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
811-22019
(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:
July 31
Date of reporting period:
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 annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Consumer Discretionary AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 7.69% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Consumer Discretionary Index, which returned 19.54% for the same Period.
During the Period, investments in the Hotels, Restaurants & Leisure industry received the greatest allocation of any industry with an average weight of 17.8% and a contribution of 3.3% to the Fund’s overall return. With an average weight of 8.1%, investments in the Entertainment industry contributed 4.6% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 8.0%, investments in the Textiles, Apparel & Luxury Goods industry contributed -0.9% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXD for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| ROBLOX Corp., Class A | |
| Gentex Corp. | |
| Carvana Co. | |
| Dillard’s, Inc., Class A | |
| D.R. Horton, Inc. | |
| Viking Holdings Ltd. | |
| General Motors Co. | |
| Macy’s, Inc. | |
| PulteGroup, Inc. | |
| PVH Corp. |
Sector Allocation
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXD 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Discretionary Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Discretionary AlphaDEX® Fund (“FXD”). Neither FTP, the Trust, nor FXD is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXD particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXD or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXD into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXD to be issued or in the determination or calculation of the equation by which FXD is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXD. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Consumer Discretionary AlphaDEX® Fund (FXD)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Consumer Staples AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -2.69% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Consumer Staples Index, which returned 7.43% for the same Period.
During the Period, investments in the Food Products industry received the greatest allocation of any industry with an average weight of 48.4% and contributed -4.0% to the Fund’s overall return, which was the most negative contribution of any industry. With an average weight of 16.9%, investments in the Consumer Staples Distribution & Retail industry contributed 2.9% to the Fund’s overall return, which was the greatest return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
Visit www.ftportfolios.com/etf/FXG for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Kraft Heinz (The) Co. | |
| Pilgrim’s Pride Corp. | |
| Casey’s General Stores, Inc. | |
| Molson Coors Beverage Co., Class B | |
| Bunge Global S.A. | |
| Cencora, Inc. | |
| McKesson Corp. | |
| Sprouts Farmers Market, Inc. | |
| Performance Food Group Co. | |
| Reynolds Consumer Products, Inc. |
Sector Allocation
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXG 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Staples Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Staples AlphaDEX® Fund (“FXG”). Neither FTP, the Trust, nor FXG is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXG particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXG or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXG into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXG to be issued or in the determination or calculation of the equation by which FXG is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXG. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Consumer Staples AlphaDEX® Fund (FXG)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Energy AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -11.32% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Energy Index, which returned -3.19% for the same Period.
During the Period, investments in the Oil, Gas & Consumable Fuels industry received the greatest allocation of any industry with an average weight of 83.8% and contributed -7.3% to the Fund’s overall return, which was the most negative return contribution of any industry. With an average weight of 2.8%, investments in the Semiconductors & Semiconductor Equipment industry contributed 0.2% to the Fund’s overall return, which was the greatest return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
| - |
|||
| - |
|||
Visit www.ftportfolios.com/etf/FXN for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Chord Energy Corp. | |
| Civitas Resources, Inc. | |
| Diamondback Energy, Inc. | |
| Matador Resources Co. | |
| Devon Energy Corp. | |
| Permian Resources Corp. | |
| NOV, Inc. | |
| Weatherford International PLC | |
| Halliburton Co. | |
| ConocoPhillips |
Sector Allocation
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXN 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Energy Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Energy AlphaDEX® Fund (“FXN”). Neither FTP, the Trust, nor FXN is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXN particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXN or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXN into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXN to be issued or in the determination or calculation of the equation by which FXN is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXN. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Energy AlphaDEX® Fund (FXN)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Financials AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.31% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Financials Index, which returned 21.54% for the same Period.
During the Period, investments in the Insurance industry received the greatest allocation of any industry with an average weight of 32.9% and contributed 3.1% to the Fund’s overall return. With an average weight of 28.5%, investments in the Capital Markets industry contributed 6.5% to the Fund’s overall return, which was the greatest return contribution of any industry. No industry had a negative contribution to overall Fund return.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXO for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Invesco Ltd. | |
| SoFi Technologies, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| Bank of New York Mellon (The) Corp. | |
| Lincoln National Corp. | |
| Citigroup, Inc. | |
| Robinhood Markets, Inc., Class A | |
| Coinbase Global, Inc., Class A | |
| LPL Financial Holdings, Inc. | |
| T. Rowe Price Group, Inc. |
Sector Allocation
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXO 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Financials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Financials AlphaDEX® Fund (“FXO”). Neither FTP, the Trust, nor FXO is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXO particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXO or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXO into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXO to be issued or in the determination or calculation of the equation by which FXO is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXO. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Financials AlphaDEX® Fund (FXO)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Health Care AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -9.12% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500® Health Care Index, which returned -11.32% for the same Period.
During the Period, investments in the Health Care Providers & Services industry received the greatest allocation of any industry with an average weight of 29.9% and contributed -5.0% to the Fund’s overall return, which was the most negative return of any industry. With an average weight of 3.2%, investments in the Health Care Technology industry contributed 1.7% to the Fund’s overall return, which was the greatest return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
| - |
|||
| - |
|||
Visit www.ftportfolios.com/etf/FXH for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Jazz Pharmaceuticals PLC | |
| Insmed, Inc. | |
| Regeneron Pharmaceuticals, Inc. | |
| Biogen, Inc. | |
| Zimmer Biomet Holdings, Inc. | |
| Avantor, Inc. | |
| Merck & Co., Inc. | |
| Alnylam Pharmaceuticals, Inc. | |
| Acadia Healthcare Co., Inc. | |
| Elanco Animal Health, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXH 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Health Care Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Health Care AlphaDEX® Fund (“FXH”). Neither FTP, the Trust, nor FXH is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXH particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXH or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXH into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXH to be issued or in the determination or calculation of the equation by which FXH is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXH. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Health Care AlphaDEX® Fund (FXH)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Industrials/Producer Durables AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 6.30% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Industrials Index, which returned 20.67% for the same Period.
During the Period, investments in the Machinery industry received the greatest allocation of any industry with an average weight of 16.1% and contributed 2.4% to the Fund’s overall return. With an average weight of 10.4%, investments in the Aerospace & Defense industry contributed 3.5% to the Fund’s overall return, the greatest return contribution of any industry. With an average weight of 5.8%, investments in the Containers & Packaging industry contributed -0.7% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXR for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Comfort Systems USA, Inc. | |
| Rocket Lab Corp. | |
| GE Vernova, Inc. | |
| EMCOR Group, Inc. | |
| Oshkosh Corp. | |
| MasTec, Inc. | |
| Eagle Materials, Inc. | |
| Trimble, Inc. | |
| Mohawk Industries, Inc. | |
| Builders FirstSource, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXR 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Industrials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Industrials/Producer Durables AlphaDEX® Fund (“FXR”). Neither FTP, the Trust, nor FXR is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXR particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXR or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXR into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXR to be issued or in the determination or calculation of the equation by which FXR is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXR. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Materials AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -12.88% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Materials Index, which returned -2.85% for the same Period.
During the Period, investments in the Chemicals industry received the greatest allocation of any industry with an average weight of 52.9% and contributed -12.7% to the Fund’s overall return, which was the most negative return of any industry. With average weights of 2.1% and 32.1%, respectively, investments in the Trading Companies & Distributors and Metals & Mining industries each contributed 0.5% to the Fund’s overall return, which were the greatest return contributions of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
| - |
|||
Visit www.ftportfolios.com/etf/FXZ for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Mueller Industries, Inc. | |
| Newmont Corp. | |
| Alcoa Corp. | |
| Anglogold Ashanti PLC | |
| CF Industries Holdings, Inc. | |
| Eastman Chemical Co. | |
| Carpenter Technology Corp. | |
| Timken (The) Co. | |
| Westlake Corp. | |
| Steel Dynamics, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXZ 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Materials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Materials AlphaDEX® Fund (“FXZ”). Neither FTP, the Trust, nor FXZ is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXZ particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXZ or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXZ into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXZ to be issued or in the determination or calculation of the equation by which FXZ is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXZ. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Materials AlphaDEX® Fund (FXZ)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Technology AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 18.71% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Information Technology Index, which returned 23.65% for the same Period.
During the Period, investments in the Software industry received the greatest allocation of any industry with an average weight of 32.2% and contributed 11.1% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 18.5%, investments in the Semiconductors & Semiconductor Equipment industry contributed -1.8% to the Fund’s overall return, which was the most negative contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXL for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Super Micro Computer, Inc. | |
| Palantir Technologies, Inc., Class A | |
| Vertiv Holdings Co., Class A | |
| Toast, Inc., Class A | |
| Pegasystems, Inc. | |
| Amphenol Corp., Class A | |
| Amkor Technology, Inc. | |
| Broadcom, Inc. | |
| Cloudflare, Inc., Class A | |
| Rubrik, Inc., Class A |
Sector Allocation
Any amount shown as 0.0% represents less than 0.1%.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXL 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Technology Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Technology AlphaDEX® Fund (“FXL”). Neither FTP, the Trust, nor FXL is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXL particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXL or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXL into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXL to be issued or in the determination or calculation of the equation by which FXL is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXL. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Technology AlphaDEX® Fund (FXL)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Utilities AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 30.64% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500® Utilities Index, which returned 21.26% for the same Period.
During the Period, investments in the Electric Utilities industry received the greatest allocation of any industry with an average weight of 50.4% and contributed 15.3% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 3.7%, investments in the Water Utilities industry contributed -0.1% to the Fund’s overall return, the only negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXU for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Sempra | |
| Vistra Corp. | |
| NRG Energy, Inc. | |
| Exelon Corp. | |
| Evergy, Inc. | |
| Edison International | |
| PG&E Corp. | |
| AES (The) Corp. | |
| UGI Corp. | |
| Xcel Energy, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXU 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
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Utilities Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Utilities AlphaDEX® Fund (“FXU”). Neither FTP, the Trust, nor FXU is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXU particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXU or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXU into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXU to be issued or in the determination or calculation of the equation by which FXU is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXU. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Utilities AlphaDEX® Fund (FXU)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Large Cap Core AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 13.12% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Index, which returned 16.33% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector with an average weight of 19.4%, and contributed 5.0% to the Fund’s overall return, which was the greatest contribution of any sector. With an average weight of 8.1%, investments in the Health Care sector contributed -1.0% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FEX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Comfort Systems USA, Inc. | |
| ROBLOX Corp., Class A | |
| GE Vernova, Inc. | |
| SoFi Technologies, Inc. | |
| Western Digital Corp. | |
| Super Micro Computer, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| EMCOR Group, Inc. | |
| Palantir Technologies, Inc., Class A | |
| Carvana Co. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEX 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 Large Cap CoreTM 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. (“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 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 Large Cap Core AlphaDEX® Fund (FEX)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Mid Cap Core AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 2.23% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P MidCap 400® Index, which returned 3.28% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 19.4%, which contributed 2.6% to the Fund’s overall return, which was the greatest of any sector. With an average weight of 7.0%, investments in the Energy sector contributed -2.6% to the Fund’s overall return, which was the most negative return for any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FNX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Bloom Energy Corp., Class A | |
| Invesco Ltd. | |
| Hims & Hers Health, Inc. | |
| Talen Energy Corp. | |
| Rocket Lab Corp. | |
| Upstart Holdings, Inc. | |
| Primoris Services Corp. | |
| Credo Technology Group Holding Ltd. | |
| Gentex Corp. | |
| IES Holdings, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNX 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 Mid Cap CoreTM 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. (“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 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 Mid Cap Core AlphaDEX® Fund (FNX)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Small Cap Core AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -0.44% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P SmallCap 600® Index, which returned -4.72% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 22.3%, which contributed 2.0% to the Fund’s overall return. With an average weight of 17.5%, investments in the Industrials sector contributed 2.7% to the Fund’s overall return, which was the greatest of any sector. Investments in the Communication Services sector, with an average weight of 4.1%, contributed
-1.1% to the Fund’s overall return, which was the most negative contribution of any sector.
-1.1% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
|
(1)
|
|
Visit www.ftportfolios.com/etf/FYX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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. | |
| Bank of America Corp. | |
| Mizuho Financial Group, Inc. | |
| Symbotic, Inc. | |
| DXP Enterprises, Inc. | |
| Kohl’s Corp. | |
| NuScale Power Corp. | |
| Expro Group Holdings N.V. | |
| Forestar Group, Inc. | |
| Peabody Energy Corp. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYX 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 Small Cap CoreTM 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. (“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 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 Small Cap Core AlphaDEX® Fund (FYX)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Large Cap Value AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 3.88% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500® Value Index, which returned 5.59% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 20.5% and contributed 4.5% to the Fund’s overall return, which was the greatest of any sector. With an average weight of 8.2%, investments in the Health Care sector contributed -1.7% to the Funds overall return, which was the most negative return of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FTA for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| D.R. Horton, Inc. | |
| Halliburton Co. | |
| Builders FirstSource, Inc. | |
| General Motors Co. | |
| Diamondback Energy, Inc. | |
| PulteGroup, Inc. | |
| Newmont Corp. | |
| Kraft Heinz (The) Co. | |
| ConocoPhillips | |
| Chevron Corp. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTA 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 Large Cap ValueTM 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. (“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 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 Large Cap Value AlphaDEX® Fund (FTA)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Large Cap Growth AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 26.96% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500® Growth Index, which returned 25.63% for the same Period.
During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 19.5%, and contributed 6.1% to the Fund’s overall return. With an average weight of 18.9%, investments in the Financials sector contributed 6.4% to the Funds overall return, which was the greatest of any sector. Investments in the Real Estate sector, with an average weight of 3.6%, contributed
-0.1% to the Fund’s overall return, which was the most negative contribution of any sector.
-0.1% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FTC for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Comfort Systems USA, Inc. | |
| ROBLOX Corp., Class A | |
| GE Vernova, Inc. | |
| SoFi Technologies, Inc. | |
| Super Micro Computer, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| EMCOR Group, Inc. | |
| Palantir Technologies, Inc., Class A | |
| Carvana Co. | |
| Vertiv Holdings Co., Class A |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTC 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 Large Cap GrowthTM 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. (“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 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 Large Cap Growth AlphaDEX® Fund (FTC)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Multi Cap Value AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -1.53% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500® Value Index, which returned 5.25% for the same Period.
During the Period, the average allocation to the Financials sector was 21.7%, the greatest of any sector, and also had the greatest contribution to the Fund’s overall return, accounting for 3.0% of Fund performance. The negative return in the Fund came from multiple sector allocations, but most notably from the average allocation to the Energy sector. Investments in this sector received an average allocation of 11.2% and had a -2.0% contribution to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
|
(1)
|
|
Visit www.ftportfolios.com/etf/FAB for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| D.R. Horton, Inc. | |
| Halliburton Co. | |
| Builders FirstSource, Inc. | |
| General Motors Co. | |
| Diamondback Energy, Inc. | |
| PulteGroup, Inc. | |
| Newmont Corp. | |
| Kraft Heinz (The) Co. | |
| ConocoPhillips | |
| Chevron Corp. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAB 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 Multi Cap ValueTM 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. (“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 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 Multi Cap Value AlphaDEX® Fund (FAB)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Multi Cap Growth AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 19.06% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500® Growth Index, which returned 23.48% for the same Period.
During the Period, the Fund’s greatest allocations were to the Industrials sector and the Financials sector. These two sectors were also the greatest drivers of overall Fund performance. The Industrials sector received an average allocation of 19.7% and contributed 5.4% to the Fund’s overall return while the 17.7% average allocation to the Financials sector contributed 5.0% to the Fund’s return. No sector had a meaningfully negative impact on the Fund’s return, although the Materials sector, with an average allocation of 2.3%, caused a -0.1% drag on the Fund’s performance due in particular to holdings Aspen Aerogels, Inc. and The Scotts Miracle-Gro Co., which were each down significantly during the Period.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FAD for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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. | |
| Bank of America Corp. | |
| Mizuho Financial Group, Inc. | |
| Comfort Systems USA, Inc. | |
| ROBLOX Corp., Class A | |
| GE Vernova, Inc. | |
| SoFi Technologies, Inc. | |
| Super Micro Computer, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| EMCOR Group, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAD 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 Multi Cap GrowthTM 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. (“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 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 Multi Cap Growth AlphaDEX® Fund (FAD)
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Mid Cap Value AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -4.02% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P MidCap 400® Value Index, which returned 4.32% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 21.8%, and contributed 2.8% to the Fund’s overall return, which was the greatest of any sector. Investments in the Energy sector, with an average weight 11.6%, contributed -3.7% to the Fund’s overall return, which was the most negative return contribution of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
| - |
|||
|
(1)
|
|
Visit www.ftportfolios.com/etf/FNK for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Invesco Ltd. | |
| Chord Energy Corp. | |
| Weatherford International PLC | |
| SM Energy Co. | |
| Fluor Corp. | |
| Civitas Resources, Inc. | |
| Murphy Oil Corp. | |
| Mohawk Industries, Inc. | |
| Macy’s, Inc. | |
| Ovintiv, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNK 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 Mid Cap ValueTM 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. (“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 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 Mid Cap Value AlphaDEX® Fund (FNK)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Mid Cap Growth AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 10.64% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P MidCap 400® Growth Index, which returned 2.24% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 21.8%, and contributed 4.4% to the Fund’s overall return, which was the greatest of any sector. Investments in the Materials sector, with an average weight of 4.0%, contributed -0.4% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
|
(1)
|
|
Visit www.ftportfolios.com/etf/FNY for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| Bloom Energy Corp., Class A | |
| Hims & Hers Health, Inc. | |
| Talen Energy Corp. | |
| Rocket Lab Corp. | |
| Upstart Holdings, Inc. | |
| Kratos Defense & Security Solutions, Inc. | |
| Primoris Services Corp. | |
| Credo Technology Group Holding Ltd. | |
| IES Holdings, Inc. | |
| Sterling Infrastructure, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNY 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 Mid Cap GrowthTM 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. (“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 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 Mid Cap Growth AlphaDEX® Fund (FNY)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Small Cap Value AlphaDEX® Fund | $ |
|
(1)
|
|
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned -10.75% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P SmallCap 600® Value Index, which returned -5.45% for the same Period.
During the Period, almost every sector allocation had a negative contribution to the Fund’s return. The most notable source of negative performance came from the allocations to the Consumer Discretionary sector. Investments in this sector received an average allocation of 18.2% and accounted for a -2.7% hit to the Fund’s overall performance. The sector with the greatest allocation was the Financials sector. Investments in this sector received an average allocation of 24.9% but had contribution to the Fund’s return of only -0.3%. One sector did have a positive contribution to return and that was the Information Technology sector which was a boon for the Fund. While the average allocation to this sector was only 5.5%, the contribution to the Fund’s return was 0.5%.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
| - |
|||
| - |
|||
| - |
|||
| - |
|||
|
(1)
|
|
Visit www.ftportfolios.com/etf/FYT for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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. | |
| Kohl’s Corp. | |
| Expro Group Holdings N.V. | |
| Krispy Kreme, Inc. | |
| Forestar Group, Inc. | |
| Peabody Energy Corp. | |
| Vital Energy, Inc. | |
| Fresh Del Monte Produce, Inc. | |
| Academy Sports & Outdoors, Inc. | |
| American Eagle Outfitters, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYT 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 Small Cap ValueTM 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. (“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 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 Small Cap Value AlphaDEX® Fund (FYT)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2025
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 Small Cap Growth AlphaDEX® Fund | $ |
|
(1)
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HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 12.93% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P SmallCap 600® Growth Index, which returned -4.14% for the same Period.
During the Period, the Health Care sector received the greatest allocation of any sector, with an average weight of 20.6%. However, the largest positive contributions to the Fund’s return came from the Industrials sector at 7.1%, and the Financials sector at 5.2%. The largest negative contribution to the Fund’s return came from the Communication Services sector at -0.7%.
FUND PERFORMANCE (July 31, 2015 to July 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2025) | 1 Year | 5 Year | 10 Year |
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Visit www.ftportfolios.com/etf/FYC for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2025)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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. | |
| Bank of America Corp. | |
| Mizuho Financial Group, Inc. | |
| Symbotic, Inc. | |
| Rush Street Interactive, Inc. | |
| DXP Enterprises, Inc. | |
| NuScale Power Corp. | |
| Centrus Energy Corp., Class A | |
| Life360, Inc. | |
| Perimeter Solutions, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYC 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 Small Cap GrowthTM 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. (“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 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 Small Cap Growth AlphaDEX® Fund (FYC)
