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) (Zip code)
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: September 30, 2023
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 20549p. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
September 30, 2023
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 S-Network E-Commerce ETF (ISHP) |
First Trust Nasdaq Semiconductor ETF (FTXL) |
First Trust Nasdaq Transportation ETF (FTXR) |
First Trust S-Network Streaming & Gaming ETF (BNGE) |
Semi-Annual Report
September 30, 2023
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Semi-Annual Letter from the Chairman and CEO
September 30, 2023
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Semi-Annual Report
September 30, 2023
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | -0.78% | -17.29% | -2.85% | 3.06% | -13.47% | 23.60% |
Market Price | -0.64% | -17.28% | -2.84% | 3.07% | -13.42% | 23.66% |
Index Performance | ||||||
Nasdaq US Smart BanksTM Index | -0.46% | -16.80% | -2.23% | 3.73% | -10.68% | 29.38% |
Nasdaq US Benchmark BanksTM Index | 2.12% | -1.93% | 0.27% | 6.54% | 1.33% | 56.10% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart BanksTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Financials | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Citigroup, Inc. | 8.3% |
JPMorgan Chase & Co. | 8.3 |
Wells Fargo & Co. | 8.2 |
Bank of America Corp. | 8.0 |
U.S. Bancorp | 7.5 |
PNC Financial Services Group (The), Inc. | 4.2 |
M&T Bank Corp. | 4.2 |
Discover Financial Services | 4.0 |
Fifth Third Bancorp | 4.0 |
Regions Financial Corp. | 3.9 |
Total | 60.6% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | -9.33% | -0.62% | 6.04% | 4.29% | 34.11% | 34.33% |
Market Price | -9.23% | -0.66% | 6.14% | 4.29% | 34.71% | 34.37% |
Index Performance | ||||||
Nasdaq US Smart Food & BeverageTM Index | -9.15% | -0.11% | 6.70% | 4.94% | 38.32% | 40.30% |
Nasdaq US Benchmark Food, Beverage and TobaccoTM Index | -5.99% | 6.30% | 8.32% | 6.96% | 49.11% | 60.50% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart Food & BeverageTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Consumer Staples | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Kraft Heinz (The) Co. | 8.4% |
Mondelez International, Inc., Class A | 8.1 |
PepsiCo, Inc. | 7.9 |
Archer-Daniels-Midland Co. | 7.9 |
Coca-Cola (The) Co. | 7.8 |
Molson Coors Beverage Co., Class B | 4.2 |
US Foods Holding Corp. | 4.1 |
Kellogg Co. | 4.0 |
Constellation Brands, Inc., Class A | 4.0 |
General Mills, Inc. | 3.9 |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | 13.51% | 26.55% | 6.17% | 8.32% | 34.90% | 75.33% |
Market Price | 13.63% | 26.64% | 6.17% | 8.33% | 34.89% | 75.45% |
Index Performance | ||||||
Nasdaq US Smart Oil & GasTM Index | 13.96% | 27.48% | 6.84% | 9.02% | 39.22% | 83.44% |
Nasdaq US Benchmark EnergyTM Index | 10.47% | 25.53% | 8.03% | 8.60% | 47.12% | 78.54% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart Oil & GasTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Energy | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Exxon Mobil Corp. | 8.2% |
Chevron Corp. | 8.2 |
ConocoPhillips | 7.8 |
Marathon Petroleum Corp. | 6.8 |
Occidental Petroleum Corp. | 6.3 |
Valero Energy Corp. | 4.3 |
Phillips 66 | 4.1 |
Cheniere Energy, Inc. | 4.0 |
EOG Resources, Inc. | 3.8 |
Pioneer Natural Resources Co. | 3.8 |
Total | 57.3% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | -1.35% | 8.14% | 2.80% | 4.70% | 14.81% | 38.13% |
Market Price | -1.27% | 8.09% | 2.80% | 4.71% | 14.81% | 38.18% |
Index Performance | ||||||
Nasdaq US Smart PharmaceuticalsTM Index | -1.05% | 8.82% | 3.46% | 5.39% | 18.55% | 44.63% |
Nasdaq US Benchmark PharmaceuticalsTM Index | 5.34% | 14.21% | 10.65% | 11.61% | 65.84% | 116.38% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart PharmaceuticalsTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Health Care | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
AbbVie, Inc. | 7.6% |
Johnson & Johnson | 7.2 |
Merck & Co., Inc. | 7.1 |
Bristol-Myers Squibb Co. | 7.1 |
Pfizer, Inc. | 7.1 |
Amgen, Inc. | 3.9 |
Vertex Pharmaceuticals, Inc. | 3.8 |
Regeneron Pharmaceuticals, Inc. | 3.7 |
Cardinal Health, Inc. | 3.7 |
Gilead Sciences, Inc. | 3.7 |
Total | 54.9% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | -2.79% | 20.40% | 1.90% | 4.75% | 9.88% | 38.54% |
Market Price | -0.93% | 20.79% | 1.84% | 4.72% | 9.53% | 38.27% |
Index Performance | ||||||
S-Network Global E-Commerce IndexTM(1)(2) | -2.35% | 20.97% | N/A | N/A | N/A | N/A |
MSCI ACWI Index | 2.56% | 20.80% | 6.46% | 8.77% | 36.76% | 80.48% |
(1) | On January 26, 2022, the Fund’s underlying index changed from the Nasdaq US Smart RetailTM Index to the S-Network Global E-Commerce IndexTM. Therefore, performance and historical returns shown for the periods prior to January 26, 2022, are not necessarily indicative of the performance of the Fund, based on its current index, would have generated. |
(2) | Because the Fund’s underlying index has an inception date of April 30, 2021, performance data for the Index is not available for all periods shown in the table because performance data does not exist for some of the entire periods. |
S-Network and S-Network Global E-Commerce IndexTM (“Index”) are service marks of VettaFi LLC and have been licensed for use by First Trust Advisors L.P. The Fund is not issued, sponsored, endorsed, sold or promoted by VettaFi LLC or its affiliates (collectively, “VettaFi”). VettaFi makes no representation or warranty, express or implied, to the purchasers or owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance.
Sector Allocation | % of Total Long-Term Investments |
Consumer Discretionary | 38.3% |
Communication Services | 25.9 |
Industrials | 12.1 |
Financials | 9.3 |
Real Estate | 6.6 |
Consumer Staples | 5.0 |
Information Technology | 2.8 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
PDD Holdings, Inc., ADR | 2.2% |
MercadoLibre, Inc. | 2.0 |
carsales.com Ltd. | 2.0 |
Booking Holdings, Inc. | 2.0 |
Alphabet, Inc., Class A | 1.9 |
Kuaishou Technology | 1.9 |
Walmart, Inc. | 1.9 |
COSCO SHIPPING Holdings Co., Ltd., Class H | 1.9 |
Global Payments, Inc. | 1.9 |
FedEx Corp. | 1.9 |
Total | 19.6% |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | 4.66% | 40.15% | 18.08% | 19.76% | 129.51% | 255.09% |
Market Price | 4.69% | 40.17% | 18.09% | 19.76% | 129.69% | 255.15% |
Index Performance | ||||||
Nasdaq US Smart SemiconductorTM Index | 4.99% | 41.07% | 18.82% | 20.53% | 136.81% | 271.34% |
Nasdaq US Benchmark SemiconductorsTM Index | 22.20% | 88.64% | 23.34% | 24.52% | 185.39% | 366.92% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart SemiconductorTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Information Technology | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Intel Corp. | 8.6% |
QUALCOMM, Inc. | 8.3 |
Texas Instruments, Inc. | 8.1 |
Applied Materials, Inc. | 7.7 |
Broadcom, Inc. | 7.7 |
Micron Technology, Inc. | 4.1 |
Advanced Micro Devices, Inc. | 4.1 |
NXP Semiconductors N.V. | 4.1 |
Analog Devices, Inc. | 4.1 |
Microchip Technology, Inc. | 4.1 |
Total | 60.9% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (9/20/16) to 9/30/23 | |
Fund Performance | ||||||
NAV | 3.57% | 22.08% | 3.30% | 6.33% | 17.61% | 53.90% |
Market Price | 3.57% | 22.08% | 3.31% | 6.33% | 17.66% | 53.89% |
Index Performance | ||||||
Nasdaq US Smart TransportationTM Index | 3.92% | 22.64% | 3.70% | 6.82% | 19.90% | 59.00% |
Nasdaq US Benchmark Industrial TransportationTM Index | 2.16% | 21.45% | 8.87% | 13.75% | 52.92% | 147.24% |
Nasdaq US BenchmarkTM Index | 5.03% | 20.54% | 9.18% | 11.88% | 55.13% | 120.14% |
Nasdaq® and Nasdaq US Smart TransportationTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Sector Allocation | % of Total Long-Term Investments |
Industrials | 67.5% |
Consumer Discretionary | 32.5 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Ford Motor Co. | 8.4% |
General Motors Co. | 8.1 |
Tesla, Inc. | 8.0 |
United Parcel Service, Inc., Class B | 7.6 |
Union Pacific Corp. | 7.0 |
CSX Corp. | 4.2 |
FedEx Corp. | 4.2 |
PACCAR, Inc. | 4.0 |
Norfolk Southern Corp. | 4.0 |
United Rentals, Inc. | 3.8 |
Total | 59.3% |
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. |
Performance | ||||
Average Annual Total Returns | Cumulative Total Returns | |||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | Inception (1/25/22) to 9/30/23 | Inception (1/25/22) to 9/30/23 | |
Fund Performance | ||||
NAV | -1.43% | 30.33% | -9.03% | -14.69% |
Market Price | -1.43% | 30.48% | -8.90% | -14.49% |
Index Performance | ||||
S-Network Streaming & Gaming Index | -0.89% | 31.37% | -8.08% | -13.19% |
MSCI ACWI Index | 2.56% | 20.80% | -1.91% | -3.18% |
S-Network and S-Network Streaming & Gaming Index (“Index”) are service marks of VettaFi LLC and have been licensed for use by First Trust Advisors L.P. The Fund is not issued, sponsored, endorsed, sold or promoted by VettaFi LLC or its affiliates (collectively, “VettaFi”). VettaFi makes no representation or warranty, express or implied, to the purchasers or owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance.
Sector Allocation | % of Total Long-Term Investments |
Communication Services | 61.2% |
Consumer Discretionary | 23.1 |
Information Technology | 15.7 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
JOYY, Inc., ADR | 5.5% |
Intel Corp. | 5.3 |
Activision Blizzard, Inc. | 5.3 |
NetEase, Inc., ADR | 4.8 |
NVIDIA Corp. | 4.8 |
Walt Disney (The) Co. | 4.5 |
Nintendo Co., Ltd. | 4.5 |
Advanced Micro Devices, Inc. | 4.5 |
Electronic Arts, Inc. | 4.5 |
Tencent Holdings Ltd. | 4.4 |
Total | 48.1% |
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. |
Understanding Your Fund Expenses
September 30, 2023 (Unaudited)
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | 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 | $992.20 | 0.60% | $2.99 |
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 | $906.70 | 0.60% | $2.86 |
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 | $1,135.10 | 0.60% | $3.20 |
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 | $986.50 | 0.60% | $2.98 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | 0.60% | $3.03 |
First Trust S-Network E-Commerce ETF (ISHP) | ||||
Actual | $1,000.00 | $972.10 | 0.60% | $2.96 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | 0.60% | $3.03 |
First Trust Nasdaq Semiconductor ETF (FTXL) | ||||
Actual | $1,000.00 | $1,046.60 | 0.60% | $3.07 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | 0.60% | $3.03 |
Understanding Your Fund Expenses (Continued)
September 30, 2023 (Unaudited)
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust Nasdaq Transportation ETF (FTXR) | ||||
Actual | $1,000.00 | $1,035.70 | 0.60% | $3.05 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | 0.60% | $3.03 |
First Trust S-Network Streaming & Gaming ETF (BNGE) | ||||
Actual | $1,000.00 | $985.70 | 0.70% | $3.47 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.50 | 0.70% | $3.54 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (April 1, 2023 through September 30, 2023), multiplied by 183/366 (to reflect the six-month period). |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.8% | |||||
Banks — 95.8% | |||||
6,862 | BancFirst Corp. | $595,141 | |||
365,484 | Bank of America Corp. | 10,006,952 | |||
48,163 | Bank OZK | 1,785,402 | |||
25,055 | BOK Financial Corp. | 2,003,899 | |||
253,776 | Citigroup, Inc. | 10,437,807 | |||
44,248 | Comerica, Inc. | 1,838,504 | |||
22,333 | Commerce Bancshares, Inc. | 1,071,537 | |||
14,074 | Cullen/Frost Bankers, Inc. | 1,283,690 | |||
48,091 | East West Bancorp, Inc. | 2,534,877 | |||
197,334 | Fifth Third Bancorp | 4,998,470 | |||
2,870 | First Citizens BancShares, Inc., Class A | 3,960,887 | |||
22,836 | First Financial Bankshares, Inc. | 573,640 | |||
212,062 | FNB Corp. | 2,288,149 | |||
36,035 | Hancock Whitney Corp. | 1,332,935 | |||
70,701 | Home BancShares, Inc. | 1,480,479 | |||
472,426 | Huntington Bancshares, Inc. | 4,913,230 | |||
20,306 | International Bancshares Corp. | 880,062 | |||
71,608 | JPMorgan Chase & Co. | 10,384,592 | |||
41,897 | M&T Bank Corp. | 5,297,876 | |||
301,328 | New York Community Bancorp, Inc. | 3,417,060 | |||
142,737 | Old National Bancorp | 2,075,396 | |||
35,425 | Pinnacle Financial Partners, Inc. | 2,374,892 | |||
43,396 | PNC Financial Services Group (The), Inc. | 5,327,727 | |||
26,516 | Popular, Inc. | 1,670,773 | |||
285,671 | Regions Financial Corp. | 4,913,541 | |||
31,214 | SouthState Corp. | 2,102,575 | |||
56,573 | Synovus Financial Corp. | 1,572,729 | |||
286,844 | U.S. Bancorp | 9,483,063 | |||
299,908 | Valley National Bancorp | 2,567,213 | |||
81,496 | Webster Financial Corp. | 3,285,104 | |||
253,776 | Wells Fargo & Co. | 10,369,287 | |||
45,003 | Western Alliance Bancorp | 2,068,788 | |||
25,122 | Wintrust Financial Corp. | 1,896,711 | |||
120,792,988 | |||||
Consumer Finance — 4.0% | |||||
58,168 | Discover Financial Services | 5,039,094 | |||
Total Investments — 99.8% | 125,832,082 | ||||
(Cost $147,873,140) | |||||
Net Other Assets and Liabilities — 0.2% | 225,495 | ||||
Net Assets — 100.0% | $126,057,577 |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 125,832,082 | $ 125,832,082 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.8% | |||||
Beverages — 37.6% | |||||
2,471 | Boston Beer (The) Co., Inc., Class A (a) | $962,529 | |||
46,668 | Brown-Forman Corp., Class B | 2,692,277 | |||
3,495 | Celsius Holdings, Inc. (a) | 599,742 | |||
181,698 | Coca-Cola (The) Co. | 10,171,454 | |||
4,906 | Coca-Cola Consolidated, Inc. | 3,121,786 | |||
20,858 | Constellation Brands, Inc., Class A | 5,242,241 | |||
161,536 | Keurig Dr Pepper, Inc. | 5,099,692 | |||
85,615 | Molson Coors Beverage Co., Class B | 5,444,258 | |||
94,680 | Monster Beverage Corp. (a) | 5,013,306 | |||
14,514 | National Beverage Corp. (a) | 682,448 | |||
61,103 | PepsiCo, Inc. | 10,353,292 | |||
49,383,025 | |||||
Consumer Staples Distribution & Retail — 4.1% | |||||
134,445 | US Foods Holding Corp. (a) | 5,337,466 | |||
Food Products — 57.6% | |||||
137,086 | Archer-Daniels-Midland Co. | 10,339,026 | |||
5,982 | Bunge Ltd. | 647,551 | |||
111,544 | Campbell Soup Co. | 4,582,227 | |||
66,882 | Darling Ingredients, Inc. (a) | 3,491,240 | |||
80,333 | General Mills, Inc. | 5,140,509 | |||
25,300 | Hershey (The) Co. | 5,062,024 | |||
121,307 | Hormel Foods Corp. | 4,613,305 | |||
41,696 | Hostess Brands, Inc. (a) | 1,388,894 | |||
19,581 | Ingredion, Inc. | 1,926,770 | |||
4,821 | J & J Snack Foods Corp. | 788,957 | |||
89,078 | Kellogg Co. | 5,301,032 | |||
328,526 | Kraft Heinz (The) Co. | 11,051,615 | |||
37,023 | Lamb Weston Holdings, Inc. | 3,423,147 | |||
50,677 | McCormick & Co., Inc. | 3,833,208 | |||
152,558 | Mondelez International, Inc., Class A | 10,587,525 | |||
32,248 | Post Holdings, Inc. (a) | 2,764,944 | |||
19,051 | Simply Good Foods (The) Co. (a) | 657,641 | |||
75,599,615 | |||||
Personal Care Products — 0.5% | |||||
16,488 | BellRing Brands, Inc. (a) | 679,800 | |||
Total Investments — 99.8% | 130,999,906 | ||||
(Cost $146,522,792) | |||||
Net Other Assets and Liabilities — 0.2% | 262,040 | ||||
Net Assets — 100.0% | $131,261,946 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 130,999,906 | $ 130,999,906 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.9% | |||||
Energy Equipment & Services — 6.5% | |||||
89,510 | Baker Hughes Co. | $3,161,493 | |||
23,970 | Cactus, Inc., Class A | 1,203,534 | |||
35,428 | ChampionX Corp. | 1,261,945 | |||
98,006 | Halliburton Co. | 3,969,243 | |||
100,882 | Schlumberger N.V. | 5,881,421 | |||
14,446 | Weatherford International PLC (a) | 1,304,907 | |||
16,782,543 | |||||
Oil, Gas & Consumable Fuels — 93.4% | |||||
107,629 | APA Corp. | 4,423,552 | |||
22,899 | California Resources Corp. | 1,282,573 | |||
61,887 | Cheniere Energy, Inc. | 10,270,766 | |||
51,968 | Chesapeake Energy Corp. | 4,481,201 | |||
125,389 | Chevron Corp. | 21,143,093 | |||
15,752 | Chord Energy Corp. | 2,552,927 | |||
30,857 | Civitas Resources, Inc. | 2,495,406 | |||
62,512 | CNX Resources Corp. (a) | 1,411,521 | |||
169,707 | ConocoPhillips | 20,330,899 | |||
232,051 | Coterra Energy, Inc. | 6,276,980 | |||
168,711 | Devon Energy Corp. | 8,047,515 | |||
50,534 | Diamondback Energy, Inc. | 7,826,706 | |||
78,527 | EOG Resources, Inc. | 9,954,082 | |||
120,895 | EQT Corp. | 4,905,919 | |||
181,674 | Exxon Mobil Corp. | 21,361,229 | |||
32,665 | Hess Corp. | 4,997,745 | |||
54,267 | HF Sinclair Corp. | 3,089,420 | |||
58,334 | Magnolia Oil & Gas Corp., Class A | 1,336,432 | |||
212,086 | Marathon Oil Corp. | 5,673,300 | |||
116,148 | Marathon Petroleum Corp. | 17,577,838 | |||
34,349 | Matador Resources Co. | 2,043,079 | |||
51,323 | Murphy Oil Corp. | 2,327,498 | |||
33,273 | Northern Oil and Gas, Inc. | 1,338,573 | |||
250,743 | Occidental Petroleum Corp. | 16,268,206 | |||
91,163 | Ovintiv, Inc. | 4,336,624 | |||
79,842 | PBF Energy, Inc., Class A | 4,273,942 | |||
145,082 | Permian Resources Corp. | 2,025,345 | |||
88,475 | Phillips 66 | 10,630,271 | |||
42,451 | Pioneer Natural Resources Co. | 9,744,627 | |||
64,339 | Range Resources Corp. | 2,085,227 | |||
43,456 | SM Energy Co. | 1,723,030 | |||
590,429 | Southwestern Energy Co. (a) | 3,808,267 | |||
39,711 | Targa Resources Corp. | 3,404,027 | |||
678 | Texas Pacific Land Corp. | 1,236,374 |
Shares | Description | Value | |||
Oil, Gas & Consumable Fuels (Continued) | |||||
77,754 | Valero Energy Corp. | $11,018,519 | |||
197,134 | Williams (The) Cos., Inc. | 6,641,444 | |||
242,344,157 | |||||
Total Investments — 99.9% | 259,126,700 | ||||
(Cost $234,926,223) | |||||
Net Other Assets and Liabilities — 0.1% | 331,832 | ||||
Net Assets — 100.0% | $259,458,532 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 259,126,700 | $ 259,126,700 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.9% | |||||
Biotechnology — 42.6% | |||||
10,463 | AbbVie, Inc. | $1,559,615 | |||
3,987 | ACADIA Pharmaceuticals, Inc. (a) | 83,089 | |||
2,171 | Akero Therapeutics, Inc. (a) | 109,809 | |||
3,996 | Alkermes PLC (a) | 111,928 | |||
545 | Alnylam Pharmaceuticals, Inc. (a) | 96,520 | |||
2,999 | Amgen, Inc. | 806,011 | |||
8,403 | Amicus Therapeutics, Inc. (a) | 102,180 | |||
2,876 | Biogen, Inc. (a) | 739,161 | |||
1,179 | BioMarin Pharmaceutical, Inc. (a) | 104,318 | |||
1,288 | Exact Sciences Corp. (a) | 87,867 | |||
10,861 | Exelixis, Inc. (a) | 237,313 | |||
10,052 | Gilead Sciences, Inc. | 753,297 | |||
5,598 | Halozyme Therapeutics, Inc. (a) | 213,844 | |||
6,801 | ImmunoGen, Inc. (a) | 107,932 | |||
7,325 | Incyte Corp. (a) | 423,165 | |||
2,675 | Ionis Pharmaceuticals, Inc. (a) | 121,338 | |||
865 | Krystal Biotech, Inc. (a) | 100,340 | |||
953 | Moderna, Inc. (a) | 98,435 | |||
1,871 | MoonLake Immunotherapeutics (a) | 106,647 | |||
1,956 | Morphic Holding, Inc. (a) | 44,812 | |||
1,036 | Neurocrine Biosciences, Inc. (a) | 116,550 | |||
930 | Regeneron Pharmaceuticals, Inc. (a) | 765,353 | |||
3,171 | REVOLUTION Medicines, Inc. (a) | 87,773 | |||
9,311 | Roivant Sciences Ltd. (a) | 108,752 | |||
890 | Sarepta Therapeutics, Inc. (a) | 107,886 | |||
2,859 | United Therapeutics Corp. (a) | 645,762 | |||
2,075 | Vaxcyte, Inc. (a) | 105,784 | |||
2,207 | Vertex Pharmaceuticals, Inc. (a) | 767,462 | |||
8,712,943 | |||||
Health Care Providers & Services — 4.1% | |||||
8,803 | Cardinal Health, Inc. | 764,276 | |||
2,757 | Guardant Health, Inc. (a) | 81,718 | |||
845,994 | |||||
Life Sciences Tools & Services — 4.4% | |||||
2,208 | Charles River Laboratories International, Inc. (a) | 432,724 | |||
652 | Illumina, Inc. (a) | 89,507 | |||
1,199 | Medpace Holdings, Inc. (a) | 290,314 | |||
9,550 | Pacific Biosciences of California, Inc. (a) | 79,742 | |||
892,287 |
Shares | Description | Value | |||
Pharmaceuticals — 48.8% | |||||
2,021 | Amphastar Pharmaceuticals, Inc. (a) | $92,946 | |||
1,333 | Axsome Therapeutics, Inc. (a) | 93,163 | |||
24,941 | Bristol-Myers Squibb Co. | 1,447,576 | |||
3,643 | Catalent, Inc. (a) | 165,866 | |||
8,830 | Elanco Animal Health, Inc. (a) | 99,249 | |||
1,387 | Eli Lilly & Co. | 744,999 | |||
1,940 | Intra-Cellular Therapies, Inc. (a) | 101,055 | |||
5,363 | Jazz Pharmaceuticals PLC (a) | 694,187 | |||
9,510 | Johnson & Johnson | 1,481,182 | |||
14,109 | Merck & Co., Inc. | 1,452,522 | |||
23,667 | Organon & Co. | 410,859 | |||
6,101 | Perrigo Co. PLC | 194,927 | |||
43,460 | Pfizer, Inc. | 1,441,568 | |||
2,921 | Prestige Consumer Healthcare, Inc. (a) | 167,052 | |||
71,516 | Viatris, Inc. | 705,148 | |||
4,035 | Zoetis, Inc. | 702,009 | |||
9,994,308 | |||||
Total Investments — 99.9% | 20,445,532 | ||||
(Cost $21,605,282) | |||||
Net Other Assets and Liabilities — 0.1% | 12,012 | ||||
Net Assets — 100.0% | $20,457,544 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 20,445,532 | $ 20,445,532 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) — 99.7% | |||||
Air Freight & Logistics — 4.9% | |||||
1,830 | DHL Group (EUR) | $74,556 | |||
363 | FedEx Corp. | 96,166 | |||
506 | United Parcel Service, Inc., Class B | 78,870 | |||
249,592 | |||||
Broadline Retail — 18.7% | |||||
970 | Alibaba Group Holding Ltd., ADR (b) | 84,138 | |||
698 | Amazon.com, Inc. (b) | 88,730 | |||
5,280 | Coupang, Inc. (b) | 89,760 | |||
2,032 | eBay, Inc. | 89,591 | |||
1,006 | Etsy, Inc. (b) | 64,967 | |||
2,381 | JD.com, Inc., ADR | 69,358 | |||
82 | MercadoLibre, Inc. (b) | 103,966 | |||
496 | Naspers Ltd., Class N (ZAR) | 79,259 | |||
1,029 | Next PLC (GBP) | 91,601 | |||
1,158 | PDD Holdings, Inc., ADR (b) | 113,565 | |||
2,635 | Prosus N.V. (EUR) | 77,781 | |||
952,716 | |||||
Commercial Services & Supplies — 1.7% | |||||
2,064 | Copart, Inc. (b) | 88,938 | |||
Consumer Staples Distribution & Retail — 5.0% | |||||
142,000 | Alibaba Health Information Technology Ltd. (HKD) (b) | 88,490 | |||
13,206 | JD Health International, Inc. (HKD) (b) (c) (d) | 68,467 | |||
608 | Walmart, Inc. | 97,237 | |||
254,194 | |||||
Electronic Equipment, Instruments & Components — 1.4% | |||||
294 | Zebra Technologies Corp., Class A (b) | 69,540 | |||
Financial Services — 9.3% | |||||
54 | Adyen N.V. (EUR) (b) (c) (d) | 40,290 | |||
1,572 | Fidelity National Information Services, Inc. | 86,884 | |||
728 | Fiserv, Inc. (b) | 82,235 | |||
360 | FleetCor Technologies, Inc. (b) | 91,922 | |||
834 | Global Payments, Inc. | 96,235 | |||
1,295 | PayPal Holdings, Inc. (b) | 75,706 | |||
473,272 | |||||
Ground Transportation — 1.9% | |||||
2,053 | Uber Technologies, Inc. (b) | 94,417 |
Shares | Description | Value | |||
Hotels, Restaurants & Leisure — 11.5% | |||||
669 | Airbnb, Inc., Class A (b) | $91,794 | |||
33 | Booking Holdings, Inc. (b) | 101,770 | |||
1,993 | Delivery Hero SE (EUR) (b) (c) (d) | 57,250 | |||
1,125 | DoorDash, Inc., Class A (b) | 89,404 | |||
783 | Expedia Group, Inc. (b) | 80,704 | |||
5,407 | Meituan, Class B (HKD) (b) (c) (d) | 79,127 | |||
2,466 | Trip.com Group Ltd., ADR (b) | 86,236 | |||
586,285 | |||||
Industrial REITs — 1.6% | |||||
738 | Prologis, Inc. | 82,811 | |||
Interactive Media & Services — 24.0% | |||||
753 | Alphabet, Inc., Class A (b) | 98,538 | |||
11,425 | Auto Trader Group PLC (GBP) (c) (d) | 86,092 | |||
615 | Baidu, Inc., ADR (b) | 82,625 | |||
5,673 | carsales.com Ltd. (AUD) | 101,910 | |||
1,365 | IAC, Inc. (b) | 68,782 | |||
12,200 | Kuaishou Technology (HKD) (b) (c) (d) | 97,915 | |||
32,900 | LY Corp. (JPY) | 91,474 | |||
299 | Meta Platforms, Inc., Class A (b) | 89,763 | |||
598 | NAVER Corp. (KRW) | 89,297 | |||
3,273 | Pinterest, Inc., Class A (b) | 88,469 | |||
928 | REA Group Ltd. (AUD) | 92,076 | |||
13,375 | Rightmove PLC (GBP) | 91,745 | |||
5,769 | SEEK Ltd. (AUD) | 81,862 | |||
6,937 | Snap, Inc., Class A (b) | 61,809 | |||
6,796 | Yandex N.V., Class A (b) (e) (f) (g) | 0 | |||
1,222,357 | |||||
IT Services — 1.4% | |||||
1,332 | Shopify, Inc., Class A (b) | 72,687 | |||
Marine Transportation — 3.6% | |||||
47 | AP Moller - Maersk A.S., Class B (DKK) | 84,847 | |||
94,000 | COSCO SHIPPING Holdings Co., Ltd., Class H (HKD) | 96,389 | |||
181,236 | |||||
Real Estate Management & Development — 5.0% | |||||
1,057 | CoStar Group, Inc. (b) | 81,273 | |||
5,872 | KE Holdings, Inc., ADR | 91,133 | |||
1,730 | Zillow Group, Inc., Class C (b) | 79,857 | |||
252,263 | |||||
Specialty Retail — 6.0% | |||||
1,153 | Best Buy Co., Inc. | 80,099 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) (Continued) | |||||
Specialty Retail (Continued) | |||||
1,123 | CarMax, Inc. (b) | $79,430 | |||
2,952 | Zalando SE (EUR) (b) (c) (d) | 65,947 | |||
4,500 | ZOZO, Inc. (JPY) | 82,583 | |||
308,059 | |||||
Textiles, Apparel & Luxury Goods — 1.9% | |||||
247 | Lululemon Athletica, Inc. (b) | 95,246 | |||
Wireless Telecommunication Services — 1.8% | |||||
31,068 | Taiwan Mobile Co., Ltd. (TWD) | 91,047 | |||
Total Investments — 99.7% | 5,074,660 | ||||
(Cost $6,025,543) | |||||
Net Other Assets and Liabilities — 0.3% | 13,609 | ||||
Net Assets — 100.0% | $5,088,269 |
(a) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(b) | Non-income producing security. |
(c) | This security 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. 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. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(e) | 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. |
(f) | 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 September 30, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
(g) | This security’s value was determined using significant unobservable inputs (see Note2A- Portfolio Valuation in the Notes to Financial Statements). |
Abbreviations throughout the Portfolio of Investments: | |
ADR | – American Depositary Receipt |
AUD | – Australian Dollar |
DKK | – Danish Krone |
EUR | – Euro |
GBP | – British Pound Sterling |
HKD | – Hong Kong Dollar |
JPY | – Japanese Yen |
KRW | – South Korean Won |
TWD | – New Taiwan Dollar |
ZAR | – South African Rand |
Currency Exposure Diversification | % of Total Investments |
United States Dollar | 64.3% |
Hong Kong Dollar | 8.5 |
Euro | 6.2 |
Australian Dollar | 5.4 |
British Pound Sterling | 5.3 |
Japanese Yen | 3.4 |
New Taiwan Dollar | 1.8 |
South Korean Won | 1.8 |
Danish Krone | 1.7 |
South African Rand | 1.6 |
Total | 100.0% |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Interactive Media & Services | $ 1,222,357 | $ 1,222,357 | $ — | $ —** |
Other Industry Categories* | 3,852,303 | 3,852,303 | — | — |
Total Investments | $5,074,660 | $5,074,660 | $— | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investment is valued at $0. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.9% | |||||
Electronic Equipment, Instruments & Components — 2.9% | |||||
56,692 | Advanced Energy Industries, Inc. | $5,846,079 | |||
119,444 | Avnet, Inc. | 5,756,006 | |||
876,025 | Vishay Intertechnology, Inc. | 21,655,338 | |||
33,257,423 | |||||
Semiconductors & Semiconductor Equipment — 97.0% | |||||
456,136 | Advanced Micro Devices, Inc. (a) | 46,899,904 | |||
181,951 | Allegro MicroSystems, Inc. (a) | 5,811,515 | |||
1,481,352 | Amkor Technology, Inc. | 33,478,555 | |||
265,281 | Analog Devices, Inc. | 46,448,050 | |||
631,353 | Applied Materials, Inc. | 87,410,823 | |||
48,583 | Axcelis Technologies, Inc. (a) | 7,921,458 | |||
104,504 | Broadcom, Inc. | 86,798,932 | |||
75,919 | Cirrus Logic, Inc. (a) | 5,614,969 | |||
193,399 | Diodes, Inc. (a) | 15,247,577 | |||
150,931 | Entegris, Inc. | 14,173,930 | |||
2,744,611 | Intel Corp. | 97,570,921 | |||
96,086 | KLA Corp. | 44,070,805 | |||
68,654 | Lam Research Corp. | 43,030,268 | |||
88,388 | Lattice Semiconductor Corp. (a) | 7,595,181 | |||
71,687 | MACOM Technology Solutions Holdings, Inc. (a) | 5,848,225 | |||
581,510 | Marvell Technology, Inc. | 31,477,136 | |||
589,233 | Microchip Technology, Inc. | 45,989,636 | |||
689,489 | Micron Technology, Inc. | 46,905,937 | |||
19,910 | Monolithic Power Systems, Inc. | 9,198,420 | |||
97,705 | NVIDIA Corp. | 42,500,698 | |||
234,409 | NXP Semiconductors N.V. | 46,863,047 | |||
489,771 | ON Semiconductor Corp. (a) | 45,524,214 | |||
43,617 | Onto Innovation, Inc. (a) | 5,562,040 | |||
193,116 | Qorvo, Inc. (a) | 18,436,785 | |||
842,099 | QUALCOMM, Inc. | 93,523,515 | |||
135,116 | Rambus, Inc. (a) | 7,538,122 | |||
443,468 | Skyworks Solutions, Inc. | 43,721,510 | |||
210,670 | Teradyne, Inc. | 21,163,908 | |||
573,876 | Texas Instruments, Inc. | 91,252,023 | |||
1,097,578,104 | |||||
Total Investments — 99.9% | 1,130,835,527 | ||||
(Cost $1,080,628,170) | |||||
Net Other Assets and Liabilities — 0.1% | 1,112,044 | ||||
Net Assets — 100.0% | $1,131,947,571 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 1,130,835,527 | $ 1,130,835,527 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.9% | |||||
Air Freight & Logistics — 16.6% | |||||
9,257 | C.H. Robinson Worldwide, Inc. | $797,305 | |||
7,102 | Expeditors International of Washington, Inc. | 814,102 | |||
6,634 | FedEx Corp. | 1,757,479 | |||
3,421 | GXO Logistics, Inc. (a) | 200,642 | |||
2,804 | Hub Group, Inc., Class A (a) | 220,226 | |||
20,443 | United Parcel Service, Inc., Class B | 3,186,451 | |||
6,976,205 | |||||
Automobile Components — 5.7% | |||||
8,205 | Aptiv PLC (a) | 808,931 | |||
16,886 | BorgWarner, Inc. | 681,688 | |||
6,700 | Gentex Corp. | 218,018 | |||
21,512 | Goodyear Tire & Rubber (The) Co. (a) | 267,394 | |||
3,037 | Lear Corp. | 407,565 | |||
2,383,596 | |||||
Automobiles — 24.5% | |||||
285,496 | Ford Motor Co. | 3,545,860 | |||
103,345 | General Motors Co. | 3,407,285 | |||
13,419 | Tesla, Inc. (a) | 3,357,702 | |||
10,310,847 | |||||
Construction & Engineering — 0.8% | |||||
8,201 | WillScot Mobile Mini Holdings Corp. (a) | 341,080 | |||
Distributors — 2.3% | |||||
3,235 | Genuine Parts Co. | 467,069 | |||
10,331 | LKQ Corp. | 511,488 | |||
978,557 | |||||
Ground Transportation — 25.8% | |||||
57,336 | CSX Corp. | 1,763,082 | |||
4,987 | J.B. Hunt Transport Services, Inc. | 940,149 | |||
12,106 | Knight-Swift Transportation Holdings, Inc. | 607,116 | |||
1,442 | Landstar System, Inc. | 255,147 | |||
8,446 | Norfolk Southern Corp. | 1,663,271 | |||
1,678 | Old Dominion Freight Line, Inc. | 686,537 | |||
10,845 | Ryder System, Inc. | 1,159,873 | |||
597 | Saia, Inc. (a) | 237,994 | |||
12,399 | Schneider National, Inc., Class B | 343,328 | |||
14,492 | Union Pacific Corp. | 2,951,006 | |||
3,406 | XPO, Inc. (a) | 254,292 | |||
10,861,795 |
Shares | Description | Value | |||
Machinery — 6.6% | |||||
5,636 | Allison Transmission Holdings, Inc. | $332,862 | |||
3,590 | Federal Signal Corp. | 214,431 | |||
2,423 | Oshkosh Corp. | 231,227 | |||
19,842 | PACCAR, Inc. | 1,686,967 | |||
2,697 | Westinghouse Air Brake Technologies Corp. | 286,610 | |||
2,752,097 | |||||
Marine Transportation — 1.6% | |||||
2,642 | Kirby Corp. (a) | 218,758 | |||
5,045 | Matson, Inc. | 447,592 | |||
666,350 | |||||
Passenger Airlines — 10.6% | |||||
117,551 | American Airlines Group, Inc. (a) | 1,505,828 | |||
40,381 | Delta Air Lines, Inc. | 1,494,097 | |||
34,762 | United Airlines Holdings, Inc. (a) | 1,470,433 | |||
4,470,358 | |||||
Trading Companies & Distributors — 5.4% | |||||
5,920 | FTAI Aviation Ltd. | 210,456 | |||
3,705 | Herc Holdings, Inc. | 440,673 | |||
3,634 | United Rentals, Inc. | 1,615,567 | |||
2,266,696 | |||||
Total Investments — 99.9% | 42,007,581 | ||||
(Cost $45,587,546) | |||||
Net Other Assets and Liabilities — 0.1% | 45,974 | ||||
Net Assets — 100.0% | $42,053,555 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 42,007,581 | $ 42,007,581 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) — 99.9% | |||||
Australia — 2.8% | |||||
3,702 | Aristocrat Leisure Ltd. | $97,232 | |||
30,043 | Tabcorp Holdings Ltd. | 18,157 | |||
115,389 | |||||
Bermuda — 0.5% | |||||
80,000 | China Ruyi Holdings Ltd. (b) | 20,738 | |||
Cayman Islands — 20.3% | |||||
2,153 | Hello Group, Inc., ADR | 15,028 | |||
4,087 | iQIYI, Inc., ADR (b) | 19,372 | |||
5,978 | JOYY, Inc., ADR | 227,822 | |||
15,875 | Kuaishou Technology (b) (c) (d) | 127,410 | |||
1,994 | NetEase, Inc., ADR | 199,719 | |||
4,671 | Tencent Holdings Ltd. | 182,642 | |||
10,713 | Tencent Music Entertainment Group, ADR (b) | 68,349 | |||
840,342 | |||||
Greece — 0.5% | |||||
1,288 | OPAP S.A. | 21,597 | |||
Ireland — 4.0% | |||||
1,004 | Flutter Entertainment PLC (b) | 164,026 | |||
Isle Of Man — 1.1% | |||||
4,013 | Entain PLC | 45,673 | |||
Japan — 10.9% | |||||
1,000 | Capcom Co., Ltd. | 36,034 | |||
2,661 | Nexon Co., Ltd. | 47,606 | |||
4,490 | Nintendo Co., Ltd. | 187,183 | |||
2,223 | Sony Group Corp. | 182,077 | |||
452,900 | |||||
Luxembourg — 3.1% | |||||
830 | Spotify Technology S.A. (b) | 128,351 | |||
Malta — 0.4% | |||||
1,984 | Kindred Group PLC, SDR | 18,138 | |||
South Korea — 0.6% | |||||
412 | AfreecaTV Co., Ltd. | 25,678 | |||
Sweden — 3.7% | |||||
1,926 | Betsson AB, Class B | 21,189 | |||
1,141 | Evolution AB (c) (d) | 115,546 | |||
4,894 | Viaplay Group AB (b) | 15,714 | |||
152,449 | |||||
Switzerland — 0.4% | |||||
1,542 | Sportradar Holding AG, Class A (b) | 15,435 | |||
United States — 51.6% | |||||
2,337 | Activision Blizzard, Inc. | 218,813 | |||
1,805 | Advanced Micro Devices, Inc. (b) | 185,590 | |||
1,477 | Bally’s Corp. (b) | 19,364 | |||
2,683 | DraftKings, Inc., Class A (b) | 78,988 | |||
1,531 | Electronic Arts, Inc. | 184,332 |
Shares | Description | Value | |||
United States (Continued) | |||||
7,714 | fuboTV, Inc. (b) | $20,596 | |||
1,698 | GameStop Corp., Class A (b) | 27,949 | |||
6,179 | Intel Corp. | 219,663 | |||
593 | Light & Wonder, Inc. (b) | 42,299 | |||
1,899 | MGM Resorts International | 69,807 | |||
465 | Netflix, Inc. (b) | 175,584 | |||
455 | NVIDIA Corp. | 197,920 | |||
860 | Penn Entertainment, Inc. (b) | 19,737 | |||
2,837 | ROBLOX Corp., Class A (b) | 82,160 | |||
783 | Roku, Inc. (b) | 55,272 | |||
2,653 | Rumble, Inc. (b) | 13,530 | |||
991 | Take-Two Interactive Software, Inc. (b) | 139,127 | |||
1,428 | Unity Software, Inc. (b) | 44,825 | |||
2,313 | Walt Disney (The) Co. (b) | 187,469 | |||
14,161 | Warner Bros Discovery, Inc. (b) | 153,788 | |||
2,136,813 | |||||
Total Common Stocks | 4,137,529 | ||||
(Cost $4,231,680) | |||||
WARRANTS — 0.0% | |||||
Australia — 0.0% | |||||
339 | PointsBet Holdings Ltd., expiring 07/08/24 (b) (e) (f) | 0 | |||
(Cost $0) |
Principal Value | Description | Value | |||
REPURCHASE AGREEMENTS — 0.0% | |||||
$113 | Bank of America Corp., 3.19% (g), dated 09/29/23, due 10/02/23, with a maturity value of $113. Collateralized by U.S. Treasury Securities, interest rates of 1.38% to 4.00%, due 11/15/2040 to 02/15/2053. The value of the collateral including accrued interest is $115. (h) | 113 | |||
(Cost $113) | |||||
Total Investments — 99.9% | 4,137,642 | ||||
(Cost $4,231,793) | |||||
Net Other Assets and Liabilities — 0.1% | 5,431 | ||||
Net Assets — 100.0% | $4,143,073 |
(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. |
(b) | Non-income producing security. |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
(c) | This security 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. 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. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(e) | 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. |
(f) | 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 September 30, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
(g) | Rate shown reflects yield as of September 30, 2023. |
(h) | This security serves as collateral for securities lending. The corresponding security on loan was sold on September 15, 2023, however all collateral remained invested in Bank of America Corp. as of September 30, 2023. |
Abbreviations throughout the Portfolio of Investments: | |
ADR | – American Depositary Receipt |
SDR | – Swedish Depositary Receipt |
Currency Exposure Diversification | % of Total Investments |
United States Dollar | 67.9% |
Japanese Yen | 11.0 |
Hong Kong Dollar | 8.0 |
British Pound Sterling | 5.1 |
Swedish Krona | 4.1 |
Australian Dollar | 2.8 |
South Korean Won | 0.6 |
Euro | 0.5 |
Total | 100.0% |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 4,137,529 | $ 4,137,529 | $ — | $ — |
Warrants* | —** | — | —** | — |
Repurchase Agreements | 113 | — | 113 | — |
Total Investments | $4,137,642 | $4,137,529 | $113 | $— |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
Offsetting Assets and Liabilities
Repurchase Agreements | |
Total gross amount presented on the Statements of Assets and Liabilities(1) | $113 |
Non-cash Collateral(2) | (113 ) |
Net Amount | $— |
(1) | The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
(2) | At September 30, 2023, the value of the collateral received from each seller exceeded the value of the repurchase agreements. |
Statements of Assets and Liabilities
September 30, 2023 (Unaudited)
First Trust Nasdaq Bank ETF (FTXO) | First Trust Nasdaq Food & Beverage ETF (FTXG) | First Trust Nasdaq Oil & Gas ETF (FTXN) | |
ASSETS: | |||
Investments, at value | $125,832,082 | $130,999,906 | $259,126,700 |
Cash | 184,877 | 129,206 | 279,593 |
Receivables: | |||
Dividends | 407,179 | 370,363 | 180,156 |
Investment securities sold | — | 9,441,202 | — |
Reclaims | — | — | — |
Securities lending income | — | — | 61 |
Total Assets | 126,424,138 | 140,940,677 | 259,586,510 |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased | 302,763 | — | — |
Investment advisory fees | 63,798 | 216,692 | 127,978 |
Capital shares purchased | — | 9,462,039 | — |
Collateral for securities on loan | — | — | — |
Total Liabilities | 366,561 | 9,678,731 | 127,978 |
NET ASSETS | $126,057,577 | $131,261,946 | $259,458,532 |
NET ASSETS consist of: | |||
Paid-in capital | $309,829,829 | $269,543,305 | $331,750,496 |
Par value | 61,000 | 55,500 | 86,500 |
Accumulated distributable earnings (loss) | (183,833,252 ) | (138,336,859 ) | (72,378,464 ) |
NET ASSETS | $126,057,577 | $131,261,946 | $259,458,532 |
NET ASSET VALUE, per share | $20.67 | $23.65 | $30.00 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 6,100,002 | 5,550,002 | 8,650,002 |
Investments, at cost | $147,873,140 | $146,522,792 | $234,926,223 |
First Trust Nasdaq Pharmaceuticals ETF (FTXH) | First Trust S-Network E-Commerce ETF (ISHP) | First Trust Nasdaq Semiconductor ETF (FTXL) | First Trust Nasdaq Transportation ETF (FTXR) | First Trust S-Network Streaming & Gaming ETF (BNGE) |
$20,445,532 | $5,074,660 | $1,130,835,527 | $42,007,581 | $4,137,642 |
11,529 | 1,548 | 1,317,654 | 30,926 | 2,947 |
11,311 | 6,125 | 379,471 | 38,676 | 4,820 |
— | — | — | — | — |
— | 8,530 | — | — | 179 |
— | — | — | — | 49 |
20,468,372 | 5,090,863 | 1,132,532,652 | 42,077,183 | 4,145,637 |
— | — | — | — | — |
10,828 | 2,594 | 585,081 | 23,628 | 2,451 |
— | — | — | — | — |
— | — | — | — | 113 |
10,828 | 2,594 | 585,081 | 23,628 | 2,564 |
$20,457,544 | $5,088,269 | $1,131,947,571 | $42,053,555 | $4,143,073 |
$25,939,231 | $11,336,914 | $1,073,586,247 | $105,715,964 | $4,614,814 |
8,000 | 2,000 | 167,500 | 15,000 | 2,000 |
(5,489,687 ) | (6,250,645 ) | 58,193,824 | (63,677,409 ) | (473,741 ) |
$20,457,544 | $5,088,269 | $1,131,947,571 | $42,053,555 | $4,143,073 |
$25.57 | $25.44 | $67.58 | $28.04 | $20.72 |
800,002 | 200,002 | 16,750,002 | 1,500,002 | 200,002 |
$21,605,282 | $6,025,543 | $1,080,628,170 | $45,587,546 | $4,231,793 |
Statements of Operations
For the Six Months Ended September 30, 2023 (Unaudited)
First Trust Nasdaq Bank ETF (FTXO) | First Trust Nasdaq Food & Beverage ETF (FTXG) | First Trust Nasdaq Oil & Gas ETF (FTXN) | |
INVESTMENT INCOME: | |||
Dividends | $2,822,014 | $10,619,056 | $3,899,218 |
Interest | 382 | 2,062 | — |
Securities lending income (net of fees) | — | — | 240 |
Foreign withholding tax | (2,082 ) | — | — |
Total investment income | 2,820,314 | 10,621,118 | 3,899,458 |
EXPENSES: | |||
Investment advisory fees | 415,530 | 2,735,782 | 783,129 |
Total expenses | 415,530 | 2,735,782 | 783,129 |
NET INVESTMENT INCOME (LOSS) | 2,404,784 | 7,885,336 | 3,116,329 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||
Net realized gain (loss) on: | |||
Investments | (9,716,196 ) | (13,126,235 ) | 1,685,734 |
In-kind redemptions | (2,469,419 ) | (43,306,429 ) | 4,897,231 |
Foreign currency transactions | — | — | — |
Net realized gain (loss) | (12,185,615 ) | (56,432,664 ) | 6,582,965 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 8,080,201 | (30,466,131 ) | 19,356,734 |
Foreign currency translation | — | — | — |
Net change in unrealized appreciation (depreciation) | 8,080,201 | (30,466,131 ) | 19,356,734 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | (4,105,414 ) | (86,898,795 ) | 25,939,699 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(1,700,630 ) | $(79,013,459 ) | $29,056,028 |
First Trust Nasdaq Pharmaceuticals ETF (FTXH) | First Trust S-Network E-Commerce ETF (ISHP) | First Trust Nasdaq Semiconductor ETF (FTXL) | First Trust Nasdaq Transportation ETF (FTXR) | First Trust S-Network Streaming & Gaming ETF (BNGE) |
$262,537 | $46,589 | $7,419,220 | $375,566 | $26,477 |
115 | 49 | 2,224 | 136 | — |
— | — | — | — | 344 |
(286 ) | (2,604 ) | (66,893 ) | (79 ) | (1,188 ) |
262,366 | 44,034 | 7,354,551 | 375,623 | 25,633 |
82,433 | 15,957 | 3,305,206 | 150,554 | 15,013 |
82,433 | 15,957 | 3,305,206 | 150,554 | 15,013 |
179,933 | 28,077 | 4,049,345 | 225,069 | 10,620 |
144,133 | (182,749 ) | (18,687,813 ) | 59,534 | 1,233 |
811,682 | — | 47,154,978 | 1,782,019 | — |
— | (1,115 ) | — | — | (471 ) |
955,815 | (183,864 ) | 28,467,165 | 1,841,553 | 762 |
(1,252,280 ) | 10,912 | 9,773,088 | (1,161,152 ) | (69,818 ) |
— | (103 ) | — | — | (37 ) |
(1,252,280 ) | 10,809 | 9,773,088 | (1,161,152 ) | (69,855 ) |
(296,465 ) | (173,055 ) | 38,240,253 | 680,401 | (69,093 ) |
$(116,532 ) | $(144,978 ) | $42,289,598 | $905,470 | $(58,473 ) |
Statements of Changes in Net Assets
First Trust Nasdaq Bank ETF (FTXO) | First Trust Nasdaq Food & Beverage ETF (FTXG) | |||
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | |
OPERATIONS: | ||||
Net investment income (loss) | $2,404,784 | $6,468,033 | $7,885,336 | $14,325,643 |
Net realized gain (loss) | (12,185,615 ) | (68,895,049 ) | (56,432,664 ) | (56,358,031 ) |
Net change in unrealized appreciation (depreciation) | 8,080,201 | (24,928,953 ) | (30,466,131 ) | 14,148,675 |
Net increase (decrease) in net assets resulting from operations | (1,700,630 ) | (87,355,969 ) | (79,013,459 ) | (27,883,713 ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||
Investment operations | (2,645,951 ) | (6,261,407 ) | (8,633,181 ) | (13,322,256 ) |
Return of capital | — | — | — | — |
Total distributions to shareholders | (2,645,951 ) | (6,261,407 ) | (8,633,181 ) | (13,322,256 ) |
SHAREHOLDER TRANSACTIONS: | ||||
Proceeds from shares sold | 3,520,206 | 38,456,834 | 173,762,406 | 1,447,529,232 |
Cost of shares redeemed | (37,824,072 ) | (142,068,023 ) | (939,193,254 ) | (432,794,312 ) |
Net increase (decrease) in net assets resulting from shareholder transactions | (34,303,866 ) | (103,611,189 ) | (765,430,848 ) | 1,014,734,920 |
Total increase (decrease) in net assets | (38,650,447 ) | (197,228,565 ) | (853,077,488 ) | 973,528,951 |
NET ASSETS: | ||||
Beginning of period | 164,708,024 | 361,936,589 | 984,339,434 | 10,810,483 |
End of period | $126,057,577 | $164,708,024 | $131,261,946 | $984,339,434 |
CHANGES IN SHARES OUTSTANDING: | ||||
Shares outstanding, beginning of period | 7,750,002 | 11,400,002 | 36,550,002 | 400,002 |
Shares sold | 150,000 | 1,400,000 | 6,650,000 | 52,250,000 |
Shares redeemed | (1,800,000 ) | (5,050,000 ) | (37,650,000 ) | (16,100,000 ) |
Shares outstanding, end of period | 6,100,002 | 7,750,002 | 5,550,002 | 36,550,002 |
First Trust Nasdaq Oil & Gas ETF (FTXN) | First Trust Nasdaq Pharmaceuticals ETF (FTXH) | First Trust S-Network E-Commerce ETF (ISHP) | |||
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 |
$3,116,329 | $29,703,652 | $179,933 | $496,968 | $28,077 | $16,095 |
6,582,965 | 85,111,579 | 955,815 | 838,756 | (183,864 ) | (4,035,293 ) |
19,356,734 | (160,545,326 ) | (1,252,280 ) | (1,491,531 ) | 10,809 | 886,055 |
29,056,028 | (45,730,095 ) | (116,532 ) | (155,807 ) | (144,978 ) | (3,133,143 ) |
(5,370,391 ) | (27,976,256 ) | (181,796 ) | (500,150 ) | (90,981 ) | (39,201 ) |
— | — | — | — | — | — |
(5,370,391 ) | (27,976,256 ) | (181,796 ) | (500,150 ) | (90,981 ) | (39,201 ) |
22,177,592 | 1,343,270,023 | 2,670,779 | 50,373,967 | — | — |
(101,000,935 ) | (2,102,598,406 ) | (14,554,610 ) | (34,389,637 ) | — | (10,089,830 ) |
(78,823,343 ) | (759,328,383 ) | (11,883,831 ) | 15,984,330 | — | (10,089,830 ) |
(55,137,706 ) | (833,034,734 ) | (12,182,159 ) | 15,328,373 | (235,959 ) | (13,262,174 ) |
314,596,238 | 1,147,630,972 | 32,639,703 | 17,311,330 | 5,324,228 | 18,586,402 |
$259,458,532 | $314,596,238 | $20,457,544 | $32,639,703 | $5,088,269 | $5,324,228 |
11,650,002 | 43,350,002 | 1,250,002 | 650,002 | 200,002 | 600,002 |
750,000 | 50,450,000 | 100,000 | 1,900,000 | — | — |
(3,750,000 ) | (82,150,000 ) | (550,000 ) | (1,300,000 ) | — | (400,000 ) |
8,650,002 | 11,650,002 | 800,002 | 1,250,002 | 200,002 | 200,002 |
Statements of Changes in Net Assets (Continued)
First Trust Nasdaq Semiconductor ETF (FTXL) | First Trust Nasdaq Transportation ETF (FTXR) | |||
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | |
OPERATIONS: | ||||
Net investment income (loss) | $4,049,345 | $741,203 | $225,069 | $1,339,675 |
Net realized gain (loss) | 28,467,165 | (7,865,888 ) | 1,841,553 | (49,607,011 ) |
Net change in unrealized appreciation (depreciation) | 9,773,088 | 39,410,046 | (1,161,152 ) | 10,350,564 |
Net increase (decrease) in net assets resulting from operations | 42,289,598 | 32,285,361 | 905,470 | (37,916,772 ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||
Investment operations | (3,883,275 ) | (931,111 ) | (276,671 ) | (1,511,736 ) |
Return of capital | — | — | — | — |
Total distributions to shareholders | (3,883,275 ) | (931,111 ) | (276,671 ) | (1,511,736 ) |
SHAREHOLDER TRANSACTIONS: | ||||
Proceeds from shares sold | 341,860,025 | 903,564,157 | 14,916,915 | 2,951,382 |
Cost of shares redeemed | (236,414,827 ) | (55,273,060 ) | (21,157,467 ) | (196,699,292 ) |
Net increase (decrease) in net assets resulting from shareholder transactions | 105,445,198 | 848,291,097 | (6,240,552 ) | (193,747,910 ) |
Total increase (decrease) in net assets | 143,851,521 | 879,645,347 | (5,611,753 ) | (233,176,418 ) |
NET ASSETS: | ||||
Beginning of period | 988,096,050 | 108,450,703 | 47,665,308 | 280,841,726 |
End of period | $1,131,947,571 | $988,096,050 | $42,053,555 | $47,665,308 |
CHANGES IN SHARES OUTSTANDING: | ||||
Shares outstanding, beginning of period | 15,250,002 | 1,550,002 | 1,750,002 | 8,700,002 |
Shares sold | 5,000,000 | 14,600,000 | 500,000 | 100,000 |
Shares redeemed | (3,500,000 ) | (900,000 ) | (750,000 ) | (7,050,000 ) |
Shares outstanding, end of period | 16,750,002 | 15,250,002 | 1,500,002 | 1,750,002 |
First Trust S-Network Streaming & Gaming ETF (BNGE) | |
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 |
$10,620 | $5,874 |
762 | (379,118 ) |
(69,855 ) | 146,378 |
(58,473 ) | (226,866 ) |
(8,020 ) | (11,922 ) |
— | (3,048 ) |
(8,020 ) | (14,970 ) |
— | 959,545 |
— | — |
— | 959,545 |
(66,493 ) | 717,709 |
4,209,566 | 3,491,857 |
$4,143,073 | $4,209,566 |
200,002 | 150,002 |
— | 50,000 |
— | — |
200,002 | 200,002 |
Financial Highlights
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $21.25 | $31.75 | $31.14 | $15.64 | $24.41 | $29.50 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.37 (a) | 0.83 | 0.61 | 0.59 (a) | 0.73 | 0.84 |
Net realized and unrealized gain (loss) | (0.52 ) | (10.54 ) | 0.61 (b) | 15.50 | (8.77 ) | (5.14 ) |
Total from investment operations | (0.15 ) | (9.71 ) | 1.22 | 16.09 | (8.04 ) | (4.30 ) |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.43 ) | (0.79 ) | (0.61 ) | (0.59 ) | (0.73 ) | (0.79 ) |
Net asset value, end of period | $20.67 | $21.25 | $31.75 | $31.14 | $15.64 | $24.41 |
Total return (c) | (0.78 )% | (30.94 )% | 3.89 % | 105.13 % | (33.93 )% | (14.49 )% |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $126,058 | $164,708 | $361,937 | $227,293 | $58,658 | $168,447 |
Ratio of total expenses to average net assets | 0.60 % (d) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 3.47 % (d) | 2.76 % | 1.91 % | 2.65 % | 2.69 % | 1.83 % |
Portfolio turnover rate (e) | 24 % | 69 % | 78 % | 176 % | 59 % | 87 % |
(a) | Based on average shares outstanding. |
(b) | The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $26.93 | $27.03 | $25.66 | $17.28 | $20.06 | $19.71 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.23 (a) | 0.41 | 0.41 | 0.32 | 0.27 | 0.27 |
Net realized and unrealized gain (loss) | (2.73 ) | (0.13 ) | 1.39 | 8.38 | (2.77 ) | 0.33 |
Total from investment operations | (2.50 ) | 0.28 | 1.80 | 8.70 | (2.50 ) | 0.60 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.78 ) | (0.38 ) | (0.43 ) | (0.32 ) | (0.28 ) | (0.25 ) |
Net asset value, end of period | $23.65 | $26.93 | $27.03 | $25.66 | $17.28 | $20.06 |
Total return (b) | (9.33 )% | 1.10 % | 7.13 % | 50.65 % | (12.69 )% | 3.13 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $131,262 | $984,339 | $10,810 | $5,133 | $2,592 | $2,006 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 1.73 % (c) | 1.71 % | 1.61 % | 1.44 % | 1.58 % | 1.55 % |
Portfolio turnover rate (d) | 6 % | 78 % | 77 % | 131 % | 59 % | 108 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $27.00 | $26.47 | $15.51 | $8.10 | $18.91 | $19.95 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.33 (a) | 0.69 (a) | 0.31 | 0.22 | 0.31 | 0.41 |
Net realized and unrealized gain (loss) | 3.27 | 0.50 (b) | 10.96 | 7.39 | (10.79 ) | (1.06 ) |
Total from investment operations | 3.60 | 1.19 | 11.27 | 7.61 | (10.48 ) | (0.65 ) |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.60 ) | (0.66 ) | (0.31 ) | (0.20 ) | (0.32 ) | (0.39 ) |
Return of capital | — | — | — | — | (0.01 ) | — |
Total distributions | (0.60 ) | (0.66 ) | (0.31 ) | (0.20 ) | (0.33 ) | (0.39 ) |
Net asset value, end of period | $30.00 | $27.00 | $26.47 | $15.51 | $8.10 | $18.91 |
Total return (c) | 13.51 % | 4.66 % | 73.19 % | 95.16 % | (56.26 )% | (3.27 )% |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $259,459 | $314,596 | $1,147,631 | $36,448 | $6,885 | $12,294 |
Ratio of total expenses to average net assets | 0.60 % (d) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 2.39 % (d) | 2.54 % | 1.87 % | 2.01 % | 2.14 % | 1.69 % |
Portfolio turnover rate (e) | 10 % | 100 % | 139 % | 136 % | 76 % | 126 % |
(a) | Based on average shares outstanding. |
(b) | The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $26.11 | $26.63 | $25.51 | $19.36 | $21.50 | $21.14 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.17 (a) | 0.33 | 0.27 | 0.24 | 0.18 | 0.13 |
Net realized and unrealized gain (loss) | (0.52 ) | (0.50 ) | 1.10 | 6.14 | (2.13 ) | 0.35 |
Total from investment operations | (0.35 ) | (0.17 ) | 1.37 | 6.38 | (1.95 ) | 0.48 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.19 ) | (0.35 ) | (0.25 ) | (0.23 ) | (0.19 ) | (0.12 ) |
Net asset value, end of period | $25.57 | $26.11 | $26.63 | $25.51 | $19.36 | $21.50 |
Total return (b) | (1.35 )% | (0.61 )% | 5.39 % | 33.00 % | (9.13 )% | 2.30 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $20,458 | $32,640 | $17,311 | $19,133 | $5,810 | $5,376 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 1.31 % (c) | 1.39 % | 0.97 % | 1.07 % | 0.85 % | 0.69 % |
Portfolio turnover rate (d) | 14 % | 76 % | 77 % | 83 % | 42 % | 107 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $26.62 | $30.98 | $31.48 | $18.10 | $22.34 | $20.86 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.14 (a) | 0.06 (a) | 0.26 | 0.19 | 0.27 | 0.21 |
Net realized and unrealized gain (loss) | (0.87 ) | (4.28 ) | (0.54 ) | 13.39 | (4.22 ) | 1.45 |
Total from investment operations | (0.73 ) | (4.22 ) | (0.28 ) | 13.58 | (3.95 ) | 1.66 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.45 ) | (0.14 ) | (0.22 ) | (0.20 ) | (0.29 ) | (0.18 ) |
Net asset value, end of period | $25.44 | $26.62 | $30.98 | $31.48 | $18.10 | $22.34 |
Total return (b) | (2.79 )% | (13.57 )% | (0.94 )% | 75.23 % | (17.90 )% | 7.98 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $5,088 | $5,324 | $18,586 | $9,444 | $3,619 | $8,934 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 1.06 % (c) | 0.23 % | 0.91 % | 0.70 % | 1.11 % | 1.41 % |
Portfolio turnover rate (d) | 19 % | 95 % | 213 % | 114 % | 65 % | 127 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $64.79 | $69.97 | $64.74 | $33.00 | $31.83 | $32.58 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.25 (a) | 0.46 | 0.27 | 0.23 | 0.38 | 0.25 |
Net realized and unrealized gain (loss) | 2.77 | (5.14 ) (b) | 5.22 | 31.75 | 1.18 | (0.79 ) |
Total from investment operations | 3.02 | (4.68 ) | 5.49 | 31.98 | 1.56 | (0.54 ) |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.23 ) | (0.50 ) | (0.26 ) | (0.24 ) | (0.39 ) | (0.21 ) |
Net asset value, end of period | $67.58 | $64.79 | $69.97 | $64.74 | $33.00 | $31.83 |
Total return (c) | 4.66 % | (6.54 )% | 8.46 % | 97.11 % | 4.82 % | (1.62 )% |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $1,131,948 | $988,096 | $108,451 | $84,156 | $31,353 | $30,242 |
Ratio of total expenses to average net assets | 0.60 % (d) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 0.74 % (d) | 0.78 % | 0.40 % | 0.45 % | 1.00 % | 0.78 % |
Portfolio turnover rate (e) | 16 % | 46 % | 58 % | 113 % | 64 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $27.24 | $32.28 | $32.88 | $15.11 | $23.33 | $24.93 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.13 (a) | 0.56 | 0.45 | 0.04 | 0.30 | 0.35 |
Net realized and unrealized gain (loss) | 0.85 | (5.04 ) | (0.62 ) | 17.79 | (8.22 ) | (1.62 ) |
Total from investment operations | 0.98 | (4.48 ) | (0.17 ) | 17.83 | (7.92 ) | (1.27 ) |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.18 ) | (0.56 ) | (0.43 ) | (0.06 ) | (0.30 ) | (0.33 ) |
Net asset value, end of period | $28.04 | $27.24 | $32.28 | $32.88 | $15.11 | $23.33 |
Total return (b) | 3.57 % | (13.76 )% | (0.53 )% | 118.10 % | (34.35 )% | (5.11 )% |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $42,054 | $47,665 | $280,842 | $1,071,854 | $1,511 | $2,333 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 0.90 % (c) | 1.42 % | 0.92 % | 0.10 % | 1.04 % | 1.38 % |
Portfolio turnover rate (d) | 20 % | 71 % | 43 % | 129 % | 89 % | 108 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Period Ended 3/31/2022 (a) | |
Net asset value, beginning of period | $21.05 | $23.28 | $24.46 |
Income from investment operations: | |||
Net investment income (loss) | 0.05 (b) | 0.04 | 0.03 |
Net realized and unrealized gain (loss) | (0.34 ) | (2.17 ) | (1.20 ) |
Total from investment operations | (0.29 ) | (2.13 ) | (1.17 ) |
Distributions paid to shareholders from: | |||
Net investment income | (0.04 ) | (0.08 ) | (0.00 ) (c) |
Net realized gain | — | (0.02 ) | — |
Total distributions | (0.04 ) | (0.10 ) | (0.00 ) |
Net asset value, end of period | $20.72 | $21.05 | $23.28 |
Total return (d) | (1.43 )% | (9.08 )% | (4.81 )% |
Ratios to average net assets/supplemental data: | |||
Net assets, end of period (in 000’s) | $4,143 | $4,210 | $3,492 |
Ratio of total expenses to average net assets | 0.70 % (e) | 0.70 % | 0.71 % (e) |
Ratio of net investment income (loss) to average net assets | 0.50 % (e) | 0.17 % | 0.47 % (e) |
Portfolio turnover rate (f) | 12 % | 42 % | 0 % |
(a) | Inception date is January 25, 2022, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.01. |
(d) | 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. |
(e) | Annualized. |
(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. |
September 30, 2023 (Unaudited)
First Trust Nasdaq Bank ETF – (ticker “FTXO”) |
First Trust Nasdaq Food & Beverage ETF – (ticker “FTXG”) |
First Trust Nasdaq Oil & Gas ETF – (ticker “FTXN”) |
First Trust Nasdaq Pharmaceuticals ETF – (ticker “FTXH”) |
First Trust S-Network E-Commerce ETF – (ticker “ISHP”) |
First Trust Nasdaq Semiconductor ETF – (ticker “FTXL”) |
First Trust Nasdaq Transportation ETF – (ticker “FTXR”) |
First Trust S-Network Streaming & Gaming ETF – (ticker “BNGE”) |
Fund | Index |
First Trust Nasdaq Bank ETF | Nasdaq US Smart BanksTM Index |
First Trust Nasdaq Food & Beverage ETF | Nasdaq US Smart Food & BeverageTM Index |
First Trust Nasdaq Oil & Gas ETF | Nasdaq US Smart Oil & GasTM Index |
First Trust Nasdaq Pharmaceuticals ETF | Nasdaq US Smart PharmaceuticalsTM Index |
First Trust S-Network E-Commerce ETF | S-Network Global E-Commerce IndexTM |
First Trust Nasdaq Semiconductor ETF | Nasdaq US Smart SemiconductorTM Index |
First Trust Nasdaq Transportation ETF | Nasdaq US Smart TransportationTM Index |
First Trust S-Network Streaming & Gaming ETF | S-Network Streaming & Gaming Index |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |
First Trust Nasdaq Bank ETF | $6,261,407 | $— | $— |
First Trust Nasdaq Food & Beverage ETF | 13,322,256 | — | — |
First Trust Nasdaq Oil & Gas ETF | 27,976,256 | — | — |
First Trust Nasdaq Pharmaceuticals ETF | 500,150 | — | — |
First Trust S-Network E-Commerce ETF | 39,201 | — | — |
First Trust Nasdaq Semiconductor ETF | 931,111 | — | — |
First Trust Nasdaq Transportation ETF | 1,511,736 | — | — |
First Trust S-Network Streaming & Gaming ETF | 11,922 | — | 3,048 |
September 30, 2023 (Unaudited)
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |
First Trust Nasdaq Bank ETF | $536,448 | $(148,409,375 ) | $(31,613,744 ) |
First Trust Nasdaq Food & Beverage ETF | 1,003,387 | (63,514,879 ) | 11,821,273 |
First Trust Nasdaq Oil & Gas ETF | 2,351,864 | (93,410,183 ) | (5,005,782 ) |
First Trust Nasdaq Pharmaceuticals ETF | 18,103 | (5,088,267 ) | (121,195 ) |
First Trust S-Network E-Commerce ETF | 67,042 | (5,050,919 ) | (1,030,809 ) |
First Trust Nasdaq Semiconductor ETF | — | (18,825,804 ) | 38,613,305 |
First Trust Nasdaq Transportation ETF | 42,379 | (61,692,799 ) | (2,655,788 ) |
First Trust S-Network Streaming & Gaming ETF | — | (287,109 ) | (120,139 ) |
Non-Expiring Capital Loss Carryforwards | |
First Trust Nasdaq Bank ETF | $148,409,375 |
First Trust Nasdaq Food & Beverage ETF | 63,514,879 |
First Trust Nasdaq Oil & Gas ETF | 93,410,183 |
First Trust Nasdaq Pharmaceuticals ETF | 5,088,267 |
First Trust S-Network E-Commerce ETF | 5,050,919 |
First Trust Nasdaq Semiconductor ETF | 18,825,804 |
First Trust Nasdaq Transportation ETF | 61,692,799 |
First Trust S-Network Streaming & Gaming ETF | 287,109 |
September 30, 2023 (Unaudited)
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
First Trust Nasdaq Bank ETF | $147,873,140 | $3,242,089 | $(25,283,147 ) | $(22,041,058 ) |
First Trust Nasdaq Food & Beverage ETF | 146,522,792 | 503,750 | (16,026,636 ) | (15,522,886 ) |
First Trust Nasdaq Oil & Gas ETF | 234,926,223 | 25,551,940 | (1,351,463 ) | 24,200,477 |
First Trust Nasdaq Pharmaceuticals ETF | 21,605,282 | 1,060,942 | (2,220,692 ) | (1,159,750 ) |
First Trust S-Network E-Commerce ETF | 6,025,543 | 326,040 | (1,276,923 ) | (950,883 ) |
First Trust Nasdaq Semiconductor ETF | 1,080,628,170 | 88,364,295 | (38,156,938 ) | 50,207,357 |
First Trust Nasdaq Transportation ETF | 45,587,546 | 2,054,572 | (5,634,537 ) | (3,579,965 ) |
First Trust S-Network Streaming & Gaming ETF | 4,231,793 | 436,902 | (531,053 ) | (94,151 ) |
Breakpoints | ISHP | BNGE |
Fund net assets up to and including $2.5 billion | 0.600 % | 0.7000 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.585 % | 0.6825 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.570 % | 0.6650 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.555 % | 0.6475 % |
Fund net assets greater than $10 billion | 0.540 % | 0.6300 % |
September 30, 2023 (Unaudited)
Breakpoints | |
Fund net assets up to and including $2.5 billion | 0.600 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.585 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.570 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.555 % |
Fund net assets greater than $10 billion up to and including $15 billion | 0.540 % |
Fund net assets greater than $15 billion | 0.510 % |
Purchases | Sales | |
First Trust Nasdaq Bank ETF | $33,740,194 | $32,898,883 |
First Trust Nasdaq Food & Beverage ETF | 51,667,605 | 55,028,060 |
First Trust Nasdaq Oil & Gas ETF | 26,688,212 | 28,947,544 |
First Trust Nasdaq Pharmaceuticals ETF | 3,718,144 | 3,709,931 |
First Trust S-Network E-Commerce ETF | 981,827 | 1,019,395 |
First Trust Nasdaq Semiconductor ETF | 174,075,470 | 173,240,437 |
First Trust Nasdaq Transportation ETF | 9,658,536 | 9,749,277 |
First Trust S-Network Streaming & Gaming ETF | 537,412 | 520,614 |
Purchases | Sales | |
First Trust Nasdaq Bank ETF | $2,648,533 | $37,717,414 |
First Trust Nasdaq Food & Beverage ETF | 173,358,326 | 935,571,110 |
September 30, 2023 (Unaudited)
Purchases | Sales | |
First Trust Nasdaq Oil & Gas ETF | $22,151,787 | $100,757,015 |
First Trust Nasdaq Pharmaceuticals ETF | 2,666,016 | 14,530,586 |
First Trust S-Network E-Commerce ETF | — | — |
First Trust Nasdaq Semiconductor ETF | 341,304,187 | 235,340,361 |
First Trust Nasdaq Transportation ETF | 14,907,676 | 21,107,724 |
First Trust S-Network Streaming & Gaming ETF | — | — |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
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 S-Network E-Commerce ETF (ISHP) |
First Trust Nasdaq Semiconductor ETF (FTXL) |
First Trust Nasdaq Transportation ETF (FTXR) |
First Trust S-Network Streaming & Gaming ETF (BNGE) |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
September 30, 2023
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) |
Semi-Annual Report
September 30, 2023
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Semi-Annual Letter from the Chairman and CEO
September 30, 2023
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Semi-Annual Report
September 30, 2023
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | |
Fund Performance | ||||||
NAV | 8.93% | 23.27% | 2.44% | 2.53% | 12.79% | 17.01% |
Market Price | 9.16% | 24.15% | 2.26% | 2.51% | 11.85% | 16.86% |
Index Performance | ||||||
Nasdaq Riskalyze Emerging MarketsTM Index | 10.63% | 25.95% | 4.42% | 4.60% | 24.14% | 32.59% |
Nasdaq Emerging Large Mid CapTM Index | -0.41% | 13.89% | 1.71% | 2.78% | 8.83% | 18.82% |
MSCI Emerging Markets Index | -2.05% | 11.70% | 0.55% | 1.61% | 2.80% | 10.56% |
Riskalyze and Nasdaq Riskalyze Emerging MarketsTM Index are trademarks or service marks of Nitrogen Wealth, Inc. (“Nitrogen Wealth”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Nitrogen Wealth, and Nitrogen Wealth makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze Emerging MarketsTM Index (“Riskalyze Index”) is a product of Nitrogen Wealth. RISKALYZE® and NASDAQ RISKALYZE EMERGING MARKETSTM INDEX are trademarks of Nitrogen Wealth. Nasdaq® is a trademark of Nasdaq, Inc.
Sector Allocation | % of Total Long-Term Investments |
Financials | 29.6% |
Information Technology | 26.7 |
Materials | 10.4 |
Consumer Staples | 7.7 |
Industrials | 6.7 |
Energy | 5.8 |
Consumer Discretionary | 3.8 |
Communication Services | 3.7 |
Utilities | 2.4 |
Health Care | 2.3 |
Real Estate | 0.9 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Quanta Computer, Inc. | 5.6% |
Inventec Corp. | 3.2 |
ICICI Bank Ltd. | 3.0 |
Petronet LNG Ltd. | 2.8 |
Kotak Mahindra Bank Ltd. | 2.8 |
HDFC Bank Ltd. | 2.6 |
Compal Electronics, Inc. | 2.5 |
Chicony Electronics Co., Ltd. | 2.5 |
WPG Holdings Ltd. | 2.5 |
Powertech Technology, Inc. | 2.3 |
Total | 29.8% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | |
Fund Performance | ||||||
NAV | 0.63% | 17.43% | 7.93% | 9.00% | 46.45% | 71.77% |
Market Price | 0.63% | 17.52% | 7.91% | 9.00% | 46.32% | 71.76% |
Index Performance | ||||||
Nasdaq Riskalyze US Large CapTM Index | 0.95% | 18.22% | 8.60% | 9.67% | 51.08% | 78.57% |
Nasdaq US 500 Large CapTM Index | 5.30% | 21.42% | 9.83% | 11.30% | 59.79% | 95.87% |
S&P 500® Index | 5.18% | 21.62% | 9.92% | 11.37% | 60.44% | 96.62% |
Riskalyze and Nasdaq Riskalyze US Large CapTM Index are trademarks or service marks of Nitrogen Wealth, Inc. (“Nitrogen Wealth”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Nitrogen Wealth, and Nitrogen Wealth makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Large CapTM Index (“Riskalyze Index”) is a product of Nitrogen Wealth, Inc. RISKALYZE® and NASDAQ RISKALYZE US LARGE CAPTM INDEX are trademarks of Nitrogen Wealth. Nasdaq® is a trademark of Nasdaq, Inc.
Sector Allocation | % of Total Long-Term Investments |
Information Technology | 30.4% |
Industrials | 13.3 |
Health Care | 13.1 |
Financials | 11.2 |
Consumer Discretionary | 9.7 |
Consumer Staples | 6.5 |
Energy | 5.2 |
Communication Services | 3.2 |
Materials | 2.6 |
Real Estate | 2.4 |
Utilities | 2.4 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Intuit, Inc. | 1.1% |
CDW Corp. | 1.0 |
Micron Technology, Inc. | 1.0 |
Seagate Technology Holdings PLC | 1.0 |
Intel Corp. | 1.0 |
International Business Machines Corp. | 1.0 |
Leidos Holdings, Inc. | 1.0 |
Cognizant Technology Solutions Corp., Class A | 1.0 |
Hewlett Packard Enterprise Co. | 1.0 |
NVIDIA Corp. | 1.0 |
Total | 10.1% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | |
Fund Performance | ||||||
NAV | 0.85% | 16.89% | 5.94% | 7.06% | 33.41% | 53.49% |
Market Price | 0.85% | 16.89% | 5.90% | 7.05% | 33.18% | 53.42% |
Index Performance | ||||||
Nasdaq Riskalyze US Mid CapTM Index | 1.21% | 17.67% | 6.59% | 7.72% | 37.59% | 59.55% |
Nasdaq US 600 Mid CapTM Index | 0.83% | 14.35% | 5.00% | 7.28% | 27.62% | 55.47% |
S&P MidCap 400® Index | 0.45% | 15.51% | 6.06% | 7.60% | 34.20% | 58.40% |
Russell 3000® Index | 4.86% | 20.46% | 9.14% | 10.74% | 54.88% | 89.79% |
Riskalyze and Nasdaq Riskalyze US Mid CapTM Index are trademarks or service marks of Nitrogen Wealth, Inc. (“Nitrogen Wealth”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Nitrogen Wealth, and Nitrogen Wealth makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Mid CapTM Index (“Riskalyze Index”) is a product of Nitrogen Wealth. RISKALYZE® and NASDAQ RISKALYZE US MID CAPTM INDEX are trademarks of Nitrogen Wealth. Nasdaq® is a trademark of Nasdaq, Inc.
Sector Allocation | % of Total Long-Term Investments |
Industrials | 20.7% |
Consumer Discretionary | 15.5 |
Financials | 15.0 |
Information Technology | 11.8 |
Health Care | 10.5 |
Materials | 6.4 |
Real Estate | 6.1 |
Energy | 5.3 |
Utilities | 3.3 |
Consumer Staples | 3.1 |
Communication Services | 2.3 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Vertiv Holdings Co. | 1.4% |
Dell Technologies, Inc., Class C | 1.1 |
Encompass Health Corp. | 1.1 |
Ensign Group (The), Inc. | 1.1 |
Jabil, Inc. | 1.1 |
Chemed Corp. | 1.1 |
Perrigo Co. PLC | 1.0 |
Universal Display Corp. | 1.0 |
TD SYNNEX Corp. | 1.0 |
DENTSPLY SIRONA, Inc. | 0.9 |
Total | 10.8% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | |
Fund Performance | ||||||
NAV | -2.80% | 13.33% | 4.05% | 6.08% | 21.95% | 44.87% |
Market Price | -2.80% | 13.19% | 3.98% | 6.07% | 21.58% | 44.80% |
Index Performance | ||||||
Nasdaq Riskalyze US Small CapTM Index | -2.43% | 14.18% | 4.73% | 6.79% | 26.02% | 51.04% |
Nasdaq US 700 Small CapTM Index | -1.46% | 9.09% | 3.26% | 6.35% | 17.38% | 47.21% |
S&P SmallCap 600® Index | -1.71% | 10.08% | 3.21% | 6.61% | 17.11% | 49.45% |
Russell 3000® Index | 4.86% | 20.46% | 9.14% | 10.74% | 54.88% | 89.79% |
Riskalyze and Nasdaq Riskalyze US Small CapTM Index are trademarks or service marks of Nitrogen Wealth, Inc. (“Nitrogen Wealth”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Nitrogen Wealth, and Nitrogen Wealth makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Small CapTM Index (“Riskalyze Index”) is a product of Nitrogen Wealth. RISKALYZE® and NASDAQ RISKALYZE US SMALL CAPTM INDEX are trademarks of Nitrogen Wealth. Nasdaq® is a trademark of Nasdaq, Inc.
Sector Allocation | % of Total Long-Term Investments |
Industrials | 17.0% |
Financials | 16.4 |
Health Care | 15.0 |
Consumer Discretionary | 12.6 |
Information Technology | 10.3 |
Real Estate | 7.7 |
Energy | 6.6 |
Materials | 4.8 |
Consumer Staples | 4.1 |
Communication Services | 3.7 |
Utilities | 1.8 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
National Research Corp. | 3.2% |
Patterson Cos., Inc. | 2.8 |
US Physical Therapy, Inc. | 2.3 |
CONMED Corp. | 2.3 |
Atrion Corp. | 2.3 |
Embecta Corp. | 2.2 |
Xerox Holdings Corp. | 1.6 |
CTS Corp. | 1.5 |
Adeia, Inc. | 1.4 |
CSG Systems International, Inc. | 1.4 |
Total | 21.0% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | 5 Years Ended 9/30/23 | Inception (6/20/17) to 9/30/23 | |
Fund Performance | ||||||
NAV | -2.11% | 13.12% | 6.97% | 8.20% | 40.03% | 64.05% |
Market Price | -2.11% | 13.16% | 6.98% | 8.21% | 40.10% | 64.11% |
Index Performance | ||||||
Nasdaq Riskalyze US Large Cap Select DividendTM Index | -1.85% | 13.80% | 7.55% | 8.79% | 43.89% | 69.76% |
Nasdaq US 500 Large CapTM Index | 5.30% | 21.42% | 9.83% | 11.30% | 59.79% | 95.87% |
S&P 500® Index | 5.18% | 21.62% | 9.92% | 11.37% | 60.44% | 96.62% |
Riskalyze and Nasdaq Riskalyze US Large Cap Select DividendTM Index are trademarks or service marks of Nitrogen Wealth, Inc. (“Nitrogen Wealth”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Nitrogen Wealth, and Nitrogen Wealth makes no representation regarding the advisability of trading in the Fund. The Nasdaq Riskalyze US Large Cap Select DividendTM Index (“Riskalyze Index”) is a product of Nitrogen Wealth. RISKALYZE® and NASDAQ RISKALYZE US LARGE CAP SELECT DIVIDENDTM INDEX are trademarks of Nitrogen Wealth. Nasdaq® is a trademark of Nasdaq, Inc.
Sector Allocation | % of Total Long-Term Investments |
Information Technology | 31.5% |
Health Care | 13.1 |
Financials | 11.4 |
Industrials | 10.8 |
Consumer Discretionary | 9.6 |
Consumer Staples | 6.1 |
Energy | 5.1 |
Communication Services | 4.8 |
Materials | 2.7 |
Utilities | 2.5 |
Real Estate | 2.4 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
International Business Machines Corp. | 3.6% |
Seagate Technology Holdings PLC | 3.4 |
Intel Corp. | 2.7 |
Hewlett Packard Enterprise Co. | 2.1 |
HP, Inc. | 2.0 |
Corning, Inc. | 1.9 |
NetApp, Inc. | 1.8 |
Gen Digital, Inc. | 1.8 |
QUALCOMM, Inc. | 1.7 |
Texas Instruments, Inc. | 1.7 |
Total | 22.7% |
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. |
Understanding Your Fund Expenses
September 30, 2023 (Unaudited)
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
Emerging Markets Equity Select ETF (RNEM) | ||||
Actual | $1,000.00 | $1,089.30 | 0.75% | $3.92 |
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 | $1,006.30 | 0.60% | $3.01 |
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 | $1,008.50 | 0.60% | $3.01 |
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 | $972.00 | 0.60% | $2.96 |
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 | $978.90 | 0.50% | $2.47 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.50 | 0.50% | $2.53 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (April 1, 2023 through September 30, 2023), multiplied by 183/366 (to reflect the six-month period). |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) — 100.1% | |||||
Bermuda — 0.2% | |||||
440 | Credicorp Ltd. | $56,307 | |||
Brazil — 8.4% | |||||
21,502 | Ambev S.A. | 56,080 | |||
14,904 | Auren Energia S.A. | 40,710 | |||
18,629 | Banco do Brasil S.A. | 174,855 | |||
27,185 | Banco Santander Brasil S.A. | 140,886 | |||
22,410 | BB Seguridade Participacoes S.A. | 139,144 | |||
27,165 | Bradespar S.A. (Preference Shares) | 122,786 | |||
45,514 | CCR S.A. | 116,715 | |||
19,112 | Cia Energetica de Minas Gerais (Preference Shares) | 47,185 | |||
5,442 | Energisa S.A. | 50,614 | |||
5,443 | Engie Brasil Energia S.A. | 44,863 | |||
8,196 | Equatorial Energia S.A. | 52,275 | |||
9,593 | Hypera S.A. | 70,880 | |||
29,449 | Itau Unibanco Holding S.A. (Preference Shares) | 159,415 | |||
89,008 | Itausa S.A. (Preference Shares) | 160,254 | |||
17,262 | JBS S.A. | 61,987 | |||
81,712 | Klabin S.A. | 387,057 | |||
30,976 | Porto Seguro S.A. | 162,012 | |||
13,106 | Raia Drogasil S.A. | 72,015 | |||
30,906 | Rumo S.A. | 140,310 | |||
19,828 | Sendas Distribuidora S.A. | 47,967 | |||
35,533 | Suzano S.A. | 383,709 | |||
2,507 | Telefonica Brasil S.A. | 21,536 | |||
7,705 | TIM S.A. | 22,824 | |||
6,277 | Transmissora Alianca de Energia Eletrica S.A. | 43,157 | |||
14,367 | WEG S.A. | 103,668 | |||
2,822,904 | |||||
Cayman Islands — 0.7% | |||||
34,213 | Hengan International Group Co., Ltd. | 109,005 | |||
97,200 | Tingyi Cayman Islands Holding Corp. | 135,791 | |||
244,796 | |||||
Chile — 0.7% | |||||
428,165 | Banco de Chile | 43,600 | |||
937,712 | Banco Santander Chile | 43,422 | |||
15,979 | Cencosud S.A. | 30,298 | |||
3,378 | Empresas Copec S.A. | 23,948 | |||
10,306 | Falabella S.A. | 23,030 | |||
1,398 | Sociedad Quimica y Minera de Chile S.A., Class B (Preference Shares) | 83,145 | |||
247,443 |
Shares | Description | Value | |||
China — 9.5% | |||||
436,261 | Agricultural Bank of China Ltd., Class H | $162,673 | |||
422,674 | Bank of China Ltd., Class H | 147,891 | |||
256,837 | Bank of Communications Co., Ltd., Class H | 155,461 | |||
597,000 | CGN Power Co., Ltd., Class H (b) (c) | 154,759 | |||
321,364 | China CITIC Bank Corp., Ltd., Class H | 149,377 | |||
250,188 | China Construction Bank Corp., Class H | 141,213 | |||
99,000 | China Life Insurance Co., Ltd., Class H | 154,234 | |||
472,588 | China Minsheng Banking Corp., Ltd., Class H | 161,735 | |||
344,999 | China Petroleum & Chemical Corp., Class H | 188,559 | |||
64,750 | China Shenhua Energy Co., Ltd., Class H | 210,019 | |||
75,750 | CITIC Securities Co., Ltd., Class H | 153,610 | |||
259,400 | Haitong Securities Co., Ltd., Class H | 155,687 | |||
141,600 | Huatai Securities Co., Ltd., Class H (b) (c) | 180,821 | |||
304,388 | Industrial & Commercial Bank of China Ltd., Class H | 146,539 | |||
27,500 | Nongfu Spring Co., Ltd., Class H (b) (c) | 158,027 | |||
485,000 | People’s Insurance Co. Group of China (The) Ltd., Class H | 174,034 | |||
345,000 | PetroChina Co., Ltd., Class H | 259,930 | |||
158,200 | PICC Property & Casualty Co., Ltd., Class H | 203,231 | |||
52,200 | Sinopharm Group Co., Ltd., Class H | 151,315 | |||
3,209,115 | |||||
Czech Republic — 0.2% | |||||
1,353 | CEZ AS | 57,467 | |||
637 | Komercni Banka A.S. | 18,553 | |||
76,020 | |||||
Egypt — 0.1% | |||||
19,151 | Commercial International Bank Egypt SAE (d) | 37,186 | |||
Hong Kong — 1.3% | |||||
39,550 | Beijing Enterprises Holdings Ltd. | 136,363 | |||
52,100 | BOC Hong Kong Holdings Ltd. | 142,709 | |||
124,000 | China Merchants Port Holdings Co., Ltd. | 154,387 | |||
433,459 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) (Continued) | |||||
Hungary — 0.2% | |||||
2,019 | OTP Bank Nyrt | $72,907 | |||
India — 27.9% | |||||
5,219 | Bajaj Auto Ltd. | 318,245 | |||
14,294 | Bata India Ltd. | 276,856 | |||
25,520 | Bharti Airtel Ltd. | 284,699 | |||
1,918 | Britannia Industries Ltd. | 104,794 | |||
12,688 | Cipla Ltd. | 181,234 | |||
5,500 | Colgate-Palmolive India Ltd. | 132,832 | |||
15,214 | Dabur India Ltd. | 101,059 | |||
2,472 | Dr. Reddy’s Laboratories Ltd. | 166,316 | |||
17,517 | Grasim Industries Ltd. | 409,736 | |||
48,325 | HDFC Bank Ltd. | 888,215 | |||
3,238 | Hindustan Unilever Ltd. | 96,140 | |||
88,666 | ICICI Bank Ltd. | 1,016,376 | |||
21,750 | ITC Ltd. | 116,396 | |||
44,887 | Kotak Mahindra Bank Ltd. | 938,213 | |||
13,245 | Larsen & Toubro Ltd. | 482,253 | |||
17,278 | Marico Ltd. | 116,860 | |||
2,445 | Maruti Suzuki India Ltd. | 312,410 | |||
421 | Nestle India Ltd. | 114,105 | |||
330,712 | Petronet LNG Ltd. | 955,601 | |||
12,355 | Pidilite Industries Ltd. | 362,952 | |||
11,622 | Sun Pharmaceutical Industries Ltd. | 162,158 | |||
15,616 | Tata Consultancy Services Ltd. | 663,557 | |||
11,695 | Tata Consumer Products Ltd. | 123,497 | |||
3,752 | UltraTech Cement Ltd. | 372,974 | |||
137,067 | Wipro Ltd. | 670,222 | |||
9,367,700 | |||||
Indonesia — 2.9% | |||||
70,910 | Adaro Energy Indonesia Tbk PT | 13,076 | |||
207,115 | Aneka Tambang Tbk | 24,323 | |||
169,688 | Astra International Tbk PT | 68,347 | |||
205,529 | Bank Central Asia Tbk PT | 117,360 | |||
743,132 | Bank Jago Tbk PT (e) | 97,129 | |||
348,355 | Bank Mandiri Persero Tbk PT | 135,803 | |||
192,340 | Bank Negara Indonesia Persero Tbk PT | 128,496 | |||
380,207 | Bank Rakyat Indonesia Persero Tbk PT | 128,540 | |||
203,487 | Berkah Beton Sadaya Tbk PT (e) | 658 | |||
1,619,199 | Bumi Resources Tbk PT (e) | 14,353 | |||
5,219 | Indo Tambangraya Megah Tbk PT | 9,785 | |||
203,602 | Medco Energi Internasional Tbk PT | 21,210 | |||
103,311 | Merdeka Copper Gold Tbk PT (e) | 19,252 | |||
564,586 | Telkom Indonesia Persero Tbk PT | 136,991 |
Shares | Description | Value | |||
Indonesia (Continued) | |||||
57,984 | Transcoal Pacific Tbk PT | $30,859 | |||
16,987 | United Tractors Tbk PT | 31,050 | |||
977,232 | |||||
Luxembourg — 0.1% | |||||
2,699 | Allegro.eu S.A. (b) (c) (e) | 19,915 | |||
Malaysia — 1.4% | |||||
46,700 | CIMB Group Holdings Bhd | 54,008 | |||
32,000 | Gamuda Bhd | 30,192 | |||
74,800 | Genting Malaysia Bhd | 39,827 | |||
12,300 | Hong Leong Bank Bhd | 51,084 | |||
18,800 | IHH Healthcare Bhd | 23,424 | |||
28,900 | Malayan Banking Bhd | 54,104 | |||
24,600 | Petronas Chemicals Group Bhd | 37,671 | |||
35,700 | Press Metal Aluminium Holdings Bhd | 35,812 | |||
62,000 | Public Bank Bhd | 53,612 | |||
44,400 | RHB Bank Bhd | 51,348 | |||
15,900 | Tenaga Nasional Bhd | 33,830 | |||
464,912 | |||||
Mexico — 4.9% | |||||
254,149 | America Movil S.A.B. de C.V., Series B | 220,061 | |||
8,160 | Arca Continental S.A.B. de C.V. | 74,111 | |||
30,455 | Banco del Bajio S.A. (b) (c) | 95,782 | |||
117,518 | Cemex S.A.B. de C.V., Series CPO (e) | 76,671 | |||
42,372 | Fibra Uno Administracion S.A. de C.V. | 70,630 | |||
7,773 | Fomento Economico Mexicano S.A.B. de C.V., Series UBD | 84,891 | |||
5,023 | Gruma S.A.B. de C.V., Class B | 86,029 | |||
5,775 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 62,676 | |||
3,315 | Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 54,486 | |||
2,109 | Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 51,620 | |||
14,726 | Grupo Bimbo S.A.B. de C.V., Series A | 70,996 | |||
13,152 | Grupo Financiero Banorte S.A.B. de C.V., Class O | 110,265 | |||
30,984 | Grupo Mexico S.A.B. de C.V., Series B | 146,657 | |||
102,996 | Grupo Televisa S.A.B., Series CPO | 62,586 | |||
35,178 | Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 70,043 | |||
29,665 | Orbia Advance Corp. S.A.B. de C.V. | 61,636 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) (Continued) | |||||
Mexico (Continued) | |||||
17,329 | Qualitas Controladora S.A.B. de C.V. | $130,210 | |||
27,268 | Wal-Mart de Mexico S.A.B. de C.V. | 102,641 | |||
1,631,991 | |||||
Netherlands — 0.1% | |||||
3,223 | NEPI Rockcastle N.V. | 17,720 | |||
247 | X5 Retail Group N.V., GDR (c) (d) (e) (f) (g) | 0 | |||
17,720 | |||||
Philippines — 1.4% | |||||
135,010 | Ayala Land, Inc. | 70,278 | |||
46,354 | BDO Unibank, Inc. | 116,262 | |||
31,800 | International Container Terminal Services, Inc. | 116,462 | |||
7,080 | SM Investments Corp. | 105,557 | |||
109,100 | SM Prime Holdings, Inc. | 58,430 | |||
466,989 | |||||
Poland — 0.9% | |||||
1,971 | Bank Polska Kasa Opieki S.A. | 45,546 | |||
711 | CD Projekt S.A. | 20,376 | |||
403 | Dino Polska S.A. (b) (c) (e) | 32,748 | |||
855 | KGHM Polska Miedz S.A. | 21,910 | |||
8 | LPP S.A. | 23,806 | |||
4,866 | ORLEN S.A. | 65,383 | |||
5,905 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 46,930 | |||
4,800 | Powszechny Zaklad Ubezpieczen S.A. | 45,455 | |||
302,154 | |||||
Russia — 0.0% | |||||
7,696 | Alrosa PJSC (d) (e) (f) (g) | 0 | |||
40,399 | Credit Bank of Moscow PJSC (d) (e) (f) (g) | 0 | |||
172,018 | Inter RAO UES PJSC (d) (f) (g) | 0 | |||
96 | Magnit PJSC (d) (f) (g) | 0 | |||
15,021 | Magnitogorsk Iron & Steel Works PJSC (d) (e) (f) (g) | 0 | |||
47 | MMC Norilsk Nickel PJSC (d) (e) (f) (g) | 0 | |||
2,140 | Mobile TeleSystems PJSC (d) (f) (g) | 0 | |||
1,668 | Moscow Exchange MICEX-RTS PJSC (d) (f) (g) | 0 | |||
4,741 | Novolipetsk Steel PJSC (d) (e) (f) (g) | 0 | |||
85 | Polyus PJSC (d) (e) (f) (g) | 0 | |||
676 | Severstal PAO (d) (e) (f) (g) | 0 |
Shares | Description | Value | |||
Russia (Continued) | |||||
10,776 | Sistema PJSFC (d) (f) (g) | $0 | |||
3,253 | Tatneft PJSC (d) (f) (g) | 0 | |||
0 | |||||
Singapore — 0.5% | |||||
24,810 | BOC Aviation Ltd. (b) (c) | 173,142 | |||
South Africa — 3.2% | |||||
5,149 | Absa Group Ltd. | 47,545 | |||
26,153 | African Rainbow Minerals Ltd. | 234,944 | |||
2,506 | Aspen Pharmacare Holdings Ltd. | 22,741 | |||
1,846 | Bid Corp., Ltd. | 41,168 | |||
2,054 | Bidvest Group (The) Ltd. | 29,592 | |||
555 | Capitec Bank Holdings Ltd. | 50,310 | |||
2,861 | Clicks Group Ltd. | 39,083 | |||
6,711 | Discovery Ltd. (e) | 48,616 | |||
1,376 | Exxaro Resources Ltd. | 12,528 | |||
15,500 | FirstRand Ltd. | 52,279 | |||
25,492 | Growthpoint Properties Ltd. | 14,204 | |||
1,898 | Mr Price Group Ltd. | 13,929 | |||
5,265 | MTN Group Ltd. | 31,381 | |||
5,440 | MultiChoice Group (e) | 21,273 | |||
4,316 | Nedbank Group Ltd. | 46,122 | |||
79,314 | Old Mutual Ltd. | 50,520 | |||
26,794 | OUTsurance Group Ltd. | 60,512 | |||
15,879 | Pepkor Holdings Ltd. (b) (c) | 14,467 | |||
6,962 | Remgro Ltd. | 54,604 | |||
16,603 | Sanlam Ltd. | 57,586 | |||
3,309 | Shoprite Holdings Ltd. | 41,916 | |||
5,416 | Standard Bank Group Ltd. | 52,553 | |||
5,499 | Vodacom Group Ltd. | 30,716 | |||
4,282 | Woolworths Holdings Ltd. | 15,340 | |||
1,083,929 | |||||
Taiwan — 30.4% | |||||
137,848 | Asia Cement Corp. | 169,745 | |||
118,650 | Catcher Technology Co., Ltd. | 670,796 | |||
236,554 | Chicony Electronics Co., Ltd. | 846,393 | |||
24,767 | Chunghwa Telecom Co., Ltd. | 89,000 | |||
892,815 | Compal Electronics, Inc. | 849,101 | |||
235,324 | E.Sun Financial Holding Co., Ltd. | 176,782 | |||
203,751 | Far Eastern New Century Corp. | 181,467 | |||
39,357 | Far EasTone Telecommunications Co., Ltd. | 88,637 | |||
223,384 | First Financial Holding Co., Ltd. | 183,728 | |||
92,292 | Formosa Chemicals & Fibre Corp. | 175,832 | |||
65,020 | Formosa Plastics Corp. | 160,735 | |||
216,765 | Hon Hai Precision Industry Co., Ltd. | 698,365 | |||
256,663 | Hua Nan Financial Holdings Co., Ltd. | 162,996 | |||
705,590 | Inventec Corp. | 1,071,046 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) (Continued) | |||||
Taiwan (Continued) | |||||
175,222 | Mega Financial Holding Co., Ltd. | $204,640 | |||
247,732 | Powertech Technology, Inc. | 778,947 | |||
9,477 | President Chain Store Corp. | 77,065 | |||
253,014 | Quanta Computer, Inc. | 1,877,197 | |||
681,286 | Shin Kong Financial Holding Co., Ltd. (e) | 195,645 | |||
163,979 | Taiwan Cement Corp. | 168,904 | |||
230,776 | Taiwan Cooperative Financial Holding Co., Ltd. | 183,017 | |||
29,303 | Taiwan Mobile Co., Ltd. | 85,874 | |||
35,524 | Uni-President Enterprises Corp. | 77,144 | |||
449,075 | WPG Holdings Ltd. | 843,046 | |||
260,513 | Yuanta Financial Holding Co., Ltd. | 202,161 | |||
10,218,263 | |||||
Thailand — 3.7% | |||||
9,000 | Advanced Info Service PCL | 56,354 | |||
21,900 | Airports of Thailand PCL (e) | 41,951 | |||
13,100 | Bangkok Bank PCL | 60,261 | |||
175,300 | Bangkok Expressway & Metro PCL | 39,959 | |||
241,900 | BTS Group Holdings PCL | 49,825 | |||
21,800 | Central Pattana PCL | 37,867 | |||
38,400 | Central Retail Corp. PCL (b) (c) | 40,865 | |||
62,700 | Charoen Pokphand Foods PCL | 35,644 | |||
21,400 | CP ALL PCL | 35,556 | |||
60,400 | Gulf Energy Development PCL (c) | 75,474 | |||
119,300 | Home Product Center PCL | 40,954 | |||
25,800 | Intouch Holdings PCL | 52,255 | |||
14,900 | Kasikornbank PCL | 51,559 | |||
120,100 | Krung Thai Bank PCL | 62,668 | |||
36,500 | Krungthai Card PCL | 44,106 | |||
152,000 | Land & Houses PCL | 32,560 | |||
44,400 | Osotspa PCL (c) | 30,484 | |||
150,200 | PTT Oil & Retail Business PCL (b) (c) | 77,137 | |||
101,500 | PTT PCL | 93,381 | |||
82,700 | Ratch Group PCL | 71,543 | |||
33,500 | SCG Packaging PCL | 35,191 | |||
4,900 | Siam Cement (The) PCL | 40,505 | |||
82,000 | Thai Beverage PCL | 34,492 | |||
94,200 | Thai Union Group PCL | 37,512 | |||
19,700 | Tisco Financial Group PCL | 53,426 | |||
1,231,529 | |||||
Turkey — 1.4% | |||||
21,738 | Akbank T.A.S. | 26,528 | |||
2,864 | Arcelik A.S. | 17,026 |
Shares | Description | Value | |||
Turkey (Continued) | |||||
14,984 | Aselsan Elektronik Sanayi Ve Ticaret A.S. | $22,297 | |||
4,643 | BIM Birlesik Magazalar A.S. | 46,517 | |||
2,004 | Enerjisa Enerji A.S. (b) (c) | 3,782 | |||
13,283 | Enka Insaat ve Sanayi A.S. | 16,869 | |||
7,138 | Eregli Demir ve Celik Fabrikalari T.A.S. (e) | 11,590 | |||
574 | Ford Otomotiv Sanayi A.S. | 17,690 | |||
9,308 | Haci Omer Sabanci Holding A.S. | 20,267 | |||
9,331 | Hektas Ticaret T.A.S. (e) | 9,155 | |||
8,328 | KOC Holding A.S. | 44,558 | |||
11,699 | Koza Altin Isletmeleri A.S. | 12,280 | |||
741 | Pegasus Hava Tasimaciligi A.S. (e) | 22,274 | |||
18,232 | Petkim Petrokimya Holding A.S. (e) | 13,060 | |||
1,798 | Tofas Turk Otomobil Fabrikasi A.S. | 19,378 | |||
2,832 | Turk Hava Yollari AO (e) | 25,047 | |||
9,959 | Turkcell Iletisim Hizmetleri A.S. (e) | 19,360 | |||
28,391 | Turkiye Is Bankasi A.S., Class C | 26,653 | |||
8,413 | Turkiye Petrol Rafinerileri A.S. | 48,787 | |||
9,197 | Turkiye Sise ve Cam Fabrikalari A.S. | 18,331 | |||
38,478 | Yapi ve Kredi Bankasi A.S. | 25,906 | |||
467,355 | |||||
Total Investments — 100.1% | 33,622,968 | ||||
(Cost $33,039,866) | |||||
Net Other Assets and Liabilities — (0.1)% | (22,495 ) | ||||
Net Assets — 100.0% | $33,600,473 |
(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. |
(b) | This security 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. 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. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
(d) | 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. |
(e) | Non-income producing security. |
(f) | 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 September 30, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
(g) | This security’s value was determined using significant unobservable inputs (see Note2A- Portfolio Valuation in the Notes to Financial Statements). |
Currency Exposure Diversification | % of Total Investments |
New Taiwan Dollar | 30.4% |
Indian Rupee | 27.9 |
Hong Kong Dollar | 12.1 |
Brazilian Real | 8.4 |
Mexican Peso | 4.8 |
Thai Baht | 3.6 |
South African Rand | 3.3 |
Indonesia Rupiah | 2.9 |
Turkish Lira | 1.4 |
Philippines Peso | 1.4 |
Malaysia Ringgit | 1.4 |
Polish Zloty | 0.9 |
Chilean Peso | 0.7 |
Czech Republic Koruna | 0.2 |
Hungarian Forint | 0.2 |
United States Dollar | 0.2 |
Egypt Pound | 0.1 |
Singapore Dollar | 0.1 |
Russian Ruble | 0.0‡ |
Total | 100.0% |
‡ | Investments are valued at $0. |
Abbreviations throughout the Portfolio of Investments: | |
GDR | – Global Depositary Receipt |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Netherlands | $ 17,720 | $ 17,720 | $ — | $ —** |
Russia | —** | — | — | —** |
Thailand | 1,231,529 | 34,492 | 1,197,037 | — |
Other Country Categories* | 32,373,719 | 32,373,719 | — | — |
Total Investments | $33,622,968 | $32,425,931 | $1,197,037 | $—** |
* | See Portfolio of Investments for country breakout. |
** | Investments are valued at $0. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.8% | |||||
Aerospace & Defense — 1.4% | |||||
143 | General Dynamics Corp. | $31,599 | |||
175 | HEICO Corp. | 28,338 | |||
623 | Howmet Aerospace, Inc. | 28,814 | |||
157 | L3Harris Technologies, Inc. | 27,337 | |||
67 | Lockheed Martin Corp. | 27,400 | |||
68 | Northrop Grumman Corp. | 29,933 | |||
316 | RTX Corp. | 22,742 | |||
456 | Textron, Inc. | 35,632 | |||
231,795 | |||||
Air Freight & Logistics — 0.5% | |||||
255 | Expeditors International of Washington, Inc. | 29,231 | |||
124 | FedEx Corp. | 32,850 | |||
173 | United Parcel Service, Inc., Class B | 26,965 | |||
89,046 | |||||
Automobiles — 0.7% | |||||
4,683 | Ford Motor Co. | 58,163 | |||
1,837 | General Motors Co. | 60,566 | |||
118,729 | |||||
Banks — 2.1% | |||||
980 | Bank of America Corp. | 26,832 | |||
610 | Citigroup, Inc. | 25,089 | |||
1,078 | Citizens Financial Group, Inc. | 28,890 | |||
1,072 | Fifth Third Bancorp | 27,154 | |||
2,608 | Huntington Bancshares, Inc. | 27,123 | |||
194 | JPMorgan Chase & Co. | 28,134 | |||
3,044 | KeyCorp | 32,754 | |||
228 | M&T Bank Corp. | 28,831 | |||
223 | PNC Financial Services Group (The), Inc. | 27,378 | |||
1,577 | Regions Financial Corp. | 27,124 | |||
926 | Truist Financial Corp. | 26,493 | |||
851 | U.S. Bancorp | 28,134 | |||
659 | Wells Fargo & Co. | 26,927 | |||
360,863 | |||||
Beverages — 0.8% | |||||
456 | Brown-Forman Corp., Class B | 26,307 | |||
506 | Coca-Cola (The) Co. | 28,326 | |||
124 | Constellation Brands, Inc., Class A | 31,165 | |||
975 | Keurig Dr Pepper, Inc. | 30,781 | |||
165 | PepsiCo, Inc. | 27,957 | |||
144,536 | |||||
Biotechnology — 1.3% | |||||
508 | AbbVie, Inc. | 75,722 |
Shares | Description | Value | |||
Biotechnology (Continued) | |||||
308 | Amgen, Inc. | $82,778 | |||
888 | Gilead Sciences, Inc. | 66,547 | |||
225,047 | |||||
Broadline Retail — 0.4% | |||||
1,585 | eBay, Inc. | 69,883 | |||
Building Products — 0.7% | |||||
120 | Carlisle Cos., Inc. | 31,111 | |||
621 | Carrier Global Corp. | 34,279 | |||
453 | Johnson Controls International PLC | 24,104 | |||
162 | Trane Technologies PLC | 32,872 | |||
122,366 | |||||
Capital Markets — 4.1% | |||||
85 | Ameriprise Financial, Inc. | 28,023 | |||
291 | Ares Management Corp., Class A | 29,935 | |||
631 | Bank of New York Mellon (The) Corp. | 26,912 | |||
41 | BlackRock, Inc. | 26,506 | |||
302 | Blackstone, Inc. | 32,356 | |||
880 | Carlyle Group (The), Inc. | 26,541 | |||
203 | Cboe Global Markets, Inc. | 31,711 | |||
496 | Charles Schwab (The) Corp. | 27,230 | |||
152 | CME Group, Inc. | 30,433 | |||
70 | FactSet Research Systems, Inc. | 30,608 | |||
1,053 | Franklin Resources, Inc. | 25,883 | |||
87 | Goldman Sachs Group (The), Inc. | 28,151 | |||
249 | Intercontinental Exchange, Inc. | 27,395 | |||
502 | KKR & Co., Inc. | 30,923 | |||
130 | LPL Financial Holdings, Inc. | 30,894 | |||
108 | MarketAxess Holdings, Inc. | 23,073 | |||
81 | Moody’s Corp. | 25,610 | |||
329 | Morgan Stanley | 26,869 | |||
59 | MSCI, Inc. | 30,272 | |||
564 | Nasdaq, Inc. | 27,405 | |||
379 | Northern Trust Corp. | 26,333 | |||
271 | Raymond James Financial, Inc. | 27,217 | |||
70 | S&P Global, Inc. | 25,579 | |||
384 | State Street Corp. | 25,713 | |||
251 | T. Rowe Price Group, Inc. | 26,322 | |||
697,894 | |||||
Chemicals — 1.4% | |||||
41 | Air Products and Chemicals, Inc. | 11,619 | |||
55 | Albemarle Corp. | 9,352 | |||
106 | Celanese Corp. | 13,305 | |||
176 | CF Industries Holdings, Inc. | 15,090 | |||
531 | Corteva, Inc. | 27,166 | |||
229 | Dow, Inc. | 11,807 | |||
432 | DuPont de Nemours, Inc. | 32,223 | |||
65 | Ecolab, Inc. | 11,011 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Chemicals (Continued) | |||||
117 | FMC Corp. | $7,836 | |||
153 | International Flavors & Fragrances, Inc. | 10,430 | |||
133 | LyondellBasell Industries N.V., Class A | 12,595 | |||
349 | Mosaic (The) Co. | 12,425 | |||
208 | PPG Industries, Inc. | 26,999 | |||
117 | Sherwin-Williams (The) Co. | 29,841 | |||
102 | Westlake Corp. | 12,716 | |||
244,415 | |||||
Commercial Services & Supplies — 0.7% | |||||
62 | Cintas Corp. | 29,823 | |||
108 | Republic Services, Inc. | 15,391 | |||
1,654 | Rollins, Inc. | 61,744 | |||
96 | Waste Management, Inc. | 14,634 | |||
121,592 | |||||
Communications Equipment — 1.0% | |||||
1,640 | Cisco Systems, Inc. | 88,167 | |||
289 | Motorola Solutions, Inc. | 78,677 | |||
166,844 | |||||
Construction & Engineering — 0.2% | |||||
157 | Quanta Services, Inc. | 29,370 | |||
Construction Materials — 0.3% | |||||
67 | Martin Marietta Materials, Inc. | 27,502 | |||
137 | Vulcan Materials Co. | 27,677 | |||
55,179 | |||||
Consumer Finance — 0.6% | |||||
177 | American Express Co. | 26,407 | |||
283 | Capital One Financial Corp. | 27,465 | |||
241 | Discover Financial Services | 20,878 | |||
911 | Synchrony Financial | 27,849 | |||
102,599 | |||||
Consumer Staples Distribution & Retail — 1.9% | |||||
132 | Costco Wholesale Corp. | 74,575 | |||
417 | Dollar General Corp. | 44,119 | |||
648 | Kroger (The) Co. | 28,998 | |||
410 | Sysco Corp. | 27,080 | |||
537 | Target Corp. | 59,376 | |||
1,069 | Walgreens Boots Alliance, Inc. | 23,775 | |||
451 | Walmart, Inc. | 72,128 | |||
330,051 | |||||
Containers & Packaging — 0.5% | |||||
70 | Avery Dennison Corp. | 12,787 |
Shares | Description | Value | |||
Containers & Packaging (Continued) | |||||
530 | Ball Corp. | $26,383 | |||
383 | International Paper Co. | 13,585 | |||
233 | Packaging Corp. of America | 35,777 | |||
88,532 | |||||
Distributors — 1.1% | |||||
419 | Genuine Parts Co. | 60,495 | |||
1,215 | LKQ Corp. | 60,155 | |||
189 | Pool Corp. | 67,303 | |||
187,953 | |||||
Diversified REITs — 0.1% | |||||
221 | W.P. Carey, Inc. | 11,952 | |||
Diversified Telecommunication Services — 0.9% | |||||
5,320 | AT&T, Inc. | 79,907 | |||
2,281 | Verizon Communications, Inc. | 73,927 | |||
153,834 | |||||
Electric Utilities — 1.2% | |||||
315 | Alliant Energy Corp. | 15,262 | |||
196 | American Electric Power Co., Inc. | 14,743 | |||
180 | Constellation Energy Corp. | 19,634 | |||
184 | Duke Energy Corp. | 16,240 | |||
238 | Edison International | 15,063 | |||
169 | Entergy Corp. | 15,633 | |||
283 | Evergy, Inc. | 14,348 | |||
233 | Eversource Energy | 13,549 | |||
405 | Exelon Corp. | 15,305 | |||
425 | FirstEnergy Corp. | 14,527 | |||
222 | NextEra Energy, Inc. | 12,718 | |||
624 | PPL Corp. | 14,701 | |||
235 | Southern (The) Co. | 15,209 | |||
265 | Xcel Energy, Inc. | 15,163 | |||
212,095 | |||||
Electrical Equipment — 0.9% | |||||
190 | AMETEK, Inc. | 28,074 | |||
154 | Eaton Corp. PLC | 32,845 | |||
342 | Emerson Electric Co. | 33,027 | |||
93 | Hubbell, Inc. | 29,147 | |||
93 | Rockwell Automation, Inc. | 26,586 | |||
149,679 | |||||
Electronic Equipment, Instruments & Components — 3.6% | |||||
1,903 | Amphenol Corp., Class A | 159,833 | |||
881 | CDW Corp. | 177,750 | |||
4,614 | Corning, Inc. | 140,589 | |||
1,154 | TE Connectivity Ltd. | 142,554 | |||
620,726 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Energy Equipment & Services — 0.6% | |||||
984 | Baker Hughes Co. | $34,755 | |||
944 | Halliburton Co. | 38,232 | |||
634 | Schlumberger N.V. | 36,962 | |||
109,949 | |||||
Entertainment — 0.4% | |||||
547 | Electronic Arts, Inc. | 65,859 | |||
Financial Services — 1.3% | |||||
366 | Apollo Global Management, Inc. | 32,852 | |||
1,592 | Corebridge Financial, Inc. | 31,442 | |||
564 | Fidelity National Information Services, Inc. | 31,172 | |||
313 | Global Payments, Inc. | 36,117 | |||
185 | Jack Henry & Associates, Inc. | 27,961 | |||
78 | Mastercard, Inc., Class A | 30,881 | |||
130 | Visa, Inc., Class A | 29,902 | |||
220,327 | |||||
Food Products — 2.3% | |||||
403 | Archer-Daniels-Midland Co. | 30,394 | |||
323 | Bunge Ltd. | 34,965 | |||
667 | Campbell Soup Co. | 27,400 | |||
903 | Conagra Brands, Inc. | 24,760 | |||
397 | General Mills, Inc. | 25,404 | |||
122 | Hershey (The) Co. | 24,410 | |||
758 | Hormel Foods Corp. | 28,827 | |||
207 | J.M. Smucker (The) Co. | 25,442 | |||
452 | Kellogg Co. | 26,899 | |||
858 | Kraft Heinz (The) Co. | 28,863 | |||
265 | Lamb Weston Holdings, Inc. | 24,502 | |||
349 | McCormick & Co., Inc. | 26,398 | |||
418 | Mondelez International, Inc., Class A | 29,009 | |||
597 | Tyson Foods, Inc., Class A | 30,143 | |||
387,416 | |||||
Gas Utilities — 0.1% | |||||
142 | Atmos Energy Corp. | 15,042 | |||
Ground Transportation — 0.9% | |||||
905 | CSX Corp. | 27,829 | |||
170 | J.B. Hunt Transport Services, Inc. | 32,048 | |||
136 | Norfolk Southern Corp. | 26,782 | |||
84 | Old Dominion Freight Line, Inc. | 34,368 | |||
151 | Union Pacific Corp. | 30,748 | |||
151,775 | |||||
Health Care Equipment & Supplies — 3.1% | |||||
628 | Abbott Laboratories | 60,822 | |||
1,503 | Baxter International, Inc. | 56,723 |
Shares | Description | Value | |||
Health Care Equipment & Supplies (Continued) | |||||
260 | Becton, Dickinson & Co. | $67,218 | |||
178 | Cooper (The) Cos., Inc. | 56,606 | |||
777 | Medtronic PLC | 60,886 | |||
313 | ResMed, Inc. | 46,283 | |||
305 | STERIS PLC | 66,923 | |||
224 | Stryker Corp. | 61,213 | |||
470 | Zimmer Biomet Holdings, Inc. | 52,743 | |||
529,417 | |||||
Health Care Providers & Services — 3.6% | |||||
724 | Cardinal Health, Inc. | 62,858 | |||
158 | Cencora, Inc. | 28,435 | |||
244 | Cigna Group (The) | 69,801 | |||
441 | CVS Health Corp. | 30,791 | |||
154 | Elevance Health, Inc. | 67,055 | |||
225 | HCA Healthcare, Inc. | 55,345 | |||
153 | Humana, Inc. | 74,438 | |||
284 | Laboratory Corp. of America Holdings | 57,098 | |||
71 | McKesson Corp. | 30,874 | |||
487 | Quest Diagnostics, Inc. | 59,346 | |||
142 | UnitedHealth Group, Inc. | 71,595 | |||
607,636 | |||||
Health Care REITs — 0.2% | |||||
744 | Healthpeak Properties, Inc. | 13,660 | |||
316 | Ventas, Inc. | 13,313 | |||
185 | Welltower, Inc. | 15,155 | |||
42,128 | |||||
Hotel & Resort REITs — 0.1% | |||||
888 | Host Hotels & Resorts, Inc. | 14,270 | |||
Hotels, Restaurants & Leisure — 3.2% | |||||
423 | Darden Restaurants, Inc. | 60,582 | |||
210 | Domino’s Pizza, Inc. | 79,546 | |||
487 | Hilton Worldwide Holdings, Inc. | 73,138 | |||
386 | Marriott International, Inc., Class A | 75,872 | |||
238 | McDonald’s Corp. | 62,699 | |||
1,613 | MGM Resorts International | 59,294 | |||
715 | Starbucks Corp. | 65,258 | |||
511 | Yum! Brands, Inc. | 63,844 | |||
540,233 | |||||
Household Durables — 1.6% | |||||
582 | D.R. Horton, Inc. | 62,547 | |||
680 | Garmin Ltd. | 71,536 | |||
565 | Lennar Corp., Class A | 63,410 | |||
912 | PulteGroup, Inc. | 67,534 | |||
265,027 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Household Products — 0.8% | |||||
304 | Church & Dwight Co., Inc. | $27,856 | |||
191 | Clorox (The) Co. | 25,032 | |||
395 | Colgate-Palmolive Co. | 28,088 | |||
221 | Kimberly-Clark Corp. | 26,708 | |||
200 | Procter & Gamble (The) Co. | 29,172 | |||
136,856 | |||||
Independent Power and Renewable Electricity Producers — 0.1% | |||||
796 | AES (The) Corp. | 12,099 | |||
Industrial Conglomerates — 0.5% | |||||
308 | 3M Co. | 28,835 | |||
282 | General Electric Co. | 31,175 | |||
148 | Honeywell International, Inc. | 27,341 | |||
87,351 | |||||
Industrial REITs — 0.1% | |||||
122 | Prologis, Inc. | 13,690 | |||
Insurance — 3.1% | |||||
403 | Aflac, Inc. | 30,930 | |||
257 | Allstate (The) Corp. | 28,632 | |||
488 | American International Group, Inc. | 29,573 | |||
81 | Aon PLC, Class A | 26,262 | |||
128 | Arthur J. Gallagher & Co. | 29,175 | |||
408 | Brown & Brown, Inc. | 28,495 | |||
146 | Chubb Ltd. | 30,394 | |||
289 | Cincinnati Financial Corp. | 29,562 | |||
82 | Everest Group Ltd. | 30,477 | |||
390 | Hartford Financial Services Group (The), Inc. | 27,655 | |||
473 | Loews Corp. | 29,946 | |||
150 | Marsh & McLennan Cos., Inc. | 28,545 | |||
497 | MetLife, Inc. | 31,266 | |||
371 | Principal Financial Group, Inc. | 26,738 | |||
212 | Progressive (The) Corp. | 29,532 | |||
319 | Prudential Financial, Inc. | 30,270 | |||
162 | Travelers (The) Cos., Inc. | 26,456 | |||
472 | W.R. Berkley Corp. | 29,967 | |||
523,875 | |||||
IT Services — 2.2% | |||||
100 | Accenture PLC, Class A | 30,711 | |||
2,477 | Cognizant Technology Solutions Corp., Class A | 167,792 | |||
1,209 | International Business Machines Corp. | 169,623 | |||
368,126 |
Shares | Description | Value | |||
Life Sciences Tools & Services — 2.3% | |||||
569 | Agilent Technologies, Inc. | $63,626 | |||
838 | Bio-Techne Corp. | 57,043 | |||
285 | Danaher Corp. | 70,708 | |||
576 | Revvity, Inc. | 63,763 | |||
131 | Thermo Fisher Scientific, Inc. | 66,308 | |||
179 | West Pharmaceutical Services, Inc. | 67,163 | |||
388,611 | |||||
Machinery — 2.7% | |||||
125 | Caterpillar, Inc. | 34,125 | |||
126 | Cummins, Inc. | 28,786 | |||
76 | Deere & Co. | 28,681 | |||
209 | Dover Corp. | 29,158 | |||
412 | Fortive Corp. | 30,554 | |||
143 | IDEX Corp. | 29,747 | |||
123 | Illinois Tool Works, Inc. | 28,328 | |||
473 | Ingersoll Rand, Inc. | 30,140 | |||
124 | Nordson Corp. | 27,673 | |||
346 | Otis Worldwide Corp. | 27,787 | |||
370 | PACCAR, Inc. | 31,457 | |||
79 | Parker-Hannifin Corp. | 30,772 | |||
107 | Snap-on, Inc. | 27,292 | |||
330 | Stanley Black & Decker, Inc. | 27,581 | |||
282 | Westinghouse Air Brake Technologies Corp. | 29,968 | |||
274 | Xylem, Inc. | 24,942 | |||
466,991 | |||||
Media — 1.9% | |||||
2,043 | Comcast Corp., Class A | 90,587 | |||
2,083 | Fox Corp., Class A | 64,989 | |||
1,836 | Interpublic Group of (The) Cos., Inc. | 52,620 | |||
745 | Omnicom Group, Inc. | 55,487 | |||
4,453 | Paramount Global, Class B | 57,444 | |||
321,127 | |||||
Metals & Mining — 0.3% | |||||
305 | Freeport-McMoRan, Inc. | 11,373 | |||
286 | Newmont Corp. | 10,568 | |||
75 | Nucor Corp. | 11,726 | |||
45 | Reliance Steel & Aluminum Co. | 11,800 | |||
112 | Steel Dynamics, Inc. | 12,009 | |||
57,476 | |||||
Multi-Utilities — 0.8% | |||||
202 | Ameren Corp. | 15,115 | |||
566 | CenterPoint Energy, Inc. | 15,197 | |||
280 | CMS Energy Corp. | 14,871 | |||
183 | Consolidated Edison, Inc. | 15,652 | |||
319 | Dominion Energy, Inc. | 14,250 | |||
150 | DTE Energy Co. | 14,892 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Multi-Utilities (Continued) | |||||
264 | Public Service Enterprise Group, Inc. | $15,024 | |||
227 | Sempra | 15,443 | |||
187 | WEC Energy Group, Inc. | 15,063 | |||
135,507 | |||||
Office REITs — 0.1% | |||||
132 | Alexandria Real Estate Equities, Inc. | 13,213 | |||
Oil, Gas & Consumable Fuels — 4.6% | |||||
911 | APA Corp. | 37,442 | |||
205 | Cheniere Energy, Inc. | 34,022 | |||
198 | Chevron Corp. | 33,387 | |||
300 | ConocoPhillips | 35,940 | |||
1,231 | Coterra Energy, Inc. | 33,299 | |||
643 | Devon Energy Corp. | 30,671 | |||
236 | Diamondback Energy, Inc. | 36,552 | |||
272 | EOG Resources, Inc. | 34,479 | |||
290 | Exxon Mobil Corp. | 34,098 | |||
229 | Hess Corp. | 35,037 | |||
1,807 | Kinder Morgan, Inc. | 29,960 | |||
1,352 | Marathon Oil Corp. | 36,166 | |||
267 | Marathon Petroleum Corp. | 40,408 | |||
529 | Occidental Petroleum Corp. | 34,321 | |||
505 | ONEOK, Inc. | 32,032 | |||
817 | Ovintiv, Inc. | 38,865 | |||
327 | Phillips 66 | 39,289 | |||
151 | Pioneer Natural Resources Co. | 34,662 | |||
409 | Targa Resources Corp. | 35,059 | |||
23 | Texas Pacific Land Corp. | 41,942 | |||
265 | Valero Energy Corp. | 37,553 | |||
954 | Williams (The) Cos., Inc. | 32,140 | |||
777,324 | |||||
Passenger Airlines — 0.3% | |||||
1,957 | Southwest Airlines Co. | 52,976 | |||
Personal Care Products — 0.3% | |||||
361 | Estee Lauder (The) Cos., Inc., Class A | 52,182 | |||
Pharmaceuticals — 2.7% | |||||
1,070 | Bristol-Myers Squibb Co. | 62,103 | |||
146 | Eli Lilly & Co. | 78,421 | |||
414 | Johnson & Johnson | 64,481 | |||
593 | Merck & Co., Inc. | 61,049 | |||
1,867 | Pfizer, Inc. | 61,928 | |||
6,860 | Viatris, Inc. | 67,640 | |||
397 | Zoetis, Inc. | 69,070 | |||
464,692 |
Shares | Description | Value | |||
Professional Services — 4.0% | |||||
141 | Automatic Data Processing, Inc. | $33,922 | |||
277 | Booz Allen Hamilton Holding Corp. | 30,268 | |||
169 | Broadridge Financial Solutions, Inc. | 30,259 | |||
131 | Equifax, Inc. | 23,997 | |||
260 | Jacobs Solutions, Inc. | 35,490 | |||
1,827 | Leidos Holdings, Inc. | 168,376 | |||
276 | Paychex, Inc. | 31,831 | |||
504 | Paycom Software, Inc. | 130,672 | |||
2,669 | SS&C Technologies Holdings, Inc. | 140,229 | |||
394 | TransUnion | 28,285 | |||
136 | Verisk Analytics, Inc. | 32,129 | |||
685,458 | |||||
Residential REITs — 0.7% | |||||
79 | AvalonBay Communities, Inc. | 13,567 | |||
137 | Camden Property Trust | 12,957 | |||
223 | Equity LifeStyle Properties, Inc. | 14,207 | |||
227 | Equity Residential | 13,327 | |||
64 | Essex Property Trust, Inc. | 13,574 | |||
434 | Invitation Homes, Inc. | 13,754 | |||
98 | Mid-America Apartment Communities, Inc. | 12,608 | |||
114 | Sun Communities, Inc. | 13,491 | |||
348 | UDR, Inc. | 12,413 | |||
119,898 | |||||
Retail REITs — 0.2% | |||||
758 | Kimco Realty Corp. | 13,333 | |||
250 | Realty Income Corp. | 12,485 | |||
130 | Simon Property Group, Inc. | 14,044 | |||
39,862 | |||||
Semiconductors & Semiconductor Equipment — 14.4% | |||||
830 | Analog Devices, Inc. | 145,325 | |||
1,119 | Applied Materials, Inc. | 154,925 | |||
186 | Broadcom, Inc. | 154,488 | |||
4,836 | Intel Corp. | 171,920 | |||
333 | KLA Corp. | 152,734 | |||
252 | Lam Research Corp. | 157,946 | |||
2,705 | Marvell Technology, Inc. | 146,422 | |||
1,805 | Microchip Technology, Inc. | 140,880 | |||
2,562 | Micron Technology, Inc. | 174,293 | |||
299 | Monolithic Power Systems, Inc. | 138,138 | |||
382 | NVIDIA Corp. | 166,166 | |||
790 | NXP Semiconductors N.V. | 157,937 | |||
1,358 | QUALCOMM, Inc. | 150,819 | |||
1,461 | Skyworks Solutions, Inc. | 144,040 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Semiconductors & Semiconductor Equipment (Continued) | |||||
1,452 | Teradyne, Inc. | $145,868 | |||
899 | Texas Instruments, Inc. | 142,950 | |||
2,444,851 | |||||
Software — 4.7% | |||||
8,716 | Gen Digital, Inc. | 154,099 | |||
353 | Intuit, Inc. | 180,362 | |||
475 | Microsoft Corp. | 149,981 | |||
1,357 | Oracle Corp. | 143,734 | |||
337 | Roper Technologies, Inc. | 163,202 | |||
791,378 | |||||
Specialized REITs — 0.9% | |||||
77 | American Tower Corp. | 12,663 | |||
131 | Crown Castle, Inc. | 12,056 | |||
131 | Digital Realty Trust, Inc. | 15,854 | |||
19 | Equinix, Inc. | 13,799 | |||
100 | Extra Space Storage, Inc. | 12,158 | |||
308 | Gaming and Leisure Properties, Inc. | 14,029 | |||
263 | Iron Mountain, Inc. | 15,635 | |||
52 | Public Storage | 13,703 | |||
65 | SBA Communications Corp. | 13,011 | |||
475 | VICI Properties, Inc. | 13,822 | |||
445 | Weyerhaeuser Co. | 13,644 | |||
150,374 | |||||
Specialty Retail — 2.4% | |||||
865 | Best Buy Co., Inc. | 60,092 | |||
228 | Home Depot (The), Inc. | 68,892 | |||
313 | Lowe’s Cos., Inc. | 65,054 | |||
631 | Ross Stores, Inc. | 71,271 | |||
836 | TJX (The) Cos., Inc. | 74,304 | |||
320 | Tractor Supply Co. | 64,976 | |||
404,589 | |||||
Technology Hardware, Storage & Peripherals — 4.6% | |||||
834 | Apple, Inc. | 142,789 | |||
9,625 | Hewlett Packard Enterprise Co. | 167,186 | |||
5,266 | HP, Inc. | 135,336 | |||
2,116 | NetApp, Inc. | 160,562 | |||
2,614 | Seagate Technology Holdings PLC | 172,394 | |||
778,267 | |||||
Textiles, Apparel & Luxury Goods — 0.4% | |||||
642 | NIKE, Inc., Class B | 61,388 |
Shares | Description | Value | |||
Tobacco — 0.3% | |||||
672 | Altria Group, Inc. | $28,257 | |||
312 | Philip Morris International, Inc. | 28,885 | |||
57,142 | |||||
Trading Companies & Distributors — 0.4% | |||||
207 | Fastenal Co. | 11,310 | |||
69 | United Rentals, Inc. | 30,675 | |||
40 | W.W. Grainger, Inc. | 27,674 | |||
69,659 | |||||
Water Utilities — 0.2% | |||||
115 | American Water Works Co., Inc. | 14,240 | |||
414 | Essential Utilities, Inc. | 14,213 | |||
28,453 | |||||
Total Investments — 99.8% | 16,987,474 | ||||
(Cost $16,939,812) | |||||
Net Other Assets and Liabilities — 0.2% | 30,359 | ||||
Net Assets — 100.0% | $17,017,833 |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 16,987,474 | $ 16,987,474 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.8% | |||||
Aerospace & Defense — 1.4% | |||||
681 | BWX Technologies, Inc. | $51,061 | |||
265 | Curtiss-Wright Corp. | 51,842 | |||
445 | Hexcel Corp. | 28,987 | |||
214 | Huntington Ingalls Industries, Inc. | 43,780 | |||
1,672 | Spirit AeroSystems Holdings, Inc., Class A (a) | 26,986 | |||
410 | Woodward, Inc. | 50,947 | |||
253,603 | |||||
Air Freight & Logistics — 0.3% | |||||
517 | C.H. Robinson Worldwide, Inc. | 44,529 | |||
Automobile Components — 1.0% | |||||
1,238 | BorgWarner, Inc. | 49,978 | |||
2,069 | Gentex Corp. | 67,325 | |||
422 | Lear Corp. | 56,633 | |||
173,936 | |||||
Automobiles — 0.6% | |||||
1,719 | Harley-Davidson, Inc. | 56,830 | |||
585 | Thor Industries, Inc. | 55,651 | |||
112,481 | |||||
Banks — 5.9% | |||||
778 | Bank OZK | 28,840 | |||
386 | BOK Financial Corp. | 30,872 | |||
1,590 | Cadence Bank | 33,740 | |||
737 | Comerica, Inc. | 30,622 | |||
641 | Commerce Bancshares, Inc. | 30,755 | |||
290 | Cullen/Frost Bankers, Inc. | 26,451 | |||
2,351 | CVB Financial Corp. | 38,956 | |||
591 | East West Bancorp, Inc. | 31,152 | |||
24 | First Citizens BancShares, Inc., Class A | 33,122 | |||
1,097 | First Financial Bankshares, Inc. | 27,557 | |||
1,733 | First Hawaiian, Inc. | 31,281 | |||
1,311 | First Interstate BancSystem, Inc., Class A | 32,696 | |||
2,729 | FNB Corp. | 29,446 | |||
1,003 | Glacier Bancorp, Inc. | 28,585 | |||
813 | Hancock Whitney Corp. | 30,073 | |||
1,369 | Home BancShares, Inc. | 28,667 | |||
701 | Independent Bank Corp. | 34,412 | |||
2,781 | New York Community Bancorp, Inc. | 31,537 | |||
2,240 | Old National Bancorp | 32,570 | |||
551 | Pinnacle Financial Partners, Inc. | 36,939 | |||
516 | Popular, Inc. | 32,513 | |||
553 | Prosperity Bancshares, Inc. | 30,183 | |||
763 | ServisFirst Bancshares, Inc. | 39,806 | |||
474 | SouthState Corp. | 31,929 |
Shares | Description | Value | |||
Banks (Continued) | |||||
1,033 | Synovus Financial Corp. | $28,717 | |||
513 | UMB Financial Corp. | 31,832 | |||
1,052 | United Bankshares, Inc. | 29,025 | |||
1,249 | United Community Banks, Inc. | 31,737 | |||
4,028 | Valley National Bancorp | 34,480 | |||
827 | Webster Financial Corp. | 33,336 | |||
856 | Western Alliance Bancorp | 39,350 | |||
430 | Wintrust Financial Corp. | 32,465 | |||
1,162 | Zions Bancorp N.A. | 40,542 | |||
1,064,188 | |||||
Beverages — 0.7% | |||||
103 | Coca-Cola Consolidated, Inc. | 65,541 | |||
997 | Molson Coors Beverage Co., Class B | 63,399 | |||
128,940 | |||||
Broadline Retail — 0.9% | |||||
186 | Dillard’s, Inc., Class A | 61,531 | |||
2,626 | Kohl’s Corp. | 55,041 | |||
3,772 | Macy’s, Inc. | 43,793 | |||
160,365 | |||||
Building Products — 3.1% | |||||
670 | A.O. Smith Corp. | 44,307 | |||
771 | AAON, Inc. | 43,847 | |||
428 | Advanced Drainage Systems, Inc. | 48,719 | |||
406 | Allegion PLC | 42,305 | |||
664 | Armstrong World Industries, Inc. | 47,808 | |||
678 | Fortune Brands Innovations, Inc. | 42,144 | |||
149 | Lennox International, Inc. | 55,792 | |||
850 | Masco Corp. | 45,433 | |||
374 | Owens Corning | 51,017 | |||
352 | Simpson Manufacturing Co., Inc. | 52,733 | |||
349 | UFP Industries, Inc. | 35,738 | |||
1,813 | Zurn Elkay Water Solutions Corp. | 50,800 | |||
560,643 | |||||
Capital Markets — 2.4% | |||||
208 | Affiliated Managers Group, Inc. | 27,111 | |||
538 | Cohen & Steers, Inc. | 33,727 | |||
253 | Evercore, Inc., Class A | 34,884 | |||
872 | Federated Hermes, Inc. | 29,535 | |||
318 | Houlihan Lokey, Inc. | 34,064 | |||
376 | Interactive Brokers Group, Inc., Class A | 32,547 | |||
1,857 | Invesco Ltd. | 26,964 | |||
942 | Jefferies Financial Group, Inc. | 34,505 | |||
977 | Lazard Ltd., Class A | 30,297 | |||
159 | Morningstar, Inc. | 37,244 | |||
524 | SEI Investments Co. | 31,560 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Capital Markets (Continued) | |||||
523 | Stifel Financial Corp. | $32,133 | |||
456 | Tradeweb Markets, Inc., Class A | 36,571 | |||
421,142 | |||||
Chemicals — 2.7% | |||||
389 | Ashland, Inc. | 31,773 | |||
829 | Avient Corp. | 29,280 | |||
251 | Balchem Corp. | 31,134 | |||
506 | Cabot Corp. | 35,051 | |||
919 | Chemours (The) Co. | 25,778 | |||
404 | Eastman Chemical Co. | 30,995 | |||
1,765 | Element Solutions, Inc. | 34,612 | |||
682 | H.B. Fuller Co. | 46,792 | |||
1,254 | Huntsman Corp. | 30,598 | |||
84 | NewMarket Corp. | 38,223 | |||
659 | Olin Corp. | 32,937 | |||
174 | Quaker Chemical Corp. | 27,840 | |||
543 | RPM International, Inc. | 51,482 | |||
540 | Scotts Miracle-Gro (The) Co. | 27,907 | |||
474,402 | |||||
Commercial Services & Supplies — 0.5% | |||||
280 | MSA Safety, Inc. | 44,142 | |||
298 | Tetra Tech, Inc. | 45,305 | |||
89,447 | |||||
Communications Equipment — 0.3% | |||||
2,126 | Juniper Networks, Inc. | 59,082 | |||
Construction & Engineering — 1.3% | |||||
576 | AECOM | 47,831 | |||
297 | Comfort Systems USA, Inc. | 50,612 | |||
264 | EMCOR Group, Inc. | 55,543 | |||
2,328 | MDU Resources Group, Inc. | 45,582 | |||
167 | Valmont Industries, Inc. | 40,115 | |||
239,683 | |||||
Construction Materials — 0.2% | |||||
261 | Eagle Materials, Inc. | 43,462 | |||
Consumer Finance — 0.7% | |||||
1,157 | Ally Financial, Inc. | 30,869 | |||
335 | FirstCash Holdings, Inc. | 33,627 | |||
715 | OneMain Holdings, Inc. | 28,664 | |||
1,913 | SLM Corp. | 26,055 | |||
119,215 | |||||
Consumer Staples Distribution & Retail — 0.4% | |||||
269 | Casey’s General Stores, Inc. | 73,039 |
Shares | Description | Value | |||
Containers & Packaging — 2.4% | |||||
421 | AptarGroup, Inc. | $52,642 | |||
758 | Berry Global Group, Inc. | 46,928 | |||
561 | Crown Holdings, Inc. | 49,637 | |||
2,029 | Graphic Packaging Holding Co. | 45,206 | |||
708 | Greif, Inc., Class A | 47,302 | |||
1,220 | Sealed Air Corp. | 40,089 | |||
1,040 | Silgan Holdings, Inc. | 44,834 | |||
826 | Sonoco Products Co. | 44,893 | |||
1,677 | Westrock Co. | 60,037 | |||
431,568 | |||||
Diversified Consumer Services — 1.0% | |||||
8,084 | ADT, Inc. | 48,504 | |||
1,900 | H&R Block, Inc. | 81,814 | |||
937 | Service Corp. International | 53,540 | |||
183,858 | |||||
Diversified REITs — 0.2% | |||||
1,573 | Essential Properties Realty Trust, Inc. | 34,024 | |||
Diversified Telecommunication Services — 0.5% | |||||
1,072 | Iridium Communications, Inc. | 48,765 | |||
29,468 | Lumen Technologies, Inc. (a) | 41,845 | |||
90,610 | |||||
Electric Utilities — 1.2% | |||||
608 | ALLETE, Inc. | 32,102 | |||
976 | Hawaiian Electric Industries, Inc. | 12,015 | |||
344 | IDACORP, Inc. | 32,216 | |||
943 | NRG Energy, Inc. | 36,324 | |||
983 | OGE Energy Corp. | 32,763 | |||
433 | Pinnacle West Capital Corp. | 31,904 | |||
753 | Portland General Electric Co. | 30,481 | |||
207,805 | |||||
Electrical Equipment — 2.1% | |||||
299 | Acuity Brands, Inc. | 50,922 | |||
449 | EnerSys | 42,507 | |||
317 | Regal Rexnord Corp. | 45,293 | |||
6,525 | Vertiv Holdings Co. | 242,730 | |||
381,452 | |||||
Electronic Equipment, Instruments & Components — 5.2% | |||||
1,450 | Advanced Energy Industries, Inc. | 149,524 | |||
3,204 | Avnet, Inc. | 154,401 | |||
330 | Badger Meter, Inc. | 47,477 | |||
510 | Belden, Inc. | 49,241 | |||
870 | Cognex Corp. | 36,923 | |||
864 | Crane NXT Co. | 48,013 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Electronic Equipment, Instruments & Components (Continued) | |||||
1,497 | Jabil, Inc. | $189,954 | |||
167 | Littelfuse, Inc. | 41,302 | |||
1,719 | TD SYNNEX Corp. | 171,659 | |||
1,513 | Vontier Corp. | 46,782 | |||
935,276 | |||||
Energy Equipment & Services — 1.4% | |||||
1,017 | Cactus, Inc., Class A | 51,063 | |||
1,387 | ChampionX Corp. | 49,405 | |||
1,214 | Helmerich & Payne, Inc. | 51,182 | |||
2,683 | NOV, Inc. | 56,075 | |||
3,596 | Patterson-UTI Energy, Inc. | 49,769 | |||
257,494 | |||||
Entertainment — 0.4% | |||||
2,320 | Warner Music Group Corp., Class A | 72,848 | |||
Financial Services — 1.4% | |||||
1,149 | Equitable Holdings, Inc. | 32,620 | |||
667 | Essent Group Ltd. | 31,542 | |||
1,021 | Jackson Financial, Inc., Class A | 39,023 | |||
1,977 | MGIC Investment Corp. | 32,996 | |||
1,235 | Radian Group, Inc. | 31,011 | |||
435 | Voya Financial, Inc. | 28,906 | |||
4,156 | Western Union (The) Co. | 54,776 | |||
250,874 | |||||
Food Products — 1.3% | |||||
2,639 | Flowers Foods, Inc. | 58,533 | |||
620 | Ingredion, Inc. | 61,008 | |||
327 | Lancaster Colony Corp. | 53,965 | |||
18 | Seaboard Corp. | 67,554 | |||
241,060 | |||||
Gas Utilities — 1.1% | |||||
687 | National Fuel Gas Co. | 35,662 | |||
747 | New Jersey Resources Corp. | 30,351 | |||
459 | ONE Gas, Inc. | 31,341 | |||
554 | Southwest Gas Holdings, Inc. | 33,467 | |||
556 | Spire, Inc. | 31,458 | |||
1,309 | UGI Corp. | 30,107 | |||
192,386 | |||||
Ground Transportation — 0.8% | |||||
877 | Knight-Swift Transportation Holdings, Inc. | 43,982 | |||
253 | Landstar System, Inc. | 44,766 | |||
575 | Ryder System, Inc. | 61,496 | |||
150,244 |
Shares | Description | Value | |||
Health Care Equipment & Supplies — 1.8% | |||||
4,918 | DENTSPLY SIRONA, Inc. | $167,999 | |||
813 | Teleflex, Inc. | 159,681 | |||
327,680 | |||||
Health Care Providers & Services — 5.8% | |||||
363 | Chemed Corp. | 188,651 | |||
2,907 | Encompass Health Corp. | 195,234 | |||
2,062 | Ensign Group (The), Inc. | 191,622 | |||
7,116 | Premier, Inc., Class A | 152,994 | |||
6,178 | Select Medical Holdings Corp. | 156,118 | |||
1,248 | Universal Health Services, Inc., Class B | 156,911 | |||
1,041,530 | |||||
Health Care REITs — 0.7% | |||||
1,963 | Healthcare Realty Trust, Inc. | 29,975 | |||
4,004 | Medical Properties Trust, Inc. | 21,822 | |||
1,208 | Omega Healthcare Investors, Inc. | 40,057 | |||
2,650 | Physicians Realty Trust | 32,304 | |||
124,158 | |||||
Hotel & Resort REITs — 0.4% | |||||
2,451 | Apple Hospitality REIT, Inc. | 37,598 | |||
399 | Ryman Hospitality Properties, Inc. | 33,229 | |||
70,827 | |||||
Hotels, Restaurants & Leisure — 3.9% | |||||
1,406 | Aramark | 48,788 | |||
873 | Boyd Gaming Corp. | 53,104 | |||
515 | Choice Hotels International, Inc. | 63,093 | |||
435 | Churchill Downs, Inc. | 50,477 | |||
528 | Hyatt Hotels Corp., Class A | 56,010 | |||
493 | Marriott Vacations Worldwide Corp. | 49,610 | |||
539 | Texas Roadhouse, Inc. | 51,798 | |||
1,501 | Travel + Leisure Co. | 55,132 | |||
240 | Vail Resorts, Inc. | 53,254 | |||
2,783 | Wendy’s (The) Co. | 56,801 | |||
302 | Wingstop, Inc. | 54,312 | |||
883 | Wyndham Hotels & Resorts, Inc. | 61,404 | |||
573 | Wynn Resorts Ltd. | 52,951 | |||
706,734 | |||||
Household Durables — 1.9% | |||||
2,044 | Leggett & Platt, Inc. | 51,938 | |||
426 | Meritage Homes Corp. | 52,138 | |||
6,959 | Newell Brands, Inc. | 62,840 | |||
1,511 | Tempur Sealy International, Inc. | 65,487 | |||
766 | Toll Brothers, Inc. | 56,653 | |||
407 | Whirlpool Corp. | 54,416 | |||
343,472 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Household Products — 0.3% | |||||
2,324 | Reynolds Consumer Products, Inc. | $59,564 | |||
Independent Power and Renewable Electricity Producers — 0.6% | |||||
1,235 | Clearway Energy, Inc., Class C | 26,133 | |||
438 | Ormat Technologies, Inc. | 30,625 | |||
1,345 | Vistra Corp. | 44,627 | |||
101,385 | |||||
Industrial REITs — 1.2% | |||||
1,146 | Americold Realty Trust, Inc. | 34,850 | |||
213 | EastGroup Properties, Inc. | 35,471 | |||
703 | First Industrial Realty Trust, Inc. | 33,455 | |||
709 | Rexford Industrial Realty, Inc. | 34,989 | |||
1,033 | STAG Industrial, Inc. | 35,649 | |||
616 | Terreno Realty Corp. | 34,989 | |||
209,403 | |||||
Insurance — 3.8% | |||||
599 | American Equity Investment Life Holding Co. | 32,130 | |||
263 | American Financial Group, Inc. | 29,369 | |||
248 | Assurant, Inc. | 35,608 | |||
560 | Assured Guaranty Ltd. | 33,891 | |||
580 | Axis Capital Holdings Ltd. | 32,695 | |||
149 | Erie Indemnity Co., Class A | 43,775 | |||
867 | Fidelity National Financial, Inc. | 35,807 | |||
548 | First American Financial Corp. | 30,957 | |||
285 | Globe Life, Inc. | 30,988 | |||
276 | Hanover Insurance Group (The), Inc. | 30,630 | |||
647 | Kemper Corp. | 27,193 | |||
83 | Kinsale Capital Group, Inc. | 34,373 | |||
1,212 | Lincoln National Corp. | 29,924 | |||
1,240 | Old Republic International Corp. | 33,406 | |||
158 | Primerica, Inc. | 30,654 | |||
225 | Reinsurance Group of America, Inc. | 32,668 | |||
167 | RenaissanceRe Holdings Ltd. | 33,053 | |||
229 | RLI Corp. | 31,119 | |||
325 | Selective Insurance Group, Inc. | 33,530 | |||
655 | Unum Group | 32,219 | |||
22 | White Mountains Insurance Group Ltd. | 32,905 | |||
686,894 | |||||
Leisure Products — 0.9% | |||||
563 | Brunswick Corp. | 44,477 | |||
935 | Hasbro, Inc. | 61,841 | |||
501 | Polaris, Inc. | 52,174 | |||
158,492 |
Shares | Description | Value | |||
Life Sciences Tools & Services — 0.9% | |||||
2,663 | Bruker Corp. | $165,905 | |||
Machinery — 4.5% | |||||
371 | AGCO Corp. | 43,882 | |||
523 | Albany International Corp., Class A | 45,125 | |||
863 | Allison Transmission Holdings, Inc. | 50,969 | |||
547 | Crane Co. | 48,596 | |||
780 | Donaldson Co., Inc. | 46,519 | |||
733 | Esab Corp. | 51,471 | |||
1,312 | Flowserve Corp. | 52,178 | |||
474 | Franklin Electric Co., Inc. | 42,295 | |||
565 | Graco, Inc. | 41,177 | |||
523 | ITT, Inc. | 51,207 | |||
402 | John Bean Technologies Corp. | 42,266 | |||
245 | Lincoln Electric Holdings, Inc. | 44,539 | |||
388 | Mueller Industries, Inc. | 29,162 | |||
563 | Oshkosh Corp. | 53,727 | |||
815 | Terex Corp. | 46,960 | |||
370 | Timken (The) Co. | 27,191 | |||
480 | Toro (The) Co. | 39,888 | |||
265 | Watts Water Technologies, Inc., Class A | 45,797 | |||
802,949 | |||||
Media — 1.3% | |||||
101 | Cable One, Inc. | 62,180 | |||
1,537 | New York Times (The) Co., Class A | 63,325 | |||
3,105 | News Corp., Class A | 62,286 | |||
363 | Nexstar Media Group, Inc. | 52,043 | |||
239,834 | |||||
Metals & Mining — 0.9% | |||||
999 | Alcoa Corp. | 29,031 | |||
643 | Commercial Metals Co. | 31,771 | |||
6,582 | Hecla Mining Co. | 25,736 | |||
295 | Royal Gold, Inc. | 31,367 | |||
1,353 | United States Steel Corp. | 43,945 | |||
161,850 | |||||
Mortgage REITs — 0.9% | |||||
3,086 | AGNC Investment Corp. | 29,132 | |||
1,560 | Annaly Capital Management, Inc. | 29,344 | |||
1,500 | Blackstone Mortgage Trust, Inc., Class A | 32,625 | |||
3,339 | Rithm Capital Corp. | 31,019 | |||
1,609 | Starwood Property Trust, Inc. | 31,134 | |||
153,254 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Multi-Utilities — 0.3% | |||||
585 | Black Hills Corp. | $29,595 | |||
1,289 | NiSource, Inc. | 31,813 | |||
61,408 | |||||
Office REITs — 0.9% | |||||
643 | Boston Properties, Inc. | 38,246 | |||
1,624 | Cousins Properties, Inc. | 33,081 | |||
1,232 | Kilroy Realty Corp. | 38,943 | |||
2,041 | Vornado Realty Trust | 46,290 | |||
156,560 | |||||
Oil, Gas & Consumable Fuels — 3.8% | |||||
3,710 | Antero Midstream Corp. | 44,446 | |||
514 | Chesapeake Energy Corp. | 44,322 | |||
280 | Chord Energy Corp. | 45,380 | |||
620 | Civitas Resources, Inc. | 50,139 | |||
868 | DT Midstream, Inc. | 45,935 | |||
1,046 | EQT Corp. | 42,447 | |||
965 | HF Sinclair Corp. | 54,937 | |||
2,059 | Magnolia Oil & Gas Corp., Class A | 47,172 | |||
823 | Matador Resources Co. | 48,952 | |||
1,124 | Murphy Oil Corp. | 50,973 | |||
1,051 | PBF Energy, Inc., Class A | 56,260 | |||
1,987 | Peabody Energy Corp. | 51,642 | |||
1,464 | Range Resources Corp. | 47,448 | |||
1,361 | SM Energy Co. | 53,964 | |||
684,017 | |||||
Paper & Forest Products — 0.2% | |||||
650 | Louisiana-Pacific Corp. | 35,925 | |||
Personal Care Products — 0.3% | |||||
448 | Inter Parfums, Inc. | 60,184 | |||
Pharmaceuticals — 2.0% | |||||
9,459 | Organon & Co. | 164,208 | |||
5,798 | Perrigo Co. PLC | 185,246 | |||
349,454 | |||||
Professional Services — 4.8% | |||||
2,001 | Concentrix Corp. | 160,300 | |||
13,969 | Dun & Bradstreet Holdings, Inc. | 139,550 | |||
522 | Exponent, Inc. | 44,683 | |||
1,297 | Genpact Ltd. | 46,951 | |||
410 | Insperity, Inc. | 40,016 | |||
2,484 | KBR, Inc. | 146,407 | |||
614 | ManpowerGroup, Inc. | 45,019 | |||
577 | Maximus, Inc. | 43,090 |
Shares | Description | Value | |||
Professional Services (Continued) | |||||
648 | Robert Half, Inc. | $47,486 | |||
1,437 | Science Applications International Corp. | 151,661 | |||
865,163 | |||||
Residential REITs — 0.5% | |||||
1,046 | American Homes 4 Rent, Class A | 35,240 | |||
1,027 | Apartment Income REIT Corp. | 31,529 | |||
2,032 | Independence Realty Trust, Inc. | 28,590 | |||
95,359 | |||||
Retail REITs — 1.3% | |||||
566 | Agree Realty Corp. | 31,266 | |||
1,683 | Brixmor Property Group, Inc. | 34,973 | |||
1,658 | Kite Realty Group Trust | 35,514 | |||
865 | NNN REIT, Inc. | 30,569 | |||
1,088 | Phillips Edison & Co., Inc. | 36,491 | |||
599 | Regency Centers Corp. | 35,605 | |||
940 | Spirit Realty Capital, Inc. | 31,518 | |||
235,936 | |||||
Semiconductors & Semiconductor Equipment — 3.4% | |||||
5,433 | Amkor Technology, Inc. | 122,786 | |||
1,458 | Entegris, Inc. | 136,921 | |||
451 | MKS Instruments, Inc. | 39,029 | |||
1,707 | Power Integrations, Inc. | 130,261 | |||
1,121 | Universal Display Corp. | 175,986 | |||
604,983 | |||||
Software — 1.7% | |||||
2,980 | Bentley Systems, Inc., Class B | 149,477 | |||
1,931 | Dolby Laboratories, Inc., Class A | 153,051 | |||
302,528 | |||||
Specialized REITs — 0.9% | |||||
830 | CubeSmart | 31,648 | |||
373 | Lamar Advertising Co., Class A | 31,134 | |||
1,063 | National Storage Affiliates Trust | 33,740 | |||
701 | PotlatchDeltic Corp. | 31,819 | |||
1,179 | Rayonier, Inc. | 33,554 | |||
161,895 | |||||
Specialty Retail — 3.8% | |||||
1,120 | Academy Sports & Outdoors, Inc. | 52,942 | |||
861 | Advance Auto Parts, Inc. | 48,156 | |||
1,614 | Bath & Body Works, Inc. | 54,553 | |||
458 | Dick’s Sporting Goods, Inc. | 49,730 | |||
2,233 | Foot Locker, Inc. | 38,742 | |||
6,779 | Gap (The), Inc. | 72,061 | |||
199 | Lithia Motors, Inc. | 58,771 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Specialty Retail (Continued) | |||||
195 | Murphy USA, Inc. | $66,637 | |||
363 | Penske Automotive Group, Inc. | 60,643 | |||
928 | Signet Jewelers Ltd. | 66,640 | |||
902 | Valvoline, Inc. | 29,080 | |||
484 | Williams-Sonoma, Inc. | 75,214 | |||
673,169 | |||||
Technology Hardware, Storage & Peripherals — 1.2% | |||||
2,987 | Dell Technologies, Inc., Class C | 205,804 | |||
Textiles, Apparel & Luxury Goods — 1.5% | |||||
784 | Columbia Sportswear Co. | 58,094 | |||
712 | PVH Corp. | 54,475 | |||
491 | Ralph Lauren Corp. | 57,000 | |||
1,414 | Tapestry, Inc. | 40,653 | |||
3,171 | VF Corp. | 56,032 | |||
266,254 | |||||
Trading Companies & Distributors — 1.8% | |||||
1,166 | Air Lease Corp. | 45,952 | |||
337 | Applied Industrial Technologies, Inc. | 52,103 | |||
379 | GATX Corp. | 41,247 | |||
356 | Herc Holdings, Inc. | 42,343 | |||
512 | MSC Industrial Direct Co., Inc., Class A | 50,253 | |||
128 | Watsco, Inc. | 48,348 | |||
272 | WESCO International, Inc. | 39,119 | |||
319,365 | |||||
Water Utilities — 0.2% | |||||
405 | American States Water Co. | 31,865 | |||
Total Investments — 99.8% | 17,911,456 | ||||
(Cost $18,756,231) | |||||
Net Other Assets and Liabilities — 0.2% | 29,520 | ||||
Net Assets — 100.0% | $17,940,976 |
(a) | Non-income producing security. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 17,911,456 | $ 17,911,456 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.8% | |||||
Aerospace & Defense — 0.3% | |||||
820 | Moog, Inc., Class A | $92,627 | |||
Air Freight & Logistics — 0.2% | |||||
838 | Forward Air Corp. | 57,604 | |||
Automobile Components — 1.0% | |||||
6,041 | Dana, Inc. | 88,622 | |||
813 | LCI Industries | 95,462 | |||
1,112 | Patrick Industries, Inc. | 83,467 | |||
267,551 | |||||
Automobiles — 0.3% | |||||
1,540 | Winnebago Industries, Inc. | 91,553 | |||
Banks — 9.7% | |||||
1,010 | 1st Source Corp. | 42,511 | |||
1,238 | Ameris Bancorp | 47,527 | |||
2,610 | Associated Banc-Corp. | 44,657 | |||
1,633 | Atlantic Union Bankshares Corp. | 46,998 | |||
461 | BancFirst Corp. | 39,982 | |||
1,028 | Bank of Hawaii Corp. (a) | 51,081 | |||
1,966 | BankUnited, Inc. | 44,628 | |||
970 | Banner Corp. | 41,109 | |||
2,044 | Berkshire Hills Bancorp, Inc. | 40,982 | |||
4,848 | Brookline Bancorp, Inc. | 44,165 | |||
6,867 | Capitol Federal Financial, Inc. | 32,756 | |||
1,316 | Cathay General Bancorp | 45,744 | |||
471 | City Holding Co. | 42,555 | |||
2,089 | Columbia Banking System, Inc. | 42,407 | |||
904 | Community Bank System, Inc. | 38,158 | |||
2,403 | Dime Community Bancshares, Inc. | 47,964 | |||
2,002 | Eagle Bancorp, Inc. | 42,943 | |||
3,453 | Eastern Bankshares, Inc. | 43,301 | |||
1,084 | Enterprise Financial Services Corp. | 40,650 | |||
1,510 | FB Financial Corp. | 42,824 | |||
1,424 | First Bancorp | 40,071 | |||
3,467 | First BanCorp | 46,666 | |||
2,108 | First Busey Corp. | 40,516 | |||
3,349 | First Commonwealth Financial Corp. | 40,891 | |||
2,073 | First Financial Bancorp | 40,631 | |||
1,501 | First Merchants Corp. | 41,758 | |||
3,554 | Fulton Financial Corp. | 43,039 | |||
1,520 | Heartland Financial USA, Inc. | 44,734 | |||
1,347 | Hilltop Holdings, Inc. | 38,201 | |||
5,032 | Hope Bancorp, Inc. | 44,533 | |||
1,227 | Independent Bank Group, Inc. | 48,528 | |||
959 | International Bancshares Corp. | 41,563 | |||
873 | Lakeland Financial Corp. | 41,433 | |||
1,610 | Live Oak Bancshares, Inc. | 46,609 |
Shares | Description | Value | |||
Banks (Continued) | |||||
1,459 | National Bank Holdings Corp., Class A | $43,420 | |||
1,330 | NBT Bancorp, Inc. | 42,148 | |||
3,997 | Northwest Bancshares, Inc. | 40,889 | |||
2,712 | OceanFirst Financial Corp. | 39,243 | |||
1,624 | OFG Bancorp | 48,493 | |||
1,446 | Origin Bancorp, Inc. | 41,746 | |||
2,049 | Pacific Premier Bancorp, Inc. | 44,586 | |||
5,198 | PacWest Bancorp | 41,116 | |||
414 | Park National Corp. | 39,131 | |||
914 | Pathward Financial, Inc. | 42,126 | |||
2,593 | Provident Financial Services, Inc. | 39,647 | |||
1,621 | Renasant Corp. | 42,454 | |||
1,558 | S&T Bancorp, Inc. | 42,191 | |||
1,868 | Sandy Spring Bancorp, Inc. | 40,031 | |||
1,917 | Seacoast Banking Corp. of Florida | 42,097 | |||
2,456 | Simmons First National Corp., Class A | 41,654 | |||
1,620 | Southside Bancshares, Inc. | 46,494 | |||
1,851 | Stellar Bancorp, Inc. | 39,463 | |||
934 | Stock Yards Bancorp, Inc. | 36,697 | |||
1,823 | TowneBank | 41,801 | |||
1,276 | TriCo Bancshares | 40,870 | |||
2,006 | Trustmark Corp. | 43,590 | |||
2,363 | Veritex Holdings, Inc. | 42,416 | |||
1,598 | Washington Federal, Inc. | 40,941 | |||
1,654 | WesBanco, Inc. | 40,391 | |||
1,106 | Westamerica BanCorp | 47,834 | |||
1,123 | WSFS Financial Corp. | 40,989 | |||
2,594,573 | |||||
Beverages — 0.2% | |||||
596 | MGP Ingredients, Inc. | 62,866 | |||
Broadline Retail — 0.3% | |||||
5,017 | Nordstrom, Inc. | 74,954 | |||
Building Products — 0.7% | |||||
535 | CSW Industrials, Inc. | 93,754 | |||
2,208 | Griffon Corp. | 87,591 | |||
181,345 | |||||
Capital Markets — 2.2% | |||||
1,078 | Artisan Partners Asset Management, Inc., Class A | 40,339 | |||
921 | B. Riley Financial, Inc. | 37,752 | |||
9,592 | BGC Group, Inc., Class A | 50,646 | |||
3,138 | Golub Capital BDC, Inc. | 46,034 | |||
530 | Hamilton Lane, Inc., Class A | 47,933 | |||
934 | Moelis & Co., Class A | 42,151 | |||
328 | Piper Sandler Cos. | 47,662 | |||
608 | PJT Partners, Inc., Class A | 48,299 | |||
1,708 | StepStone Group, Inc., Class A | 53,939 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Capital Markets (Continued) | |||||
1,448 | TPG, Inc. | $43,614 | |||
1,343 | Victory Capital Holdings, Inc., Class A | 44,776 | |||
2,479 | Virtu Financial, Inc., Class A | 42,812 | |||
215 | Virtus Investment Partners, Inc. | 43,428 | |||
589,385 | |||||
Chemicals — 1.2% | |||||
1,473 | AdvanSix, Inc. | 45,781 | |||
513 | Innospec, Inc. | 52,428 | |||
3,409 | Mativ Holdings, Inc. | 48,612 | |||
893 | Minerals Technologies, Inc. | 48,901 | |||
2,429 | Orion S.A. | 51,689 | |||
725 | Sensient Technologies Corp. | 42,398 | |||
539 | Stepan Co. | 40,409 | |||
330,218 | |||||
Commercial Services & Supplies — 2.5% | |||||
2,086 | ABM Industries, Inc. | 83,461 | |||
1,870 | Brady Corp., Class A | 102,700 | |||
1,312 | Brink’s (The) Co. | 95,303 | |||
3,644 | HNI Corp. | 126,192 | |||
6,949 | MillerKnoll, Inc. | 169,903 | |||
574 | UniFirst Corp. | 93,568 | |||
671,127 | |||||
Communications Equipment — 0.4% | |||||
13,888 | ADTRAN Holdings, Inc. | 114,298 | |||
Construction & Engineering — 1.0% | |||||
1,283 | Arcosa, Inc. | 92,248 | |||
2,236 | Granite Construction, Inc. | 85,013 | |||
2,920 | Primoris Services Corp. | 95,571 | |||
272,832 | |||||
Consumer Finance — 0.7% | |||||
2,834 | Bread Financial Holdings, Inc. | 96,923 | |||
2,280 | Navient Corp. | 39,262 | |||
439 | Nelnet, Inc., Class A | 39,211 | |||
175,396 | |||||
Consumer Staples Distribution & Retail — 1.1% | |||||
1,372 | Andersons (The), Inc. | 70,672 | |||
766 | Ingles Markets, Inc., Class A | 57,703 | |||
1,387 | PriceSmart, Inc. | 103,234 | |||
986 | Weis Markets, Inc. | 62,118 | |||
293,727 |
Shares | Description | Value | |||
Containers & Packaging — 0.7% | |||||
11,752 | Pactiv Evergreen, Inc. | $95,544 | |||
3,236 | TriMas Corp. | 80,123 | |||
175,667 | |||||
Diversified Consumer Services — 0.8% | |||||
180 | Graham Holdings Co., Class B | 104,940 | |||
1,514 | Strategic Education, Inc. | 113,928 | |||
218,868 | |||||
Diversified REITs — 0.8% | |||||
2,371 | Alexander & Baldwin, Inc. | 39,667 | |||
2,294 | American Assets Trust, Inc. | 44,618 | |||
2,853 | Broadstone Net Lease, Inc. | 40,798 | |||
5,881 | Empire State Realty Trust, Inc., Class A | 47,283 | |||
4,285 | Global Net Lease, Inc. | 41,179 | |||
213,545 | |||||
Diversified Telecommunication Services — 0.5% | |||||
2,173 | Cogent Communications Holdings, Inc. | 134,509 | |||
Electric Utilities — 0.5% | |||||
749 | MGE Energy, Inc. | 51,314 | |||
1,127 | Otter Tail Corp. | 85,562 | |||
136,876 | |||||
Electrical Equipment — 0.5% | |||||
478 | Encore Wire Corp. | 87,216 | |||
10,226 | GrafTech International Ltd. | 39,165 | |||
126,381 | |||||
Electronic Equipment, Instruments & Components — 3.7% | |||||
9,325 | CTS Corp. | 389,225 | |||
11,860 | Methode Electronics, Inc. | 271,001 | |||
13,522 | Vishay Intertechnology, Inc. | 334,264 | |||
994,490 | |||||
Energy Equipment & Services — 1.4% | |||||
9,483 | Archrock, Inc. | 119,486 | |||
7,270 | Liberty Energy, Inc. | 134,641 | |||
13,594 | RPC, Inc. | 121,530 | |||
375,657 | |||||
Financial Services — 1.1% | |||||
1,953 | Compass Diversified Holdings | 36,658 | |||
2,416 | EVERTEC, Inc. | 89,827 | |||
295 | Federal Agricultural Mortgage Corp., Class C | 45,518 | |||
1,656 | Merchants Bancorp | 45,904 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Financial Services (Continued) | |||||
603 | PennyMac Financial Services, Inc. | $40,160 | |||
536 | Walker & Dunlop, Inc. | 39,793 | |||
297,860 | |||||
Food Products — 1.1% | |||||
1,407 | Cal-Maine Foods, Inc. | 68,127 | |||
2,463 | Fresh Del Monte Produce, Inc. | 63,644 | |||
400 | J & J Snack Foods Corp. | 65,460 | |||
1,788 | Tootsie Roll Industries, Inc. | 53,390 | |||
3,870 | Utz Brands, Inc. | 51,974 | |||
302,595 | |||||
Gas Utilities — 0.4% | |||||
498 | Chesapeake Utilities Corp. | 48,680 | |||
1,376 | Northwest Natural Holding Co. | 52,508 | |||
101,188 | |||||
Ground Transportation — 1.6% | |||||
900 | ArcBest Corp. | 91,485 | |||
5,421 | Heartland Express, Inc. | 79,634 | |||
4,138 | Marten Transport Ltd. | 81,560 | |||
3,098 | Schneider National, Inc., Class B | 85,784 | |||
2,014 | Werner Enterprises, Inc. | 78,445 | |||
416,908 | |||||
Health Care Equipment & Supplies — 6.7% | |||||
1,461 | Atrion Corp. | 603,641 | |||
6,084 | CONMED Corp. | 613,572 | |||
38,276 | Embecta Corp. | 576,054 | |||
1,793,267 | |||||
Health Care Providers & Services — 8.3% | |||||
19,423 | National Research Corp. | 861,799 | |||
24,858 | Patterson Cos., Inc. | 736,791 | |||
6,811 | US Physical Therapy, Inc. | 624,773 | |||
2,223,363 | |||||
Health Care REITs — 0.7% | |||||
2,218 | CareTrust REIT, Inc. | 45,469 | |||
1,334 | LTC Properties, Inc. | 42,861 | |||
840 | National Health Investors, Inc. | 43,142 | |||
3,743 | Sabra Health Care REIT, Inc. | 52,178 | |||
183,650 | |||||
Hotel & Resort REITs — 1.1% | |||||
5,499 | DiamondRock Hospitality Co. | 44,157 | |||
3,436 | Park Hotels & Resorts, Inc. | 42,331 | |||
3,160 | Pebblebrook Hotel Trust | 42,944 | |||
4,289 | RLJ Lodging Trust | 41,989 | |||
5,069 | Service Properties Trust | 38,981 |
Shares | Description | Value | |||
Hotel & Resort REITs (Continued) | |||||
4,353 | Sunstone Hotel Investors, Inc. | $40,701 | |||
3,578 | Xenia Hotels & Resorts, Inc. | 42,149 | |||
293,252 | |||||
Hotels, Restaurants & Leisure — 2.9% | |||||
3,819 | Bloomin’ Brands, Inc. | 93,909 | |||
2,970 | Cheesecake Factory (The), Inc. | 89,991 | |||
1,102 | Cracker Barrel Old Country Store, Inc. | 74,054 | |||
1,770 | Dine Brands Global, Inc. | 87,527 | |||
1,053 | Jack in the Box, Inc. | 72,720 | |||
6,972 | Krispy Kreme, Inc. | 86,941 | |||
1,458 | Monarch Casino & Resort, Inc. | 90,542 | |||
1,391 | Papa John’s International, Inc. | 94,894 | |||
2,195 | Red Rock Resorts, Inc., Class A | 89,995 | |||
780,573 | |||||
Household Durables — 1.7% | |||||
1,340 | Century Communities, Inc. | 89,485 | |||
635 | Installed Building Products, Inc. | 79,305 | |||
1,986 | KB Home | 91,912 | |||
3,586 | La-Z-Boy, Inc. | 110,736 | |||
2,196 | MDC Holdings, Inc. | 90,541 | |||
461,979 | |||||
Household Products — 0.7% | |||||
1,886 | Energizer Holdings, Inc. | 60,427 | |||
811 | Spectrum Brands Holdings, Inc. | 63,542 | |||
336 | WD-40 Co. | 68,289 | |||
192,258 | |||||
Industrial REITs — 0.3% | |||||
603 | Innovative Industrial Properties, Inc. | 45,623 | |||
4,518 | LXP Industrial Trust | 40,210 | |||
85,833 | |||||
Insurance — 0.9% | |||||
1,790 | CNO Financial Group, Inc. | 42,477 | |||
1,133 | Employers Holdings, Inc. | 45,263 | |||
1,428 | Horace Mann Educators Corp. | 41,955 | |||
1,400 | Mercury General Corp. | 39,242 | |||
591 | Safety Insurance Group, Inc. | 40,300 | |||
1,030 | Stewart Information Services Corp. | 45,114 | |||
254,351 | |||||
Interactive Media & Services — 1.2% | |||||
8,168 | Shutterstock, Inc. | 310,792 | |||
Leisure Products — 0.4% | |||||
1,878 | Acushnet Holdings Corp. | 99,609 | |||
Machinery — 5.1% | |||||
484 | Alamo Group, Inc. | 83,664 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Machinery (Continued) | |||||
2,109 | Barnes Group, Inc. | $71,643 | |||
3,295 | Enerpac Tool Group Corp. | 87,087 | |||
666 | EnPro Industries, Inc. | 80,712 | |||
858 | ESCO Technologies, Inc. | 89,609 | |||
1,389 | Federal Signal Corp. | 82,965 | |||
1,346 | Helios Technologies, Inc. | 74,676 | |||
1,735 | Hillenbrand, Inc. | 73,408 | |||
401 | Kadant, Inc. | 90,446 | |||
3,134 | Kennametal, Inc. | 77,974 | |||
745 | Lindsay Corp. | 87,672 | |||
5,482 | Mueller Water Products, Inc., Class A | 69,512 | |||
4,033 | Shyft Group (The), Inc. | 60,374 | |||
629 | Standex International Corp. | 91,639 | |||
1,097 | Tennant Co. | 81,343 | |||
3,460 | Trinity Industries, Inc. | 84,251 | |||
3,470 | Wabash National Corp. | 73,286 | |||
1,360,261 | |||||
Marine Transportation — 0.4% | |||||
1,145 | Matson, Inc. | 101,584 | |||
Media — 0.8% | |||||
3,018 | John Wiley & Sons, Inc., Class A | 112,179 | |||
2,641 | Scholastic Corp. | 100,728 | |||
212,907 | |||||
Metals & Mining — 2.7% | |||||
591 | Alpha Metallurgical Resources, Inc. | 153,500 | |||
862 | Arch Resources, Inc. | 147,109 | |||
918 | Carpenter Technology Corp. | 61,699 | |||
1,516 | Compass Minerals International, Inc. | 42,372 | |||
719 | Kaiser Aluminum Corp. | 54,112 | |||
451 | Materion Corp. | 45,961 | |||
1,188 | Ryerson Holding Corp. | 34,559 | |||
2,495 | Warrior Met Coal, Inc. | 127,445 | |||
742 | Worthington Industries, Inc. | 45,871 | |||
712,628 | |||||
Mortgage REITs — 1.7% | |||||
3,743 | Apollo Commercial Real Estate Finance, Inc. | 37,917 | |||
2,859 | Arbor Realty Trust, Inc. (a) | 43,400 | |||
7,343 | Chimera Investment Corp. | 40,093 | |||
3,736 | Claros Mortgage Trust, Inc. | 41,395 | |||
2,992 | Franklin BSP Realty Trust, Inc. | 39,614 | |||
1,762 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 37,354 | |||
3,905 | Ladder Capital Corp. | 40,065 | |||
3,769 | MFA Financial, Inc. | 36,220 |
Shares | Description | Value | |||
Mortgage REITs (Continued) | |||||
4,271 | New York Mortgage Trust, Inc. | $36,261 | |||
3,143 | PennyMac Mortgage Investment Trust | 38,973 | |||
3,756 | Ready Capital Corp. | 37,973 | |||
3,052 | Two Harbors Investment Corp. | 40,408 | |||
469,673 | |||||
Multi-Utilities — 0.4% | |||||
1,509 | Avista Corp. | 48,846 | |||
1,044 | Northwestern Energy Group, Inc. | 50,175 | |||
99,021 | |||||
Office REITs — 1.5% | |||||
1,855 | COPT Defense Properties | 44,205 | |||
3,504 | Douglas Emmett, Inc. | 44,711 | |||
3,038 | Easterly Government Properties, Inc. | 34,724 | |||
1,842 | Highwoods Properties, Inc. | 37,964 | |||
10,438 | Hudson Pacific Properties, Inc. | 69,413 | |||
2,929 | JBG SMITH Properties | 42,353 | |||
9,944 | Paramount Group, Inc. | 45,941 | |||
6,059 | Piedmont Office Realty Trust, Inc., Class A | 34,051 | |||
1,466 | SL Green Realty Corp. | 54,682 | |||
408,044 | |||||
Oil, Gas & Consumable Fuels — 5.2% | |||||
2,146 | California Resources Corp. | 120,198 | |||
8,379 | Comstock Resources, Inc. | 92,420 | |||
1,433 | CONSOL Energy, Inc. | 150,336 | |||
3,333 | CVR Energy, Inc. | 113,422 | |||
4,058 | Delek US Holdings, Inc. | 115,288 | |||
8,958 | Enviva, Inc. | 66,916 | |||
10,167 | Equitrans Midstream Corp. | 95,265 | |||
2,326 | International Seaways, Inc. | 104,670 | |||
2,766 | Kinetik Holdings, Inc. | 93,353 | |||
2,832 | Northern Oil and Gas, Inc. | 113,931 | |||
8,868 | Permian Resources Corp. | 123,797 | |||
3,700 | Sitio Royalties Corp., Class A | 89,577 | |||
4,700 | World Kinect Corp. | 105,421 | |||
1,384,594 | |||||
Paper & Forest Products — 0.2% | |||||
1,274 | Sylvamo Corp. | 55,980 | |||
Personal Care Products — 0.6% | |||||
1,533 | Edgewell Personal Care Co. | 56,660 | |||
687 | Medifast, Inc. | 51,422 | |||
1,907 | Nu Skin Enterprises, Inc., Class A | 40,447 | |||
148,529 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Professional Services — 2.6% | |||||
7,538 | CSG Systems International, Inc. | $385,343 | |||
715 | ICF International, Inc. | 86,379 | |||
1,420 | Kforce, Inc. | 84,717 | |||
1,796 | Korn Ferry | 85,202 | |||
2,629 | TTEC Holdings, Inc. | 68,933 | |||
710,574 | |||||
Real Estate Management & Development — 1.0% | |||||
2,995 | DigitalBridge Group, Inc. | 52,652 | |||
2,172 | eXp World Holdings, Inc. | 35,273 | |||
2,698 | Kennedy-Wilson Holdings, Inc. | 39,769 | |||
1,398 | Marcus & Millichap, Inc. | 41,017 | |||
7,103 | Newmark Group, Inc., Class A | 45,672 | |||
911 | St Joe (The) Co. | 49,495 | |||
263,878 | |||||
Residential REITs — 0.3% | |||||
2,679 | Elme Communities | 36,542 | |||
969 | NexPoint Residential Trust, Inc. | 31,182 | |||
67,724 | |||||
Retail REITs — 1.4% | |||||
3,061 | Acadia Realty Trust | 43,925 | |||
240 | Alexander’s, Inc. | 43,735 | |||
1,302 | Getty Realty Corp. | 36,105 | |||
1,904 | InvenTrust Properties Corp. | 45,334 | |||
3,909 | Macerich (The) Co. | 42,647 | |||
3,261 | Retail Opportunity Investments Corp. | 40,371 | |||
3,332 | SITE Centers Corp. | 41,084 | |||
1,996 | Tanger Factory Outlet Centers, Inc. | 45,110 | |||
2,855 | Urban Edge Properties | 43,567 | |||
381,878 | |||||
Software — 4.5% | |||||
36,107 | Adeia, Inc. | 385,623 | |||
1,515 | InterDigital, Inc. | 121,564 | |||
8,064 | Pegasystems, Inc. | 350,058 | |||
6,842 | Progress Software Corp. | 359,752 | |||
1,216,997 | |||||
Specialized REITs — 0.6% | |||||
941 | EPR Properties | 39,089 | |||
1,734 | Four Corners Property Trust, Inc. | 38,478 | |||
2,802 | Outfront Media, Inc. | 28,300 | |||
9,535 | Uniti Group, Inc. | 45,005 | |||
150,872 | |||||
Specialty Retail — 2.7% | |||||
8,704 | American Eagle Outfitters, Inc. | 144,573 | |||
2,968 | Buckle (The), Inc. | 99,101 | |||
398 | Group 1 Automotive, Inc. | 106,947 | |||
5,280 | Guess?, Inc. | 114,259 |
Shares | Description | Value | |||
Specialty Retail (Continued) | |||||
2,528 | Monro, Inc. | $70,203 | |||
2,154 | Sonic Automotive, Inc., Class A | 102,875 | |||
3,299 | Upbound Group, Inc. | 97,156 | |||
735,114 | |||||
Technology Hardware, Storage & Peripherals — 1.6% | |||||
26,698 | Xerox Holdings Corp. | 418,892 | |||
Textiles, Apparel & Luxury Goods — 2.4% | |||||
1,415 | Carter’s, Inc. | 97,847 | |||
22,622 | Hanesbrands, Inc. | 89,583 | |||
2,439 | Kontoor Brands, Inc. | 107,097 | |||
7,117 | Levi Strauss & Co., Class A | 96,649 | |||
1,044 | Oxford Industries, Inc. | 100,360 | |||
3,142 | Steven Madden Ltd. | 99,821 | |||
6,991 | Wolverine World Wide, Inc. | 56,347 | |||
647,704 | |||||
Tobacco — 0.4% | |||||
1,268 | Universal Corp. | 59,862 | |||
4,943 | Vector Group Ltd. | 52,594 | |||
112,456 | |||||
Trading Companies & Distributors — 2.1% | |||||
570 | Boise Cascade Co. | 58,733 | |||
2,810 | FTAI Aviation Ltd. | 99,895 | |||
1,945 | H&E Equipment Services, Inc. | 84,005 | |||
962 | McGrath RentCorp | 96,431 | |||
2,536 | Rush Enterprises, Inc., Class A | 103,545 | |||
708 | Veritiv Corp. | 119,581 | |||
562,190 | |||||
Water Utilities — 0.6% | |||||
1,147 | California Water Service Group | 54,265 | |||
734 | Middlesex Water Co. | 48,627 | |||
845 | SJW Group | 50,793 | |||
153,685 | |||||
Wireless Telecommunication Services — 1.2% | |||||
17,769 | Telephone and Data Systems, Inc. | 325,350 | |||
Total Common Stocks | 26,744,062 | ||||
(Cost $28,437,185) |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Principal Value | Description | Value | |||
REPURCHASE AGREEMENTS — 0.3% | |||||
$86,585 | Bank of America Corp., 5.29% (b), dated 09/29/23, due 10/02/23, with a maturity value of $86,636. Collateralized by U.S. Treasury Securities, interest rates of 1.38% to 4.00%, due 11/15/40 to 02/15/53. The value of the collateral including accrued interest is $88,317. (c) | $86,585 | |||
(Cost $86,585) | |||||
Total Investments — 100.1% | 26,830,647 | ||||
(Cost $28,523,770) | |||||
Net Other Assets and Liabilities — (0.1)% | (31,611 ) | ||||
Net Assets — 100.0% | $26,799,036 |
(a) | All or a portion of this security is on loan (see Note 2E - Securities Lending in the Notes to Financial Statements). The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. The aggregate value of such securities, including those sold and pending settlement, is $85,021 and the total value of the collateral held by the Fund is $86,585. |
(b) | Rate shown reflects yield as of September 30, 2023. |
(c) | This security serves as collateral for securities on loan. |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 26,744,062 | $ 26,744,062 | $ — | $ — |
Repurchase Agreements | 86,585 | — | 86,585 | — |
Total Investments | $26,830,647 | $26,744,062 | $86,585 | $— |
* | See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Securities Lending Agency Agreement | |
Total gross amount presented on the Statements of Assets and Liabilities(1) | $85,021 |
Non-cash Collateral(2) | (85,021 ) |
Net Amount | $— |
(1) | The amount presented on the Statements of Assets and Liabilities, which is included in “Investments, at value,” is not offset and is shown on a gross basis. |
(2) | At September 30, 2023, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
Repurchase Agreements | |
Total gross amount presented on the Statements of Assets and Liabilities(3) | $86,585 |
Non-cash Collateral(4) | (86,585 ) |
Net Amount | $— |
(3) | The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
(4) | At September 30, 2023, the value of the collateral received from each seller exceeded the value of the repurchase agreements. |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS — 99.7% | |||||
Aerospace & Defense — 1.7% | |||||
400 | General Dynamics Corp. | $88,388 | |||
568 | L3Harris Technologies, Inc. | 98,900 | |||
268 | Lockheed Martin Corp. | 109,602 | |||
164 | Northrop Grumman Corp. | 72,191 | |||
1,124 | RTX Corp. | 80,894 | |||
449,975 | |||||
Air Freight & Logistics — 0.9% | |||||
369 | FedEx Corp. | 97,755 | |||
941 | United Parcel Service, Inc., Class B | 146,674 | |||
244,429 | |||||
Automobiles — 1.1% | |||||
22,651 | Ford Motor Co. | 281,325 | |||
Banks — 4.1% | |||||
1,758 | Bank of America Corp. | 48,134 | |||
1,582 | Citigroup, Inc. | 65,068 | |||
4,061 | Citizens Financial Group, Inc. | 108,835 | |||
3,159 | Fifth Third Bancorp | 80,017 | |||
8,772 | Huntington Bancshares, Inc. | 91,229 | |||
311 | JPMorgan Chase & Co. | 45,101 | |||
15,599 | KeyCorp | 167,845 | |||
537 | M&T Bank Corp. | 67,904 | |||
622 | PNC Financial Services Group (The), Inc. | 76,363 | |||
4,142 | Regions Financial Corp. | 71,242 | |||
3,713 | Truist Financial Corp. | 106,229 | |||
2,892 | U.S. Bancorp | 95,610 | |||
1,083 | Wells Fargo & Co. | 44,251 | |||
1,067,828 | |||||
Beverages — 0.5% | |||||
900 | Coca-Cola (The) Co. | 50,382 | |||
1,484 | Keurig Dr Pepper, Inc. | 46,850 | |||
249 | PepsiCo, Inc. | 42,191 | |||
139,423 | |||||
Biotechnology — 4.1% | |||||
2,613 | AbbVie, Inc. | 389,494 | |||
1,355 | Amgen, Inc. | 364,170 | |||
4,089 | Gilead Sciences, Inc. | 306,429 | |||
1,060,093 | |||||
Broadline Retail — 0.7% | |||||
4,067 | eBay, Inc. | 179,314 | |||
Building Products — 0.3% | |||||
1,483 | Johnson Controls International PLC | 78,910 | |||
Capital Markets — 3.0% | |||||
76 | Ameriprise Financial, Inc. | 25,056 | |||
489 | Ares Management Corp., Class A | 50,303 |
Shares | Description | Value | |||
Capital Markets (Continued) | |||||
1,228 | Bank of New York Mellon (The) Corp. | $52,374 | |||
68 | BlackRock, Inc. | 43,961 | |||
742 | Blackstone, Inc. | 79,498 | |||
2,134 | Carlyle Group (The), Inc. | 64,362 | |||
481 | Charles Schwab (The) Corp. | 26,407 | |||
201 | CME Group, Inc. | 40,244 | |||
2,743 | Franklin Resources, Inc. | 67,423 | |||
158 | Goldman Sachs Group (The), Inc. | 51,124 | |||
699 | Morgan Stanley | 57,087 | |||
543 | Nasdaq, Inc. | 26,384 | |||
897 | Northern Trust Corp. | 62,324 | |||
244 | Raymond James Financial, Inc. | 24,505 | |||
774 | State Street Corp. | 51,827 | |||
634 | T. Rowe Price Group, Inc. | 66,488 | |||
789,367 | |||||
Chemicals — 1.5% | |||||
66 | Air Products and Chemicals, Inc. | 18,704 | |||
183 | Celanese Corp. | 22,970 | |||
294 | CF Industries Holdings, Inc. | 25,208 | |||
873 | Dow, Inc. | 45,012 | |||
1,302 | DuPont de Nemours, Inc. | 97,116 | |||
184 | FMC Corp. | 12,322 | |||
452 | International Flavors & Fragrances, Inc. | 30,813 | |||
505 | LyondellBasell Industries N.V., Class A | 47,824 | |||
505 | Mosaic (The) Co. | 17,978 | |||
543 | PPG Industries, Inc. | 70,481 | |||
388,428 | |||||
Commercial Services & Supplies — 0.1% | |||||
72 | Waste Management, Inc. | 10,976 | |||
Communications Equipment — 0.4% | |||||
1,895 | Cisco Systems, Inc. | 101,875 | |||
Consumer Finance — 0.9% | |||||
966 | Capital One Financial Corp. | 93,750 | |||
301 | Discover Financial Services | 26,076 | |||
3,851 | Synchrony Financial | 117,725 | |||
237,551 | |||||
Consumer Staples Distribution & Retail — 1.6% | |||||
854 | Kroger (The) Co. | 38,217 | |||
484 | Sysco Corp. | 31,968 | |||
2,146 | Target Corp. | 237,283 | |||
4,291 | Walgreens Boots Alliance, Inc. | 95,432 | |||
402,900 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Containers & Packaging — 1.1% | |||||
92 | Avery Dennison Corp. | $16,806 | |||
1,617 | International Paper Co. | 57,355 | |||
1,379 | Packaging Corp. of America | 211,745 | |||
285,906 | |||||
Distributors — 1.1% | |||||
1,113 | Genuine Parts Co. | 160,695 | |||
2,736 | LKQ Corp. | 135,459 | |||
296,154 | |||||
Diversified REITs — 0.1% | |||||
558 | W.P. Carey, Inc. | 30,177 | |||
Diversified Telecommunication Services — 1.6% | |||||
14,464 | AT&T, Inc. | 217,249 | |||
6,226 | Verizon Communications, Inc. | 201,785 | |||
419,034 | |||||
Electric Utilities — 1.4% | |||||
511 | Alliant Energy Corp. | 24,758 | |||
369 | American Electric Power Co., Inc. | 27,756 | |||
399 | Duke Energy Corp. | 35,216 | |||
477 | Edison International | 30,189 | |||
356 | Entergy Corp. | 32,930 | |||
565 | Evergy, Inc. | 28,645 | |||
417 | Eversource Energy | 24,249 | |||
672 | Exelon Corp. | 25,395 | |||
825 | FirstEnergy Corp. | 28,198 | |||
259 | NextEra Energy, Inc. | 14,838 | |||
1,062 | PPL Corp. | 25,021 | |||
444 | Southern (The) Co. | 28,736 | |||
417 | Xcel Energy, Inc. | 23,861 | |||
349,792 | |||||
Electrical Equipment — 0.8% | |||||
398 | Eaton Corp. PLC | 84,886 | |||
1,223 | Emerson Electric Co. | 118,105 | |||
202,991 | |||||
Electronic Equipment, Instruments & Components — 2.9% | |||||
16,357 | Corning, Inc. | 498,398 | |||
2,110 | TE Connectivity Ltd. | 260,648 | |||
759,046 | |||||
Energy Equipment & Services — 0.3% | |||||
954 | Baker Hughes Co. | 33,695 | |||
654 | Halliburton Co. | 26,487 | |||
448 | Schlumberger N.V. | 26,119 | |||
86,301 |
Shares | Description | Value | |||
Financial Services — 1.2% | |||||
454 | Apollo Global Management, Inc. | $40,751 | |||
4,850 | Corebridge Financial, Inc. | 95,788 | |||
3,187 | Fidelity National Information Services, Inc. | 176,145 | |||
312,684 | |||||
Food Products — 2.4% | |||||
540 | Archer-Daniels-Midland Co. | 40,727 | |||
509 | Bunge Ltd. | 55,099 | |||
1,285 | Campbell Soup Co. | 52,788 | |||
2,106 | Conagra Brands, Inc. | 57,747 | |||
666 | General Mills, Inc. | 42,617 | |||
121 | Hershey (The) Co. | 24,210 | |||
1,200 | Hormel Foods Corp. | 45,636 | |||
339 | J.M. Smucker (The) Co. | 41,666 | |||
942 | Kellogg Co. | 56,058 | |||
2,303 | Kraft Heinz (The) Co. | 77,473 | |||
362 | McCormick & Co., Inc. | 27,382 | |||
525 | Mondelez International, Inc., Class A | 36,435 | |||
1,323 | Tyson Foods, Inc., Class A | 66,798 | |||
624,636 | |||||
Gas Utilities — 0.1% | |||||
171 | Atmos Energy Corp. | 18,114 | |||
Ground Transportation — 0.8% | |||||
485 | Norfolk Southern Corp. | 95,511 | |||
598 | Union Pacific Corp. | 121,771 | |||
217,282 | |||||
Health Care Equipment & Supplies — 2.0% | |||||
1,353 | Abbott Laboratories | 131,038 | |||
4,586 | Baxter International, Inc. | 173,076 | |||
2,886 | Medtronic PLC | 226,147 | |||
530,261 | |||||
Health Care Providers & Services — 1.9% | |||||
1,824 | Cardinal Health, Inc. | 158,360 | |||
490 | Cigna Group (The) | 140,174 | |||
877 | CVS Health Corp. | 61,232 | |||
1,117 | Quest Diagnostics, Inc. | 136,118 | |||
495,884 | |||||
Health Care REITs — 0.3% | |||||
1,776 | Healthpeak Properties, Inc. | 32,607 | |||
482 | Ventas, Inc. | 20,307 | |||
223 | Welltower, Inc. | 18,268 | |||
71,182 | |||||
Hotel & Resort REITs — 0.1% | |||||
1,077 | Host Hotels & Resorts, Inc. | 17,307 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Hotels, Restaurants & Leisure — 2.6% | |||||
1,498 | Darden Restaurants, Inc. | $214,544 | |||
576 | McDonald’s Corp. | 151,741 | |||
1,832 | Starbucks Corp. | 167,207 | |||
1,058 | Yum! Brands, Inc. | 132,186 | |||
665,678 | |||||
Household Durables — 0.9% | |||||
2,320 | Garmin Ltd. | 244,064 | |||
Household Products — 0.7% | |||||
339 | Clorox (The) Co. | 44,429 | |||
578 | Colgate-Palmolive Co. | 41,102 | |||
445 | Kimberly-Clark Corp. | 53,778 | |||
290 | Procter & Gamble (The) Co. | 42,300 | |||
181,609 | |||||
Independent Power and Renewable Electricity Producers — 0.1% | |||||
1,205 | AES (The) Corp. | 18,316 | |||
Industrial Conglomerates — 1.4% | |||||
2,875 | 3M Co. | 269,157 | |||
455 | Honeywell International, Inc. | 84,057 | |||
353,214 | |||||
Industrial REITs — 0.1% | |||||
132 | Prologis, Inc. | 14,812 | |||
Insurance — 2.1% | |||||
553 | Aflac, Inc. | 42,443 | |||
481 | Allstate (The) Corp. | 53,588 | |||
656 | American International Group, Inc. | 39,754 | |||
149 | Chubb Ltd. | 31,019 | |||
500 | Cincinnati Financial Corp. | 51,145 | |||
93 | Everest Group Ltd. | 34,565 | |||
526 | Hartford Financial Services Group (The), Inc. | 37,299 | |||
1,039 | MetLife, Inc. | 65,363 | |||
732 | Principal Financial Group, Inc. | 52,755 | |||
1,035 | Prudential Financial, Inc. | 98,211 | |||
207 | Travelers (The) Cos., Inc. | 33,805 | |||
539,947 | |||||
IT Services — 4.9% | |||||
4,799 | Cognizant Technology Solutions Corp., Class A | 325,084 | |||
6,740 | International Business Machines Corp. | 945,622 | |||
1,270,706 | |||||
Machinery — 2.1% | |||||
382 | Caterpillar, Inc. | 104,286 | |||
503 | Cummins, Inc. | 114,915 |
Shares | Description | Value | |||
Machinery (Continued) | |||||
403 | Illinois Tool Works, Inc. | $92,815 | |||
364 | Snap-on, Inc. | 92,842 | |||
1,755 | Stanley Black & Decker, Inc. | 146,683 | |||
551,541 | |||||
Media — 3.2% | |||||
2,112 | Comcast Corp., Class A | 93,646 | |||
6,967 | Interpublic Group of (The) Cos., Inc. | 199,675 | |||
2,673 | Omnicom Group, Inc. | 199,085 | |||
26,288 | Paramount Global, Class B | 339,115 | |||
831,521 | |||||
Metals & Mining — 0.1% | |||||
923 | Newmont Corp. | 34,105 | |||
Multi-Utilities — 0.9% | |||||
292 | Ameren Corp. | 21,850 | |||
696 | CenterPoint Energy, Inc. | 18,688 | |||
439 | CMS Energy Corp. | 23,315 | |||
313 | Consolidated Edison, Inc. | 26,771 | |||
796 | Dominion Energy, Inc. | 35,557 | |||
247 | DTE Energy Co. | 24,522 | |||
453 | Public Service Enterprise Group, Inc. | 25,780 | |||
349 | Sempra | 23,743 | |||
310 | WEC Energy Group, Inc. | 24,971 | |||
225,197 | |||||
Office REITs — 0.1% | |||||
225 | Alexandria Real Estate Equities, Inc. | 22,523 | |||
Oil, Gas & Consumable Fuels — 4.7% | |||||
953 | APA Corp. | 39,168 | |||
301 | Chevron Corp. | 50,755 | |||
627 | ConocoPhillips | 75,115 | |||
4,172 | Coterra Energy, Inc. | 112,852 | |||
2,454 | Devon Energy Corp. | 117,056 | |||
670 | Diamondback Energy, Inc. | 103,769 | |||
306 | EOG Resources, Inc. | 38,788 | |||
399 | Exxon Mobil Corp. | 46,914 | |||
4,781 | Kinder Morgan, Inc. | 79,269 | |||
888 | Marathon Oil Corp. | 23,754 | |||
265 | Marathon Petroleum Corp. | 40,105 | |||
1,262 | ONEOK, Inc. | 80,049 | |||
921 | Ovintiv, Inc. | 43,812 | |||
565 | Phillips 66 | 67,885 | |||
687 | Pioneer Natural Resources Co. | 157,701 | |||
340 | Targa Resources Corp. | 29,145 | |||
370 | Valero Energy Corp. | 52,433 | |||
2,084 | Williams (The) Cos., Inc. | 70,210 | |||
1,228,780 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Pharmaceuticals — 5.0% | |||||
3,371 | Bristol-Myers Squibb Co. | $195,653 | |||
1,372 | Johnson & Johnson | 213,689 | |||
1,775 | Merck & Co., Inc. | 182,736 | |||
9,881 | Pfizer, Inc. | 327,753 | |||
39,546 | Viatris, Inc. | 389,923 | |||
1,309,754 | |||||
Professional Services — 2.6% | |||||
478 | Automatic Data Processing, Inc. | 114,997 | |||
696 | Booz Allen Hamilton Holding Corp. | 76,052 | |||
174 | Broadridge Financial Solutions, Inc. | 31,155 | |||
3,358 | Leidos Holdings, Inc. | 309,473 | |||
1,255 | Paychex, Inc. | 144,739 | |||
676,416 | |||||
Residential REITs — 0.6% | |||||
108 | AvalonBay Communities, Inc. | 18,548 | |||
196 | Camden Property Trust | 18,538 | |||
229 | Equity LifeStyle Properties, Inc. | 14,590 | |||
354 | Equity Residential | 20,783 | |||
98 | Essex Property Trust, Inc. | 20,785 | |||
485 | Invitation Homes, Inc. | 15,370 | |||
137 | Mid-America Apartment Communities, Inc. | 17,625 | |||
127 | Sun Communities, Inc. | 15,029 | |||
505 | UDR, Inc. | 18,013 | |||
159,281 | |||||
Retail REITs — 0.3% | |||||
1,399 | Kimco Realty Corp. | 24,608 | |||
504 | Realty Income Corp. | 25,170 | |||
323 | Simon Property Group, Inc. | 34,894 | |||
84,672 | |||||
Semiconductors & Semiconductor Equipment — 12.1% | |||||
1,559 | Analog Devices, Inc. | 272,965 | |||
434 | Broadcom, Inc. | 360,472 | |||
19,919 | Intel Corp. | 708,121 | |||
3,116 | Microchip Technology, Inc. | 243,204 | |||
1,620 | NXP Semiconductors N.V. | 323,870 | |||
3,930 | QUALCOMM, Inc. | 436,466 | |||
3,696 | Skyworks Solutions, Inc. | 364,389 | |||
2,744 | Texas Instruments, Inc. | 436,323 | |||
3,145,810 | |||||
Software — 1.8% | |||||
26,530 | Gen Digital, Inc. | 469,050 | |||
Specialized REITs — 0.8% | |||||
98 | American Tower Corp. | 16,116 | |||
284 | Crown Castle, Inc. | 26,137 |
Shares | Description | Value | |||
Specialized REITs (Continued) | |||||
225 | Digital Realty Trust, Inc. | $27,230 | |||
13 | Equinix, Inc. | 9,441 | |||
168 | Extra Space Storage, Inc. | 20,426 | |||
726 | Gaming and Leisure Properties, Inc. | 33,069 | |||
458 | Iron Mountain, Inc. | 27,228 | |||
70 | Public Storage | 18,446 | |||
944 | VICI Properties, Inc. | 27,470 | |||
394 | Weyerhaeuser Co. | 12,080 | |||
217,643 | |||||
Specialty Retail — 3.2% | |||||
4,632 | Best Buy Co., Inc. | 321,785 | |||
715 | Home Depot (The), Inc. | 216,044 | |||
713 | Lowe’s Cos., Inc. | 148,190 | |||
689 | Tractor Supply Co. | 139,902 | |||
825,921 | |||||
Technology Hardware, Storage & Peripherals — 9.3% | |||||
31,051 | Hewlett Packard Enterprise Co. | 539,356 | |||
20,085 | HP, Inc. | 516,185 | |||
6,256 | NetApp, Inc. | 474,705 | |||
13,355 | Seagate Technology Holdings PLC | 880,762 | |||
2,411,008 | |||||
Tobacco — 0.9% | |||||
3,324 | Altria Group, Inc. | 139,774 | |||
967 | Philip Morris International, Inc. | 89,525 | |||
229,299 | |||||
Trading Companies & Distributors — 0.1% | |||||
335 | Fastenal Co. | 18,304 | |||
Water Utilities — 0.1% | |||||
105 | American Water Works Co., Inc. | 13,002 | |||
576 | Essential Utilities, Inc. | 19,774 | |||
32,776 | |||||
Total Investments — 99.7% | 25,911,092 | ||||
(Cost $26,982,025) | |||||
Net Other Assets and Liabilities — 0.3% | 84,188 | ||||
Net Assets — 100.0% | $25,995,280 |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 25,911,092 | $ 25,911,092 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Statements of Assets and Liabilities
September 30, 2023 (Unaudited)
Emerging Markets Equity Select ETF (RNEM) | Large Cap US Equity Select ETF (RNLC) | Mid Cap US Equity Select ETF (RNMC) | |
ASSETS: | |||
Investments, at value | $33,622,968 | $16,987,474 | $17,911,456 |
Cash | 3,039 | 14,227 | 12,264 |
Foreign currency, at value | 11,149 | — | — |
Receivables: | |||
Dividends | 60,735 | 19,280 | 25,723 |
Reclaims | 2,187 | — | — |
Interest | — | 197 | — |
Capital shares sold | — | 1,551,488 | — |
Securities lending income | — | — | — |
Total Assets | 33,700,078 | 18,572,666 | 17,949,443 |
LIABILITIES: | |||
Payables: | |||
Deferred foreign capital gains tax | 78,534 | — | — |
Investment advisory fees | 21,071 | 7,902 | 8,467 |
Investment securities purchased | — | 1,546,931 | — |
Collateral for securities on loan | — | — | — |
Total Liabilities | 99,605 | 1,554,833 | 8,467 |
NET ASSETS | $33,600,473 | $17,017,833 | $17,940,976 |
NET ASSETS consist of: | |||
Paid-in capital | $34,858,464 | $18,869,723 | $21,534,738 |
Par value | 7,000 | 5,500 | 6,500 |
Accumulated distributable earnings (loss) | (1,264,991 ) | (1,857,390 ) | (3,600,262 ) |
NET ASSETS | $33,600,473 | $17,017,833 | $17,940,976 |
NET ASSET VALUE, per share | $48.00 | $30.94 | $27.60 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 700,002 | 550,002 | 650,002 |
Investments, at cost | $33,039,866 | $16,939,812 | $18,756,231 |
Foreign currency, at cost (proceeds) | $11,144 | $— | $— |
Securities on loan, at value | $— | $— | $— |
Small Cap US Equity Select ETF (RNSC) | US Equity Dividend Select ETF (RNDV) |
$26,830,647 | $25,911,092 |
22,319 | 39,110 |
— | — |
46,136 | 55,317 |
— | — |
— | 760 |
— | — |
47 | — |
26,899,149 | 26,006,279 |
— | — |
13,528 | 10,999 |
— | — |
86,585 | — |
100,113 | 10,999 |
$26,799,036 | $25,995,280 |
$31,589,945 | $28,947,451 |
10,500 | 9,500 |
(4,801,409 ) | (2,961,671 ) |
$26,799,036 | $25,995,280 |
$25.52 | $27.36 |
1,050,002 | 950,002 |
$28,523,770 | $26,982,025 |
$— | $— |
$85,021 | $— |
Statements of Operations
For the Six Months Ended September 30, 2023 (Unaudited)
Emerging Markets Equity Select ETF (RNEM) | Large Cap US Equity Select ETF (RNLC) | Mid Cap US Equity Select ETF (RNMC) | |
INVESTMENT INCOME: | |||
Dividends | $731,728 | $180,965 | $152,720 |
Interest | 547 | 144 | 81 |
Securities lending income (net of fees) | — | — | — |
Foreign withholding tax | (109,416 ) | (2,869 ) | (592 ) |
Total investment income | 622,859 | 178,240 | 152,209 |
EXPENSES: | |||
Investment advisory fees | 91,941 | 49,954 | 38,444 |
Total expenses | 91,941 | 49,954 | 38,444 |
NET INVESTMENT INCOME (LOSS) | 530,918 | 128,286 | 113,765 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||
Net realized gain (loss) on: | |||
Investments | 68,926 | (134,682 ) | (74,604 ) |
In-kind redemptions | — | 314,042 | 172,571 |
Foreign currency transactions | 3,644 | — | — |
Foreign capital gains tax | (27,761 ) | — | — |
Net realized gain (loss) | 44,809 | 179,360 | 97,967 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 322,751 | (144,231 ) | (279,030 ) |
Foreign currency translation | (674 ) | — | — |
Deferred foreign capital gains tax | (42,317 ) | — | — |
Net change in unrealized appreciation (depreciation) | 279,760 | (144,231 ) | (279,030 ) |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 324,569 | 35,129 | (181,063 ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $855,487 | $163,415 | $(67,298 ) |
Small Cap US Equity Select ETF (RNSC) | US Equity Dividend Select ETF (RNDV) |
$442,995 | $443,314 |
221 | 293 |
956 | — |
(200 ) | (1,274 ) |
443,972 | 442,333 |
82,008 | 65,396 |
82,008 | 65,396 |
361,964 | 376,937 |
(839,287 ) | (1,082,410 ) |
1,017,563 | 673,833 |
— | — |
— | — |
178,276 | (408,577 ) |
(1,398,460 ) | (537,904 ) |
— | — |
— | — |
(1,398,460 ) | (537,904 ) |
(1,220,184 ) | (946,481 ) |
$(858,220 ) | $(569,544 ) |
Statements of Changes in Net Assets
Emerging Markets Equity Select ETF (RNEM) | Large Cap US Equity Select ETF (RNLC) | |||
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | |
OPERATIONS: | ||||
Net investment income (loss) | $530,918 | $306,295 | $128,286 | $312,669 |
Net realized gain (loss) | 44,809 | (724,550 ) | 179,360 | 566,140 |
Net change in unrealized appreciation (depreciation) | 279,760 | 31,014 | (144,231 ) | (2,385,080 ) |
Net increase (decrease) in net assets resulting from operations | 855,487 | (387,241 ) | 163,415 | (1,506,271 ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||
Investment operations | (510,581 ) | (254,643 ) | (131,646 ) | (305,626 ) |
SHAREHOLDER TRANSACTIONS: | ||||
Proceeds from shares sold | 24,299,848 | 2,305,295 | 1,551,488 | 3,125,444 |
Cost of shares redeemed | — | — | (1,610,937 ) | (5,945,869 ) |
Net increase (decrease) in net assets resulting from shareholder transactions | 24,299,848 | 2,305,295 | (59,449 ) | (2,820,425 ) |
Total increase (decrease) in net assets | 24,644,754 | 1,663,411 | (27,680 ) | (4,632,322 ) |
NET ASSETS: | ||||
Beginning of period | 8,955,719 | 7,292,308 | 17,045,513 | 21,677,835 |
End of period | $33,600,473 | $8,955,719 | $17,017,833 | $17,045,513 |
CHANGES IN SHARES OUTSTANDING: | ||||
Shares outstanding, beginning of period | 200,002 | 150,002 | 550,002 | 650,002 |
Shares sold | 500,000 | 50,000 | 50,000 | 100,000 |
Shares redeemed | — | — | (50,000 ) | (200,000 ) |
Shares outstanding, end of period | 700,002 | 200,002 | 550,002 | 550,002 |
Mid Cap US Equity Select ETF (RNMC) | Small Cap US Equity Select ETF (RNSC) | US Equity Dividend Select ETF (RNDV) | |||
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 |
$113,765 | $272,534 | $361,964 | $565,998 | $376,937 | $610,459 |
97,967 | 678,321 | 178,276 | (868,241 ) | (408,577 ) | (322,812 ) |
(279,030 ) | (1,588,315 ) | (1,398,460 ) | (1,064,889 ) | (537,904 ) | (1,049,183 ) |
(67,298 ) | (637,460 ) | (858,220 ) | (1,367,132 ) | (569,544 ) | (761,536 ) |
(90,471 ) | (277,601 ) | (309,880 ) | (545,516 ) | (387,606 ) | (571,256 ) |
7,120,311 | 5,684,608 | 6,585,854 | 16,257,937 | 4,358,405 | 8,576,223 |
(1,418,444 ) | (8,543,272 ) | (6,505,316 ) | (8,184,037 ) | (2,940,299 ) | — |
5,701,867 | (2,858,664 ) | 80,538 | 8,073,900 | 1,418,106 | 8,576,223 |
5,544,098 | (3,773,725 ) | (1,087,562 ) | 6,161,252 | 460,956 | 7,243,431 |
12,396,878 | 16,170,603 | 27,886,598 | 21,725,346 | 25,534,324 | 18,290,893 |
$17,940,976 | $12,396,878 | $26,799,036 | $27,886,598 | $25,995,280 | $25,534,324 |
450,002 | 550,002 | 1,050,002 | 750,002 | 900,002 | 600,002 |
250,000 | 200,000 | 250,000 | 600,000 | 150,000 | 300,000 |
(50,000 ) | (300,000 ) | (250,000 ) | (300,000 ) | (100,000 ) | — |
650,002 | 450,002 | 1,050,002 | 1,050,002 | 950,002 | 900,002 |
Financial Highlights
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $44.78 | $48.61 | $49.21 | $37.80 | $50.89 | $54.94 |
Income from investment operations: | ||||||
Net investment income (loss) | 1.03 (a) | 1.57 | 1.61 | 1.15 | 1.50 | 1.10 |
Net realized and unrealized gain (loss) | 2.97 | (4.13 ) | (0.67 ) | 11.64 | (13.22 ) | (3.62 ) |
Total from investment operations | 4.00 | (2.56 ) | 0.94 | 12.79 | (11.72 ) | (2.52 ) |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.78 ) | (1.27 ) | (1.20 ) | (1.38 ) | (1.37 ) | (1.19 ) |
Net realized gain | — | — | — | — | — | (0.34 ) |
Return of capital | — | — | (0.34 ) | — | — | — |
Total distributions | (0.78 ) | (1.27 ) | (1.54 ) | (1.38 ) | (1.37 ) | (1.53 ) |
Net asset value, end of period | $48.00 | $44.78 | $48.61 | $49.21 | $37.80 | $50.89 |
Total return (b) | 8.93 % | (4.97 )% | 1.91 % | 34.44 % | (23.66 )% | (4.48 )% |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $33,600 | $8,956 | $7,292 | $7,381 | $7,561 | $12,723 |
Ratio of total expenses to average net assets | 0.75 % (c) | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Ratio of net investment income (loss) to average net assets | 4.33 % (c) | 3.61 % | 3.30 % | 2.94 % | 2.83 % | 2.04 % |
Portfolio turnover rate (d) | 16 % | 65 % | 72 % | 75 % | 82 % | 69 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $30.99 | $33.35 | $30.22 | $18.85 | $22.12 | $21.54 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.24 (a) | 0.49 | 0.38 | 0.34 | 0.46 | 0.38 |
Net realized and unrealized gain (loss) | (0.04 ) (b) | (2.38 ) | 3.13 | 11.39 | (3.27 ) | 0.56 |
Total from investment operations | 0.20 | (1.89 ) | 3.51 | 11.73 | (2.81 ) | 0.94 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.25 ) | (0.47 ) | (0.38 ) | (0.36 ) | (0.46 ) | (0.36 ) |
Net asset value, end of period | $30.94 | $30.99 | $33.35 | $30.22 | $18.85 | $22.12 |
Total return (c) | 0.63 % | (5.57 )% | 11.62 % | 62.65 % | (12.98 )% | 4.45 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $17,018 | $17,046 | $21,678 | $25,689 | $15,081 | $18,800 |
Ratio of total expenses to average net assets | 0.60 % (d) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 1.54 % (d) | 1.60 % | 1.13 % | 1.41 % | 2.03 % | 1.72 % |
Portfolio turnover rate (e) | 13 % | 30 % | 21 % | 34 % | 24 % | 28 % |
(a) | Based on average shares outstanding. |
(b) | The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $27.55 | $29.40 | $27.75 | $15.85 | $21.31 | $21.18 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.25 (a) | 0.49 | 0.35 | 0.33 | 0.39 | 0.32 |
Net realized and unrealized gain (loss) | (0.01 ) | (1.84 ) | 1.65 | 11.90 | (5.45 ) | 0.12 |
Total from investment operations | 0.24 | (1.35 ) | 2.00 | 12.23 | (5.06 ) | 0.44 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.19 ) | (0.50 ) | (0.35 ) | (0.33 ) | (0.40 ) | (0.31 ) |
Net asset value, end of period | $27.60 | $27.55 | $29.40 | $27.75 | $15.85 | $21.31 |
Total return (b) | 0.85 % | (4.47 )% | 7.26 % | 77.60 % | (24.23 )% | 2.16 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $17,941 | $12,397 | $16,171 | $16,647 | $11,096 | $13,853 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 1.78 % (c) | 1.71 % | 1.22 % | 1.46 % | 1.76 % | 1.70 % |
Portfolio turnover rate (d) | 20 % | 51 % | 43 % | 60 % | 43 % | 42 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $26.56 | $28.97 | $28.18 | $14.87 | $20.84 | $20.88 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.35 (a) | 0.56 | 0.46 | 0.28 | 0.36 | 0.46 |
Net realized and unrealized gain (loss) | (1.09 ) | (2.42 ) | 0.78 | 13.34 | (5.98 ) | (0.09 ) |
Total from investment operations | (0.74 ) | (1.86 ) | 1.24 | 13.62 | (5.62 ) | 0.37 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.30 ) | (0.55 ) | (0.45 ) | (0.31 ) | (0.35 ) | (0.41 ) |
Net asset value, end of period | $25.52 | $26.56 | $28.97 | $28.18 | $14.87 | $20.84 |
Total return (b) | (2.80 )% | (6.28 )% | 4.39 % | 92.49 % | (27.51 )% | 1.78 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $26,799 | $27,887 | $21,725 | $9,864 | $5,946 | $5,210 |
Ratio of total expenses to average net assets | 0.60 % (c) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Ratio of net investment income (loss) to average net assets | 2.65 % (c) | 2.22 % | 1.79 % | 1.37 % | 1.97 % | 2.25 % |
Portfolio turnover rate (d) | 23 % | 72 % | 49 % | 71 % | 52 % | 52 % |
(a) | Based on average shares outstanding. |
(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. |
Financial Highlights (Continued)
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $28.37 | $30.48 | $28.07 | $17.50 | $21.73 | $21.09 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.41 (a) | 0.79 | 0.64 | 0.58 | 0.73 | 0.78 |
Net realized and unrealized gain (loss) | (1.00 ) | (2.14 ) | 2.40 | 10.61 | (4.24 ) | 0.58 |
Total from investment operations | (0.59 ) | (1.35 ) | 3.04 | 11.19 | (3.51 ) | 1.36 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.42 ) | (0.76 ) | (0.63 ) | (0.62 ) | (0.72 ) | (0.72 ) |
Net asset value, end of period | $27.36 | $28.37 | $30.48 | $28.07 | $17.50 | $21.73 |
Total return (b) | (2.11 )% | (4.28 )% | 10.86 % | 64.82 % | (16.81 )% | 6.64 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $25,995 | $25,534 | $18,291 | $8,422 | $4,375 | $5,434 |
Ratio of total expenses to average net assets | 0.50 % (c) | 0.50 % | 0.50 % | 0.50 % | 0.50 % | 0.50 % |
Ratio of net investment income (loss) to average net assets | 2.88 % (c) | 3.00 % | 2.33 % | 2.65 % | 3.23 % | 2.98 % |
Portfolio turnover rate (d) | 24 % | 52 % | 41 % | 89 % | 78 % | 98 % |
(a) | Based on average shares outstanding. |
(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. |
September 30, 2023 (Unaudited)
Emerging Markets Equity Select ETF – (ticker “RNEM”) |
Large Cap US Equity Select ETF – (ticker “RNLC”) |
Mid Cap US Equity Select ETF – (ticker “RNMC”) |
Small Cap US Equity Select ETF – (ticker “RNSC”) |
US Equity Dividend Select ETF – (ticker “RNDV”) |
Fund | Index |
Emerging Markets Equity Select ETF | Nasdaq Riskalyze Emerging MarketsTM Index |
Large Cap US Equity Select ETF | Nasdaq Riskalyze US Large CapTM Index |
Mid Cap US Equity Select ETF | Nasdaq Riskalyze US Mid CapTM Index |
Small Cap US Equity Select ETF | Nasdaq Riskalyze US Small CapTM Index |
US Equity Dividend Select ETF | Nasdaq Riskalyze US Large Cap Select DividendTM Index |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |
Emerging Markets Equity Select ETF | $254,643 | $— | $— |
Large Cap US Equity Select ETF | 305,626 | — | — |
Mid Cap US Equity Select ETF | 277,601 | — | — |
Small Cap US Equity Select ETF | 545,516 | — | — |
US Equity Dividend Select ETF | 571,256 | — | — |
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |
Emerging Markets Equity Select ETF | $32,465 | $(1,750,106 ) | $107,744 |
Large Cap US Equity Select ETF | 19,487 | (1,989,412 ) | 80,766 |
Mid Cap US Equity Select ETF | 7,814 | (2,665,399 ) | (784,908 ) |
Small Cap US Equity Select ETF | 37,020 | (2,797,779 ) | (872,550 ) |
US Equity Dividend Select ETF | 63,315 | (1,226,146 ) | (841,690 ) |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Non-Expiring Capital Loss Carryforwards | |
Emerging Markets Equity Select ETF | $1,750,106 |
Large Cap US Equity Select ETF | 1,989,412 |
Mid Cap US Equity Select ETF | 2,665,399 |
Small Cap US Equity Select ETF | 2,797,779 |
US Equity Dividend Select ETF | 1,226,146 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Emerging Markets Equity Select ETF | $33,039,866 | $2,400,785 | $(1,817,683 ) | $583,102 |
Large Cap US Equity Select ETF | 16,939,812 | 1,679,082 | (1,631,420 ) | 47,662 |
Mid Cap US Equity Select ETF | 18,756,231 | 1,011,722 | (1,856,497 ) | (844,775 ) |
Small Cap US Equity Select ETF | 28,523,770 | 2,018,804 | (3,711,927 ) | (1,693,123 ) |
US Equity Dividend Select ETF | 26,982,025 | 1,246,454 | (2,317,387 ) | (1,070,933 ) |
Breakpoints | RNEM |
Fund net assets up to and including $2.5 billion | 0.75000 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.73125 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.71250 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.69375 % |
Fund net assets greater than $10 billion | 0.67500 % |
September 30, 2023 (Unaudited)
Breakpoints | RNLC | RNMC | RNSC | RNDV |
Fund net assets up to and including $2.5 billion | 0.600 % | 0.600 % | 0.600 % | 0.5000 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.585 % | 0.585 % | 0.585 % | 0.4875 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.570 % | 0.570 % | 0.570 % | 0.4750 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.555 % | 0.555 % | 0.555 % | 0.4625 % |
Fund net assets greater than $10 billion up to and including $15 billion | 0.540 % | 0.540 % | 0.540 % | 0.4500 % |
Fund net assets greater than $15 billion | 0.510 % | 0.510 % | 0.510 % | 0.4250 % |
Purchases | Sales | |
Emerging Markets Equity Select ETF | $23,349,347 | $3,809,100 |
Large Cap US Equity Select ETF | 2,132,803 | 2,133,915 |
Mid Cap US Equity Select ETF | 2,737,745 | 2,697,173 |
Small Cap US Equity Select ETF | 6,481,991 | 6,407,393 |
US Equity Dividend Select ETF | 6,122,514 | 6,129,798 |
Purchases | Sales | |
Emerging Markets Equity Select ETF | $4,739,632 | $— |
Large Cap US Equity Select ETF | 1,546,931 | 1,609,458 |
Mid Cap US Equity Select ETF | 7,086,489 | 1,413,566 |
Small Cap US Equity Select ETF | 6,559,751 | 6,498,331 |
US Equity Dividend Select ETF | 4,351,365 | 2,933,690 |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
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) |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
September 30, 2023
First Trust Indxx Medical Devices ETF (MDEV) |
Semi-Annual Report
September 30, 2023
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Semi-Annual Letter from the Chairman and CEO
September 30, 2023
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Semi-Annual Report
September 30, 2023
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Performance | ||||
Average Annual Total Returns | Cumulative Total Returns | |||
6 Months Ended 9/30/23 | 1 Year Ended 9/30/23 | Inception (6/22/21) to 9/30/23 | Inception (6/22/21) to 9/30/23 | |
Fund Performance | ||||
NAV | -11.62% | 10.62% | -13.67% | -28.41% |
Market Price | -11.44% | 10.88% | -13.62% | -28.33% |
Index Performance | ||||
Indxx Global Medical Equipment Index | -11.28% | 11.02% | -13.14% | -27.42% |
MSCI World Health Care Index | -0.40% | 10.88% | 0.67% | 1.54% |
MSCI World Index | 3.13% | 21.95% | -0.63% | -1.44% |
Indxx and the Index are trademarks of Indxx, Inc. (“Indxx”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Indxx, and Indxx makes no representation regarding the advisability of trading in such product. The Index is determined, composed and calculated by Indxx without regard to First Trust or the Fund.
Sector Allocation | % of Total Long-Term Investments |
Health Care | 100.0% |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
STERIS PLC | 2.7% |
Koninklijke Philips N.V. | 2.7 |
Intuitive Surgical, Inc. | 2.5 |
Alcon, Inc. | 2.5 |
Demant A/S | 2.4 |
WuXi AppTec Co., Ltd., Class H | 2.4 |
West Pharmaceutical Services, Inc. | 2.4 |
Exact Sciences Corp. | 2.4 |
Boston Scientific Corp. | 2.4 |
Becton, Dickinson & Co. | 2.3 |
Total | 24.7% |
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. |
Understanding Your Fund Expenses
September 30, 2023 (Unaudited)
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust Indxx Medical Devices ETF (MDEV) | ||||
Actual | $1,000.00 | $883.80 | 0.70% | $3.30 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.50 | 0.70% | $3.54 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (April 1, 2023 through September 30, 2023), multiplied by 183/366 (to reflect the six-month period). |
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares | Description | Value | |||
COMMON STOCKS (a) — 99.8% | |||||
Biotechnology — 2.4% | |||||
625 | Exact Sciences Corp. (b) | $42,637 | |||
Health Care Equipment & Supplies — 75.5% | |||||
401 | Abbott Laboratories | 38,837 | |||
579 | Alcon, Inc. (CHF) | 44,873 | |||
122 | Align Technology, Inc. (b) | 37,249 | |||
969 | Baxter International, Inc. | 36,570 | |||
163 | Becton, Dickinson & Co. | 42,140 | |||
391 | BioMerieux (EUR) | 37,957 | |||
806 | Boston Scientific Corp. (b) | 42,557 | |||
298 | Carl Zeiss Meditec AG (EUR) | 26,093 | |||
250 | Cochlear Ltd. (AUD) | 41,040 | |||
301 | Coloplast A/S, Class B (DKK) | 31,899 | |||
112 | Cooper (The) Cos., Inc. | 35,617 | |||
1,055 | Demant A/S (DKK) (b) | 43,759 | |||
1,014 | DENTSPLY SIRONA, Inc. | 34,638 | |||
361 | Dexcom, Inc. (b) | 33,681 | |||
495 | Edwards Lifesciences Corp. (b) | 34,294 | |||
2,537 | Fisher & Paykel Healthcare Corp., Ltd. (NZD) | 32,814 | |||
507 | GE HealthCare Technologies, Inc. | 34,496 | |||
496 | Hologic, Inc. (b) | 34,422 | |||
394 | Hoya Corp. (JPY) | 40,405 | |||
131 | Insulet Corp. (b) | 20,893 | |||
156 | Intuitive Surgical, Inc. (b) | 45,597 | |||
2,443 | Koninklijke Philips N.V. (EUR) (c) | 48,987 | |||
218 | Masimo Corp. (b) | 19,114 | |||
517 | Medtronic PLC | 40,512 | |||
2,240 | Olympus Corp. (JPY) | 29,102 | |||
150 | Penumbra, Inc. (b) | 36,286 | |||
186 | ResMed, Inc. | 27,504 | |||
161 | Shockwave Medical, Inc. (b) | 32,055 | |||
709 | Siemens Healthineers AG (EUR) (d) (e) | 35,980 | |||
2,772 | Smith & Nephew PLC (GBP) | 34,599 | |||
134 | Sonova Holding AG (CHF) | 31,870 | |||
224 | STERIS PLC | 49,150 | |||
271 | Straumann Holding AG (CHF) | 34,698 | |||
143 | Stryker Corp. | 39,078 | |||
578 | Sysmex Corp. (JPY) | 27,589 | |||
158 | Teleflex, Inc. | 31,033 | |||
1,430 | Terumo Corp. (JPY) | 37,922 | |||
315 | Zimmer Biomet Holdings, Inc. | 35,349 | |||
1,360,659 | |||||
Health Care Providers & Services — 1.9% | |||||
1,159 | Amplifon S.p.A. (EUR) | 34,457 |
Shares | Description | Value | |||
Life Sciences Tools & Services — 20.0% | |||||
300 | Agilent Technologies, Inc. | $33,546 | |||
87 | Bio-Rad Laboratories, Inc., Class A (b) | 31,185 | |||
166 | Danaher Corp. | 41,185 | |||
26 | Mettler-Toledo International, Inc. (b) | 28,810 | |||
304 | Revvity, Inc. | 33,653 | |||
131 | Sartorius Stedim Biotech (EUR) | 31,301 | |||
71 | Thermo Fisher Scientific, Inc. | 35,938 | |||
136 | Waters Corp. (b) | 37,292 | |||
115 | West Pharmaceutical Services, Inc. | 43,149 | |||
3,652 | WuXi AppTec Co., Ltd., Class H (HKD) (d) (e) | 43,721 | |||
359,780 | |||||
Total Investments — 99.8% | 1,797,533 | ||||
(Cost $2,475,839) | |||||
Net Other Assets and Liabilities — 0.2% | 4,499 | ||||
Net Assets — 100.0% | $1,802,032 |
(a) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(b) | Non-income producing security. |
(c) | Non-income producing security which makes payment-in- kind (“PIK”) distributions. For the six months ended September 30, 2023, the Fund received 104 PIK shares of Koninklijke Philips N.V. |
(d) | This security 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. 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. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
Abbreviations throughout the Portfolio of Investments: | |
AUD | – Australian Dollar |
CHF | – Swiss Franc |
DKK | – Danish Krone |
EUR | – Euro |
GBP | – British Pound Sterling |
HKD | – Hong Kong Dollar |
JPY | – Japanese Yen |
NZD | – New Zealand Dollar |
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Currency Exposure Diversification | % of Total Investments |
United States Dollar | 61.7% |
Euro | 12.0 |
Japanese Yen | 7.5 |
Swiss Franc | 6.2 |
Danish Krone | 4.2 |
Hong Kong Dollar | 2.4 |
Australian Dollar | 2.3 |
British Pound Sterling | 1.9 |
New Zealand Dollar | 1.8 |
Total | 100.0% |
Valuation Inputs
Total Value at 9/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 1,797,533 | $ 1,797,533 | $ — | $ — |
* | See Portfolio of Investments for industry breakout. |
Statement of Assets and Liabilities
September 30, 2023 (Unaudited)
ASSETS: | |
Investments, at value | $1,797,533 |
Cash | 3,506 |
Receivables: | |
Dividends | 1,711 |
Reclaims | 358 |
Total Assets | 1,803,108 |
LIABILITIES: | |
Investment advisory fees payable | 1,076 |
Total Liabilities | 1,076 |
NET ASSETS | $1,802,032 |
NET ASSETS consist of: | |
Paid-in capital | $2,835,932 |
Par value | 1,000 |
Accumulated distributable earnings (loss) | (1,034,900 ) |
NET ASSETS | $1,802,032 |
NET ASSET VALUE, per share | $18.02 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 100,002 |
Investments, at cost | $2,475,839 |
Statement of Operations
For the Six Months Ended September 30, 2023 (Unaudited)
INVESTMENT INCOME: | |
Dividends | $7,182 |
Foreign withholding tax | (1,315 ) |
Total investment income | 5,867 |
EXPENSES: | |
Investment advisory fees | 7,062 |
Total expenses | 7,062 |
NET INVESTMENT INCOME (LOSS) | (1,195 ) |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on: | |
Investments | (161,540 ) |
Foreign currency transactions | (162 ) |
Net realized gain (loss) | (161,702 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | (74,585 ) |
Foreign currency translation | 39 |
Net change in unrealized appreciation (depreciation) | (74,546 ) |
NET REALIZED AND UNREALIZED GAIN (LOSS) | (236,248 ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(237,443 ) |
Statements of Changes in Net Assets
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | |
OPERATIONS: | ||
Net investment income (loss) | $(1,195 ) | $729 |
Net realized gain (loss) | (161,702 ) | (176,064 ) |
Net change in unrealized appreciation (depreciation) | (74,546 ) | (27,568 ) |
Net increase (decrease) in net assets resulting from operations | (237,443 ) | (202,903 ) |
SHAREHOLDER TRANSACTIONS: | ||
Proceeds from shares sold | — | — |
Cost of shares redeemed | — | — |
Net increase (decrease) in net assets resulting from shareholder transactions | — | — |
Total increase (decrease) in net assets | (237,443 ) | (202,903 ) |
NET ASSETS: | ||
Beginning of period | 2,039,475 | 2,242,378 |
End of period | $1,802,032 | $2,039,475 |
CHANGES IN SHARES OUTSTANDING: | ||
Shares outstanding, beginning of period | 100,002 | 100,002 |
Shares sold | — | — |
Shares redeemed | — | — |
Shares outstanding, end of period | 100,002 | 100,002 |
Financial Highlights
For a share outstanding throughout each period
Six Months Ended 9/30/2023 (Unaudited) | Year Ended 3/31/2023 | Period Ended 3/31/2022 (a) | |
Net asset value, beginning of period | $20.39 | $22.42 | $25.17 |
Income from investment operations: | |||
Net investment income (loss) | (0.01 ) (b) | 0.01 | (0.46 ) |
Net realized and unrealized gain (loss) | (2.36 ) | (2.04 ) | (2.29 ) |
Total from investment operations | (2.37 ) | (2.03 ) | (2.75 ) |
Net asset value, end of period | $18.02 | $20.39 | $22.42 |
Total return (c) | (11.62 )% | (9.05 )% | (10.93 )% |
Ratios to average net assets/supplemental data: | |||
Net assets, end of period (in 000’s) | $1,802 | $2,039 | $2,242 |
Ratio of total expenses to average net assets | 0.70 % (d) | 0.70 % | 0.70 % (d) |
Ratio of net investment income (loss) to average net assets | (0.12 )% (d) | 0.04 % | (0.36 )% (d) |
Portfolio turnover rate (e) | 13 % | 22 % | 13 % |
(a) | Inception date is June 22, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Based on average shares outstanding. |
(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. |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Undistributed ordinary income | $— |
Accumulated capital and other gain (loss) | (186,936 ) |
Net unrealized appreciation (depreciation) | (610,521 ) |
September 30, 2023 (Unaudited)
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) |
$2,475,839 | $22,174 | $(700,480 ) | $(678,306 ) |
September 30, 2023 (Unaudited)
Breakpoints | |
Fund net assets up to and including $2.5 billion | 0.7000 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.6825 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.6650 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.6475 % |
Fund net assets greater than $10 billion | 0.6300 % |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Items 6. Schedule of Investments.
a) | Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period are 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 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)). |
b) | 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 has 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.
(a) Not applicable.
(b) Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(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: | December 5, 2023 |
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: | December 5, 2023 |
By (Signature and Title)* | /s/ Derek D. Maltbie | |
Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer) |
Date: | December 5, 2023 |
* Print the name and title of each signing officer under his or her signature.