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
811-22519
First Trust Exchange-Traded AlphaDEX® Fund II
(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:
December 31
Date of reporting period:
June 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.
Item 1. Reports to Shareholders.
(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
TSR - First Trust Fund Logo
First Trust Asia Pacific
ex-Japan AlphaDEX® Fund
FPA | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Asia Pacific ex-Japan AlphaDEX® Fund $46 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $22,988,637
Total number of portfolio holdings 101
Portfolio turnover rate 48%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
SK Square Co., Ltd. 2.8%
Hyundai Rotem Co., Ltd. 2.7%
Hanwha Systems Co., Ltd. 2.6%
Doosan Enerbility Co., Ltd. 2.5%
Samyang Foods Co., Ltd. 2.3%
Korea Electric Power Corp. 2.1%
Hanwha Aerospace Co., Ltd. 2.0%
Samsung Heavy Industries Co., Ltd. 1.8%
SK Hynix, Inc. 1.8%
Hanwha Ocean Co., Ltd. 1.7%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
TSR - First Trust Fund Logo
First Trust Europe AlphaDEX® Fund
FEP | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Europe AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Europe AlphaDEX® Fund $47 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $287,950,533
Total number of portfolio holdings 203
Portfolio turnover rate 47%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co. 4.9%
Fresnillo PLC 1.1%
Alpha Bank S.A. 1.0%
Indra Sistemas S.A. 1.0%
Auto1 Group SE 1.0%
STMicroelectronics N.V. 1.0%
Commerzbank AG 0.9%
Hensoldt AG 0.9%
Babcock International Group PLC 0.9%
Vend Marketplaces ASA 0.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EuropeTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Europe AlphaDEX® Fund (FEP)
TSR - First Trust Fund Logo
First Trust Latin America AlphaDEX® Fund
FLN | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Latin America AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Latin America AlphaDEX® Fund $46 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $12,945,382
Total number of portfolio holdings 50
Portfolio turnover rate 40%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Industrias Penoles S.A.B. de C.V. 4.4%
Embraer S.A. 3.6%
Prologis Property Mexico S.A. de C.V. 3.4%
Porto Seguro S.A. 3.4%
El Puerto de Liverpool S.A.B. de C.V., Series C1 3.4%
PRIO S.A. 3.3%
Cencosud S.A. 3.3%
Cia Energetica de Minas Gerais 3.2%
Coca-Cola Femsa S.A.B. de C.V. 3.1%
Telefonica Brasil S.A. 3.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Latin AmericaTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Latin America AlphaDEX® Fund (FLN)
TSR - First Trust Fund Logo
First Trust Brazil AlphaDEX® Fund
FBZ | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Brazil AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FBZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Brazil AlphaDEX® Fund $47 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $7,226,957
Total number of portfolio holdings 50
Portfolio turnover rate 35%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Porto Seguro S.A. 4.4%
Cia De Sanena Do Parana 4.0%
Embraer S.A. 4.0%
Marfrig Global Foods S.A. 3.9%
Cia de Saneamento de Minas Gerais Copasa MG 3.9%
TIM S.A. 3.5%
Vibra Energia S.A. 3.5%
Pagseguro Digital Ltd., Class A 3.1%
JBS N.V., BDR 3.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 3.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FBZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® BrazilTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Brazil AlphaDEX® Fund (FBZ)
TSR - First Trust Fund Logo
First Trust China AlphaDEX® Fund
FCA | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust China AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust China AlphaDEX® Fund $44 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $38,392,019
Total number of portfolio holdings 52
Portfolio turnover rate 59%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Pop Mart International Group Ltd. 8.1%
Xiaomi Corp., Class B 4.7%
China Hongqiao Group Ltd. 4.2%
People’s Insurance Co. Group of China (The) Ltd., Class H 3.4%
Orient Overseas International Ltd. 3.2%
Goldwind Science & Technology Co., Ltd., Class H 3.1%
China Reinsurance Group Corp., Class H 3.1%
PetroChina Co., Ltd., Class H 3.0%
BOC Aviation Ltd. 2.9%
Geely Automobile Holdings Ltd. 2.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® ChinaTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust China AlphaDEX® Fund (FCA)
TSR - First Trust Fund Logo
First Trust Japan AlphaDEX® Fund
FJP | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FJP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Japan AlphaDEX® Fund $43 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $176,787,048
Total number of portfolio holdings 101
Portfolio turnover rate 45%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co. 7.7%
IHI Corp. 2.5%
Ryohin Keikaku Co., Ltd. 2.3%
Kawasaki Heavy Industries Ltd. 2.2%
Sanrio Co., Ltd. 1.9%
T&D Holdings, Inc. 1.6%
Central Japan Railway Co. 1.6%
Sumitomo Electric Industries Ltd. 1.6%
Chubu Electric Power Co., Inc. 1.6%
Sompo Holdings, Inc. 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® JapanTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Japan AlphaDEX® Fund (FJP)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US AlphaDEX® Fund
FDT | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US AlphaDEX® Fund $45 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $521,015,066
Total number of portfolio holdings 302
Portfolio turnover rate 53%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co. 4.3%
SK Square Co., Ltd. 1.0%
Hyundai Rotem Co., Ltd. 0.9%
Fresnillo PLC 0.8%
Siemens Energy AG 0.7%
Hanwha Systems Co., Ltd. 0.7%
IHI Corp. 0.7%
Phoenix Financial Ltd. 0.7%
Indra Sistemas S.A. 0.7%
Alpha Bank S.A. 0.7%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-USTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
TSR - First Trust Fund Logo
First Trust Emerging Markets
AlphaDEX® Fund
FEM | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $415,524,315
Total number of portfolio holdings 158
Portfolio turnover rate 53%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co. 2.0%
Pop Mart International Group Ltd. 1.7%
Industrias Penoles S.A.B. de C.V. 1.5%
Wan Hai Lines Ltd. 1.3%
Embraer S.A. 1.2%
Xiaomi Corp., Class B 1.2%
Magyar Telekom Telecommunications PLC 1.2%
Aselsan Elektronik Sanayi Ve Ticaret A/S 1.2%
Prologis Property Mexico S.A. de C.V. 1.2%
Shandong Gold Mining Co., Ltd., Class H 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging MarketsTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets AlphaDEX® Fund (FEM)
TSR - First Trust Fund Logo
First Trust Germany AlphaDEX® Fund
FGM | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Germany AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FGM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Germany AlphaDEX® Fund $49 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $61,898,782
Total number of portfolio holdings 40
Portfolio turnover rate 12%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Rheinmetall AG 9.7%
Siemens Energy AG 6.5%
Deutsche Bank AG 4.8%
Heidelberg Materials AG 4.4%
Commerzbank AG 4.4%
HOCHTIEF AG 4.3%
Volkswagen AG 3.3%
RWE AG 3.3%
Bayerische Motoren Werke AG 3.2%
Deutsche Lufthansa AG 3.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® GermanyTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Germany AlphaDEX® Fund (FGM)
TSR - First Trust Fund Logo
First Trust United Kingdom
AlphaDEX® Fund
FKU | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FKU. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust United Kingdom AlphaDEX® Fund $44 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $62,833,424
Total number of portfolio holdings 77
Portfolio turnover rate 34%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Fresnillo PLC 2.9%
St. James's Place PLC 2.7%
Rolls-Royce Holdings PLC 2.7%
NatWest Group PLC 2.5%
Standard Chartered PLC 2.4%
Kingfisher PLC 2.3%
Hiscox Ltd. 2.3%
3i Group PLC 2.3%
Beazley PLC 2.3%
Vodafone Group PLC 2.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FKU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® United KingdomTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust United Kingdom AlphaDEX® Fund (FKU)
TSR - First Trust Fund Logo
First Trust India NIFTY 50
Equal Weight ETF
NFTY | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust India NIFTY 50 Equal Weight ETF (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/NFTY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust India NIFTY 50 Equal Weight ETF $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $212,915,126
Total number of portfolio holdings 50
Portfolio turnover rate 9%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Jio Financial Services Ltd. 2.1%
IndusInd Bank Ltd. 2.1%
Shriram Finance Ltd. 2.1%
Adani Ports & Special Economic Zone Ltd. 2.1%
Bharat Electronics Ltd. 2.1%
HDFC Life Insurance Co., Ltd. 2.0%
Adani Enterprises Ltd. 2.0%
Power Grid Corp. of India Ltd. 2.0%
UltraTech Cement Ltd. 2.0%
Hindalco Industries Ltd. 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/NFTY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal WeightTM Index or particularly in the ability of the NIFTY 50 Equal WeightTM Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal WeightTM Index in the Prospectus and Statement of Additional Information.
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
TSR - First Trust Fund Logo
First Trust Switzerland AlphaDEX® Fund
FSZ | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Switzerland AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Switzerland AlphaDEX® Fund $44 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $68,684,996
Total number of portfolio holdings 40
Portfolio turnover rate 42%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Swissquote Group Holding S.A. 5.2%
Accelleron Industries AG 4.8%
BKW AG 4.7%
Holcim AG 4.6%
Novartis AG 4.4%
Swiss Re AG 4.2%
Helvetia Holding AG 4.0%
Sandoz Group AG 3.8%
Julius Baer Group Ltd. 3.7%
Swisscom AG 3.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® SwitzerlandTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Switzerland AlphaDEX® Fund (FSZ)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US Small Cap AlphaDEX® Fund
FDTS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDTS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund $45 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $7,596,163
Total number of portfolio holdings 403
Portfolio turnover rate 56%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp. 1.4%
Metaplanet, Inc. 0.9%
Hanwha Corp. 0.8%
Hyundai Engineering & Construction Co., Ltd. 0.8%
Hyosung Heavy Industries Corp. 0.6%
Harel Insurance Investments & Financial Services Ltd. 0.6%
Nissin Corp. 0.6%
HDC Holdings Co., Ltd. 0.6%
Food & Life Cos., Ltd. 0.6%
Oki Electric Industry Co., Ltd. 0.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
TSR - First Trust Fund Logo
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
FEMS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEMS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets Small Cap AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $247,649,295
Total number of portfolio holdings 205
Portfolio turnover rate 52%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp. 1.9%
Newborn Town, Inc. 1.2%
3SBio, Inc. 1.2%
Cia de Saneamento de Minas Gerais Copasa MG 1.1%
Cia De Sanena Do Parana 1.1%
XD, Inc. 1.1%
Tauron Polska Energia S.A. 1.1%
DigiPlus Interactive Corp. 1.1%
Cogna Educacao S.A. 1.0%
MAS PLC 1.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging Markets Small CapTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
TSR - First Trust Fund Logo
First Trust Eurozone AlphaDEX® ETF
FEUZ | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Eurozone AlphaDEX® ETF (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEUZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Eurozone AlphaDEX® ETF $47 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2025)
Fund net assets $60,503,864
Total number of portfolio holdings 152
Portfolio turnover rate 48%
WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp. 6.1%
Alpha Bank S.A. 1.3%
Indra Sistemas S.A. 1.3%
Rheinmetall AG 1.3%
Auto1 Group SE 1.3%
STMicroelectronics N.V. 1.2%
Commerzbank AG 1.2%
Lottomatica Group S.p.A. 1.2%
Hensoldt AG 1.2%
Sofina S.A. 1.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EurozoneTM Index (the “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 Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 

 

(b)       Not applicable.

Item 2. Code of Ethics.

The First Trust Exchange-Traded AlphaDEX® Fund II (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the currently effective Code of Ethics will be filed with the Registrant’s annual Form N-CSR.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to semi-annual reports on Form N-CSR.
(b) Not applicable to the Registrant.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Financial Statements and Other Information filed under Item 7 of this Form N-CSR.
(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Following is a copy of the semi-annual financial statement(s) required, and for the periods specified, by Regulation S-X.
 
 
 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
For the Six Months Ended June 30, 2025
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust Brazil AlphaDEX® Fund (FBZ)
First Trust China AlphaDEX® Fund (FCA)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust United Kingdom AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.

Table of Contents 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
June 30, 2025 
1
4
9
11
13
16
20
27
32
34
37
39
41
49
55
60
64
68
74
89
101
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.5%
Australia — 19.1%
2,549
BHP Group Ltd. (AUD)
$61,653
4,577
BlueScope Steel Ltd. (AUD)
69,616
14,963
Coles Group Ltd. (AUD)
205,230
1,290
Commonwealth Bank of
Australia (AUD)
156,855
4,978
Computershare Ltd. (AUD)
130,691
68,501
Evolution Mining Ltd. (AUD)
351,204
25,350
Fortescue Ltd. (AUD)
254,933
25,269
Insurance Australia Group Ltd.
(AUD)
150,176
3,148
JB Hi-Fi Ltd. (AUD)
228,629
65,817
Medibank Pvt., Ltd. (AUD)
218,753
21,268
Northern Star Resources Ltd.
(AUD)
259,654
43,054
Qantas Airways Ltd. (AUD)
304,329
17,792
QBE Insurance Group Ltd.
(AUD)
273,893
2,531
Rio Tinto Ltd. (AUD)
178,455
43,878
Santos Ltd. (AUD)
221,208
135,291
Sigma Healthcare Ltd. (AUD)
266,235
14,692
Telix Pharmaceuticals Ltd.
(AUD) (c)
236,130
44,277
Vicinity Ltd. (AUD)
71,978
3,085
Westpac Banking Corp. (AUD)
68,749
21,065
Woodside Energy Group Ltd.
(AUD)
327,605
96,254
Yancoal Australia Ltd. (AUD)
365,527
 
4,401,503
Bermuda — 2.6%
66,680
China Gas Holdings Ltd. (HKD)
62,264
187,200
Kunlun Energy Co., Ltd. (HKD)
181,716
20,300
Orient Overseas International
Ltd. (HKD)
344,973
 
588,953
Cayman Islands — 7.5%
58,500
C&D International Investment
Group Ltd. (HKD)
118,342
36,550
China Resources Land Ltd.
(HKD)
123,852
45,281
CK Asset Holdings Ltd. (HKD)
199,584
43,038
CK Hutchison Holdings Ltd.
(HKD)
264,809
142,000
Geely Automobile Holdings Ltd.
(HKD)
288,705
252,500
Sino Biopharmaceutical Ltd.
(HKD)
169,192
264,636
WH Group Ltd. (HKD) (d) (e)
254,524
308,400
Xinyi Glass Holdings Ltd.
(HKD)
296,223
 
1,715,231
Shares
Description
Value
 
Hong Kong — 11.2%
48,250
Beijing Enterprises Holdings
Ltd. (HKD)
$198,533
59,950
BOC Hong Kong Holdings Ltd.
(HKD)
260,421
141,000
China Merchants Port Holdings
Co., Ltd. (HKD)
256,855
33,950
China Overseas Land &
Investment Ltd. (HKD)
58,905
484,200
China Power International
Development Ltd. (HKD)
184,429
102,000
China Resources Power
Holdings Co., Ltd. (HKD)
246,101
159,940
China Taiping Insurance
Holdings Co., Ltd. (HKD)
311,732
7,300
CLP Holdings Ltd. (HKD)
61,469
15,600
Galaxy Entertainment Group
Ltd. (HKD)
69,256
164,400
Guangdong Investment Ltd.
(HKD)
137,385
2,730
Hong Kong Exchanges &
Clearing Ltd. (HKD)
145,647
293,100
PCCW Ltd. (HKD)
199,011
12,905
Sun Hung Kai Properties Ltd.
(HKD)
148,039
34,406
Swire Pacific Ltd., Class A
(HKD)
294,754
 
2,572,537
New Zealand — 0.6%
11,701
Contact Energy Ltd. (NZD)
64,191
2,813
EBOS Group Ltd. (NZD)
65,929
 
130,120
Singapore — 7.9%
31,130
BOC Aviation Ltd.
(HKD) (d) (e)
257,766
5,300
DBS Group Holdings Ltd.
(SGD)
187,199
108,800
Genting Singapore Ltd. (SGD)
61,181
9,400
Oversea-Chinese Banking Corp.,
Ltd. (SGD)
120,577
154,700
Seatrium Ltd. (SGD)
244,551
12,900
Sembcorp Industries Ltd. (SGD)
69,497
24,200
Singapore Airlines Ltd. (SGD)
132,657
12,100
Singapore Exchange Ltd. (SGD)
141,603
60,000
Singapore Technologies
Engineering Ltd. (SGD)
367,597
6,500
United Overseas Bank Ltd.
(SGD)
184,035
24,400
Wilmar International Ltd. (SGD)
55,075
 
1,821,738
South Korea — 49.7%
250
Alteogen, Inc. (KRW) (c)
68,909
2,648
Amorepacific Corp. (KRW)
268,214
See Notes to Financial Statements
Page 1
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
3,029
DB Insurance Co., Ltd. (KRW)
$276,731
11,446
Doosan Enerbility Co., Ltd.
(KRW) (c)
580,103
3,002
Hana Financial Group, Inc.
(KRW)
191,962
723
Hanwha Aerospace Co., Ltd.
(KRW)
454,286
6,665
Hanwha Ocean Co., Ltd.
(KRW) (c)
392,117
13,937
Hanwha Systems Co., Ltd.
(KRW)
598,952
891
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW)
241,632
22,869
HMM Co., Ltd. (KRW)
381,263
379
HYBE Co., Ltd. (KRW)
86,775
3,183
Hyundai Glovis Co., Ltd.
(KRW)
317,923
1,718
Hyundai Mobis Co., Ltd. (KRW)
365,342
2,267
Hyundai Motor Co. (KRW)
341,831
4,256
Hyundai Rotem Co., Ltd.
(KRW)
619,668
12,583
Industrial Bank of Korea (KRW)
170,247
1,134
KB Financial Group, Inc.
(KRW)
93,184
4,847
Kia Corp. (KRW)
348,010
3,580
Korea Aerospace Industries Ltd.
(KRW)
238,207
16,529
Korea Electric Power Corp.
(KRW)
481,320
346
Korea Zinc Co., Ltd. (KRW)
209,969
16,801
Korean Air Lines Co., Ltd.
(KRW)
285,079
534
Krafton, Inc. (KRW) (c)
143,629
1,770
KT&G Corp. (KRW)
167,478
1,160
LG Electronics, Inc. (KRW)
63,432
3,665
Meritz Financial Group, Inc.
(KRW)
305,507
643
POSCO Holdings, Inc. (KRW)
124,350
89
Samsung Biologics Co., Ltd.
(KRW) (c) (d) (e)
65,418
1,385
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
138,233
6,192
Samsung Electronics Co., Ltd.
(KRW)
274,364
249
Samsung Fire & Marine
Insurance Co., Ltd. (KRW)
80,073
33,185
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
412,108
2,311
Samsung SDS Co., Ltd. (KRW)
290,416
519
Samyang Foods Co., Ltd.
(KRW)
536,459
Shares
Description
Value
 
South Korea (Continued)
1,901
Shinhan Financial Group Co.,
Ltd. (KRW)
$86,486
1,876
SK Hynix, Inc. (KRW)
405,892
4,788
SK Square Co., Ltd. (KRW) (c)
649,232
4,836
SK Telecom Co., Ltd. (KRW)
203,172
1,381
SK, Inc. (KRW)
209,258
16,267
Woori Financial Group, Inc.
(KRW)
270,594
 
11,437,825
Switzerland — 0.9%
11,340
BeOne Medicines Ltd.
(HKD) (c)
213,511
Total Common Stocks
22,881,418
(Cost $18,331,576)
MONEY MARKET FUNDS — 0.2%
45,060
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (f)
45,060
(Cost $45,060)
Total Investments — 99.7%
22,926,478
(Cost $18,376,636)
Net Other Assets and
Liabilities — 0.3%
62,159
Net Assets — 100.0%
$22,988,637
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(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.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
Rate shown reflects yield as of June 30, 2025.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
HKD
–  Hong Kong Dollar
KRW
–  South Korean Won
NZD
–  New Zealand Dollar
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
See Notes to Financial Statements
Page 2
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Currency Exposure Diversification
% of Total
Investments
KRW
49.9%
HKD
23.3
AUD
19.2
SGD
6.8
NZD
0.6
USD
0.2
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 22,881,418
$ 22,881,418
$ —
$ —
Money Market Funds
     45,060
     45,060
 —
 —
Total Investments
$22,926,478
$22,926,478
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 3
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.1%
Austria — 3.1%
7,223
ANDRITZ AG (EUR)
$536,877
15,722
BAWAG Group AG
(EUR) (c) (d)
2,007,544
5,860
Erste Group Bank AG (EUR)
499,073
31,977
OMV AG (EUR)
1,739,481
31,485
Raiffeisen Bank International
AG (EUR)
959,834
5,705
Verbund AG (EUR)
437,823
45,930
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
2,364,319
16,596
voestalpine AG (EUR)
467,229
 
9,012,180
Belgium — 3.1%
1,869
Ackermans & van Haaren N.V.
(EUR)
477,746
13,493
Ageas S.A./N.V. (EUR)
911,528
29,480
Colruyt Group N.V. (EUR)
1,275,141
26,624
KBC Ancora (EUR)
1,831,531
8,891
KBC Group N.V. (EUR)
918,079
7,911
Sofina S.A. (EUR)
2,609,261
34,070
Warehouses De Pauw C.V.A.
(EUR)
830,751
 
8,854,037
Bermuda — 0.5%
79,719
Hiscox Ltd. (GBP)
1,373,296
Denmark — 2.4%
1,162
A.P. Moller - Maersk A/S,
Class B (DKK)
2,160,260
2,079
Genmab A/S (DKK) (e)
431,638
401,419
H. Lundbeck A/S (DKK)
2,304,416
70,394
ISS A/S (DKK)
1,962,752
981
ROCKWOOL A/S, Class B
(DKK)
45,908
 
6,904,974
Finland — 0.7%
49,425
Fortum Oyj (EUR)
925,121
13,613
Orion Oyj, Class B (EUR)
1,023,866
 
1,948,987
France — 8.4%
21,216
Arkema S.A. (EUR)
1,563,216
9,477
AXA S.A. (EUR)
465,182
14,565
BNP Paribas S.A. (EUR)
1,309,414
20,511
Bouygues S.A. (EUR)
927,782
86,129
Carrefour S.A. (EUR)
1,214,428
23,043
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
856,109
89,039
Credit Agricole S.A. (EUR)
1,684,958
6,963
Eiffage S.A. (EUR)
978,099
54,539
Elis S.A. (EUR) (f)
1,563,709
Shares
Description
Value
 
France (Continued)
20,705
Engie S.A. (EUR)
$485,961
36,230
Klepierre S.A. (EUR) (f)
1,427,127
62,260
Orange S.A. (EUR)
947,178
16,043
Renault S.A. (EUR)
739,475
27,065
Societe Generale S.A. (EUR)
1,547,838
28,475
SPIE S.A. (EUR)
1,599,964
16,151
Teleperformance SE (EUR)
1,566,148
6,082
Thales S.A. (EUR)
1,788,212
25,036
TotalEnergies SE (EUR)
1,536,494
64,196
Vallourec SACA (EUR)
1,186,854
8,391
Wendel SE (EUR)
885,625
 
24,273,773
Germany — 19.1%
4,242
Allianz SE (EUR)
1,719,426
21,448
Aurubis AG (EUR) (f)
2,230,877
91,972
Auto1 Group SE
(EUR) (c) (d) (e)
2,964,148
25,340
Bayerische Motoren Werke AG
(EUR)
2,252,431
89,034
Commerzbank AG (EUR)
2,808,630
23,135
Continental AG (EUR)
2,019,370
20,119
Daimler Truck Holding AG
(EUR)
951,999
85,565
Deutsche Bank AG (EUR)
2,536,924
2,745
Deutsche Boerse AG (EUR)
895,351
278,829
Deutsche Lufthansa AG (EUR)
2,358,254
21,824
Deutsche Telekom AG (EUR)
796,166
18,916
DHL Group (EUR)
873,684
32,505
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (c) (d)
1,605,856
53,497
E.ON SE (EUR)
984,640
12,909
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (e)
972,437
10,632
Freenet AG (EUR)
346,163
16,363
Fresenius Medical Care AG
(EUR)
937,722
13,360
GEA Group AG (EUR)
934,805
4,740
Heidelberg Materials AG (EUR)
1,113,629
5,082
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
399,051
24,188
Hensoldt AG (EUR)
2,775,154
11,892
HOCHTIEF AG (EUR)
2,343,576
38,998
KION Group AG (EUR)
2,170,103
34,453
Mercedes-Benz Group AG
(EUR)
2,016,620
1,924
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(EUR)
1,247,870
1,132
Rheinmetall AG (EUR)
2,396,198
56,543
RWE AG (EUR)
2,359,816
See Notes to Financial Statements
Page 4
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
3,873
Scout24 SE (EUR) (c) (d)
$534,235
20,807
Siemens Energy AG (EUR) (e)
2,403,419
19,308
Talanx AG (EUR)
2,499,557
157,822
thyssenkrupp AG (EUR)
1,695,843
15,964
Volkswagen AG (Preference
Shares) (EUR)
1,685,290
14,783
Wacker Chemie AG (EUR) (f)
1,079,648
 
54,908,892
Greece — 3.4%
863,073
Alpha Bank S.A. (EUR)
3,039,813
302,722
Eurobank Ergasias Services and
Holdings S.A. (EUR)
1,039,823
74,682
Hellenic Telecommunications
Organization S.A. (EUR)
1,419,867
18,394
Metlen Energy & Metals S.A.
(EUR)
997,128
39,514
National Bank of Greece S.A.
(EUR)
504,089
295,885
Piraeus Financial Holdings S.A.
(EUR)
2,050,105
54,078
Public Power Corp. S.A. (EUR)
882,901
 
9,933,726
Ireland — 1.3%
125,515
AIB Group PLC (EUR)
1,032,738
68,863
Bank of Ireland Group PLC
(EUR)
980,304
30,073
Ryanair Holdings PLC, ADR
1,734,310
 
3,747,352
Italy — 10.9%
671,294
A2A S.p.A. (EUR)
1,806,871
28,991
Azimut Holding S.p.A. (EUR)
928,198
7,209
Banca Generali S.p.A. (EUR)
400,646
50,223
Banca Mediolanum S.p.A.
(EUR)
864,924
204,551
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
1,740,152
199,769
Banco BPM S.p.A. (EUR)
2,332,478
155,371
BPER Banca S.p.A. (EUR)
1,412,181
42,222
Buzzi S.p.A. (EUR)
2,340,555
119,109
Credito Emiliano S.p.A. (EUR)
1,759,423
78,348
Eni S.p.A. (EUR)
1,269,914
23,064
Generali (EUR)
820,755
93,352
Hera S.p.A. (EUR)
451,074
315,511
Intesa Sanpaolo S.p.A. (EUR)
1,817,961
41,647
Leonardo S.p.A. (EUR)
2,344,002
80,259
Lottomatica Group S.p.A. (EUR)
2,227,395
43,256
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR) (f)
1,005,568
152,039
Nexi S.p.A. (EUR) (c) (d)
908,727
Shares
Description
Value
 
Italy (Continued)
204,644
Pirelli & C S.p.A.
(EUR) (c) (d) (f)
$1,411,172
68,182
Poste Italiane S.p.A.
(EUR) (c) (d) (f)
1,464,950
2,402,879
Telecom Italia S.p.A. (EUR) (e)
1,184,839
21,739
UniCredit S.p.A. (EUR)
1,457,324
76,102
Unipol Assicurazioni S.p.A.
(EUR)
1,508,271
 
31,457,380
Luxembourg — 1.0%
42,321
ArcelorMittal S.A. (EUR)
1,339,528
82,704
Tenaris S.A. (EUR)
1,556,308
 
2,895,836
Netherlands — 4.1%
57,863
ABN AMRO Bank N.V.
(EUR) (c) (d)
1,584,037
28,192
ASR Nederland N.V. (EUR)
1,872,316
2,793
Euronext N.V. (EUR) (c) (d)
477,382
49,556
Iveco Group N.V. (EUR)
974,857
10,805
Koninklijke Ahold Delhaize
N.V. (EUR)
451,836
27,936
Koninklijke Vopak N.V. (EUR)
1,389,347
93,352
STMicroelectronics N.V. (EUR)
2,851,924
49,556
Technip Energies N.V. (EUR)
2,086,310
 
11,688,009
Norway — 4.6%
68,123
Aker BP ASA (NOK)
1,742,376
46,271
DNB Bank ASA (NOK)
1,278,955
60,997
Equinor ASA (NOK)
1,543,776
17,573
Gjensidige Forsikring ASA
(NOK)
445,279
41,523
Kongsberg Gruppen ASA
(NOK)
1,610,142
70,444
Norsk Hydro ASA (NOK)
402,142
38,771
Orkla ASA (NOK)
421,583
50,168
SpareBank 1 Sor-Norge ASA
(NOK)
922,788
63,898
Storebrand ASA (NOK)
905,275
84,702
Telenor ASA (NOK)
1,316,825
75,325
Vend Marketplaces ASA (NOK)
2,652,973
 
13,242,114
Portugal — 1.2%
2,010,449
Banco Comercial Portugues
S.A., Class R (EUR)
1,564,443
239,979
EDP S.A. (EUR)
1,040,843
23,007
Galp Energia SGPS S.A. (EUR)
421,965
19,051
Jeronimo Martins SGPS S.A.
(EUR)
482,037
 
3,509,288
Spain — 8.8%
3,091
Acciona S.A. (EUR) (f)
556,353
See Notes to Financial Statements
Page 5
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
35,394
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
$2,457,772
148,827
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
2,288,689
723,378
Banco de Sabadell S.A. (EUR)
2,303,241
301,329
Banco Santander S.A. (EUR)
2,494,244
182,239
Bankinter S.A. (EUR)
2,378,533
208,200
CaixaBank S.A. (EUR)
1,803,568
15,241
Endesa S.A. (EUR) (f)
482,761
69,874
Indra Sistemas S.A. (EUR) (f)
3,033,885
359,467
International Consolidated
Airlines Group S.A. (GBP)
1,683,552
262,778
Mapfre S.A. (EUR)
1,074,105
151,792
Repsol S.A. (EUR) (f)
2,223,427
1,094,395
Unicaja Banco S.A.
(EUR) (c) (d)
2,586,027
 
25,366,157
Sweden — 4.9%
61,896
Boliden AB (SEK) (e)
1,930,631
56,787
Essity AB, Class B (SEK)
1,572,598
33,084
Industrivarden AB, Class C
(SEK)
1,194,897
67,902
Investor AB, Class B (SEK)
2,007,799
41,171
Saab AB, Class B (SEK)
2,295,957
40,077
SKF AB, Class B (SEK)
919,650
332,655
SSAB AB, Class B (SEK)
1,964,798
29,891
Tele2 AB, Class B (SEK)
436,791
1,055,688
Volvo Car AB, Class B
(SEK) (e) (f)
1,938,220
 
14,261,341
Switzerland — 2.2%
9,284
Avolta AG (CHF)
503,368
2,308
BKW AG (CHF)
504,098
26,755
Coca-Cola HBC AG (GBP)
1,397,024
7,813
Helvetia Holding AG (CHF)
1,832,503
2,382
Sulzer AG (CHF)
429,898
700
Swisscom AG (CHF)
496,251
2,117
VZ Holding AG (CHF)
463,181
1,160
Zurich Insurance Group AG
(CHF)
810,808
 
6,437,131
United Kingdom — 19.2%
34,568
3i Group PLC (GBP)
1,954,925
32,404
Anglogold Ashanti PLC (ZAR)
1,465,925
7,537
Ashtead Group PLC (GBP)
483,038
81,805
Associated British Foods PLC
(GBP)
2,310,914
56,285
Aviva PLC (GBP)
478,390
Shares
Description
Value
 
United Kingdom (Continued)
172,650
Babcock International
Group PLC (GBP)
$2,720,614
60,115
BAE Systems PLC (GBP)
1,556,676
217,162
Barclays PLC (GBP)
1,005,446
134,842
Beazley PLC (GBP)
1,730,594
26,158
Berkeley Group Holdings PLC
(GBP)
1,385,959
188,421
BT Group PLC (GBP)
501,106
836,951
Centrica PLC (GBP)
1,855,947
353,263
easyJet PLC (GBP)
2,580,664
17,180
Endeavour Mining PLC (GBP)
525,408
114,619
Evraz PLC (GBP) (e) (g) (h) (i)
0
171,948
Fresnillo PLC (GBP)
3,398,742
148,596
Harbour Energy PLC (GBP)
399,577
107,277
HSBC Holdings PLC (GBP)
1,298,480
131,370
IG Group Holdings PLC (GBP)
1,918,653
32,722
Imperial Brands PLC (GBP)
1,292,225
132,864
J Sainsbury PLC (GBP)
528,523
1,380,691
JD Sports Fashion PLC (GBP)
1,681,800
370,110
Kingfisher PLC (GBP)
1,477,351
2,167,705
Lloyds Banking Group PLC
(GBP)
2,282,202
276,668
NatWest Group PLC (GBP)
1,942,129
2,819
Next PLC (GBP)
481,364
25,657
Pearson PLC (GBP)
377,361
34,067
Rio Tinto PLC (GBP)
1,985,044
125,165
Rolls-Royce Holdings PLC
(GBP)
1,662,407
33,186
Shell PLC (GBP)
1,163,186
58,814
SSE PLC (GBP)
1,478,181
159,926
St. James’s Place PLC (GBP)
2,599,138
137,120
Standard Chartered PLC (GBP)
2,271,782
1,112,879
Tritax Big Box REIT PLC
(GBP)
2,254,721
153,561
UNITE Group (The) PLC (GBP)
1,786,402
1,714,658
Vodafone Group PLC (GBP)
1,830,644
12,760
Whitbread PLC (GBP)
494,447
 
55,159,965
United States — 0.2%
4,585
Autoliv, Inc., SDR (SEK)
513,704
Total Common Stocks
285,488,142
(Cost $219,350,294)
MONEY MARKET FUNDS — 0.0%
45,848
Dreyfus Government Cash
Management Fund,
Institutional Shares - 4.21% (j)
45,848
(Cost $45,848)
 
See Notes to Financial Statements
Page 6
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 5.1%
$14,559,507
JPMorgan Chase & Co.,
4.39% (j), dated 06/30/25, due
07/01/25, with a maturity
value of $14,561,282.
Collateralized by
U.S. Treasury Bond, interest
rate of 4.63%, due 11/15/44.
The value of the collateral
including accrued interest is
$14,850,698. (k)
$14,559,507
(Cost $14,559,507)
Total Investments — 104.2%
300,093,497
(Cost $233,955,649)
Net Other Assets and
Liabilities — (4.2)%
(12,142,964
)
Net Assets — 100.0%
$287,950,533
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Non-income producing security.
(f)
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 is $13,956,021 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $14,559,507.
(g)
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.
(h)
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 June 30, 2025, securities noted as
such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2025.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
NOK
–  Norwegian Krone
SDR
–  Swedish Depositary Receipt
SEK
–  Swedish Krona
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
EUR
61.4%
GBP
19.4
USD
5.4
SEK
4.9
NOK
4.4
DKK
2.3
CHF
1.7
ZAR
0.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
United Kingdom
$  55,159,965
$  55,159,965
$         —
$  —**
Other Country
Categories*
 230,328,177
 230,328,177
         —
  —
Money Market
Funds
      45,848
      45,848
         —
  —
Repurchase
Agreements
  14,559,507
          —
 14,559,507
  —
Total Investments
$300,093,497
$285,533,990
$14,559,507
 $—**
 
*
See Portfolio of Investments for country breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 7
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$13,956,021
Non-cash Collateral(2)
(13,956,021
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$14,559,507
Non-cash Collateral(4)
(14,559,507
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 8
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 98.9%
Brazil — 46.5%
95,029
Ambev S.A. (BRL)
$232,977
105,674
B3 S.A. - Brasil Bolsa Balcao
(BRL)
283,582
33,751
Banco Bradesco S.A. (Preference
Shares) (BRL)
104,550
45,509
Banco do Brasil S.A. (BRL)
185,031
16,004
Banco Santander Brasil S.A.
(BRL)
87,456
31,833
BB Seguridade Participacoes
S.A. (BRL)
209,755
21,729
BRF S.A. (BRL)
80,547
31,451
Centrais Eletricas Brasileiras
S.A. (BRL)
232,825
208,396
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
414,253
123,236
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
282,623
69,084
CSN Mineracao S.A. (BRL)
63,068
32,519
Embraer S.A. (BRL)
460,932
11,078
Engie Brasil Energia S.A. (BRL)
92,590
26,727
Equatorial Energia S.A. (BRL)
176,898
132,148
Gerdau S.A. (Preference Shares)
(BRL)
389,164
181,007
Itausa S.A. (Preference Shares)
(BRL)
364,806
25,462
Localiza Rent a Car S.A. (BRL)
189,895
73,476
Motiva Infraestrutura de
Mobilidade S.A. (BRL)
186,493
23,016
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
132,934
42,763
Porto Seguro S.A. (BRL)
434,470
53,722
PRIO S.A. (BRL) (c)
419,247
15,164
Rede D’Or Sao Luiz S.A.
(BRL) (d) (e)
98,859
68,654
Telefonica Brasil S.A. (BRL)
390,334
71,272
TIM S.A. (BRL)
289,254
22,626
Vale S.A. (BRL)
219,259
 
6,021,802
Chile — 16.9%
6,076
Banco de Credito e Inversiones
S.A. (CLP)
256,573
1,315,956
Banco Santander Chile (CLP)
82,648
122,558
Cencosud S.A. (CLP)
417,023
182,243
Empresas CMPC S.A. (CLP)
278,560
43,404
Empresas Copec S.A. (CLP)
295,564
1,191,038
Enel Chile S.A. (CLP)
88,188
Shares
Description
Value
 
Chile (Continued)
72,078
Falabella S.A. (CLP)
$382,972
19,106,128
Latam Airlines Group S.A.
(CLP)
386,788
 
2,188,316
Colombia — 4.5%
30,135
Grupo Cibest S.A. (Preference
Shares) (COP)
340,501
49,165
Interconexion Electrica S.A. ESP
(COP)
238,048
 
578,549
Mexico — 28.1%
191,287
Alfa S.A.B. de C.V., Class A
(MXN)
141,290
28,553
Arca Continental S.A.B. de C.V.
(MXN)
301,789
528,978
Cemex S.A.B. de C.V.,
Series CPO (MXN)
365,065
40,827
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
395,596
79,059
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
431,940
63,882
Fibra Uno Administracion S.A.
de C.V. (MXN)
88,242
15,475
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
159,331
8,267
Gruma S.A.B. de C.V., Class B
(MXN)
142,642
10,762
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
98,372
66,424
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN)
171,472
29,856
Grupo Mexico S.A.B. de C.V.,
Series B (MXN)
180,843
20,114
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
559,273
116,633
Prologis Property Mexico S.A.
de C.V. (MXN)
440,812
14,779
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
166,523
 
3,643,190
Netherlands — 2.9%
26,005
JBS N.V., BDR (BRL) (c)
374,344
Total Investments — 98.9%
12,806,201
(Cost $10,367,636)
Net Other Assets and
Liabilities — 1.1%
139,181
Net Assets — 100.0%
$12,945,382
 
See Notes to Financial Statements
Page 9
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(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.
(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:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
MXN
–  Mexican Peso
 
Currency Exposure Diversification
% of Total
Investments
BRL
49.9%
MXN
28.5
CLP
17.1
COP
4.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 12,806,201
$ 12,806,201
$ —
$ —
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 10
First Trust Brazil AlphaDEX® Fund (FBZ)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.0%
Aerospace & Defense — 3.9%
20,021
Embraer S.A. (BRL)
$283,782
Banks — 6.3%
19,463
Banco Bradesco S.A. (Preference
Shares) (BRL)
60,290
18,617
Banco do Brasil S.A. (BRL)
75,693
9,445
Banco Santander Brasil S.A.
(BRL)
51,614
16,107
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
109,542
76,777
Itausa S.A. (Preference Shares)
(BRL)
154,738
 
451,877
Commercial Services &
Supplies — 2.1%
3,461
Ambipar Participacoes e
Empreendimentos S.A.
(BRL) (b)
104,471
16,094
GPS Participacoes e
Empreendimentos S.A.
(BRL) (c)
46,833
 
151,304
Consumer Staples Distribution
& Retail — 0.4%
10,227
Raia Drogasil S.A. (BRL)
28,461
Containers & Packaging —
1.4%
29,094
Klabin S.A. (BRL)
98,799
Diversified Telecommunication
Services — 2.3%
28,864
Telefonica Brasil S.A. (BRL)
164,107
Electric Utilities — 13.7%
19,777
Centrais Eletricas Brasileiras
S.A. (BRL)
146,405
81,005
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
161,023
49,178
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
112,782
24,670
Energisa S.A. (BRL)
219,406
8,211
Equatorial Energia S.A. (BRL)
54,346
39,112
Isa Energia Brasil S.A.
(Preference Shares) (BRL)
166,869
20,541
Transmissora Alianca de Energia
Eletrica S.A. (BRL)
132,060
 
992,891
Electrical Equipment — 1.9%
17,054
WEG S.A. (BRL)
134,283
Shares
Description
Value
 
Financial Services — 6.1%
23,271
Pagseguro Digital Ltd., Class A
$224,333
13,709
StoneCo Ltd., Class A (b)
219,892
 
444,225
Food Products — 10.4%
44,359
BRF S.A. (BRL)
164,435
15,495
JBS N.V., BDR (BRL) (b)
223,052
66,057
Marfrig Global Foods S.A.
(BRL)
278,424
25,713
SLC Agricola S.A. (BRL)
84,572
 
750,483
Health Care Providers &
Services — 2.4%
26,553
Rede D’Or Sao Luiz S.A.
(BRL) (c) (d)
173,107
Hotels, Restaurants & Leisure
— 0.8%
13,266
Smartfit Escola de Ginastica e
Danca S.A. (BRL)
60,652
Insurance — 6.0%
18,656
BB Seguridade Participacoes
S.A. (BRL)
122,929
30,779
Porto Seguro S.A. (BRL)
312,713
 
435,642
Metals & Mining — 7.3%
62,015
Gerdau S.A. (Preference Shares)
(BRL)
182,629
87,802
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
144,314
20,622
Vale S.A. (BRL)
199,839
 
526,782
Oil, Gas & Consumable Fuels
— 7.4%
19,132
Brava Energia (BRL) (b)
61,272
82,717
Cosan S.A. (BRL) (b)
104,441
24,868
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
143,630
11,208
PRIO S.A. (BRL) (b)
87,467
42,505
Ultrapar Participacoes S.A.
(BRL)
137,222
 
534,032
Paper & Forest Products —
1.9%
14,567
Suzano S.A. (BRL)
137,302
Pharmaceuticals — 1.7%
24,875
Hypera S.A. (BRL)
124,487
Real Estate Management &
Development — 0.7%
12,424
Allos S.A. (BRL)
51,954
See Notes to Financial Statements
Page 11
First Trust Brazil AlphaDEX® Fund (FBZ)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Software — 0.9%
8,411
TOTVS S.A. (BRL)
$65,346
Specialty Retail — 6.2%
37,127
Lojas Renner S.A. (BRL)
134,483
208,325
Raizen S.A. (Preference Shares)
(BRL)
63,267
63,058
Vibra Energia S.A. (BRL)
251,392
 
449,142
Transportation Infrastructure
— 0.8%
22,123
Motiva Infraestrutura de
Mobilidade S.A. (BRL)
56,151
Water Utilities — 10.9%
10,169
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
222,973
54,033
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
278,166
40,481
Cia De Sanena Do Parana (BRL)
283,801
 
784,940
Wireless Telecommunication
Services — 3.5%
62,152
TIM S.A. (BRL)
252,241
Total Common Stocks
7,151,990
(Cost $5,477,877)
MONEY MARKET FUNDS — 0.0%
1,525
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (e)
1,525
(Cost $1,525)
Total Investments — 99.0%
7,153,515
(Cost $5,479,402)
Net Other Assets and
Liabilities — 1.0%
73,442
Net Assets — 100.0%
$7,226,957
 
(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.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Rate shown reflects yield as of June 30, 2025.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
BRL
93.8%
USD
6.2
Total
100.0%
 
Country Allocation†
% of Net
Assets
Brazil
89.7%
Cayman Islands
6.2
Netherlands
3.1
United States
0.0††
Total Investments
99.0
Net Other Assets and Liabilities
1.0
Total
100.0%
 
†
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
††
Amount is less than 0.1%.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 7,151,990
$ 7,151,990
$ —
$ —
Money Market Funds
     1,525
     1,525
 —
 —
Total Investments
$7,153,515
$7,153,515
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 12
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 98.8%
Automobiles — 3.5%
563,962
Geely Automobile Holdings Ltd.
(HKD)
$1,146,610
122,472
Great Wall Motor Co., Ltd.,
Class H (HKD)
188,468
 
1,335,078
Banks — 5.7%
1,132,127
Agricultural Bank of China Ltd.,
Class H (HKD)
807,637
311,438
China CITIC Bank Corp., Ltd.,
Class H (HKD)
296,760
515,805
China Construction Bank Corp.,
Class H (HKD)
520,408
485,922
China Minsheng Banking Corp.,
Ltd., Class H (HKD)
275,461
359,292
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD)
303,455
 
2,203,721
Broadline Retail — 0.4%
35,456
MINISO Group Holding Ltd.
(HKD)
160,795
Capital Markets — 2.3%
5,266,737
China Cinda Asset Management
Co., Ltd., Class H (HKD)
899,041
Communications Equipment
— 2.0%
79,332
BYD Electronic International
Co., Ltd. (HKD)
321,373
137,339
ZTE Corp., Class H (HKD)
425,141
 
746,514
Construction & Engineering
— 3.7%
1,689,171
China Railway Group Ltd.,
Class H (HKD)
809,086
408,304
China State Construction
International Holdings Ltd.
(HKD)
615,841
 
1,424,927
Diversified Telecommunication
Services — 2.2%
597,339
China Tower Corp., Ltd.,
Class H (HKD) (b) (c)
853,782
Electrical Equipment — 5.4%
1,278,352
Goldwind Science &
Technology Co., Ltd., Class H
(HKD)
1,216,478
2,363,946
Shanghai Electric Group Co.,
Ltd., Class H (HKD) (d) (e)
867,287
 
2,083,765
Shares
Description
Value
 
Electronic Equipment,
Instruments & Components
— 1.2%
88,992
AAC Technologies Holdings,
Inc. (HKD)
$461,401
Entertainment — 1.9%
680,632
China Ruyi Holdings Ltd.
(HKD) (d) (e)
219,364
99,483
Kingsoft Corp., Ltd. (HKD)
518,329
 
737,693
Health Care Providers &
Services — 1.0%
156,881
Sinopharm Group Co., Ltd.,
Class H (HKD)
367,324
Hotels, Restaurants & Leisure
— 1.4%
9,298
Trip.com Group Ltd. (HKD)
540,117
Independent Power and
Renewable Electricity
Producers — 3.8%
1,582,402
China Power International
Development Ltd. (HKD)
602,728
353,328
China Resources Power
Holdings Co., Ltd. (HKD)
852,493
 
1,455,221
Insurance — 7.9%
7,687,859
China Reinsurance Group Corp.,
Class H (HKD)
1,194,809
1,728,089
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
1,314,237
272,048
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
526,771
 
3,035,817
Interactive Media & Services
— 1.7%
60,650
Baidu, Inc., Class A (HKD) (d)
644,748
IT Services — 2.2%
220,075
GDS Holdings Ltd., Class A
(HKD) (d) (e)
827,039
Machinery — 1.7%
219,808
Sinotruk Hong Kong Ltd. (HKD)
641,227
Marine Transportation —
3.2%
72,732
Orient Overseas International
Ltd. (HKD)
1,235,989
Metals & Mining — 5.6%
710,764
China Hongqiao Group Ltd.
(HKD)
1,627,977
268,174
Jiangxi Copper Co., Ltd.,
Class H (HKD)
520,637
 
2,148,614
See Notes to Financial Statements
Page 13
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Oil, Gas & Consumable Fuels
— 9.4%
720,342
China Coal Energy Co., Ltd.,
Class H (HKD)
$833,216
751,634
China Petroleum & Chemical
Corp., Class H (HKD)
393,533
521,757
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
1,033,601
1,368,843
PetroChina Co., Ltd., Class H
(HKD)
1,177,038
187,272
Yankuang Energy Group Co.,
Ltd., Class H (HKD)
186,319
 
3,623,707
Passenger Airlines — 8.0%
1,298,016
Air China Ltd., Class H
(HKD) (d)
985,506
2,582,389
China Eastern Airlines Corp.,
Ltd., Class H (HKD) (d) (e)
1,039,542
2,048,649
China Southern Airlines Co.,
Ltd., Class H (HKD) (d)
1,049,124
 
3,074,172
Pharmaceuticals — 1.4%
293,370
China Resources Pharmaceutical
Group Ltd. (HKD) (b) (c)
191,346
348,848
CSPC Pharmaceutical Group
Ltd. (HKD)
342,184
 
533,530
Real Estate Management &
Development — 4.3%
404,762
China Overseas Land &
Investment Ltd. (HKD)
702,279
222,361
China Resources Land Ltd.
(HKD)
753,483
167,297
Longfor Group Holdings Ltd.
(HKD) (b) (c)
197,348
 
1,653,110
Specialty Retail — 8.3%
93,199
Pop Mart International Group
Ltd. (HKD) (b) (c)
3,165,224
Technology Hardware, Storage
& Peripherals — 4.8%
242,313
Xiaomi Corp., Class B
(HKD) (b) (c) (d)
1,850,542
Trading Companies &
Distributors — 3.0%
138,545
BOC Aviation Ltd.
(HKD) (b) (c)
1,147,195
Transportation Infrastructure
— 1.7%
361,648
China Merchants Port Holdings
Co., Ltd. (HKD)
658,802
Shares
Description
Value
 
Water Utilities — 1.1%
497,917
Guangdong Investment Ltd.
(HKD)
$416,096
Total Common Stocks
37,925,191
(Cost $31,610,713)
MONEY MARKET FUNDS — 0.3%
136,960
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (f)
136,960
(Cost $136,960)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.6%
$998,399
Bank of America Corp.,
4.39% (f), dated 06/30/25, due
07/01/25, with a maturity
value of $998,521.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/30/26 to
06/30/30. The value of the
collateral including accrued
interest is $1,018,367. (g)
998,399
(Cost $998,399)
Total Investments — 101.7%
39,060,550
(Cost $32,746,072)
Net Other Assets and
Liabilities — (1.7)%
(668,531
)
Net Assets — 100.0%
$38,392,019
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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.
(c)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(d)
Non-income producing security.
(e)
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 is $933,358 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $998,399.
See Notes to Financial Statements
Page 14
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(f)
Rate shown reflects yield as of June 30, 2025.
(g)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
HKD
–  Hong Kong Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
HKD
94.5%
USD
5.5
Total
100.0%
 
Country Allocation†
% of Net
Assets
China
47.1%
Cayman Islands
32.6
Hong Kong
12.3
Bermuda
3.8
Singapore
3.0
United States
2.9
Total Investments
101.7
Net Other Assets and Liabilities
(1.7)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 37,925,191
$ 37,925,191
$      —
$ —
Money Market Funds
    136,960
    136,960
      —
 —
Repurchase Agreements
    998,399
         —
 998,399
 —
Total Investments
$39,060,550
$38,062,151
$998,399
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$933,358
Non-cash Collateral(2)
(933,358
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$998,399
Non-cash Collateral(4)
(998,399
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 15
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.7%
Automobile Components —
4.7%
91,900
Aisin Corp. (JPY)
$1,178,704
61,200
Bridgestone Corp. (JPY) (b)
2,507,413
48,200
Niterra Co., Ltd. (JPY)
1,606,611
143,100
Sumitomo Electric Industries
Ltd. (JPY)
3,075,549
 
8,368,277
Automobiles — 7.8%
212,800
Honda Motor Co., Ltd. (JPY)
2,060,690
113,500
Isuzu Motors Ltd. (JPY)
1,442,740
766,500
Mitsubishi Motors Corp. (JPY)
2,174,336
680,400
Nissan Motor Co., Ltd. (JPY) (c)
1,654,637
144,700
Subaru Corp. (JPY)
2,527,640
182,500
Suzuki Motor Corp. (JPY)
2,208,934
26,000
Toyota Motor Corp. (JPY)
450,109
174,400
Yamaha Motor Co., Ltd.
(JPY) (b)
1,307,349
 
13,826,435
Banks — 7.1%
176,900
Mitsubishi UFJ Financial Group,
Inc. (JPY)
2,435,976
105,400
Mizuho Financial Group, Inc.
(JPY)
2,922,553
55,400
Rakuten Bank Ltd. (JPY) (c)
2,544,849
142,700
Resona Holdings, Inc. (JPY)
1,319,929
86,800
Sumitomo Mitsui Financial
Group, Inc. (JPY)
2,190,418
44,300
Sumitomo Mitsui Trust Group,
Inc. (JPY)
1,180,985
 
12,594,710
Broadline Retail — 2.5%
90,800
Ryohin Keikaku Co., Ltd. (JPY)
4,366,446
Building Products — 1.0%
55,600
Sanwa Holdings Corp. (JPY)
1,849,022
Capital Markets — 1.7%
442,800
Nomura Holdings, Inc. (JPY)
2,927,298
Chemicals — 4.1%
74,700
Asahi Kasei Corp. (JPY)
532,738
107,400
Kuraray Co., Ltd. (JPY) (b)
1,368,556
306,300
Mitsubishi Chemical Group
Corp. (JPY)
1,612,273
30,500
Nitto Denko Corp. (JPY)
591,235
40,700
Resonac Holdings Corp. (JPY)
946,525
326,100
Toray Industries, Inc. (JPY)
2,236,878
 
7,288,205
Shares
Description
Value
 
Commercial Services &
Supplies — 1.6%
147,200
Dai Nippon Printing Co., Ltd.
(JPY)
$2,238,589
19,400
TOPPAN Holdings, Inc. (JPY)
528,766
 
2,767,355
Construction & Engineering
— 4.5%
195,100
Obayashi Corp. (JPY)
2,960,946
195,600
Shimizu Corp. (JPY)
2,188,199
49,200
Taisei Corp. (JPY)
2,869,901
 
8,019,046
Consumer Staples Distribution
& Retail — 0.9%
98,500
Seven & i Holdings Co., Ltd.
(JPY)
1,588,941
Electric Utilities — 4.3%
246,600
Chubu Electric Power Co., Inc.
(JPY)
3,049,856
186,300
Kansai Electric Power (The) Co.,
Inc. (JPY)
2,210,942
687,600
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (c)
2,292,398
 
7,553,196
Electrical Equipment — 1.1%
37,400
Fujikura Ltd. (JPY)
1,966,289
Entertainment — 0.9%
5,500
Konami Group Corp. (JPY)
871,376
13,300
Toho Co., Ltd. (JPY)
785,966
 
1,657,342
Financial Services — 1.9%
156,700
Mitsubishi HC Capital, Inc.
(JPY)
1,153,990
24,000
ORIX Corp. (JPY)
543,315
152,800
Tokyo Century Corp. (JPY)
1,724,776
 
3,422,081
Food Products — 0.3%
7,600
Toyo Suisan Kaisha Ltd. (JPY)
505,857
Gas Utilities — 1.4%
47,200
Osaka Gas Co., Ltd. (JPY)
1,210,441
37,400
Tokyo Gas Co., Ltd. (JPY)
1,244,546
 
2,454,987
Ground Transportation —
4.0%
137,700
Central Japan Railway Co. (JPY)
3,090,493
231,000
Keisei Electric Railway Co., Ltd.
(JPY)
2,167,956
50,900
Seibu Holdings, Inc. (JPY)
1,825,974
 
7,084,423
See Notes to Financial Statements
Page 16
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Hotels, Restaurants & Leisure
— 1.3%
36,400
Zensho Holdings Co., Ltd. (JPY)
$2,208,696
Household Durables — 1.8%
149,100
Panasonic Holdings Corp. (JPY)
1,610,535
24,200
Sony Group Corp. (JPY)
626,825
92,400
Sumitomo Forestry Co., Ltd.
(JPY) (b)
935,838
 
3,173,198
Industrial Conglomerates —
0.3%
30,100
Sekisui Chemical Co., Ltd.
(JPY)
545,962
Insurance — 5.5%
308,500
Dai-ichi Life Holdings, Inc.
(JPY)
2,347,946
28,100
Japan Post Insurance Co., Ltd.
(JPY)
636,326
99,100
Sompo Holdings, Inc. (JPY)
2,990,101
140,500
T&D Holdings, Inc. (JPY)
3,092,844
14,300
Tokio Marine Holdings, Inc.
(JPY)
606,835
 
9,674,052
Leisure Products — 0.9%
43,200
Bandai Namco Holdings, Inc.
(JPY)
1,551,246
Machinery — 10.4%
69,600
Hitachi Construction Machinery
Co., Ltd. (JPY)
2,078,261
39,100
Hoshizaki Corp. (JPY)
1,351,075
43,800
IHI Corp. (JPY)
4,757,002
56,100
Kawasaki Heavy Industries Ltd.
(JPY)
4,246,311
37,500
Komatsu Ltd. (JPY)
1,233,551
177,600
Kubota Corp. (JPY) (b)
2,000,397
110,200
Mitsubishi Heavy Industries Ltd.
(JPY)
2,762,557
 
18,429,154
Marine Transportation —
4.4%
181,100
Kawasaki Kisen Kaisha Ltd.
(JPY) (b)
2,570,525
74,100
Mitsui OSK Lines Ltd. (JPY) (b)
2,480,205
77,400
Nippon Yusen KK (JPY)
2,788,453
 
7,839,183
Media — 1.2%
89,200
Nippon Television Holdings,
Inc. (JPY)
2,072,589
Metals & Mining — 2.9%
183,500
JFE Holdings, Inc. (JPY)
2,136,936
Shares
Description
Value
 
Metals & Mining (Continued)
128,300
Nippon Steel Corp. (JPY)
$2,434,943
22,600
Sumitomo Metal Mining Co.,
Ltd. (JPY)
558,703
 
5,130,582
Oil, Gas & Consumable Fuels
— 3.0%
197,600
ENEOS Holdings, Inc. (JPY)
981,242
236,600
Idemitsu Kosan Co., Ltd. (JPY)
1,437,624
207,200
Inpex Corp. (JPY) (b)
2,913,649
 
5,332,515
Passenger Airlines — 1.0%
57,000
ANA Holdings, Inc. (JPY) (b)
1,117,201
32,800
Japan Airlines Co., Ltd.
(JPY) (b)
669,985
 
1,787,186
Pharmaceuticals — 2.7%
249,800
Ono Pharmaceutical Co., Ltd.
(JPY)
2,704,338
28,500
Otsuka Holdings Co., Ltd.
(JPY) (b)
1,415,253
36,800
Shionogi & Co., Ltd. (JPY)
662,888
 
4,782,479
Professional Services — 0.5%
14,700
Recruit Holdings Co., Ltd. (JPY)
871,251
Real Estate Management &
Development — 0.7%
16,800
Daiwa House Industry Co., Ltd.
(JPY)
577,946
104,500
Nomura Real Estate Holdings,
Inc. (JPY)
612,320
 
1,190,266
Semiconductors &
Semiconductor Equipment
— 1.8%
35,500
Advantest Corp. (JPY)
2,626,662
39,900
Renesas Electronics Corp. (JPY)
495,685
 
3,122,347
Specialty Retail — 2.3%
1,500
Fast Retailing Co., Ltd. (JPY)
515,816
73,700
Sanrio Co., Ltd. (JPY)
3,566,137
 
4,081,953
Technology Hardware, Storage
& Peripherals — 1.7%
31,600
Canon, Inc. (JPY) (b)
919,221
225,400
Ricoh Co., Ltd. (JPY)
2,137,312
 
3,056,533
Textiles, Apparel & Luxury
Goods — 0.8%
52,500
Asics Corp. (JPY)
1,341,620
See Notes to Financial Statements
Page 17
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Trading Companies &
Distributors — 5.6%
102,400
Marubeni Corp. (JPY)
$2,071,395
62,700
Mitsubishi Corp. (JPY)
1,257,440
49,300
Mitsui & Co., Ltd. (JPY)
1,008,903
61,100
MonotaRO Co., Ltd. (JPY)
1,207,107
100,700
Sojitz Corp. (JPY)
2,478,952
23,800
Sumitomo Corp. (JPY)
616,299
57,700
Toyota Tsusho Corp. (JPY)
1,309,825
 
9,949,921
Wireless Telecommunication
Services — 1.1%
26,700
SoftBank Group Corp. (JPY)
1,949,589
Total Common Stocks
176,330,232
(Cost $146,107,171)
MONEY MARKET FUNDS — 0.1%
90,746
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (d)
90,746
(Cost $90,746)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 8.4%
$14,811,375
JPMorgan Chase & Co.,
4.39% (d), dated 06/30/25,
due 07/01/25, with a maturity
value of $14,813,181.
Collateralized by
U.S. Treasury Bond, interest
rate of 4.63%, due 11/15/44.
The value of the collateral
including accrued interest is
$15,107,603. (e)
14,811,375
(Cost $14,811,375)
Total Investments — 108.2%
191,232,353
(Cost $161,009,292)
Net Other Assets and
Liabilities — (8.2)%
(14,445,305
)
Net Assets — 100.0%
$176,787,048
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
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 is $13,597,089 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $14,811,375.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of June 30, 2025.
(e)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
JPY
–  Japanese Yen
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
92.2%
USD
7.8
Total
100.0%
 
Country Allocation†
% of Net
Assets
Japan
99.7%
United States
8.5
Total Investments
108.2
Net Other Assets and Liabilities
(8.2)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 176,330,232
$ 176,330,232
$         —
$ —
Money Market
Funds
      90,746
      90,746
         —
 —
Repurchase
Agreements
  14,811,375
          —
 14,811,375
 —
Total Investments
$191,232,353
$176,420,978
$14,811,375
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
See Notes to Financial Statements
Page 18
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$13,597,089
Non-cash Collateral(2)
(13,597,089
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$14,811,375
Non-cash Collateral(4)
(14,811,375
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 19
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Australia — 3.8%
545,863
Evolution Mining Ltd. (AUD)
$2,798,634
252,511
Fortescue Ltd. (AUD)
2,539,386
42,370
Northern Star Resources Ltd.
(AUD)
517,282
343,080
Qantas Airways Ltd. (AUD)
2,425,072
35,444
QBE Insurance Group Ltd.
(AUD)
545,630
26,884
Rio Tinto Ltd. (AUD)
1,895,527
349,647
Santos Ltd. (AUD)
1,762,721
539,040
Sigma Healthcare Ltd. (AUD)
1,060,760
29,269
Telix Pharmaceuticals Ltd.
(AUD) (c)
470,412
167,867
Woodside Energy Group Ltd.
(AUD)
2,610,683
767,014
Yancoal Australia Ltd. (AUD)
2,912,756
 
19,538,863
Austria — 1.2%
18,854
BAWAG Group AG
(EUR) (d) (e)
2,407,470
19,044
OMV AG (EUR)
1,035,953
18,878
Raiffeisen Bank International
AG (EUR)
575,504
44,063
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
2,268,212
 
6,287,139
Belgium — 1.0%
16,180
Ageas S.A./N.V. (EUR)
1,093,050
7,982
KBC Ancora (EUR)
549,102
5,331
KBC Group N.V. (EUR)
550,476
9,487
Sofina S.A. (EUR)
3,129,068
 
5,321,696
Bermuda — 0.8%
1,487,057
Kunlun Energy Co., Ltd. (HKD)
1,443,496
163,074
Orient Overseas International
Ltd. (HKD)
2,771,237
 
4,214,733
Canada — 5.5%
13,396
Agnico Eagle Mines Ltd. (CAD)
1,596,010
54,317
Alamos Gold, Inc., Class A
(CAD)
1,444,731
14,555
Capital Power Corp. (CAD) (f)
585,727
6,132
Celestica, Inc. (CAD) (c)
958,065
104,425
Cenovus Energy, Inc. (CAD)
1,420,962
21,776
Definity Financial Corp. (CAD)
1,269,221
28,857
Empire Co., Ltd., Class A
(CAD)
1,197,510
1,004
Fairfax Financial Holdings Ltd.
(CAD)
1,812,250
2,837
George Weston Ltd. (CAD)
568,983
Shares
Description
Value
 
Canada (Continued)
153,594
Kinross Gold Corp. (CAD)
$2,400,206
63,066
Lundin Gold, Inc. (CAD)
3,329,866
42,701
Magna International, Inc. (CAD)
1,650,656
82,778
MEG Energy Corp. (CAD)
1,564,074
57,503
Open Text Corp. (CAD)
1,680,224
74,917
Pan American Silver Corp.
(CAD)
2,125,789
68,413
Power Corp. of Canada
(CAD) (f)
2,672,214
4,820
RB Global, Inc. (CAD)
512,069
24,988
Suncor Energy, Inc. (CAD)
936,029
12,468
Wheaton Precious Metals Corp.
(CAD)
1,121,227
 
28,845,813
Cayman Islands — 2.5%
145,748
China Resources Land Ltd.
(HKD)
493,875
1,122,121
China State Construction
International Holdings Ltd.
(HKD)
1,692,484
239,385
CK Asset Holdings Ltd. (HKD)
1,055,130
258,217
CK Hutchison Holdings Ltd.
(HKD)
1,588,785
1,130,485
Geely Automobile Holdings Ltd.
(HKD)
2,298,428
355,527
SITC International Holdings Co.,
Ltd. (HKD)
1,139,052
2,635,279
WH Group Ltd. (HKD) (d) (e)
2,534,584
2,452,849
Xinyi Glass Holdings Ltd.
(HKD)
2,356,000
 
13,158,338
Denmark — 1.3%
1,394
A.P. Moller - Maersk A/S,
Class B (DKK)
2,591,569
288,827
H. Lundbeck A/S (DKK)
1,658,062
84,416
ISS A/S (DKK)
2,353,719
 
6,603,350
Finland — 0.2%
16,325
Orion Oyj, Class B (EUR)
1,227,841
France — 2.9%
6,361
Arkema S.A. (EUR)
468,685
11,365
AXA S.A. (EUR)
557,855
17,467
BNP Paribas S.A. (EUR)
1,570,308
34,209
Carrefour S.A. (EUR)
482,350
80,081
Credit Agricole S.A. (EUR)
1,515,439
8,350
Eiffage S.A. (EUR)
1,172,932
21,801
Elis S.A. (EUR)
625,065
14,482
Klepierre S.A. (EUR)
570,457
32,456
Societe Generale S.A. (EUR)
1,856,147
34,147
SPIE S.A. (EUR)
1,918,664
9,684
Teleperformance SE (EUR)
939,049
See Notes to Financial Statements
Page 20
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
France (Continued)
7,293
Thales S.A. (EUR)
$2,144,267
22,517
TotalEnergies SE (EUR)
1,381,899
 
15,203,117
Germany — 9.9%
5,087
Allianz SE (EUR)
2,061,933
25,720
Aurubis AG (EUR) (f)
2,675,222
88,234
Auto1 Group SE
(EUR) (c) (d) (e)
2,843,676
24,310
Bayerische Motoren Werke AG
(EUR)
2,160,876
106,769
Commerzbank AG (EUR)
3,368,091
13,872
Continental AG (EUR)
1,210,836
102,609
Deutsche Bank AG (EUR)
3,042,263
1,646
Deutsche Boerse AG (EUR)
536,885
267,495
Deutsche Lufthansa AG (EUR)
2,262,394
26,171
Deutsche Telekom AG (EUR)
954,750
19,490
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (d) (e)
962,872
8,011
GEA Group AG (EUR)
560,533
5,685
Heidelberg Materials AG (EUR)
1,335,650
29,006
Hensoldt AG (EUR)
3,327,936
14,261
HOCHTIEF AG (EUR)
2,810,438
23,383
KION Group AG (EUR)
1,301,183
41,316
Mercedes-Benz Group AG
(EUR)
2,418,329
1,538
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(EUR)
997,518
1,358
Rheinmetall AG (EUR)
2,874,590
67,806
RWE AG (EUR)
2,829,876
33,268
Siemens Energy AG (EUR) (c)
3,842,790
23,153
Talanx AG (EUR)
2,997,320
189,259
thyssenkrupp AG (EUR)
2,033,643
14,358
Volkswagen AG (Preference
Shares) (EUR)
1,515,748
5,909
Wacker Chemie AG (EUR) (f)
431,553
 
51,356,905
Greece — 1.6%
1,027,860
Alpha Bank S.A. (EUR)
3,620,206
363,022
Eurobank Ergasias Services and
Holdings S.A. (EUR)
1,246,949
354,824
Piraeus Financial Holdings S.A.
(EUR)
2,458,477
64,850
Public Power Corp. S.A. (EUR)
1,058,769
 
8,384,401
Hong Kong — 2.6%
512,261
Beijing Enterprises Holdings
Ltd. (HKD)
2,107,788
Shares
Description
Value
 
Hong Kong (Continued)
239,630
BOC Hong Kong Holdings Ltd.
(HKD)
$1,040,947
1,124,121
China Merchants Port Holdings
Co., Ltd. (HKD)
2,047,775
2,569,218
China Power International
Development Ltd. (HKD)
978,600
815,848
China Resources Power
Holdings Co., Ltd. (HKD)
1,968,441
318,373
China Taiping Insurance
Holdings Co., Ltd. (HKD)
620,527
1,315,074
Guangdong Investment Ltd.
(HKD)
1,098,973
295,732
MTR Corp., Ltd. (HKD)
1,062,382
274,219
Swire Pacific Ltd., Class A
(HKD)
2,349,216
 
13,274,649
Ireland — 0.2%
75,259
AIB Group PLC (EUR)
619,231
41,290
Bank of Ireland Group PLC
(EUR)
587,787
 
1,207,018
Israel — 2.2%
107,991
Bank Hapoalim BM (ILS)
2,071,781
144,739
Bank Leumi Le-Israel BM (ILS)
2,690,840
5,060
Elbit Systems Ltd. (ILS)
2,250,358
70,090
Israel Discount Bank Ltd.,
Class A (ILS)
698,340
130,993
Phoenix Financial Ltd. (ILS)
3,789,825
 
11,501,144
Italy — 5.4%
402,506
A2A S.p.A. (EUR)
1,083,395
8,644
Banca Generali S.p.A. (EUR)
480,398
30,114
Banca Mediolanum S.p.A.
(EUR)
518,614
245,296
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
2,086,777
239,561
Banco BPM S.p.A. (EUR)
2,797,084
186,319
BPER Banca S.p.A. (EUR)
1,693,470
40,505
Buzzi S.p.A. (EUR)
2,245,374
142,835
Credito Emiliano S.p.A. (EUR)
2,109,892
31,318
Eni S.p.A. (EUR)
507,622
13,829
Generali (EUR)
492,118
283,769
Intesa Sanpaolo S.p.A. (EUR)
1,635,065
49,943
Leonardo S.p.A. (EUR)
2,810,923
96,247
Lottomatica Group S.p.A. (EUR)
2,671,103
25,936
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR)
602,932
81,802
Pirelli & C S.p.A. (EUR) (d) (e)
564,085
81,763
Poste Italiane S.p.A.
(EUR) (d) (e) (f)
1,756,749
1,440,758
Telecom Italia S.p.A. (EUR) (c)
710,425
See Notes to Financial Statements
Page 21
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Italy (Continued)
26,070
UniCredit S.p.A. (EUR)
$1,747,663
91,261
Unipol Assicurazioni S.p.A.
(EUR)
1,808,708
 
28,322,397
Japan — 22.1%
89,100
Aisin Corp. (JPY)
1,142,792
52,400
ANA Holdings, Inc. (JPY)
1,027,041
69,100
Asahi Kasei Corp. (JPY)
492,800
57,800
Bandai Namco Holdings, Inc.
(JPY)
2,075,510
22,400
BayCurrent, Inc. (JPY)
1,154,182
12,100
Bridgestone Corp. (JPY)
495,747
126,700
Central Japan Railway Co. (JPY)
2,843,612
178,300
Chubu Electric Power Co., Inc.
(JPY)
2,205,148
136,500
Dai Nippon Printing Co., Ltd.
(JPY)
2,075,865
63,800
Dai-ichi Life Holdings, Inc.
(JPY)
485,572
78,500
Denso Corp. (JPY)
1,063,256
184,900
ENEOS Holdings, Inc. (JPY)
918,176
23,000
Fuji Electric Co., Ltd. (JPY)
1,062,755
36,700
Hitachi Construction Machinery
Co., Ltd. (JPY)
1,095,865
269,400
Honda Motor Co., Ltd. (JPY)
2,608,786
35,000
IHI Corp. (JPY)
3,801,257
175,800
Inpex Corp. (JPY) (f)
2,472,102
71,700
Isuzu Motors Ltd. (JPY)
911,405
56,600
Japan Airlines Co., Ltd. (JPY)
1,156,133
47,600
Japan Post Insurance Co., Ltd.
(JPY)
1,077,904
158,100
JFE Holdings, Inc. (JPY)
1,841,142
204,000
Kansai Electric Power (The) Co.,
Inc. (JPY)
2,420,999
40,500
Kawasaki Heavy Industries Ltd.
(JPY)
3,065,519
178,700
Kawasaki Kisen Kaisha Ltd.
(JPY) (f)
2,536,459
268,400
Keisei Electric Railway Co., Ltd.
(JPY)
2,518,958
167,200
Kobe Steel Ltd. (JPY)
1,827,525
33,600
Komatsu Ltd. (JPY)
1,105,262
8,200
Konami Group Corp. (JPY)
1,299,142
118,500
Kubota Corp. (JPY) (f)
1,334,724
166,200
Kyushu Electric Power Co., Inc.
(JPY)
1,485,938
285,700
LY Corp. (JPY)
1,052,292
121,600
Marubeni Corp. (JPY)
2,459,781
196,300
Mitsubishi Chemical Group
Corp. (JPY)
1,033,266
27,500
Mitsubishi Corp. (JPY)
551,509
Shares
Description
Value
 
Japan (Continued)
71,800
Mitsubishi HC Capital, Inc.
(JPY)
$528,759
57,300
Mitsubishi Heavy Industries Ltd.
(JPY)
1,436,429
71,900
Mitsubishi UFJ Financial Group,
Inc. (JPY)
990,089
77,500
Mitsui & Co., Ltd. (JPY)
1,586,004
43,300
Mitsui Chemicals, Inc. (JPY)
1,002,781
69,700
Mitsui OSK Lines Ltd. (JPY) (f)
2,332,933
53,600
Mizuho Financial Group, Inc.
(JPY)
1,486,232
53,200
NIPPON EXPRESS
HOLDINGS, Inc. (JPY) (f)
1,068,581
113,200
Nippon Steel Corp. (JPY)
2,148,367
499,900
Nippon Telegraph & Telephone
Corp. (JPY)
534,597
23,700
Nippon Television Holdings,
Inc. (JPY)
550,677
73,500
Nippon Yusen KK (JPY)
2,647,950
191,000
Nissan Motor Co., Ltd. (JPY) (c)
464,485
48,000
Niterra Co., Ltd. (JPY)
1,599,944
346,000
Oji Holdings Corp. (JPY)
1,743,876
135,400
Ono Pharmaceutical Co., Ltd.
(JPY)
1,465,842
23,500
ORIX Corp. (JPY)
531,995
21,400
Osaka Gas Co., Ltd. (JPY)
548,802
81,700
Panasonic Holdings Corp. (JPY)
882,500
45,000
Rakuten Bank Ltd. (JPY) (c)
2,067,116
112,400
Resona Holdings, Inc. (JPY)
1,039,664
71,200
Ryohin Keikaku Co., Ltd. (JPY)
3,423,909
31,600
Sanrio Co., Ltd. (JPY)
1,529,036
15,200
Sanwa Holdings Corp. (JPY)
505,488
17,800
SBI Sumishin Net Bank Ltd.
(JPY)
603,819
30,300
Seiko Epson Corp. (JPY)
402,513
72,400
Skylark Holdings Co., Ltd.
(JPY) (f)
1,516,828
66,100
Sojitz Corp. (JPY)
1,627,197
64,000
Sompo Holdings, Inc. (JPY)
1,931,044
57,600
Sony Group Corp. (JPY)
1,491,948
136,700
Subaru Corp. (JPY)
2,387,895
21,500
Sumitomo Corp. (JPY)
556,741
117,300
Sumitomo Electric Industries
Ltd. (JPY)
2,521,048
144,300
Sumitomo Forestry Co., Ltd.
(JPY) (f)
1,461,488
19,100
Sumitomo Mitsui Financial
Group, Inc. (JPY)
481,993
159,900
Suzuki Motor Corp. (JPY)
1,935,389
68,400
T&D Holdings, Inc. (JPY)
1,505,698
10,900
Taisei Corp. (JPY)
635,811
19,500
Toho Co., Ltd. (JPY)
1,152,356
See Notes to Financial Statements
Page 22
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
49,500
Tokyo Century Corp. (JPY)
$558,746
505,000
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (c)
1,683,626
140,900
Tosoh Corp. (JPY)
2,064,505
82,900
Toyota Motor Corp. (JPY)
1,435,156
87,000
Toyota Tsusho Corp. (JPY)
1,974,952
60,700
Yamaha Motor Co., Ltd.
(JPY) (f)
455,023
 
115,198,256
Luxembourg — 0.2%
49,589
Tenaris S.A. (EUR)
933,156
Netherlands — 2.0%
69,389
ABN AMRO Bank N.V.
(EUR) (d) (e)
1,899,568
33,808
ASR Nederland N.V. (EUR)
2,245,291
29,714
Iveco Group N.V. (EUR)
584,529
12,957
Koninklijke Ahold Delhaize
N.V. (EUR)
541,827
89,557
STMicroelectronics N.V. (EUR)
2,735,986
59,428
Technip Energies N.V. (EUR)
2,501,922
 
10,509,123
Norway — 2.1%
61,270
Aker BP ASA (NOK)
1,567,098
55,488
DNB Bank ASA (NOK)
1,533,718
36,573
Equinor ASA (NOK)
925,628
49,795
Kongsberg Gruppen ASA
(NOK)
1,930,906
60,161
SpareBank 1 Sor-Norge ASA
(NOK)
1,106,598
76,626
Storebrand ASA (NOK)
1,085,600
72,263
Vend Marketplaces ASA (NOK)
2,545,128
 
10,694,676
Portugal — 0.4%
1,607,277
Banco Comercial Portugues
S.A., Class R (EUR)
1,250,712
22,846
Jeronimo Martins SGPS S.A.
(EUR)
578,060
 
1,828,772
Singapore — 1.5%
248,009
BOC Aviation Ltd.
(HKD) (d) (e)
2,053,591
924,400
Seatrium Ltd. (SGD) (f)
1,461,301
95,700
Singapore Airlines Ltd. (SGD)
524,600
383,000
Singapore Technologies
Engineering Ltd. (SGD)
2,346,496
823,000
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
1,436,933
 
7,822,921
Shares
Description
Value
 
South Korea — 13.2%
28,097
Amorepacific Corp. (KRW)
$2,845,925
32,156
DB Insurance Co., Ltd. (KRW)
2,937,785
5,755
Hanwha Aerospace Co., Ltd.
(KRW)
3,616,064
53,073
Hanwha Ocean Co., Ltd.
(KRW) (c)
3,122,404
88,753
Hanwha Systems Co., Ltd.
(KRW)
3,814,222
182,067
HMM Co., Ltd. (KRW)
3,035,349
31,683
Hyundai Glovis Co., Ltd.
(KRW)
3,164,544
13,671
Hyundai Mobis Co., Ltd. (KRW)
2,907,215
18,059
Hyundai Motor Co. (KRW)
2,723,034
33,917
Hyundai Rotem Co., Ltd.
(KRW)
4,938,271
38,583
Kia Corp. (KRW)
2,770,223
98,695
Korea Electric Power Corp.
(KRW)
2,873,973
133,755
Korean Air Lines Co., Ltd.
(KRW)
2,269,553
14,090
KT&G Corp. (KRW)
1,333,205
17,514
Meritz Financial Group, Inc.
(KRW)
1,459,933
2,558
POSCO Holdings, Inc. (KRW)
494,693
12,186
Samsung C&T Corp. (KRW)
1,457,336
5,517
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
550,637
61,613
Samsung Electronics Co., Ltd.
(KRW)
2,730,037
264,186
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
3,280,792
3,779
Samsung SDI Co., Ltd. (KRW)
483,855
18,388
Samsung SDS Co., Ltd. (KRW)
2,310,762
2,484
Samyang Foods Co., Ltd.
(KRW)
2,567,561
14,940
SK Hynix, Inc. (KRW)
3,232,424
38,129
SK Square Co., Ltd. (KRW) (c)
5,170,130
51,333
SK Telecom Co., Ltd. (KRW)
2,156,625
43,166
Woori Financial Group, Inc.
(KRW)
718,047
 
68,964,599
Spain — 5.1%
42,444
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
2,947,326
178,473
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
2,744,590
867,469
Banco de Sabadell S.A. (EUR)
2,762,028
361,352
Banco Santander S.A. (EUR)
2,991,084
218,540
Bankinter S.A. (EUR)
2,852,324
249,672
CaixaBank S.A. (EUR)
2,162,826
83,793
Indra Sistemas S.A. (EUR) (f)
3,638,239
See Notes to Financial Statements
Page 23
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
143,690
International Consolidated
Airlines Group S.A. (GBP)
$672,968
157,561
Mapfre S.A. (EUR)
644,030
145,622
Repsol S.A. (EUR) (f)
2,133,049
1,312,390
Unicaja Banco S.A.
(EUR) (d) (e)
3,101,144
 
26,649,608
Sweden — 2.2%
59,380
Boliden AB (SEK) (c)
1,852,154
17,024
Essity AB, Class B (SEK)
471,444
65,142
Investor AB, Class B (SEK)
1,926,188
49,372
Saab AB, Class B (SEK)
2,753,297
319,133
SSAB AB, Class B (SEK)
1,884,932
1,265,973
Volvo Car AB, Class B
(SEK) (c) (f)
2,324,298
 
11,212,313
Switzerland — 1.1%
45,298
BeOne Medicines Ltd.
(HKD) (c)
852,877
21,390
Coca-Cola HBC AG (GBP)
1,116,889
11,712
Helvetia Holding AG (CHF)
2,746,995
1,392
Zurich Insurance Group AG
(CHF)
972,970
 
5,689,731
United Kingdom — 8.6%
31,090
3i Group PLC (GBP)
1,758,233
25,905
Anglogold Ashanti PLC (ZAR)
1,171,916
78,480
Associated British Foods PLC
(GBP)
2,216,986
155,280
Babcock International
Group PLC (GBP)
2,446,898
72,089
BAE Systems PLC (GBP)
1,866,742
260,419
Barclays PLC (GBP)
1,205,723
121,276
Beazley PLC (GBP)
1,556,485
752,749
Centrica PLC (GBP)
1,669,228
254,178
easyJet PLC (GBP)
1,856,827
206,198
Fresnillo PLC (GBP)
4,075,730
128,645
HSBC Holdings PLC (GBP)
1,557,118
78,769
IG Group Holdings PLC (GBP)
1,150,417
26,160
Imperial Brands PLC (GBP)
1,033,085
2,599,496
Lloyds Banking Group PLC
(GBP)
2,736,800
414,723
NatWest Group PLC (GBP)
2,911,236
32,682
Rio Tinto PLC (GBP)
1,904,342
150,097
Rolls-Royce Holdings PLC
(GBP)
1,993,547
13,265
Shell PLC (GBP)
464,945
191,783
St. James’s Place PLC (GBP)
3,116,882
164,433
Standard Chartered PLC (GBP)
2,724,299
Shares
Description
Value
 
United Kingdom (Continued)
1,067,645
Tritax Big Box REIT PLC
(GBP)
$2,163,076
138,112
UNITE Group (The) PLC (GBP)
1,606,681
1,542,154
Vodafone Group PLC (GBP)
1,646,471
 
44,833,667
Total Common Stocks
518,784,226
(Cost $402,003,140)
MONEY MARKET FUNDS — 0.1%
554,520
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (g)
554,520
(Cost $554,520)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 4.5%
$23,499,621
JPMorgan Chase & Co.,
4.39% (g), dated 06/30/25,
due 07/01/25, with a maturity
value of $23,502,487.
Collateralized by
U.S. Treasury Bond, interest
rate of 4.63%, due 11/15/44.
The value of the collateral
including accrued interest is
$23,969,615. (h)
23,499,621
(Cost $23,499,621)
Total Investments — 104.2%
542,838,367
(Cost $426,057,281)
Net Other Assets and
Liabilities — (4.2)%
(21,823,301
)
Net Assets — 100.0%
$521,015,066
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(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.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
See Notes to Financial Statements
Page 24
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(f)
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 is $21,518,670 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $23,499,621.
(g)
Rate shown reflects yield as of June 30, 2025.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
EUR
28.8%
JPY
21.2
KRW
12.7
GBP
8.4
HKD
6.2
CAD
5.3
USD
4.4
AUD
3.6
ILS
2.1
SEK
2.1
NOK
2.0
DKK
1.2
SGD
1.1
CHF
0.7
ZAR
0.2
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 518,784,226
$ 518,784,226
$         —
$ —
Money Market
Funds
     554,520
     554,520
         —
 —
Repurchase
Agreements
  23,499,621
          —
 23,499,621
 —
Total Investments
$542,838,367
$519,338,746
$23,499,621
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$21,518,670
Non-cash Collateral(2)
(21,518,670
)
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 June 30, 2025, 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.
See Notes to Financial Statements
Page 25
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$23,499,621
Non-cash Collateral(4)
(23,499,621
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 26
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.1%
Brazil — 9.5%
356,679
Centrais Eletricas Brasileiras
S.A. (BRL)
$2,640,413
2,363,377
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
4,697,957
465,864
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
1,068,389
368,795
Embraer S.A. (BRL)
5,227,385
1,498,656
Gerdau S.A. (Preference Shares)
(BRL)
4,413,410
2,052,762
Itausa S.A. (Preference Shares)
(BRL)
4,137,186
130,507
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
753,770
363,724
Porto Seguro S.A. (BRL)
3,695,416
609,252
PRIO S.A. (BRL) (c)
4,754,612
583,934
Telefonica Brasil S.A. (BRL)
3,319,969
538,850
TIM S.A. (BRL)
2,186,899
256,595
Vale S.A. (BRL)
2,486,560
 
39,381,966
Cayman Islands — 15.6%
699,500
AAC Technologies Holdings,
Inc. (HKD)
3,626,730
207,445
Alibaba Group Holding Ltd.
(HKD)
2,901,606
146,450
Baidu, Inc., Class A (HKD) (c)
1,556,857
2,058,689
China Hongqiao Group Ltd.
(HKD)
4,715,346
378,200
Giant Biogene Holding Co., Ltd.
(HKD) (d) (e)
2,779,908
321,000
Haitian International Holdings
Ltd. (HKD)
834,196
1,573,459
JD Logistics, Inc.
(HKD) (c) (d) (e)
2,633,807
163,852
JD.com, Inc., Class A (HKD)
2,669,657
1,001,000
Kingdee International Software
Group Co., Ltd. (HKD) (c)
1,968,858
525,000
Kingsoft Corp., Ltd. (HKD)
2,735,368
414,000
Li Ning Co., Ltd. (HKD)
892,347
1,343,000
Longfor Group Holdings Ltd.
(HKD) (d) (e)
1,584,237
210,520
Pop Mart International Group
Ltd. (HKD) (d) (e)
7,149,680
277,001
Sunny Optical Technology
Group Co., Ltd. (HKD)
2,447,152
1,556,000
Tingyi Cayman Islands Holding
Corp. (HKD)
2,279,505
2,208,000
Uni-President China Holdings
Ltd. (HKD)
2,672,119
Shares
Description
Value
 
Cayman Islands (Continued)
974,000
Wuxi Biologics Cayman, Inc.
(HKD) (c) (d) (e)
$3,182,581
593,500
WuXi XDC Cayman, Inc.
(HKD) (c)
3,145,192
669,445
Xiaomi Corp., Class B
(HKD) (c) (d) (e)
5,112,546
418,000
XPeng, Inc., Class A (HKD) (c)
3,759,362
924,600
Zai Lab Ltd. (HKD) (c)
3,233,176
1,926,330
Zhongsheng Group Holdings
Ltd. (HKD)
2,969,266
 
64,849,496
Chile — 4.3%
1,111,918
Cencosud S.A. (CLP)
3,783,475
2,066,778
Empresas CMPC S.A. (CLP)
3,159,095
492,240
Empresas Copec S.A. (CLP)
3,351,961
817,420
Falabella S.A. (CLP)
4,343,195
162,508,780
Latam Airlines Group S.A.
(CLP)
3,289,860
 
17,927,586
China — 23.9%
2,815,000
Agricultural Bank of China Ltd.,
Class H (HKD)
2,008,166
2,706,000
Aluminum Corp. of China Ltd.,
Class H (HKD)
1,820,098
599,000
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
1,523,072
5,618,000
Bank of China Ltd., Class H
(HKD)
3,263,471
947,000
Bank of Communications Co.,
Ltd., Class H (HKD)
880,655
251,707
BYD Co., Ltd., Class H (HKD)
3,927,937
1,082,000
China CITIC Bank Corp., Ltd.,
Class H (HKD)
1,031,008
3,322,987
China Coal Energy Co., Ltd.,
Class H (HKD)
3,843,683
1,914,584
China Construction Bank Corp.,
Class H (HKD)
1,931,669
5,228,000
China Eastern Airlines Corp.,
Ltd., Class H (HKD) (c) (f)
2,104,533
19,568,000
China Energy Engineering
Corp., Ltd., Class H (HKD) (f)
2,617,392
4,156,070
China Everbright Bank Co., Ltd.,
Class H (HKD)
2,075,401
1,882,000
China Minsheng Banking Corp.,
Ltd., Class H (HKD)
1,066,873
2,056,000
China Oilfield Services Ltd.,
Class H (HKD)
1,686,717
4,819,413
China Petroleum & Chemical
Corp., Class H (HKD)
2,523,301
5,761,423
China Railway Group Ltd.,
Class H (HKD)
2,759,629
See Notes to Financial Statements
Page 27
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China (Continued)
27,449,000
China Reinsurance Group Corp.,
Class H (HKD)
$4,265,986
2,519,296
China Tower Corp., Ltd.,
Class H (HKD) (d) (e)
3,600,851
5,127,000
China Zheshang Bank Co., Ltd.,
Class H (HKD)
1,926,719
2,495,000
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD)
2,107,255
2,092,000
COSCO SHIPPING Energy
Transportation Co., Ltd.,
Class H (HKD) (f)
1,734,905
1,614,741
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD)
2,805,759
4,042,000
Datang International Power
Generation Co., Ltd., Class H
(HKD)
1,029,816
6,948,000
Dongfeng Motor Group Co.,
Ltd., Class H (HKD) (f)
3,053,599
2,052,000
Guangzhou Automobile Group
Co., Ltd., Class H (HKD) (f)
750,226
1,458,000
Huadian Power International
Corp., Ltd., Class H (HKD) (f)
772,652
1,556,449
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
3,083,326
712,000
Jiangsu Expressway Co., Ltd.,
Class H (HKD)
1,004,970
964,674
Jiangxi Copper Co., Ltd.,
Class H (HKD)
1,872,831
4,915,779
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
3,738,521
5,235,747
PetroChina Co., Ltd., Class H
(HKD)
4,502,104
1,832,000
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
3,547,335
1,424,250
Shandong Gold Mining Co.,
Ltd., Class H (HKD) (d) (e) (f)
4,944,084
265,000
Shanghai Fudan
Microelectronics Group Co.,
Ltd., Class H (HKD)
1,009,370
1,095,680
Sinopharm Group Co., Ltd.,
Class H (HKD)
2,565,443
7,026,355
Sinotrans Ltd., Class H (HKD)
3,562,429
402,000
Weichai Power Co., Ltd.,
Class H (HKD)
816,296
851,000
Zhaojin Mining Industry Co.,
Ltd., Class H (HKD)
2,211,530
4,156,000
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
3,822,486
Shares
Description
Value
 
China (Continued)
655,500
Zhejiang Leapmotor Technology
Co., Ltd. (HKD) (c) (d) (e)
$4,567,653
204,600
Zhuzhou CRRC Times Electric
Co., Ltd., Class H (HKD)
823,618
 
99,183,369
Colombia — 0.7%
85,437
Grupo Cibest S.A. (Preference
Shares) (COP)
965,368
371,711
Interconexion Electrica S.A. ESP
(COP)
1,799,754
 
2,765,122
Hong Kong — 1.0%
654,000
BYD Electronic International
Co., Ltd. (HKD)
2,649,342
1,258,000
Lenovo Group Ltd. (HKD)
1,509,609
 
4,158,951
Hungary — 3.8%
971,491
Magyar Telekom
Telecommunications PLC
(HUF)
5,097,214
558,909
MOL Hungarian Oil & Gas PLC
(HUF)
4,866,601
25,275
OTP Bank Nyrt (HUF)
2,018,992
123,169
Richter Gedeon Nyrt (HUF)
3,630,576
 
15,613,383
India — 2.9%
81,012
Bajaj Finance Ltd. (INR)
884,652
36,053
Bajaj Finserv Ltd. (INR)
864,330
1,039,542
Bharat Petroleum Corp., Ltd.
(INR)
4,023,740
79,294
BSE Ltd. (INR)
2,561,244
813,149
Canara Bank (INR)
1,082,808
33,332
Kotak Mahindra Bank Ltd.
(INR)
840,879
214,605
Tata Motors Ltd. (INR)
1,721,645
 
11,979,298
Indonesia — 2.6%
14,248,651
Astra International Tbk PT
(IDR)
3,949,426
17,453,120
Telkom Indonesia Persero Tbk
PT (IDR)
2,988,585
2,976,788
United Tractors Tbk PT (IDR)
3,932,990
 
10,871,001
Malaysia — 0.3%
1,128,300
YTL Power International Bhd
(MYR)
1,066,532
Mexico — 7.0%
242,857
Arca Continental S.A.B. de C.V.
(MXN)
2,566,859
5,999,021
Cemex S.A.B. de C.V.,
Series CPO (MXN)
4,140,122
See Notes to Financial Statements
Page 28
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Mexico (Continued)
463,011
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
$4,486,379
896,593
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
4,898,543
228,103
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
6,342,442
1,322,707
Prologis Property Mexico S.A.
de C.V. (MXN)
4,999,141
167,607
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
1,888,521
 
29,322,007
Morocco — 0.4%
23,303
Attijariwafa Bank (MAD)
1,760,935
Netherlands — 1.7%
294,919
JBS N.V., BDR (BRL) (c)
4,245,388
352,533
NEPI Rockcastle N.V. (ZAR)
2,687,246
 
6,932,634
Philippines — 1.0%
163,970
Ayala Corp. (PHP)
1,659,203
264,290
Manila Electric Co. (PHP)
2,526,543
 
4,185,746
Poland — 3.9%
232,216
Bank Millennium S.A. (PLN) (c)
921,300
56,129
CCC S.A. (PLN) (c) (f)
3,184,591
21,822
Dino Polska S.A.
(PLN) (c) (d) (e)
3,184,589
186
LPP S.A. (PLN)
757,035
192,979
ORLEN S.A. (PLN)
4,395,682
43,664
Powszechna Kasa Oszczednosci
Bank Polski S.A. (PLN)
911,476
175,904
Powszechny Zaklad
Ubezpieczen S.A. (PLN)
3,074,605
 
16,429,278
Russia — 0.0%
76,383,797
Inter RAO UES PJSC
(RUB) (c) (g) (h) (i)
0
11,679
Magnit PJSC
(RUB) (c) (g) (h) (i)
0
4,142,443
Magnitogorsk Iron & Steel
Works PJSC
(RUB) (c) (g) (h) (i)
0
262,800,255
RusHydro PJSC
(RUB) (c) (g) (h) (i)
0
403,137
Tatneft PJSC
(RUB) (c) (g) (h) (i)
0
 
0
South Africa — 3.1%
115,233
Gold Fields Ltd. (ZAR)
2,706,296
Shares
Description
Value
 
South Africa (Continued)
292,179
Harmony Gold Mining Co., Ltd.
(ZAR)
$4,040,293
247,341
Impala Platinum Holdings Ltd.
(ZAR) (c)
2,220,428
126,370
MTN Group Ltd. (ZAR)
1,005,321
446,846
OUTsurance Group Ltd. (ZAR)
1,977,064
65,046
Standard Bank Group Ltd.
(ZAR)
835,976
 
12,785,378
Taiwan — 7.7%
138,487
Asustek Computer, Inc. (TWD)
3,053,048
134,190
Catcher Technology Co., Ltd.
(TWD)
973,856
2,498,919
China Airlines Ltd. (TWD)
1,847,756
1,425,239
CTBC Financial Holding Co.,
Ltd. (TWD)
2,132,101
2,079,865
Eva Airways Corp. (TWD)
2,840,840
637,480
Evergreen Marine Corp. Taiwan
Ltd. (TWD)
4,342,685
1,708,987
Far Eastern New Century Corp.
(TWD)
1,924,746
1,639,233
KGI Financial Holding Co., Ltd.
(TWD)
838,920
17,038
King Slide Works Co., Ltd.
(TWD)
1,186,921
1,888,881
United Microelectronics Corp.
(TWD)
2,858,022
1,797,496
Wan Hai Lines Ltd. (TWD)
5,476,419
1,889,304
Yang Ming Marine Transport
Corp. (TWD)
4,598,436
 
32,073,750
Thailand — 3.8%
194,700
Bangkok Bank PCL (THB)
832,493
3,620,700
Charoen Pokphand Foods PCL
(THB)
2,561,652
3,575,700
Krung Thai Bank PCL (THB)
2,342,828
1,232,800
PTT Exploration & Production
PCL (THB)
4,152,469
3,590,600
PTT PCL (THB)
3,313,508
184,100
Siam Cement (The) PCL (THB)
951,399
4,910,200
True Corp. PCL (THB) (c)
1,676,571
 
15,830,920
Turkey — 5.9%
1,340,336
Aselsan Elektronik Sanayi Ve
Ticaret A/S (TRY)
5,076,195
2,019,875
Enka Insaat ve Sanayi A/S
(TRY)
3,370,876
4,281,695
Eregli Demir ve Celik
Fabrikalari T.A.S. (TRY) (c)
2,866,811
910,517
Ford Otomotiv Sanayi A/S
(TRY)
2,040,890
516,740
Turk Hava Yollari AO (TRY)
3,679,158
See Notes to Financial Statements
Page 29
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Turkey (Continued)
1,342,015
Turkcell Iletisim Hizmetleri A/S
(TRY)
$3,240,634
6,707,274
Turkiye Vakiflar Bankasi TAO,
Class D (TRY) (c)
4,457,170
 
24,731,734
Total Common Stocks
411,849,086
(Cost $365,835,767)
WARRANTS — 0.1%
Malaysia — 0.1%
227,020
YTL Power International Bhd,
expiring 06/02/28 (MYR)
(c) (g) (h)
82,494
(Cost $0)
MONEY MARKET FUNDS — 0.0%
102,890
Dreyfus Government Cash
Management Fund,
Institutional Shares - 4.21% (j)
102,890
(Cost $102,890)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.0%
$8,342,401
JPMorgan Chase & Co.,
4.39% (j), dated 06/30/25, due
07/01/25, with a maturity
value of $8,343,418.
Collateralized by
U.S. Treasury Bond, interest
rate of 4.63%, due 11/15/44.
The value of the collateral
including accrued interest is
$8,509,249. (k)
8,342,401
(Cost $8,342,401)
Total Investments — 101.2%
420,376,871
(Cost $374,281,058)
Net Other Assets and
Liabilities — (1.2)%
(4,852,556
)
Net Assets — 100.0%
$415,524,315
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(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.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
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 is $7,869,699 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $8,342,401.
(g)
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.
(h)
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 June 30, 2025, securities noted as
such are valued at $82,494 or 0.1% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2025.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
HKD
–  Hong Kong Dollar
HUF
–  Hungarian Forint
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MAD
–  Moroccan Dirham
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
See Notes to Financial Statements
Page 30
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Currency Exposure Diversification
% of Total
Investments
HKD
39.3%
BRL
10.4
TWD
7.6
MXN
7.0
TRY
5.9
CLP
4.3
PLN
3.9
THB
3.8
HUF
3.7
ZAR
3.7
INR
2.8
USD
2.7
IDR
2.6
PHP
1.0
COP
0.6
MAD
0.4
MYR
0.3
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Russia
$          —**
$          —
$         —
$  —**
Thailand
  15,830,920
          —
 15,830,920
  —
Other Country
Categories*
 396,018,166
 396,018,166
         —
  —
Warrants
      82,494
          —
     82,494
  —
Money Market
Funds
     102,890
     102,890
         —
  —
Repurchase
Agreements
   8,342,401
          —
  8,342,401
  —
Total Investments
$420,376,871
$396,121,056
$24,255,815
 $—**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$7,869,699
Non-cash Collateral(2)
(7,869,699
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$8,342,401
Non-cash Collateral(4)
(8,342,401
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 31
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.8%
Aerospace & Defense — 11.2%
2,159
MTU Aero Engines AG (EUR)
$959,296
2,832
Rheinmetall AG (EUR)
5,994,727
 
6,954,023
Air Freight & Logistics —
3.1%
40,966
DHL Group (EUR)
1,892,119
Automobile Components —
3.0%
21,474
Continental AG (EUR)
1,874,387
Automobiles — 14.0%
22,028
Bayerische Motoren Werke AG
(EUR)
1,958,033
17,870
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (b) (c)
882,838
32,338
Mercedes-Benz Group AG
(EUR)
1,892,824
47,868
Porsche Automobil Holding SE
(Preference Shares) (EUR)
1,899,654
19,541
Volkswagen AG (Preference
Shares) (EUR)
2,062,908
 
8,696,257
Banks — 4.4%
85,978
Commerzbank AG (EUR)
2,712,227
Capital Markets — 6.4%
99,439
Deutsche Bank AG (EUR)
2,948,276
3,127
Deutsche Boerse AG (EUR)
1,019,950
 
3,968,226
Chemicals — 3.5%
8,196
BASF SE (EUR)
404,138
41,602
Evonik Industries AG (EUR)
857,591
16,706
FUCHS SE (Preference Shares)
(EUR)
921,759
 
2,183,488
Construction & Engineering
— 4.3%
13,413
HOCHTIEF AG (EUR)
2,643,322
Construction Materials —
4.4%
11,669
Heidelberg Materials AG (EUR)
2,741,548
Diversified Telecommunication
Services — 2.1%
36,136
Deutsche Telekom AG (EUR)
1,318,285
Electrical Equipment — 6.4%
34,535
Siemens Energy AG (EUR) (d)
3,989,142
Shares
Description
Value
 
Health Care Providers &
Services — 3.0%
23,643
Fresenius Medical Care AG
(EUR)
$1,354,919
10,375
Fresenius SE & Co. KGaA
(EUR)
521,604
 
1,876,523
Independent Power and
Renewable Electricity
Producers — 3.3%
48,284
RWE AG (EUR)
2,015,127
Industrial Conglomerates —
0.8%
1,846
Siemens AG (EUR)
473,280
Insurance — 4.2%
2,352
Allianz SE (EUR)
953,345
12,707
Talanx AG (EUR)
1,645,011
 
2,598,356
Interactive Media & Services
— 1.8%
8,178
Scout24 SE (EUR) (b) (c)
1,128,060
Machinery — 5.4%
28,331
Daimler Truck Holding AG
(EUR)
1,340,577
21,830
GEA Group AG (EUR)
1,527,455
4,946
Knorr-Bremse AG (EUR)
478,036
 
3,346,068
Multi-Utilities — 0.9%
30,946
E.ON SE (EUR)
569,577
Passenger Airlines — 3.1%
225,380
Deutsche Lufthansa AG (EUR)
1,906,198
Pharmaceuticals — 2.8%
36,032
Bayer AG (EUR)
1,083,808
4,973
Merck KGaA (EUR)
644,376
 
1,728,184
Real Estate Management &
Development — 0.7%
119,132
Aroundtown S.A. (EUR) (d)
436,713
Semiconductors &
Semiconductor Equipment
— 0.8%
11,081
Infineon Technologies AG
(EUR)
471,406
Software — 3.8%
3,717
Nemetschek SE (EUR)
538,550
5,891
SAP SE (EUR)
1,791,386
 
2,329,936
Specialty Retail — 2.3%
42,974
Zalando SE (EUR) (b) (c) (d)
1,414,867
See Notes to Financial Statements
Page 32
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Trading Companies &
Distributors — 1.9%
18,039
Brenntag SE (EUR)
$1,194,200
Transportation Infrastructure
— 2.2%
17,846
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (d)
1,344,341
Total Investments — 99.8%
61,805,860
(Cost $57,092,780)
Net Other Assets and
Liabilities — 0.2%
92,922
Net Assets — 100.0%
$61,898,782
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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.
(c)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(d)
Non-income producing security.
 
Abbreviations throughout the Portfolio of Investments:
EUR
–  Euro
 
Currency Exposure Diversification
% of Total
Investments
EUR
100.0%
Total
100.0%
 
Country Allocation†
% of Net
Assets
Germany
99.1%
Luxembourg
0.7
Total Investments
99.8
Net Other Assets and Liabilities
0.2
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 61,805,860
$ 61,805,860
$ —
$ —
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 33
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.4%
Aerospace & Defense — 2.7%
128,349
Rolls-Royce Holdings PLC
(GBP)
$1,704,696
Banks — 10.4%
272,159
Barclays PLC (GBP)
1,260,078
92,932
HSBC Holdings PLC (GBP)
1,124,848
999,170
Lloyds Banking Group PLC
(GBP)
1,051,946
226,870
NatWest Group PLC (GBP)
1,592,562
92,276
Standard Chartered PLC (GBP)
1,528,814
 
6,558,248
Beverages — 1.7%
20,035
Coca-Cola HBC AG (GBP)
1,046,137
Broadline Retail — 2.0%
156,427
B&M European Value Retail
S.A. (GBP)
582,747
3,842
Next PLC (GBP)
656,049
 
1,238,796
Capital Markets — 6.7%
25,596
3i Group PLC (GBP)
1,447,531
3,233
London Stock Exchange
Group PLC (GBP)
471,956
112,762
Schroders PLC (GBP)
559,383
105,097
St. James’s Place PLC (GBP)
1,708,050
 
4,186,920
Chemicals — 0.3%
5,390
Croda International PLC (GBP)
216,334
Commercial Services &
Supplies — 0.3%
45,521
Rentokil Initial PLC (GBP)
220,007
Consumer Staples Distribution
& Retail — 4.9%
266,738
J Sainsbury PLC (GBP)
1,061,064
194,353
Marks & Spencer Group PLC
(GBP)
945,461
198,152
Tesco PLC (GBP)
1,091,506
 
3,098,031
Containers & Packaging —
0.6%
8,455
Smurfit WestRock PLC (GBP)
364,652
Diversified Consumer Services
— 1.0%
42,695
Pearson PLC (GBP)
627,954
Diversified REITs — 0.9%
50,624
British Land (The) Co., PLC
(GBP)
261,556
101,304
LondonMetric Property PLC
(GBP)
282,281
 
543,837
Shares
Description
Value
 
Diversified Telecommunication
Services — 2.1%
506,625
BT Group PLC (GBP)
$1,347,370
Electric Utilities — 1.8%
45,498
SSE PLC (GBP)
1,143,508
Electronic Equipment,
Instruments & Components
— 0.5%
6,785
Halma PLC (GBP)
298,029
Financial Services — 2.6%
184,431
M&G PLC (GBP)
650,617
68,461
Wise PLC, Class A (GBP) (b)
977,316
 
1,627,933
Food Products — 2.0%
44,652
Associated British Foods PLC
(GBP)
1,261,377
Health Care Equipment &
Supplies — 0.4%
18,403
Smith & Nephew PLC (GBP)
281,153
Hotels, Restaurants & Leisure
— 7.2%
50,344
Carnival PLC (GBP) (b)
1,263,921
27,415
Compass Group PLC (GBP)
928,359
3,522
Flutter Entertainment PLC
(GBP) (b)
997,832
7,332
InterContinental Hotels
Group PLC (GBP)
835,735
12,386
Whitbread PLC (GBP)
479,955
 
4,505,802
Household Durables — 3.6%
18,713
Berkeley Group Holdings PLC
(GBP)
991,492
45,688
Persimmon PLC (GBP)
812,766
298,851
Taylor Wimpey PLC (GBP)
487,132
 
2,291,390
Industrial Conglomerates —
1.2%
7,099
DCC PLC (GBP)
460,716
10,614
Smiths Group PLC (GBP)
327,225
 
787,941
Insurance — 8.2%
13,924
Admiral Group PLC (GBP)
624,986
116,755
Aviva PLC (GBP)
992,350
111,726
Beazley PLC (GBP)
1,433,918
84,233
Hiscox Ltd. (GBP)
1,451,057
71,548
Phoenix Group Holdings PLC
(GBP)
646,714
 
5,149,025
Interactive Media & Services
— 1.0%
56,855
Rightmove PLC (GBP)
615,437
See Notes to Financial Statements
Page 34
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Leisure Products — 1.5%
4,112
Games Workshop Group PLC
(GBP)
$915,509
Machinery — 1.4%
20,038
IMI PLC (GBP)
575,956
8,354
Weir Group (The) PLC (GBP)
285,531
 
861,487
Media — 0.7%
66,152
WPP PLC (GBP)
465,458
Metals & Mining — 5.1%
11,475
Antofagasta PLC (GBP)
285,016
153,120
Evraz PLC (GBP) (b) (c) (d) (e)
0
90,715
Fresnillo PLC (GBP)
1,793,082
19,315
Rio Tinto PLC (GBP)
1,125,462
 
3,203,560
Multi-Utilities — 2.4%
546,253
Centrica PLC (GBP)
1,211,321
19,205
National Grid PLC (GBP)
279,829
 
1,491,150
Oil, Gas & Consumable Fuels
— 3.5%
139,274
BP PLC (GBP)
699,123
71,436
Harbour Energy PLC (GBP)
192,092
36,843
Shell PLC (GBP)
1,291,366
 
2,182,581
Paper & Forest Products —
1.6%
61,224
Mondi PLC (GBP)
999,642
Passenger Airlines — 4.1%
162,900
easyJet PLC (GBP)
1,190,021
302,167
International Consolidated
Airlines Group S.A. (GBP)
1,415,189
 
2,605,210
Personal Care Products —
0.4%
4,012
Unilever PLC (GBP)
243,687
Pharmaceuticals — 1.6%
48,344
Haleon PLC (GBP)
248,449
27,463
Hikma Pharmaceuticals PLC
(GBP)
749,416
 
997,865
Residential REITs — 1.3%
67,867
UNITE Group (The) PLC (GBP)
789,509
Software — 1.2%
42,996
Sage Group (The) PLC (GBP)
738,024
Specialty Retail — 3.4%
570,746
JD Sports Fashion PLC (GBP)
695,217
366,804
Kingfisher PLC (GBP)
1,464,155
 
2,159,372
Shares
Description
Value
 
Tobacco — 3.2%
12,670
British American Tobacco PLC
(GBP)
$602,265
35,732
Imperial Brands PLC (GBP)
1,411,093
 
2,013,358
Trading Companies &
Distributors — 3.2%
11,024
Ashtead Group PLC (GBP)
706,515
5,535
Bunzl PLC (GBP)
176,264
8,586
Diploma PLC (GBP)
576,077
45,986
Howden Joinery Group PLC
(GBP)
540,329
 
1,999,185
Water Utilities — 0.4%
17,351
United Utilities Group PLC
(GBP)
271,868
Wireless Telecommunication
Services — 2.3%
1,335,640
Vodafone Group PLC (GBP)
1,425,989
Total Common Stocks
62,478,031
(Cost $51,010,910)
MONEY MARKET FUNDS — 0.1%
61,381
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (f)
61,381
(Cost $61,381)
Total Investments — 99.5%
62,539,412
(Cost $51,072,291)
Net Other Assets and
Liabilities — 0.5%
294,012
Net Assets — 100.0%
$62,833,424
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(d)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2025, securities noted as
such are valued at $0 or 0.0% of net assets.
(e)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(f)
Rate shown reflects yield as of June 30, 2025.
 
See Notes to Financial Statements
Page 35
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
GBP
–  British Pound Sterling
REITs
–  Real Estate Investment Trusts
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
GBP
99.9%
USD
0.1
Total
100.0%
 
Country Allocation†
% of Net
Assets
United Kingdom
88.6%
Ireland
2.9
Bermuda
2.3
Spain
2.3
Switzerland
1.7
Luxembourg
0.9
Jersey
0.7
United States
0.1
Total Investments
99.5
Net Other Assets and Liabilities
0.5
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Metals & Mining
$  3,203,560
$  3,203,560
$ —
$  —**
Other Industry
Categories*
 59,274,471
 59,274,471
 —
  —
Money Market Funds
     61,381
     61,381
 —
  —
Total Investments
$62,539,412
$62,539,412
$—
 $—**
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 36
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 101.8%
Aerospace & Defense — 2.1%
904,518
Bharat Electronics Ltd. (INR)
$4,445,596
Automobiles — 12.0%
43,778
Bajaj Auto Ltd. (INR)
4,275,706
65,868
Eicher Motors Ltd. (INR)
4,344,477
85,398
Hero MotoCorp Ltd. (INR)
4,219,215
114,222
Mahindra & Mahindra Ltd.
(INR)
4,239,639
28,768
Maruti Suzuki India Ltd. (INR)
4,159,552
544,521
Tata Motors Ltd. (INR)
4,368,359
 
25,606,948
Banks — 12.2%
302,711
Axis Bank Ltd. (INR)
4,232,871
185,476
HDFC Bank Ltd. (INR)
4,328,711
257,595
ICICI Bank Ltd. (INR)
4,342,710
442,612
IndusInd Bank Ltd. (INR)
4,500,955
167,074
Kotak Mahindra Bank Ltd.
(INR)
4,214,839
459,071
State Bank of India (INR)
4,391,312
 
26,011,398
Chemicals — 2.1%
161,095
Asian Paints Ltd. (INR)
4,397,615
Construction & Engineering
— 2.0%
101,464
Larsen & Toubro Ltd. (INR)
4,341,798
Construction Materials —
4.1%
129,698
Grasim Industries Ltd. (INR)
4,301,842
31,303
UltraTech Cement Ltd. (INR)
4,414,030
 
8,715,872
Consumer Finance — 4.1%
395,775
Bajaj Finance Ltd. (INR)
4,321,867
544,037
Shriram Finance Ltd. (INR)
4,484,055
 
8,805,922
Electric Utilities — 2.1%
1,264,519
Power Grid Corp. of India Ltd.
(INR)
4,421,983
Financial Services — 4.2%
182,563
Bajaj Finserv Ltd. (INR)
4,376,743
1,210,945
Jio Financial Services Ltd.
(INR) (b)
4,613,763
 
8,990,506
Food Products — 4.0%
152,753
Nestle India Ltd. (INR)
4,391,114
326,036
Tata Consumer Products Ltd.
(INR)
4,177,717
 
8,568,831
Shares
Description
Value
 
Health Care Providers &
Services — 2.1%
52,156
Apollo Hospitals Enterprise Ltd.
(INR)
$4,404,311
Hotels, Restaurants & Leisure
— 2.1%
1,418,835
Eternal Ltd. (INR) (b)
4,370,164
Independent Power and
Renewable Electricity
Producers — 2.0%
1,110,109
NTPC Ltd. (INR)
4,335,069
Insurance — 4.1%
467,813
HDFC Life Insurance Co., Ltd.
(INR) (c) (d)
4,441,933
199,316
SBI Life Insurance Co., Ltd.
(INR) (c) (d)
4,272,418
 
8,714,351
IT Services — 10.0%
213,895
HCL Technologies Ltd. (INR)
4,311,321
227,432
Infosys Ltd. (INR)
4,247,908
106,619
Tata Consultancy Services Ltd.
(INR)
4,304,046
215,413
Tech Mahindra Ltd. (INR)
4,237,427
1,363,274
Wipro Ltd. (INR)
4,228,120
 
21,328,822
Metals & Mining — 6.1%
546,019
Hindalco Industries Ltd. (INR)
4,411,255
358,514
JSW Steel Ltd. (INR)
4,266,133
2,348,485
Tata Steel Ltd. (INR)
4,374,930
 
13,052,318
Oil, Gas & Consumable Fuels
— 6.1%
937,536
Coal India Ltd. (INR)
4,284,832
1,518,249
Oil & Natural Gas Corp., Ltd.
(INR)
4,323,363
250,310
Reliance Industries Ltd. (INR)
4,379,841
 
12,988,036
Personal Care Products —
2.0%
161,179
Hindustan Unilever Ltd. (INR)
4,312,516
Pharmaceuticals — 6.0%
243,232
Cipla Ltd. (INR)
4,271,025
273,762
Dr. Reddy’s Laboratories Ltd.
(INR)
4,096,534
219,981
Sun Pharmaceutical Industries
Ltd. (INR)
4,298,299
 
12,665,858
Specialty Retail — 2.1%
59,969
Trent Ltd. (INR)
4,347,683
See Notes to Financial Statements
Page 37
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Textiles, Apparel & Luxury
Goods — 2.0%
100,564
Titan Co., Ltd. (INR)
$4,327,207
Tobacco — 2.0%
882,142
ITC Ltd. (INR)
4,283,676
Trading Companies &
Distributors — 2.1%
145,331
Adani Enterprises Ltd. (INR)
4,438,900
Transportation Infrastructure
— 2.1%
263,642
Adani Ports & Special Economic
Zone Ltd. (INR)
4,458,181
Wireless Telecommunication
Services — 2.1%
186,854
Bharti Airtel Ltd. (INR)
4,378,519
Total Investments — 101.8%
216,712,080
(Cost $162,692,043)
Net Other Assets and
Liabilities — (1.8)%
(3,796,954
)
Net Assets — 100.0%
$212,915,126
 
(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.
(d)
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:
INR
–  Indian Rupee
 
Currency Exposure Diversification
% of Total
Investments
INR
100.0%
Total
100.0%
 
Country Allocation†
% of Net
Assets
India
101.8%
Total Investments
101.8
Net Other Assets and Liabilities
(1.8)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 216,712,080
$ 216,712,080
$ —
$ —
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 38
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 97.3%
Banks — 0.9%
5,127
Banque Cantonale Vaudoise
(CHF)
$590,918
Building Products — 2.1%
1,428
Belimo Holding AG (CHF)
1,454,186
Capital Markets — 16.4%
97,584
EFG International AG (CHF)
1,807,908
36,487
Julius Baer Group Ltd. (CHF)
2,466,649
6,150
Swissquote Group Holding S.A.
(CHF)
3,483,282
46,311
UBS Group AG (CHF)
1,567,144
8,918
VZ Holding AG (CHF)
1,951,182
 
11,276,165
Construction Materials —
4.5%
41,261
Holcim AG (CHF)
3,062,919
Containers & Packaging —
1.9%
71,824
SIG Group AG (CHF)
1,327,040
Diversified Telecommunication
Services — 3.5%
3,394
Swisscom AG (CHF)
2,406,106
Electric Utilities — 4.5%
14,250
BKW AG (CHF)
3,112,389
Electrical Equipment — 4.7%
45,832
Accelleron Industries AG (CHF)
3,223,172
Food Products — 5.3%
711
Barry Callebaut AG (CHF)
774,219
1,745
Emmi AG (CHF)
1,744,011
11,433
Nestle S.A. (CHF)
1,135,879
 
3,654,109
Health Care Equipment &
Supplies — 2.1%
16,700
Alcon AG (CHF)
1,477,522
Insurance — 12.2%
11,461
Helvetia Holding AG (CHF)
2,688,124
612
Swiss Life Holding AG (CHF)
619,058
16,314
Swiss Re AG (CHF)
2,819,919
3,178
Zurich Insurance Group AG
(CHF)
2,221,336
 
8,348,437
Life Sciences Tools & Services
— 3.2%
2,397
Lonza Group AG (CHF)
1,706,856
4,341
Siegfried Holding AG (CHF)
488,564
 
2,195,420
Machinery — 8.3%
24,942
Georg Fischer AG (CHF)
2,038,552
1,710
Schindler Holding AG (CHF)
635,768
Shares
Description
Value
 
Machinery (Continued)
13,633
SFS Group AG (CHF)
$1,869,394
6,535
Sulzer AG (CHF)
1,179,421
 
5,723,135
Marine Transportation —
1.3%
4,120
Kuehne + Nagel International
AG (CHF)
891,295
Pharmaceuticals — 8.7%
24,130
Novartis AG (CHF)
2,924,673
1,675
Roche Holding AG (CHF)
545,491
46,066
Sandoz Group AG (CHF)
2,520,872
 
5,991,036
Professional Services — 4.0%
76,578
Adecco Group AG (CHF)
2,275,770
4,710
SGS S.A. (CHF)
477,856
 
2,753,626
Real Estate Management &
Development — 0.9%
3,321
PSP Swiss Property AG (CHF)
611,504
Software — 0.7%
6,678
Temenos AG (CHF)
477,631
Specialty Retail — 2.8%
35,339
Avolta AG (CHF)
1,916,042
Technology Hardware, Storage
& Peripherals — 1.5%
11,409
Logitech International S.A.
(CHF)
1,027,234
Textiles, Apparel & Luxury
Goods — 3.1%
12,972
Swatch Group (The) AG (CHF)
2,110,637
Trading Companies &
Distributors — 1.4%
12,721
DKSH Holding AG (CHF)
987,603
Transportation Infrastructure
— 3.3%
7,869
Flughafen Zurich AG (CHF)
2,241,344
Total Common Stocks
66,859,470
(Cost $55,403,173)
MONEY MARKET FUNDS — 0.1%
68,452
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (b)
68,452
(Cost $68,452)
Total Investments — 97.4%
66,927,922
(Cost $55,471,625)
Net Other Assets and
Liabilities — 2.6%
1,757,074
Net Assets — 100.0%
$68,684,996
 
See Notes to Financial Statements
Page 39
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Rate shown reflects yield as of June 30, 2025.
 
Abbreviations throughout the Portfolio of Investments:
CHF
–  Swiss Franc
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
CHF
99.9%
USD
0.1
Total
100.0%
 
Country Allocation†
% of Net
Assets
Switzerland
97.3%
United States
0.1
Total Investments
97.4
Net Other Assets and Liabilities
2.6
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 66,859,470
$ 66,859,470
$ —
$ —
Money Market Funds
     68,452
     68,452
 —
 —
Total Investments
$66,927,922
$66,927,922
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 40
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.7%
Australia — 4.4%
2,779
Eagers Automotive Ltd. (AUD)
$31,916
46,585
Firefinch Ltd.
(AUD) (c) (d) (e) (f) (g)
0
8,981
Genesis Minerals Ltd. (AUD) (d)
25,417
5,765
Gold Road Resources Ltd.
(AUD)
12,407
6,263
Helia Group Ltd. (AUD)
23,207
8,588
Iluka Resources Ltd. (AUD)
21,478
26,445
Karoon Energy Ltd. (AUD)
33,417
6,063
MA Financial Group Ltd. (AUD)
30,287
2,175
Magellan Financial Group Ltd.
(AUD)
12,253
543
Monadelphous Group Ltd.
(AUD)
6,276
8,981
New Hope Corp., Ltd. (AUD)
21,870
18,719
Perenti Ltd. (AUD)
19,958
5,003
Perseus Mining Ltd. (AUD)
11,195
3,515
Ramelius Resources Ltd. (AUD)
5,830
2,465
Regis Healthcare Ltd. (AUD)
12,719
10,625
Regis Resources Ltd. (AUD) (d)
30,699
19,646
Stanmore Resources Ltd. (AUD)
24,179
1,007
Temple & Webster Group Ltd.
(AUD) (d)
14,130
 
337,238
Austria — 0.7%
868
Kontron AG (EUR)
25,561
1,961
UNIQA Insurance Group AG
(EUR)
26,565
 
52,126
Belgium — 1.2%
436
Bekaert S.A. (EUR)
18,001
366
Gimv N.V. (EUR)
18,021
2,816
Proximus SADP (EUR)
27,400
3,861
X-Fab Silicon Foundries SE
(EUR) (d) (e) (h) (i)
30,586
 
94,008
Bermuda — 4.2%
78,000
Brilliance China Automotive
Holdings Ltd. (HKD)
31,598
18,000
CGN New Energy Holdings Co.,
Ltd. (HKD)
5,687
4,831
Conduit Holdings Ltd. (GBP)
24,900
1,948
Golden Ocean Group Ltd.
(NOK)
14,446
10,500
Johnson Electric Holdings Ltd.
(HKD)
28,892
6,500
Kerry Properties Ltd. (HKD)
16,768
10,750
Luk Fook Holdings International
Ltd. (HKD)
27,457
Shares
Description
Value
 
Bermuda (Continued)
93,000
Pacific Basin Shipping Ltd.
(HKD)
$23,931
15,500
Shenzhen International Holdings
Ltd. (HKD)
15,283
64,000
Sinofert Holdings Ltd. (HKD)
10,436
18,000
Sinopec Kantons Holdings Ltd.
(HKD)
10,433
1,114
Stolt-Nielsen Ltd. (NOK)
28,294
693
Teekay Tankers Ltd., Class A
28,912
384,000
United Energy Group Ltd.
(HKD) (e)
25,437
16,250
Yue Yuen Industrial Holdings
Ltd. (HKD)
24,882
 
317,356
Canada — 6.5%
271
ADENTRA, Inc. (CAD)
5,741
1,339
Athabasca Oil Corp. (CAD) (d)
5,546
7,026
Baytex Energy Corp. (CAD)
12,589
334
Boardwalk Real Estate
Investment Trust (CAD)
17,167
600
Canadian Solar, Inc. (d)
6,624
3,464
Cardinal Energy Ltd. (CAD) (e)
17,145
2,896
Extendicare, Inc. (CAD)
30,071
4,269
Fortuna Mining Corp. (CAD) (d)
27,932
4,160
IAMGOLD Corp. (CAD) (d)
30,641
2,408
K92 Mining, Inc. (CAD) (d)
27,161
2,133
Killam Apartment Real Estate
Investment Trust (CAD)
30,716
150
Linamar Corp. (CAD)
7,138
1,648
NuVista Energy Ltd. (CAD) (d)
18,129
2,075
OceanaGold Corp. (CAD)
29,287
2,224
Orla Mining Ltd. (CAD) (d)
22,342
2,003
Paramount Resources Ltd.,
Class A (CAD)
31,874
1,113
Parex Resources, Inc. (CAD)
11,369
447
Precision Drilling Corp.
(CAD) (d)
21,169
1,906
Secure Waste Infrastructure
Corp. (CAD) (e)
21,793
210
TerraVest Industries, Inc. (CAD)
26,078
937
Torex Gold Resources, Inc.
(CAD) (d)
30,565
801
Transcontinental, Inc., Class A
(CAD)
12,300
1,603
Trican Well Service Ltd. (CAD)
5,309
1,744
Wesdome Gold Mines Ltd.
(CAD) (d)
24,295
3,227
Whitecap Resources, Inc. (CAD)
21,683
 
494,664
Cayman Islands — 3.0%
102,000
JS Global Lifestyle Co., Ltd.
(HKD) (d) (h) (i)
25,728
See Notes to Financial Statements
Page 41
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Cayman Islands (Continued)
3,500
Kingboard Holdings Ltd. (HKD)
$11,191
10,000
Minth Group Ltd. (HKD)
28,535
6,000
Mobvista, Inc. (HKD) (d) (h) (i)
5,427
37,500
Mongolian Mining Corp.
(HKD) (d)
30,335
32,000
Nexteer Automotive Group Ltd.
(HKD)
23,236
22,000
TCL Electronics Holdings Ltd.
(HKD)
26,736
6,500
United Laboratories International
Holdings (The) Ltd. (HKD)
12,437
20,000
Vobile Group Ltd.
(HKD) (d) (e) (i)
8,204
30,000
VSTECS Holdings Ltd. (HKD)
29,694
24,000
Wasion Holdings Ltd. (HKD)
25,498
 
227,021
Denmark — 1.1%
1,031
D/S Norden A/S (DKK)
32,751
795
DFDS A/S (DKK) (d)
14,108
272
Matas A/S (DKK)
5,729
147
Per Aarsleff Holding A/S (DKK)
15,248
166
Sydbank A/S (DKK)
12,313
 
80,149
Finland — 0.1%
114
Hiab Oyj (EUR)
6,902
France — 2.7%
3,367
Clariane SE (EUR) (d)
20,624
2,190
Emeis S.A. (EUR) (d)
28,996
4,954
Etablissements Maurel et Prom
S.A. (EUR)
28,186
524
Mersen S.A. (EUR)
13,641
527
Opmobility (EUR)
6,742
185
Rubis S.C.A. (EUR)
5,975
1,607
Television Francaise 1 S.A.
(EUR)
16,687
186
Trigano S.A. (EUR)
32,405
290
Vicat SACA (EUR)
20,086
343
Viridien (EUR) (d)
24,444
24
VusionGroup (EUR)
7,752
 
205,538
Germany — 2.2%
363
Bilfinger SE (EUR)
34,913
5,797
CECONOMY AG (EUR) (d)
24,719
173
Eckert & Ziegler SE (EUR)
13,888
907
flatexDEGIRO AG (EUR)
25,620
108
Hornbach Holding AG & Co.
KGaA (EUR)
13,485
612
Mutares SE & Co. KGaA (EUR)
26,025
1,013
Nordex SE (EUR) (d)
20,071
Shares
Description
Value
 
Germany (Continued)
205
Salzgitter AG (EUR)
$4,946
199
Stabilus SE (EUR)
6,470
 
170,137
Greece — 0.0%
3,231
FF Group (EUR) (c) (d) (f) (g)
0
Hong Kong — 0.7%
32,000
China Jinmao Holdings Group
Ltd. (HKD)
4,851
35,000
CITIC Telecom International
Holdings Ltd. (HKD)
10,701
5,600
Dah Sing Financial Holdings
Ltd. (HKD)
21,223
3,000
Shanghai Industrial Holdings
Ltd. (HKD)
5,182
32,000
Shougang Fushan Resources
Group Ltd. (HKD)
11,659
 
53,616
Ireland — 0.1%
926
Dalata Hotel Group PLC (EUR)
7,036
Israel — 3.0%
858
Cellcom Israel Ltd. (ILS) (d)
6,964
5,159
El Al Israel Airlines (ILS) (d)
20,217
1,637
Harel Insurance Investments &
Financial Services Ltd. (ILS)
45,840
621
IDI Insurance Co., Ltd. (ILS)
40,487
520
Menora Mivtachim Holdings
Ltd. (ILS)
40,957
11,500
Migdal Insurance & Financial
Holding Ltd. (ILS)
31,653
913
Next Vision Stabilized Systems
Ltd. (ILS)
34,072
73
Rami Levy Chain Stores
Hashikma Marketing 2006
Ltd. (ILS)
7,046
 
227,236
Italy — 1.2%
279
Avio S.p.A. (EUR) (i)
7,773
1,710
Fila S.p.A. (EUR)
19,478
2,178
Maire S.p.A. (EUR)
28,760
7,584
Webuild S.p.A. (EUR)
32,125
 
88,136
Japan — 34.4%
1,100
Ai Holdings Corp. (JPY)
17,913
1,200
Aichi Steel Corp. (JPY)
17,808
1,900
Aisan Industry Co., Ltd. (JPY)
22,179
600
Alpen Co., Ltd. (JPY)
9,883
500
Anycolor, Inc. (JPY)
18,124
1,600
ARE Holdings, Inc. (JPY)
20,055
300
Artience Co., Ltd. (JPY)
6,281
400
ASAHI YUKIZAI Corp. (JPY)
11,236
2,500
Belluna Co., Ltd. (JPY)
15,433
See Notes to Financial Statements
Page 42
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
700
Central Glass Co., Ltd. (JPY)
$14,452
1,800
Chugoku Electric Power (The)
Co., Inc. (JPY)
8,912
900
Citizen Watch Co., Ltd. (JPY)
5,344
1,800
Daicel Corp. (JPY)
15,118
600
Dai-Dan Co., Ltd. (JPY)
18,520
3,300
Daido Steel Co., Ltd. (JPY)
22,817
500
Daishi Hokuetsu Financial
Group, Inc. (JPY)
11,579
400
DeNA Co., Ltd. (JPY)
7,422
300
Digital Garage, Inc. (JPY)
9,843
200
Dowa Holdings Co., Ltd. (JPY)
6,489
900
Electric Power Development
Co., Ltd. (JPY)
15,349
700
Exedy Corp. (JPY)
20,076
500
FCC Co., Ltd. (JPY)
9,698
300
Ferrotec Holdings Corp. (JPY)
6,343
900
Food & Life Cos., Ltd. (JPY)
43,842
900
Fuji Media Holdings, Inc. (JPY)
20,805
100
Fujita Kanko, Inc. (JPY)
7,736
1,900
Furukawa Co., Ltd. (JPY)
28,209
200
Furukawa Electric Co., Ltd.
(JPY)
9,768
600
GENDA, Inc. (JPY) (d)
3,641
1,200
Glory Ltd. (JPY)
28,024
300
GMO internet group, Inc. (JPY)
7,514
800
Godo Steel Ltd. (JPY)
20,833
2,600
GREE Holdings, Inc. (JPY)
9,407
1,000
GS Yuasa Corp. (JPY)
18,722
1,800
G-Tekt Corp. (JPY)
22,112
300
H2O Retailing Corp. (JPY)
3,944
300
Hanwa Co., Ltd. (JPY)
11,333
600
Happinet Corp. (JPY)
23,832
1,100
Hazama Ando Corp. (JPY)
11,084
900
Heiwado Co., Ltd. (JPY)
17,687
4,100
Hokkaido Electric Power Co.,
Inc. (JPY)
21,385
1,200
Hokuhoku Financial Group, Inc.
(JPY)
22,803
2,800
Hokuriku Electric Power Co.
(JPY)
13,990
1,100
Hyakugo Bank (The) Ltd. (JPY)
5,278
2,600
IDOM, Inc. (JPY)
19,138
3,100
Iino Kaiun Kaisha Ltd. (JPY)
21,785
900
Ishihara Sangyo Kaisha Ltd.
(JPY)
12,693
1,600
Iwatani Corp. (JPY)
17,016
1,300
Iyogin Holdings, Inc. (JPY)
14,286
1,300
Japan Investment Adviser Co.,
Ltd. (JPY)
15,437
500
Japan Lifeline Co., Ltd. (JPY)
5,191
Shares
Description
Value
 
Japan (Continued)
3,300
Japan Petroleum Exploration
Co., Ltd. (JPY)
$23,260
200
JINS Holdings, Inc. (JPY)
11,861
400
J-Oil Mills, Inc. (JPY)
5,444
1,200
Kandenko Co., Ltd. (JPY)
27,774
600
Kaneka Corp. (JPY)
16,583
600
Kato Sangyo Co., Ltd. (JPY)
22,916
1,500
Keikyu Corp. (JPY)
15,661
300
KH Neochem Co., Ltd. (JPY)
5,262
700
Ki-Star Real Estate Co., Ltd.
(JPY)
22,482
1,300
Kitz Corp. (JPY)
10,707
700
Kojima Co., Ltd. (JPY)
6,003
300
Krosaki Harima Corp. (JPY)
6,916
2,800
Kumiai Chemical Industry Co.,
Ltd. (JPY)
15,516
100
Kurabo Industries Ltd. (JPY)
5,187
1,200
Kyoei Steel Ltd. (JPY)
17,133
800
Life Corp. (JPY)
12,288
300
Lintec Corp. (JPY)
6,160
100
Makino Milling Machine Co.,
Ltd. (JPY)
7,993
500
Mars Group Holdings Corp.
(JPY)
10,027
3,300
Mazda Motor Corp. (JPY)
19,923
600
Megmilk Snow Brand Co., Ltd.
(JPY)
11,375
5,800
Metaplanet, Inc. (JPY) (d)
66,456
400
Mitsubishi Logisnext Co., Ltd.
(JPY)
5,466
600
Mitsubishi Materials Corp. (JPY)
9,502
5,700
Mitsubishi Motors Corp. (JPY)
16,169
1,900
Mitsui E&S Co., Ltd. (JPY)
37,603
900
Mitsui Mining & Smelting Co.,
Ltd. (JPY)
31,493
600
Mitsui-Soko Holdings Co., Ltd.
(JPY)
16,395
900
Modec, Inc. (JPY)
38,686
1,700
Namura Shipbuilding Co., Ltd.
(JPY)
37,127
800
Nanto Bank (The) Ltd. (JPY)
22,805
400
NGK Insulators Ltd. (JPY)
5,035
1,500
NHK Spring Co., Ltd. (JPY)
16,380
2,400
Nikkiso Co., Ltd. (JPY)
21,383
1,400
Nikkon Holdings Co., Ltd. (JPY)
31,197
1,800
Nippn Corp. (JPY)
26,612
500
Nippon Kayaku Co., Ltd. (JPY)
4,496
1,000
Nippon Light Metal Holdings
Co., Ltd. (JPY)
11,312
2,300
Nippon Paper Industries Co.,
Ltd. (JPY)
16,579
See Notes to Financial Statements
Page 43
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
200
Nippon Shinyaku Co., Ltd.
(JPY)
$4,369
400
Nishi-Nippon Railroad Co., Ltd.
(JPY)
5,651
400
Nishio Holdings Co., Ltd. (JPY)
11,180
800
Nissin Corp. (JPY)
44,943
600
Nittetsu Mining Co., Ltd. (JPY)
30,999
1,500
Nojima Corp. (JPY)
32,811
1,100
NOK Corp. (JPY)
16,247
700
Noritake Co., Ltd. (JPY)
17,767
1,500
North Pacific Bank Ltd. (JPY)
6,021
1,000
NS United Kaiun Kaisha Ltd.
(JPY)
27,152
1,100
Odakyu Electric Railway Co.,
Ltd. (JPY)
12,879
3,900
Oki Electric Industry Co., Ltd.
(JPY)
43,603
2,800
Pacific Industrial Co., Ltd. (JPY)
26,249
1,800
Pasona Group, Inc. (JPY)
27,974
2,200
Penta-Ocean Construction Co.,
Ltd. (JPY)
13,806
600
Raito Kogyo Co., Ltd. (JPY)
11,929
2,000
Rengo Co., Ltd. (JPY)
10,852
700
Ryobi Ltd. (JPY)
10,427
1,200
Sakata INX Corp. (JPY)
16,224
200
Sakata Seed Corp. (JPY)
4,868
200
San-A Co., Ltd. (JPY)
4,100
500
Sanken Electric Co., Ltd.
(JPY) (d)
27,996
1,100
Sanki Engineering Co., Ltd.
(JPY)
30,936
400
Sankyu, Inc. (JPY)
21,477
300
SBS Holdings, Inc. (JPY)
6,050
600
Shibaura Machine Co., Ltd.
(JPY)
13,249
2,000
Shikoku Electric Power Co., Inc.
(JPY)
16,770
500
Shinnihon Corp. (JPY)
5,781
2,100
Shizuoka Gas Co., Ltd. (JPY)
15,604
800
Showa Sangyo Co., Ltd. (JPY)
16,566
600
Sugi Holdings Co., Ltd. (JPY)
13,729
400
Sumitomo Osaka Cement Co.,
Ltd. (JPY)
10,508
5,300
Sumitomo Pharma Co., Ltd.
(JPY) (d)
35,737
1,800
Sumitomo Riko Co., Ltd. (JPY)
20,849
600
Sumitomo Seika Chemicals Co.,
Ltd. (JPY)
18,083
600
Taiheiyo Cement Corp. (JPY)
14,933
500
Taiyo Holdings Co., Ltd. (JPY)
24,513
Shares
Description
Value
 
Japan (Continued)
500
Takasago International Corp.
(JPY)
$24,235
3,000
Teijin Ltd. (JPY)
24,332
2,400
Toa Corp. (JPY)
25,216
2,200
Toho Bank (The) Ltd. (JPY)
5,057
2,300
Tohoku Electric Power Co., Inc.
(JPY)
16,778
700
Tokai Rika Co., Ltd. (JPY)
10,801
100
Token Corp. (JPY)
9,819
600
Tokuyama Corp. (JPY)
12,566
1,500
Tokyo Steel Manufacturing Co.,
Ltd. (JPY)
15,760
4,300
TOMONY Holdings, Inc. (JPY)
16,124
600
Toshiba TEC Corp. (JPY)
12,237
600
Towa Pharmaceutical Co., Ltd.
(JPY)
12,462
600
Toyo Tanso Co., Ltd. (JPY)
20,395
1,400
Toyo Tire Corp. (JPY)
29,691
1,200
Toyoda Gosei Co., Ltd. (JPY)
23,674
400
Toyota Boshoku Corp. (JPY)
5,464
1,000
TRE Holdings Corp. (JPY)
9,507
800
Trusco Nakayama Corp. (JPY)
11,472
2,800
TSI Holdings Co., Ltd. (JPY)
22,127
800
Tsubakimoto Chain Co. (JPY)
9,983
1,700
Tsugami Corp. (JPY)
21,934
2,300
Tsukishima Holdings Co., Ltd.
(JPY)
34,004
300
TV Asahi Holdings Corp. (JPY)
5,821
300
UACJ Corp. (JPY)
11,000
300
Uchida Yoko Co., Ltd. (JPY)
19,978
300
Valor Holdings Co., Ltd. (JPY)
5,252
1,300
YAMABIKO Corp. (JPY)
19,174
700
Yokohama Rubber (The) Co.,
Ltd. (JPY)
19,308
1,000
Yonex Co., Ltd. (JPY)
20,138
 
2,610,677
Jersey — 0.4%
3,843
Yellow Cake PLC
(GBP) (d) (h) (i)
27,773
Luxembourg — 0.1%
321
APERAM S.A. (EUR)
10,376
Netherlands — 2.1%
1,449
Fugro N.V. (EUR)
20,363
4,670
Koninklijke BAM Groep N.V.
(EUR)
41,560
618
Koninklijke Heijmans N.V.
(EUR)
40,002
4,309
MFE-MediaForEurope N.V.,
Class A (EUR)
14,771
2,246
OCI N.V. (EUR)
20,292
241
Signify N.V. (EUR) (h) (i)
6,524
See Notes to Financial Statements
Page 44
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Netherlands (Continued)
204
Van Lanschot Kempen N.V.
(EUR)
$13,121
300
Wereldhave N.V. (EUR)
6,036
 
162,669
Norway — 2.4%
8,109
Aker Solutions ASA (NOK)
28,013
1,301
Europris ASA (NOK) (h) (i)
11,023
3,576
Hoegh Autoliners ASA (NOK)
31,629
17,185
MPC Container Ships ASA
(NOK)
27,228
645
Protector Forsikring ASA
(NOK)
27,453
1,154
SpareBank 1 Nord Norge (NOK)
16,839
299
SpareBank 1 SMN (NOK)
5,753
3,761
Wallenius Wilhelmsen ASA
(NOK)
30,896
 
178,834
Portugal — 0.9%
3,212
CTT-Correios de Portugal S.A.
(EUR)
28,566
1,104
NOS SGPS S.A. (EUR)
5,033
22,625
Sonae SGPS S.A. (EUR)
32,195
 
65,794
Singapore — 0.9%
36,200
Capitaland India Trust (SGD)
29,894
49,000
Digital Core REIT Management
Pte Ltd.
25,970
34,000
Singapore Post Ltd. (SGD)
16,311
 
72,175
South Korea — 17.8%
1,147
Amorepacific Holdings Corp.
(KRW)
26,984
329
APR Corp. (KRW) (d)
37,590
328
Binggrae Co., Ltd. (KRW)
20,658
177
CJ Logistics Corp. (KRW)
11,462
139
Cosmax, Inc. (KRW)
28,787
189
Coway Co., Ltd. (KRW)
13,556
663
Daesang Corp. (KRW)
10,758
2,427
Daewoo Engineering &
Construction Co., Ltd.
(KRW) (d)
7,517
715
DB HiTek Co., Ltd. (KRW)
24,794
735
DL E&C Co., Ltd. (KRW)
28,211
1,484
DN Automotive Corp. (KRW)
24,411
306
Doosan Bobcat, Inc. (KRW)
13,196
78
Doosan Co., Ltd. (KRW)
37,913
613
DoubleUGames Co., Ltd.
(KRW)
25,935
283
E-MART, Inc. (KRW)
17,908
121
F&F Co., Ltd. (KRW)
7,083
Shares
Description
Value
 
South Korea (Continued)
451
GS Engineering & Construction
Corp. (KRW)
$6,934
415
GS Holdings Corp. (KRW)
14,345
2,523
Hankook & Company Co., Ltd.
(KRW)
35,893
969
Hankook Tire & Technology
Co., Ltd. (KRW)
28,540
933
Hanwha Corp. (KRW)
65,191
1,798
Hanwha Engine (KRW) (d)
37,902
2,567
HDC Holdings Co., Ltd. (KRW)
44,698
46
Hugel, Inc. (KRW) (d)
13,225
71
Hyosung Heavy Industries Corp.
(KRW)
46,874
70
Hyosung TNC Corp. (KRW)
12,967
255
Hyundai Department Store Co.,
Ltd. (KRW)
14,284
283
Hyundai Elevator Co., Ltd.
(KRW)
18,033
1,063
Hyundai Engineering &
Construction Co., Ltd. (KRW)
61,830
700
Hyundai Marine & Fire
Insurance Co., Ltd. (KRW) (d)
13,719
173
Hyundai Wia Corp. (KRW)
5,871
851
iM Financial Group Co., Ltd.
(KRW)
7,926
875
Innocean Worldwide, Inc.
(KRW)
12,857
439
JB Financial Group Co., Ltd.
(KRW)
6,685
200
Jusung Engineering Co., Ltd.
(KRW)
4,601
918
Kangwon Land, Inc. (KRW)
12,448
61
KCC Corp. (KRW)
14,102
262
Kolon Industries, Inc. (KRW)
8,551
571
Korea Electric Terminal Co.,
Ltd. (KRW)
27,585
643
Korea Gas Corp. (KRW)
19,844
127
Kumho Petrochemical Co., Ltd.
(KRW)
10,568
6,457
Kumho Tire Co., Inc. (KRW) (d)
21,554
143
LG Innotek Co., Ltd. (KRW)
15,618
742
LG Uplus Corp. (KRW)
7,862
92
LIG Nex1 Co., Ltd. (KRW)
36,811
251
LS Eco Energy Ltd. (KRW)
6,426
607
LX International Corp. (KRW)
14,010
569
LX Semicon Co., Ltd. (KRW)
27,278
2,501
Mirae Asset Securities Co., Ltd.
(KRW)
39,750
805
Naturecell Co., Ltd. (KRW) (d)
16,612
65
Orion Corp. (KRW)
5,240
1,430
Orion Holdings Corp. (KRW)
23,311
9,059
Pan Ocean Co., Ltd. (KRW)
24,936
See Notes to Financial Statements
Page 45
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
69
PharmaResearch Co. Ltd.
(KRW)
$25,231
370
Poongsan Corp. (KRW)
35,284
87
Rainbow Robotics (KRW) (d)
18,082
1,546
Samsung E&A Co., Ltd (KRW)
25,316
589
Sebang Global Battery Co., Ltd.
(KRW)
29,939
56
Shinsegae, Inc. (KRW)
7,817
124
SK Gas Ltd. (KRW)
23,705
997
SL Corp. (KRW)
23,085
71
SM Entertainment Co., Ltd.
(KRW)
7,418
780
Youngone Corp. (KRW)
36,526
 
1,354,047
Spain — 1.1%
473
Construcciones y Auxiliar de
Ferrocarriles S.A. (EUR)
25,992
352
Grenergy Renovables S.A.
(EUR) (d)
25,501
533
Let’s GOWEX S.A.
(EUR) (c) (d) (f) (g) (j)
0
1,503
Tecnicas Reunidas S.A.
(EUR) (d)
34,701
 
86,194
Sweden — 2.7%
2,381
Ambea AB (SEK) (h) (i)
28,363
4,338
Attendo AB (SEK) (h) (i)
29,070
675
Betsson AB, Class B (SEK)
14,262
807
Bure Equity AB (SEK)
24,276
896
Clas Ohlson AB, Class B (SEK)
30,628
407
INVISIO AB (SEK)
15,379
385
Loomis AB (SEK)
16,180
460
Modern Times Group MTG AB,
Class B (SEK) (d)
5,835
1,109
NCC AB, Class B (SEK)
20,678
4,022
Storskogen Group AB, Class B
(SEK)
4,797
2,322
Truecaller AB, Class B (SEK)
16,468
 
205,936
Switzerland — 0.5%
58
Aryzta AG (CHF) (d)
5,910
46
Cembra Money Bank AG (CHF)
5,780
344
Implenia AG (CHF)
24,062
 
35,752
United Kingdom — 5.3%
1,726
Big Yellow Group PLC (GBP)
23,976
18,490
Currys PLC (GBP) (d)
30,888
2,747
Drax Group PLC (GBP)
26,131
541
Future PLC (GBP)
5,414
7,602
Hochschild Mining PLC (GBP)
26,671
Shares
Description
Value
 
United Kingdom (Continued)
325
JET2 PLC (GBP)
$8,231
1,215
Johnson Matthey PLC (GBP)
28,952
22,689
Jupiter Fund Management PLC
(GBP)
31,144
221
Lion Finance Group PLC (GBP)
21,478
1,906
Mitchells & Butlers PLC
(GBP) (d)
7,496
3,503
Mitie Group PLC (GBP)
6,799
1,874
OSB Group PLC (GBP)
13,440
5,457
Quilter PLC (GBP) (h) (i)
11,753
13,587
RWS Holdings PLC (GBP)
16,524
3,275
Safestore Holdings PLC (GBP)
31,828
8,917
SigmaRoc PLC (GBP) (d)
13,170
4,376
Target Healthcare REIT PLC
(GBP)
6,259
390
TBC Bank Group PLC (GBP)
24,839
1,589
TORM PLC, Class A (DKK) (e)
26,781
2,145
XPS Pensions Group PLC
(GBP) (i)
11,291
5,472
Zigup PLC (GBP)
26,664
 
399,729
Total Common Stocks
7,571,119
(Cost $6,021,947)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.4%
$105,239
Bank of America Corp.,
4.39% (k), dated 06/30/25,
due 07/01/25, with a maturity
value of $105,252.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/30/26 to
06/30/30. The value of the
collateral including accrued
interest is $107,344. (l)
105,239
(Cost $105,239)
Total Investments — 101.1%
7,676,358
(Cost $6,127,186)
Net Other Assets and
Liabilities — (1.1)%
(80,195
)
Net Assets — 100.0%
$7,596,163
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
See Notes to Financial Statements
Page 46
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(c)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(d)
Non-income producing security.
(e)
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 is $84,744 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $105,239.
(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 June 30, 2025, 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 Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
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.
(i)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(j)
This issuer has filed for protection in bankruptcy court.
(k)
Rate shown reflects yield as of June 30, 2025.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
34.0%
KRW
17.6
EUR
12.4
HKD
6.5
CAD
6.3
GBP
5.5
AUD
4.4
ILS
3.0
NOK
2.9
SEK
2.7
USD
2.2
DKK
1.4
SGD
0.6
CHF
0.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Australia
$   337,238
$   337,238
$      —
$  —**
Greece
        —**
        —
      —
  —**
Spain
    86,194
    86,194
      —
  —**
Other Country
Categories*
 7,147,687
 7,147,687
      —
  —
Repurchase Agreements
   105,239
        —
 105,239
  —
Total Investments
$7,676,358
$7,571,119
$105,239
 $—**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in
See Notes to Financial Statements
Page 47
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$84,744
Non-cash Collateral(2)
(84,744
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$105,239
Non-cash Collateral(4)
(105,239
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 48
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.1%
Brazil — 18.9%
103,508
Banco ABC Brasil S.A.
(Preference Shares) (BRL)
$426,560
592,380
Bradespar S.A. (Preference
Shares) (BRL)
1,711,797
599,408
C&A Modas S.A. (BRL)
2,168,994
537,191
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
2,765,499
393,237
Cia De Sanena Do Parana (BRL)
2,756,879
5,076,327
Cogna Educacao S.A. (BRL)
2,625,477
345,728
Cury Construtora e
Incorporadora S.A. (BRL)
1,878,465
266,348
Cyrela Brazil Realty S.A.
Empreendimentos e
Participacoes (BRL)
1,281,467
202,536
Direcional Engenharia S.A.
(BRL)
1,521,695
391,496
EcoRodovias Infraestrutura e
Logistica S.A. (BRL) (c)
539,711
212,190
Energisa S.A. (BRL)
1,887,140
279,014
Ez Tec Empreendimentos e
Participacoes S.A. (BRL)
714,854
1,543,203
Grendene S.A. (BRL)
1,562,205
724,200
Grupo SBF S.A. (BRL)
1,626,188
165,774
Intelbras S.A. Industria de
Telecomunicacao Eletronica
Brasileira (BRL)
486,664
165,580
IRB-Brasil Resseguros S.A.
(BRL) (c)
1,378,741
379,929
Isa Energia Brasil S.A.
(Preference Shares) (BRL)
1,620,945
2,538,164
JHSF Participacoes S.A. (BRL)
2,489,999
173,500
Lojas Renner S.A. (BRL)
628,459
1,040,150
Marcopolo S.A. (Preference
Shares) (BRL)
1,523,917
587,460
Marfrig Global Foods S.A.
(BRL)
2,476,088
711,253
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
1,169,036
1,516,784
Minerva S.A. (BRL) (c)
1,367,956
257,356
Petroreconcavo S.A. (BRL)
678,786
252,007
Randon S.A. Implementos e
Participacoes (Preference
Shares) (BRL)
413,278
307,523
Sao Martinho S.A. (BRL)
994,493
63,587
TOTVS S.A. (BRL)
494,010
732,196
Tres Tentos Agroindustrial S.A.
(BRL)
2,036,311
483,349
Vamos Locacao de Caminhoes
Maquinas e Equipamentos
S.A. (BRL)
371,869
596,711
Vibra Energia S.A. (BRL)
2,378,892
213,364
Vivara Participacoes S.A. (BRL)
1,061,499
Shares
Description
Value
 
Brazil (Continued)
134,298
Vulcabras S.A. (BRL)
$521,313
374,107
YDUQS Participacoes S.A.
(BRL)
1,135,452
 
46,694,639
Cayman Islands — 15.0%
1,301,108
361 Degrees International Ltd.
(HKD)
827,079
963,787
3SBio, Inc. (HKD) (d) (e)
2,903,657
484,348
AK Medical Holdings Ltd.
(HKD) (d) (e)
369,588
1,118,749
China Conch Venture Holdings
Ltd. (HKD)
1,291,201
3,303,723
China Lesso Group Holdings
Ltd. (HKD)
1,763,400
11,550
China Metal Recycling Holdings
Ltd. (HKD) (c) (f) (g) (h)
0
2,324,451
China Resources Medical
Holdings Co., Ltd. (HKD)
1,214,052
2,142,948
China Yongda Automobiles
Services Holdings Ltd. (HKD)
614,225
3,171,951
China Zhongwang Holdings Ltd.
(HKD) (c) (f) (g) (h)
0
1,947,741
COFCO Joycome Foods Ltd.
(HKD) (c) (e) (i)
392,032
312,073
Consun Pharmaceutical Group
Ltd. (HKD)
450,024
1,718,637
Country Garden Services
Holdings Co., Ltd. (HKD)
1,436,220
1,265,289
Dongyue Group Ltd. (HKD)
1,689,212
1,145,097
EEKA Fashion Holdings Ltd.
(HKD)
1,155,315
215,420
Everest Medicines Ltd.
(HKD) (c) (d) (e) (i)
1,706,906
1,898,737
Fufeng Group Ltd. (HKD)
1,666,545
1,309,994
Greentown China Holdings Ltd.
(HKD)
1,577,009
2,001,444
Greentown Management
Holdings Co., Ltd.
(HKD) (d) (e) (i)
754,689
946,148
InnoCare Pharma Ltd.
(HKD) (c) (d) (e)
1,578,932
226,224
JF SmartInvest Holdings Ltd.
(HKD)
1,380,408
4,411,682
Lonking Holdings Ltd. (HKD)
1,185,823
2,115,252
Meitu, Inc. (HKD) (d) (e)
2,433,229
2,447,514
Newborn Town, Inc.
(HKD) (c) (e)
3,064,868
1,939,378
Q Technology Group Co., Ltd.
(HKD) (e) (i)
2,050,566
1,254,201
Tianneng Power International
Ltd. (HKD) (i)
1,004,965
183,968
Wanguo Gold Group Ltd.
(HKD)
734,705
See Notes to Financial Statements
Page 49
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Cayman Islands (Continued)
349,941
Wisdom Marine Lines Co., Ltd.
(TWD)
$649,281
446,202
XD, Inc. (HKD) (e)
2,742,597
118,845
Zhen Ding Technology Holding
Ltd. (TWD)
408,870
 
37,045,398
Chile — 3.6%
54,682
Banco Itau Chile S.A. (CLP)
757,169
198,280
Cia Cervecerias Unidas S.A.
(CLP)
1,287,743
22,225,491
Cia Sud Americana de Vapores
S.A. (CLP)
1,136,056
496,725
Embotelladora Andina S.A.,
Class B (Preference Shares)
(CLP)
2,026,622
1,443,908
Engie Energia Chile S.A. (CLP)
2,014,845
187,853
Parque Arauco S.A. (CLP)
396,223
4,007,664
SMU S.A. (CLP)
718,400
580,534
Vina Concha y Toro S.A. (CLP)
669,877
 
9,006,935
China — 6.2%
4,969,203
Angang Steel Co., Ltd., Class H
(HKD) (c)
1,044,489
262,800
Anhui Expressway Co., Ltd.,
Class H (HKD)
421,822
2,853,799
BAIC Motor Corp., Ltd.,
Class H (HKD) (c) (d) (e)
705,275
1,288,784
Bank of Chongqing Co., Ltd.,
Class H (HKD)
1,338,045
5,387,890
Beijing Jingneng Clean Energy
Co., Ltd., Class H (HKD)
1,619,809
172,604
CanSino Biologics, Inc., Class H
(HKD) (c) (d) (e)
757,483
6,035,495
China BlueChemical Ltd.,
Class H (HKD)
1,614,601
676,741
China Communications Services
Corp., Ltd., Class H (HKD)
366,391
1,293,001
China Datang Corp. Renewable
Power Co., Ltd., Class H
(HKD) (i)
401,903
2,157,026
China National Building
Material Co., Ltd., Class H
(HKD)
1,030,433
1,740,550
Legend Holdings Corp., Class H
(HKD) (c) (d) (e)
1,973,375
6,198,895
Maanshan Iron & Steel Co., Ltd.,
Class H (HKD) (c) (i)
1,539,863
208,380
Shanghai Conant Optical Co.,
Ltd., Class H (HKD) (i)
992,798
Shares
Description
Value
 
China (Continued)
510,649
Shanghai MicroPort MedBot
Group Co., Ltd. (HKD) (c)
$1,051,228
182,572
Yangtze Optical Fibre & Cable
Joint Stock Ltd., Co., Class H
(HKD) (d) (e) (i)
495,390
 
15,352,905
Colombia — 0.8%
202,766
Grupo de Inversiones
Suramericana S.A. (Preference
Shares) (COP)
1,866,226
Czech Republic — 0.3%
117,082
Moneta Money Bank A/S
(CZK) (d) (e)
807,681
Hong Kong — 0.8%
1,025,427
China Nonferrous Mining Corp.,
Ltd. (HKD)
952,282
1,102,119
Genertec Universal Medical
Group Co., Ltd. (HKD) (d) (e)
786,230
464,616
Morimatsu International
Holdings Co., Ltd.,
Series REGS (HKD) (e) (i)
357,490
 
2,096,002
India — 0.8%
8,782
Amber Enterprises India Ltd.
(INR) (c)
693,211
408,135
Manappuram Finance Ltd. (INR)
1,310,496
 
2,003,707
Indonesia — 8.0%
16,624,860
Alamtri Resources Indonesia
Tbk PT (IDR)
1,873,945
11,256,098
Aneka Tambang Tbk (IDR)
2,107,702
6,931,721
Bank Tabungan Negara Persero
Tbk PT (IDR)
476,062
9,737,418
Bukit Asam Tbk PT (IDR)
1,475,457
18,477,631
Bumi Resources Minerals Tbk
PT (IDR) (c)
450,702
24,538,294
Ciputra Development Tbk PT
(IDR)
1,443,429
33,768,294
Elang Mahkota Teknologi Tbk
PT (IDR)
1,006,705
6,234,323
Indah Kiat Pulp & Paper Tbk PT
(IDR)
2,208,029
1,336,509
Indo Tambangraya Megah Tbk
PT (IDR)
1,811,099
864,024
Indofood Sukses Makmur Tbk
PT (IDR)
432,411
15,260,133
Japfa Comfeed Indonesia Tbk
PT (IDR)
1,424,029
23,939,799
Medco Energi Internasional Tbk
PT (IDR)
1,835,852
15,780,253
Perusahaan Gas Negara Tbk PT
(IDR)
1,569,763
See Notes to Financial Statements
Page 50
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Indonesia (Continued)
2,514,169
Petrosea Tbk PT (IDR)
$432,062
7,644,328
Sawit Sumbermas Sarana Tbk
PT (IDR)
619,174
61,345,734
Surya Citra Media Tbk PT (IDR)
566,792
 
19,733,213
Malaysia — 2.3%
14,945,000
Bumi Armada Bhd (MYR)
1,597,257
3,355,000
Dayang Enterprise Holdings Bhd
(MYR)
1,466,144
1,011,600
Genting Bhd (MYR)
732,782
5,183,633
Guan Chong Bhd (MYR)
1,526,590
1,635,800
Tanco Holdings Bhd (MYR) (j)
355,482
 
5,678,255
Malta — 1.0%
1,887,421
MAS PLC (ZAR) (c)
2,587,458
Mexico — 4.2%
1,251,503
FIBRA Macquarie Mexico
(MXN) (d) (e)
2,000,191
299,332
Genomma Lab Internacional
S.A.B. de C.V., Class B
(MXN)
326,857
1,201,887
Gentera S.A.B. de C.V. (MXN)
2,567,809
1,135,078
La Comer S.A.B. de C.V.
(MXN)
2,487,378
705,854
Megacable Holdings S.A.B. de
C.V., Series CPO (MXN)
1,978,249
971,680
Orbia Advance Corp. S.A.B. de
C.V. (MXN)
676,802
42,620
Qualitas Controladora S.A.B. de
C.V. (MXN)
437,659
 
10,474,945
Morocco — 1.2%
8,427
Akdital Holding (MAD)
1,358,824
19,284
Alliances Developpement
Immobilier S.A. (MAD)
1,017,919
156,539
Douja Promotion Groupe
Addoha S.A. (MAD) (c)
643,472
 
3,020,215
Philippines — 2.2%
2,284,500
Converge Information and
Communications Technology
Solutions., Inc. (PHP)
789,213
2,936,280
DigiPlus Interactive Corp. (PHP)
2,710,573
5,139,400
JG Summit Holdings, Inc. (PHP)
1,822,922
 
5,322,708
Poland — 3.8%
36,371
Asseco Poland S.A. (PLN)
2,040,372
285,337
Cyfrowy Polsat S.A.
(PLN) (c) (i)
1,396,068
468,887
Enea S.A. (PLN) (c)
2,544,545
Shares
Description
Value
 
Poland (Continued)
328,082
Orange Polska S.A. (PLN)
$831,959
1,161,650
Tauron Polska Energia S.A.
(PLN) (c)
2,711,113
 
9,524,057
Russia — 0.0%
653,736,712
Federal Grid Co. - Rosseti PJSC
(RUB) (c) (f) (g) (h)
0
580,351
Mechel PJSC
(RUB) (c) (f) (g) (h)
0
 
0
South Africa — 6.1%
46,700
African Rainbow Minerals Ltd.
(ZAR)
453,896
183,717
Exxaro Resources Ltd. (ZAR)
1,524,736
653,738
Hyprop Investments Ltd. (ZAR)
1,578,978
164,991
JSE Ltd. (ZAR)
1,241,923
1,970,670
Life Healthcare Group Holdings
Ltd. (ZAR)
1,589,560
873,257
Momentum Group Ltd. (ZAR)
1,691,392
156,383
Motus Holdings Ltd. (ZAR)
831,039
1,630,046
Redefine Properties Ltd. (ZAR)
421,697
239,662
Resilient REIT Ltd. (ZAR)
816,303
941,363
Sappi Ltd. (ZAR)
1,582,431
550,519
Telkom S.A. SOC Ltd.
(ZAR) (c)
1,678,572
337,574
Thungela Resources Ltd. (ZAR)
1,616,770
 
15,027,297
Taiwan — 9.0%
452,222
Advancetek Enterprise Co., Ltd.
(TWD)
1,113,062
54,668
Arcadyan Technology Corp.
(TWD)
375,220
485,224
Capital Securities Corp. (TWD)
325,565
848,305
ChipMOS Technologies, Inc.
(TWD)
782,617
404,952
Flytech Technology Co., Ltd.
(TWD)
1,656,572
105,886
Fusheng Precision Co., Ltd.
(TWD)
1,076,549
213,549
Greatek Electronics, Inc. (TWD)
421,805
470,380
Hannstar Board Corp. (TWD)
990,291
590,108
Huang Hsiang Construction
Corp. (TWD)
871,668
1,629,196
Innolux Corp. (TWD)
652,526
312,194
Johnson Health Tech Co., Ltd.
(TWD)
1,854,226
924,844
Kindom Development Co., Ltd.
(TWD)
1,595,650
52,905
L&K Engineering Co., Ltd.
(TWD)
555,093
34,073
Nan Pao Resins Chemical Co.,
Ltd. (TWD)
349,338
See Notes to Financial Statements
Page 51
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Taiwan (Continued)
1,045,362
Pou Chen Corp. (TWD)
$1,107,557
2,029,773
Rechi Precision Co., Ltd. (TWD)
1,691,941
1,051,319
Ruentex Development Co., Ltd.
(TWD)
1,070,681
1,040,646
Ruentex Industries Ltd. (TWD)
1,905,880
249,755
TA Chen Stainless Pipe (TWD)
296,249
586,268
Tatung Co., Ltd. (TWD)
796,756
679,582
Tigerair Taiwan Co., Ltd.
(TWD) (c)
2,012,318
732,168
Weikeng Industrial Co., Ltd.
(TWD)
834,629
 
22,336,193
Thailand — 5.0%
6,658,600
AP Thailand PCL (THB)
1,280,155
992,200
Bangchak Corp. PCL (THB)
930,891
3,050,500
Banpu PCL (THB)
377,222
137,000
Electricity Generating PCL
(THB)
425,639
800,500
KCE Electronics PCL (THB)
448,159
3,837,600
Prima Marine PCL (THB)
666,972
497,800
Ratch Group PCL (THB)
370,570
2,674,100
Regional Container Lines PCL
(THB)
2,118,140
26,552,300
Sansiri PCL (THB)
1,045,471
1,745,600
Sri Trang Agro-Industry PCL
(THB)
638,986
6,982,300
Star Petroleum Refining PCL
(THB) (d) (e)
1,084,650
3,927,500
Supalai PCL (THB)
1,751,798
1,539,000
Thai Oil PCL (THB)
1,278,210
 
12,416,863
Turkey — 9.1%
95,262
AG Anadolu Grubu Holding A/S
(TRY)
622,037
2,704,426
Ahlatci Dogal Gaz Dagitim
Enerji VE Yatirim A/S (TRY)
1,892,254
453,646
Anadolu Anonim Turk Sigorta
Sirketi (TRY)
1,059,555
102,575
Arcelik A/S (TRY) (c)
315,574
123,794
Astor Transformator Enerji
Turizm Insaat Ve Petrol
Sanayi Ticaret A/S (TRY)
288,983
166,623
Aygaz A/S (TRY)
535,634
3,218,081
Baticim Bati Anadolu Cimento
Sanayii A/S (TRY) (j)
370,157
1,092,273
Cimsa Cimento Sanayi VE
Ticaret A/S (TRY)
1,316,727
4,419,551
Dogan Sirketler Grubu Holding
A/S (TRY)
1,728,184
184,151
Dogus Otomotiv Servis ve
Ticaret A/S (TRY)
805,648
Shares
Description
Value
 
Turkey (Continued)
5,438,133
Emlak Konut Gayrimenkul
Yatirim Ortakligi A/S (TRY)
$2,458,361
106,943
Gubre Fabrikalari T.A.S.
(TRY) (c)
613,171
1,397,219
Is Yatirim Menkul Degerler A/S
(TRY)
1,280,798
959,278
Kardemir Karabuk Demir Celik
Sanayi ve Ticaret A/S,
Class D (TRY) (c)
581,092
85,187
Migros Ticaret A/S (TRY)
1,058,479
1,478,761
NET Holding A/S (TRY) (c)
1,678,648
1,847,965
Oyak Cimento Fabrikalari A/S
(TRY)
1,008,966
272,803
Pegasus Hava Tasimaciligi A/S
(TRY) (c)
1,760,782
468,767
Tekfen Holding A/S (TRY) (c)
1,280,882
3,835,367
Turkiye Sinai Kalkinma Bankasi
A/S (TRY) (c)
1,202,112
233,218
Ulker Biskuvi Sanayi A/S (TRY)
618,514
 
22,476,558
Virgin Islands — 0.8%
146,240
DPC Dash Ltd. (HKD) (c)
1,913,241
Total Common Stocks
245,384,496
(Cost $218,287,779)
MONEY MARKET FUNDS — 0.1%
260,709
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (k)
260,709
(Cost $260,709)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.9%
$4,836,028
Bank of America Corp.,
4.39% (k), dated 06/30/25,
due 07/01/25, with a maturity
value of $4,836,618.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/30/26 to
06/30/30. The value of the
collateral including accrued
interest is $4,932,749. (l)
4,836,028
(Cost $4,836,028)
Total Investments — 101.1%
250,481,233
(Cost $223,384,516)
Net Other Assets and
Liabilities — (1.1)%
(2,831,938
)
Net Assets — 100.0%
$247,649,295
 
See Notes to Financial Statements
Page 52
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(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.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
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.
(g)
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 June 30, 2025, securities noted as
such are valued at $0 or 0.0% of net assets.
(h)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(i)
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 is $4,565,378 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $4,836,028.
(j)
Non-income producing security which makes payment-in-
kind distributions.
(k)
Rate shown reflects yield as of June 30, 2025.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
CZK
–  Czech Koruna
HKD
–  Hong Kong Dollar
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MAD
–  Moroccan Dirham
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
HKD
22.1%
BRL
18.6
TWD
9.3
TRY
9.0
IDR
7.9
ZAR
7.0
THB
5.0
MXN
4.2
PLN
3.8
CLP
3.6
MYR
2.3
PHP
2.1
USD
2.0
MAD
1.2
INR
0.8
COP
0.8
CZK
0.3
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
See Notes to Financial Statements
Page 53
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Cayman Islands
$  37,045,398
$  37,045,398
$         —
$  —**
Russia
          —**
          —
         —
  —**
Thailand
  12,416,863
          —
 12,416,863
  —
Other Country
Categories*
 195,922,235
 195,922,235
         —
  —
Money Market
Funds
     260,709
     260,709
         —
  —
Repurchase
Agreements
   4,836,028
          —
  4,836,028
  —
Total Investments
$250,481,233
$233,228,342
$17,252,891
 $—**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$4,565,378
Non-cash Collateral(2)
(4,565,378
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$4,836,028
Non-cash Collateral(4)
(4,836,028
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 54
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments
June 30, 2025 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Austria — 4.8%
2,023
ANDRITZ AG (EUR)
$150,367
4,404
BAWAG Group AG
(EUR) (c) (d)
562,348
1,641
Erste Group Bank AG (EUR)
139,758
9,131
OMV AG (EUR)
496,707
13,228
Raiffeisen Bank International
AG (EUR)
403,261
3,196
Verbund AG (EUR)
245,273
12,865
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
662,246
9,297
voestalpine AG (EUR)
261,739
 
2,921,699
Belgium — 4.3%
523
Ackermans & van Haaren N.V.
(EUR)
133,687
3,779
Ageas S.A./N.V. (EUR)
255,293
8,257
Colruyt Group N.V. (EUR)
357,152
3,040
Groupe Bruxelles Lambert N.V.
(EUR)
258,905
5,593
KBC Ancora (EUR)
384,756
2,490
KBC Group N.V. (EUR)
257,116
2,216
Sofina S.A. (EUR)
730,896
9,543
Warehouses De Pauw C.V.A.
(EUR)
232,693
 
2,610,498
Finland — 2.0%
13,844
Fortum Oyj (EUR)
259,128
1,779
Konecranes Oyj (EUR)
141,137
21,610
Nokia Oyj (EUR)
112,157
8,886
Nordea Bank Abp (EUR)
131,993
5,720
Orion Oyj, Class B (EUR)
430,214
12,003
Stora Enso Oyj, Class R (EUR)
130,418
 
1,205,047
France — 16.2%
5,943
Arkema S.A. (EUR)
437,886
5,309
AXA S.A. (EUR)
260,594
4,080
BNP Paribas S.A. (EUR)
366,798
11,490
Bouygues S.A. (EUR)
519,732
758
Capgemini SE (EUR)
129,514
32,166
Carrefour S.A. (EUR)
453,544
1,141
Cie de Saint-Gobain S.A. (EUR)
133,921
9,681
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
359,675
24,940
Credit Agricole S.A. (EUR)
471,960
2,926
Eiffage S.A. (EUR)
411,018
20,368
Elis S.A. (EUR) (e)
583,979
11,599
Engie S.A. (EUR)
272,237
983
Ipsen S.A. (EUR)
117,067
548
Kering S.A. (EUR)
119,137
Shares
Description
Value
 
France (Continued)
13,531
Klepierre S.A. (EUR) (e)
$532,996
34,878
Orange S.A. (EUR)
530,608
8,987
Renault S.A. (EUR)
414,241
432
Safran S.A. (EUR)
140,399
3,929
SCOR SE (EUR)
129,682
10,108
Societe Generale S.A. (EUR)
578,073
7,976
SPIE S.A. (EUR)
448,158
5,655
Teleperformance SE (EUR)
548,360
1,703
Thales S.A. (EUR)
500,711
8,766
TotalEnergies SE (EUR)
537,981
23,975
Vallourec SACA (EUR)
443,249
3,526
Wendel SE (EUR)
372,150
 
9,813,670
Germany — 27.8%
1,188
Allianz SE (EUR)
481,536
6,008
Aurubis AG (EUR) (e)
624,912
25,761
Auto1 Group SE
(EUR) (c) (d) (f)
830,246
7,098
Bayerische Motoren Werke AG
(EUR)
630,930
1,755
Brenntag SE (EUR)
116,183
24,938
Commerzbank AG (EUR)
786,684
8,100
Continental AG (EUR)
707,019
5,635
Daimler Truck Holding AG
(EUR)
266,639
23,967
Deutsche Bank AG (EUR)
710,600
769
Deutsche Boerse AG (EUR)
250,829
78,100
Deutsche Lufthansa AG (EUR)
660,547
9,169
Deutsche Telekom AG (EUR)
334,496
5,298
DHL Group (EUR)
244,702
11,381
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (c) (d)
562,260
22,477
E.ON SE (EUR)
413,701
5,424
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (f)
408,590
2,978
Freenet AG (EUR)
96,960
4,583
Fresenius Medical Care AG
(EUR)
262,640
2,657
Fresenius SE & Co. KGaA
(EUR)
133,581
3,742
GEA Group AG (EUR)
261,829
1,992
Heidelberg Materials AG (EUR)
468,006
1,423
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
111,737
6,775
Hensoldt AG (EUR)
777,314
3,331
HOCHTIEF AG (EUR)
656,445
10,923
KION Group AG (EUR)
607,827
834
Krones AG (EUR)
137,538
9,650
Mercedes-Benz Group AG
(EUR)
564,839
See Notes to Financial Statements
Page 55
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
359
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(EUR)
$232,841
396
Rheinmetall AG (EUR)
838,246
15,838
RWE AG (EUR)
660,997
1,085
Scout24 SE (EUR) (c) (d)
149,663
5,828
Siemens Energy AG (EUR) (f)
673,193
4,326
Talanx AG (EUR)
560,031
55,258
thyssenkrupp AG (EUR)
593,763
5,590
Volkswagen AG (Preference
Shares) (EUR)
590,126
5,521
Wacker Chemie AG (EUR) (e)
403,216
 
16,810,666
Greece — 5.1%
241,520
Alpha Bank S.A. (EUR)
850,653
84,792
Eurobank Ergasias Services and
Holdings S.A. (EUR)
291,253
20,918
Hellenic Telecommunications
Organization S.A. (EUR)
397,697
7,728
Metlen Energy & Metals S.A.
(EUR)
418,930
22,136
National Bank of Greece S.A.
(EUR)
282,394
82,878
Piraeus Financial Holdings S.A.
(EUR)
574,239
15,147
Public Power Corp. S.A. (EUR)
247,296
 
3,062,462
Ireland — 2.0%
52,735
AIB Group PLC (EUR)
433,904
19,288
Bank of Ireland Group PLC
(EUR)
274,576
8,423
Ryanair Holdings PLC, ADR
485,754
 
1,194,234
Italy — 16.6%
235,037
A2A S.p.A. (EUR)
632,631
12,181
Azimut Holding S.p.A. (EUR)
389,996
4,038
Banca Generali S.p.A. (EUR)
224,415
14,067
Banca Mediolanum S.p.A.
(EUR)
242,257
57,295
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
487,419
44,764
Banco BPM S.p.A. (EUR)
522,659
43,519
BPER Banca S.p.A. (EUR)
395,548
11,826
Buzzi S.p.A. (EUR)
655,568
25,022
Credito Emiliano S.p.A. (EUR)
369,613
13,951
Enel S.p.A. (EUR)
132,389
29,260
Eni S.p.A. (EUR)
474,265
5,748
FinecoBank Banca Fineco S.p.A
(EUR)
127,530
Shares
Description
Value
 
Italy (Continued)
6,460
Generali (EUR)
$229,886
26,148
Hera S.p.A. (EUR)
126,346
66,281
Intesa Sanpaolo S.p.A. (EUR)
381,909
31,527
Italgas S.p.A. (EUR)
267,389
11,665
Leonardo S.p.A. (EUR)
656,537
28,101
Lottomatica Group S.p.A. (EUR)
779,875
12,116
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR)
281,660
42,586
Nexi S.p.A. (EUR) (c) (d)
254,534
76,428
Pirelli & C S.p.A.
(EUR) (c) (d) (e)
527,028
19,098
Poste Italiane S.p.A.
(EUR) (c) (d) (e)
410,337
48,852
Saipem S.p.A. (EUR)
133,793
1,009,570
Telecom Italia S.p.A. (EUR) (f)
497,810
6,089
UniCredit S.p.A. (EUR)
408,190
21,316
Unipol Assicurazioni S.p.A.
(EUR)
422,463
 
10,032,047
Luxembourg — 1.5%
15,805
ArcelorMittal S.A. (EUR)
500,254
23,165
Tenaris S.A. (EUR)
435,914
 
936,168
Netherlands — 6.5%
16,207
ABN AMRO Bank N.V.
(EUR) (c) (d)
443,677
7,897
ASR Nederland N.V. (EUR)
524,464
1,565
Euronext N.V. (EUR) (c) (d)
267,492
5,814
ING Groep N.V. (EUR)
127,562
20,821
Iveco Group N.V. (EUR)
409,587
3,026
Koninklijke Ahold Delhaize
N.V. (EUR)
126,539
7,825
Koninklijke Vopak N.V. (EUR)
389,162
2,040
NN Group N.V. (EUR)
135,579
2,457
Prosus N.V. (EUR)
137,389
26,148
STMicroelectronics N.V. (EUR)
798,827
13,881
Technip Energies N.V. (EUR)
584,391
 
3,944,669
Portugal — 1.8%
563,127
Banco Comercial Portugues
S.A., Class R (EUR)
438,201
67,218
EDP S.A. (EUR)
291,539
12,889
Galp Energia SGPS S.A. (EUR)
236,394
5,336
Jeronimo Martins SGPS S.A.
(EUR)
135,014
 
1,101,148
Spain — 11.0%
1,732
Acciona S.A. (EUR) (e)
311,745
7,931
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
550,731
See Notes to Financial Statements
Page 56
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
33,349
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
$512,847
202,618
Banco de Sabadell S.A. (EUR)
645,137
84,402
Banco Santander S.A. (EUR)
698,636
51,045
Bankinter S.A. (EUR)
666,225
58,317
CaixaBank S.A. (EUR)
505,181
4,269
Endesa S.A. (EUR) (e)
135,221
19,572
Indra Sistemas S.A. (EUR) (e)
849,804
3,560
Logista Integral S.A. (EUR)
116,580
73,604
Mapfre S.A. (EUR)
300,856
42,517
Repsol S.A. (EUR) (e)
622,783
306,540
Unicaja Banco S.A.
(EUR) (c) (d)
724,346
 
6,640,092
Total Common Stocks
60,272,400
(Cost $52,263,818)
MONEY MARKET FUNDS — 0.1%
22,141
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.21% (g)
22,141
(Cost $22,141)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 6.5%
$3,944,290
Bank of America Corp.,
4.39% (g), dated 06/30/25,
due 07/01/25, with a maturity
value of $3,944,771.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/30/26 to
06/30/30. The value of the
collateral including accrued
interest is $4,023,176. (h)
3,944,290
(Cost $3,944,290)
Total Investments — 106.2%
64,238,831
(Cost $56,230,249)
Net Other Assets and
Liabilities — (6.2)%
(3,734,967
)
Net Assets — 100.0%
$60,503,864
 
(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.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
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 is $3,799,626 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $3,944,290.
(f)
Non-income producing security.
(g)
Rate shown reflects yield as of June 30, 2025.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
93.1%
USD
6.9
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 60,272,400
$ 60,272,400
$        —
$ —
Money Market Funds
     22,141
     22,141
        —
 —
Repurchase Agreements
  3,944,290
         —
 3,944,290
 —
Total Investments
$64,238,831
$60,294,541
$3,944,290
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C -
See Notes to Financial Statements
Page 57
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2025 (Unaudited)
Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$3,799,626
Non-cash Collateral(2)
(3,799,626
)
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 June 30, 2025, 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.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$3,944,290
Non-cash Collateral(4)
(3,944,290
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2025, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 58
This page intentionally left blank.
Page 59
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities
June 30, 2025 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
ASSETS:
Investments, at value
$22,926,478
$300,093,497
$12,806,201
Cash
—
199,660
—
Foreign currency, at value
8,699
290,043
7,521
Receivables:
Dividends
65,284
404,425
165,255
Investment securities sold
—
—
—
Interest
—
—
1,079
Capital shares sold
—
—
—
Reclaims
—
1,696,998
—
Securities lending income
—
10,273
—
Total Assets
23,000,461
302,694,896
12,980,056
 
LIABILITIES:
Due to custodian
1
—
26,339
Payables:
Investment advisory fees
11,823
184,856
8,335
Investment securities purchased
—
—
—
Capital shares redeemed
—
—
—
Deferred foreign capital gains tax
—
—
—
Collateral for securities on loan
—
14,559,507
—
Total Liabilities
11,824
14,744,363
34,674
NET ASSETS
$22,988,637
$287,950,533
$12,945,382
 
NET ASSETS consist of:
Paid-in capital
$34,334,414
$470,512,317
$56,350,799
Par value
6,500
60,500
6,500
Accumulated distributable earnings (loss)
(11,352,277
)
(182,622,284
)
(43,411,917
)
NET ASSETS
$22,988,637
$287,950,533
$12,945,382
NET ASSET VALUE, per share
$35.37
$47.60
$19.92
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
650,002
6,050,002
650,002
Investments, at cost
$18,376,636
$233,955,649
$10,367,636
Foreign currency, at cost (proceeds)
$8,702
$277,540
$7,141
Securities on loan, at value
$—
$13,956,021
$—
See Notes to Financial Statements
Page 60
 
First Trust Brazil
AlphaDEX® Fund
(FBZ)
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
$7,153,515
$39,060,550
$191,232,353
$542,838,367
$420,376,871
$61,805,860
—
—
—
58,810
—
6,958
4
55,888
199,510
184,252
291,936
28
78,055
294,661
275,063
797,718
3,359,930
16,705
—
—
—
—
17,668
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
951,717
348,217
91,628
—
4,029
4,619
14,622
10,472
—
7,231,574
39,415,128
191,711,545
544,845,486
424,405,094
61,921,179
—
—
—
—
—
—
4,617
24,710
113,122
330,799
270,764
22,397
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
267,614
—
—
998,399
14,811,375
23,499,621
8,342,401
—
4,617
1,023,109
14,924,497
23,830,420
8,880,779
22,397
$7,226,957
$38,392,019
$176,787,048
$521,015,066
$415,524,315
$61,898,782
$35,223,502
$43,179,174
$204,058,594
$720,933,482
$585,286,073
$89,330,597
6,000
16,000
29,500
75,864
169,500
11,000
(28,002,545
)
(4,803,155
)
(27,301,046
)
(199,994,280
)
(169,931,258
)
(27,442,815
)
$7,226,957
$38,392,019
$176,787,048
$521,015,066
$415,524,315
$61,898,782
$12.04
$23.99
$59.93
$68.68
$24.51
$56.27
600,002
1,600,002
2,950,002
7,586,412
16,950,002
1,100,002
$5,479,402
$32,746,072
$161,009,292
$426,057,281
$374,281,058
$57,092,780
$4
$55,890
$200,772
$185,187
$291,711
$27
$—
$933,358
$13,597,089
$21,518,670
$7,869,699
$—
See Notes to Financial Statements
Page 61
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities (Continued)
June 30, 2025 (Unaudited)
 
 
First Trust
United Kingdom
AlphaDEX®
Fund
(FKU)
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
ASSETS:
Investments, at value
$62,539,412
$216,712,080
$66,927,922
Cash
253
—
—
Foreign currency, at value
74,148
17,375,467
19
Receivables:
Dividends
236,354
469,577
474
Investment securities sold
2,649
—
1,205,834
Interest
—
—
—
Capital shares sold
—
6,038
—
Reclaims
19,806
—
1,852,665
Securities lending income
—
—
—
Total Assets
62,872,622
234,563,162
69,986,914
 
LIABILITIES:
Due to custodian
—
1,614,876
—
Payables:
Investment advisory fees
39,198
151,188
44,822
Investment securities purchased
—
—
1,257,096
Capital shares redeemed
—
15,094,382
—
Deferred foreign capital gains tax
—
4,787,590
—
Collateral for securities on loan
—
—
—
Total Liabilities
39,198
21,648,036
1,301,918
NET ASSETS
$62,833,424
$212,915,126
$68,684,996
 
NET ASSETS consist of:
Paid-in capital
$103,846,649
$172,500,659
$79,141,829
Par value
13,500
35,500
9,000
Accumulated distributable earnings (loss)
(41,026,725
)
40,378,967
(10,465,833
)
NET ASSETS
$62,833,424
$212,915,126
$68,684,996
NET ASSET VALUE, per share
$46.54
$59.98
$76.32
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
1,350,002
3,550,002
900,002
Investments, at cost
$51,072,291
$162,692,043
$55,471,625
Foreign currency, at cost (proceeds)
$74,148
$17,375,130
$18
Securities on loan, at value
$—
$—
$—
See Notes to Financial Statements
Page 62
 
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$7,676,358
$250,481,233
$64,238,831
—
—
20,742
22,897
357,917
17,396
10,991
1,678,145
36,695
—
54,002
—
—
—
—
—
—
—
1,780
58,175
171,642
269
18,570
2,117
7,712,295
252,648,042
64,487,423
6,033
531
—
4,860
162,188
39,269
—
—
—
—
—
—
—
—
—
105,239
4,836,028
3,944,290
116,132
4,998,747
3,983,559
$7,596,163
$247,649,295
$60,503,864
$11,027,876
$280,763,372
$74,219,310
1,500
61,000
11,000
(3,433,213
)
(33,175,077
)
(13,726,446
)
$7,596,163
$247,649,295
$60,503,864
$50.64
$40.60
$55.00
150,002
6,100,002
1,100,002
$6,127,186
$223,384,516
$56,230,249
$22,804
$357,526
$17,085
$84,744
$4,565,378
$3,799,626
See Notes to Financial Statements
Page 63
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations
For the Six Months Ended June 30, 2025 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
INVESTMENT INCOME:
Dividends
$364,799
$7,932,057
$331,440
Securities lending income (net of fees)
13,734
38,780
—
Foreign withholding tax
(20,262
)
(399,875
)
(17,089
)
Total investment income
358,271
7,570,962
314,351
 
EXPENSES:
Investment advisory fees
58,456
 
898,045
 
46,774
 
Total expenses
58,456
898,045
46,774
NET INVESTMENT INCOME (LOSS)
299,815
6,672,917
267,577
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(84,411
)
975,181
21,033
In-kind redemptions
74,229
310,592
(119,570
)
Foreign currency transactions
(23,042
)
3,412
(15,428
)
Foreign capital gains tax
—
—
—
Net realized gain (loss)
(33,224
)
1,289,185
(113,965
)
Net change in unrealized appreciation (depreciation) on:
Investments
3,821,751
60,967,727
3,292,665
Foreign currency translation
67
200,510
20,834
Deferred foreign capital gains tax
—
—
—
Net change in unrealized appreciation (depreciation)
3,821,818
61,168,237
3,313,499
NET REALIZED AND UNREALIZED GAIN (LOSS)
3,788,594
62,457,422
3,199,534
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$4,088,409
$69,130,339
$3,467,111
See Notes to Financial Statements
Page 64
 
First Trust Brazil
AlphaDEX® Fund
(FBZ)
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
$168,541
$812,790
$2,426,072
$11,456,770
$10,915,533
$514,243
—
53,033
23,496
96,144
44,776
242
(58
)
(38,615
)
(242,426
)
(1,045,941
)
(1,153,233
)
(75,900
)
168,483
827,208
2,207,142
10,506,973
9,807,076
438,585
23,381
 
151,775
 
654,690
 
1,741,649
 
1,562,530
 
63,892
 
23,381
151,775
654,690
1,741,649
1,562,530
63,892
145,102
675,433
1,552,452
8,765,324
8,244,546
374,693
(376,050
)
(1,617,200
)
(1,507,510
)
5,450,404
(10,661,322
)
(18,820
)
—
906,733
6,069,049
1,127,982
1,358,181
436,460
467
(395
)
64,922
(240,607
)
(203,081
)
981
—
—
—
—
(11,065
)
—
(375,583
)
(710,862
)
4,626,461
6,337,779
(9,517,287
)
418,621
2,022,938
6,258,487
18,506,422
98,534,004
43,722,320
4,979,122
6,781
12
413
103,208
117,816
7,158
—
—
—
—
117,786
—
2,029,719
6,258,499
18,506,835
98,637,212
43,957,922
4,986,280
1,654,136
5,547,637
23,133,296
104,974,991
34,440,635
5,404,901
$1,799,238
$6,223,070
$24,685,748
$113,740,315
$42,685,181
$5,779,594
See Notes to Financial Statements
Page 65
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations (Continued)
For the Six Months Ended June 30, 2025 (Unaudited)
 
 
First Trust
United Kingdom
AlphaDEX®
Fund
(FKU)
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
INVESTMENT INCOME:
Dividends
$1,274,221
$2,148,913
$1,860,600
Securities lending income (net of fees)
—
—
—
Foreign withholding tax
(20,316
)
(430,452
)
(234,653
)
Total investment income
1,253,905
1,718,461
1,625,947
 
EXPENSES:
Investment advisory fees
232,615
 
944,241
 
267,375
 
Total expenses
232,615
944,241
267,375
NET INVESTMENT INCOME (LOSS)
1,021,290
774,220
1,358,572
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(1,980,013
)
(3,006,090
)
540,614
In-kind redemptions
4,091,828
—
3,222,239
Foreign currency transactions
14,105
(165,299
)
(3,526
)
Foreign capital gains tax
—
(2,308,122
)
—
Net realized gain (loss)
2,125,920
(5,479,511
)
3,759,327
Net change in unrealized appreciation (depreciation) on:
Investments
9,525,976
20,556,319
8,663,170
Foreign currency translation
6,239
1,135
206,884
Deferred foreign capital gains tax
—
(1,596,034
)
—
Net change in unrealized appreciation (depreciation)
9,532,215
18,961,420
8,870,054
NET REALIZED AND UNREALIZED GAIN (LOSS)
11,658,135
13,481,909
12,629,381
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$12,679,425
$14,256,129
$13,987,953
See Notes to Financial Statements
Page 66
 
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$163,292
$6,653,242
$1,737,500
1,957
191,246
6,681
(19,484
)
(681,881
)
(207,605
)
145,765
6,162,607
1,536,576
25,861
 
1,013,860
 
154,558
 
25,861
1,013,860
154,558
119,904
5,148,747
1,382,018
(87,957
)
(16,789,666
)
(1,832,383
)
—
1,589,798
2,492,191
(193
)
(140,348
)
(1,577
)
—
(9,413
)
—
(88,150
)
(15,349,629
)
658,231
1,619,547
24,807,113
9,420,337
383
42,883
16,791
—
62,081
—
1,619,930
24,912,077
9,437,128
1,531,780
9,562,448
10,095,359
$1,651,684
$14,711,195
$11,477,377
See Notes to Financial Statements
Page 67
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets
 
 
First Trust Asia Pacific ex-Japan
AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX®
Fund (FEP)
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$299,815
$422,434
$6,672,917
$7,465,542
Net realized gain (loss)
(33,224
)
1,243,371
1,289,185
17,306,254
Net change in unrealized appreciation (depreciation)
3,821,818
(1,202,754
)
61,168,237
(16,597,473
)
Net increase (decrease) in net assets resulting from
operations
4,088,409
463,051
69,130,339
8,174,323
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(285,051
)
(466,052
)
(6,391,607
)
(9,806,543
)
Return of capital
—
—
—
—
Total distributions to shareholders
(285,051
)
(466,052
)
(6,391,607
)
(9,806,543
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
6,796,618
 
—
 
42,108,780
 
—
 
Cost of shares redeemed
(1,404,814
) 
(4,046,995
) 
(1,906,516
) 
(36,669,856
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
5,391,804
(4,046,995
)
40,202,264
(36,669,856
)
Total increase (decrease) in net assets
9,195,162
(4,049,996
)
102,940,996
(38,302,076
)
 
NET ASSETS:
Beginning of period
13,793,475
17,843,471
185,009,537
223,311,613
End of period
$22,988,637
$13,793,475
$287,950,533
$185,009,537
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
500,002
650,002
5,150,002
6,150,002
Shares sold
200,000
—
950,000
—
Shares redeemed
(50,000
)
(150,000
)
(50,000
)
(1,000,000
)
Shares outstanding, end of period
650,002
500,002
6,050,002
5,150,002
See Notes to Financial Statements
Page 68
 
First Trust Latin America AlphaDEX®
Fund (FLN)
First Trust Brazil AlphaDEX® Fund
(FBZ)
First Trust China AlphaDEX® Fund
(FCA)
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
$267,577
$1,417,420
$145,102
$270,369
$675,433
$341,066
(113,965
)
4,215,629
(375,583
)
249,099
(710,862
)
(513,897
)
3,313,499
(15,701,133
)
2,029,719
(2,002,029
)
6,258,499
939,388
3,467,111
(10,068,084
)
1,799,238
(1,482,561
)
6,223,070
766,557
(238,906
)
(1,439,862
)
(109,955
)
(235,401
)
(593,761
)
(313,487
)
—
—
—
—
—
—
(238,906
)
(1,439,862
)
(109,955
)
(235,401
)
(593,761
)
(313,487
)
929,471
 
—
 
539,341
 
—
 
—
 
45,358,525
 
(4,176,691
) 
(50,268,605
) 
—
 
—
 
(15,145,281
) 
(4,402,064
) 
(3,247,220
)
(50,268,605
)
539,341
—
(15,145,281
)
40,956,461
(19,015
)
(61,776,551
)
2,228,624
(1,717,962
)
(9,515,972
)
41,409,531
12,964,397
74,740,948
4,998,333
6,716,295
47,907,991
6,498,460
$12,945,382
$12,964,397
$7,226,957
$4,998,333
$38,392,019
$47,907,991
850,002
3,600,002
550,002
550,002
2,350,002
350,002
50,000
—
50,000
—
—
2,200,000
(250,000
)
(2,750,000
)
—
—
(750,000
)
(200,000
)
650,002
850,002
600,002
550,002
1,600,002
2,350,002
See Notes to Financial Statements
Page 69
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Japan AlphaDEX®
Fund (FJP)
First Trust Developed Markets
ex-US AlphaDEX® Fund (FDT)
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$1,552,452
$3,816,921
$8,765,324
$12,287,791
Net realized gain (loss)
4,626,461
10,840,439
6,337,779
44,570,918
Net change in unrealized appreciation (depreciation)
18,506,835
(4,191,041
)
98,637,212
(28,811,214
)
Net increase (decrease) in net assets resulting from
operations
24,685,748
10,466,319
113,740,315
28,047,495
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(1,364,670
)
(6,101,123
)
(8,186,899
)
(15,547,549
)
Return of capital
—
—
—
—
Total distributions to shareholders
(1,364,670
)
(6,101,123
)
(8,186,899
)
(15,547,549
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
5,802,903
 
55,503,822
 
34,024,609
 
11,289,085
 
Cost of shares redeemed
(44,720,794
) 
(55,023,040
) 
(10,836,594
) 
(41,154,062
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(38,917,891
)
480,782
23,188,015
(29,864,977
)
Total increase (decrease) in net assets
(15,596,813
)
4,845,978
128,741,431
(17,365,031
)
 
NET ASSETS:
Beginning of period
192,383,861
187,537,883
392,273,635
409,638,666
End of period
$176,787,048
$192,383,861
$521,015,066
$392,273,635
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
3,700,002
3,700,002
7,236,412
7,786,412
Shares sold
100,000
1,050,000
550,000
200,000
Shares redeemed
(850,000
)
(1,050,000
)
(200,000
)
(750,000
)
Shares outstanding, end of period
2,950,002
3,700,002
7,586,412
7,236,412
See Notes to Financial Statements
Page 70
 
First Trust Emerging Markets
AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund
(FGM)
First Trust United Kingdom
AlphaDEX® Fund (FKU)
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
$8,244,546
$18,404,938
$374,693
$206,964
$1,021,290
$1,822,667
(9,517,287
)
17,569,003
418,621
(497,360
)
2,125,920
2,327,910
43,957,922
(19,250,521
)
4,986,280
504,626
9,532,215
2,683,829
42,685,181
16,723,420
5,779,594
214,230
12,679,425
6,834,406
(6,164,101
)
(14,849,591
)
(412,501
)
(206,602
)
(936,361
)
(2,686,743
)
—
—
—
—
—
—
(6,164,101
)
(14,849,591
)
(412,501
)
(206,602
)
(936,361
)
(2,686,743
)
—
 
7,086,040
 
50,948,246
 
—
 
6,753,575
 
52,210,852
 
(27,343,400
) 
(19,168,195
) 
(2,111,751
) 
(7,836,857
) 
(20,505,620
) 
(11,728,720
) 
(27,343,400
)
(12,082,155
)
48,836,495
(7,836,857
)
(13,752,045
)
40,482,132
9,177,680
(10,208,326
)
54,203,588
(7,829,229
)
(2,008,981
)
44,629,795
406,346,635
416,554,961
7,695,194
15,524,423
64,842,405
20,212,610
$415,524,315
$406,346,635
$61,898,782
$7,695,194
$62,833,424
$64,842,405
18,200,002
18,750,002
200,002
400,002
1,700,002
550,002
—
300,000
950,000
—
150,000
1,450,000
(1,250,000
)
(850,000
)
(50,000
)
(200,000
)
(500,000
)
(300,000
)
16,950,002
18,200,002
1,100,002
200,002
1,350,002
1,700,002
See Notes to Financial Statements
Page 71
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust India NIFTY 50 Equal
Weight ETF (NFTY)
First Trust Switzerland
AlphaDEX® Fund (FSZ)
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$774,220
$599,210
$1,358,572
$1,421,053
Net realized gain (loss)
(5,479,511
)
321,257
3,759,327
3,305,109
Net change in unrealized appreciation (depreciation)
18,961,420
2,328,677
8,870,054
(5,544,260
)
Net increase (decrease) in net assets resulting from
operations
14,256,129
3,249,144
13,987,953
(818,098
)
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
—
(4,004,107
)
(1,041,507
)
(1,453,362
)
Return of capital
—
(196,609
)
—
—
Total distributions to shareholders
—
(4,200,716
)
(1,041,507
)
(1,453,362
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
—
 
151,028,379
 
—
 
3,212,070
 
Cost of shares redeemed
(73,095,563
) 
—
 
(19,901,908
) 
(9,741,239
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(73,095,563
)
151,028,379
(19,901,908
)
(6,529,169
)
Total increase (decrease) in net assets
(58,839,434
)
150,076,807
(6,955,462
)
(8,800,629
)
 
NET ASSETS:
Beginning of period
271,754,560
121,677,753
75,640,458
84,441,087
End of period
$212,915,126
$271,754,560
$68,684,996
$75,640,458
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
4,850,002
2,250,002
1,200,002
1,300,002
Shares sold
—
2,600,000
—
50,000
Shares redeemed
(1,300,000
)
—
(300,000
)
(150,000
)
Shares outstanding, end of period
3,550,002
4,850,002
900,002
1,200,002
See Notes to Financial Statements
Page 72
 
First Trust Developed Markets ex-US
Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small
Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF
(FEUZ)
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
Six Months
Ended
6/30/2025 
(Unaudited)
Year
Ended
12/31/2024 
$119,904
$214,599
$5,148,747
$9,981,095
$1,382,018
$1,002,138
(88,150
)
683,529
(15,349,629
)
14,390,438
658,231
3,166,644
1,619,930
(655,779
)
24,912,077
(9,713,372
)
9,437,128
(2,883,402
)
1,651,684
242,349
14,711,195
14,658,161
11,477,377
1,285,380
(111,271
)
(278,153
)
(3,824,141
)
(11,953,498
)
(1,114,962
)
(919,132
)
—
—
—
—
—
—
(111,271
)
(278,153
)
(3,824,141
)
(11,953,498
)
(1,114,962
)
(919,132
)
—
 
—
 
—
 
2,115,682
 
46,725,312
 
43,729,596
 
—
 
(2,038,710
) 
(53,142,734
) 
(41,256,391
) 
(14,787,005
) 
(44,099,283
) 
—
(2,038,710
)
(53,142,734
)
(39,140,709
)
31,938,307
(369,687
)
1,540,413
(2,074,514
)
(42,255,680
)
(36,436,046
)
42,300,722
(3,439
)
6,055,750
8,130,264
289,904,975
326,341,021
18,203,142
18,206,581
$7,596,163
$6,055,750
$247,649,295
$289,904,975
$60,503,864
$18,203,142
150,002
200,002
7,550,002
8,550,002
450,002
450,002
—
—
—
50,000
950,000
1,050,000
—
(50,000
)
(1,450,000
)
(1,050,000
)
(300,000
)
(1,050,000
)
150,002
150,002
6,100,002
7,550,002
1,100,002
450,002
See Notes to Financial Statements
Page 73
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights
For a share outstanding throughout each period
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$27.59
$27.45
$25.58
$31.57
$32.25
$28.57
Income from investment operations:
Net investment income (loss)
0.61
 (a)
0.81
 (a)
0.82
 (a)
0.97
 
1.28
 
0.58
 
Net realized and unrealized gain (loss)
7.71
 
0.26
 
1.87
 
(5.88
) 
(0.37
) 
3.61
 
Total from investment operations
8.32
 
1.07
 
2.69
 
(4.91
) 
0.91
 
4.19
 
Distributions paid to shareholders from:
Net investment income
(0.54
) 
(0.93
) 
(0.79
) 
(1.08
) 
(1.59
) 
(0.51
) 
Return of capital
—
 
—
 
(0.03
) 
—
 
—
 
—
 
Total distributions
(0.54
) 
(0.93
) 
(0.82
) 
(1.08
) 
(1.59
) 
(0.51
) 
Net asset value, end of period
$35.37
 
$27.59
 
$27.45
 
$25.58
 
$31.57
 
$32.25
 
Total return (b)
30.34
% 
3.84
% 
10.67
% 
(15.62
)% 
2.75
% 
14.89
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$22,989
 
$13,793
 
$17,843
 
$11,511
 
$25,258
 
$17,736
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.10
% (c)
2.89
% 
3.12
% 
3.63
% 
4.03
% 
2.33
% 
Portfolio turnover rate (d)
48
% 
75
% 
90
% 
82
% 
102
% 
103
% 
 
(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.
See Notes to Financial Statements
Page 74
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Europe AlphaDEX® Fund (FEP)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$35.92
$36.31
$32.38
$43.31
$38.50
$37.64
Income from investment operations:
Net investment income (loss)
1.23
 (a)
1.34
 (a)
1.10
 (a)
0.93
 
1.05
 
0.42
 
Net realized and unrealized gain (loss)
11.52
 
0.04
 
4.02
 
(10.90
) 
5.26
 
1.32
 
Total from investment operations
12.75
 
1.38
 
5.12
 
(9.97
) 
6.31
 
1.74
 
Distributions paid to shareholders from:
Net investment income
(1.07
) 
(1.77
) 
(1.19
) 
(0.96
) 
(1.50
) 
(0.88
) 
Net asset value, end of period
$47.60
 
$35.92
 
$36.31
 
$32.38
 
$43.31
 
$38.50
 
Total return (b)
35.55
% 
3.71
% 
16.01
% 
(22.87
)% 
16.53
% 
4.95
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$287,951
 
$185,010
 
$223,312
 
$254,167
 
$573,909
 
$442,765
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
5.94
% (c)
3.57
% 
3.20
% 
3.23
% 
2.33
% 
1.32
% 
Portfolio turnover rate (d)
47
% 
86
% 
101
% 
88
% 
105
% 
109
% 
 
(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.
See Notes to Financial Statements
Page 75
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Latin America AlphaDEX® Fund (FLN)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$15.25
$20.76
$16.75
$17.35
$19.43
$22.67
Income from investment operations:
Net investment income (loss)
0.40
 (a)
0.67
 (a)
0.92
 (a)
0.98
 
0.89
 
0.52
 
Net realized and unrealized gain (loss)
4.65
 
(5.23
) 
3.96
 
(0.65
) 
(2.16
) 
(3.44
) 
Total from investment operations
5.05
 
(4.56
) 
4.88
 
0.33
 
(1.27
) 
(2.92
) 
Distributions paid to shareholders from:
Net investment income
(0.38
) 
(0.95
) 
(0.87
) 
(0.93
) 
(0.81
) 
(0.20
) 
Return of capital
—
 
—
 
—
 
—
 
—
 
(0.12
) 
Total distributions
(0.38
) 
(0.95
) 
(0.87
) 
(0.93
) 
(0.81
) 
(0.32
) 
Net asset value, end of period
$19.92
 
$15.25
 
$20.76
 
$16.75
 
$17.35
 
$19.43
 
Total return (b)
33.20
% 
(22.67
)% 
29.64
% 
2.17
% 
(6.66
)% 
(12.32
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$12,945
 
$12,964
 
$74,741
 
$70,358
 
$7,805
 
$13,599
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.58
% (c)
3.45
% 
5.00
% 
7.82
% 
4.28
% 
0.81
% 
Portfolio turnover rate (d)
40
% 
75
% 
99
% 
104
% 
91
% 
34
% 
 
(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.
See Notes to Financial Statements
Page 76
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Brazil AlphaDEX® Fund (FBZ)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$9.09
$12.21
$10.56
$11.47
$13.39
$17.24
Income from investment operations:
Net investment income (loss)
0.26
 (a)
0.49
 (a)
0.52
 (a)
0.95
 
0.94
 
0.09
 
Net realized and unrealized gain (loss)
2.88
 
(3.18
) 
2.18
 
(0.82
) 
(2.08
) 
(3.60
) 
Total from investment operations
3.14
 
(2.69
) 
2.70
 
0.13
 
(1.14
) 
(3.51
) 
Distributions paid to shareholders from:
Net investment income
(0.19
) 
(0.43
) 
(0.75
) 
(1.04
) 
(0.78
) 
(0.28
) 
Return of capital
—
 
—
 
(0.30
) 
—
 
—
 
(0.06
) 
Total distributions
(0.19
) 
(0.43
) 
(1.05
) 
(1.04
) 
(0.78
) 
(0.34
) 
Net asset value, end of period
$12.04
 
$9.09
 
$12.21
 
$10.56
 
$11.47
 
$13.39
 
Total return (b)
34.63
% 
(22.45
)% 
27.92
% 
1.45
% 
(9.00
)% 
(19.48
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$7,227
 
$4,998
 
$6,716
 
$63,377
 
$12,039
 
$9,373
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.96
% (c)
4.39
% 
4.88
% 
8.88
% 
7.36
% 
0.72
% 
Portfolio turnover rate (d)
35
% 
63
% 
55
% 
95
% 
225
% 
154
% 
 
(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.
See Notes to Financial Statements
Page 77
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust China AlphaDEX® Fund (FCA)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$20.39
$18.57
$21.60
$27.57
$29.16
$26.87
Income from investment operations:
Net investment income (loss)
0.37
 (a)
0.72
 (a)
1.10
 (a)
1.28
 
1.22
 
1.22
 
Net realized and unrealized gain (loss)
3.60
 
2.14
 
(3.07
) 
(5.97
) 
(1.47
) 
2.26
 
Total from investment operations
3.97
 
2.86
 
(1.97
) 
(4.69
) 
(0.25
) 
3.48
 
Distributions paid to shareholders from:
Net investment income
(0.37
) 
(1.04
) 
(1.06
) 
(1.28
) 
(1.34
) 
(1.19
) 
Net asset value, end of period
$23.99
 
$20.39
 
$18.57
 
$21.60
 
$27.57
 
$29.16
 
Total return (b)
19.48
% 
15.43
% 
(9.32
)% 
(17.10
)% 
(1.18
)% 
13.58
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$38,392
 
$47,908
 
$6,498
 
$7,560
 
$9,649
 
$13,121
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.56
% (c)
3.72
% 
5.32
% 
5.19
% 
3.66
% 
5.16
% 
Portfolio turnover rate (d)
59
% 
62
% 
113
% 
117
% 
166
% 
83
% 
 
(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.
See Notes to Financial Statements
Page 78
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Japan AlphaDEX® Fund (FJP)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$52.00
$50.69
$42.88
$49.86
$51.42
$51.10
Income from investment operations:
Net investment income (loss)
0.51
 (a)
1.02
 (a)
1.06
 (a)
1.19
 
0.81
 
0.49
 
Net realized and unrealized gain (loss)
7.88
 
1.93
 
8.51
 
(7.23
) 
(1.16
) 
0.34
 
Total from investment operations
8.39
 
2.95
 
9.57
 
(6.04
) 
(0.35
) 
0.83
 
Distributions paid to shareholders from:
Net investment income
(0.46
) 
(1.64
) 
(1.76
) 
(0.94
) 
(1.21
) 
(0.51
) 
Net asset value, end of period
$59.93
 
$52.00
 
$50.69
 
$42.88
 
$49.86
 
$51.42
 
Total return (b)
16.16
% 
5.84
% 
22.42
% 
(12.04
)% 
(0.69
)% 
1.71
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$176,787
 
$192,384
 
$187,538
 
$85,768
 
$34,901
 
$41,136
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
1.90
% (c)
1.94
% 
2.21
% 
2.92
% 
1.53
% 
1.13
% 
Portfolio turnover rate (d)
45
% 
82
% 
61
% 
79
% 
126
% 
136
% 
 
(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.
See Notes to Financial Statements
Page 79
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$54.21
$52.61
$48.27
$60.64
$56.88
$55.79
Income from investment operations:
Net investment income (loss)
1.20
 (a)
1.65
 (a)
1.56
 (a)
1.67
 
1.52
 
0.68
 
Net realized and unrealized gain (loss)
14.35
 
2.05
 
5.07
 
(12.95
) 
4.55
 
1.78
 
Total from investment operations
15.55
 
3.70
 
6.63
 
(11.28
) 
6.07
 
2.46
 
Distributions paid to shareholders from:
Net investment income
(1.08
) 
(2.10
) 
(2.29
) 
(1.09
) 
(2.31
) 
(1.37
) 
Net asset value, end of period
$68.68
 
$54.21
 
$52.61
 
$48.27
 
$60.64
 
$56.88
 
Total return (b)
28.73
% 
7.02
% 
13.89
% 
(18.57
)% 
10.70
% 
4.61
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$521,015
 
$392,274
 
$409,639
 
$419,333
 
$414,579
 
$360,418
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
4.03
% (c)
2.98
% 
3.05
% 
3.09
% 
2.42
% 
1.39
% 
Portfolio turnover rate (d)
53
% 
97
% 
109
% 
95
% 
111
% 
117
% 
 
(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.
See Notes to Financial Statements
Page 80
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets AlphaDEX® Fund (FEM)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$22.33
$22.22
$21.10
$26.24
$25.31
$26.36
Income from investment operations:
Net investment income (loss)
0.48
 (a)
1.00
 (a)
1.15
 (a)
1.34
 
1.11
 
0.63
 
Net realized and unrealized gain (loss)
2.06
 
(0.08
) 
1.07
 
(5.19
) 
0.90
 
(1.00
) 
Total from investment operations
2.54
 
0.92
 
2.22
 
(3.85
) 
2.01
 
(0.37
) 
Distributions paid to shareholders from:
Net investment income
(0.36
) 
(0.81
) 
(1.10
) 
(1.29
) 
(1.08
) 
(0.68
) 
Net asset value, end of period
$24.51
 
$22.33
 
$22.22
 
$21.10
 
$26.24
 
$25.31
 
Total return (b)
11.40
% 
3.97
% 
10.87
% 
(14.33
)% 
7.90
% 
(0.92
)% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$415,524
 
$406,347
 
$416,555
 
$372,378
 
$436,915
 
$441,711
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
4.22
% (c)
4.29
% 
5.40
% 
5.90
% 
4.03
% 
2.53
% 
Portfolio turnover rate (d)
53
% 
94
% 
105
% 
106
% 
119
% 
111
% 
 
(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.
See Notes to Financial Statements
Page 81
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Germany AlphaDEX® Fund (FGM)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$38.48
$38.81
$35.36
$53.78
$51.56
$44.39
Income from investment operations:
Net investment income (loss)
1.13
 (a)
0.78
 (a)
0.74
 (a)
1.77
 
0.91
 
0.68
 
Net realized and unrealized gain (loss)
17.04
 
(0.28
) (b)
3.81
 
(18.27
) 
2.08
 
7.17
 
Total from investment operations
18.17
 
0.50
 
4.55
 
(16.50
) 
2.99
 
7.85
 
Distributions paid to shareholders from:
Net investment income
(0.38
) 
(0.83
) 
(1.10
) 
(1.92
) 
(0.77
) 
(0.68
) 
Net asset value, end of period
$56.27
 
$38.48
 
$38.81
 
$35.36
 
$53.78
 
$51.56
 
Total return (c)
47.21
% 
1.39
% 
12.88
% 
(30.39
)% 
5.74
% 
17.90
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$61,899
 
$7,695
 
$15,524
 
$14,144
 
$99,497
 
$95,381
 
Ratio of total expenses to average net assets
0.80
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.69
% (d)
2.01
% 
1.95
% 
2.23
% 
1.67
% 
1.40
% 
Portfolio turnover rate (e)
12
% 
92
% 
82
% 
152
% 
80
% 
106
% 
 
(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.
See Notes to Financial Statements
Page 82
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust United Kingdom AlphaDEX® Fund (FKU)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$38.14
$36.75
$31.73
$43.97
$38.06
$40.99
Income from investment operations:
Net investment income (loss)
0.72
 (a)
1.09
 (a)
1.05
 (a)
1.54
 
1.29
 
0.58
 
Net realized and unrealized gain (loss)
8.37
 
1.85
 
5.37
 
(12.02
) 
5.93
 
(2.95
) 
Total from investment operations
9.09
 
2.94
 
6.42
 
(10.48
) 
7.22
 
(2.37
) 
Distributions paid to shareholders from:
Net investment income
(0.69
) 
(1.55
) 
(1.40
) 
(1.76
) 
(1.31
) 
(0.56
) 
Net asset value, end of period
$46.54
 
$38.14
 
$36.75
 
$31.73
 
$43.97
 
$38.06
 
Total return (b)
23.92
% 
8.01
% 
20.59
% 
(23.52
)% 
19.10
% 
(5.25
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$62,833
 
$64,842
 
$20,213
 
$31,728
 
$98,943
 
$19,030
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.51
% (c)
2.84
% 
3.08
% 
4.29
% 
3.34
% 
1.72
% 
Portfolio turnover rate (d)
34
% 
46
% 
77
% 
98
% 
45
% 
109
% 
 
(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.
See Notes to Financial Statements
Page 83
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$56.03
$54.08
$43.53
$48.23
$38.83
$35.26
Income from investment operations:
Net investment income (loss)
0.18
 (a)
0.15
 (a)
0.31
 (a)
0.22
 
0.48
 
0.30
 
Net realized and unrealized gain (loss)
3.77
 
2.70
 
10.31
 
(2.35
) 
9.65
 
3.50
 
Total from investment operations
3.95
 
2.85
 
10.62
 
(2.13
) 
10.13
 
3.80
 
Distributions paid to shareholders from:
Net investment income
—
 
—
 
—
 
(0.05
) 
(0.73
) 
(0.23
) 
Net realized gain
—
 
(0.86
) 
(0.07
) 
(2.52
) 
—
 
—
 
Return of capital
—
 
(0.04
) 
—
 
—
 
—
 
—
 
Total distributions
—
 
(0.90
) 
(0.07
) 
(2.57
) 
(0.73
) 
(0.23
) 
Net asset value, end of period
$59.98
 
$56.03
 
$54.08
 
$43.53
 
$48.23
 
$38.83
 
Total return (b)
7.05
% 
5.27
% 
24.44
% 
(4.45
)% 
26.15
% 
10.66
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$212,915
 
$271,755
 
$121,678
 
$73,999
 
$62,703
 
$3,883
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
0.66
% (c)
0.26
% 
0.68
% 
0.68
% 
0.95
% 
0.98
% 
Portfolio turnover rate (e)
9
% 
30
% 
43
% 
56
% 
57
% 
38
% 
 
(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)
Includes other expenses. If these other expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 84
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Switzerland AlphaDEX® Fund (FSZ)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$63.03
$64.95
$54.42
$71.39
$60.85
$54.11
Income from investment operations:
Net investment income (loss)
1.40
 (a)
1.10
 (a)
1.32
 (a)
1.98
 
0.78
 
0.88
 
Net realized and unrealized gain (loss)
13.04
 
(1.89
) 
10.58
 
(17.03
) 
10.92
 
6.78
 
Total from investment operations
14.44
 
(0.79
) 
11.90
 
(15.05
) 
11.70
 
7.66
 
Distributions paid to shareholders from:
Net investment income
(1.15
) 
(1.13
) 
(1.37
) 
(1.92
) 
(1.16
) 
(0.92
) 
Net asset value, end of period
$76.32
 
$63.03
 
$64.95
 
$54.42
 
$71.39
 
$60.85
 
Total return (b)
22.93
% 
(1.25
)% 
22.07
% 
(20.88
)% 
19.34
% 
14.50
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$68,685
 
$75,640
 
$84,441
 
$97,959
 
$99,943
 
$97,354
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.06
% (c)
1.69
% 
2.20
% 
2.30
% 
1.25
% 
1.59
% 
Portfolio turnover rate (d)
42
% 
71
% 
68
% 
64
% 
66
% 
86
% 
 
(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.
See Notes to Financial Statements
Page 85
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$40.37
$40.65
$37.67
$46.06
$42.72
$39.03
Income from investment operations:
Net investment income (loss)
0.80
 (a)
1.10
 (a)
1.17
 (a)
1.09
 
0.74
 
0.46
 
Net realized and unrealized gain (loss)
10.21
 
0.19
 
2.98
 
(8.09
) 
3.99
 
4.09
 
Total from investment operations
11.01
 
1.29
 
4.15
 
(7.00
) 
4.73
 
4.55
 
Distributions paid to shareholders from:
Net investment income
(0.74
) 
(1.57
) 
(1.17
) 
(1.39
) 
(1.39
) 
(0.86
) 
Net asset value, end of period
$50.64
 
$40.37
 
$40.65
 
$37.67
 
$46.06
 
$42.72
 
Total return (b)
27.35
% 
3.14
% 
11.13
% 
(15.00
)% 
11.09
% 
12.18
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$7,596
 
$6,056
 
$8,130
 
$7,535
 
$13,817
 
$8,544
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.71
% (c)
2.66
% 
2.99
% 
2.88
% 
1.46
% 
1.35
% 
Portfolio turnover rate (d)
56
% 
117
% 
124
% 
109
% 
116
% 
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.
See Notes to Financial Statements
Page 86
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$38.40
$38.17
$38.78
$40.29
$41.24
$39.28
Income from investment operations:
Net investment income (loss)
0.77
 (a)
1.22
 (a)
1.72
 (a)
1.86
 
1.57
 
0.74
 
Net realized and unrealized gain (loss)
2.05
 
0.51
 
(0.54
) 
(1.60
) 
(0.01
) 
2.41
 
Total from investment operations
2.82
 
1.73
 
1.18
 
0.26
 
1.56
 
3.15
 
Distributions paid to shareholders from:
Net investment income
(0.62
) 
(1.50
) 
(1.79
) 
(1.77
) 
(2.51
) 
(1.19
) 
Net asset value, end of period
$40.60
 
$38.40
 
$38.17
 
$38.78
 
$40.29
 
$41.24
 
Total return (b)
7.36
% 
4.43
% 
3.21
% 
1.36
% 
3.68
% 
8.73
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$247,649
 
$289,905
 
$326,341
 
$166,753
 
$143,030
 
$152,581
 
Ratio of total expenses to average net assets
0.80
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
4.06
% (c)
3.09
% 
4.59
% 
4.60
% 
3.65
% 
2.38
% 
Portfolio turnover rate (d)
52
% 
109
% 
124
% 
117
% 
127
% 
123
% 
 
(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.
See Notes to Financial Statements
Page 87
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 
Six Months
Ended
6/30/2025 
(Unaudited)
Year Ended December 31,
 
2024
2023
2022
2021
2020
Net asset value, beginning of period
$40.45
$40.46
$36.04
$46.36
$42.10
$40.88
Income from investment operations:
Net investment income (loss)
1.72
 (a)
1.15
 (a)
1.10
 (a)
0.85
 
1.10
 
0.50
 
Net realized and unrealized gain (loss)
13.86
 
(0.36
) (b)
4.52
 
(10.05
) 
4.32
 
1.34
 
Total from investment operations
15.58
 
0.79
 
5.62
 
(9.20
) 
5.42
 
1.84
 
Distributions paid to shareholders from:
Net investment income
(1.03
) 
(0.80
) 
(1.20
) 
(1.12
) 
(1.16
) 
(0.62
) 
Net asset value, end of period
$55.00
 
$40.45
 
$40.46
 
$36.04
 
$46.36
 
$42.10
 
Total return (c)
38.58
% 
1.88
% 
15.71
% 
(19.65
)% 
12.90
% 
4.69
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$60,504
 
$18,203
 
$18,207
 
$16,219
 
$81,135
 
$27,363
 
Ratio of total expenses to average net assets
0.80
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
7.15
% (d)
2.71
% 
2.84
% 
2.09
% 
2.27
% 
1.26
% 
Portfolio turnover rate (e)
48
% 
77
% 
90
% 
56
% 
59
% 
93
% 
 
(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.
See Notes to Financial Statements
Page 88
Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)

1. Organization
First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on December 3, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the fifteen funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on Nasdaq, Inc. (“Nasdaq”).
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund – (ticker “FPA”)
First Trust Europe AlphaDEX® Fund – (ticker “FEP”)
First Trust Latin America AlphaDEX® Fund – (ticker “FLN”)
First Trust Brazil AlphaDEX® Fund – (ticker “FBZ”)
First Trust China AlphaDEX® Fund – (ticker “FCA”)
First Trust Japan AlphaDEX® Fund – (ticker “FJP”)
First Trust Developed Markets ex-US AlphaDEX® Fund – (ticker “FDT”)
First Trust Emerging Markets AlphaDEX® Fund – (ticker “FEM”)
First Trust Germany AlphaDEX® Fund – (ticker “FGM”)
First Trust United Kingdom AlphaDEX® Fund – (ticker “FKU”)
First Trust India NIFTY 50 Equal Weight ETF – (ticker “NFTY”)
First Trust Switzerland AlphaDEX® Fund – (ticker “FSZ”)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund – (ticker “FDTS”)
First Trust Emerging Markets Small Cap AlphaDEX® Fund – (ticker “FEMS”)
First Trust Eurozone AlphaDEX® ETF – (ticker “FEUZ”)
Each Fund operates as a diversified open-end management investment company as defined in section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
 
Fund
Index
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index
First Trust Europe AlphaDEX® Fund
Nasdaq AlphaDEX® EuropeTM Index
First Trust Latin America AlphaDEX® Fund
Nasdaq AlphaDEX® Latin AmericaTM Index
First Trust Brazil AlphaDEX® Fund
Nasdaq AlphaDEX® BrazilTM Index
First Trust China AlphaDEX® Fund
Nasdaq AlphaDEX® ChinaTM Index
First Trust Japan AlphaDEX® Fund
Nasdaq AlphaDEX® JapanTM Index
First Trust Developed Markets ex-US AlphaDEX® Fund
Nasdaq AlphaDEX® Developed Markets Ex-USTM Index
First Trust Emerging Markets AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging MarketsTM Index
First Trust Germany AlphaDEX® Fund
Nasdaq AlphaDEX® GermanyTM Index
First Trust United Kingdom AlphaDEX® Fund
Nasdaq AlphaDEX® United KingdomTM Index
First Trust India NIFTY 50 Equal Weight ETF
NIFTY 50 Equal WeightTM Index
First Trust Switzerland AlphaDEX® Fund
Nasdaq AlphaDEX® SwitzerlandTM Index
First Trust Developed Markets ex-US Small Cap AlphaDEX®
Fund
Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM
Index
First Trust Emerging Markets Small Cap AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging Markets Small CapTM Index
First Trust Eurozone AlphaDEX® ETF
Nasdaq AlphaDEX® EurozoneTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the
Page 89
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Shares of open-end funds are valued based on NAV per share.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
 1)
the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
 2)
the type of security;
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
Page 90
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
 1)
the last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•  Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•  Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o  Quoted prices for similar investments in active markets.
o  Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o  Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o  Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•  Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of June 30, 2025, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
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Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
E. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon (“BNY”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in
Page 92
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, FEP, FCA, FJP, FDT, FEM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the six months ended June 30, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.
F. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2025, were received as collateral for lending securities.
G. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$466,052
$—
$—
First Trust Europe AlphaDEX® Fund
9,806,543
—
—
First Trust Latin America AlphaDEX® Fund
1,439,862
—
—
Page 93
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Brazil AlphaDEX® Fund
$235,401
$—
$—
First Trust China AlphaDEX® Fund
313,487
—
—
First Trust Japan AlphaDEX® Fund
6,101,123
—
—
First Trust Developed Markets ex-US AlphaDEX® Fund
15,547,549
—
—
First Trust Emerging Markets AlphaDEX® Fund
14,849,591
—
—
First Trust Germany AlphaDEX® Fund
206,602
—
—
First Trust United Kingdom AlphaDEX® Fund
2,686,743
—
—
First Trust India NIFTY 50 Equal Weight ETF
2,979,680
1,024,427
196,609
First Trust Switzerland AlphaDEX® Fund
1,453,362
—
—
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
278,153
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
11,953,498
—
—
First Trust Eurozone AlphaDEX® ETF
919,132
—
—
As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:
 
 
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$—
$(15,829,960
)
$674,325
First Trust Europe AlphaDEX® Fund
337,283
(248,849,675
)
3,151,376
First Trust Latin America AlphaDEX® Fund
—
(45,539,735
)
(1,100,387
)
First Trust Brazil AlphaDEX® Fund
(25,063
)
(29,090,886
)
(575,879
)
First Trust China AlphaDEX® Fund
29,107
(10,498,620
)
37,049
First Trust Japan AlphaDEX® Fund
—
(59,545,624
)
8,923,500
First Trust Developed Markets ex-US AlphaDEX® Fund
43,415
(318,483,865
)
12,892,754
First Trust Emerging Markets AlphaDEX® Fund
96,236
(206,629,718
)
81,144
First Trust Germany AlphaDEX® Fund
—
(32,533,842
)
(276,066
)
First Trust United Kingdom AlphaDEX® Fund
—
(53,812,458
)
1,042,669
First Trust India NIFTY 50 Equal Weight ETF
(1,037,814
)
—
27,160,652
First Trust Switzerland AlphaDEX® Fund
40,751
(25,946,254
)
2,493,224
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
—
(4,867,870
)
(105,756
)
First Trust Emerging Markets Small Cap AlphaDEX® Fund
89,988
(43,084,261
)
(1,067,858
)
First Trust Eurozone AlphaDEX® ETF
113,438
(22,770,866
)
(1,431,433
)
H. Income and Other Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
Capital Gains. India’s Finance Act, 2024 (“Finance Act, 2024”) was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities
Page 94
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
Transaction Tax (“STT”) is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.
In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.
Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.
Buy back. Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).
Dividend income. The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Interest income. Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).
Other income. Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a
Page 95
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$15,829,960
First Trust Europe AlphaDEX® Fund
248,849,675
First Trust Latin America AlphaDEX® Fund
45,539,735
First Trust Brazil AlphaDEX® Fund
29,090,886
First Trust China AlphaDEX® Fund
10,498,620
First Trust Japan AlphaDEX® Fund
59,545,624
First Trust Developed Markets ex-US AlphaDEX® Fund*
318,483,865
First Trust Emerging Markets AlphaDEX® Fund
206,629,718
First Trust Germany AlphaDEX® Fund
32,533,842
First Trust United Kingdom AlphaDEX® Fund
53,812,458
First Trust India NIFTY 50 Equal Weight ETF
—
First Trust Switzerland AlphaDEX® Fund
25,946,254
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
4,867,870
First Trust Emerging Markets Small Cap AlphaDEX® Fund
43,084,261
First Trust Eurozone AlphaDEX® ETF
22,770,866
 
*
$68,988,013 of First Trust Developed Markets ex-US AlphaDEX® Fund’s non-expiring net capital losses is subject to loss
limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of
$96,428 per year.
During the taxable year ended December 31, 2024, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$1,033,469
First Trust Europe AlphaDEX® Fund
11,294,706
First Trust Latin America AlphaDEX® Fund
2,746,717
First Trust Brazil AlphaDEX® Fund
217,155
First Trust Developed Markets ex-US AlphaDEX® Fund
35,925,997
First Trust Emerging Markets AlphaDEX® Fund
38,205,993
First Trust United Kingdom AlphaDEX® Fund
381,605
First Trust Switzerland AlphaDEX® Fund
1,659,007
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
506,646
First Trust Emerging Markets Small Cap AlphaDEX® Fund
8,017,073
First Trust Eurozone AlphaDEX® ETF
3,965
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2024, the following Funds incurred and elected to defer net late year ordinary or capital losses as follows:
 
 
Qualified Late Year Losses
 
Ordinary Losses
Capital Losses
First Trust Brazil AlphaDEX® Fund
$25,063
$—
First Trust India NIFTY 50 Equal Weight ETF
1,037,814
—
 
Page 96
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$18,376,636
$4,638,541
$(88,699
)
$4,549,842
First Trust Europe AlphaDEX® Fund
233,955,649
68,991,783
(2,853,935
)
66,137,848
First Trust Latin America AlphaDEX® Fund
10,367,636
2,518,872
(80,307
)
2,438,565
First Trust Brazil AlphaDEX® Fund
5,479,402
1,906,075
(231,962
)
1,674,113
First Trust China AlphaDEX® Fund
32,746,072
6,941,995
(627,517
)
6,314,478
First Trust Japan AlphaDEX® Fund
161,009,292
34,181,933
(3,958,872
)
30,223,061
First Trust Developed Markets ex-US AlphaDEX® Fund
426,057,281
119,950,325
(3,169,239
)
116,781,086
First Trust Emerging Markets AlphaDEX® Fund
374,281,058
71,791,596
(25,695,783
)
46,095,813
First Trust Germany AlphaDEX® Fund
57,092,780
5,485,843
(772,763
)
4,713,080
First Trust United Kingdom AlphaDEX® Fund
51,072,291
13,755,542
(2,288,421
)
11,467,121
First Trust India NIFTY 50 Equal Weight ETF
162,692,043
55,856,932
(1,836,895
)
54,020,037
First Trust Switzerland AlphaDEX® Fund
55,471,625
13,733,909
(2,277,612
)
11,456,297
First Trust Developed Markets ex-US Small Cap
AlphaDEX® Fund
6,127,186
1,770,057
(220,885
)
1,549,172
First Trust Emerging Markets Small Cap AlphaDEX®
Fund
223,384,516
44,985,813
(17,889,096
)
27,096,717
First Trust Eurozone AlphaDEX® ETF
56,230,249
8,528,049
(519,467
)
8,008,582
I. Expenses
Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of the advisory fees, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund.
First Trust Portfolios L.P. (“FTP”) has entered into licensing agreements with Nasdaq (“Licensor”) for all the Funds except NFTY and with NSE Indices Limited (“NSE”) for NFTY (Nasdaq and NSE collectively, the “Licensors”). The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensors. The Funds are sub-licensees to the applicable license agreements.
J. Segment Reporting
Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
Page 97
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
First Trust is paid an annual unitary management fee for each Fund. First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.80
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.78
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.76
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.74
%
Fund net assets greater than $10 billion
0.72
%
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$11,347,677
$7,298,140
First Trust Europe AlphaDEX® Fund
105,257,048
105,453,371
First Trust Latin America AlphaDEX® Fund
4,582,628
6,612,698
First Trust Brazil AlphaDEX® Fund
2,559,900
2,012,364
First Trust China AlphaDEX® Fund
23,129,891
23,756,277
First Trust Japan AlphaDEX® Fund
76,508,480
76,887,077
First Trust Developed Markets ex-US AlphaDEX® Fund
236,112,937
231,753,788
First Trust Emerging Markets AlphaDEX® Fund
208,724,580
217,218,547
First Trust Germany AlphaDEX® Fund
2,670,743
2,410,854
First Trust United Kingdom AlphaDEX® Fund
20,465,167
20,517,877
First Trust India NIFTY 50 Equal Weight ETF
22,418,436
98,312,063
First Trust Switzerland AlphaDEX® Fund
27,960,134
28,314,928
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
3,695,757
3,679,337
First Trust Emerging Markets Small Cap AlphaDEX® Fund
134,397,464
153,720,585
First Trust Eurozone AlphaDEX® ETF
18,432,238
18,035,121
Page 98
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$2,038,860
$775,189
First Trust Europe AlphaDEX® Fund
41,720,067
1,893,427
First Trust Latin America AlphaDEX® Fund
256,009
1,389,137
First Trust Brazil AlphaDEX® Fund
33,774
—
First Trust China AlphaDEX® Fund
—
14,591,679
First Trust Japan AlphaDEX® Fund
5,662,331
44,176,127
First Trust Developed Markets ex-US AlphaDEX® Fund
28,092,921
9,703,477
First Trust Emerging Markets AlphaDEX® Fund
—
19,058,012
First Trust Germany AlphaDEX® Fund
50,597,358
2,100,461
First Trust United Kingdom AlphaDEX® Fund
6,692,834
20,397,303
First Trust India NIFTY 50 Equal Weight ETF
—
—
First Trust Switzerland AlphaDEX® Fund
—
19,503,690
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
—
34,066,506
First Trust Eurozone AlphaDEX® ETF
46,432,756
14,720,927
5. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
6. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the
Page 99
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2026.
7. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:
On June 9, 2025, the Board of Trustees of the Trust (the “Board”) voted to terminate and liquidate FBZ pursuant to a Plan of Liquidation and Termination (the “Plan”) approved by the Board. The Board determined that the termination and liquidation of FBZ was in the best interests of FBZ. FBZ liquidated as a series of the Trust on July 18, 2025.
Page 100
Other Information
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2025.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2025.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Agreement” and collectively, the “Agreements”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Brazil AlphaDEX® Fund (FBZ)
First Trust China AlphaDEX® Fund (FCA)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust United Kingdom AlphaDEX® Fund (FKU)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the
Page 101
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio of each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board received and reviewed information for periods ended December 31, 2024 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. With respect to NFTY, the Board noted that during 2018, shareholders of the Fund approved changes to the Fund’s investment objective and, effective April 17, 2018, the Fund changed its name and ticker symbol and began tracking the NIFTY 50 Equal Weight Index, and that the performance information included a blend of the old and new indexes. With respect to each Fund other than FEUZ, the Board noted that during 2015, each such Fund changed its underlying index to an index developed and maintained by Nasdaq, Inc. using the AlphaDEX® stock selection methodology, and that the performance information included a blend of the old and new indexes. The Board considered the Advisor’s explanations of how the AlphaDEX®
Page 102
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
stock selection methodology impacts Fund performance in various market environments, and the Advisor’s statement that AlphaDEX® is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a benchmark index. However, given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis. For FBZ, the Board noted that, at the June 8–9, 2025 meeting, it approved the liquidation and termination of the Fund on or around July 18, 2025 and considered that the continuation of the Agreement for the Fund would facilitate the orderly liquidation of the Fund.
Disclaimer
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index, Nasdaq AlphaDEX® EuropeTM Index, Nasdaq AlphaDEX® Latin AmericaTM Index, Nasdaq AlphaDEX® BrazilTM Index, Nasdaq AlphaDEX® ChinaTM Index, Nasdaq AlphaDEX® JapanTM Index, Nasdaq AlphaDEX® Developed Markets Ex-USTM Index, Nasdaq AlphaDEX® Emerging MarketsTM Index, Nasdaq AlphaDEX® GermanyTM Index, Nasdaq AlphaDEX® United KingdomTM Index, Nasdaq AlphaDEX® SwitzerlandTM Index, Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index, Nasdaq AlphaDEX® Emerging Markets Small CapTM Index and Nasdaq AlphaDEX® EurozoneTM Index (“the Nasdaq Indices”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indices. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal
Page 103
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2025 (Unaudited)
Weight Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight Index in the Prospectus and Statement of Additional Information.
Page 104
 
 

 

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. 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 16. 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 is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.

Item 19. Exhibits.

(a)(1) Not applicable to semi-annual reports on Form N-CSR.
(a)(2) The certifications required by 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 to the Registrant.
(a)(4) Not applicable to the Registrant.
(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 AlphaDEX® Fund II
By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   September 4, 2025  

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:   September 4, 2025  
By (Signature and Title)*   /s/ Derek D. Maltbie
    Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
Date:   September 4, 2025  

* Print the name and title of each signing officer under his or her signature.

 

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATIONS

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