit Realty Capital, Inc.   15,795
942   STAG Industrial, Inc.   21,214
798   STORE Capital Corp.   14,460
2,136   Sunstone Hotel Investors, Inc.   18,605
549   Terreno Realty Corp.   28,411
3,218   VEREIT, Inc.   15,736
952   Weingarten Realty Investors   13,737
        1,029,118
    Mortgage Real Estate
Investment Trusts – 0.8%
   
1,682   AGNC Investment Corp.   17,796
1,626   Apollo Commercial Real Estate Finance, Inc.   12,065
799   Blackstone Mortgage Trust, Inc., Class A   14,877
1,446   Chimera Investment Corp.   13,159
3,887   MFA Financial, Inc.   6,025
1,846   New Residential Investment Corp.   9,248
1,196   Starwood Property Trust, Inc.   12,259
Shares   Description   Value
    Mortgage Real Estate
Investment Trusts (Continued)
   
2,033   Two Harbors Investment Corp.   $7,746
        93,175
    Total Real Estate Investment Trusts   1,122,293
    (Cost $1,726,515)    
    Total Investments – 99.6%   11,051,957
    (Cost $15,663,393) (a)    
    Net Other Assets and Liabilities – 0.4%   43,898
    Net Assets – 100.0%   $11,095,855
    

(a) Aggregate cost for federal income tax purposes was $15,822,422. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $195,288 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $4,965,753. The net unrealized depreciation was $4,770,465.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $9,929,664 $9,929,664 $ $
Real Estate Investment Trusts* 1,122,293 1,122,293
Total Investments $11,051,957 $11,051,957 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 41

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 90.4%
    Aerospace & Defense – 0.7%    
504   AAR Corp.   $8,951
358   Cubic Corp.   14,789
266   Moog, Inc., Class A   13,441
900   Triumph Group, Inc.   6,084
        43,265
    Air Freight & Logistics – 0.3%    
325   Forward Air Corp.   16,461
    Airlines – 0.3%    
140   Allegiant Travel Co.   11,452
830   Hawaiian Holdings, Inc.   8,665
        20,117
    Auto Components – 1.0%    
891   Cooper Tire & Rubber Co.   14,523
1,407   Dana, Inc.   10,989
239   LCI Industries   15,973
481   Standard Motor Products, Inc.   19,995
        61,480
    Automobiles – 0.2%    
483   Winnebago Industries, Inc.   13,432
    Banks – 7.7%    
283   1st Source Corp.   9,178
235   BancFirst Corp.   7,842
260   Banner Corp.   8,590
447   Berkshire Hills Bancorp, Inc.   6,642
1,221   Boston Private Financial Holdings, Inc.   8,730
892   Brookline Bancorp, Inc.   10,062
810   Cadence BanCorp   5,305
179   City Holding Co.   11,909
302   Eagle Bancorp, Inc.   9,123
305   Enterprise Financial Services Corp.   8,513
371   FB Financial Corp.   7,316
368   First Bancorp   8,493
1,387   First BanCorp   7,379
534   First Busey Corp.   9,137
1,012   First Commonwealth Financial Corp.   9,250
577   First Financial Bancorp   8,603
356   First Interstate BancSystem, Inc., Class A   10,267
353   First Merchants Corp.   9,351
637   First Midwest Bancorp, Inc.   8,431
423   Great Western Bancorp, Inc.   8,663
295   Heartland Financial USA, Inc.   8,909
519   Heritage Financial Corp.   10,380
589   Hilltop Holdings, Inc.   8,906
989   Hope Bancorp, Inc.   8,130
176   Independent Bank Corp.   11,329
265   Independent Bank Group, Inc.   6,275
341   International Bancshares Corp.   9,166
Shares   Description   Value
    Banks (Continued)    
300   Lakeland Financial Corp.   $11,025
417   National Bank Holdings Corp., Class A   9,966
362   NBT Bancorp, Inc.   11,725
622   OFG Bancorp   6,954
451   Pacific Premier Bancorp, Inc.   8,497
144   Park National Corp.   11,180
415   Renasant Corp.   9,064
365   S&T Bancorp, Inc.   9,972
388   Sandy Spring Bancorp, Inc.   8,784
390   ServisFirst Bancshares, Inc.   11,435
548   Simmons First National Corp., Class A   10,083
396   Southside Bancshares, Inc.   12,034
358   Stock Yards Bancorp, Inc.   10,357
161   Tompkins Financial Corp.   11,560
528   Towne Bank   9,552
360   TriCo Bancshares   10,735
426   Trustmark Corp.   9,926
476   United Community Banks, Inc.   8,716
504   Veritex Holdings, Inc.   7,041
273   Washington Trust Bancorp, Inc.   9,981
389   WesBanco, Inc.   9,219
217   Westamerica Bancorporation   12,755
        456,440
    Beverages – 0.3%    
90   Coca-Cola Consolidated, Inc.   18,768
    Building Products – 1.7%    
460   AAON, Inc.   22,227
585   Advanced Drainage Systems, Inc.   17,222
700   Apogee Enterprises, Inc.   14,574
222   CSW Industrials, Inc.   14,397
434   Patrick Industries, Inc.   12,221
477   Universal Forest Products, Inc.   17,740
        98,381
    Capital Markets – 2.5%    
462   Artisan Partners Asset Management, Inc., Class A   9,928
2,453   BGC Partners, Inc., Class A   6,182
234   Cohen & Steers, Inc.   10,635
246   Hamilton Lane, Inc., Class A   13,606
301   Houlihan Lokey, Inc.   15,688
469   Moelis & Co., Class A   13,179
186   Piper Sandler Cos.   9,406
326   PJT Partners, Inc., Class A   14,145
491   Tradeweb Markets, Inc., Class A   20,642
919   Virtu Financial, Inc., Class A   19,134
879   Waddell & Reed Financial, Inc., Class A   10,003
3,035   WisdomTree Investments, Inc.   7,072
        149,620
 
Page 42
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Chemicals – 1.8%    
360   Cabot Corp.   $9,403
145   Chase Corp.   11,932
332   HB Fuller Co.   9,273
166   Innospec, Inc.   11,535
1,278   Kronos Worldwide, Inc.   10,786
297   Minerals Technologies, Inc.   10,769
466   PolyOne Corp.   8,840
104   Quaker Chemical Corp.   13,133
167   Stepan Co.   14,773
460   Trinseo S.A.   8,331
        108,775
    Commercial Services &
Supplies – 6.0%
   
2,736   ACCO Brands Corp.   13,817
397   Brady Corp., Class A   17,917
1,532   Covanta Holding Corp.   13,099
455   Deluxe Corp.   11,798
7,520   Healthcare Services Group, Inc.   179,803
615   Herman Miller, Inc.   13,653
684   HNI Corp.   17,230
1,014   Knoll, Inc.   10,464
637   Matthews International Corp., Class A   15,409
297   McGrath RentCorp   15,557
600   Mobile Mini, Inc.   15,738
1,252   Steelcase, Inc., Class A   12,357
393   U.S. Ecology, Inc.   11,947
360   Viad Corp.   7,643
        356,432
    Communications Equipment – 1.9%    
1,764   InterDigital, Inc.   78,727
3,516   Plantronics, Inc.   35,371
        114,098
    Construction & Engineering – 1.3%    
730   Arcosa, Inc.   29,010
456   Comfort Systems USA, Inc.   16,667
822   Granite Construction, Inc.   12,478
1,022   Primoris Services Corp.   16,250
        74,405
    Consumer Finance – 0.2%    
252   Nelnet, Inc., Class A   11,443
    Containers & Packaging – 0.5%    
514   Greif, Inc., Class A   15,980
1,906   O-I Glass, Inc.   13,552
        29,532
    Distributors – 0.4%    
894   Core-Mark Holding Co., Inc.   25,542
Shares   Description   Value
    Diversified Financial Services – 0.2%    
1,379   FGL Holdings   $13,514
    Diversified Telecommunication
Services – 0.5%
   
509   ATN International, Inc.   29,883
    Electric Utilities – 0.6%    
282   MGE Energy, Inc.   18,462
443   Otter Tail Corp.   19,696
        38,158
    Electrical Equipment – 0.5%    
495   AZZ, Inc.   13,919
396   Encore Wire Corp.   16,628
        30,547
    Electronic Equipment,
Instruments & Components – 1.8%
   
350   Badger Meter, Inc.   18,760
413   Belden, Inc.   14,901
662   Benchmark Electronics, Inc.   13,233
758   CTS Corp.   18,867
578   Methode Electronics, Inc.   15,277
473   MTS Systems Corp.   10,642
1,068   Vishay Intertechnology, Inc.   15,390
        107,070
    Energy Equipment &
Services – 1.2%
   
3,237   Archrock, Inc.   12,171
947   Cactus, Inc., Class A   10,985
863   Core Laboratories N.V.   8,924
2,923   Liberty Oilfield Services, Inc., Class A   7,863
11,285   Nabors Industries Ltd.   4,402
3,095   Patterson-UTI Energy, Inc.   7,273
6,202   RPC, Inc.   12,776
2,785   US Silica Holdings, Inc.   5,013
        69,407
    Food & Staples Retailing – 1.0%    
1,013   Andersons (The), Inc.   18,994
342   PriceSmart, Inc.   17,972
600   Weis Markets, Inc.   24,996
        61,962
    Food Products – 2.0%    
1,428   B&G Foods, Inc.   25,832
283   Calavo Growers, Inc.   16,326
599   Cal-Maine Foods, Inc.   26,344
732   Fresh Del Monte Produce, Inc.   20,211
773   Tootsie Roll Industries, Inc.   27,797
        116,510
 
See Notes to Financial Statements
Page 43

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Gas Utilities – 0.6%    
232   Chesapeake Utilities Corp.   $19,885
301   Northwest Natural Holding Co.   18,587
        38,472
    Health Care Equipment &
Supplies – 4.6%
   
243   Atrion Corp.   157,950
1,635   CONMED Corp.   93,637
91   Mesa Laboratories, Inc.   20,574
        272,161
    Health Care Providers &
Services – 7.0%
   
2,116   National HealthCare Corp.   151,781
345   National Research Corp.   15,690
8,930   Patterson Cos., Inc.   136,540
1,599   US Physical Therapy, Inc.   110,331
        414,342
    Hotels, Restaurants &
Leisure – 1.6%
   
1,102   Bloomin’ Brands, Inc.   7,868
579   Brinker International, Inc.   6,954
626   Cheesecake Factory (The), Inc.   10,692
605   Dave & Buster’s Entertainment, Inc.   7,913
291   Dine Brands Global, Inc.   8,346
312   Jack in the Box, Inc.   10,936
385   Papa John’s International, Inc.   20,547
1,015   Red Rock Resorts, Inc., Class A   8,678
948   Twin River Worldwide Holdings, Inc.   12,334
        94,268
    Household Durables – 0.8%    
747   KB Home   13,521
813   La-Z-Boy, Inc.   16,707
671   MDC Holdings, Inc.   15,567
        45,795
    Household Products – 0.7%    
398   Spectrum Brands Holdings, Inc.   14,475
132   WD-40 Co.   26,512
        40,987
    Independent Power &
Renewable Electricity Producers – 0.2%
   
736   Clearway Energy, Inc., Class C   13,837
    Industrial Conglomerates – 0.2%    
660   Raven Industries, Inc.   14,012
    Insurance – 2.8%    
491   American Equity Investment Life Holding Co.   9,231
Shares   Description   Value
    Insurance (Continued)    
222   AMERISAFE, Inc.   $14,312
223   Argo Group International Holdings Ltd.   8,264
810   CNO Financial Group, Inc.   10,036
352   Employers Holdings, Inc.   14,260
262   FBL Financial Group, Inc., Class A   12,228
336   Horace Mann Educators Corp.   12,294
356   James River Group Holdings Ltd.   12,901
145   Kinsale Capital Group, Inc.   15,157
51   National Western Life Group, Inc., Class A   8,772
406   ProAssurance Corp.   10,150
159   Safety Insurance Group, Inc.   13,424
474   State Auto Financial Corp.   13,173
336   United Fire Group, Inc.   10,957
        165,159
    IT Services – 5.5%    
1,857   CSG Systems International, Inc.   77,716
668   EVERTEC, Inc.   15,184
285   ManTech International Corp., Class A   20,711
4,301   NIC, Inc.   98,923
6,487   Switch, Inc., Class A   93,607
574   TTEC Holdings, Inc.   21,077
        327,218
    Leisure Products – 1.0%    
788   Acushnet Holdings Corp.   20,267
1,208   Callaway Golf Co.   12,346
544   Sturm Ruger & Co., Inc.   27,695
        60,308
    Life Sciences Tools &
Services – 3.7%
   
7,897   Luminex Corp.   217,404
    Machinery – 6.6%    
181   Alamo Group, Inc.   16,069
299   Albany International Corp., Class A   14,152
628   Altra Industrial Motion Corp.   10,984
367   Barnes Group, Inc.   15,352
568   Columbus McKinnon Corp.   14,200
413   Douglas Dynamics, Inc.   14,666
874   Enerpac Tool Group Corp.   14,465
340   EnPro Industries, Inc.   13,457
246   ESCO Technologies, Inc.   18,674
705   Federal Signal Corp.   19,232
397   Franklin Electric Co., Inc.   18,711
606   Gorman-Rupp (The) Co.   18,913
701   Greenbrier (The) Cos., Inc.   12,436
492   Helios Technologies, Inc.   18,657
730   Hillenbrand, Inc.   13,950
216   Kadant, Inc.   16,124
 
Page 44
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Machinery (Continued)    
237   Lindsay Corp.   $21,704
716   Mueller Industries, Inc.   17,141
1,898   Mueller Water Products, Inc., Class A   15,203
1,859   REV Group, Inc.   7,752
287   Standex International Corp.   14,069
292   Tennant Co.   16,921
764   Terex Corp.   10,971
1,027   Trinity Industries, Inc.   16,504
228   Watts Water Technologies, Inc., Class A   19,300
        389,607
    Marine – 0.3%    
557   Matson, Inc.   17,055
    Media – 0.9%    
1,548   EW Scripps (The) Co., Class A   11,672
501   John Wiley & Sons, Inc., Class A   18,782
749   Meredith Corp.   9,153
632   Scholastic Corp.   16,110
        55,717
    Metals & Mining – 1.5%    
344   Carpenter Technology Corp.   6,708
769   Commercial Metals Co.   12,143
281   Compass Minerals International, Inc.   10,810
5,053   Hecla Mining Co.   9,196
154   Kaiser Aluminum Corp.   10,669
288   Materion Corp.   10,083
1,501   United States Steel Corp.   9,471
811   Warrior Met Coal, Inc.   8,613
406   Worthington Industries, Inc.   10,658
        88,351
    Multiline Retail – 0.4%    
847   Big Lots, Inc.   12,044
331   Dillard’s, Inc., Class A   12,231
        24,275
    Multi-Utilities – 0.3%    
359   Unitil Corp.   18,783
    Oil, Gas & Consumable Fuels – 0.9%    
239   Arch Coal, Inc., Class A   6,907
5,702   Kosmos Energy Ltd.   5,107
1,878   Peabody Energy Corp.   5,446
7,222   QEP Resources, Inc.   2,416
6,701   Range Resources Corp.   15,278
2,891   SM Energy Co.   3,527
524   World Fuel Services Corp.   13,194
        51,875
Shares   Description   Value
    Paper & Forest Products – 0.8%    
622   Boise Cascade Co.   $14,791
448   Domtar Corp.   9,695
243   Neenah, Inc.   10,481
408   Schweitzer-Mauduit International, Inc.   11,350
        46,317
    Personal Products – 0.7%    
352   Inter Parfums, Inc.   16,315
234   Medifast, Inc.   14,625
625   Nu Skin Enterprises, Inc., Class A   13,656
        44,596
    Professional Services – 1.0%    
248   ICF International, Inc.   17,038
1,007   Kelly Services, Inc., Class A   12,779
573   Kforce, Inc.   14,652
536   Korn Ferry   13,035
        57,504
    Real Estate Management &
Development – 0.1%
   
1,083   Newmark Group, Inc., Class A   4,603
    Road & Rail – 1.4%    
1,080   Heartland Express, Inc.   20,056
1,058   Marten Transport Ltd.   21,710
1,042   Schneider National, Inc., Class B   20,152
625   Werner Enterprises, Inc.   22,663
        84,581
    Semiconductors &
Semiconductor Equipment – 2.7%
   
972   Power Integrations, Inc.   85,857
5,197   Xperi Corp.   72,290
        158,147
    Software – 2.0%    
2,877   Ebix, Inc.   43,673
2,314   Progress Software Corp.   74,048
        117,721
    Specialty Retail – 1.8%    
1,406   Abercrombie & Fitch Co., Class A   12,781
1,405   Bed Bath & Beyond, Inc.   5,915
899   Buckle (The), Inc.   12,325
389   Children’s Place (The), Inc.   7,609
1,545   Designer Brands, Inc., Class A   7,694
491   Dick’s Sporting Goods, Inc.   10,439
243   Group 1 Automotive, Inc.   10,755
1,086   Guess?, Inc.   7,352
8,874   Office Depot, Inc.   14,553
843   Rent-A-Center, Inc.   11,920
 
See Notes to Financial Statements
Page 45

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Specialty Retail (Continued)    
1,118   Signet Jewelers Ltd.   $7,211
        108,554
    Textiles, Apparel & Luxury
Goods – 0.6%
   
610   Kontoor Brands, Inc.   11,694
340   Oxford Industries, Inc.   12,328
759   Wolverine World Wide, Inc.   11,537
        35,559
    Thrifts & Mortgage Finance – 1.7%    
1,070   Capitol Federal Financial, Inc.   12,423
384   Flagstar Bancorp, Inc.   7,615
1,062   Kearny Financial Corp.   9,123
731   Meridian Bancorp, Inc.   8,202
402   Meta Financial Group, Inc.   8,731
883   Northwest Bancshares, Inc.   10,216
575   OceanFirst Financial Corp.   9,148
432   PennyMac Financial Services, Inc.   9,552
596   Provident Financial Services, Inc.   7,665
227   Walker & Dunlop, Inc.   9,141
334   WSFS Financial Corp.   8,323
        100,139
    Tobacco – 0.6%    
449   Universal Corp.   19,850
1,912   Vector Group Ltd.   18,011
        37,861
    Trading Companies &
Distributors – 1.2%
   
341   Applied Industrial Technologies, Inc.   15,591
680   H&E Equipment Services, Inc.   9,982
345   Kaman Corp.   13,272
489   Rush Enterprises, Inc., Class A   15,609
566   Triton International Ltd.   14,642
        69,096
    Water Utilities – 1.0%    
431   California Water Service Group   21,688
349   Middlesex Water Co.   20,982
313   SJW Group   18,082
        60,752
    Wireless Telecommunication
Services – 0.6%
   
678   Shenandoah Telecommunications Co.   33,392
    Total Common Stocks   5,373,690
    (Cost $7,347,052)    
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS – 9.2%
    Equity Real Estate Investment
Trusts – 8.2%
   
567   Acadia Realty Trust   $7,025
701   Alexander & Baldwin, Inc.   7,865
45   Alexander’s, Inc.   12,418
1,108   American Finance Trust, Inc.   6,925
801   Armada Hoffler Properties, Inc.   8,571
933   Brandywine Realty Trust   9,815
796   Brookfield Property REIT, Inc., Class A   6,758
712   CareTrust REIT, Inc.   10,531
3,093   Colony Capital, Inc.   5,413
703   Columbia Property Trust, Inc.   8,788
845   CoreCivic, Inc.   9,439
1,326   DiamondRock Hospitality Co.   6,736
1,741   Diversified Healthcare Trust   6,320
619   Easterly Government Properties, Inc.   15,252
1,052   Empire State Realty Trust, Inc., Class A   9,426
592   Essential Properties Realty Trust, Inc.   7,732
521   Four Corners Property Trust, Inc.   9,748
884   GEO Group (The), Inc.   10,749
447   Getty Realty Corp.   10,612
724   Global Net Lease, Inc.   9,680
456   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   9,307
1,043   Independence Realty Trust, Inc.   9,324
655   Industrial Logistics Properties Trust   11,489
194   Innovative Industrial Properties, Inc.   14,730
752   Kite Realty Group Trust   7,121
1,383   Lexington Realty Trust   13,733
328   LTC Properties, Inc.   10,135
635   Mack-Cali Realty Corp.   9,671
1,015   Monmouth Real Estate Investment Corp.   12,231
437   National Storage Affiliates Trust   12,935
326   NexPoint Residential Trust, Inc.   8,219
457   Office Properties Income Trust   12,453
661   Piedmont Office Realty Trust, Inc., Class A   11,673
339   PotlatchDeltic Corp.   10,641
271   QTS Realty Trust, Inc., Class A   15,721
832   Retail Opportunity Investments Corp.   6,897
1,096   Retail Properties of America, Inc., Class A   5,666
977   RPT Realty   5,891
365   Safehold, Inc.   23,079
278   Saul Centers, Inc.   9,102
367   Seritage Growth Properties, Class A (a)   3,343
1,048   SITE Centers Corp.   5,460
 
Page 46
See Notes to Financial Statements

Table of Contents
Small Cap US Equity Select ETF (RNSC)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Equity Real Estate Investment
Trusts (Continued)
   
1,190   Summit Hotel Properties, Inc.   $5,022
997   Tanger Factory Outlet Centers, Inc.   4,985
473   Taubman Centers, Inc.   19,809
1,789   Uniti Group, Inc.   10,788
125   Universal Health Realty Income Trust   12,601
766   Urban Edge Properties   6,748
503   Washington Real Estate Investment Trust   12,007
680   Xenia Hotels & Resorts, Inc.   7,004
        487,588
    Mortgage Real Estate
Investment Trusts – 1.0%
   
1,024   Arbor Realty Trust, Inc.   5,018
822   ARMOUR Residential REIT, Inc.   7,242
1,116   Colony Credit Real Estate, Inc.   4,397
799   Granite Point Mortgage Trust, Inc.   4,051
882   Invesco Mortgage Capital, Inc.   3,008
719   KKR Real Estate Finance Trust, Inc.   10,792
814   Ladder Capital Corp.   3,858
2,358   New York Mortgage Trust, Inc.   3,655
659   PennyMac Mortgage Investment Trust   6,999
888   Redwood Trust, Inc.   4,493
725   TPG RE Finance Trust, Inc.   3,980
        57,493
    Total Real Estate Investment Trusts   545,081
    (Cost $822,209)    
COMMON STOCKS – BUSINESS DEVELOPMENT
COMPANIES - 0.2%
    Capital Markets – 0.2%    
752   Bain Capital Specialty Finance, Inc.   6,971
1,128   TCG BDC, Inc.   5,888
    Total Common Stocks - Business Development Companies   12,859
    (Cost $29,952)    
    Total Investments – 99.8%   5,931,630
    (Cost $8,199,213) (b)    
    Net Other Assets and Liabilities – 0.2%   14,698
    Net Assets – 100.0%   $5,946,328
    

(a) Non-income producing security.
(b) Aggregate cost for federal income tax purposes was $8,363,546. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $135,882 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $2,567,798. The net unrealized depreciation was $2,431,916.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $5,373,690 $5,373,690 $ $
Real Estate Investment Trusts* 545,081 545,081
Common Stocks - Business Development Companies* 12,859 12,859
Total Investments $5,931,630 $5,931,630 $ $
    
* See Portfolio of Investments for industry breakout.
 
See Notes to Financial Statements
Page 47

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments
March 31, 2020
Shares   Description   Value
COMMON STOCKS – 88.7%
    Air Freight & Logistics – 2.9%    
1,348   United Parcel Service, Inc., Class B   $125,930
    Automobiles – 1.1%    
5,565   Ford Motor Co.   26,879
910   General Motors Co.   18,910
        45,789
    Banks – 2.6%    
614   Citizens Financial Group, Inc.   11,549
387   Comerica, Inc.   11,355
740   Fifth Third Bancorp   10,989
1,898   Huntington Bancshares, Inc.   15,583
1,289   KeyCorp   13,367
1,491   Regions Financial Corp.   13,374
401   Truist Financial Corp.   12,367
334   US Bancorp   11,506
494   Wells Fargo & Co.   14,178
        114,268
    Beverages – 1.4%    
419   Coca-Cola (The) Co.   18,541
541   Molson Coors Brewing Co., Class B   21,104
163   PepsiCo, Inc.   19,576
        59,221
    Biotechnology – 9.3%    
2,584   AbbVie, Inc.   196,875
2,825   Gilead Sciences, Inc.   211,197
        408,072
    Capital Markets – 0.4%    
1,157   Franklin Resources, Inc.   19,310
    Chemicals – 0.7%    
352   Dow, Inc.   10,293
202   Eastman Chemical Co.   9,409
234   LyondellBasell Industries N.V., Class A   11,613
        31,315
    Communications Equipment – 2.3%    
2,544   Cisco Systems, Inc.   100,005
    Containers & Packaging – 0.3%    
477   International Paper Co.   14,849
    Distributors – 0.3%    
217   Genuine Parts Co.   14,611
    Diversified Telecommunication
Services – 2.4%
   
1,099   AT&T, Inc.   32,036
4,716   CenturyLink, Inc.   44,613
Shares   Description   Value
    Diversified Telecommunication
Services (Continued)
   
529   Verizon Communications, Inc.   $28,423
        105,072
    Electric Utilities – 2.1%    
101   American Electric Power Co., Inc.   8,078
150   Duke Energy Corp.   12,132
145   Edison International   7,945
85   Entergy Corp.   7,987
152   Evergy, Inc.   8,368
233   Exelon Corp.   8,577
215   FirstEnergy Corp.   8,615
124   Pinnacle West Capital Corp.   9,398
428   PPL Corp.   10,563
203   Southern (The) Co.   10,990
        92,653
    Electrical Equipment – 2.7%    
1,522   Eaton Corp. PLC   118,244
    Electronic Equipment,
Instruments & Components – 1.9%
   
4,003   Corning, Inc.   82,222
    Energy Equipment &
Services – 0.4%
   
536   Baker Hughes Co.   5,628
588   Halliburton Co.   4,028
605   Schlumberger Ltd.   8,161
        17,817
    Food & Staples Retailing – 1.8%    
1,705   Walgreens Boots Alliance, Inc.   78,004
    Food Products – 3.4%    
523   Archer-Daniels-Midland Co.   18,399
460   Campbell Soup Co.   21,234
548   General Mills, Inc.   28,918
256   JM Smucker (The) Co.   28,416
379   Kellogg Co.   22,736
1,243   Kraft Heinz (The) Co.   30,752
        150,455
    Health Care Providers &
Services – 5.5%
   
3,551   Cardinal Health, Inc.   170,235
1,197   CVS Health Corp.   71,018
        241,253
    Hotels, Restaurants &
Leisure – 6.2%
   
2,556   Carnival Corp.   33,662
906   Darden Restaurants, Inc.   49,341
2,134   Las Vegas Sands Corp.   90,631
404   Vail Resorts, Inc.   59,675
 
Page 48
See Notes to Financial Statements

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
COMMON STOCKS (Continued)
    Hotels, Restaurants &
Leisure (Continued)
   
642   Wynn Resorts Ltd.   $38,642
        271,951
    Household Products – 0.5%    
175   Kimberly-Clark Corp.   22,377
    Independent Power &
Renewable Electricity Producers – 0.1%
   
461   AES Corp.   6,270
    Industrial Conglomerates – 2.8%    
890   3M Co.   121,494
    Insurance – 2.1%    
456   Fidelity National Financial, Inc.   11,345
498   MetLife, Inc.   15,224
536   Principal Financial Group, Inc.   16,798
400   Progressive (The) Corp.   29,536
339   Prudential Financial, Inc.   17,676
        90,579
    IT Services – 6.2%    
1,518   International Business Machines Corp.   168,392
1,609   Paychex, Inc.   101,238
        269,630
    Machinery – 2.3%    
736   Cummins, Inc.   99,595
    Media – 1.6%    
1,308   Omnicom Group, Inc.   71,809
    Metals & Mining – 0.2%    
254   Nucor Corp.   9,149
    Multi-Utilities – 1.2%    
517   CenterPoint Energy, Inc.   7,988
121   Consolidated Edison, Inc.   9,438
179   Dominion Energy, Inc.   12,922
76   DTE Energy Co.   7,218
345   NiSource, Inc.   8,614
180   Public Service Enterprise Group, Inc.   8,084
        54,264
    Oil, Gas & Consumable Fuels – 2.3%    
160   Chevron Corp.   11,593
345   Exxon Mobil Corp.   13,100
1,037   Kinder Morgan, Inc.   14,435
286   Marathon Petroleum Corp.   6,755
905   Occidental Petroleum Corp.   10,480
302   ONEOK, Inc.   6,587
138   Phillips 66   7,404
Shares   Description   Value
    Oil, Gas & Consumable
Fuels (Continued)
   
201   Valero Energy Corp.   $9,117
1,322   Williams (The) Cos., Inc.   18,706
        98,177
    Pharmaceuticals – 3.3%    
4,440   Pfizer, Inc.   144,922
    Semiconductors &
Semiconductor Equipment – 7.0%
   
476   Broadcom, Inc.   112,860
2,107   Maxim Integrated Products, Inc.   102,421
1,351   QUALCOMM, Inc.   91,395
        306,676
    Technology Hardware,
Storage & Peripherals – 9.6%
   
7,712   Hewlett Packard Enterprise Co.   74,883
6,595   HP, Inc.   114,489
1,926   NetApp, Inc.   80,295
3,042   Seagate Technology PLC   148,450
        418,117
    Tobacco – 1.8%    
1,056   Altria Group, Inc.   40,835
512   Philip Morris International, Inc.   37,356
        78,191
    Total Common Stocks   3,882,291
    (Cost $5,125,063)    
REAL ESTATE INVESTMENT TRUSTS – 10.8%
    Equity Real Estate Investment
Trusts – 9.8%
   
103   AvalonBay Communities, Inc.   15,159
150   Boston Properties, Inc.   13,834
211   Camden Property Trust   16,720
168   Crown Castle International Corp.   24,259
224   Digital Realty Trust, Inc.   31,116
258   Equity Residential   15,921
237   Extra Space Storage, Inc.   22,695
186   Federal Realty Investment Trust   13,877
927   Healthpeak Properties, Inc.   22,109
1,730   Host Hotels & Resorts, Inc.   19,099
164   Mid-America Apartment Communities, Inc.   16,897
131   Public Storage   26,018
373   Realty Income Corp.   18,598
437   Regency Centers Corp.   16,794
278   Simon Property Group, Inc.   15,251
461   UDR, Inc.   16,845
707   Ventas, Inc.   18,948
1,333   VICI Properties, Inc.   22,181
444   Vornado Realty Trust   16,077
387   Welltower, Inc.   17,717
1,109   Weyerhaeuser Co.   18,798
 
See Notes to Financial Statements
Page 49

Table of Contents
US Equity Dividend Select ETF (RNDV)
Portfolio of Investments (Continued)
March 31, 2020
Shares   Description   Value
REAL ESTATE INVESTMENT TRUSTS (Continued)
    Equity Real Estate Investment
Trusts (Continued)
   
481   WP Carey, Inc.   $27,936
        426,849
    Mortgage Real Estate
Investment Trusts – 1.0%
   
8,803   Annaly Capital Management, Inc.   44,631
    Total Real Estate Investment Trusts   471,480
    (Cost $692,311)    
    Total Investments – 99.5%   4,353,771
    (Cost $5,817,374) (a)    
    Net Other Assets and Liabilities – 0.5%   20,761
    Net Assets – 100.0%   $4,374,532
    

(a) Aggregate cost for federal income tax purposes was $5,899,023. As of March 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $20,707 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $1,565,959. The net unrealized depreciation was $1,545,252.

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of March 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
  Total
Value at
3/31/2020
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks* $3,882,291 $3,882,291 $ $
Real Estate Investment Trusts* 471,480 471,480
Total Investments $4,353,771 $4,353,771 $ $
    
* See Portfolio of Investments for industry breakout.
Page 50
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Page 51

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Assets and Liabilities
March 31, 2020
  Developed
International
Equity Select
ETF
(RNDM)
  Emerging
Markets
Equity Select
ETF
(RNEM)
  Large Cap US
Equity Select
ETF
(RNLC)
ASSETS:          
Investments, at value

$ 23,729,380   $ 7,493,770   $ 15,059,863
Cash

59,581   40,457   702
Foreign currency

10,329   1,275  
Receivables:          
Dividends

100,050   14,409   26,849
Dividend reclaims

43,540   558   1,599
Other assets

  15,828  
Total Assets

23,942,880   7,566,297   15,089,013
LIABILITIES:          
Payables:          
Investment advisory fees

13,666   5,211   8,077
Investment securities purchased

   
Deferred foreign capital gains tax

  546  
Total Liabilities

13,666   5,757   8,077
NET ASSETS

$23,929,214   $7,560,540   $15,080,936
NET ASSETS consist of:          
Paid-in capital

$ 30,687,679   $ 10,474,805   $ 19,008,281
Par value

6,000   2,000   8,000
Accumulated distributable earnings (loss)

(6,764,465)   (2,916,265)   (3,935,345)
NET ASSETS

$23,929,214   $7,560,540   $15,080,936
NET ASSET VALUE, per share

$39.88   $37.80   $18.85
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)

600,002   200,002   800,002
Investments, at cost

$29,154,150   $9,981,446   $18,025,901
Foreign currency, at cost (proceeds)

$10,281   $1,274   $
Page 52
See Notes to Financial Statements

Table of Contents
Mid Cap US
Equity Select
ETF
(RNMC)
  Small Cap US
Equity Select
ETF
(RNSC)
  US Equity
Dividend Select
ETF
(RNDV)
         
$ 11,051,957   $ 5,931,630   $ 4,353,771
25,087   4,205   5,090
   
         
24,787   13,719   16,752
155     838
   
11,101,986   5,949,554   4,376,451
         
         
6,131   3,000   1,919
  226  
   
6,131   3,226   1,919
$ 11,095,855   $ 5,946,328   $ 4,374,532
         
$ 16,304,325   $ 8,806,328   $ 6,248,399
7,000   4,000   2,500
(5,215,470)   (2,864,000)   (1,876,367)
$ 11,095,855   $ 5,946,328   $ 4,374,532
$15.85   $14.87   $17.50
700,002   400,002   250,002
$15,663,393   $8,199,213   $5,817,374
$   $   $
See Notes to Financial Statements
Page 53

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Operations
For the Year Ended March 31, 2020
  Developed
International
Equity Select
ETF
(RNDM)
  Emerging
Markets
Equity Select
ETF
(RNEM)
  Large Cap US
Equity Select
ETF
(RNLC)
INVESTMENT INCOME:          
Dividends

$ 883,357   $ 441,383   $ 492,391
Interest

 799    825    490
Foreign withholding tax

(92,085)   (50,156)   (84)
Other

 222    2    86
Total investment income

792,293   392,054   492,883
EXPENSES:          
Investment advisory fees

 178,021    82,120    112,614
Total expenses

178,021   82,120   112,614
NET INVESTMENT INCOME (LOSS)

614,272   309,934   380,269
NET REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) on:          
Investments

(372,538)   (12,625)   (634,046)
In-kind redemptions

184,868   (81,965)   1,104,390
Foreign currency transactions

(7,472)   (6,836)  
Foreign capital gains tax

  (16,777)  
Net realized gain (loss)

(195,142)   (118,203)    470,344
Net change in unrealized appreciation (depreciation) on:          
Investments

(5,195,460)   (2,688,232)   (2,954,371)
Foreign currency translation

614   (2,067)  
Deferred foreign capital gains tax

  50,696  
Net change in unrealized appreciation (depreciation)

(5,194,846)   (2,639,603)   (2,954,371)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(5,389,988)   (2,757,806)   (2,484,027)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$(4,775,716)   $(2,447,872)   $(2,103,758)
Page 54
See Notes to Financial Statements

Table of Contents
  Mid Cap US
Equity Select
ETF
(RNMC)
  Small Cap US
Equity Select
ETF
(RNSC)
  US Equity
Dividend Select
ETF
(RNDV)
           
  $319,610   $171,120   $196,682
  341   230   207
  (231)   (128)   (123)
  120   35   62
  319,840   171,257   196,828
           
  81,426   39,987   26,419
  81,426   39,987   26,419
  238,414   131,270   170,409
           
           
  (373,515)   (350,800)   (36,462)
  636,110   250,560   457,941
     
     
  262,595   (100,240)   421,479
           
  (4,362,572)   (2,038,025)   (1,404,189)
     
     
  (4,362,572)   (2,038,025)   (1,404,189)
  (4,099,977)   (2,138,265)   (982,710)
  $(3,861,563)   $(2,006,995)   $(812,301)
See Notes to Financial Statements
Page 55

Table of Contents
First Trust Exchange-Traded Fund VI
Statements of Changes in Net Assets
  Developed
International
Equity Select
ETF (RNDM)
  Emerging Markets
Equity Select
ETF (RNEM)
  Large Cap US
Equity Select
ETF (RNLC)
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
OPERATIONS:                      
Net investment income (loss)

$ 614,272   $ 515,072   $ 309,934   $ 120,944   $ 380,269   $ 319,292
Net realized gain (loss)

 (195,142)    (592,015)    (118,203)    (67,017)    470,344    422,966
Net change in unrealized appreciation (depreciation)

 (5,194,846)    (247,973)    (2,639,603)    (269,202)    (2,954,371)    (155,835)
Net increase (decrease) in net assets resulting from operations

(4,775,716)   (324,916)   (2,447,872)   (215,275)   (2,103,758)   586,423
DISTRIBUTIONS TO SHAREHOLDERS FROM:                      
Investment operations

 (927,263)    (488,802)    (283,043)    (177,038)    (379,301)    (306,111)
SHAREHOLDER TRANSACTIONS:                      
Proceeds from shares sold

 7,423,621    15,190,686    —    10,360,964    4,664,459    5,615,275
Cost of shares redeemed

 (2,518,760)    (2,495,428)    (2,432,034)    (2,739,037)    (5,900,108)    (8,631,791)
Net increase (decrease) in net assets resulting from shareholder transactions

4,904,861   12,695,258   (2,432,034)   7,621,927   (1,235,649)   (3,016,516)
Total increase (decrease) in net assets

 (798,118)    11,881,540    (5,162,949)    7,229,614    (3,718,708)    (2,736,204)
NET ASSETS:                      
Beginning of period

 24,727,332    12,845,792    12,723,489    5,493,875    18,799,644    21,535,848
End of period

$23,929,214   $24,727,332   $7,560,540   $12,723,489   $15,080,936   $18,799,644
CHANGES IN SHARES OUTSTANDING:                      
Shares outstanding, beginning of period

 500,002    250,002    250,002    100,002    850,002    1,000,002
Shares sold

 150,000    300,000    —    200,000    200,000    250,000
Shares redeemed

 (50,000)    (50,000)    (50,000)    (50,000)    (250,000)    (400,000)
Shares outstanding, end of period

600,002   500,002   200,002   250,002   800,002   850,002
Page 56
See Notes to Financial Statements

Table of Contents
Mid Cap US
Equity Select
ETF (RNMC)
  Small Cap US
Equity Select
ETF (RNSC)
  US Equity
Dividend Select
ETF (RNDV)
Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
  Year
Ended
3/31/2020
  Year
Ended
3/31/2019
                     
$ 238,414   $ 175,586   $ 131,270   $ 106,948   $ 170,409   $ 150,713
262,595    47,204    (100,240)    57,760    421,479    (173,193)
(4,362,572)    (55,814)    (2,038,025)    (78,303)    (1,404,189)    377,815
(3,861,563)   166,976   (2,006,995)   86,405   (812,301)   355,335
                     
(241,031)    (158,905)    (117,951)    (91,906)    (166,681)    (157,451)
                     
7,868,227    9,668,934    3,982,062    3,258,831    3,527,883    4,330,181
(6,522,599)    (2,179,518)    (1,121,211)    (2,218,236)    (3,607,897)    (11,748,266)
1,345,628   7,489,416   2,860,851   1,040,595   (80,014)   (7,418,085)
(2,756,966)    7,497,487    735,905    1,035,094    (1,058,996)    (7,220,201)
                     
13,852,821    6,355,334    5,210,423    4,175,329    5,433,528    12,653,729
$11,095,855   $13,852,821   $5,946,328   $5,210,423   $4,374,532   $5,433,528
                     
650,002    300,002    250,002    200,002    250,002    600,002
350,000    450,000    200,000    150,000    150,000    200,000
(300,000)    (100,000)    (50,000)    (100,000)    (150,000)    (550,000)
700,002   650,002   400,002   250,002   250,002   250,002
See Notes to Financial Statements
Page 57

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights
For a share outstanding throughout each period
Developed International Equity Select ETF (RNDM)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 49.45   $ 51.38   $ 49.73
Income from investment operations:          
Net investment income (loss)

1.11   1.07   0.62
Net realized and unrealized gain (loss)

(9.02)   (1.90)   1.48
Total from investment operations

(7.91)   (0.83)   2.10
Distributions paid to shareholders from:          
Net investment income

(1.66)   (1.10)   (0.45)
Net asset value, end of period

$39.88   $49.45   $51.38
Total return (b)

(16.64)%   (1.71)%   4.23%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 23,929   $ 24,727   $ 12,846
Ratio of total expenses to average net assets

0.65%   0.65%   0.66%(c) (d)
Ratio of net investment income (loss) to average net assets

2.24%   2.32%   1.74%(c)
Portfolio turnover rate (e)

62%   52%   21%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(d) Includes excise tax. If this excise tax was not included, the expense ratio would have been 0.65%.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 58
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Emerging Markets Equity Select ETF (RNEM)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 50.89   $ 54.94   $ 49.71
Income from investment operations:          
Net investment income (loss)

1.50   1.10   0.70
Net realized and unrealized gain (loss)

(13.22)   (3.62)   5.78
Total from investment operations

(11.72)   (2.52)   6.48
Distributions paid to shareholders from:          
Net investment income

(1.37)   (1.19)   (0.67)
Net realized gain

  (0.34)   (0.58)
Total distributions

(1.37)   (1.53)   (1.25)
Net asset value, end of period

$37.80   $50.89   $54.94
Total return (b)

(23.66)%   (4.48)%   13.15%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 7,561   $ 12,723   $ 5,494
Ratio of total expenses to average net assets

0.75%   0.75%   0.75%(c)
Ratio of net investment income (loss) to average net assets

2.83%   2.04%   1.75%(c)
Portfolio turnover rate (d)

82%   69%   111%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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 59

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Large Cap US Equity Select ETF (RNLC)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 22.12   $ 21.54   $ 19.83
Income from investment operations:          
Net investment income (loss)

0.46   0.38   0.21
Net realized and unrealized gain (loss)

(3.27)   0.56   1.68
Total from investment operations

(2.81)   0.94   1.89
Distributions paid to shareholders from:          
Net investment income

(0.46)   (0.36)   (0.18)
Net asset value, end of period

$18.85   $22.12   $21.54
Total return (b)

(12.98)%   4.45%   9.54%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 15,081   $ 18,800   $ 21,536
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

2.03%   1.72%   1.71%(c)
Portfolio turnover rate (d)

24%   28%   11%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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.
Page 60
See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Mid Cap US Equity Select ETF (RNMC)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 21.31   $ 21.18   $ 19.78
Income from investment operations:          
Net investment income (loss)

0.39   0.32   0.23
Net realized and unrealized gain (loss)

(5.45)   0.12   1.36
Total from investment operations

(5.06)   0.44   1.59
Distributions paid to shareholders from:          
Net investment income

(0.40)   (0.31)   (0.19)
Net asset value, end of period

$15.85   $21.31   $21.18
Total return (b)

(24.23)%   2.16%   8.03%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 11,096   $ 13,853   $ 6,355
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

1.76%   1.70%   1.71%(c)
Portfolio turnover rate (d)

43%   42%   40%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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
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Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
Small Cap US Equity Select ETF (RNSC)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 20.84   $ 20.88   $ 19.73
Income from investment operations:          
Net investment income (loss)

0.36   0.46   0.34
Net realized and unrealized gain (loss)

(5.98)   (0.09)   1.10
Total from investment operations

(5.62)   0.37   1.44
Distributions paid to shareholders from:          
Net investment income

(0.35)   (0.41)   (0.29)
Net asset value, end of period

$14.87   $20.84   $20.88
Total return (b)

(27.51)%   1.78%   7.26%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 5,946   $ 5,210   $ 4,175
Ratio of total expenses to average net assets

0.60%   0.60%   0.60%(c)
Ratio of net investment income (loss) to average net assets

1.97%   2.25%   2.22%(c)
Portfolio turnover rate (d)

52%   52%   49%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(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.
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See Notes to Financial Statements

Table of Contents
First Trust Exchange-Traded Fund VI
Financial Highlights (Continued)
For a share outstanding throughout each period
US Equity Dividend Select ETF (RNDV)  
  Year Ended   Period
Ended
3/31/2018 (a)
3/31/2020   3/31/2019  
Net asset value, beginning of period

$ 21.73   $ 21.09   $ 19.85
Income from investment operations:          
Net investment income (loss)

0.73   0.78   0.41
Net realized and unrealized gain (loss)

(4.24)   0.58   1.18
Total from investment operations

(3.51)   1.36   1.59
Distributions paid to shareholders from:          
Net investment income

(0.72)   (0.72)   (0.35)
Net asset value, end of period

$17.50   $21.73   $21.09
Total return (b)

(16.81)%   6.64%   8.00%
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)

$ 4,375   $ 5,434   $ 12,654
Ratio of total expenses to average net assets

0.50%   0.50%   0.50%(c) (d)
Ratio of net investment income (loss) to average net assets

3.23%   2.98%   3.32%(c)
Portfolio turnover rate (e)

78%   98%   37%
    
(a) Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date 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.
(c) Annualized.
(d) Includes excise tax.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
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Table of Contents
Notes to Financial Statements
First Trust Exchange-Traded Fund VI
March 31, 2020
1. Organization
First Trust Exchange-Traded Fund VI (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on June 4, 2012, 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 thirty exchange-traded funds that are offering shares. This report covers the six funds listed below, each a non-diversified series of the Trust.
Developed International Equity Select ETF - (The Nasdaq Stock Market LLC (“Nasdaq”) ticker “RNDM”)
Emerging Markets Equity Select ETF - (Nasdaq ticker “RNEM”)
Large Cap US Equity Select ETF - (Nasdaq ticker “RNLC”)
Mid Cap US Equity Select ETF - (Nasdaq ticker “RNMC”)
Small Cap US Equity Select ETF - (Nasdaq ticker “RNSC”)
US Equity Dividend Select ETF - (Nasdaq ticker “RNDV”)
Each fund represents a separate series of shares of beneficial interest in the Trust (each a “Fund” and collectively, the “Funds”). Each Fund’s shares currently are listed and traded on Nasdaq. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified blocks consisting of 50,000 shares called a “Creation Unit.” Creation Units are issued and redeemed principally in-kind for securities in which a Fund invests, or in certain circumstances, for cash and only to and from broker-dealers and large institutional investors that have entered into participating agreements. Except when aggregated in Creation Units, each Fund’s shares are not redeemable securities. 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
Developed International Equity Select ETF
Emerging Markets Equity Select ETF
Large Cap US Equity Select ETF
Mid Cap US Equity Select ETF
Small Cap US Equity Select ETF
US Equity Dividend Select ETF
Nasdaq Riskalyze Developed Markets Index
Nasdaq Riskalyze Emerging Markets Index
Nasdaq Riskalyze US Large Cap Index
Nasdaq Riskalyze US Mid Cap Index
Nasdaq Riskalyze US Small Cap Index
Nasdaq Riskalyze US Large Cap Select Dividend 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. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent 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, real estate investment trusts (“REITs”), 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
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
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.
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.
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.
If the securities in question are foreign securities, the following additional information may be considered:
1) the value of similar foreign securities traded on other foreign markets;
2) ADR trading of similar securities;
3) closed-end fund or exchange-traded fund trading of similar securities;
4) foreign currency exchange activity;
5) the trading prices of financial products that are tied to baskets of foreign securities;
6) factors relating to the event that precipitated the pricing problem;
7) whether the event is likely to recur; and
8) whether the effects of the event are isolated or whether they affect entire markets, countries or regions.
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.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the 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:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of March 31, 2020, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after 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 REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are shown in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
D. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid quarterly by each Fund, or as the Board of Trustees may determine from time to time. Distributions of net realized capital 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 point in the future.
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
The tax character of distributions paid by each Fund during the fiscal year ended March 31, 2020, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
Developed International Equity Select ETF

$ 927,263   $ —   $ —
Emerging Markets Equity Select ETF

 283,043    —    —
Large Cap US Equity Select ETF

 379,301    —    —
Mid Cap US Equity Select ETF

 241,031    —    —
Small Cap US Equity Select ETF

 117,951    —    —
US Equity Dividend Select ETF

 166,681    —    —
The tax character of distributions paid by each Fund during the fiscal year ended March 31, 2019, was as follows:
  Distributions
paid from
Ordinary
Income
  Distributions
paid from
Capital
Gains
  Distributions
paid from
Return of
Capital
Developed International Equity Select ETF

$ 488,802   $ —   $ —
Emerging Markets Equity Select ETF

 177,038    —    —
Large Cap US Equity Select ETF

 306,111    —    —
Mid Cap US Equity Select ETF

 158,905    —    —
Small Cap US Equity Select ETF

 91,906    —    —
US Equity Dividend Select ETF

 157,451    —    —
As of March 31, 2020, the components of distributable earnings on a tax basis for each Fund were as follows:
  Undistributed
Ordinary
Income
  Accumulated
Capital and
Other
Gain (Loss)
  Net
Unrealized
Appreciation
(Depreciation)
Developed International Equity Select ETF

$ —   $ (1,210,426)   $ (5,554,039)
Emerging Markets Equity Select ETF

 2,600    (397,026)    (2,521,839)
Large Cap US Equity Select ETF

 23,750    (816,442)    (3,142,653)
Mid Cap US Equity Select ETF

 11,233    (456,238)    (4,770,465)
Small Cap US Equity Select ETF

 8,751    (440,835)    (2,431,916)
US Equity Dividend Select ETF

 14,380    (345,495)    (1,545,252)
E. Income and Other 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.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
India’s Finance Bill, 2018 (“Finance Bill, 2018”) was enacted into law on March 29, 2018 and amongst other provisions, it introduced a long-term capital gains tax beginning April 1, 2018. Long-term capital gains on the sale of listed shares in excess of INR 0.1 million are taxed at the rate of 10% (plus applicable surcharge and cess (which is a type of tax)) subject to satisfaction of certain conditions. Long-term capital gains accruing as of January 31, 2018 are considered exempt due to a grandfather clause in the provision. The
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
aforesaid exemption from long-term capital gains tax is available with respect to shares acquired after October 1, 2004 and on or before March 31, 2018 only if on such acquisitions Securities Transaction Tax (“STT”) was chargeable. Certain exceptions in this regard, such as acquisition of shares in a public offer, bonus, rights issued, etc. for which the condition of chargeability of STT on acquisition is not applicable, have been notified.
In the case of the sale of listed shares held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 15% (plus applicable surcharge and cess) provided the shares are sold on the stock exchange and subjected to STT. For above purposes, the applicable rate of surcharge is 2% or 5% (depending on the level of income of the Fund). The Finance Bill, 2018 increases the cess imposed on the sum of tax and surcharge from 3% to 4%. The cess 4% rate is applied to the capital gains tax, resulting in a higher effective rate of capital gains tax.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains are taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess). The Finance Bill, 2018, approves the carry forward of long-term capital losses to be offset against long-term capital gains. Short-term losses can be netted against both short-term gains and long-term gains.
Until March 31, 2020, dividends received by a Fund from Indian companies were exempt from tax in India because Indian companies were required to pay dividend distribution tax. The Indian Finance Act, 2020 has amended the dividend taxation framework effective April 1, 2020 and accordingly dividends would now be taxable in the hands of the shareholders at 20%, plus applicable surcharge and cess. There is an anomaly in the rates of surcharge applicable to non-resident taxpayers such as regulated investment trusts. While the intention of the legislation seems to be to cap the surcharge on dividend tax to 15%, the enabling rule provides for a surcharge at a graded scale with a cap of 37%.
Considering the above, the highest effective tax rate on dividend income arising to a Fund could be 28.50% though the rate should be 23.92% if the surcharge is capped at 15%. Note that a Fund can obtain the reduced withholding tax rate of 25% under the US-India tax treaty if a Fund is considered as a tax resident of the United States and qualifies for treaty benefits.
Even if a Fund is eligible for treaty benefits, Indian companies will still be required to withhold tax at the domestic law rate, disregarding the treaty rates. Any excess taxes withheld can be off-set against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
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. Taxable years ended 2018, 2019 and 2020 remain open to federal and state audit. As of March 31, 2020, 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.
The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Funds are 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 March 31, 2020, the Funds had non-expiring capital loss carryforwards for federal income tax purposes as follows:
  Capital
Loss Available
Developed International Equity Select ETF

$ 1,094,967
Emerging Markets Equity Select ETF

 397,026
Large Cap US Equity Select ETF

 816,442
Mid Cap US Equity Select ETF

 456,238
Small Cap US Equity Select ETF

 440,835
US Equity Dividend Select ETF

 345,495
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
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 March 31, 2020, the Funds incurred and elected to defer net ordinary losses as follows:
  Ordinary Losses
Developed International Equity Select ETF

$ 115,459
Emerging Markets Equity Select ETF

 —
Large Cap US Equity Select ETF

 —
Mid Cap US Equity Select ETF

 —
Small Cap US Equity Select ETF

 —
US Equity Dividend Select ETF

 —
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended March 31, 2020, the adjustments for each Fund were as follows:
  Accumulated
Net
Investment
Income (Loss)
  Accumulated
Net Realized
Gain (Loss)
on Investments
  Paid-in
Capital
Developed International Equity Select ETF

$ 73,645   $ (241,608)   $ 167,963
Emerging Markets Equity Select ETF

 (17,220)    104,282    (87,062)
Large Cap US Equity Select ETF

 (5,281)    (1,039,969)    1,045,250
Mid Cap US Equity Select ETF

 (2,591)    (557,054)    559,645
Small Cap US Equity Select ETF

 (13,850)    (228,964)    242,814
US Equity Dividend Select ETF

 (3,661)    (443,386)    447,047
F. Expenses
Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (See Note 3).
First Trust has entered into licensing agreements with Riskalyze, Inc. (“Licensor”) for the Funds. The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensor. The Funds are sub-licensees to the applicable license agreements.
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.
First Trust is paid an annual unitary management fee based on each Fund’s average daily net assets at a rate set forth below:
  Rate
Developed International Equity Select ETF 0.65%
Emerging Markets Equity Select ETF 0.75%
Large Cap US Equity Select ETF 0.60%
Mid Cap US Equity Select ETF 0.60%
Small Cap US Equity Select ETF 0.60%
US Equity Dividend Select ETF 0.50%
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investor Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $9,250 per Fund, which is covered under the annual unitary management fee.
The Trust has multiple service agreements with Brown Brothers Harriman & Co. (“BBH”). Under the service agreements, BBH performs custodial, fund accounting, certain administrative services, and transfer agency services for the Funds. As custodian, BBH is responsible for custody of each Fund’s assets. As fund accountant and administrator, BBH is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BBH is responsible for maintaining shareholder records for each Fund.
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 an index fund.
Additionally, the Lead Independent Trustee and the Chairmen 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 Chairmen rotate every three years. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the fiscal year ended March 31, 2020, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding short-term investments and in-kind transactions, were as follows:
  Purchases   Sales
Developed International Equity Select ETF $ 16,926,128   $ 17,117,595
Emerging Markets Equity Select ETF  8,898,017    10,262,339
Large Cap US Equity Select ETF  4,476,571    4,444,956
Mid Cap US Equity Select ETF  5,779,016    5,779,533
Small Cap US Equity Select ETF  3,434,284    3,380,308
US Equity Dividend Select ETF  4,087,370    4,048,874
       
For the fiscal year ended March 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
  Purchases   Sales
Developed International Equity Select ETF $ 7,068,572   $ 2,352,178
Emerging Markets Equity Select ETF  —    1,089,601
Large Cap US Equity Select ETF  4,648,515    5,890,943
Mid Cap US Equity Select ETF  7,844,218    6,498,626
Small Cap US Equity Select ETF  3,961,364    1,117,250
US Equity Dividend Select ETF  3,506,150    3,605,335
5. Creations, Redemptions and Transaction Fees
Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 50,000 shares in transactions with broker-dealers or large institutional investors that have entered into a participation agreement (an “Authorized Participant”). In order to purchase Creation Units of a Fund, an Authorized Participant must deposit (i) a designated portfolio of equity securities determined by First Trust (the “Deposit Securities”) and generally make or receive a cash payment referred to as the “Cash Component,” which is an amount equal to the difference between the NAV of the Fund shares (per Creation Unit Aggregations) and the market value of the Deposit Securities, and/or (ii) cash in lieu of all or a portion of the Deposit Securities. If the Cash Component is a positive number (i.e., the NAV per Creation Unit Aggregation exceeds the Deposit Amount), the Authorized Participant will deliver the Cash
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Table of Contents
Notes to Financial Statements (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020
Component. If the Cash Component is a negative number (i.e., the NAV per Creation Unit Aggregation is less than the Deposit Amount), the Authorized Participant will receive the Cash Component. Authorized Participants purchasing Creation Units must pay to BBH, as transfer agent, a creation transaction fee (the “Creation Transaction Fee”) regardless of the number of Creation Units purchased in the transaction. The Creation Transaction Fee may vary and is based on the composition of the securities included in the respective Fund’s portfolio and the countries in which the transactions are settled. The Creation Transaction Fee may increase or decrease with changes in each Fund’s portfolio. The price for each Creation Unit will equal the daily NAV per share times the number of shares in a Creation Unit plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees or stamp taxes. When a Fund permits an Authorized Participant to substitute cash or a different security in lieu of depositing one or more of the requisite Deposit Securities, the Authorized Participant may also be assessed an amount to cover the cost of purchasing the Deposit Securities and/or disposing of the substituted securities, including 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 such Deposit Securities and/or substitute securities.
Authorized Participants redeeming Creation Units must pay to BBH, as transfer agent, a redemption transaction fee (the “Redemption Transaction Fee”), regardless of the number of Creation Units redeemed in the transaction. The Redemption Transaction Fee may vary and is based on the composition of the securities included in the respective Fund’s portfolio and the countries in which the transactions are settled. The Redemption Transaction Fee may increase or decrease with changes in each Fund’s portfolio. Each Fund reserves the right to effect redemptions in cash. An Authorized Participant may request cash redemption in lieu of securities; however, a Fund may, in its discretion, reject any such request.
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, each Fund is authorized to pay an amount up to 0.25% of its 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 to provide 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 July 31, 2021.
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 to 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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Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded Fund VI:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Developed International Equity Select ETF, Emerging Markets Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF, Small Cap US Equity Select ETF, US Equity Dividend Select ETF (the “Funds”), each a series of First Trust Exchange-Traded Fund VI, including the portfolios of investments, as of March 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2020 and 2019 and for the period from June 20, 2017 (commencement of operations) through March 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2020 and 2019 and for the period from June 20, 2017 (commencement of operations) through March 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
Chicago, Illinois
May 26, 2020
We have served as the auditor of one or more First Trust investment companies since 2001.
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Additional Information
First Trust Exchange-Traded Fund VI
March 31, 2020 (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 portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund’s website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Portfolio Holdings
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Federal Tax Information
For the taxable year ended March 31, 2020, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations:
  Dividends
Received Deduction
Developed International Equity Select ETF

0.00%
Emerging Markets Equity Select ETF

0.00%
Large Cap US Equity Select ETF

100.00%
Mid Cap US Equity Select ETF

100.00%
Small Cap US Equity Select ETF

100.00%
US Equity Dividend Select ETF

100.00%
For the taxable year ended March 31, 2020, the following percentages of income dividend paid by the Funds are hereby designated as qualified dividend income:
  Qualified
Dividend Income
Developed International Equity Select ETF

94.83%
Emerging Markets Equity Select ETF

67.00%
Large Cap US Equity Select ETF

100.00%
Mid Cap US Equity Select ETF

100.00%
Small Cap US Equity Select ETF

100.00%
US Equity Dividend Select ETF

100.00%
A portion of the ordinary dividends (including short-term capital gains) that RNLC, RNMC, RNSC and RNDV paid to shareholders during the taxable year ended March 31, 2020, may be eligible for the Qualified Business Income (QBI) Deduction under code section 199A for the aggregate dividends the Funds received from the underlying Real Estate Investment Trusts (REITs) they invest in.
The following Funds met the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. The total amount of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:
  Gross Foreign Income   Foreign Taxes Paid
  Amount   Per Share   Amount   Per Share
Developed International Equity Select ETF

$ 882,922   $ 1.47   $ 86,700   $ 0.14
Emerging Markets Equity Select ETF

 441,338    2.21    65,820    0.33
The foreign taxes paid will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end. Gross foreign income and foreign taxes paid will be posted on each Fund’s website and disclosed in the tax letter.
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
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 large 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 not concentrated.
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.
Derivatives Risk. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund’s portfolio managers use derivatives to enhance the fund’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
Equity Securities Risk. To the extent a fund invests in equity securities, the value of the fund’s shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
ETF Risk. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF’s shares, or decisions by an ETF’s authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF’s shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
Fixed Income Securities Risk. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund’s fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund’s fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
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Additional Information (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
Index Constituent Risk. Certain funds may be a constituent of one or more indices. 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 significantly 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.
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. In 2017, the United Kingdom’s Financial Conduct Authority announced that LIBOR will cease to be available for use after 2021. 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the fund.
Management Risk. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund’s investment portfolio, the fund’s portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
Market Risk. 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. 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. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.
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; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; 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.
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
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Board of Trustees and Officers
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
The following tables identify the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The Trust’s statement of additional information includes additional information about the Trustees and is available, without charge, upon request, by calling (800) 988-5891.
Name, Year of Birth and Position with the Trust Term of Office and Year First Elected or Appointed Principal Occupations
During Past 5 Years
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee Other Trusteeships or Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Richard E. Erickson, Trustee
(1951)
• Indefinite Term

• Since Inception
Physician; Officer, Wheaton Orthopedics; Limited Partner, Gundersen Real Estate Limited Partnership (June 1992 to December 2016); Member, Sportsmed LLC (April 2007 to November 2015) 173 None
Thomas R. Kadlec, Trustee
(1957)
• Indefinite Term

• Since Inception
President, ADM Investor Services, Inc. (Futures Commission Merchant) 173 Director of ADM Investor Services, Inc., ADM Investor Services International, Futures Industry Association, and National Futures Association
Robert F. Keith, Trustee
(1956)
• Indefinite Term

• Since Inception
President, Hibs Enterprises (Financial and Management Consulting) 173 Director of Trust Company of Illinois
Niel B. Nielson, Trustee
(1954)
• Indefinite Term

• Since Inception
Senior Advisor (August 2018 to Present), Managing Director and Chief Operating Officer (January 2015 to August 2018), Pelita Harapan Educational Foundation (Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Servant Interactive LLC (Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Dew Learning LLC (Educational Products and Services) 173 None
INTERESTED TRUSTEE
James A. Bowen(1), Trustee and
Chairman of the Board
(1955)
• Indefinite Term

• Since Inception
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) 173 None
    
(1) Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust.
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Table of Contents
Board of Trustees and Officers (Continued)
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
Name and Year of Birth Position and Offices with Trust Term of Office and Length of Service Principal Occupations
During Past 5 Years
OFFICERS(2)
James M. Dykas
(1966)
President and Chief Executive Officer • Indefinite Term

• Since January 2016
Managing Director and Chief Financial Officer (January 2016 to Present), Controller (January 2011 to January 2016), Senior Vice President (April 2007 to January 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer (January 2016 to Present), BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
Donald P. Swade
(1972)
Treasurer, Chief Financial Officer and Chief Accounting Officer • Indefinite Term

• Since January 2016
Senior Vice President (July 2016 to Present), Vice President (April 2012 to July 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.
W. Scott Jardine
(1960)
Secretary and Chief Legal Officer • Indefinite Term

• Since Inception
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
Daniel J. Lindquist
(1970)
Vice President • Indefinite Term

• Since Inception
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
Kristi A. Maher
(1966)
Chief Compliance Officer and Assistant Secretary • Indefinite Term

• Since Inception
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
Roger F. Testin
(1966)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P.
Stan Ueland
(1970)
Vice President • Indefinite Term

• Since Inception
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P
(2) The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
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Table of Contents
Privacy Policy
First Trust Exchange-Traded Fund VI
March 31, 2020 (Unaudited)
Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.
Sources of Information
We collect nonpublic personal information about you from the following sources:
Information we receive from you and your broker-dealer, investment advisor or financial representative through interviews, applications, agreements or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from your inquiries by mail, e-mail or telephone; and
Information we collect on our website through the use of “cookies”. For example, we may identify the pages on our website that your browser requests or visits.
Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.
Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers.
We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud).
In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.
Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: Google Analytics and AddThis.
Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.
Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).
March 2019
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First Trust Exchange-Traded Fund VI
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

Table of Contents

 

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

 

(d) The registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

 

(e) Not applicable.

 

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is “independent,” as defined by Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $249,376 for the fiscal year ended March 31, 2019 and $252,000 for the fiscal year ended March 31, 2020.

 

(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2019 and $0 for the fiscal year ended March 31, 2020.

 

Audit-Related Fees (Investment Adviser and Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2019 and $0 for the fiscal year ended March 31, 2020.

 

(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant were $40,175 for the fiscal year ended March 31, 2019 and $5,793for the fiscal year ended March 31, 2020.

 

Tax Fees (Investment Adviser and Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant’s adviser and distributor were $0 for the fiscal year ended March 31, 2019 and $0 for the fiscal year ended March 31, 2020.

 

(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended March 31, 2019 and $0 for the fiscal year ended March 31, 2020.

 

All Other Fees (Investment Adviser and Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant’s investment adviser and distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended March 31, 2019 and $0 for the fiscal year ended March 31, 2020.

 

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

 

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the “Committee”) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

 

The Committee is also responsible for the pre-approval of the independent auditor’s engagements for non-audit services with the registrant’s adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the registrant’s adviser (other than any sub-adviser whose role is primarily portfolio management and is sub-contracted with or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor’s independence.

 

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the registrant and the registrant’s investment adviser and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

 

Registrant: Adviser and Distributor:

 

(b) 0% (b) 0%

(c) 0% (c) 0%

(d) 0% (d) 0%

 

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

 

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended March 31, 2019, were $40,175 for the registrant, $27,379.63 for the registrant’s investment adviser, and $39,346 for the registrant’s distributor and for the fiscal year ended March 31, 2020, were $5,793 for the registrant, $60,670 for the registrant’s investment adviser, and $87,730 for the registrant’s distributor.

 

(h) The registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

Items 5. Audit Committee of Listed Registrants.

The registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the registrant is comprised of: Richard E. Erickson, Thomas R. Kadlec, Robert F. Keith and Niel B. Nielson.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407 (c) (2) (iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22 (b) (15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(b) date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(c) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3) Not applicable.

 

(a)(4) Not applicable.

 

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

 

 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant) First Trust Exchange-Traded Fund VI    

 

By (Signature and Title)   /s/ James M. Dykas    
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
   

Date: June 8, 2020

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)   /s/ James M. Dykas    
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
   
Date: June 8, 2020

 

By (Signature and Title)   /s/ Donald P. Swade    
    Donald P. Swade, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
   
Date: June 8, 2020