First Trust Preferred Securities and Income ETF (FPE)Portfolio of InvestmentsJuly 31, 2024 (Unaudited)
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES — 22.5% | |||||
Automobiles — 0.4% | |||||
134,828 | Ford Motor Co. | 6.00% | 12/01/59 | $3,128,009 | |
679,177 | Ford Motor Co. | 6.50% | 08/15/62 | 16,660,212 | |
19,788,221 | |||||
Banks — 2.1% | |||||
1,009,929 | Bank of America Corp., Series KK | 5.38% | (a) | 23,692,934 | |
918,441 | Bank of America Corp., Series NN | 4.38% | (a) | 17,670,805 | |
231,957 | Citizens Financial Group, Inc. | 7.38% | (a) | 5,928,821 | |
94,679 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 2,394,432 | |
5,045 | JPMorgan Chase & Co., Series JJ | 4.55% | (a) | 106,550 | |
529,632 | KeyCorp (b) | 6.20% | (a) | 12,144,462 | |
142,663 | KeyCorp, Series F | 5.65% | (a) | 3,092,934 | |
661,358 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 15,892,433 | |
173,065 | US Bancorp, Series K | 5.50% | (a) | 4,155,291 | |
601,487 | Wells Fargo & Co., Series Y | 5.63% | (a) | 14,411,628 | |
543,079 | Wintrust Financial Corp., Series E (b) | 6.88% | (a) | 13,517,236 | |
113,007,526 | |||||
Capital Markets — 3.3% | |||||
106,395 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 2,381,120 | |
197,154 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3,755,784 | |
979,665 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 16,507,355 | |
1,052,690 | Affiliated Managers Group, Inc. | 6.75% | 03/30/64 | 26,485,680 | |
576,295 | Brookfield Oaktree Holdings, LLC, Series A | 6.63% | (a) | 12,776,460 | |
854,454 | Brookfield Oaktree Holdings, LLC, Series B | 6.55% | (a) | 18,780,899 | |
1,510,674 | Carlyle Finance LLC | 4.63% | 05/15/61 | 27,675,548 | |
855,635 | KKR Group Finance Co. IX LLC | 4.63% | 04/01/61 | 16,470,974 | |
880,290 | Morgan Stanley, Series Q | 6.63% | (a) | 22,764,299 | |
1,122,060 | TPG Operating Group II, L.P. | 6.95% | 03/15/64 | 28,825,722 | |
176,423,841 | |||||
Consumer Finance — 0.1% | |||||
143,980 | Capital One Financial Corp., Series I | 5.00% | (a) | 2,811,930 | |
231,695 | Capital One Financial Corp., Series J | 4.80% | (a) | 4,339,647 | |
7,151,577 | |||||
Diversified REITs — 0.3% | |||||
850,146 | Global Net Lease, Inc., Series A | 7.25% | (a) | 18,261,136 | |
Diversified Telecommunication Services — 0.5% | |||||
361,114 | AT&T, Inc., Series A | 5.00% | (a) | 7,478,671 | |
997,186 | AT&T, Inc., Series C | 4.75% | (a) | 19,834,030 | |
27,312,701 | |||||
Electric Utilities — 1.5% | |||||
3,228 | Duke Energy Corp., Series A | 5.75% | (a) | 80,313 | |
267,757 | SCE Trust IV, Series J (b) | 5.38% | (a) | 6,415,458 | |
743,484 | SCE Trust V, Series K (b) | 5.45% | (a) | 18,022,052 | |
338,602 | SCE Trust VI | 5.00% | (a) | 6,626,441 | |
1,333,585 | SCE Trust VII, Series M | 7.50% | (a) | 34,899,919 | |
580,450 | SCE Trust VIII, Series N | 6.95% | (a) | 14,708,603 | |
80,752,786 |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES (Continued) | |||||
Financial Services — 0.9% | |||||
1,253,770 | Equitable Holdings, Inc., Series A | 5.25% | (a) | $27,507,714 | |
720,965 | Jackson Financial, Inc. (b) | 8.00% | (a) | 18,593,687 | |
46,101,401 | |||||
Food Products — 0.2% | |||||
326,032 | CHS, Inc., Series 3 | 6.75% | (a) | 8,072,552 | |
Gas Utilities — 0.3% | |||||
1,070,658 | South Jersey Industries, Inc. (c) | 5.63% | 09/16/79 | 13,876,798 | |
Independent Power and Renewable Electricity Producers — 0.5% | |||||
891,011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (a) | 13,908,682 | |
614,193 | Brookfield Renewable Partners, L.P., Series 17 | 5.25% | (a) | 11,645,099 | |
25,553,781 | |||||
Insurance — 8.0% | |||||
2,142,113 | AEGON Funding Co. LLC | 5.10% | 12/15/49 | 45,605,586 | |
2,072,192 | American National Group, Inc., Series A | 5.95% | (a) | 50,872,314 | |
892,270 | American National Group, Inc., Series B | 6.63% | (a) | 22,172,909 | |
312,756 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 4,925,907 | |
363,925 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 5,822,800 | |
10,532 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 238,971 | |
434,275 | Arch Capital Group Ltd., Series G | 4.55% | (a) | 8,316,366 | |
57,198 | Argo Group International Holdings, Inc. (b) | 7.00% | (a) | 1,422,514 | |
281,709 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 5,620,095 | |
1,772,529 | Aspen Insurance Holdings Ltd. (c) | 5.63% | (a) | 35,149,250 | |
435,474 | Aspen Insurance Holdings Ltd., 3 Mo. Synthetic USD LIBOR + 4.06% (d) | 9.65% | (a) | 11,139,425 | |
552,706 | Assurant, Inc. | 5.25% | 01/15/61 | 11,678,678 | |
1,022,813 | Athene Holding Ltd. (b) | 7.25% | 03/30/64 | 25,774,888 | |
1,166,755 | Athene Holding Ltd., Series A (b) | 6.35% | (a) | 28,293,809 | |
78,485 | Athene Holding Ltd., Series C (b) | 6.38% | (a) | 1,947,998 | |
116,575 | Athene Holding Ltd., Series D | 4.88% | (a) | 2,130,991 | |
1,483,010 | Athene Holding Ltd., Series E (b) | 7.75% | (a) | 38,291,318 | |
396,516 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 8,429,930 | |
660,021 | CNO Financial Group, Inc. (c) | 5.13% | 11/25/60 | 13,081,616 | |
1,262,506 | Delphi Financial Group Inc., 3 Mo. CME Term SOFR + CSA + 3.19% (d) | 8.77% | 05/15/37 | 29,826,704 | |
1,650,649 | F&G Annuities & Life, Inc. | 7.95% | 12/15/53 | 43,081,939 | |
211,998 | Globe Life, Inc. | 4.25% | 06/15/61 | 3,476,767 | |
1,900 | MetLife, Inc., Series F | 4.75% | (a) | 39,045 | |
221,423 | Phoenix (The) Cos., Inc. | 7.45% | 01/15/32 | 4,036,025 | |
96,089 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (a) | 2,237,913 | |
1,057,739 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 18,753,712 | |
274,908 | W. R. Berkley Corp. | 5.10% | 12/30/59 | 5,899,526 | |
428,266,996 | |||||
Mortgage REITs — 0.2% | |||||
300,285 | AGNC Investment Corp., Series D, 3 Mo. CME Term SOFR + CSA + 4.33% (d) | 9.89% | (a) | 7,549,165 | |
35,388 | AGNC Investment Corp., Series E (b) | 6.50% | (a) | 876,561 | |
186,477 | AGNC Investment Corp., Series F (b) | 6.13% | (a) | 4,484,772 | |
12,910,498 |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES (Continued) | |||||
Multi-Utilities — 1.7% | |||||
1,024,426 | Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. Synthetic USD LIBOR + 4.01% (d) | 9.60% | 07/01/79 | $25,795,047 | |
586,267 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 10,042,754 | |
639,721 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13% | (a) | 12,161,096 | |
56,380 | Brookfield Infrastructure Partners, L.P., Series 14 | 5.00% | (a) | 982,139 | |
377,089 | CMS Energy Corp. | 5.88% | 10/15/78 | 9,046,365 | |
262,313 | CMS Energy Corp. | 5.88% | 03/01/79 | 6,329,613 | |
99,100 | CMS Energy Corp., Series C | 4.20% | (a) | 1,859,116 | |
20,021 | DTE Energy Co. | 4.38% | 12/01/81 | 394,614 | |
125,231 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 2,890,331 | |
908,717 | Sempra | 5.75% | 07/01/79 | 21,363,937 | |
90,865,012 | |||||
Real Estate Management & Development — 0.8% | |||||
1,463,350 | Brookfield Property Partners, L.P., Series A | 5.75% | (a) | 18,423,576 | |
62,828 | Brookfield Property Partners, L.P., Series A-1 | 6.50% | (a) | 942,420 | |
1,095,624 | Brookfield Property Partners, L.P., Series A2 | 6.38% | (a) | 14,905,965 | |
424,682 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 9,580,826 | |
37,876 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 854,104 | |
44,706,891 | |||||
Specialized REITs — 0.1% | |||||
116,326 | Public Storage, Series K | 4.75% | (a) | 2,430,050 | |
17,986 | Public Storage, Series L | 4.63% | (a) | 364,756 | |
611 | Public Storage, Series S | 4.10% | (a) | 11,010 | |
2,805,816 | |||||
Trading Companies & Distributors — 0.2% | |||||
439,432 | Air Lease Corp., Series A (b) | 9.24% | (a) | 11,289,008 | |
Wireless Telecommunication Services — 1.4% | |||||
780,457 | United States Cellular Corp. | 6.25% | 09/01/69 | 17,115,422 | |
1,121,939 | United States Cellular Corp. | 5.50% | 03/01/70 | 22,887,556 | |
1,559,943 | United States Cellular Corp. | 5.50% | 06/01/70 | 31,822,837 | |
71,825,815 | |||||
Total $25 Par Preferred Securities | 1,198,972,356 | ||||
(Cost $1,332,444,848) | |||||
$100 PAR PREFERRED SECURITIES — 0.0% | |||||
Food Products — 0.0% | |||||
700 | Dairy Farmers of America, Inc. (e) | 7.88% | (a) | 68,600 | |
(Cost $64,400) | |||||
$1,000 PAR PREFERRED SECURITIES — 4.1% | |||||
Banks — 4.1% | |||||
69,120 | Bank of America Corp., Series L | 7.25% | (a) | 82,737,331 | |
110,579 | Wells Fargo & Co., Series L | 7.50% | (a) | 132,998,893 | |
Total $1,000 Par Preferred Securities | 215,736,224 | ||||
(Cost $238,979,540) |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES — 69.7% | |||||
Banks — 36.0% | |||||
$25,200,000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (f) | 9.38% | (a) | $27,234,217 | |
23,200,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (f) | 6.50% | (a) | 23,168,168 | |
11,320,000 | Banco de Credito e Inversiones S.A. (b) (e) (f) | 8.75% | (a) | 11,922,281 | |
5,000,000 | Banco de Credito e Inversiones S.A. (b) (f) (g) | 8.75% | (a) | 5,266,025 | |
22,250,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.50% | (a) | 21,928,754 | |
15,700,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.63% | (a) | 15,712,654 | |
21,630,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.38% | (a) | 22,265,598 | |
15,500,000 | Banco Santander S.A. (b) (f) | 8.00% | (a) | 15,679,570 | |
35,600,000 | Banco Santander S.A. (b) (f) | 4.75% | (a) | 32,901,915 | |
21,600,000 | Banco Santander S.A. (b) (f) | 9.63% | (a) | 23,574,478 | |
37,200,000 | Banco Santander S.A. (b) (f) | 9.63% | (a) | 42,551,592 | |
200,000 | Bank of America Corp., Series RR (b) | 4.38% | (a) | 189,392 | |
43,283,000 | Bank of America Corp., Series TT (b) | 6.13% | (a) | 43,469,593 | |
60,800,000 | Bank of Montreal (b) | 7.70% | 05/26/84 | 62,732,893 | |
18,600,000 | Bank of Montreal (b) | 7.30% | 11/26/84 | 18,828,557 | |
38,764,000 | Bank of Nova Scotia (The) (b) | 8.63% | 10/27/82 | 41,159,654 | |
41,149,000 | Bank of Nova Scotia (The) (b) | 8.00% | 01/27/84 | 43,201,216 | |
15,075,000 | Barclays PLC (b) (f) | 4.38% | (a) | 13,113,064 | |
100,000,000 | Barclays PLC (b) (f) | 8.00% | (a) | 102,954,800 | |
25,750,000 | Barclays PLC (b) (f) | 9.63% | (a) | 28,186,001 | |
11,600,000 | BBVA Bancomer S.A. (b) (e) (f) | 5.88% | 09/13/34 | 11,055,491 | |
31,600,000 | BBVA Bancomer S.A. (b) (e) (f) | 8.45% | 06/29/38 | 33,387,802 | |
59,483,000 | BNP Paribas S.A. (b) (e) (f) | 4.63% | (a) | 49,968,789 | |
41,770,000 | BNP Paribas S.A. (b) (e) (f) | 7.75% | (a) | 43,127,429 | |
15,600,000 | BNP Paribas S.A. (b) (e) (f) | 8.00% | (a) | 16,069,167 | |
56,900,000 | BNP Paribas S.A. (b) (e) (f) | 8.50% | (a) | 59,823,977 | |
8,300,000 | BNP Paribas S.A. (b) (e) (f) | 9.25% | (a) | 8,926,027 | |
45,055,000 | Citigroup, Inc., Series AA (b) | 7.63% | (a) | 46,968,997 | |
20,000,000 | Citigroup, Inc., Series BB (b) | 7.20% | (a) | 20,546,780 | |
24,790,000 | Citigroup, Inc., Series DD (b) | 7.00% | (a) | 25,209,120 | |
50,000 | Citigroup, Inc., Series M, 3 Mo. CME Term SOFR + CSA + 3.42% (d) | 9.01% | (a) | 50,057 | |
200,000 | Citigroup, Inc., Series P (b) | 5.95% | (a) | 198,819 | |
13,803,000 | Citigroup, Inc., Series W (b) | 4.00% | (a) | 13,248,375 | |
2,600,000 | Citigroup, Inc., Series X (b) | 3.88% | (a) | 2,470,627 | |
4,200,000 | Citigroup, Inc., Series Z (b) | 7.38% | (a) | 4,317,377 | |
3,460,000 | Citizens Financial Group, Inc., Series F (b) | 5.65% | (a) | 3,402,959 | |
5,653,000 | Citizens Financial Group, Inc., Series G (b) | 4.00% | (a) | 5,141,644 | |
12,500,000 | CoBank ACB (b) | 7.25% | (a) | 12,791,000 | |
12,841,000 | CoBank ACB, Series I (b) | 6.25% | (a) | 12,723,750 | |
34,455,000 | CoBank ACB, Series K (b) | 6.45% | (a) | 34,295,346 | |
9,200,000 | Commerzbank AG (b) (f) (g) | 7.00% | (a) | 9,158,048 | |
6,200,000 | Farm Credit Bank of Texas (b) | 7.75% | (a) | 6,328,761 | |
7,650,000 | Farm Credit Bank of Texas, Series 3 (b) (e) | 6.20% | (a) | 7,305,750 | |
1,300,000 | Farm Credit Bank of Texas, Series 4 (b) (e) | 5.70% | (a) | 1,291,856 | |
18,985,000 | Fifth Third Bancorp, Series L (b) | 4.50% | (a) | 18,498,097 | |
12,800,000 | HSBC Holdings PLC (b) (f) | 4.60% | (a) | 11,128,106 | |
56,700,000 | HSBC Holdings PLC (b) (f) | 8.00% | (a) | 60,069,851 | |
3,250,000 | Huntington Bancshares, Inc., Series G (b) | 4.45% | (a) | 2,998,194 | |
200,000 | ING Groep N.V. (b) (f) | 6.50% | (a) | 199,492 |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Banks (Continued) | |||||
$22,390,000 | ING Groep N.V. (b) (f) (g) | 7.50% | (a) | $22,810,652 | |
38,873,000 | ING Groep N.V. (b) (f) (g) | 8.00% | (a) | 40,787,349 | |
92,395,000 | Intesa Sanpaolo S.p.A. (b) (e) (f) | 7.70% | (a) | 92,512,801 | |
93,350,000 | JPMorgan Chase & Co., Series NN (b) | 6.88% | (a) | 96,687,583 | |
200,000 | Lloyds Banking Group PLC (b) (f) | 6.75% | (a) | 200,453 | |
200,000 | Lloyds Banking Group PLC (b) (f) | 7.50% | (a) | 201,204 | |
68,555,000 | Lloyds Banking Group PLC (b) (f) | 8.00% | (a) | 71,353,415 | |
13,700,000 | NatWest Group PLC (b) (f) | 8.13% | (a) | 14,220,093 | |
9,700,000 | NatWest Group PLC (b) (f) | 6.00% | (a) | 9,599,057 | |
1,000,000 | NatWest Group PLC (b) (f) | 8.00% | (a) | 1,011,708 | |
35,116,000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (a) | 34,708,735 | |
19,345,000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20% | (a) | 19,343,144 | |
41,711,000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25% | (a) | 40,766,083 | |
43,000,000 | Royal Bank of Canada (b) | 7.50% | 05/02/84 | 44,764,634 | |
22,160,000 | Societe Generale S.A. (b) (e) (f) | 5.38% | (a) | 18,501,776 | |
33,820,000 | Societe Generale S.A. (b) (e) (f) | 9.38% | (a) | 34,772,473 | |
25,000,000 | Societe Generale S.A. (b) (e) (f) | 10.00% | (a) | 26,457,875 | |
200,000 | Standard Chartered PLC (b) (e) (f) | 4.30% | (a) | 171,356 | |
200,000 | Standard Chartered PLC (b) (e) (f) | 7.75% | (a) | 204,950 | |
28,330,000 | Standard Chartered PLC (b) (e) (f) | 7.88% | (a) | 28,781,977 | |
17,420,000 | Sumitomo Mitsui Financial Group, Inc. (b) (f) | 6.60% | (a) | 17,592,441 | |
3,200,000 | Swedbank AB (b) (f) (g) | 7.63% | (a) | 3,229,500 | |
21,000,000 | Swedbank AB (b) (f) (g) | 7.75% | (a) | 21,472,500 | |
58,930,000 | Toronto-Dominion Bank (The) (b) | 8.13% | 10/31/82 | 61,587,684 | |
52,630,000 | Wells Fargo & Co. (b) | 6.85% | (a) | 53,394,680 | |
35,949,000 | Wells Fargo & Co. (b) | 7.63% | (a) | 38,327,793 | |
9,777,000 | Wells Fargo & Co., Series BB (b) | 3.90% | (a) | 9,384,468 | |
1,919,588,494 | |||||
Capital Markets — 6.3% | |||||
40,400,000 | Ares Finance Co. III LLC (b) (e) | 4.13% | 06/30/51 | 37,940,379 | |
33,000 | Charles Schwab (The) Corp., Series G (b) | 5.38% | (a) | 32,696 | |
21,168,000 | Charles Schwab (The) Corp., Series H (b) | 4.00% | (a) | 17,897,498 | |
42,820,000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (a) | 40,040,545 | |
15,800,000 | Charles Schwab (The) Corp., Series K (b) | 5.00% | (a) | 14,942,389 | |
81,425,000 | Credit Suisse Group AG, Claim (c) (h) | 9,771,000 | |||
1,200,000 | Credit Suisse Group AG, Claim (c) (h) | 144,000 | |||
51,775,000 | Credit Suisse Group AG, Claim (c) (h) | 6,213,000 | |||
76,900,000 | Credit Suisse Group AG, Claim (c) (h) | 9,228,000 | |||
27,200,000 | Credit Suisse Group AG, Claim (c) (h) | 3,264,000 | |||
71,800,000 | Deutsche Bank AG, Series 2020 (b) (f) | 6.00% | (a) | 68,983,767 | |
375,000 | Goldman Sachs Group (The), Inc., Series R (b) | 4.95% | (a) | 372,326 | |
26,100,000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50% | (a) | 27,369,608 | |
53,403,000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (a) | 55,173,897 | |
12,536,000 | State Street Corp., Series I (b) | 6.70% | (a) | 12,580,691 | |
31,000,000 | State Street Corp., Series J (b) | 6.70% | (a) | 31,037,751 | |
334,991,547 | |||||
Construction Materials — 0.0% | |||||
550,000 | Cemex S.A.B. de C.V. (b) (e) | 9.13% | (a) | 593,580 |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Electric Utilities — 3.8% | |||||
$24,790,000 | American Electric Power Co., Inc. (b) | 7.05% | 12/15/54 | $25,126,078 | |
51,590,000 | American Electric Power Co., Inc. (b) | 6.95% | 12/15/54 | 52,315,046 | |
25,000 | Edison International, Series A (b) | 5.38% | (a) | 24,491 | |
6,500,000 | Emera, Inc., Series 16-A (b) | 6.75% | 06/15/76 | 6,490,259 | |
40,300,000 | Entergy Corp. (b) | 7.13% | 12/01/54 | 40,419,207 | |
21,680,000 | EUSHI Finance, Inc. (b) (e) | 7.63% | 12/15/54 | 22,142,559 | |
40,856,000 | NextEra Energy Capital Holdings, Inc. (b) | 6.75% | 06/15/54 | 42,570,440 | |
11,094,000 | NextEra Energy Capital Holdings, Inc. (b) | 6.70% | 09/01/54 | 11,301,746 | |
200,389,826 | |||||
Financial Services — 2.5% | |||||
64,250,000 | American AgCredit Corp. (b) (e) | 5.25% | (a) | 62,965,000 | |
28,250,000 | Capital Farm Credit ACA, Series 1 (b) (e) | 5.00% | (a) | 27,543,752 | |
13,950,000 | Compeer Financial ACA (b) (e) | 4.88% | (a) | 13,601,250 | |
28,304,000 | Corebridge Financial, Inc. (b) | 6.88% | 12/15/52 | 28,823,294 | |
132,933,296 | |||||
Food Products — 2.0% | |||||
10,700,000 | Dairy Farmers of America, Inc. (i) | 7.13% | (a) | 10,925,770 | |
20,360,000 | Land O’ Lakes Capital Trust I (i) | 7.45% | 03/15/28 | 19,869,275 | |
44,888,000 | Land O’ Lakes, Inc. (e) | 7.00% | (a) | 35,013,192 | |
14,010,000 | Land O’ Lakes, Inc. (e) | 7.25% | (a) | 11,628,130 | |
31,520,000 | Land O’ Lakes, Inc. (e) | 8.00% | (a) | 28,013,400 | |
105,449,767 | |||||
Independent Power and Renewable Electricity Producers — 0.6% | |||||
31,000,000 | AES Corp. (The) (b) | 7.60% | 01/15/55 | 31,557,069 | |
Insurance — 7.5% | |||||
34,460,000 | Assurant, Inc. (b) | 7.00% | 03/27/48 | 35,061,658 | |
12,699,000 | Assured Guaranty Municipal Holdings, Inc. (b) (e) | 6.40% | 12/15/36 | 11,355,454 | |
38,875,000 | AXIS Specialty Finance LLC (b) | 4.90% | 01/15/40 | 36,318,129 | |
24,400,000 | CNP Assurances SACA (b) (f) (g) | 4.88% | (a) | 20,970,885 | |
28,757,000 | Enstar Finance, LLC (b) | 5.50% | 01/15/42 | 25,741,199 | |
13,700,000 | Fortegra Financial Corp. (b) (i) | 8.50% | 10/15/57 | 13,204,226 | |
73,935,000 | Global Atlantic Fin Co. (b) (e) | 4.70% | 10/15/51 | 69,374,566 | |
25,274,000 | Global Atlantic Fin Co. (b) (e) | 7.95% | 10/15/54 | 25,712,205 | |
63,464,000 | Hartford Financial Services Group (The), Inc., 3 Mo. CME Term SOFR + CSA + 2.13% (d) (e) | 7.71% | 02/12/47 | 57,194,794 | |
26,429,000 | Kuvare US Holdings, Inc. (b) (e) | 7.00% | 02/17/51 | 26,495,072 | |
4,310,000 | La Mondiale SAM (b) (g) | 5.88% | 01/26/47 | 4,281,403 | |
40,630,000 | Lancashire Holdings Ltd. (b) (g) | 5.63% | 09/18/41 | 37,417,691 | |
35,910,000 | Liberty Mutual Group, Inc. (b) (e) | 4.13% | 12/15/51 | 33,621,538 | |
800,000 | Lincoln National Corp., Series C (b) | 9.25% | (a) | 865,356 | |
1,140,000 | Prudential Financial, Inc. (b) | 6.00% | 09/01/52 | 1,143,942 | |
140,000 | QBE Insurance Group Ltd. (b) (e) | 5.88% | (a) | 139,057 | |
398,897,175 | |||||
Multi-Utilities — 3.9% | |||||
91,598,000 | Algonquin Power & Utilities Corp. (b) | 4.75% | 01/18/82 | 83,826,642 | |
27,900,000 | Dominion Energy, Inc., Series A (b) | 6.88% | 02/01/55 | 28,973,578 | |
15,550,000 | Dominion Energy, Inc., Series B (b) | 7.00% | 06/01/54 | 16,369,451 |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Multi-Utilities (Continued) | |||||
$51,968,000 | Sempra (b) | 4.13% | 04/01/52 | $48,210,833 | |
29,094,000 | Sempra (b) | 6.88% | 10/01/54 | 29,218,562 | |
206,599,066 | |||||
Oil, Gas & Consumable Fuels — 6.6% | |||||
55,822,000 | Enbridge, Inc. (b) | 6.25% | 03/01/78 | 53,731,718 | |
28,420,000 | Enbridge, Inc. (b) | 7.63% | 01/15/83 | 29,601,675 | |
29,000,000 | Enbridge, Inc. (b) | 8.50% | 01/15/84 | 31,788,843 | |
18,531,000 | Enbridge, Inc., Series 16-A (b) | 6.00% | 01/15/77 | 18,082,865 | |
39,830,000 | Enbridge, Inc., Series 20-A (b) | 5.75% | 07/15/80 | 37,852,639 | |
8,631,000 | Energy Transfer, L.P., Series B (b) | 6.63% | (a) | 8,494,292 | |
15,394,000 | Energy Transfer, L.P., Series F (b) | 6.75% | (a) | 15,332,698 | |
69,836,000 | Energy Transfer, L.P., Series G (b) | 7.13% | (a) | 69,787,995 | |
24,814,000 | Energy Transfer, L.P., Series H (b) | 6.50% | (a) | 24,714,059 | |
1,662,000 | Enterprise Products Operating LLC (b) | 5.38% | 02/15/78 | 1,574,535 | |
29,482,000 | Transcanada Trust (b) | 5.50% | 09/15/79 | 27,518,531 | |
34,700,000 | Transcanada Trust (b) | 5.60% | 03/07/82 | 32,227,996 | |
350,707,846 | |||||
Retail REITs — 0.5% | |||||
3,700,000 | Scentre Group Trust 2 (b) (e) | 4.75% | 09/24/80 | 3,604,758 | |
27,435,000 | Scentre Group Trust 2 (b) (e) | 5.13% | 09/24/80 | 25,998,070 | |
29,602,828 | |||||
Trading Companies & Distributors — 0.0% | |||||
29,000 | Aircastle Ltd. (b) (e) | 5.25% | (a) | 28,487 | |
Total Capital Preferred Securities | 3,711,338,981 | ||||
(Cost $3,858,897,222) |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES — 2.0% | |||||
Insurance — 2.0% | |||||
$104,408,028 | Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., (7.63% cash or 8.38% PIK) (e) (j) | 7.63% | 10/15/25 | 105,999,415 | |
(Cost $106,009,989) |
Shares | Description | Value | |||
EXCHANGE-TRADED FUNDS — 0.1% | |||||
Capital Markets — 0.1% | |||||
134,565 | WisdomTree Floating Rate Treasury Fund | 6,765,928 | |||
(Cost $6,784,522) | |||||
Total Investments — 98.4% | 5,238,881,504 | ||||
(Cost $5,543,180,521) | |||||
Net Other Assets and Liabilities — 1.6% | 85,413,002 | ||||
Net Assets — 100.0% | $5,324,294,506 |
(a) | Perpetual maturity. |
(b) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2024. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
(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 “Advisor”). |
(d) | Floating or variable rate security. |
(e) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2024, securities noted as such amounted to $1,103,222,041 or 20.7% of net assets. |
(f) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At July 31, 2024, securities noted as such amounted to $1,183,209,528 or 22.2% of net assets. Of these securities, 3.8% originated in emerging markets, and 96.2% originated in foreign markets. |
(g) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(h) | Claim pending with the administrative court of Switzerland. |
(i) | This security, sold within the terms of a private placement memorandum, 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 (see Restricted Securities table). |
(j) | The issuer will pay interest in cash and/or in PIK interest. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
LIBOR | – London Interbank Offered Rate |
PIK | – Payment-in-kind |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
USD | – United States Dollar |
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Valuation Inputs in the Additional Information section):
Total Value at 7/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$25 Par Preferred Securities: | ||||
Gas Utilities | $13,876,798 | $— | $13,876,798 | $— |
Insurance | 428,266,996 | 383,655,560 | 44,611,436 | — |
Other Industry Categories* | 756,828,562 | 756,828,562 | — | — |
$100 Par Preferred Securities* | 68,600 | — | 68,600 | — |
$1,000 Par Preferred Securities* | 215,736,224 | 215,736,224 | — | — |
Capital Preferred Securities* | 3,711,338,981 | — | 3,711,338,981 | — |
Foreign Corporate Bonds and Notes* | 105,999,415 | — | 105,999,415 | — |
Exchange-Traded Funds* | 6,765,928 | 6,765,928 | — | — |
Total Investments | $5,238,881,504 | $1,362,986,274 | $3,875,895,230 | $— |
* | See Portfolio of Investments for industry breakout. |
First Trust Preferred Securities and Income ETF (FPE)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Restricted Securities
As of July 31, 2024, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees:
Security | Acquisition Date | Par Amount | Current Price | Carrying Cost | Value | % of Net Assets |
Dairy Farmers of America, Inc., 7.13% | 09/15/16 - 12/08/21 | $10,700,000 | $102.11 | $10,903,500 | $10,925,770 | 0.21 % |
Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 - 03/12/18 | 13,700,000 | 96.38 | 13,718,599 | 13,204,226 | 0.25 |
Land O’ Lakes Capital Trust I, 7.45%, 03/15/28 | 03/20/15 - 05/08/18 | 20,360,000 | 97.59 | 21,363,160 | 19,869,275 | 0.37 |
$45,985,259 | $43,999,271 | 0.83 % |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of InvestmentsJuly 31, 2024 (Unaudited)
Shares | Description | Stated Rate | Stated Maturity | Value | |
$1,000 PAR PREFERRED SECURITIES — 1.7% | |||||
Banks — 1.7% | |||||
6,831 | Bank of America Corp., Series L | 7.25% | (a) | $8,176,775 | |
12,037 | Wells Fargo & Co., Series L | 7.50% | (a) | 14,477,502 | |
Total $1,000 Par Preferred Securities | 22,654,277 | ||||
(Cost $24,934,285) |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES — 93.4% | |||||
Banks — 51.3% | |||||
$13,800,000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 9.38% | (a) | 14,913,976 | |
10,300,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (c) | 6.50% | (a) | 10,285,868 | |
3,000,000 | Banco de Credito e Inversiones S.A. (b) (c) (d) | 8.75% | (a) | 3,159,615 | |
840,000 | Banco de Credito e Inversiones S.A. (b) (c) (e) | 8.75% | (a) | 884,692 | |
2,000,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 6.63% | (a) | 1,815,713 | |
10,101,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.50% | (a) | 9,955,162 | |
3,592,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.63% | (a) | 3,594,895 | |
3,400,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.38% | (a) | 3,499,909 | |
3,800,000 | Banco Santander S.A. (b) (c) | 8.00% | (a) | 3,844,024 | |
9,000,000 | Banco Santander S.A. (b) (c) | 4.75% | (a) | 8,317,900 | |
7,000,000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 7,639,877 | |
15,000,000 | Banco Santander S.A. (b) (c) | 9.63% | (a) | 17,157,900 | |
200,000 | Bank of America Corp., Series RR (c) | 4.38% | (a) | 189,392 | |
23,796,000 | Bank of America Corp., Series TT (c) | 6.13% | (a) | 23,898,585 | |
2,684,000 | Bank of America Corp., Series X (c) | 6.25% | (a) | 2,688,226 | |
22,956,000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 23,685,794 | |
4,500,000 | Bank of Montreal (c) | 7.30% | 11/26/84 | 4,555,296 | |
19,400,000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 20,598,939 | |
12,600,000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 13,228,397 | |
6,300,000 | Barclays PLC (b) (c) | 4.38% | (a) | 5,480,086 | |
20,050,000 | Barclays PLC (b) (c) | 8.00% | (a) | 20,642,437 | |
6,650,000 | Barclays PLC (b) (c) | 9.63% | (a) | 7,279,103 | |
700,000 | BBVA Bancomer S.A. (b) (c) (d) | 5.88% | 09/13/34 | 667,142 | |
7,200,000 | BBVA Bancomer S.A. (b) (c) (d) | 8.45% | 06/29/38 | 7,607,347 | |
18,000,000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 15,120,929 | |
10,890,000 | BNP Paribas S.A. (b) (c) (d) | 7.75% | (a) | 11,243,900 | |
3,700,000 | BNP Paribas S.A. (b) (c) (d) | 8.00% | (a) | 3,811,277 | |
23,450,000 | BNP Paribas S.A. (b) (c) (d) | 8.50% | (a) | 24,655,049 | |
1,000,000 | BNP Paribas S.A. (b) (c) (d) | 9.25% | (a) | 1,075,425 | |
1,300,000 | Citigroup, Inc., Series AA (c) | 7.63% | (a) | 1,355,226 | |
4,000,000 | Citigroup, Inc., Series BB (c) | 7.20% | (a) | 4,109,356 | |
6,070,000 | Citigroup, Inc., Series DD (c) | 7.00% | (a) | 6,172,624 | |
100,000 | Citigroup, Inc., Series M, 3 Mo. CME Term SOFR + CSA + 3.42% (f) | 9.01% | (a) | 100,115 | |
5,814,000 | Citigroup, Inc., Series P (c) | 5.95% | (a) | 5,779,665 | |
4,149,000 | Citigroup, Inc., Series W (c) | 4.00% | (a) | 3,982,287 | |
8,195,000 | Citigroup, Inc., Series X (c) | 3.88% | (a) | 7,787,225 | |
2,979,000 | Citigroup, Inc., Series Y (c) | 4.15% | (a) | 2,769,778 | |
11,278,000 | Citizens Financial Group, Inc., Series F (c) | 5.65% | (a) | 11,092,072 | |
12,941,000 | Citizens Financial Group, Inc., Series G (c) | 4.00% | (a) | 11,770,389 | |
3,000,000 | CoBank ACB (c) | 7.25% | (a) | 3,069,840 |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Banks (Continued) | |||||
$1,101,000 | CoBank ACB, Series I (c) | 6.25% | (a) | $1,090,947 | |
3,185,000 | CoBank ACB, Series K (c) | 6.45% | (a) | 3,170,242 | |
400,000 | Commerzbank AG (b) (c) (e) | 7.00% | (a) | 398,176 | |
1,000,000 | Corestates Capital III, 3 Mo. CME Term SOFR + CSA + 0.57% (d) (f) | 6.15% | 02/15/27 | 978,079 | |
3,400,000 | Danske Bank A/S (b) (c) (e) | 4.38% | (a) | 3,208,750 | |
1,500,000 | Farm Credit Bank of Texas (c) | 7.75% | (a) | 1,531,152 | |
800,000 | Farm Credit Bank of Texas, Series 3 (c) (d) | 6.20% | (a) | 764,000 | |
200,000 | Farm Credit Bank of Texas, Series 4 (c) (d) | 5.70% | (a) | 198,747 | |
3,290,000 | Fifth Third Bancorp, Series L (c) | 4.50% | (a) | 3,205,622 | |
4,200,000 | HSBC Holdings PLC (b) (c) | 4.60% | (a) | 3,651,410 | |
19,600,000 | HSBC Holdings PLC (b) (c) | 8.00% | (a) | 20,764,887 | |
735,000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (a) | 707,690 | |
3,700,000 | Huntington Bancshares, Inc., Series G (c) | 4.45% | (a) | 3,413,328 | |
200,000 | ING Groep N.V. (b) (c) | 6.50% | (a) | 199,492 | |
24,404,000 | ING Groep N.V. (b) (c) (e) | 7.50% | (a) | 24,862,490 | |
8,885,000 | ING Groep N.V. (b) (c) (e) | 8.00% | (a) | 9,322,553 | |
23,670,000 | Intesa Sanpaolo S.p.A. (b) (c) (d) | 7.70% | (a) | 23,700,179 | |
8,295,000 | JPMorgan Chase & Co., Series KK (c) | 3.65% | (a) | 7,897,616 | |
22,200,000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (a) | 22,993,726 | |
200,000 | Lloyds Banking Group PLC (b) (c) | 6.75% | (a) | 200,453 | |
200,000 | Lloyds Banking Group PLC (b) (c) | 7.50% | (a) | 201,204 | |
24,180,000 | Lloyds Banking Group PLC (b) (c) | 8.00% | (a) | 25,167,028 | |
3,200,000 | NatWest Group PLC (b) (c) | 8.13% | (a) | 3,321,482 | |
21,686,000 | NatWest Group PLC (b) (c) | 6.00% | (a) | 21,460,325 | |
6,550,000 | NatWest Group PLC (b) (c) | 8.00% | (a) | 6,626,687 | |
11,084,000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (a) | 10,955,451 | |
12,525,000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (a) | 12,523,798 | |
8,499,000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (a) | 8,306,464 | |
12,000,000 | Royal Bank of Canada (c) | 7.50% | 05/02/84 | 12,492,456 | |
5,600,000 | Societe Generale S.A. (b) (c) (d) | 5.38% | (a) | 4,675,539 | |
7,200,000 | Societe Generale S.A. (b) (c) (d) | 9.38% | (a) | 7,402,774 | |
11,000,000 | Societe Generale S.A. (b) (c) (d) | 10.00% | (a) | 11,641,465 | |
200,000 | Standard Chartered PLC (b) (c) (d) | 7.75% | (a) | 204,950 | |
5,070,000 | Standard Chartered PLC (b) (c) (d) | 7.88% | (a) | 5,150,887 | |
6,200,000 | Sumitomo Mitsui Financial Group, Inc. (b) (c) | 6.60% | (a) | 6,261,374 | |
600,000 | Swedbank AB (b) (c) (e) | 7.63% | (a) | 605,531 | |
6,200,000 | Swedbank AB (b) (c) (e) | 7.75% | (a) | 6,339,500 | |
29,880,000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 31,227,558 | |
12,879,000 | Wells Fargo & Co. (c) | 6.85% | (a) | 13,066,123 | |
11,640,000 | Wells Fargo & Co. (c) | 7.63% | (a) | 12,410,234 | |
13,695,000 | Wells Fargo & Co., Series BB (c) | 3.90% | (a) | 13,145,167 | |
674,930,968 | |||||
Capital Markets — 8.2% | |||||
8,435,000 | Ares Finance Co. III LLC (c) (d) | 4.13% | 06/30/51 | 7,921,463 | |
3,100,000 | Charles Schwab (The) Corp., Series G (c) | 5.38% | (a) | 3,071,472 | |
16,000,000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 13,527,965 | |
15,529,000 | Charles Schwab (The) Corp., Series I (c) | 4.00% | (a) | 14,521,009 | |
250,000 | Charles Schwab (The) Corp., Series K (c) | 5.00% | (a) | 236,430 | |
6,243,000 | Credit Suisse Group AG, Claim (g) (h) | 749,160 |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Capital Markets (Continued) | |||||
$2,057,000 | Credit Suisse Group AG, Claim (g) (h) | $246,840 | |||
7,770,000 | Credit Suisse Group AG, Claim (g) (h) | 932,400 | |||
4,150,000 | Credit Suisse Group AG, Claim (g) (h) | 498,000 | |||
18,000,000 | Credit Suisse Group AG, Claim (g) (h) | 2,160,000 | |||
13,950,000 | Deutsche Bank AG, Series 2020 (b) (c) | 6.00% | (a) | 13,402,835 | |
1,200,000 | Goldman Sachs Group (The), Inc., Series R (c) | 4.95% | (a) | 1,191,444 | |
2,899,000 | Goldman Sachs Group (The), Inc., Series T (c) | 3.80% | (a) | 2,725,713 | |
3,185,000 | Goldman Sachs Group (The), Inc., Series U (c) | 3.65% | (a) | 2,950,827 | |
11,900,000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (a) | 12,478,864 | |
12,876,000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (a) | 13,302,981 | |
811,000 | Morgan Stanley, Series M (c) | 5.88% | (a) | 801,819 | |
9,887,000 | State Street Corp., Series I (c) | 6.70% | (a) | 9,922,247 | |
7,570,000 | State Street Corp., Series J (c) | 6.70% | (a) | 7,579,219 | |
108,220,688 | |||||
Construction Materials — 0.4% | |||||
4,800,000 | Cemex S.A.B. de C.V. (c) (d) | 9.13% | (a) | 5,180,333 | |
Electric Utilities — 5.5% | |||||
6,000,000 | American Electric Power Co., Inc. (c) | 7.05% | 12/15/54 | 6,081,342 | |
8,260,000 | American Electric Power Co., Inc. (c) | 6.95% | 12/15/54 | 8,376,086 | |
7,134,000 | American Electric Power Co., Inc. (c) | 3.88% | 02/15/62 | 6,674,867 | |
25,000 | Edison International, Series A (c) | 5.38% | (a) | 24,491 | |
18,120,000 | Emera, Inc., Series 16-A (c) | 6.75% | 06/15/76 | 18,092,844 | |
10,000,000 | Entergy Corp. (c) | 7.13% | 12/01/54 | 10,029,580 | |
5,230,000 | EUSHI Finance, Inc. (c) (d) | 7.63% | 12/15/54 | 5,341,586 | |
9,894,000 | NextEra Energy Capital Holdings, Inc. (c) | 6.75% | 06/15/54 | 10,309,182 | |
7,506,000 | NextEra Energy Capital Holdings, Inc. (c) | 6.70% | 09/01/54 | 7,646,557 | |
72,576,535 | |||||
Financial Services — 1.9% | |||||
3,000,000 | American AgCredit Corp. (c) (d) | 5.25% | (a) | 2,940,000 | |
4,200,000 | Capital Farm Credit ACA, Series 1 (c) (d) | 5.00% | (a) | 4,095,000 | |
650,000 | Compeer Financial ACA (c) (d) | 4.88% | (a) | 633,750 | |
14,096,000 | Corebridge Financial, Inc. (c) | 6.88% | 12/15/52 | 14,354,620 | |
2,512,000 | Equitable Holdings, Inc., Series B (c) | 4.95% | (a) | 2,471,874 | |
755,000 | Voya Financial, Inc., Series A (c) | 7.76% | (a) | 796,055 | |
25,291,299 | |||||
Food Products — 0.7% | |||||
1,200,000 | Dairy Farmers of America, Inc. (i) | 7.13% | (a) | 1,225,320 | |
1,131,000 | Land O’ Lakes Capital Trust I (i) | 7.45% | 03/15/28 | 1,103,740 | |
6,146,000 | Land O’ Lakes, Inc. (d) | 7.00% | (a) | 4,793,956 | |
2,220,000 | Land O’ Lakes, Inc. (d) | 7.25% | (a) | 1,842,573 | |
400,000 | Land O’ Lakes, Inc. (e) | 7.25% | (a) | 331,995 | |
535,000 | Land O’ Lakes, Inc. (d) | 8.00% | (a) | 475,481 | |
9,773,065 | |||||
Independent Power and Renewable Electricity Producers — 0.6% | |||||
7,400,000 | AES Corp. (The) (c) | 7.60% | 01/15/55 | 7,532,978 | |
Insurance — 11.3% | |||||
4,288,000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 4,362,867 | |
2,300,000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) | 6.40% | 12/15/36 | 2,056,661 | |
1,700,000 | Assured Guaranty Municipal Holdings, Inc. (c) (e) | 6.40% | 12/15/66 | 1,520,141 |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Insurance (Continued) | |||||
$9,496,000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | $8,871,433 | |
11,200,000 | CNP Assurances SACA (b) (c) (e) | 4.88% | (a) | 9,625,980 | |
10,538,000 | Enstar Finance, LLC (c) | 5.50% | 01/15/42 | 9,432,860 | |
25,534,000 | Global Atlantic Fin Co. (c) (d) | 4.70% | 10/15/51 | 23,959,021 | |
6,106,000 | Global Atlantic Fin Co. (c) (d) | 7.95% | 10/15/54 | 6,211,867 | |
20,493,000 | Hartford Financial Services Group (The), Inc., 3 Mo. CME Term SOFR + CSA + 2.13% (d) (f) | 7.71% | 02/12/47 | 18,468,626 | |
2,464,000 | Kuvare US Holdings, Inc. (c) (d) | 7.00% | 02/17/51 | 2,470,160 | |
3,631,000 | La Mondiale SAM (c) (e) | 5.88% | 01/26/47 | 3,606,908 | |
6,850,000 | Lancashire Holdings Ltd. (c) (e) | 5.63% | 09/18/41 | 6,308,422 | |
10,300,000 | Liberty Mutual Group, Inc. (c) (d) | 4.13% | 12/15/51 | 9,643,604 | |
6,585,000 | Liberty Mutual Group, Inc. (d) | 4.30% | 02/01/61 | 4,147,506 | |
15,876,000 | Lincoln National Corp., Series C (c) | 9.25% | (a) | 17,172,990 | |
2,501,000 | Markel Group, Inc. (c) | 6.00% | (a) | 2,489,255 | |
6,514,000 | MetLife Capital Trust IV (d) | 7.88% | 12/15/37 | 7,059,977 | |
2,900,000 | MetLife, Inc. (d) | 9.25% | 04/08/38 | 3,402,103 | |
6,506,000 | Prudential Financial, Inc. (c) | 6.00% | 09/01/52 | 6,528,498 | |
1,234,000 | QBE Insurance Group Ltd. (c) (d) | 5.88% | (a) | 1,225,690 | |
148,564,569 | |||||
Multi-Utilities — 5.2% | |||||
26,717,000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 24,450,276 | |
6,700,000 | Dominion Energy, Inc., Series A (c) | 6.88% | 02/01/55 | 6,957,813 | |
16,700,000 | Dominion Energy, Inc., Series B (c) | 7.00% | 06/01/54 | 17,580,053 | |
3,572,000 | NiSource, Inc. (c) | 6.95% | 11/30/54 | 3,631,229 | |
9,518,000 | Sempra (c) | 4.13% | 04/01/52 | 8,829,871 | |
6,742,000 | Sempra (c) | 6.88% | 10/01/54 | 6,770,865 | |
68,220,107 | |||||
Oil, Gas & Consumable Fuels — 7.0% | |||||
1,026,000 | Enbridge, Inc. (c) | 6.25% | 03/01/78 | 987,581 | |
6,955,000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 7,244,182 | |
14,500,000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 15,894,422 | |
8,398,000 | Enbridge, Inc., Series 16-A (c) | 6.00% | 01/15/77 | 8,194,911 | |
8,364,000 | Enbridge, Inc., Series 20-A (c) | 5.75% | 07/15/80 | 7,948,769 | |
1,069,000 | Energy Transfer, L.P., Series B (c) | 6.63% | (a) | 1,052,068 | |
4,125,000 | Energy Transfer, L.P., Series F (c) | 6.75% | (a) | 4,108,574 | |
24,300,000 | Energy Transfer, L.P., Series G (c) | 7.13% | (a) | 24,283,296 | |
4,411,000 | Energy Transfer, L.P., Series H (c) | 6.50% | (a) | 4,393,234 | |
278,000 | Enterprise Products Operating LLC (c) | 5.38% | 02/15/78 | 263,370 | |
11,394,000 | Transcanada Trust (c) | 5.50% | 09/15/79 | 10,635,172 | |
7,650,000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 7,105,019 | |
92,110,598 | |||||
Retail REITs — 1.3% | |||||
6,204,000 | Scentre Group Trust 2 (c) (d) | 4.75% | 09/24/80 | 6,044,302 | |
11,220,000 | Scentre Group Trust 2 (c) (d) | 5.13% | 09/24/80 | 10,632,344 | |
16,676,646 | |||||
Trading Companies & Distributors — 0.0% | |||||
28,000 | Aircastle Ltd. (c) (d) | 5.25% | (a) | 27,505 | |
Total Capital Preferred Securities | 1,229,105,291 | ||||
(Cost $1,206,203,257) |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES — 1.5% | |||||
Insurance — 1.5% | |||||
$18,900,342 | Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., (7.63% cash or 8.38% PIK) (d) (j) | 7.63% | 10/15/25 | $19,188,421 | |
(Cost $18,990,147) | |||||
Total Investments — 96.6% | 1,270,947,989 | ||||
(Cost $1,250,127,689) | |||||
Net Other Assets and Liabilities — 3.4% | 44,489,005 | ||||
Net Assets — 100.0% | $1,315,436,994 |
(a) | Perpetual maturity. |
(b) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At July 31, 2024, securities noted as such amounted to $391,048,177 or 29.7% of net assets. Of these securities, 6.9% originated in emerging markets, and 93.1% originated in foreign markets. |
(c) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2024. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(d) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2024, securities noted as such amounted to $288,684,912 or 21.9% of net assets. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(f) | Floating or variable rate security. |
(g) | Claim pending with the administrative court of Switzerland. |
(h) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(i) | This security, sold within the terms of a private placement memorandum, 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 (see Restricted Securities table). |
(j) | The issuer will pay interest in cash and/or in PIK interest. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
PIK | – Payment-in-kind |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
First Trust Institutional Preferred Securities and Income ETF (FPEI)Portfolio of Investments (Continued)July 31, 2024 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Valuation Inputs in the Additional Information section):
Total Value at 7/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$1,000 Par Preferred Securities* | $22,654,277 | $22,654,277 | $— | $— |
Capital Preferred Securities* | 1,229,105,291 | — | 1,229,105,291 | — |
Foreign Corporate Bonds and Notes* | 19,188,421 | — | 19,188,421 | — |
Total Investments | $1,270,947,989 | $22,654,277 | $1,248,293,712 | $— |
* | See Portfolio of Investments for industry breakout. |
Restricted Securities
As of July 31, 2024, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees:
Security | Acquisition Date | Par Amount | Current Price | Carrying Cost | Value | % of Net Assets |
Dairy Farmers of America, Inc., 7.13% | 01/21/21 - 12/08/21 | $1,200,000 | $102.11 | $1,222,750 | $1,225,320 | 0.09 % |
Land O’ Lakes Capital Trust I, 7.45%, 03/15/28 | 05/04/18 - 01/16/24 | 1,131,000 | 97.59 | 1,191,833 | 1,103,740 | 0.09 |
$2,414,583 | $2,329,060 | 0.18 % |
First Trust Exchange-Traded Fund IIIAdditional InformationJuly 31, 2024 (Unaudited)
Valuation Inputs
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.
• 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.