First Trust Merger Arbitrage ETF (MARB)Portfolio of InvestmentsApril 30, 2024 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 53.3% | |||||
Banks — 2.4% | |||||
82,813 | Lakeland Bancorp, Inc. | $1,009,490 | |||
Biotechnology — 3.1% | |||||
31,493 | Cerevel Therapeutics Holdings, Inc. (a) (b) | 1,345,066 | |||
Commercial Services & Supplies — 1.6% | |||||
13,067 | SP Plus Corp. (a) (b) | 667,201 | |||
Communications Equipment — 3.3% | |||||
41,132 | Juniper Networks, Inc. (b) | 1,432,216 | |||
Consumer Finance — 3.3% | |||||
11,275 | Discover Financial Services | 1,428,881 | |||
Consumer Staples Distribution & Retail — 5.1% | |||||
108,482 | Albertsons Cos., Inc., Class A (b) | 2,213,033 | |||
Health Care Equipment & Supplies — 4.0% | |||||
25,870 | Axonics, Inc. (a) (b) | 1,722,166 | |||
Health Care Providers & Services — 4.7% | |||||
21,796 | Amedisys, Inc. (a) (b) | 2,006,322 | |||
Household Durables — 2.9% | |||||
118,375 | Vizio Holding Corp., Class A (a) (b) | 1,254,775 | |||
Insurance — 2.1% | |||||
1,859 | National Western Life Group, Inc., Class A (b) | 908,716 | |||
Metals & Mining — 3.5% | |||||
41,260 | United States Steel Corp. (b) | 1,505,990 | |||
Oil, Gas & Consumable Fuels — 9.2% | |||||
9,371 | Hess Corp. | 1,475,839 | |||
9,199 | Pioneer Natural Resources Co. (b) | 2,477,474 | |||
3,953,313 | |||||
Pharmaceuticals — 3.0% | |||||
23,222 | Catalent, Inc. (a) (b) | 1,296,949 | |||
Software — 3.6% | |||||
4,795 | ANSYS, Inc. (a) | 1,557,800 | |||
Textiles, Apparel & Luxury Goods — 1.5% | |||||
17,973 | Capri Holdings Ltd. (a) (b) | 637,682 | |||
Total Common Stocks | 22,939,600 | ||||
(Cost $23,903,473) |
Units | Description | Value | |||
MASTER LIMITED PARTNERSHIPS — 2.5% | |||||
Oil, Gas & Consumable Fuels — 2.5% | |||||
47,756 | NuStar Energy, L.P. | $1,077,853 | |||
(Cost $1,137,423) |
Shares | Description | Value | |||
RIGHTS — 0.0% | |||||
Biotechnology — 0.0% | |||||
43,869 | Chinook Therapeutics, Inc., expiring December 21, 2029 (a) (c) (d) (e) | 0 | |||
100,745 | Icosavax, Inc., expiring January 1, 2029 (a) (c) (d) (e) | 0 | |||
0 | |||||
Health Care Equipment & Supplies — 0.0% | |||||
7,137 | ABIOMED, Inc., expiring December 31, 2029 (a) (c) (d) (e) | 0 | |||
Pharmaceuticals — 0.0% | |||||
39,856 | Mirati Therapeutics, Inc., expiring October 8, 2024 (a) (c) (d) (e) | 0 | |||
Total Rights | 0 | ||||
(Cost $0) | |||||
MONEY MARKET FUNDS — 43.5% | |||||
18,754,718 | Dreyfus Government Cash Management Fund, Institutional Shares - 5.19% (f) | 18,754,718 | |||
(Cost $18,754,718) | |||||
Total Investments — 99.3% | 42,772,171 | ||||
(Cost $43,795,614) | |||||
COMMON STOCKS SOLD SHORT — (18.0)% | |||||
Banks — (2.4)% | |||||
(70,244) | Provident Financial Services, Inc. | (1,031,182 ) | |||
Consumer Finance — (3.8)% | |||||
(11,491) | Capital One Financial Corp. | (1,648,154 ) | |||
Oil, Gas & Consumable Fuels — (9.8)% | |||||
(9,606) | Chevron Corp. | (1,549,159 ) | |||
(22,410) | Exxon Mobil Corp. | (2,650,431 ) | |||
(4,199,590 ) | |||||
Software — (2.0)% | |||||
(1,656) | Synopsys, Inc. (a) | (878,657 ) | |||
Total Common Stocks Sold Short | (7,757,583 ) | ||||
(Proceeds $7,900,851) |
First Trust Merger Arbitrage ETF (MARB)Portfolio of Investments (Continued)April 30, 2024 (Unaudited)
Units | Description | Value | |||
MASTER LIMITED PARTNERSHIPS SOLD SHORT — (2.5)% | |||||
Oil, Gas & Consumable Fuels — (2.5)% | |||||
(19,103) | Sunoco, L.P. | $(1,075,499 ) | |||
(Proceeds $1,197,834) | |||||
Total Investments Sold Short — (20.5)% | (8,833,082 ) | ||||
(Proceeds $9,098,685) | |||||
Net Other Assets and Liabilities — 21.2% | 9,129,932 | ||||
Net Assets — 100.0% | $43,069,021 |
(a) | Non-income producing security. |
(b) | This security or a portion of this security is segregated as collateral for investments sold short. At April 30, 2024, the segregated value of these securities amounts to $10,396,915. |
(c) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor. |
(d) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April 30, 2024, securities noted as such are valued at $0 or 0.0% of net assets. |
(e) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
(f) | Rate shown reflects yield as of April 30, 2024. |
Valuation Inputs
The Fund is 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.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
• Level 3 – Level 3 inputs are unobservable inputs that 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 the Fund’s investments as of April 30, 2024 is as follows:
ASSETS TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 22,939,600 | $ 22,939,600 | $ — | $ — |
Master Limited Partnerships* | 1,077,853 | 1,077,853 | — | — |
Rights* | —** | — | — | —** |
Money Market Funds | 18,754,718 | 18,754,718 | — | — |
Total Investments | $42,772,171 | $42,772,171 | $— | $—** |
LIABILITIES TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks Sold Short* | $ (7,757,583) | $ (7,757,583) | $ — | $ — |
Master Limited Partnerships Sold Short* | (1,075,499) | (1,075,499) | — | — |
Total Investments Sold Short | $ (8,833,082) | $ (8,833,082) | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.