UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-22519
First Trust Exchange-Traded AlphaDEX® Fund II
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant's telephone number, including area code:
(630) 765-8000
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.
Item 1. Reports to Shareholders.
(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
TSR - First Trust Fund Logo
First Trust Asia Pacific
ex-Japan AlphaDEX® Fund
FPA | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Asia Pacific ex-Japan AlphaDEX® Fund $48 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $123,824,391
Total number of portfolio holdings 101
Portfolio turnover rate 71%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Samsung Electro-Mechanics Co., Ltd. 6.9%
Kingboard Laminates Holdings Ltd. 5.4%
Kingboard Holdings Ltd. 4.7%
SK Square Co., Ltd. 3.7%
SK hynix, Inc. 3.4%
LG Innotek Co., Ltd. 2.6%
SK, Inc. 2.1%
Samsung Electronics Co., Ltd. 2.0%
Samsung Life Insurance Co., Ltd. 2.0%
Doosan Co., Ltd. 1.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
TSR - First Trust Fund Logo
First Trust Europe AlphaDEX® Fund
FEP | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Europe AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Europe AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $505,300,892
Total number of portfolio holdings 204
Portfolio turnover rate 51%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Prysmian S.p.A. 1.2%
Glanbia PLC 1.1%
Deutsche Lufthansa AG 1.1%
HOCHTIEF AG 1.0%
Aberdeen Group PLC 1.0%
Acciona S.A. 1.0%
ACS Actividades de Construccion y Servicios S.A. 1.0%
JD Sports Fashion PLC 1.0%
Aurubis AG 1.0%
British Land (The) Co. PLC 0.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EuropeTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Europe AlphaDEX® Fund (FEP)
TSR - First Trust Fund Logo
First Trust Latin America AlphaDEX® Fund
FLN | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Latin America AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Latin America AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $34,573,477
Total number of portfolio holdings 51
Portfolio turnover rate 42%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Eneva S.A. 3.8%
Coca-Cola Femsa S.A.B. de C.V. 3.8%
Fibra Uno Administracion S.A. de C.V. 3.7%
Cia Paranaense de Energia - Copel 3.4%
Vibra Energia S.A. 3.3%
Credicorp Ltd. 3.2%
Enel Chile S.A. 3.2%
Ultrapar Participacoes S.A. 3.2%
Cia Energetica de Minas Gerais 3.0%
Cemex S.A.B. de C.V., Series CPO 2.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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/FLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Latin AmericaTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Latin America AlphaDEX® Fund (FLN)
TSR - First Trust Fund Logo
First Trust China AlphaDEX® Fund
FCA | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust China AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust China AlphaDEX® Fund $39 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $34,461,460
Total number of portfolio holdings 51
Portfolio turnover rate 34%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Yangtze Optical Fibre & Cable Joint Stock Ltd., Co., Class H 14.1%
Inner Mongolia Yitai Coal Co., Ltd., Class B 4.0%
JD Logistics, Inc. 3.7%
PetroChina Co., Ltd., Class H 3.6%
COSCO SHIPPING Holdings Co., Ltd., Class H 3.4%
Qingdao Port International Co., Ltd., Class H 3.2%
Dongfang Electric Corp., Ltd., Class H 3.0%
China National Building Material Co., Ltd., Class H 3.0%
China Coal Energy Co., Ltd., Class H 2.8%
China Life Insurance Co., Ltd., Class H 2.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® ChinaTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust China AlphaDEX® Fund (FCA)
TSR - First Trust Fund Logo
First Trust Japan AlphaDEX® Fund
FJP | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FJP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Japan AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $253,827,254
Total number of portfolio holdings 102
Portfolio turnover rate 34%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Mitsui Kinzoku Co. 3.4%
NGK Insulators Ltd. 3.1%
Ibiden Co., Ltd. 3.0%
Fujikura Ltd. 2.4%
Resonac Holdings Corp. 2.3%
Sumitomo Electric Industries Ltd. 2.1%
Kandenko Co., Ltd. 1.9%
Advantest Corp. 1.9%
Kokusai Electric Corp. 1.7%
Tokyo Ohka Kogyo Co., Ltd. 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® JapanTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Japan AlphaDEX® Fund (FJP)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US AlphaDEX® Fund
FDT | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US AlphaDEX® Fund $44 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $1,315,158,001
Total number of portfolio holdings 303
Portfolio turnover rate 52%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Samsung Electro-Mechanics Co., Ltd. 2.1%
Kingboard Laminates Holdings Ltd. 2.1%
Kingboard Holdings Ltd. 1.8%
SK Square Co., Ltd. 1.4%
LG Innotek Co., Ltd. 1.3%
SK hynix, Inc. 1.3%
SK, Inc. 0.8%
SoftBank Group Corp. 0.8%
Furukawa Electric Co., Ltd. 0.8%
Samsung Electronics Co., Ltd. 0.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-USTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
TSR - First Trust Fund Logo
First Trust Emerging Markets
AlphaDEX® Fund
FEM | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets AlphaDEX® Fund $43 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $747,031,083
Total number of portfolio holdings 159
Portfolio turnover rate 61%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Kinsus Interconnect Technology Corp. 2.9%
Innolux Corp. 2.4%
Unimicron Technology Corp. 2.0%
Destek Finans Faktoring A/S 1.9%
Nan Ya Printed Circuit Board Corp. 1.9%
Elite Material Co., Ltd. 1.7%
Accton Technology Corp. 1.7%
Eva Airways Corp. 1.4%
Asia Vital Components Co., Ltd. 1.3%
Weichai Power Co., Ltd., Class H 1.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging MarketsTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets AlphaDEX® Fund (FEM)
TSR - First Trust Fund Logo
First Trust Germany AlphaDEX® Fund
FGM | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Germany AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FGM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Germany AlphaDEX® Fund $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $98,214,709
Total number of portfolio holdings 41
Portfolio turnover rate 37%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
HOCHTIEF AG 6.1%
Aurubis AG 5.9%
Nordex SE 5.2%
Deutsche Lufthansa AG 4.8%
Bayer AG 4.2%
Schaeffler AG 4.1%
DHL Group 3.7%
thyssenkrupp AG 3.6%
LEG Immobilien SE 3.6%
Aroundtown S.A. 3.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® GermanyTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Germany AlphaDEX® Fund (FGM)
TSR - First Trust Fund Logo
First Trust United Kingdom
AlphaDEX® Fund
FKU | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FKU. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust United Kingdom AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $36,723,685
Total number of portfolio holdings 76
Portfolio turnover rate 40%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Beazley PLC 3.3%
Balfour Beatty PLC 2.6%
Lion Finance Group PLC 2.6%
Standard Chartered PLC 2.4%
IG Group Holdings PLC 2.4%
easyJet PLC 2.3%
Shell PLC 2.3%
Barclays PLC 2.3%
Tritax Big Box REIT PLC 2.3%
Glencore PLC 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FKU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® United KingdomTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust United Kingdom AlphaDEX® Fund (FKU)
TSR - First Trust Fund Logo
First Trust India NIFTY 50
Equal Weight ETF
NFTY | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust India NIFTY 50 Equal Weight ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/NFTY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust India NIFTY 50 Equal Weight ETF $38 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $132,098,718
Total number of portfolio holdings 50
Portfolio turnover rate 9%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Maruti Suzuki India Ltd. 2.1%
Max Healthcare Institute Ltd. 2.1%
Eternal Ltd. 2.1%
InterGlobe Aviation Ltd. 2.1%
Shriram Finance Ltd. 2.1%
Dr. Reddy's Laboratories Ltd. 2.1%
Cipla Ltd. 2.0%
Titan Co., Ltd. 2.0%
Nestle India Ltd. 2.0%
Bajaj Finance Ltd. 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/NFTY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal Weight Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight Index in the Prospectus and Statement of Additional Information.
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
TSR - First Trust Fund Logo
First Trust Switzerland AlphaDEX® Fund
FSZ | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Switzerland AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Switzerland AlphaDEX® Fund $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $36,873,303
Total number of portfolio holdings 41
Portfolio turnover rate 37%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Sandoz Group AG 5.0%
SFS Group AG 4.9%
Galderma Group AG 4.5%
VAT Group AG 4.4%
SIG Group AG 3.8%
Holcim AG 3.7%
Avolta AG 3.7%
UBS Group AG 3.5%
Swisscom AG 3.5%
Bucher Industries AG 3.4%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® SwitzerlandTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Switzerland AlphaDEX® Fund (FSZ)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US Small Cap AlphaDEX® Fund
FDTS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDTS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $13,047,785
Total number of portfolio holdings 407
Portfolio turnover rate 70%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Shinsegae, Inc. 1.0%
Jeju Semiconductor Corp. 0.9%
GigaVis Co., Ltd. 0.8%
PSK, Inc. 0.8%
TSE Co., Ltd. 0.7%
Daeduck Electronics Co., Ltd. 0.6%
TES Co., Ltd. 0.6%
Tsugami Corp. 0.6%
Fuji Corp. 0.6%
Korea Circuit Co., Ltd. 0.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
TSR - First Trust Fund Logo
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
FEMS | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEMS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets Small Cap AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $251,797,729
Total number of portfolio holdings 206
Portfolio turnover rate 69%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
ITEQ Corp. 2.0%
Holy Stone Enterprise Co., Ltd. 2.0%
Katilimevim Tasarruf Finansman A/S 1.7%
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S 1.6%
Topoint Technology Co., Ltd. 1.5%
Kaori Heat Treatment Co., Ltd. 1.5%
ChipMOS Technologies, Inc. 1.2%
AmTRAN Technology Co., Ltd. 1.1%
Thaifoods Group PCL 1.0%
Pell Bio-Med Technology Co., Ltd. 1.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging Markets Small CapTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
TSR - First Trust Fund Logo
First Trust Eurozone AlphaDEX® ETF
FEUZ | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the First Trust Eurozone AlphaDEX® ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEUZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Eurozone AlphaDEX® ETF $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2026)
Fund net assets $136,063,647
Total number of portfolio holdings 153
Portfolio turnover rate 46%
WHAT DID THE FUND INVEST IN? (As of June 30, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.
Top Ten Holdings
Prysmian S.p.A. 1.5%
Glanbia PLC 1.5%
Deutsche Lufthansa AG 1.4%
HOCHTIEF AG 1.4%
Acciona S.A. 1.3%
ASML Holding N.V. 1.3%
ACS Actividades de Construccion y Servicios S.A. 1.3%
Aurubis AG 1.2%
ArcelorMittal S.A. 1.2%
Schaeffler AG 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EurozoneTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 

 

(b)       Not applicable.

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

(a) Following is a copy of the semi-annual financial statement(s) required, and for the periods specified, by Regulation S-X.

 
 
 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
For the Six Months Ended June 30, 2026
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust China AlphaDEX® Fund (FCA)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust United Kingdom AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.

Table of Contents 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
June 30, 2026 
1
4
9
11
14
18
25
31
34
37
39
41
49
55
60
64
68
74
88
100
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Australia — 9.5%
91,880
Fortescue Ltd. (AUD)
$1,218,188
411,939
GPT Group (The) (AUD)
1,391,801
24,605
Lynas Rare Earths Ltd.
(AUD) (c)
307,656
22,913
Northern Star Resources Ltd.
(AUD)
300,619
181,174
Perseus Mining Ltd. (AUD)
602,090
11,957
Ramsay Health Care Ltd. (AUD)
364,084
58,607
Santos Ltd. (AUD)
292,556
281,037
Scentre Group (AUD)
751,061
22,811
Sonic Healthcare Ltd. (AUD)
328,656
108,243
Stockland (AUD)
305,763
797,475
Vicinity Ltd. (AUD)
1,424,496
57,739
Washington H Soul Pattinson &
Co., Ltd. (AUD)
1,844,869
201,738
Whitehaven Coal Ltd. (AUD)
1,065,705
53,243
Woodside Energy Group Ltd.
(AUD)
1,039,897
12,812
Woolworths Group Ltd. (AUD)
355,081
56,275
Yancoal Australia Ltd. (AUD)
213,901
 
11,806,423
Bermuda — 3.1%
700,791
China Gas Holdings Ltd. (HKD)
462,854
263,232
China Resources Gas Group Ltd.
(HKD)
492,038
41,072
Hongkong Land Holdings Ltd.
292,433
1,400,319
Kunlun Energy Co., Ltd. (HKD)
1,148,059
89,914
Orient Overseas International
Ltd. (HKD) (d)
1,398,663
 
3,794,047
Cayman Islands — 17.9%
1,252,744
Bosideng International Holdings
Ltd. (HKD)
683,648
262,642
China Resources Land Ltd.
(HKD)
1,004,643
1,503,322
China State Construction
International Holdings Ltd.
(HKD)
1,336,014
56,312
CK Asset Holdings Ltd. (HKD)
317,214
126,331
CK Hutchison Holdings Ltd.
(HKD)
1,067,141
733,183
FIT Hon Teng Ltd.
(HKD) (c) (e) (f)
664,673
238,990
Geely Automobile Holdings Ltd.
(HKD)
513,764
383,170
Kingboard Holdings Ltd. (HKD)
5,760,118
525,964
Kingboard Laminates Holdings
Ltd. (HKD)
6,649,283
231,702
Minth Group Ltd. (HKD)
780,528
73,279
SITC International Holdings Co.,
Ltd. (HKD)
293,196
Shares
Description
Value
 
Cayman Islands (Continued)
32,900
Trip.com Group Ltd. (HKD) (c)
$1,307,132
543,080
Want Want China Holdings Ltd.
(HKD)
234,741
732,690
WH Group Ltd. (HKD) (e) (f)
774,463
767,845
Xinyi Glass Holdings Ltd.
(HKD) (d)
835,120
 
22,221,678
Hong Kong — 6.3%
335,106
Beijing Enterprises Holdings
Ltd. (HKD)
1,148,517
683,586
China Merchants Port Holdings
Co., Ltd. (HKD)
1,075,559
216,728
China Overseas Land &
Investment Ltd. (HKD)
333,264
2,377,991
China Power International
Development Ltd. (HKD)
830,782
686,817
China Resources Power
Holdings Co., Ltd. (HKD)
1,481,725
489,352
China Taiping Insurance
Holdings Co., Ltd. (HKD)
1,124,352
71,440
Galaxy Entertainment Group
Ltd. (HKD)
267,985
641,364
Guangdong Investment Ltd.
(HKD)
634,589
19,550
Sun Hung Kai Properties Ltd.
(HKD)
279,932
58,750
Swire Pacific Ltd., Class A
(HKD)
612,006
 
7,788,711
Singapore — 5.2%
97,243
BOC Aviation Ltd. (HKD) (e) (f)
1,007,414
50,100
City Developments Ltd. (SGD)
300,890
610,700
Genting Singapore Ltd.
(SGD) (d)
287,944
624,600
Mapletree Pan Asia Commercial
Trust (SGD)
622,790
62,300
Sembcorp Industries Ltd. (SGD)
305,782
249,900
Singapore Airlines Ltd. (SGD)
1,483,464
76,700
Singapore Technologies
Engineering Ltd. (SGD)
615,971
85,500
UOL Group Ltd. (SGD)
629,148
214,000
Wilmar International Ltd. (SGD)
597,132
218,300
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
577,071
 
6,427,606
South Korea — 57.6%
5,807
APR Corp. (KRW)
1,444,910
5,976
DB Insurance Co., Ltd. (KRW)
516,483
2,384
Doosan Co., Ltd. (KRW)
2,288,135
10,662
Doosan Enerbility Co., Ltd.
(KRW) (c)
597,342
10,525
Ecopro Co., Ltd. (KRW)
724,175
See Notes to Financial Statements
Page 1
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
1,948
Hanmi Semiconductor Co., Ltd.
(KRW)
$322,508
1,569
Hanwha Aerospace Co., Ltd.
(KRW)
1,007,652
22,845
Hanwha Corp. (KRW)
1,470,113
21,444
Hanwha Systems Co., Ltd.
(KRW)
1,010,400
10,238
HD Hyundai Co., Ltd. (KRW)
1,318,325
125,033
HMM Co., Ltd. (KRW)
1,501,881
997
Hyosung Heavy Industries Corp.
(KRW)
2,212,409
17,218
Hyundai Engineering &
Construction Co., Ltd. (KRW)
1,269,151
9,433
Hyundai Glovis Co., Ltd.
(KRW)
1,114,815
6,473
Hyundai Mobis Co., Ltd. (KRW)
2,089,008
5,492
Hyundai Motor Co. (KRW)
1,754,689
6,897
KB Financial Group, Inc.
(KRW)
707,818
16,851
Kia Corp. (KRW)
1,500,960
3,577
KIWOOM Securities Co., Ltd.
(KRW)
791,913
58,750
Korea Electric Power Corp.
(KRW)
1,403,053
12,085
Korea Investment Holdings Co.,
Ltd. (KRW)
1,723,866
1,032
Korea Zinc Co., Ltd. (KRW)
719,396
62,340
Korean Air Lines Co., Ltd.
(KRW)
1,108,544
15,553
LEENO Industrial, Inc. (KRW)
843,253
13,903
LG Electronics, Inc. (KRW)
1,821,667
5,000
LG Innotek Co., Ltd. (KRW)
3,165,946
3,205
LIG Defense&Aerospace Co.,
Ltd. (KRW)
1,487,378
9,556
LS Corp. (KRW)
2,254,385
13,633
LS Electric Co., Ltd. (KRW)
2,094,271
7,945
Mirae Asset Securities Co., Ltd.
(KRW)
219,227
2,942
POSCO Holdings, Inc. (KRW)
601,958
20,535
Posco International Corp.
(KRW)
651,452
1,770
Sam Chun Dang Pharm Co., Ltd.
(KRW)
258,194
27,416
Samsung E&A Co., Ltd (KRW)
842,317
6,004
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
8,463,652
11,709
Samsung Electronics Co., Ltd.
(KRW)
2,524,241
9,300
Samsung Life Insurance Co.,
Ltd. (KRW)
2,407,087
9,782
Samsung SDS Co., Ltd. (KRW)
1,204,677
Shares
Description
Value
 
South Korea (Continued)
11,159
Shinhan Financial Group Co.,
Ltd. (KRW)
$690,010
2,424
SK hynix, Inc. (KRW)
4,146,131
4,198
SK Square Co., Ltd. (KRW)
4,598,209
4,877
SK, Inc. (KRW)
2,625,326
13,942
S-Oil Corp. (KRW)
957,483
45,810
Woori Financial Group, Inc.
(KRW)
857,478
 
71,311,888
Total Common Stocks
123,350,353
(Cost $97,592,840)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.2%
$1,466,138
Toronto-Dominion Bank (The),
3.64% (g), dated 06/30/26,
due 07/01/26, with a maturity
value of $1,466,286.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.25% to
3.63%, due 08/31/27 to
11/15/27. The value of the
collateral including accrued
interest is $1,495,461. (h)
1,466,138
(Cost $1,466,138)
Total Investments — 100.8%
124,816,491
(Cost $99,058,978)
Net Other Assets and
Liabilities — (0.8)%
(992,100
)
Net Assets — 100.0%
$123,824,391
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $1,292,919 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $1,466,138.
See Notes to Financial Statements
Page 2
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(e)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(f)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(g)
Rate shown reflects yield as of June 30, 2026.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
HKD
–  Hong Kong Dollar
KRW
–  South Korean Won
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
KRW
57.1%
HKD
27.7
AUD
9.5
SGD
4.3
USD
1.4
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$123,350,353
$123,350,353
$—
$—
Repurchase
Agreements
1,466,138
—
1,466,138
—
Total Investments
$124,816,491
$123,350,353
$1,466,138
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$1,292,919
Non-cash Collateral(2)
(1,292,919
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$1,466,138
Non-cash Collateral(4)
(1,466,138
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 3
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.4%
Austria — 2.3%
5,356
BAWAG Group AG
(EUR) (c) (d)
$1,072,791
22,392
OMV AG (EUR)
1,411,013
19,077
Raiffeisen Bank International
AG (EUR)
1,217,380
138,540
UNIQA Insurance Group AG
(EUR)
2,792,328
45,187
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
3,325,003
36,680
voestalpine AG (EUR)
1,711,622
 
11,530,137
Belgium — 2.5%
2,641
Ackermans & Van Haaren N.V.
(EUR)
862,429
11,001
Ageas S.A./N.V. (EUR)
879,879
76,475
Colruyt Group N.V. (EUR)
3,142,186
15,046
Deme Group N.V. (EUR)
3,008,512
2,683
UCB S.A. (EUR)
803,183
171,477
Umicore S.A. (EUR)
3,965,602
 
12,661,791
Bermuda — 0.4%
80,218
Hiscox Ltd. (GBP)
1,965,308
Denmark — 4.5%
1,614
A.P. Moller - Maersk A/S,
Class B (DKK)
3,834,134
3,385
DSV A/S (DKK)
801,535
519,607
H. Lundbeck A/S (DKK)
3,374,211
88,373
ISS A/S (DKK)
3,615,084
24,934
NKT A/S (DKK) (e)
3,720,099
22,447
Novo Nordisk A/S, Class B
(DKK)
1,079,517
22,848
Pandora A/S (DKK)
2,621,618
136,289
Vestas Wind Systems A/S
(DKK)
3,845,964
 
22,892,162
Finland — 2.2%
47,057
Metso Oyj (EUR)
817,261
99,266
Neste Oyj (EUR)
3,248,375
204,127
Nokia Oyj (EUR)
2,695,027
275,658
Stora Enso Oyj, Class R (EUR)
2,937,370
43,748
Wartsila Oyj Abp (EUR)
1,668,542
 
11,366,575
France — 11.3%
18,913
Amundi S.A. (EUR) (c) (d)
1,814,153
23,795
Arkema S.A. (EUR)
1,499,422
42,114
Bouygues S.A. (EUR)
2,348,702
27,607
Capgemini SE (EUR)
2,774,579
43,610
Carrefour S.A. (EUR)
809,715
39,602
Cie de Saint-Gobain S.A. (EUR)
3,581,918
Shares
Description
Value
 
France (Continued)
95,050
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
$3,665,377
54,136
Covivio S.A. (EUR)
3,315,459
43,542
Credit Agricole S.A. (EUR)
875,367
15,866
Eiffage S.A. (EUR)
2,340,380
114,270
Elis S.A. (EUR)
3,538,296
101,276
Engie S.A. (EUR)
3,192,647
10,241
Gaztransport Et Technigaz S.A.
(EUR)
2,175,276
17,298
Ipsen S.A. (EUR)
3,336,269
106,975
Klepierre S.A. (EUR)
4,471,144
78,486
Orange S.A. (EUR)
1,480,132
32,402
Pernod Ricard S.A. (EUR)
2,364,250
19,583
Publicis Groupe S.A. (EUR)
1,934,582
20,842
Rexel S.A. (EUR)
909,932
8,385
Sanofi S.A. (EUR)
719,317
45,394
SCOR SE (EUR)
1,646,259
22,462
Societe Generale S.A. (EUR)
1,985,700
62,914
Sodexo S.A. (EUR)
3,640,990
25,718
TotalEnergies SE (EUR)
1,999,081
31,891
Vallourec SACA (EUR) (e)
746,625
 
57,165,572
Germany — 14.2%
23,121
Aurubis AG (EUR) (f)
4,786,935
52,834
Bayer AG (EUR)
2,922,411
44,463
Bayerische Motoren Werke AG
(EUR)
2,908,994
481,950
Deutsche Lufthansa AG (EUR)
5,512,248
31,000
DHL Group (EUR)
1,880,827
73,167
E.ON SE (EUR)
1,506,896
82,820
Evonik Industries AG (EUR)
1,502,721
9,348
Fraport AG Frankfurt Airport
Services Worldwide (EUR)
778,110
89,917
Fresenius Medical Care AG
(EUR)
4,068,457
38,322
FUCHS SE (Preference Shares)
(EUR)
1,674,398
3,889
Heidelberg Materials AG (EUR)
741,629
31,386
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
2,637,256
9,060
HOCHTIEF AG (EUR)
5,248,423
46,803
KION Group AG (EUR)
2,073,300
61,820
LEG Immobilien SE (EUR)
3,902,599
52,959
Mercedes-Benz Group AG
(EUR)
2,657,632
12,893
Merck KGaA (EUR)
2,163,319
76,155
Nordex SE (EUR) (e)
4,020,065
24,051
RWE AG (EUR)
1,555,950
393,266
Schaeffler AG (EUR)
3,810,438
14,628
Siemens Energy AG (EUR)
2,771,164
280,971
thyssenkrupp AG (EUR)
3,340,383
75,613
United Internet AG (EUR)
1,987,088
See Notes to Financial Statements
Page 4
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
32,112
Volkswagen AG (Preference
Shares) (EUR)
$2,572,042
160,859
Vonovia SE (EUR)
3,968,174
8,248
Wacker Chemie AG (EUR) (e)
856,654
 
71,848,113
Greece — 2.6%
218,809
Alpha Bank S.A. (EUR)
987,791
127,504
Hellenic Telecommunications
Organization S.A. (EUR)
2,830,670
91,026
Motor Oil Hellas Corinth
Refineries S.A. (EUR)
3,991,748
99,287
Piraeus Bank S.A. (EUR)
1,030,987
154,482
Public Power Corp. S.A. (EUR)
4,059,742
 
12,900,938
Ireland — 1.9%
204,609
Glanbia PLC (EUR)
5,718,391
58,117
Ryanair Holdings PLC, ADR
3,763,076
 
9,481,467
Italy — 8.0%
1,142,707
A2A S.p.A. (EUR)
2,950,774
93,392
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
1,159,290
80,504
Buzzi S.p.A. (EUR)
4,119,943
47,770
Credito Emiliano S.p.A. (EUR)
928,437
47,266
Danieli & C Officine
Meccaniche S.p.A. (EUR)
3,637,300
23,136
De’ Longhi S.p.A (EUR)
981,800
111,649
Eni S.p.A. (EUR)
2,630,487
349,256
Hera S.p.A. (EUR)
1,457,362
23,901
Leonardo S.p.A. (EUR)
1,281,484
28,014
Lottomatica Group S.p.A. (EUR)
777,811
208,608
Maire S.p.A. (EUR)
3,413,239
469,934
Pirelli & C S.p.A. (EUR) (c) (d)
3,551,889
35,110
Prysmian S.p.A. (EUR)
5,859,021
886,079
Saipem S.p.A. (EUR) (f)
4,463,805
35,329
SOL S.p.A. (EUR)
2,349,346
34,952
Unipol Assicurazioni S.p.A.
(EUR)
974,838
 
40,536,826
Jersey — 0.7%
535,849
Glencore PLC (GBP)
3,651,981
Luxembourg — 1.8%
63,287
ArcelorMittal S.A. (EUR)
3,810,815
183,985
InPost S.A. (EUR) (e)
3,239,498
81,602
Tenaris S.A. (EUR)
2,257,295
 
9,307,608
Netherlands — 5.3%
14,098
Akzo Nobel N.V. (EUR)
955,868
2,178
ASM International N.V. (EUR)
2,489,818
Shares
Description
Value
 
Netherlands (Continued)
1,859
ASML Holding N.V. (EUR)
$3,656,401
11,721
ASR Nederland N.V. (EUR)
884,432
170,948
Brembo N.V. (EUR)
2,000,123
68,863
Koninklijke Ahold Delhaize
N.V. (EUR)
2,771,201
73,947
Koninklijke Vopak N.V. (EUR)
3,856,194
88,972
Prosus N.V. (EUR)
3,862,027
93,271
Randstad N.V. (EUR) (f)
2,686,657
100,177
SBM Offshore N.V. (EUR)
3,472,772
 
26,635,493
Norway — 4.4%
21,559
Aker BP ASA (NOK)
660,372
92,589
Equinor ASA (NOK)
2,932,429
70,901
Mowi ASA (NOK)
1,309,360
379,751
Norsk Hydro ASA (NOK)
3,445,132
195,173
Orkla ASA (NOK)
2,054,556
36,983
SpareBank 1 Sor-Norge ASA
(NOK)
722,585
44,664
Storebrand ASA (NOK)
838,367
770,171
Var Energi ASA (NOK)
3,204,864
319,577
Wallenius Wilhelmsen ASA
(NOK)
4,239,073
69,015
Yara International ASA (NOK)
3,035,726
 
22,442,464
Portugal — 0.8%
459,860
EDP S.A. (EUR)
2,407,014
66,028
Galp Energia SGPS S.A. (EUR)
1,406,641
 
3,813,655
Spain — 6.5%
15,566
Acciona S.A. (EUR) (f)
4,930,182
33,093
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
4,866,395
151,999
EDP Renewables S.A. (EUR)
2,460,953
121,404
Enagas S.A. (EUR) (f)
2,352,619
57,674
Endesa S.A. (EUR) (f)
2,628,015
154,895
Grifols S.A. (EUR) (f)
1,585,762
44,049
Indra Sistemas S.A. (EUR)
2,411,824
693,020
International Consolidated
Airlines Group S.A. (GBP)
4,389,461
21,501
Logista Integral S.A. (EUR)
828,889
149,487
Merlin Properties Socimi S.A.
(EUR)
2,620,122
140,694
Repsol S.A. (EUR) (f)
3,538,248
 
32,612,470
Sweden — 6.9%
70,998
Axfood AB (SEK)
1,884,718
62,700
Boliden AB (SEK)
3,535,801
94,030
Essity AB, Class B (SEK)
2,660,014
39,029
Evolution AB (SEK) (c) (d) (e)
2,677,512
See Notes to Financial Statements
Page 5
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Sweden (Continued)
444,267
Fastighets AB Balder, Class B
(SEK) (e)
$2,369,705
82,217
Industrivarden AB, Class C
(SEK)
4,510,918
107,442
Investor AB, Class B (SEK)
4,460,521
42,932
L E Lundbergforetagen AB,
Class B (SEK)
2,472,840
1
Norion Bank AB (SEK) (e)
6
24,662
Saab AB, Class B (SEK)
1,278,837
21,302
Sandvik AB (SEK)
878,544
414,555
SSAB AB, Class B (SEK)
3,829,878
38,823
Swedish Orphan Biovitrum AB
(SEK) (e)
1,849,792
71,621
Telefonaktiebolaget LM
Ericsson, Class B (SEK)
798,838
727,502
Volvo Car AB, Class B
(SEK) (e) (f)
1,412,786
 
34,620,710
Switzerland — 3.1%
9,013
Accelleron Industries AG (CHF)
925,840
13,589
Avolta AG (CHF)
908,176
1,855
Barry Callebaut AG (CHF)
2,573,583
28,547
Coca-Cola HBC AG (GBP)
1,863,020
1,513
Emmi AG (CHF)
1,649,694
20,803
Sandoz Group AG (CHF)
1,882,569
2,889
Swisscom AG (CHF)
2,229,321
3,982
VAT Group AG (CHF) (c) (d)
3,480,308
 
15,512,511
United Kingdom — 19.6%
124,291
3i Group PLC (GBP)
4,098,574
1,596,537
Aberdeen Group PLC (GBP)
5,044,438
81,363
Allfunds Group PLC (EUR)
781,836
33,318
Anglogold Ashanti PLC (ZAR)
2,700,894
36,432
Antofagasta PLC (GBP)
1,846,028
161,483
Associated British Foods PLC
(GBP)
4,254,006
55,095
BAE Systems PLC (GBP)
1,347,613
400,824
Balfour Beatty PLC (GBP)
4,612,275
399,832
BP PLC (GBP)
2,477,305
13,865
British American Tobacco PLC
(GBP)
860,160
852,624
British Land (The) Co. PLC
(GBP)
4,677,676
287,908
BT Group PLC (GBP)
725,985
1,425,989
Centrica PLC (GBP)
3,231,642
10,160
Diploma PLC (GBP)
960,894
67,943
Endeavour Mining PLC (GBP)
3,338,164
114,619
Evraz PLC (GBP) (e) (g) (h) (i)
0
36,686
Fresnillo PLC (GBP)
1,333,833
58,725
GSK PLC (GBP)
1,543,119
Shares
Description
Value
 
United Kingdom (Continued)
1,010,750
Harbour Energy PLC (GBP)
$2,882,533
159,486
ICG PLC (GBP)
3,573,092
357,549
J Sainsbury PLC (GBP)
1,516,722
4,288,462
JD Sports Fashion PLC (GBP)
4,819,251
854,187
Kingfisher PLC (GBP)
3,208,767
19,592
Lion Finance Group PLC (GBP)
2,944,426
668,432
M&G PLC (GBP)
2,980,897
83,069
Metlen Energy & Metals PLC
(EUR) (f)
3,912,368
215,521
Mondi PLC (GBP)
1,955,981
183,724
Pearson PLC (GBP)
2,914,668
170,158
Persimmon PLC (GBP)
2,369,920
11,911
Reckitt Benckiser Group PLC
(GBP)
775,908
34,911
Rio Tinto PLC (GBP)
3,298,043
19,613
Severn Trent PLC (GBP)
769,025
50,743
Shell PLC (GBP)
1,974,150
46,709
SSE PLC (GBP)
1,509,280
178,643
Standard Life PLC (GBP)
1,973,890
384,303
Tesco PLC (GBP)
2,338,269
1,286,721
Tritax Big Box REIT PLC
(GBP)
2,754,736
46,087
United Utilities Group PLC
(GBP)
800,221
2,674,517
Vodafone Group PLC (GBP)
3,533,432
79,187
Whitbread PLC (GBP)
2,511,456
 
99,151,477
United States — 0.4%
15,427
Autoliv, Inc., SDR (SEK)
1,810,571
Total Common Stocks
501,907,829
(Cost $442,083,744)
RIGHTS (a) (b) — 0.0%
Spain — 0.0%
33,093
ACS Actividades de
Construccion y Servicios S.A.,
expiring 07/23/26 (EUR)
(e) (g)
69,461
(Cost $70,551)
MONEY MARKET FUNDS — 0.1%
370,884
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares - 3.54% (j)
370,884
(Cost $370,884)
 
See Notes to Financial Statements
Page 6
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 5.0%
$25,531,292
RBC Dominion Securities, Inc.,
3.64% (j), dated 06/30/26, due
07/01/26, with a maturity
value of $25,533,874.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/06/26 to
11/15/55. The value of the
collateral including accrued
interest is $26,041,918. (k)
$25,531,292
(Cost $25,531,292)
Total Investments — 104.5%
527,879,466
(Cost $468,056,471)
Net Other Assets and
Liabilities — (4.5)%
(22,578,574
)
Net Assets — 100.0%
$505,300,892
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $24,352,063 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $25,531,292.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2026, securities noted as
such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2026.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
NOK
–  Norwegian Krone
SDR
–  Swedish Depositary Receipt
SEK
–  Swedish Krona
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
EUR
56.2%
GBP
19.6
SEK
6.9
USD
5.6
DKK
4.3
NOK
4.3
CHF
2.6
ZAR
0.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
United Kingdom
$99,151,477
$99,151,477
$—
$—
**
Other Country
Categories*
402,756,352
402,756,352
—
—
Rights*
69,461
69,461
—
—
Money Market Funds
370,884
370,884
—
—
Repurchase
Agreements
25,531,292
—
25,531,292
—
Total Investments
$527,879,466
$502,348,174
$25,531,292
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 7
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$24,352,063
Non-cash Collateral(2)
(24,352,063
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$25,531,292
Non-cash Collateral(4)
(25,531,292
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 8
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.2%
Bermuda — 3.1%
2,787
Credicorp Ltd.
$1,085,759
Brazil — 53.3%
21,074
Axia Energia S.A. (BRL)
221,995
201,215
B3 S.A. - Brasil Bolsa Balcao
(BRL)
566,347
193,133
Banco Bradesco S.A. (Preference
Shares) (BRL)
677,161
87,697
Banco BTG Pactual S.A. (BRL)
918,879
53,657
Banco do Brasil S.A. (BRL)
206,945
40,278
Banco Santander Brasil S.A.
(BRL)
209,103
70,906
BB Seguridade Participacoes
S.A. (BRL)
538,014
38,994
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
223,889
489,342
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
1,030,383
399,910
Cia Paranaense de Energia -
Copel (BRL)
1,163,560
251,451
Eneva S.A. (BRL) (c)
1,301,507
30,270
Equatorial S.A. (BRL)
228,331
129,908
Gerdau S.A. (Preference Shares)
(BRL)
522,924
113,535
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
927,669
353,111
Itausa S.A. (Preference Shares)
(BRL)
915,217
78,807
Localiza Rent a Car S.A. (BRL)
634,144
234,179
Motiva Infraestrutura de
Mobilidade S.A. (BRL)
663,212
126,785
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
928,360
48,866
Porto Seguro S.A. (BRL)
500,937
93,198
PRIO S.A. (BRL) (c)
941,494
52,449
Raia Drogasil S.A. (BRL)
170,790
118,894
Suzano S.A. (BRL)
915,490
119,730
Telefonica Brasil S.A. (BRL)
787,407
134,828
TIM S.A. (BRL)
571,197
214,854
Ultrapar Participacoes S.A.
(BRL)
1,084,613
29,925
Vale S.A. (BRL)
451,458
195,149
Vibra Energia S.A. (BRL)
1,129,923
 
18,430,949
Chile — 13.3%
11,033
Banco de Credito e Inversiones
S.A. (CLP)
724,819
5,754,006
Banco Santander Chile (CLP)
471,197
137,916
Empresas Copec S.A. (CLP)
860,288
12,346,686
Enel Chile S.A. (CLP)
1,084,729
Shares
Description
Value
 
Chile (Continued)
116,755
Falabella S.A. (CLP)
$728,923
9,674,096
Latam Airlines Group S.A.
(CLP)
281,315
5,888
Sociedad Quimica y Minera de
Chile S.A., Class B
(Preference Shares) (CLP)
437,146
 
4,588,417
Colombia — 2.3%
12,809
Grupo Cibest S.A. (Preference
Shares) (COP)
253,316
61,758
Interconexion Electrica S.A. ESP
(COP)
532,985
 
786,301
Mexico — 27.2%
748,694
America Movil S.A.B. de C.V.,
Series B (MXN)
969,717
829,939
Cemex S.A.B. de C.V.,
Series CPO (MXN)
996,639
122,032
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
1,290,207
730,855
Fibra Uno Administracion S.A.
de C.V. (MXN)
1,252,536
43,530
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
554,969
12,974
Gruma S.A.B. de C.V., Class B
(MXN)
208,430
121,476
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
621,915
64,350
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
679,175
283,310
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN)
673,302
44,433
Grupo Mexico S.A.B. de C.V.,
Series B (MXN)
503,697
5,352
Industrias Penoles S.A.B. de
C.V. (MXN)
233,906
108,951
Prologis Property Mexico S.A.
de C.V. (MXN)
472,313
58,850
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
934,768
 
9,391,574
Total Common Stocks
34,283,000
(Cost $30,886,441)
See Notes to Financial Statements
Page 9
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.0%
4,847
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (d)
$4,847
(Cost $4,847)
Total Investments — 99.2%
34,287,847
(Cost $30,891,288)
Net Other Assets and
Liabilities — 0.8%
285,630
Net Assets — 100.0%
$34,573,477
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
MXN
–  Mexican Peso
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
BRL
53.7%
MXN
27.4
CLP
13.4
USD
3.2
COP
2.3
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$34,283,000
$34,283,000
$—
$—
Money Market Funds
4,847
4,847
—
—
Total Investments
$34,287,847
$34,287,847
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 10
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 97.8%
Air Freight & Logistics —
4.1%
180,384
J&T Global Express Ltd.
(HKD) (b)
$192,279
825,327
JD Logistics, Inc.
(HKD) (b) (c) (d)
1,236,488
 
1,428,767
Automobiles — 0.3%
460,545
Guangzhou Automobile Group
Co., Ltd., Class H
(HKD) (b) (e)
122,141
Banks — 6.4%
583,845
Bank of Communications Co.,
Ltd., Class H (HKD)
501,745
490,107
China Construction Bank Corp.,
Class H (HKD)
504,302
1,035,448
China Everbright Bank Co., Ltd.,
Class H (HKD) (e)
386,832
959,490
China Minsheng Banking Corp.,
Ltd., Class H (HKD)
384,146
748,353
China Zheshang Bank Co., Ltd.,
Class H (HKD)
202,287
307,075
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD)
226,307
 
2,205,619
Broadline Retail — 0.6%
16,896
JD.com, Inc., Class A (HKD)
213,816
Communications Equipment
— 13.8%
146,094
Yangtze Optical Fibre & Cable
Joint Stock Ltd., Co., Class H
(HKD) (c) (d)
4,757,506
Construction Materials —
5.0%
341,217
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
729,609
1,472,541
China National Building
Material Co., Ltd., Class H
(HKD)
1,002,616
 
1,732,225
Diversified Telecommunication
Services — 2.6%
815,376
China Tower Corp., Ltd.,
Class H (HKD) (c) (d)
915,925
Shares
Description
Value
 
Electrical Equipment — 5.2%
377,041
Dongfang Electric Corp., Ltd.,
Class H (HKD) (e)
$1,024,948
562,332
Goldwind Science &
Technology Co., Ltd., Class H
(HKD)
754,284
 
1,779,232
Energy Equipment & Services
— 1.9%
809,000
China Oilfield Services Ltd.,
Class H (HKD)
644,695
Food Products — 0.5%
464,167
China Feihe Ltd. (HKD) (c) (d)
165,714
Gas Utilities — 0.4%
27,196
ENN Energy Holdings Ltd.
(HKD)
140,300
Health Care Providers &
Services — 3.1%
331,329
Shanghai Pharmaceuticals
Holding Co., Ltd., Class H
(HKD)
481,604
290,894
Sinopharm Group Co., Ltd.,
Class H (HKD)
590,108
 
1,071,712
Independent Power and
Renewable Electricity
Producers — 1.9%
1,390,237
Huadian Power International
Corp., Ltd., Class H (HKD)
661,186
Insurance — 14.2%
274,896
China Life Insurance Co., Ltd.,
Class H (HKD)
934,447
160,601
China Pacific Insurance Group
Co., Ltd., Class H (HKD)
550,432
4,488,109
China Reinsurance Group Corp.,
Class H (HKD)
635,203
138,747
New China Life Insurance Co.,
Ltd., Class H (HKD)
814,135
558,227
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
333,818
346,044
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
631,830
86,791
Ping An Insurance Group Co. of
China Ltd., Class H (HKD)
564,932
971,578
Sunshine Insurance Group Co.,
Ltd., Class H (HKD)
421,195
 
4,885,992
Marine Transportation —
3.3%
685,334
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD)
1,136,856
See Notes to Financial Statements
Page 11
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Metals & Mining — 11.8%
773,895
Aluminum Corp. of China Ltd.,
Class H (HKD)
$736,117
288,885
China Hongqiao Group Ltd.
(HKD)
738,894
294,249
CMOC Group Ltd., Class H
(HKD)
569,525
220,307
Jiangxi Copper Co., Ltd.,
Class H (HKD)
868,548
163,452
Shandong Gold Mining Co.,
Ltd., Class H (HKD) (c) (d)
348,043
122,577
Zhaojin Mining Industry Co.,
Ltd., Class H (HKD)
256,162
158,816
Zijin Mining Group Co., Ltd.,
Class H (HKD)
554,844
 
4,072,133
Oil, Gas & Consumable Fuels
— 11.4%
757,929
China Coal Energy Co., Ltd.,
Class H (HKD)
951,899
807,247
China Petroleum & Chemical
Corp., Class H (HKD)
411,711
507,386
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
1,338,992
1,124,701
PetroChina Co., Ltd., Class H
(HKD)
1,216,071
 
3,918,673
Passenger Airlines — 3.7%
266,039
Air China Ltd., Class H
(HKD) (b)
143,826
1,767,936
China Eastern Airlines Corp.,
Ltd., Class H (HKD) (b)
712,327
971,884
China Southern Airlines Co.,
Ltd., Class H (HKD) (b) (e)
420,088
 
1,276,241
Real Estate Management &
Development — 1.0%
440,359
Longfor Group Holdings Ltd.
(HKD) (c) (d) (e)
335,764
Semiconductors &
Semiconductor Equipment
— 1.1%
24,034
InnoScience Suzhou Technology
Holding Co., Ltd., Class H
(HKD) (b)
198,270
42,052
Shanghai Fudan
Microelectronics Group Co.,
Ltd., Class H (HKD) (e)
166,538
 
364,808
Shares
Description
Value
 
Transportation Infrastructure
— 5.5%
1,353,750
Qingdao Port International Co.,
Ltd., Class H (HKD) (c) (d)
$1,087,439
1,052,533
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
795,823
 
1,883,262
Total Common Stocks
33,712,567
(Cost $41,219,960)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 4.6%
$1,580,446
Toronto-Dominion Bank (The),
3.64% (f), dated 06/30/26, due
07/01/26, with a maturity
value of $1,580,606.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.25% to
3.63%, due 08/31/27 to
11/15/27. The value of the
collateral including accrued
interest is $1,612,055. (g)
1,580,446
(Cost $1,580,446)
Total Investments — 102.4%
35,293,013
(Cost $42,800,406)
Net Other Assets and
Liabilities — (2.4)%
(831,553
)
Net Assets — 100.0%
$34,461,460
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $1,481,573 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $1,580,446.
(f)
Rate shown reflects yield as of June 30, 2026.
(g)
This security serves as collateral for securities on loan.
 
See Notes to Financial Statements
Page 12
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
HKD
–  Hong Kong Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
HKD
91.7%
USD
8.3
Total
100.0%
 
Country Allocation†
% of Net
Assets
China
89.0%
Cayman Islands
8.8
Canada
4.6
Total Investments
102.4
Net Other Assets and Liabilities
(2.4)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$33,712,567
$33,712,567
$—
$—
Repurchase Agreements
1,580,446
—
1,580,446
—
Total Investments
$35,293,013
$33,712,567
$1,580,446
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$1,481,573
Non-cash Collateral(2)
(1,481,573
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$1,580,446
Non-cash Collateral(4)
(1,580,446
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 13
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.7%
Air Freight & Logistics —
0.8%
68,800
NIPPON EXPRESS
HOLDINGS, Inc. (JPY) (b)
$2,134,304
Automobile Components —
5.1%
197,100
Aisin Corp. (JPY)
2,650,507
53,500
Denso Corp. (JPY)
617,276
16,600
Niterra Co., Ltd. (JPY)
1,092,918
292,000
Sumitomo Electric Industries
Ltd. (JPY)
5,256,521
76,600
Yokohama Rubber (The) Co.,
Ltd. (JPY)
3,412,244
 
13,029,466
Automobiles — 4.5%
300,700
Honda Motor Co., Ltd. (JPY)
2,737,083
141,900
Isuzu Motors Ltd. (JPY)
1,876,785
284,000
Mazda Motor Corp. (JPY)
1,901,252
169,900
Subaru Corp. (JPY)
2,497,377
148,300
Suzuki Motor Corp. (JPY)
1,783,577
34,400
Toyota Motor Corp. (JPY)
576,524
 
11,372,598
Banks — 3.3%
135,900
Hachijuni Nagano Bank Ltd.
(JPY)
1,996,354
222,400
Mebuki Financial Group, Inc.
(JPY)
1,931,356
94,900
Shizuoka Financial Group, Inc.
(JPY)
1,765,568
24,300
Sumitomo Mitsui Trust Group,
Inc. (JPY)
905,225
178,600
Yokohama Financial Group, Inc.
(JPY)
1,903,038
 
8,501,541
Beverages — 0.8%
140,800
Asahi Group Holdings Ltd.
(JPY) (b)
1,340,499
24,500
Suntory Beverage & Food Ltd.
(JPY)
677,613
 
2,018,112
Building Products — 1.1%
66,700
AGC, Inc. (JPY) (b)
2,857,194
Capital Markets — 0.4%
68,300
SBI Holdings, Inc. (JPY)
1,108,544
Chemicals — 8.7%
332,600
Asahi Kasei Corp. (JPY)
3,663,622
504,500
Mitsubishi Chemical Group
Corp. (JPY)
3,501,512
57,800
Mitsui Chemicals, Inc. (JPY)
758,248
53,100
Resonac Holdings Corp. (JPY)
5,780,436
Shares
Description
Value
 
Chemicals (Continued)
1,036,400
Sumitomo Chemical Co., Ltd.
(JPY)
$3,273,111
59,700
Tokyo Ohka Kogyo Co., Ltd.
(JPY)
4,156,364
49,000
Tosoh Corp. (JPY)
882,087
 
22,015,380
Commercial Services &
Supplies — 0.3%
24,900
TOPPAN Holdings, Inc. (JPY)
781,786
Construction & Engineering
— 8.1%
99,000
Kajima Corp. (JPY)
3,575,313
114,800
Kandenko Co., Ltd. (JPY)
4,746,060
67,900
Kinden Corp. (JPY)
3,318,265
106,000
Obayashi Corp. (JPY)
2,123,325
216,200
Shimizu Corp. (JPY)
3,390,030
39,000
Taisei Corp. (JPY)
3,418,002
 
20,570,995
Consumer Staples Distribution
& Retail — 0.9%
139,900
Aeon Co., Ltd. (JPY)
1,153,823
80,200
Tsuruha Holdings, Inc. (JPY)
1,015,109
 
2,168,932
Electric Utilities — 4.1%
191,600
Chubu Electric Power Co., Inc.
(JPY)
3,605,867
235,100
Kansai Electric Power (The) Co.,
Inc. (JPY) (b)
3,304,659
343,700
Kyushu Electric Power Co., Inc.
(JPY)
3,471,984
 
10,382,510
Electrical Equipment — 3.8%
9,600
Fuji Electric Co., Ltd. (JPY)
797,958
159,000
Fujikura Ltd. (JPY)
6,100,077
75,500
Mitsubishi Electric Corp. (JPY)
2,728,485
 
9,626,520
Electronic Equipment,
Instruments & Components
— 3.0%
51,600
Ibiden Co., Ltd. (JPY)
7,557,760
Energy Equipment & Services
— 1.1%
48,400
Modec, Inc. (JPY)
2,763,886
Financial Services — 1.6%
176,000
Mitsubishi HC Capital, Inc.
(JPY)
1,422,332
25,400
ORIX Corp. (JPY)
960,574
113,800
Tokyo Century Corp. (JPY)
1,744,147
 
4,127,053
See Notes to Financial Statements
Page 14
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Gas Utilities — 1.7%
63,900
Osaka Gas Co., Ltd. (JPY)
$2,144,213
55,700
Tokyo Gas Co., Ltd. (JPY)
2,096,865
 
4,241,078
Ground Transportation —
2.5%
133,100
Central Japan Railway Co. (JPY)
2,839,718
29,200
Hankyu Hanshin Holdings, Inc.
(JPY)
767,197
80,500
Seibu Holdings, Inc. (JPY) (b)
1,570,937
73,900
West Japan Railway Co. (JPY)
1,238,522
 
6,416,374
Household Durables — 4.3%
148,500
Haseko Corp. (JPY)
2,597,003
50,000
Open House Group Co., Ltd.
(JPY)
2,606,784
114,100
Panasonic Holdings Corp. (JPY)
3,159,250
33,000
Sekisui House Ltd. (JPY)
686,405
215,800
Sumitomo Forestry Co., Ltd.
(JPY) (b)
1,792,416
 
10,841,858
Industrial Conglomerates —
0.3%
44,000
Sekisui Chemical Co., Ltd.
(JPY)
701,288
Insurance — 0.9%
73,500
Japan Post Insurance Co., Ltd.
(JPY)
690,044
43,100
Sompo Holdings, Inc. (JPY)
1,653,543
 
2,343,587
Machinery — 5.6%
31,400
Ebara Corp. (JPY)
1,208,145
49,700
Hitachi Construction Machinery
Co., Ltd. (JPY)
1,605,977
69,200
Komatsu Ltd. (JPY)
2,673,603
52,200
Kubota Corp. (JPY)
862,161
172,300
NGK Insulators Ltd. (JPY)
7,981,571
 
14,331,457
Marine Transportation —
4.6%
264,600
Kawasaki Kisen Kaisha Ltd.
(JPY) (b)
4,043,980
122,500
Mitsui OSK Lines Ltd. (JPY) (b)
3,927,504
113,700
Nippon Yusen KK (JPY)
3,647,463
 
11,618,947
Metals & Mining — 6.8%
231,100
JFE Holdings, Inc. (JPY) (b)
2,217,264
278,800
Kobe Steel Ltd. (JPY)
3,210,757
Shares
Description
Value
 
Metals & Mining (Continued)
32,800
Mitsui Kinzoku Co. (JPY)
$8,583,536
72,700
Sumitomo Metal Mining Co.,
Ltd. (JPY)
3,339,563
 
17,351,120
Oil, Gas & Consumable Fuels
— 2.1%
208,500
ENEOS Holdings, Inc. (JPY)
1,534,946
184,700
Inpex Corp. (JPY)
3,708,881
 
5,243,827
Paper & Forest Products —
0.5%
268,400
Oji Holdings Corp. (JPY)
1,312,988
Passenger Airlines — 2.2%
116,200
ANA Holdings, Inc. (JPY) (b)
2,121,108
198,800
Japan Airlines Co., Ltd. (JPY)
3,484,609
 
5,605,717
Pharmaceuticals — 2.8%
165,600
Astellas Pharma, Inc. (JPY)
2,215,197
39,100
Otsuka Holdings Co., Ltd. (JPY)
2,598,330
249,000
Sumitomo Pharma Co., Ltd.
(JPY) (c)
2,298,650
 
7,112,177
Real Estate Management &
Development — 2.1%
22,100
Daiwa House Industry Co., Ltd.
(JPY)
600,361
60,400
Mitsubishi Estate Co., Ltd. (JPY)
1,539,764
64,900
Mitsui Fudosan Co., Ltd. (JPY)
598,328
323,100
Tokyu Fudosan Holdings Corp.
(JPY)
2,576,335
 
5,314,788
Semiconductors &
Semiconductor Equipment
— 4.8%
23,700
Advantest Corp. (JPY)
4,713,909
62,900
Kokusai Electric Corp. (JPY)
4,199,265
15,000
SCREEN Holdings Co., Ltd.
(JPY)
1,642,578
3,200
Tokyo Electron Ltd. (JPY)
1,518,374
 
12,074,126
Technology Hardware, Storage
& Peripherals — 4.6%
147,900
Brother Industries Ltd. (JPY)
3,339,223
69,000
FUJIFILM Holdings Corp. (JPY)
1,478,071
336,000
Ricoh Co., Ltd. (JPY)
2,905,477
232,900
Seiko Epson Corp. (JPY)
3,863,165
 
11,585,936
Trading Companies &
Distributors — 5.5%
106,100
Marubeni Corp. (JPY)
3,060,420
See Notes to Financial Statements
Page 15
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Trading Companies &
Distributors (Continued)
49,600
Mitsui & Co., Ltd. (JPY)
$1,371,821
94,800
Sojitz Corp. (JPY)
3,014,919
256,200
Sumitomo Corp. (JPY)
2,440,750
109,300
Toyota Tsusho Corp. (JPY)
4,018,546
 
13,906,456
Wireless Telecommunication
Services — 0.8%
52,500
SoftBank Group Corp. (JPY)
1,925,382
Total Common Stocks
252,943,687
(Cost $199,451,894)
MONEY MARKET FUNDS — 0.3%
715,124
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (d)
715,124
(Cost $715,124)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 7.1%
$18,070,382
RBC Dominion Securities, Inc.,
3.64% (d), dated 06/30/26,
due 07/01/26, with a maturity
value of $18,072,209.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/06/26 to
11/15/55. The value of the
collateral including accrued
interest is $18,431,790. (e)
18,070,382
(Cost $18,070,382)
Total Investments — 107.1%
271,729,193
(Cost $218,237,400)
Net Other Assets and
Liabilities — (7.1)%
(17,901,939
)
Net Assets — 100.0%
$253,827,254
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $16,964,297 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $18,070,382.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of June 30, 2026.
(e)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
JPY
–  Japanese Yen
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
93.1%
USD
6.9
Total
100.0%
 
Country Allocation†
% of Net
Assets
Japan
99.7%
United States
7.4
Total Investments
107.1
Net Other Assets and Liabilities
(7.1)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$252,943,687
$252,943,687
$—
$—
Money Market Funds
715,124
715,124
—
—
Repurchase
Agreements
18,070,382
—
18,070,382
—
Total Investments
$271,729,193
$253,658,811
$18,070,382
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in
See Notes to Financial Statements
Page 16
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$16,964,297
Non-cash Collateral(2)
(16,964,297
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$18,070,382
Non-cash Collateral(4)
(18,070,382
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 17
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Australia — 3.0%
375,694
Fortescue Ltd. (AUD)
$4,981,127
1,684,406
GPT Group (The) (AUD)
5,691,033
100,612
Lynas Rare Earths Ltd.
(AUD) (c)
1,258,033
370,405
Perseus Mining Ltd. (AUD)
1,230,956
48,901
Ramsay Health Care Ltd. (AUD)
1,489,010
1,149,149
Scentre Group (AUD)
3,071,059
4,076,040
Vicinity Ltd. (AUD)
7,280,860
236,087
Washington H Soul Pattinson &
Co., Ltd. (AUD)
7,543,421
618,678
Whitehaven Coal Ltd. (AUD)
3,268,239
217,698
Woodside Energy Group Ltd.
(AUD)
4,251,890
 
40,065,628
Belgium — 0.5%
62,508
Colruyt Group N.V. (EUR)
2,568,313
12,298
Deme Group N.V. (EUR)
2,459,038
70,084
Umicore S.A. (EUR)
1,620,773
 
6,648,124
Bermuda — 0.9%
1,432,574
China Gas Holdings Ltd. (HKD)
946,178
538,290
China Resources Gas Group Ltd.
(HKD)
1,006,182
5,722,463
Kunlun Energy Co., Ltd. (HKD)
4,691,590
368,357
Orient Overseas International
Ltd. (HKD)
5,730,003
 
12,373,953
Canada — 5.7%
188,941
ARC Resources Ltd. (CAD)
3,969,992
81,487
AtkinsRealis Group, Inc. (CAD)
5,060,726
865,489
B2Gold Corp. (CAD)
3,246,537
259,730
BCE, Inc. (CAD)
5,594,748
7,410
Bombardier, Inc., Class B
(CAD) (c)
1,706,090
18,232
BRP, Inc. (CAD)
1,113,653
53,736
Canadian Natural Resources Ltd.
(CAD)
2,126,328
49,386
Cenovus Energy, Inc. (CAD)
1,225,379
74,450
DPM Metals, Inc. (CAD)
2,417,886
76,337
Eldorado Gold Corp. (CAD)
2,375,826
1,537
Fairfax Financial Holdings Ltd.
(CAD)
2,528,060
42,361
Finning International, Inc.
(CAD)
2,992,226
244,572
First Majestic Silver Corp.
(CAD)
4,152,508
278,793
IAMGOLD Corp. (CAD) (c)
4,424,911
42,870
Kinross Gold Corp. (CAD)
1,015,036
17,362
Nutrien Ltd. (CAD)
1,093,809
166,282
OceanaGold Corp. (CAD)
4,168,042
Shares
Description
Value
 
Canada (Continued)
53,881
Onex Corp. (CAD)
$4,029,345
235,264
Open Text Corp. (CAD)
5,207,077
244,519
Orla Mining Ltd. (CAD)
2,391,312
170,401
Rogers Communications, Inc.,
Class B (CAD)
5,543,664
41,953
Saputo, Inc. (CAD)
1,215,180
133,870
SSR Mining, Inc. (CAD) (c)
3,785,078
19,817
Suncor Energy, Inc. (CAD)
1,066,129
232,266
Whitecap Resources, Inc. (CAD)
2,412,324
 
74,861,866
Cayman Islands — 6.1%
2,561,596
Bosideng International Holdings
Ltd. (HKD)
1,397,914
715,066
China Resources Land Ltd.
(HKD)
2,735,228
4,918,806
China State Construction
International Holdings Ltd.
(HKD) (d)
4,371,380
343,792
CK Hutchison Holdings Ltd.
(HKD)
2,904,074
1,499,332
FIT Hon Teng Ltd.
(HKD) (c) (e) (f)
1,359,232
978,861
Geely Automobile Holdings Ltd.
(HKD)
2,104,286
1,565,756
Kingboard Holdings Ltd. (HKD)
23,537,698
2,150,356
Kingboard Laminates Holdings
Ltd. (HKD)
27,184,990
947,272
Minth Group Ltd. (HKD)
3,191,050
134,512
Trip.com Group Ltd. (HKD) (c)
5,344,223
2,995,148
WH Group Ltd. (HKD) (e) (f)
3,165,912
3,139,073
Xinyi Glass Holdings Ltd.
(HKD) (d)
3,414,102
 
80,710,089
Denmark — 1.3%
2,112
A.P. Moller - Maersk A/S,
Class B (DKK)
5,017,156
424,722
H. Lundbeck A/S (DKK)
2,758,049
72,234
ISS A/S (DKK)
2,954,884
10,189
NKT A/S (DKK) (c)
1,520,177
178,243
Vestas Wind Systems A/S
(DKK)
5,029,871
 
17,280,137
Finland — 0.5%
81,140
Neste Oyj (EUR)
2,655,221
337,979
Stora Enso Oyj, Class R (EUR)
3,601,454
 
6,256,675
France — 2.0%
33,848
Capgemini SE (EUR)
3,401,817
32,371
Cie de Saint-Gobain S.A. (EUR)
2,927,889
77,693
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
2,996,045
See Notes to Financial Statements
Page 18
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
France (Continued)
66,375
Covivio S.A. (EUR)
$4,065,014
93,404
Elis S.A. (EUR)
2,892,194
41,391
Engie S.A. (EUR)
1,304,819
7,068
Ipsen S.A. (EUR)
1,363,207
139,904
Klepierre S.A. (EUR)
5,847,450
25,713
Sodexo S.A. (EUR)
1,488,075
 
26,286,510
Germany — 4.8%
37,798
Aurubis AG (EUR) (d)
7,825,637
58,150
Bayerische Motoren Werke AG
(EUR)
3,804,466
630,307
Deutsche Lufthansa AG (EUR)
7,209,064
88,197
Fresenius Medical Care AG
(EUR)
3,990,632
14,811
HOCHTIEF AG (EUR)
8,579,955
25,504
KION Group AG (EUR)
1,129,788
101,062
LEG Immobilien SE (EUR)
6,379,885
64,932
Mercedes-Benz Group AG
(EUR)
3,258,471
99,598
Nordex SE (EUR) (c)
5,257,573
321,452
Schaeffler AG (EUR)
3,114,617
153,107
thyssenkrupp AG (EUR)
1,820,245
41,202
United Internet AG (EUR)
1,082,777
39,373
Volkswagen AG (Preference
Shares) (EUR)
3,153,619
262,969
Vonovia SE (EUR)
6,487,089
 
63,093,818
Greece — 0.6%
69,479
Hellenic Telecommunications
Organization S.A. (EUR)
1,542,478
148,809
Motor Oil Hellas Corinth
Refineries S.A. (EUR)
6,525,697
 
8,068,175
Hong Kong — 2.1%
1,370,313
Beijing Enterprises Holdings
Ltd. (HKD)
4,696,509
2,799,693
China Merchants Port Holdings
Co., Ltd. (HKD)
4,405,058
6,483,537
China Power International
Development Ltd. (HKD)
2,265,107
2,244,559
China Resources Power
Holdings Co., Ltd. (HKD)
4,842,364
2,500,848
China Taiping Insurance
Holdings Co., Ltd. (HKD)
5,746,034
2,620,316
Guangdong Investment Ltd.
(HKD)
2,592,635
360,272
Swire Pacific Ltd., Class A
(HKD)
3,753,001
 
28,300,708
Shares
Description
Value
 
Ireland — 0.4%
133,795
Glanbia PLC (EUR)
$3,739,289
23,753
Ryanair Holdings PLC, ADR
1,538,007
 
5,277,296
Israel — 4.2%
11,685
Delek Group Ltd. (ILS)
2,983,438
3,128
Elbit Systems Ltd. (ILS)
2,375,550
59,129
Enlight Renewable Energy Ltd.
(ILS) (c)
5,225,709
118,476
Harel Insurance Investments &
Financial Services Ltd. (ILS)
6,234,636
32,963
Mega Or Holdings Ltd. (ILS)
6,646,101
45,465
Menora Mivtachim Holdings
Ltd. (ILS)
6,826,205
1,000,071
Migdal Insurance & Financial
Holding Ltd. (ILS) (c)
5,565,192
40,576
Next Vision Stabilized Systems
Ltd. (ILS)
3,280,604
35,677
NICE Ltd. (ILS) (c)
3,208,214
99,403
Phoenix Financial Ltd. (ILS)
5,498,172
89,550
Strauss Group Ltd. (ILS)
3,460,608
15,316
Tower Semiconductor Ltd.
(ILS) (c)
3,934,187
 
55,238,616
Italy — 2.4%
934,039
A2A S.p.A. (EUR)
2,411,938
131,605
Buzzi S.p.A. (EUR)
6,735,132
38,635
Danieli & C Officine
Meccaniche S.p.A. (EUR)
2,973,112
91,261
Eni S.p.A. (EUR)
2,150,139
576,182
Pirelli & C S.p.A. (EUR) (e) (f)
4,354,941
34,437
Prysmian S.p.A. (EUR)
5,746,714
1,448,546
Saipem S.p.A. (EUR) (d)
7,297,348
 
31,669,324
Japan — 28.3%
113,400
AGC, Inc. (JPY) (d)
4,857,659
479,300
Aisin Corp. (JPY)
6,445,398
296,600
ANA Holdings, Inc. (JPY) (d)
5,414,120
131,200
Asahi Group Holdings Ltd.
(JPY) (d)
1,249,101
413,300
Asahi Kasei Corp. (JPY)
4,552,540
247,600
Astellas Pharma, Inc. (JPY)
3,312,094
254,500
Bridgestone Corp. (JPY) (d)
5,337,464
361,900
Brother Industries Ltd. (JPY)
8,170,823
254,400
Central Japan Railway Co. (JPY)
5,427,680
322,100
Chubu Electric Power Co., Inc.
(JPY)
6,061,847
84,500
Daiwa House Industry Co., Ltd.
(JPY)
2,295,498
320,000
Denso Corp. (JPY)
3,692,118
97,600
Ebara Corp. (JPY)
3,755,254
See Notes to Financial Statements
Page 19
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
192,000
Electric Power Development
Co., Ltd. (JPY)
$4,324,266
294,900
ENEOS Holdings, Inc. (JPY)
2,171,010
134,500
Food & Life Cos., Ltd. (JPY)
4,038,433
210,300
FUJIFILM Holdings Corp. (JPY)
4,504,904
203,200
Fujikura Ltd. (JPY)
7,795,821
70,700
Fukuoka Financial Group, Inc.
(JPY)
2,972,883
360,900
Furukawa Electric Co., Ltd.
(JPY)
10,498,828
201,500
Gunma Bank (The) Ltd. (JPY)
2,903,003
107,900
Hachijuni Nagano Bank Ltd.
(JPY)
1,585,037
142,400
Hokuhoku Financial Group, Inc.
(JPY)
5,846,812
496,000
Honda Motor Co., Ltd. (JPY)
4,514,776
28,200
Ibiden Co., Ltd. (JPY)
4,130,404
269,800
Idemitsu Kosan Co., Ltd. (JPY)
1,987,886
133,400
Inpex Corp. (JPY)
2,678,748
374,200
Isuzu Motors Ltd. (JPY)
4,949,212
406,200
Japan Airlines Co., Ltd. (JPY)
7,119,961
82,600
Japan Post Bank Co., Ltd. (JPY)
1,556,037
228,900
JFE Holdings, Inc. (JPY) (d)
2,196,156
105,600
Kajima Corp. (JPY)
3,813,667
141,800
Kandenko Co., Ltd. (JPY)
5,862,293
402,000
Kansai Electric Power (The) Co.,
Inc. (JPY) (d)
5,650,672
358,800
Kawasaki Heavy Industries Ltd.
(JPY)
6,449,110
157,600
Kawasaki Kisen Kaisha Ltd.
(JPY)
2,408,660
550,000
Kobe Steel Ltd. (JPY)
6,333,989
85,200
Koito Manufacturing Co., Ltd.
(JPY)
1,335,941
28,400
Kurita Water Industries Ltd.
(JPY)
1,598,379
51,200
Kyoto Financial Group, Inc.
(JPY)
1,415,128
459,700
Kyushu Electric Power Co., Inc.
(JPY)
4,643,791
185,100
Marubeni Corp. (JPY)
5,339,149
348,300
Mebuki Financial Group, Inc.
(JPY)
3,024,691
462,500
Mitsubishi Chemical Group
Corp. (JPY)
3,210,008
156,500
Mitsubishi Corp. (JPY)
4,184,049
148,300
Mitsubishi HC Capital, Inc.
(JPY)
1,198,476
69,600
Mitsui & Co., Ltd. (JPY)
1,924,974
29,600
Mitsui Kinzoku Co. (JPY)
7,746,118
128,100
Mitsui OSK Lines Ltd. (JPY) (d)
4,107,047
Shares
Description
Value
 
Japan (Continued)
71,000
Modec, Inc. (JPY)
$4,054,460
103,200
MS&AD Insurance Group
Holdings, Inc. (JPY)
2,691,153
208,900
NGK Insulators Ltd. (JPY)
9,677,018
65,700
Nippon Television Holdings,
Inc. (JPY)
1,129,178
180,000
Nippon Yusen KK (JPY)
5,774,347
221,400
Obayashi Corp. (JPY)
4,434,944
62,300
Open House Group Co., Ltd.
(JPY)
3,248,053
45,200
ORIX Corp. (JPY)
1,709,369
97,600
Osaka Gas Co., Ltd. (JPY)
3,275,043
19,000
Otsuka Holdings Co., Ltd. (JPY)
1,262,616
80,400
Panasonic Holdings Corp. (JPY)
2,226,150
63,500
Resonac Holdings Corp. (JPY)
6,912,574
633,100
Ricoh Co., Ltd. (JPY)
5,474,575
68,000
Rohm Co., Ltd. (JPY)
2,251,681
62,300
Ryohin Keikaku Co., Ltd. (JPY)
1,356,005
142,600
Seibu Holdings, Inc. (JPY) (d)
2,782,803
325,200
Seiko Epson Corp. (JPY)
5,394,166
118,000
Sekisui House Ltd. (JPY)
2,454,417
224,900
Shimizu Corp. (JPY)
3,526,446
292,200
SoftBank Group Corp. (JPY)
10,716,127
169,700
Sojitz Corp. (JPY)
5,396,960
103,800
Sompo Holdings, Inc. (JPY)
3,982,314
251,100
Subaru Corp. (JPY)
3,690,944
1,248,500
Sumitomo Chemical Co., Ltd.
(JPY)
3,942,955
143,900
Sumitomo Corp. (JPY)
1,370,898
496,200
Sumitomo Electric Industries
Ltd. (JPY)
8,932,485
592,100
Sumitomo Forestry Co., Ltd.
(JPY) (d)
4,917,931
117,300
Sumitomo Metal Mining Co.,
Ltd. (JPY)
5,388,319
200,200
Sumitomo Pharma Co., Ltd.
(JPY) (c)
1,848,152
92,600
Suntory Beverage & Food Ltd.
(JPY)
2,561,101
554,200
Suzuki Motor Corp. (JPY)
6,665,261
25,900
Taisei Corp. (JPY)
2,269,904
206,200
Tokyo Century Corp. (JPY)
3,160,309
140,100
Tokyo Gas Co., Ltd. (JPY)
5,274,160
84,600
Tokyo Ohka Kogyo Co., Ltd.
(JPY)
5,889,923
157,000
Tokyu Fudosan Holdings Corp.
(JPY)
1,251,887
50,700
TOPPAN Holdings, Inc. (JPY)
1,591,829
174,600
Toyota Tsusho Corp. (JPY)
6,419,378
See Notes to Financial Statements
Page 20
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
133,000
West Japan Railway Co. (JPY)
$2,229,005
178,400
Yokohama Rubber (The) Co.,
Ltd. (JPY)
7,947,054
 
371,673,809
Jersey — 0.5%
875,999
Glencore PLC (GBP)
5,970,212
Luxembourg — 0.6%
77,594
ArcelorMittal S.A. (EUR)
4,672,308
150,388
InPost S.A. (EUR) (c)
2,647,942
 
7,320,250
Netherlands — 1.5%
1,015
ASML Holding N.V. (EUR)
1,996,368
96,710
Koninklijke Vopak N.V. (EUR)
5,043,241
116,359
Prosus N.V. (EUR)
5,050,821
50,827
Randstad N.V. (EUR) (d)
1,464,064
163,766
SBM Offshore N.V. (EUR)
5,677,171
 
19,231,665
Norway — 2.0%
151,363
Equinor ASA (NOK)
4,793,888
496,647
Norsk Hydro ASA (NOK)
4,505,622
106,354
Orkla ASA (NOK)
1,119,572
1,007,252
Var Energi ASA (NOK)
4,191,414
522,440
Wallenius Wilhelmsen ASA
(NOK)
6,929,976
112,824
Yara International ASA (NOK)
4,962,729
 
26,503,201
Singapore — 1.3%
397,769
BOC Aviation Ltd. (HKD) (e) (f)
4,120,789
1,277,100
Mapletree Pan Asia Commercial
Trust (SGD)
1,273,399
1,021,700
Singapore Airlines Ltd. (SGD)
6,065,048
156,800
Singapore Technologies
Engineering Ltd. (SGD)
1,259,248
174,500
UOL Group Ltd. (SGD)
1,284,050
875,500
Wilmar International Ltd. (SGD)
2,442,941
445,900
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
1,178,727
 
17,624,202
South Korea — 21.0%
23,753
APR Corp. (KRW)
5,910,270
24,432
DB Insurance Co., Ltd. (KRW)
2,111,563
9,753
Doosan Co., Ltd. (KRW)
9,360,815
21,799
Doosan Enerbility Co., Ltd.
(KRW) (c)
1,221,296
43,036
Ecopro Co., Ltd. (KRW)
2,961,103
18,772
Hana Financial Group, Inc.
(KRW)
1,388,544
4,806
Hanwha Aerospace Co., Ltd.
(KRW)
3,086,536
Shares
Description
Value
 
South Korea (Continued)
93,423
Hanwha Corp. (KRW)
$6,011,924
70,153
Hanwha Systems Co., Ltd.
(KRW)
3,305,473
41,865
HD Hyundai Co., Ltd. (KRW)
5,390,865
2,406
HD Hyundai Electric Co., Ltd.
(KRW)
1,509,477
511,274
HMM Co., Ltd. (KRW)
6,141,360
3,261
Hyosung Heavy Industries Corp.
(KRW)
7,236,376
56,328
Hyundai Engineering &
Construction Co., Ltd. (KRW)
4,151,977
48,218
Hyundai Glovis Co., Ltd.
(KRW)
5,698,519
26,471
Hyundai Mobis Co., Ltd. (KRW)
8,542,890
22,458
Hyundai Motor Co. (KRW)
7,175,311
42,307
KB Financial Group, Inc.
(KRW)
4,341,840
68,908
Kia Corp. (KRW)
6,137,807
9,751
KIWOOM Securities Co., Ltd.
(KRW)
2,158,777
240,230
Korea Electric Power Corp.
(KRW)
5,737,114
49,412
Korea Investment Holdings Co.,
Ltd. (KRW)
7,048,378
5,628
Korea Zinc Co., Ltd. (KRW)
3,923,217
169,948
Korean Air Lines Co., Ltd.
(KRW)
3,022,053
63,594
LEENO Industrial, Inc. (KRW)
3,447,942
37,902
LG Electronics, Inc. (KRW)
4,966,182
27,274
LG Innotek Co., Ltd. (KRW)
17,269,602
9,825
LIG Defense&Aerospace Co.,
Ltd. (KRW)
4,559,591
39,085
LS Corp. (KRW)
9,220,659
41,809
LS Electric Co., Ltd. (KRW)
6,422,605
83,963
Posco International Corp.
(KRW)
2,663,643
3,841
Rainbow Robotics (KRW) (c)
1,286,697
4,827
Sam Chun Dang Pharm Co., Ltd.
(KRW)
704,126
56,052
Samsung E&A Co., Ltd (KRW)
1,722,117
19,642
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
27,688,716
47,873
Samsung Electronics Co., Ltd.
(KRW)
10,320,520
38,026
Samsung Life Insurance Co.,
Ltd. (KRW)
9,842,139
39,996
Samsung SDS Co., Ltd. (KRW)
4,925,603
68,454
Shinhan Financial Group Co.,
Ltd. (KRW)
4,232,810
9,917
SK hynix, Inc. (KRW)
16,962,532
17,157
SK Square Co., Ltd. (KRW)
18,792,635
19,944
SK, Inc. (KRW)
10,736,007
See Notes to Financial Statements
Page 21
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
57,012
S-Oil Corp. (KRW)
$3,915,366
187,313
Woori Financial Group, Inc.
(KRW)
3,506,149
 
276,759,126
Spain — 2.1%
20,358
Acciona S.A. (EUR) (d)
6,447,941
54,099
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
7,955,372
849,704
International Consolidated
Airlines Group S.A. (GBP)
5,381,868
81,459
Merlin Properties Socimi S.A.
(EUR)
1,427,766
230,004
Repsol S.A. (EUR) (d)
5,784,264
 
26,997,211
Sweden — 2.0%
51,249
Boliden AB (SEK)
2,890,052
21,268
Evolution AB (SEK) (c) (e) (f)
1,459,051
242,092
Fastighets AB Balder, Class B
(SEK) (c) (d)
1,291,311
134,406
Industrivarden AB, Class C
(SEK)
7,374,320
175,644
Investor AB, Class B (SEK)
7,291,970
46,789
L E Lundbergforetagen AB,
Class B (SEK)
2,694,999
338,854
SSAB AB, Class B (SEK)
3,130,512
 
26,132,215
Switzerland — 0.2%
1,514
Barry Callebaut AG (CHF)
2,100,488
United Kingdom — 5.6%
203,189
3i Group PLC (GBP)
6,700,286
1,565,995
Aberdeen Group PLC (GBP)
4,947,937
27,233
Anglogold Ashanti PLC (ZAR)
2,207,619
211,192
Associated British Foods PLC
(GBP)
5,563,508
393,154
Balfour Beatty PLC (GBP)
4,524,017
490,231
BP PLC (GBP)
3,037,405
1,115,085
British Land (The) Co. PLC
(GBP)
6,117,592
1,864,948
Centrica PLC (GBP)
4,226,430
88,858
Endeavour Mining PLC (GBP)
4,365,757
1,652,358
Harbour Energy PLC (GBP)
4,712,318
130,362
ICG PLC (GBP)
2,920,604
7,010,712
JD Sports Fashion PLC (GBP)
7,878,437
698,206
Kingfisher PLC (GBP)
2,622,822
33,948
Metlen Energy & Metals PLC
(EUR) (d)
1,598,876
100,117
Pearson PLC (GBP)
1,588,294
92,722
Persimmon PLC (GBP)
1,291,410
27,652
Shell PLC (GBP)
1,075,798
Shares
Description
Value
 
United Kingdom (Continued)
1,402,339
Tritax Big Box REIT PLC
(GBP)
$3,002,262
4,372,256
Vodafone Group PLC (GBP)
5,776,396
 
74,157,768
Total Common Stocks
1,310,601,066
(Cost $1,125,569,786)
RIGHTS (a) (b) — 0.0%
Spain — 0.0%
53,520
ACS Actividades de
Construccion y Servicios S.A.,
expiring 07/23/26 (EUR)
(c) (g)
112,336
(Cost $114,100)
MONEY MARKET FUNDS — 0.0%
359,178
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (h)
359,178
(Cost $359,178)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 4.2%
$54,586,589
Bank of America Corp.,
3.64% (h), dated 06/30/26,
due 07/01/26, with a maturity
value of $54,592,108.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.38%, due 11/30/29 to
11/15/42. The value of the
collateral including accrued
interest is $55,678,323. (i)
54,586,589
(Cost $54,586,589)
Total Investments — 103.8%
1,365,659,169
(Cost $1,180,629,653)
Net Other Assets and
Liabilities — (3.8)%
(50,501,168
)
Net Assets — 100.0%
$1,315,158,001
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
See Notes to Financial Statements
Page 22
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $51,816,241 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $54,586,589.
(e)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(f)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
Rate shown reflects yield as of June 30, 2026.
(i)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
JPY
27.2%
KRW
20.3
EUR
14.3
HKD
9.2
GBP
6.0
CAD
5.5
USD
4.1
ILS
4.0
AUD
2.9
NOK
1.9
SEK
1.9
DKK
1.3
SGD
1.0
ZAR
0.2
CHF
0.2
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$1,310,601,066
$1,310,601,066
$—
$—
Rights*
112,336
112,336
—
—
Money Market
Funds
359,178
359,178
—
—
Repurchase
Agreements
54,586,589
—
54,586,589
—
Total Investments
$1,365,659,169
$1,311,072,580
$54,586,589
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
See Notes to Financial Statements
Page 23
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$51,816,241
Non-cash Collateral(2)
(51,816,241
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$54,586,589
Non-cash Collateral(4)
(54,586,589
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 24
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.2%
Bermuda — 0.2%
4,514
Credicorp Ltd.
$1,758,564
Brazil — 8.4%
831,542
Banco Bradesco S.A. (Preference
Shares) (BRL)
2,915,544
283,193
Banco BTG Pactual S.A. (BRL)
2,967,264
1,896,195
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
3,992,724
1,549,641
Cia Paranaense de Energia -
Copel (BRL)
4,508,767
1,623,945
Eneva S.A. (BRL) (c)
8,405,519
549,940
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
4,493,437
1,140,258
Itausa S.A. (Preference Shares)
(BRL)
2,955,398
339,298
Localiza Rent a Car S.A. (BRL)
2,730,263
818,811
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
5,995,594
240,757
PRIO S.A. (BRL) (c)
2,432,148
767,846
Suzano S.A. (BRL)
5,912,457
193,322
Telefonica Brasil S.A. (BRL)
1,271,387
1,387,603
Ultrapar Participacoes S.A.
(BRL)
7,004,811
1,260,341
Vibra Energia S.A. (BRL)
7,297,444
 
62,882,757
Cayman Islands — 5.1%
2,643,029
3SBio, Inc. (HKD) (d) (e)
5,691,905
722,809
AAC Technologies Holdings,
Inc. (HKD)
3,935,297
84,132
Bizlink Holding, Inc. (TWD)
5,057,454
188,850
ENN Energy Holdings Ltd.
(HKD)
974,247
2,629,999
JD Logistics, Inc.
(HKD) (c) (d) (e)
3,940,212
530,452
Kuaishou Technology
(HKD) (d) (e)
2,813,620
4,331,544
Sany Heavy Equipment
International Holdings Co.,
Ltd. (HKD)
3,667,219
511,611
Shenzhou International Group
Holdings Ltd. (HKD)
2,567,563
223,854
Sunny Optical Technology
Group Co., Ltd. (HKD)
1,741,088
2,663,215
Wanguo Gold Group Ltd.
(HKD) (f)
2,641,873
236,311
Zhen Ding Technology Holding
Ltd. (TWD)
4,673,330
 
37,703,808
Shares
Description
Value
 
Chile — 1.4%
890,701
Empresas Copec S.A. (CLP)
$5,555,983
59,804,072
Enel Chile S.A. (CLP)
5,254,136
 
10,810,119
China — 14.9%
1,693,278
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
3,620,657
868,428
Chifeng Jilong Gold Mining
Group Ltd., Class H
(HKD) (f)
2,544,544
9,348,847
China Energy Engineering
Corp., Ltd., Class H (HKD) (f)
1,323,144
2,514,431
China National Building
Material Co., Ltd., Class H
(HKD)
1,712,013
2,650,474
China Oilfield Services Ltd.,
Class H (HKD)
2,112,174
2,665,986
China Petroleum & Chemical
Corp., Class H (HKD)
1,359,703
5,924,374
China Railway Group Ltd.,
Class H (HKD)
2,500,326
24,421,867
China Reinsurance Group Corp.,
Class H (HKD)
3,456,431
4,482,129
China Tower Corp., Ltd.,
Class H (HKD) (d) (e)
5,034,848
1,332,904
COSCO SHIPPING Energy
Transportation Co., Ltd.,
Class H (HKD) (f)
2,350,429
4,015,441
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD) (f)
6,660,957
14,303,102
Datang International Power
Generation Co., Ltd., Class H
(HKD) (f)
4,376,910
1,759,875
Dongfang Electric Corp., Ltd.,
Class H (HKD) (f)
4,784,043
1,675,972
Goldwind Science &
Technology Co., Ltd., Class H
(HKD)
2,248,064
577,603
Haier Smart Home Co., Ltd.,
Class H (HKD)
1,471,469
2,876,363
Harbin Electric Co., Ltd.,
Class H (HKD)
5,618,606
5,938,240
Huadian Power International
Corp., Ltd., Class H (HKD) (f)
2,824,182
1,493,049
Huaxin Building Materials
Group Co., Ltd., Class H
(HKD)
2,196,878
1,419,114
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
3,745,042
2,319,154
Lingbao Gold Group Co., Ltd.,
Class H (HKD)
3,634,189
2,216,400
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
1,325,400
See Notes to Financial Statements
Page 25
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China (Continued)
3,338,911
PetroChina Co., Ltd., Class H
(HKD)
$3,610,163
2,517,146
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
4,595,973
5,272,002
Qingdao Port International Co.,
Ltd., Class H (HKD) (d) (e)
4,234,891
1,501,527
REPT BATTERO Energy Co.,
Ltd., Class H (HKD) (c)
2,584,598
2,072,128
Shanghai Pharmaceuticals
Holding Co., Ltd., Class H
(HKD)
3,011,948
13,295,462
Sinopec Oilfield Service Corp.,
Class H (HKD) (c) (f)
949,331
1,184,730
Sinopharm Group Co., Ltd.,
Class H (HKD)
2,403,342
7,590,181
Sinotrans Ltd., Class H (HKD)
3,696,933
2,190,007
Weichai Power Co., Ltd.,
Class H (HKD)
9,521,952
130,769
Yangtze Optical Fibre & Cable
Joint Stock Ltd., Co., Class H
(HKD) (d) (e)
4,258,452
3,284,452
Yankuang Energy Group Co.,
Ltd., Class H (HKD)
4,627,552
3,334,029
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
2,520,868
 
110,916,012
Hong Kong — 1.3%
433,691
BYD Electronic International
Co., Ltd. (HKD) (f)
1,156,826
4,140,762
China Resources Pharmaceutical
Group Ltd. (HKD) (d) (e)
2,238,578
1,234,059
Sinotruk Hong Kong Ltd. (HKD)
6,064,203
 
9,459,607
Hungary — 2.6%
743,189
Magyar Telekom
Telecommunications PLC
(HUF)
6,325,494
517,266
MOL Hungarian Oil & Gas PLC
(HUF)
6,147,025
172,815
Richter Gedeon Nyrt (HUF)
6,688,332
 
19,160,851
India — 6.4%
2,066,655
Bharat Petroleum Corp. Ltd.
(INR)
6,627,313
4,217,074
GAIL India Ltd. (INR)
7,727,692
164,149
Hindalco Industries Ltd. (INR)
1,658,853
3,216,761
Indian Oil Corp. Ltd. (INR)
4,736,510
60,745
Multi Commodity Exchange of
India Ltd. (INR)
1,820,706
1,128,074
National Aluminium Co., Ltd.
(INR)
4,047,105
Shares
Description
Value
 
India (Continued)
1,903,529
NMDC Ltd. (INR)
$1,712,515
2,040,155
Oil & Natural Gas Corp., Ltd.
(INR)
5,062,737
382,570
Power Finance Corp. Ltd. (INR)
1,714,838
951,704
REC Ltd. (INR)
3,657,664
2,450,750
Tata Motors Passenger Vehicles
Ltd. (INR)
9,118,588
 
47,884,521
Indonesia — 3.4%
11,503,377
Adaro Andalan Indonesia PT
(IDR)
5,002,167
40,217,229
Alamtri Resources Indonesia
Tbk PT (IDR)
5,083,386
29,645,832
ANTAM Persero Tbk (IDR)
4,294,335
16,601,678
Astra International Tbk PT
(IDR)
4,196,845
8,477,155
Telkom Indonesia Persero Tbk
PT (IDR)
1,114,167
4,177,145
United Tractors Tbk PT (IDR)
5,373,285
 
25,064,185
Malaysia — 1.2%
9,307,700
IOI Properties Group Bhd
(MYR)
8,993,829
Mexico — 3.6%
2,417,646
America Movil S.A.B. de C.V.,
Series B (MXN)
3,131,361
788,117
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
8,332,521
4,720,094
Fibra Uno Administracion S.A.
de C.V. (MXN)
8,089,276
138,534
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
1,462,143
380,081
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
6,037,175
 
27,052,476
Netherlands — 0.2%
192,424
NEPI Rockcastle N.V. (ZAR)
1,720,656
Philippines — 1.7%
736,680
Ayala Corp. (PHP)
5,017,635
134,680
International Container Terminal
Services, Inc. (PHP)
1,953,156
1,460,300
Metropolitan Bank & Trust Co.
(PHP)
1,546,676
448,690
SM Investments Corp. (PHP)
4,313,624
 
12,831,091
Poland — 1.9%
803,989
Orange Polska S.A. (PLN)
3,060,535
See Notes to Financial Statements
Page 26
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Poland (Continued)
127,076
ORLEN S.A. (PLN)
$4,276,629
2,771,644
Tauron Polska Energia S.A.
(PLN)
6,712,126
 
14,049,290
Russia — 0.0%
76,383,797
Inter RAO UES PJSC
(RUB) (c) (g) (h) (i)
0
11,679
Magnit PJSC
(RUB) (c) (g) (h) (i)
0
4,142,443
Magnitogorsk Iron & Steel
Works PJSC
(RUB) (c) (g) (h) (i)
0
262,800,255
RusHydro PJSC
(RUB) (c) (g) (h) (i)
0
403,137
Tatneft PJSC
(RUB) (c) (g) (h) (i)
0
 
0
South Africa — 2.3%
348,952
Exxaro Resources Ltd. (ZAR)
4,324,193
401,026
MTN Group Ltd. (ZAR)
5,578,619
60,620
Naspers Ltd., Class N (ZAR)
3,036,995
463,703
Sasol Ltd. (ZAR) (c)
4,576,449
 
17,516,256
Taiwan — 33.0%
161,580
Accton Technology Corp.
(TWD)
12,654,940
445,614
ASE Technology Holding Co.,
Ltd. (TWD)
9,511,953
122,599
Asia Vital Components Co., Ltd.
(TWD)
9,717,404
88,882
Asustek Computer, Inc. (TWD)
1,953,052
133,237
Chroma ATE, Inc. (TWD)
9,034,009
393,496
Compeq Manufacturing Co., Ltd.
(TWD)
2,871,873
141,439
Delta Electronics, Inc. (TWD)
8,657,764
75,077
Elite Material Co., Ltd. (TWD)
12,702,746
7,186,486
Eva Airways Corp. (TWD)
10,128,960
1,222,975
Evergreen Marine Corp. Taiwan
Ltd. (TWD)
7,082,978
102,725
EZconn Corp. (TWD)
5,288,371
1,085,568
Formosa Chemicals & Fibre
Corp. (TWD)
1,860,594
226,962
Gold Circuit Electronics Ltd.
(TWD)
8,549,414
8,183,862
Innolux Corp. (TWD)
17,648,873
38,586
Jentech Precision Industrial Co.,
Ltd. (TWD)
4,154,568
779,495
Kinsus Interconnect Technology
Corp. (TWD)
21,801,832
22,646
Largan Precision Co., Ltd.
(TWD)
3,049,655
Shares
Description
Value
 
Taiwan (Continued)
1,267,445
Macronix International Co., Ltd.
(TWD) (c)
$6,186,734
660,302
Nan Ya Plastics Corp. (TWD)
3,451,110
373,930
Nan Ya Printed Circuit Board
Corp. (TWD)
13,909,471
491,620
Nanya Technology Corp.
(TWD) (c)
6,983,129
918,953
Powerchip Semiconductor
Manufacturing Corp.
(TWD) (c)
2,299,077
27,735
Taiwan Semiconductor
Manufacturing Co., Ltd.
(TWD)
2,098,201
4,215,669
TS Financial Holding Co., Ltd.
(TWD)
4,400,075
434,218
Unimicron Technology Corp.
(TWD)
14,584,567
863,652
United Microelectronics Corp.
(TWD)
4,459,710
3,164,477
Wan Hai Lines Ltd. (TWD)
7,867,361
540,985
Winbond Electronics Corp.
(TWD)
3,523,751
27,306
WinWay Technology Co., Ltd.
(TWD)
6,930,109
2,772,524
WPG Holdings Ltd. (TWD)
9,312,387
1,124,338
WT Microelectronics Co., Ltd.
(TWD)
7,552,880
3,753,566
Yang Ming Marine Transport
Corp. (TWD)
6,127,021
 
246,354,569
Thailand — 3.8%
9,617,000
Charoen Pokphand Foods PCL
(THB)
5,674,003
581,000
Delta Electronics Thailand PCL
(THB)
5,683,990
1,243,600
PTT Exploration & Production
PCL (THB)
5,016,252
4,129,400
PTT Global Chemical PCL
(THB)
4,164,143
4,307,400
PTT PCL (THB)
4,602,962
484,600
Siam Cement (The) PCL (THB)
3,559,320
 
28,700,670
Turkiye — 7.8%
635,984
Aselsan Elektronik Sanayi Ve
Ticaret A/S (TRY)
4,703,797
994,018
BIM Birlesik Magazalar A/S
(TRY)
7,783,371
180,358
Destek Finans Faktoring A/S
(TRY) (c) (f)
14,006,418
1,452,985
Enka Insaat ve Sanayi A/S
(TRY)
2,818,986
1,045,537
KOC Holding A/S (TRY)
4,337,142
See Notes to Financial Statements
Page 27
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Turkiye (Continued)
956,212
Tera Yatirim Menkul Degerler
A/S (TRY) (c)
$3,628,363
1,153,621
Turk Hava Yollari AO (TRY) (f)
8,062,394
2,564,320
Turkcell Iletisim Hizmetleri A/S
(TRY)
5,904,182
5,154,936
Turkiye Is Bankasi A/S, Class C
(TRY)
1,636,672
1,051,541
Turkiye Petrol Rafinerileri A/S
(TRY)
5,128,506
 
58,009,831
Total Common Stocks
740,869,092
(Cost $683,497,050)
WARRANTS (a) (b) — 0.0%
Malaysia — 0.0%
227,020
YTL Power International Bhd,
expiring 06/02/28 (MYR)
(c) (g) (h)
96,320
(Cost $0)
RIGHTS (a) (b) — 0.0%
Taiwan — 0.0%
11,093
Compeq Manufacturing Co.,
Ltd., expiring 07/20/26
(TWD) (c) (g) (h)
9,315
(Cost $0)
MONEY MARKET FUNDS — 0.1%
463,292
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares - 3.54% (j)
463,292
(Cost $463,292)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 4.7%
$35,395,517
RBC Dominion Securities, Inc.,
3.64% (j), dated 06/30/26, due
07/01/26, with a maturity
value of $35,399,096.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/06/26 to
11/15/55. The value of the
collateral including accrued
interest is $36,103,427. (k)
$35,395,517
(Cost $35,395,517)
Total Investments — 104.0%
776,833,536
(Cost $719,355,859)
Net Other Assets and
Liabilities — (4.0)%
(29,802,453
)
Net Assets — 100.0%
$747,031,083
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $28,289,753 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $35,395,517.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2026, securities noted as
such are valued at $105,635 or 0.0% of net assets.
See Notes to Financial Statements
Page 28
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2026.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
HKD
–  Hong Kong Dollar
HUF
–  Hungarian Forint
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
TWD
33.0%
HKD
18.6
BRL
8.1
TRY
7.5
INR
6.1
USD
5.3
THB
3.7
MXN
3.5
IDR
3.2
ZAR
2.5
HUF
2.5
PLN
1.8
PHP
1.6
CLP
1.4
MYR
1.2
RUB
0.0‡
Total
100.0%
 
‡
Amount is less than 0.1%.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Russia
$—
**
$—
$—
$—
**
Thailand
28,700,670
—
28,700,670
—
Other Country
Categories*
712,168,422
712,168,422
—
—
Warrants*
96,320
—
96,320
—
Rights*
9,315
—
9,315
—
Money Market Funds
463,292
463,292
—
—
Repurchase
Agreements
35,395,517
—
35,395,517
—
Total Investments
$776,833,536
$712,631,714
$64,201,822
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$28,289,753
Non-cash Collateral(2)
(28,289,753
)
Net Amount
$—
See Notes to Financial Statements
Page 29
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$35,395,517
Non-cash Collateral(4)
(35,395,517
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 30
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.3%
Air Freight & Logistics —
3.7%
59,362
DHL Group (EUR)
$3,601,602
Automobile Components —
5.8%
20,409
Continental AG (EUR)
1,682,717
414,767
Schaeffler AG (EUR)
4,018,766
 
5,701,483
Automobiles — 7.0%
37,228
Bayerische Motoren Werke AG
(EUR)
2,435,644
46,179
Mercedes-Benz Group AG
(EUR)
2,317,392
26,789
Volkswagen AG (Preference
Shares) (EUR)
2,145,691
 
6,898,727
Banks — 2.5%
57,631
Commerzbank AG (EUR) (b)
2,451,556
Capital Markets — 4.0%
20,945
Deutsche Bank AG (EUR)
708,976
75,503
flatexDEGIRO SE (EUR)
3,235,103
 
3,944,079
Chemicals — 5.4%
103,816
Evonik Industries AG (EUR)
1,883,681
54,548
FUCHS SE (Preference Shares)
(EUR)
2,383,359
10,068
Symrise AG (EUR)
1,010,251
 
5,277,291
Commercial Services &
Supplies — 3.0%
32,285
Bilfinger SE (EUR)
2,964,008
Construction & Engineering
— 6.1%
10,289
HOCHTIEF AG (EUR)
5,960,378
Construction Materials —
1.2%
6,220
Heidelberg Materials AG (EUR)
1,186,149
Diversified Telecommunication
Services — 2.8%
75,216
Deutsche Telekom AG (EUR)
2,049,705
25,054
United Internet AG (EUR)
658,412
 
2,708,117
Electrical Equipment — 8.4%
95,260
Nordex SE (EUR) (c)
5,028,579
17,280
Siemens Energy AG (EUR)
3,273,565
 
8,302,144
Shares
Description
Value
 
Health Care Providers &
Services — 1.6%
34,028
Fresenius Medical Care AG
(EUR)
$1,539,658
Hotels, Restaurants & Leisure
— 1.9%
231,575
TUI AG (EUR)
1,915,680
Household Products — 2.6%
29,900
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
2,512,393
Independent Power and
Renewable Electricity
Producers — 2.0%
30,645
RWE AG (EUR)
1,982,541
Insurance — 2.5%
3,552
Allianz SE (EUR)
1,680,625
6,094
Talanx AG (EUR)
770,106
 
2,450,731
Machinery — 4.3%
18,582
Daimler Truck Holding AG
(EUR)
895,978
30,483
KION Group AG (EUR)
1,350,350
15,320
Krones AG (EUR)
1,964,013
 
4,210,341
Metals & Mining — 9.5%
27,918
Aurubis AG (EUR) (b)
5,780,098
299,112
thyssenkrupp AG (EUR)
3,556,056
 
9,336,154
Multi-Utilities — 0.9%
43,007
E.ON SE (EUR)
885,742
Passenger Airlines — 4.8%
412,498
Deutsche Lufthansa AG (EUR)
4,717,899
Pharmaceuticals — 6.1%
74,952
Bayer AG (EUR)
4,145,825
11,313
Merck KGaA (EUR)
1,898,211
 
6,044,036
Real Estate Management &
Development — 10.0%
1,309,462
Aroundtown S.A. (EUR)
3,474,144
55,702
LEG Immobilien SE (EUR)
3,516,380
113,038
Vonovia SE (EUR)
2,788,494
 
9,779,018
Specialty Retail — 0.7%
25,403
Auto1 Group SE (EUR) (c)
672,227
Trading Companies &
Distributors — 1.7%
27,986
Brenntag SE (EUR)
1,700,520
See Notes to Financial Statements
Page 31
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Transportation Infrastructure
— 0.8%
9,914
Fraport AG Frankfurt Airport
Services Worldwide (EUR)
$825,223
Total Common Stocks
97,567,697
(Cost $96,754,964)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 8.0%
$7,831,091
Toronto-Dominion Bank (The),
3.64% (d), dated 06/30/26,
due 07/01/26, with a maturity
value of $7,831,883.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.25% to
3.63%, due 08/31/27 to
11/15/27. The value of the
collateral including accrued
interest is $7,987,713. (e)
7,831,091
(Cost $7,831,091)
Total Investments — 107.3%
105,398,788
(Cost $104,586,055)
Net Other Assets and
Liabilities — (7.3)%
(7,184,079
)
Net Assets — 100.0%
$98,214,709
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $7,406,824 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $7,831,091.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of June 30, 2026.
(e)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
92.6%
USD
7.4
Total
100.0%
 
Country Allocation†
% of Net
Assets
Germany
95.8%
Canada
8.0
Luxembourg
3.5
Total Investments
107.3
Net Other Assets and Liabilities
(7.3)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$97,567,697
$97,567,697
$—
$—
Repurchase Agreements
7,831,091
—
7,831,091
—
Total Investments
$105,398,788
$97,567,697
$7,831,091
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$7,406,824
Non-cash Collateral(2)
(7,406,824
)
Net Amount
$—
See Notes to Financial Statements
Page 32
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$7,831,091
Non-cash Collateral(4)
(7,831,091
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 33
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.4%
Aerospace & Defense — 1.5%
18,860
Babcock International
Group PLC (GBP)
$238,111
19,921
Melrose Industries PLC (GBP)
125,489
10,193
Rolls-Royce Holdings PLC
(GBP)
195,318
 
558,918
Banks — 11.4%
123,139
Barclays PLC (GBP)
827,471
29,958
HSBC Holdings PLC (GBP)
568,570
6,302
Lion Finance Group PLC (GBP)
947,110
238,632
Lloyds Banking Group PLC
(GBP)
351,670
71,934
NatWest Group PLC (GBP)
636,432
32,167
Standard Chartered PLC (GBP)
870,854
 
4,202,107
Beverages — 1.1%
6,102
Coca-Cola HBC AG (GBP)
398,226
Broadline Retail — 1.4%
2,571
Next PLC (GBP)
496,030
Capital Markets — 8.0%
17,961
3i Group PLC (GBP)
592,275
228,047
Aberdeen Group PLC (GBP)
720,540
11,413
ICG PLC (GBP)
255,695
35,655
IG Group Holdings PLC (GBP)
859,818
28,800
Schroders PLC (GBP)
224,436
16,933
St. James’s Place PLC (GBP)
272,113
 
2,924,877
Chemicals — 1.6%
4,349
Croda International PLC (GBP)
174,447
16,494
Johnson Matthey PLC (GBP)
413,942
 
588,389
Commercial Services &
Supplies — 0.8%
52,387
Rentokil Initial PLC (GBP)
296,440
Construction & Engineering
— 2.6%
82,430
Balfour Beatty PLC (GBP)
948,520
Consumer Staples Distribution
& Retail — 1.7%
108,199
J Sainsbury PLC (GBP)
458,980
26,531
Tesco PLC (GBP)
161,426
 
620,406
Diversified Consumer Services
— 1.9%
44,654
Pearson PLC (GBP)
708,408
Shares
Description
Value
 
Diversified REITs — 1.7%
87,085
British Land (The) Co. PLC
(GBP)
$477,767
18,845
Land Securities Group PLC
(GBP)
162,730
 
640,497
Diversified Telecommunication
Services — 1.3%
191,061
BT Group PLC (GBP)
481,777
Electric Utilities — 1.4%
16,138
SSE PLC (GBP)
521,458
Electronic Equipment,
Instruments & Components
— 0.5%
3,313
Halma PLC (GBP)
172,881
Financial Services — 2.0%
163,709
M&G PLC (GBP)
730,066
Food Products — 2.0%
27,554
Associated British Foods PLC
(GBP)
725,865
Health Care Equipment &
Supplies — 0.4%
9,464
Smith & Nephew PLC (GBP)
136,896
Hotels, Restaurants & Leisure
— 2.2%
2,241
InterContinental Hotels
Group PLC
386,012
13,790
Whitbread PLC (GBP)
437,357
 
823,369
Household Durables — 2.9%
15,012
Berkeley Group Holdings PLC
(GBP) (b)
696,547
25,885
Persimmon PLC (GBP)
360,520
 
1,057,067
Industrial REITs — 4.5%
185,371
LondonMetric Property PLC
(GBP)
463,003
32,542
Segro PLC (GBP)
377,784
385,072
Tritax Big Box REIT PLC
(GBP)
824,399
 
1,665,186
Insurance — 8.2%
3,710
Admiral Group PLC (GBP)
175,193
17,127
Aviva PLC (GBP)
147,714
70,442
Beazley PLC (GBP)
1,202,547
24,712
Hiscox Ltd. (GBP)
605,434
40,967
Prudential PLC (GBP)
545,038
31,809
Standard Life PLC (GBP)
351,469
 
3,027,395
See Notes to Financial Statements
Page 34
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Leisure Products — 1.5%
1,859
Games Workshop Group PLC
(GBP)
$532,629
Machinery — 1.0%
9,423
IMI PLC (GBP)
370,475
Media — 0.9%
104,192
WPP PLC (GBP)
325,889
Metals & Mining — 12.5%
7,599
Anglo American PLC (GBP)
372,647
7,291
Anglogold Ashanti PLC (ZAR)
591,038
14,299
Antofagasta PLC (GBP)
724,538
15,136
Endeavour Mining PLC (GBP)
743,660
153,120
Evraz PLC (GBP) (b) (c) (d) (e)
0
17,579
Fresnillo PLC (GBP)
639,139
115,328
Glencore PLC (GBP)
785,997
7,822
Rio Tinto PLC (GBP)
738,944
 
4,595,963
Multi-Utilities — 0.9%
69,134
Centrica PLC (GBP)
156,675
10,269
National Grid PLC (GBP)
169,994
 
326,669
Oil, Gas & Consumable Fuels
— 3.2%
54,166
BP PLC (GBP)
335,605
21,390
Shell PLC (GBP)
832,176
 
1,167,781
Paper & Forest Products —
1.3%
51,626
Mondi PLC (GBP)
468,537
Passenger Airlines — 4.3%
114,783
easyJet PLC (GBP)
850,188
113,170
International Consolidated
Airlines Group S.A. (GBP)
716,798
 
1,566,986
Pharmaceuticals — 4.8%
3,400
AstraZeneca PLC (GBP)
635,902
19,274
GSK PLC (GBP)
506,464
30,249
Hikma Pharmaceuticals PLC
(GBP)
609,883
 
1,752,249
Professional Services — 0.5%
2,534
Intertek Group PLC (GBP)
195,120
Specialty Retail — 3.7%
693,914
JD Sports Fashion PLC (GBP)
779,800
149,941
Kingfisher PLC (GBP)
563,256
 
1,343,056
Shares
Description
Value
 
Tobacco — 0.8%
2,782
British American Tobacco PLC
(GBP)
$172,590
3,758
Imperial Brands PLC (GBP)
139,027
 
311,617
Trading Companies &
Distributors — 2.8%
11,292
Bunzl PLC (GBP)
393,929
28,160
Howden Joinery Group PLC
(GBP)
312,831
4,609
Sunbelt Rentals Holdings, Inc.
(GBP)
336,005
 
1,042,765
Wireless Telecommunication
Services — 2.1%
592,718
Vodafone Group PLC (GBP)
783,068
Total Common Stocks
36,507,582
(Cost $38,069,824)
MONEY MARKET FUNDS — 0.0%
10,891
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (f)
10,891
(Cost $10,891)
Total Investments — 99.4%
36,518,473
(Cost $38,080,715)
Net Other Assets and
Liabilities — 0.6%
205,212
Net Assets — 100.0%
$36,723,685
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(d)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2026, securities noted as
such are valued at $0 or 0.0% of net assets.
(e)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(f)
Rate shown reflects yield as of June 30, 2026.
 
See Notes to Financial Statements
Page 35
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
GBP
–  British Pound Sterling
REITs
–  Real Estate Investment Trusts
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
GBP
97.3%
ZAR
1.6
USD
1.1
Total
100.0%
 
Country Allocation†
% of Net
Assets
United Kingdom
90.8%
Jersey
3.0
Spain
2.0
Bermuda
1.6
Switzerland
1.1
United States
0.9
Total Investments
99.4
Net Other Assets and Liabilities
0.6
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Metals & Mining
$4,595,963
$4,595,963
$—
$—
**
Other Industry
Categories*
31,911,619
31,911,619
—
—
Money Market Funds
10,891
10,891
—
—
Total Investments
$36,518,473
$36,518,473
$—
$—
**
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 36
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 101.6%
Aerospace & Defense — 2.0%
617,817
Bharat Electronics Ltd. (INR)
$2,687,729
Automobiles — 10.2%
26,205
Bajaj Auto Ltd. (INR)
2,689,743
33,743
Eicher Motors Ltd. (INR)
2,521,490
83,374
Mahindra & Mahindra Ltd.
(INR)
2,702,953
19,286
Maruti Suzuki India Ltd. (INR)
2,875,824
730,622
Tata Motors Passenger Vehicles
Ltd. (INR)
2,718,450
 
13,508,460
Banks — 10.1%
184,542
Axis Bank Ltd. (INR)
2,623,510
322,111
HDFC Bank Ltd. (INR)
2,715,316
186,006
ICICI Bank Ltd. (INR)
2,702,291
629,384
Kotak Mahindra Bank Ltd.
(INR)
2,608,062
246,954
State Bank of India (INR)
2,679,066
 
13,328,245
Chemicals — 2.0%
95,782
Asian Paints Ltd. (INR)
2,666,976
Construction & Engineering
— 2.0%
61,099
Larsen & Toubro Ltd. (INR)
2,674,424
Construction Materials —
4.0%
81,684
Grasim Industries Ltd. (INR)
2,675,087
22,353
UltraTech Cement Ltd. (INR)
2,657,317
 
5,332,404
Consumer Finance — 4.2%
257,832
Bajaj Finance Ltd. (INR)
2,736,743
250,734
Shriram Finance Ltd. (INR)
2,760,468
 
5,497,211
Electric Utilities — 2.0%
878,303
Power Grid Corp. of India Ltd.
(INR)
2,656,470
Financial Services — 4.1%
143,498
Bajaj Finserv Ltd. (INR)
2,698,695
1,069,613
Jio Financial Services Ltd. (INR)
2,671,695
 
5,370,390
Food Products — 4.1%
184,796
Nestle India Ltd. (INR)
2,743,279
232,673
Tata Consumer Products Ltd.
(INR)
2,643,845
 
5,387,124
Shares
Description
Value
 
Health Care Providers &
Services — 4.2%
29,801
Apollo Hospitals Enterprise Ltd.
(INR)
$2,733,316
236,201
Max Healthcare Institute Ltd.
(INR)
2,817,806
 
5,551,122
Hotels, Restaurants & Leisure
— 2.1%
996,678
Eternal Ltd. (INR) (b)
2,786,018
Independent Power and
Renewable Electricity
Producers — 2.1%
715,582
NTPC Ltd. (INR)
2,696,130
Insurance — 4.0%
431,767
HDFC Life Insurance Co., Ltd.
(INR) (c) (d)
2,626,625
144,537
SBI Life Insurance Co., Ltd.
(INR) (c) (d)
2,696,095
 
5,322,720
IT Services — 9.8%
229,373
HCL Technologies Ltd. (INR)
2,597,139
241,812
Infosys Ltd. (INR)
2,555,588
121,147
Tata Consultancy Services Ltd.
(INR)
2,599,972
174,807
Tech Mahindra Ltd. (INR)
2,594,070
1,464,342
Wipro Ltd. (INR)
2,635,881
 
12,982,650
Metals & Mining — 6.1%
261,620
Hindalco Industries Ltd. (INR)
2,643,872
207,520
JSW Steel Ltd. (INR)
2,688,632
1,343,597
Tata Steel Ltd. (INR)
2,669,345
 
8,001,849
Oil, Gas & Consumable Fuels
— 6.1%
578,378
Coal India Ltd. (INR)
2,682,656
1,064,577
Oil & Natural Gas Corp., Ltd.
(INR)
2,641,796
194,502
Reliance Industries Ltd. (INR)
2,658,668
 
7,983,120
Passenger Airlines — 2.1%
49,066
InterGlobe Aviation Ltd.
(INR) (c) (d)
2,782,690
Personal Care Products —
2.0%
118,407
Hindustan Unilever Ltd. (INR)
2,649,620
Pharmaceuticals — 6.2%
177,689
Cipla Ltd. (INR)
2,750,781
See Notes to Financial Statements
Page 37
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Pharmaceuticals (Continued)
192,335
Dr. Reddy’s Laboratories Ltd.
(INR)
$2,757,461
136,309
Sun Pharmaceutical Industries
Ltd. (INR)
2,682,008
 
8,190,250
Specialty Retail — 2.1%
78,688
Trent Ltd. (INR)
2,728,762
Textiles, Apparel & Luxury
Goods — 2.1%
59,091
Titan Co., Ltd. (INR)
2,749,210
Tobacco — 2.0%
879,967
ITC Ltd. (INR)
2,667,546
Trading Companies &
Distributors — 2.0%
83,232
Adani Enterprises Ltd. (INR)
2,669,509
Transportation Infrastructure
— 2.0%
140,902
Adani Ports & Special Economic
Zone Ltd. (INR)
2,694,530
Wireless Telecommunication
Services — 2.0%
136,099
Bharti Airtel Ltd. (INR)
2,662,779
Total Investments — 101.6%
134,227,938
(Cost $105,742,426)
Net Other Assets and
Liabilities — (1.6)%
(2,129,220
)
Net Assets — 100.0%
$132,098,718
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
Abbreviations throughout the Portfolio of Investments:
INR
–  Indian Rupee
 
Currency Exposure Diversification
% of Total
Investments
INR
100.0%
Total
100.0%
 
Country Allocation†
% of Net
Assets
India
101.6%
Total Investments
101.6
Net Other Assets and Liabilities
(1.6)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$134,227,938
$134,227,938
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 38
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 94.2%
Banks — 1.8%
4,852
Luzerner Kantonalbank AG
(CHF)
$661,746
Capital Markets — 10.7%
47,198
EFG International AG (CHF)
947,465
7,208
Julius Baer Group Ltd. (CHF)
622,671
4,618
Swissquote Group Holding S.A.
(CHF)
216,611
24,340
UBS Group AG (CHF)
1,206,758
10,493
Vontobel Holding AG (CHF)
953,201
 
3,946,706
Chemicals — 1.7%
409
EMS-Chemie Holding AG
(CHF)
350,788
1,383
Sika AG (CHF)
285,415
 
636,203
Construction Materials —
5.8%
15,606
Amrize Ltd. (CHF)
827,041
14,461
Holcim AG (CHF)
1,304,353
 
2,131,394
Containers & Packaging —
3.6%
79,329
SIG Group AG (CHF) (b)
1,328,368
Diversified Telecommunication
Services — 3.3%
1,563
Swisscom AG (CHF)
1,206,103
Electric Utilities — 2.4%
5,342
BKW AG (CHF)
901,132
Food Products — 6.0%
861
Barry Callebaut AG (CHF)
1,194,531
918
Emmi AG (CHF)
1,000,938
 
2,195,469
Health Care Equipment &
Supplies — 3.7%
3,554
Alcon AG (CHF)
240,159
2,172
Sonova Holding AG (CHF)
516,388
1,371
Ypsomed Holding AG (CHF)
618,986
 
1,375,533
Health Care Providers &
Services — 3.3%
11,510
Galenica AG (CHF) (c) (d)
1,200,858
Insurance — 5.2%
2,150
Helvetia Baloise Holding AG
(CHF)
555,062
491
Swiss Life Holding AG (CHF)
540,586
Shares
Description
Value
 
Insurance (Continued)
3,386
Swiss Re AG (CHF)
$538,491
374
Zurich Insurance Group AG
(CHF)
277,075
 
1,911,214
Machinery — 12.0%
3,052
Bucher Industries AG (CHF)
1,201,159
10,354
SFS Group AG (CHF)
1,706,872
1,748
VAT Group AG (CHF) (c) (d)
1,527,769
 
4,435,800
Marine Transportation —
1.7%
2,627
Kuehne + Nagel International
AG (CHF)
637,080
Pharmaceuticals — 14.7%
6,937
Galderma Group AG (CHF)
1,578,854
6,156
Novartis AG (CHF)
964,389
2,741
Roche Holding AG (CHF)
1,128,967
19,441
Sandoz Group AG (CHF)
1,759,314
 
5,431,524
Professional Services — 2.4%
48,637
Adecco Group AG (CHF)
896,895
Real Estate Management &
Development — 3.0%
6,269
PSP Swiss Property AG (CHF)
1,118,023
Software — 0.6%
2,825
Temenos AG (CHF)
231,105
Specialty Retail — 3.5%
19,084
Avolta AG (CHF)
1,275,416
Technology Hardware, Storage
& Peripherals — 0.7%
2,758
Logitech International S.A.
(CHF)
258,528
Textiles, Apparel & Luxury
Goods — 3.3%
3,922
Cie Financiere Richemont S.A.,
Class A (CHF)
905,507
1,337
Swatch Group (The) AG (CHF)
326,969
 
1,232,476
Trading Companies &
Distributors — 2.5%
11,754
DKSH Holding AG (CHF)
904,825
Transportation Infrastructure
— 2.3%
2,680
Flughafen Zurich AG (CHF)
829,208
Total Common Stocks
34,745,606
(Cost $31,931,151)
See Notes to Financial Statements
Page 39
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.5%
180,851
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (e)
$180,851
(Cost $180,851)
Total Investments — 94.7%
34,926,457
(Cost $32,112,002)
Net Other Assets and
Liabilities — 5.3%
1,946,846
Net Assets — 100.0%
$36,873,303
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Rate shown reflects yield as of June 30, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CHF
–  Swiss Franc
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
CHF
99.5%
USD
0.5
Total
100.0%
 
Country Allocation†
% of Net
Assets
Switzerland
94.2%
United States
0.5
Total Investments
94.7
Net Other Assets and Liabilities
5.3
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$34,745,606
$34,745,606
$—
$—
Money Market Funds
180,851
180,851
—
—
Total Investments
$34,926,457
$34,926,457
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 40
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.8%
Australia — 3.3%
31,950
Alkane Resources Ltd.
(AUD) (c)
$30,305
4,625
Arena REIT (AUD)
9,959
12,196
BWP Property Group Ltd.
(AUD) (d)
32,002
19,846
Charter Hall Retail REIT (AUD)
53,862
4,252
Credit Corp. Group Ltd. (AUD)
37,976
46,585
Firefinch Ltd.
(AUD) (c) (d) (e) (f) (g)
0
6,336
GenusPlus Group Ltd.
(AUD) (h)
48,122
2,875
Helia Group Ltd. (AUD)
11,027
51,264
HomeCo Daily Needs REIT
(AUD) (h)
45,430
29,365
Karoon Energy Ltd. (AUD)
29,581
8,896
Liontown Ltd. (AUD) (c)
10,378
11,908
Metals X Ltd. (AUD) (c)
10,883
555
Monadelphous Group Ltd.
(AUD)
11,908
7,755
Perenti Ltd. (AUD)
12,081
23,356
Regal Partners Ltd. (AUD)
46,571
6,662
Region Group (AUD)
10,747
19,306
Waypoint REIT Ltd. (AUD)
32,481
 
433,313
Belgium — 0.9%
597
Gimv N.V. (EUR) (d)
31,583
1,717
Lakefront Biotherapeutics N.V.
(EUR) (c)
51,439
5,137
Proximus SADP (EUR)
34,337
 
117,359
Bermuda — 3.4%
146,000
Brilliance China Automotive
Holdings Ltd. (HKD)
35,556
98,000
CGN New Energy Holdings Co.,
Ltd. (HKD)
26,865
108,000
China Ruyi Holdings Ltd.
(HKD) (c) (d)
20,518
30,000
Chow Sang Sang Holdings
International Ltd. (HKD)
37,180
3,749
Conduit Holdings Ltd. (GBP)
23,472
14,667
First Pacific Co., Ltd. (HKD)
8,976
10,500
Johnson Electric Holdings Ltd.
(HKD)
25,986
7,000
Luk Fook Holdings International
Ltd. (HKD)
19,761
56,666
Man Wah Holdings Ltd.
(HKD) (d)
21,603
24,333
Nine Dragons Paper Holdings
Ltd. (HKD) (c)
21,191
94,333
PAX Global Technology Ltd.
(HKD)
40,414
Shares
Description
Value
 
Bermuda (Continued)
11,167
Shenzhen International Holdings
Ltd. (HKD)
$7,575
213,999
Sinofert Holdings Ltd. (HKD)
34,926
1,513
Stolt-Nielsen Ltd. (NOK)
44,556
572
Teekay Tankers Ltd., Class A
37,106
146,665
United Energy Group Ltd.
(HKD) (c)
6,265
21,167
Yue Yuen Industrial Holdings
Ltd. (HKD)
33,061
 
445,011
Canada — 5.7%
1,825
5N Plus, Inc. (CAD) (c)
56,336
1,729
Aecon Group, Inc. (CAD)
55,494
1,679
Aris Mining Corp. (CAD) (c)
25,038
363
Bird Construction, Inc. (CAD)
16,568
396
Calian Group Ltd. (CAD)
23,597
1,753
Centerra Gold, Inc. (CAD)
27,798
3,926
CES Energy Solutions Corp.
(CAD)
45,869
894
Chemtrade Logistics Income
Fund (CAD)
9,871
2,484
Enerflex Ltd. (CAD)
61,003
138
Exchange Income Corp. (CAD)
12,874
3,505
First Capital Real Estate
Investment Trust (CAD)
57,187
1,045
Fortuna Mining Corp. (CAD) (c)
8,834
671
Linamar Corp. (CAD)
47,581
2,707
Major Drilling Group
International, Inc. (CAD) (c)
28,764
376
MTY Food Group, Inc. (CAD)
9,966
3,760
NFI Group, Inc. (CAD) (c)
63,150
2,433
Paramount Resources Ltd.,
Class A (CAD)
46,559
2,643
Parex Resources, Inc. (CAD)
39,862
211
Precision Drilling Corp.
(CAD) (c)
16,205
2,899
Silvercorp Metals, Inc. (CAD)
29,353
4,448
Spartan Delta Corp. (CAD) (c)
35,910
218
Sprott, Inc. (CAD)
24,563
 
742,382
Cayman Islands — 2.2%
92,000
China Education Group
Holdings Ltd.
(HKD) (c) (d) (h)
20,059
28,000
Crystal International Group Ltd.
(HKD) (h) (i)
20,207
7,167
HUTCHMED China Ltd.
(HKD) (c) (d)
15,334
93,000
IGG, Inc. (HKD)
38,538
23,333
Lee & Man Paper Manufacturing
Ltd. (HKD)
8,538
106,000
NagaCorp Ltd. (HKD)
47,710
See Notes to Financial Statements
Page 41
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Cayman Islands (Continued)
25,333
TCL Electronics Holdings Ltd.
(HKD)
$41,636
72,333
Towngas Smart Energy Co., Ltd.
(HKD) (d)
27,207
26,000
United Laboratories International
Holdings (The) Ltd. (HKD)
27,946
15,333
Wasion Holdings Ltd. (HKD)
38,788
 
285,963
Denmark — 1.2%
696
Bavarian Nordic A/S (DKK) (c)
19,438
7,181
Cadeler A/S (NOK) (c)
39,356
457
D/S Norden A/S (DKK)
19,198
2,959
Scandinavian Tobacco Group
A/S (DKK) (h) (i)
30,080
1,139
Zealand Pharma A/S (DKK) (c)
50,424
 
158,496
Finland — 0.1%
493
Bittium Oyj (EUR)
17,688
France — 1.4%
3,684
Elior Group S.A.
(EUR) (d) (h) (i)
8,229
2,497
Etablissements Maurel et Prom
S.A. (EUR)
22,225
151
Exail Technologies S.A.
(EUR) (c) (d)
20,721
1,069
IPSOS S.A. (EUR)
42,555
715
Teleperformance SE (EUR) (d)
37,564
5,185
Television Francaise 1 S.A.
(EUR)
39,456
144
Vicat SACA (EUR)
10,448
 
181,198
Germany — 1.1%
198
Draegerwerk AG & Co. KGaA
(Preference Shares) (EUR)
18,664
958
Duerr AG (EUR)
19,396
13,397
Heidelberger Druckmaschinen
AG (EUR) (c) (d)
21,155
223
Hornbach Holding AG & Co.
KGaA (EUR)
20,002
339
Indus Holding AG (EUR)
10,013
390
SMA Solar Technology AG
(EUR) (c)
28,051
589
Verbio SE (EUR) (c)
20,055
 
137,336
Greece — 0.5%
3,231
FF Group (EUR) (c) (e) (f) (g)
0
1,327
GEK TERNA S.A. (EUR)
66,714
 
66,714
Guernsey — 0.1%
8,482
Sirius Real Estate Ltd. (GBP)
10,880
Shares
Description
Value
 
Hong Kong — 0.2%
60,333
CITIC Telecom International
Holdings Ltd. (HKD)
$19,001
5,667
Shanghai Industrial Holdings
Ltd. (HKD)
8,873
 
27,874
Isle Of Man — 0.4%
11,758
Playtech PLC (GBP) (c)
49,690
Israel — 1.4%
2,221
Doral Group Renewable Energy
Resources Ltd. (ILS) (c)
57,483
474
Formula Systems 1985 Ltd.
(ILS)
49,362
53,438
Generation Capital Ltd. (ILS)
49,741
708
Tel Aviv Stock Exchange Ltd.
(ILS)
29,383
 
185,969
Italy — 0.0%
428
Banca IFIS S.p.A. (EUR)
6,216
Japan — 39.9%
3,600
Aichi Financial Group, Inc.
(JPY)
30,665
2,700
Aisan Industry Co., Ltd. (JPY)
31,501
700
Akita Bank (The) Ltd. (JPY)
29,447
1,600
Alpen Co., Ltd. (JPY)
20,153
3,200
Alps Alpine Co., Ltd. (JPY)
40,247
6,000
Anicom Holdings, Inc. (JPY)
45,131
1,500
ARE Holdings, Inc. (JPY)
27,003
300
Awa Bank (The) Ltd. (JPY)
13,358
4,100
Bank of Iwate (The) Ltd. (JPY)
51,693
900
Bank of Nagoya (The) Ltd.
(JPY)
32,935
2,200
Bank of the Ryukyus Ltd. (JPY)
35,274
5,700
Belluna Co., Ltd. (JPY)
33,198
2,700
BuySell Technologies Co., Ltd.
(JPY)
54,716
9,200
Chiyoda Corp. (JPY) (c) (d)
37,910
3,300
Chugoku Electric Power (The)
Co., Inc. (JPY)
18,037
1,000
Citizen Watch Co., Ltd. (JPY)
14,884
500
Coca-Cola Bottlers Japan
Holdings, Inc. (JPY)
13,198
4,000
Daicel Corp. (JPY)
33,728
100
Daihen Corp. (JPY)
11,101
1,500
Dainichiseika Color &
Chemicals Manufacturing Co.,
Ltd. (JPY)
9,677
500
DIC Corp. (JPY)
14,798
2,100
Elecom Co., Ltd. (JPY)
23,119
600
EXEO Group, Inc. (JPY)
10,192
1,500
FCC Co., Ltd. (JPY)
31,274
1,000
Ferrotec Holdings Corp. (JPY)
58,612
See Notes to Financial Statements
Page 42
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
700
First Bank of Toyama (The) Ltd.
(JPY)
$10,935
1,400
Fuji Corp. (JPY)
72,310
3,200
Fuji Seal International, Inc.
(JPY)
55,716
500
Fujibo Holdings, Inc. (JPY)
13,069
1,000
Fukui Bank (The) Ltd. (JPY)
33,888
900
Fukuyama Transporting Co.,
Ltd. (JPY)
30,610
1,900
Furukawa Co., Ltd. (JPY)
41,367
300
Furuya Metal Co., Ltd. (JPY)
14,945
600
Fuso Chemical Co., Ltd. (JPY)
16,606
8,600
Futaba Industrial Co., Ltd. (JPY)
49,719
600
GS Yuasa Corp. (JPY)
23,861
3,700
G-Tekt Corp. (JPY)
47,014
2,100
Hanwa Co., Ltd. (JPY)
21,879
600
Hibiya Engineering Ltd. (JPY)
11,366
3,000
HI-LEX CORP (JPY)
36,901
1,600
Hochiki Corp. (JPY)
19,071
4,700
Hokkaido Electric Power Co.,
Inc. (JPY)
26,802
7,700
Hokuriku Electric Power Co.
(JPY)
41,158
1,300
Hosiden Corp. (JPY)
21,563
2,200
Hyakugo Bank (The) Ltd. (JPY)
26,777
800
Hyakujushi Bank (The) Ltd.
(JPY)
12,571
2,400
Ishihara Sangyo Kaisha Ltd.
(JPY)
41,994
1,100
Itoki Corp. (JPY)
17,881
600
Japan Petroleum Exploration
Co., Ltd. (JPY)
5,908
8,000
Japan Pulp & Paper Co., Ltd.
(JPY)
52,548
2,300
Joyful Honda Co., Ltd. (JPY)
32,011
900
Juroku Financial Group, Inc.
(JPY)
12,908
1,500
JVCKenwood Corp. (JPY)
10,369
1,800
Kaga Electronics Co., Ltd. (JPY)
46,551
5,700
Kameda Seika Co., Ltd. (JPY)
42,874
1,000
Kamei Corp. (JPY)
20,942
700
Kaneka Corp. (JPY)
24,527
1,500
Kanematsu Corp. (JPY)
19,018
800
Keiyo Bank (The) Ltd. (JPY)
12,187
500
Ki-Star Real Estate Co., Ltd.
(JPY)
11,363
3,200
Komori Corp. (JPY)
29,462
1,600
KYB Corp. (JPY)
37,984
700
Kyoei Steel Ltd. (JPY)
7,491
4,000
Kyorin Pharmaceutical Co., Ltd.
(JPY)
28,439
Shares
Description
Value
 
Japan (Continued)
1,300
Matsuda Sangyo Co., Ltd. (JPY)
$45,733
300
MEC Co., Ltd. (JPY)
20,038
1,500
Megmilk Snow Brand Co., Ltd.
(JPY)
33,534
200
Meidensha Corp. (JPY)
12,018
300
Meiko Electronics Co., Ltd.
(JPY)
57,197
400
Micronics Japan Co., Ltd. (JPY)
40,936
1,200
Mitsubishi Logistics Corp. (JPY)
11,391
700
Mitsubishi Materials Corp. (JPY)
18,577
700
Mitsubishi Research Institute,
Inc. (JPY)
19,115
700
MIXI, Inc. (JPY)
11,654
3,700
Miyazaki Bank (The) Ltd. (JPY)
48,334
1,200
Morinaga Milk Industry Co.,
Ltd. (JPY)
9,355
1,100
MTG Co., Ltd. (JPY)
50,469
1,600
Musashino Bank (The) Ltd.
(JPY)
24,729
4,300
Nagase & Co., Ltd. (JPY)
30,810
2,600
Nextage Co., Ltd. (JPY)
65,162
700
Nihon Dengi Co., Ltd. (JPY)
10,018
2,000
Nikkiso Co., Ltd. (JPY)
49,817
600
Nippn Corp. (JPY)
10,355
1,700
Nippon Densetsu Kogyo Co.,
Ltd. (JPY)
45,742
1,800
Nippon Light Metal Holdings
Co., Ltd. (JPY)
30,123
1,300
Nippon Paper Industries Co.,
Ltd. (JPY)
10,202
700
Nippon Seiki Co., Ltd. (JPY)
10,591
2,100
Nippon Signal Co., Ltd. (JPY)
20,226
400
Nishi-Nippon Financial
Holdings, Inc. (JPY)
10,177
1,100
Nishi-Nippon Railroad Co., Ltd.
(JPY)
19,724
800
Nishio Holdings Co., Ltd. (JPY)
19,287
1,700
Nisshin Oillio Group (The) Ltd.
(JPY)
19,248
2,500
Nissui Corp. (JPY)
19,742
700
Nitta Corp. (JPY)
25,401
1,300
Nittetsu Mining Co., Ltd. (JPY)
18,397
500
Nitto Boseki Co., Ltd. (JPY)
13,269
1,800
NPR-RIKEN Corp. (JPY)
42,843
900
NS United Kaiun Kaisha Ltd.
(JPY)
35,591
3,000
NSK Ltd. (JPY)
20,960
600
Obara Group, Inc. (JPY)
22,436
1,100
Ogaki Kyoritsu Bank (The) Ltd.
(JPY)
49,116
3,500
Oita Bank (The) Ltd. (JPY)
51,877
See Notes to Financial Statements
Page 43
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
1,300
Oki Electric Industry Co., Ltd.
(JPY)
$27,944
300
Okinawa Financial Group, Inc.
(JPY)
11,716
2,000
Osaki Electric Co., Ltd. (JPY)
18,279
4,100
Penta-Ocean Construction Co.,
Ltd. (JPY)
42,829
6,100
Press Kogyo Co., Ltd. (JPY)
29,263
2,600
Procrea Holdings, Inc. (JPY)
59,485
1,300
Rengo Co., Ltd. (JPY)
11,333
1,700
Riken Vitamin Co., Ltd. (JPY)
31,994
2,700
Ryobi Ltd. (JPY)
43,092
1,900
Saibu Gas Holdings Co., Ltd.
(JPY)
26,269
4,600
San ju San Financial Group, Inc.
(JPY)
48,661
200
Santec Holdings Corp. (JPY)
32,707
1,700
Sanyo Chemical Industries Ltd.
(JPY)
51,022
700
Sato Corp. (JPY)
10,229
400
SBS Holdings, Inc. (JPY)
10,628
1,200
Seiko Group Corp. (JPY)
59,485
300
Seikoh Giken Co., Ltd. (JPY)
56,828
400
Seria Co., Ltd. (JPY)
8,942
5,700
Sharp Corp. (JPY) (c)
22,832
2,000
Shibuya Corp. (JPY)
54,491
900
Shiga Bank (The) Ltd. (JPY)
14,419
3,700
Shikoku Bank (The) Ltd. (JPY)
68,382
2,800
Shikoku Electric Power Co., Inc.
(JPY)
25,314
800
Shikoku Kasei Holdings Corp.
(JPY)
17,344
4,000
Shinagawa Refra Co., Ltd. (JPY)
47,357
1,700
Shinnihon Corp. (JPY)
21,580
3,300
Shizuoka Gas Co., Ltd. (JPY)
25,410
1,000
Showa Sangyo Co., Ltd. (JPY)
20,849
5,900
Solasto Corp. (JPY) (d)
40,278
1,700
Stanley Electric Company Ltd.
(JPY)
36,751
400
Sumitomo Osaka Cement Co.,
Ltd. (JPY)
14,935
2,400
Sumitomo Rubber Industries
Ltd. (JPY)
30,746
1,300
Sun Frontier Fudousan Co., Ltd.
(JPY)
19,421
300
SWCC Corp. (JPY)
24,853
3,800
Tadano Ltd. (JPY)
29,588
1,600
Toa Corp. (JPY)
20,379
7,700
Tochigi Bank (The) Ltd. (JPY)
43,900
4,600
Toda Corp. (JPY)
46,072
7,700
Toho Bank (The) Ltd. (JPY)
36,749
Shares
Description
Value
 
Japan (Continued)
5,600
Tohoku Electric Power Co., Inc.
(JPY)
$36,663
3,400
Tokai Carbon Co., Ltd. (JPY)
35,852
2,200
Tokai Rika Co., Ltd. (JPY)
40,023
400
Tokuyama Corp. (JPY)
12,027
500
Tokyo Keiki, Inc. (JPY)
19,158
3,200
Tokyo Kiraboshi Financial
Group, Inc. (JPY)
35,425
4,700
Tokyu Construction Co., Ltd.
(JPY)
33,878
3,500
Topre Corp. (JPY)
56,893
1,600
Torishima Pump Manufacturing
Co., Ltd. (JPY)
27,524
500
Toyo Seikan Group Holdings
Ltd. (JPY)
12,556
1,800
Toyo Tire Corp. (JPY)
41,271
1,600
Toyoda Gosei Co., Ltd. (JPY)
50,314
4,000
TPR Co. Ltd. (JPY)
34,294
5,300
TRE Holdings Corp. (JPY)
68,061
2,000
Trial Holdings, Inc. (JPY)
36,803
1,500
Trusco Nakayama Corp. (JPY)
20,979
1,400
Tsubakimoto Chain Co. (JPY)
21,991
4,700
Tsuburaya Fields Holdings, Inc.
(JPY)
40,122
1,500
Tsugami Corp. (JPY)
74,080
2,500
Tsukishima Holdings Co., Ltd.
(JPY)
40,100
400
Tsumura & Co. (JPY)
9,149
500
TV Asahi Holdings Corp. (JPY)
9,656
3,600
UACJ Corp. (JPY)
56,481
2,700
UBE Corp. (JPY)
52,806
200
Ulvac, Inc. (JPY)
12,725
400
Union Tool Co. (JPY)
55,401
900
Valor Holdings Co., Ltd. (JPY)
21,560
1,100
World Co., Ltd. (JPY)
10,804
2,100
Yamagata Bank (The) Ltd. (JPY)
45,527
700
Yamaichi Electronics Co., Ltd.
(JPY)
40,985
1,000
Yamanashi Chuo Bank (The)
Ltd. (JPY)
38,009
900
Zeon Corp. (JPY)
13,035
 
5,205,138
Luxembourg — 0.4%
4,989
Grand City Properties S.A.
(EUR)
51,475
Mauritius — 0.2%
131,400
Golden Agri-Resources Ltd.
(SGD)
27,423
Netherlands — 0.8%
1,057
AMG Critical Materials N.V.
(EUR)
39,541
See Notes to Financial Statements
Page 44
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Netherlands (Continued)
2,447
Ariston Holding N.V. (EUR)
$10,037
117
Koninklijke Heijmans N.V.
(EUR)
15,240
10,437
MFE-MediaForEurope N.V.,
Class A (EUR)
33,582
498
Signify N.V. (EUR) (h) (i)
9,497
 
107,897
Norway — 1.6%
12,167
Aker Solutions ASA (NOK)
54,698
18,411
DNO ASA (NOK)
30,392
2,178
DOF Group ASA (NOK)
25,018
1,453
Hoegh Autoliners ASA (NOK)
21,270
22,058
MPC Container Ships ASA
(NOK)
56,490
1,529
TGS ASA (NOK)
19,911
 
207,779
Portugal — 0.4%
23,483
Sonae SGPS S.A. (EUR)
54,066
Singapore — 2.3%
3,200
AEM Holdings Ltd. (SGD)
26,293
66,200
Capitaland India Trust (SGD)
52,192
18,400
First Resources Ltd. (SGD)
44,231
5,400
Food Empire Holdings Ltd.
(SGD)
9,892
26,200
Frencken Group Ltd. (SGD)
60,754
23,800
Hong Leong Asia Ltd. (SGD)
50,773
193,700
Singapore Post Ltd. (SGD) (d)
50,905
 
295,040
South Korea — 23.2%
839
AbClon, Inc. (KRW) (c)
15,055
858
BHI Co., Ltd. (KRW) (c)
30,237
659
Coway Co., Ltd. (KRW)
38,409
827
Daeduck Electronics Co., Ltd.
(KRW)
81,990
1,800
Daishin Securities Co., Ltd.
(KRW)
31,369
3,614
Daou Data Corp. (KRW)
42,105
1,838
Daou Technology, Inc. (KRW)
42,234
475
DL E&C Co., Ltd. (KRW)
19,652
788
DL Holdings Co., Ltd.
(KRW) (c)
21,998
2,079
DN Automotive Corp. (KRW)
51,260
958
DoubleUGames Co., Ltd.
(KRW)
39,389
1,294
F&F Co., Ltd. (KRW)
64,479
873
GigaVis Co., Ltd. (KRW)
108,301
497
GS Holdings Corp. (KRW)
21,268
817
Han Kuk Carbon Co., Ltd.
(KRW)
14,080
1,141
Hana Micron, Inc. (KRW)
36,713
Shares
Description
Value
 
South Korea (Continued)
3,305
Hankook & Company Co., Ltd.
(KRW)
$50,557
1,466
Hankook Tire & Technology
Co., Ltd. (KRW)
58,572
9,962
Hanwha General Insurance Co.,
Ltd. (KRW) (c)
37,937
17,905
Hanwha Life Insurance Co., Ltd.
(KRW) (c)
52,468
2,244
Hanwha Solutions Corp.
(KRW) (c)
49,173
5,854
Harim Holdings Co., Ltd.
(KRW)
36,727
127
HD Construction Equipment
Co., Ltd. (KRW)
10,230
2,858
HDC Holdings Co., Ltd. (KRW)
38,370
494
Hyosung Corp. (KRW)
55,895
167
Hyosung TNC Corp. (KRW)
29,319
3,080
Hyulim ROBOT Co., Ltd.
(KRW) (c)
16,381
5,769
Hyundai GF Holdings (KRW)
58,908
1,052
Hyundai Marine & Fire
Insurance Co., Ltd. (KRW) (c)
23,664
1,995
Hyundai Movex Co., Ltd.
(KRW)
34,123
1,141
Iljin Electric Co., Ltd. (KRW)
56,192
1,762
Innocean Worldwide, Inc.
(KRW)
20,471
715
Intellian Technologies, Inc.
(KRW)
35,858
272
ISC Co., Ltd. (KRW)
31,865
355
ISU Specialty Chemical
(KRW) (c)
16,383
1,738
Itcenglobal Co., Ltd. (KRW) (c)
27,148
1,808
Jeju Semiconductor Corp.
(KRW) (c)
121,249
165
KCC Corp. (KRW)
51,812
1,087
Kolon Industries, Inc. (KRW)
42,237
1,133
Korea Circuit Co., Ltd. (KRW)
69,839
1,046
Korea Electric Terminal Co.,
Ltd. (KRW)
46,922
33,120
Korea Line Corp. (KRW) (c)
39,612
404
Kumho Petrochemical Co., Ltd.
(KRW)
29,544
13,331
Kumho Tire Co., Inc. (KRW) (c)
41,990
1,299
LOTTE Fine Chemical Co., Ltd.
(KRW)
36,933
440
Lotte Shopping Co., Ltd. (KRW)
48,195
1,402
LX International Corp. (KRW)
33,301
983
LX Semicon Co., Ltd. (KRW)
26,045
8,875
Nexen Tire Corp. (KRW)
38,896
1,688
NHN Corp. (KRW)
38,351
257
OliX Pharmaceuticals, Inc.
(KRW) (c)
25,811
See Notes to Financial Statements
Page 45
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
9,723
Pan Ocean Co., Ltd. (KRW)
$29,716
798
PSK, Inc. (KRW)
101,006
846
RFHIC Corp. (KRW)
34,511
627
S&S Tech Corp. (KRW)
22,501
297
Satrec Initiative Co., Ltd. (KRW)
17,291
985
SeAH Besteel Holdings Corp.
(KRW)
22,125
1,333
Sebang Global Battery Co., Ltd.
(KRW)
44,396
638
Seers Co., Ltd. (KRW) (c)
16,163
264
Shinsegae, Inc. (KRW)
128,652
1,182
SK oceanplant Co., Ltd.
(KRW) (c)
11,543
21,555
SK Securities Co., Ltd.
(KRW) (c)
34,851
1,145
SL Corp. (KRW)
41,904
1,469
Sphere Corp. (KRW) (c)
22,140
531
Sungeel Hitech Co., Ltd.
(KRW) (c)
14,258
1,783
Taihan Cable & Solution Co.,
Ltd. (KRW) (c)
39,014
573
TES Co., Ltd. (KRW)
76,928
1,766
TKG Huchems Co., Ltd. (KRW)
17,326
600
TSE Co., Ltd. (KRW)
94,688
587
WONIK IPS Co., Ltd. (KRW)
63,690
2,333
Woori Technology, Inc.
(KRW) (c)
18,371
1,010
Youngone Corp. (KRW)
47,328
362
Youngone Holdings Co., Ltd.
(KRW)
38,109
 
3,026,028
Spain — 1.3%
1,338
Elecnor S.A. (EUR)
60,770
238
Grenergy Renovables S.A.
(EUR) (c)
31,218
533
Let’s GOWEX S.A.
(EUR) (c) (e) (f) (g) (j)
0
1,138
Solaria Energia y Medio
Ambiente S.A. (EUR) (c)
25,882
1,476
Tecnicas Reunidas S.A.
(EUR) (c)
48,739
 
166,609
Sweden — 1.5%
975
Attendo AB (SEK) (h) (i)
12,338
2,954
Betsson AB, Class B (SEK)
25,804
10,268
Embracer Group AB (SEK) (c)
66,841
2,019
Hanza AB (SEK)
29,984
1,356
Hoist Finance AB (SEK) (h) (i)
24,990
Shares
Description
Value
 
Sweden (Continued)
1,324
Investment AB Oresund (SEK)
$19,144
53,105
Samhallsbyggnadsbolaget i
Norden AB (SEK) (c) (d)
19,328
 
198,429
Switzerland — 0.1%
49
Intershop Holding AG (CHF)
10,467
United Kingdom — 6.2%
2,636
Breedon Group PLC (GBP)
10,336
6,319
Currys PLC (GBP)
13,377
9,051
easyJet PLC (GBP)
67,040
4,932
Frasers Group PLC (GBP) (c)
47,038
1,106
Gamma Communications PLC
(GBP)
12,331
1,082
Georgia Capital PLC (GBP) (c)
59,992
19,394
Grainger PLC (GBP)
43,656
5,551
Great Portland Estates PLC
(GBP)
24,446
10,665
Hammerson PLC (GBP)
52,314
2,631
Hochschild Mining PLC (GBP)
16,144
59,616
IP Group PLC (GBP) (c)
51,796
3,532
JET2 PLC (GBP)
60,531
9,774
Jupiter Fund Management PLC
(GBP)
21,210
409
Keller Group PLC (GBP)
14,399
9,240
Mitchells & Butlers PLC
(GBP) (c)
29,906
8,578
Molten Ventures PLC (GBP) (c)
66,051
21,812
Ocado Group PLC (GBP) (c)
51,847
16,903
Pan African Resources PLC
(GBP)
21,412
13,004
Pets at Home Group PLC (GBP)
30,600
23,086
PRS REIT (The) PLC
(GBP) (e) (f) (g)
0
24,641
Shaftesbury Capital PLC (GBP)
45,138
732
TORM PLC, Class A (DKK)
18,866
2,366
Vistry Group PLC (GBP) (c)
8,053
6,160
Zigup PLC (GBP)
37,096
 
803,579
Total Common Stocks
13,020,019
(Cost $12,382,005)
RIGHTS (a) (b) — 0.0%
South Korea — 0.0%
529
Hanwha Solutions Corp.,
expiring 7/24/26 (KRW)
(c) (e) (f)
1,773
(Cost $0)
See Notes to Financial Statements
Page 46
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
MONEY MARKET FUNDS — 0.0%
6,434
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (k)
$6,434
(Cost $6,434)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.6%
$337,110
Daiwa Capital Markets America,
Inc., 3.64% (k), dated
06/30/26, due 07/01/26, with a
maturity value of $337,144.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.13% to
4.13%, due 06/30/27 to
01/15/35. The value of the
collateral including accrued
interest is $343,852. (l)
337,110
(Cost $337,110)
Total Investments — 102.4%
13,365,336
(Cost $12,725,549)
Net Other Assets and
Liabilities — (2.4)%
(317,551
)
Net Assets — 100.0%
$13,047,785
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $307,791 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $337,110.
(e)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2026, securities noted as
such are valued at $1,773 or 0.0% of net assets.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the
Securities Act of 1933, as amended (the “1933 Act”).
(i)
This security is exempt from registration upon resale under
Rule 144A of the 1933 Act and may be resold in transactions
exempt from registration, normally to qualified institutional
buyers. This security is not restricted on the foreign
exchange where it trades freely without any additional
registration.
(j)
This issuer has filed for protection in bankruptcy court.
(k)
Rate shown reflects yield as of June 30, 2026.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
38.9%
KRW
22.7
EUR
6.8
GBP
6.5
CAD
5.6
HKD
4.9
AUD
3.2
USD
2.8
SGD
2.4
NOK
2.2
SEK
1.5
ILS
1.4
DKK
1.0
CHF
0.1
Total
100.0%
See Notes to Financial Statements
Page 47
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Australia
$433,313
$433,313
$—
$—
**
Greece
66,714
66,714
—
—
**
Spain
166,609
166,609
—
—
**
United Kingdom
803,579
803,579
—
—
**
Other Country
Categories*
11,549,804
11,549,804
—
—
Rights*
1,773
—
1,773
—
Money Market Funds
6,434
6,434
—
—
Repurchase Agreements
337,110
—
337,110
—
Total Investments
$13,365,336
$13,026,453
$338,883
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$307,791
Non-cash Collateral(2)
(307,791
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$337,110
Non-cash Collateral(4)
(337,110
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 48
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.4%
Brazil — 12.7%
170,589
Alpargatas S.A. (Preference
Shares) (BRL)
$397,203
531,485
Auren Energia S.A. (BRL) (c)
1,194,279
411,539
Azzas 2154 S.A. (BRL)
1,425,395
613,133
Banco do Estado do Rio Grande
do Sul S.A., Class B
(Preference Shares) (BRL)
1,648,545
308,504
Brava Energia (BRL)
1,153,386
699,276
C&A Modas S.A. (BRL)
1,456,176
1,007,290
Cia Brasileira de Aluminio
(BRL)
2,101,488
109,981
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
1,276,788
1,338,803
Cogna Educacao S.A. (BRL)
583,520
232,281
Cyrela Brazil Realty S.A.
Empreendimentos e
Participacoes (BRL)
1,035,800
1,703,148
Empreendimentos Pague Menos
S.A. (BRL)
1,191,012
80,645
Energisa S.A. (BRL)
749,852
605,239
Ez Tec Empreendimentos e
Participacoes S.A. (BRL)
1,527,665
1,785,071
Grendene S.A. (BRL)
1,307,086
2,250,329
Grupo Mateus S.A. (BRL)
1,599,812
172,116
Grupo SBF S.A. (BRL)
344,079
1,140,944
JHSF Participacoes S.A. (BRL)
2,504,096
141,398
Lojas Renner S.A. (BRL)
404,284
60,455
Mahle Metal Leve S.A. (BRL)
384,585
682,358
Marcopolo S.A. (Preference
Shares) (BRL)
791,764
819,252
Movida Participacoes S.A.
(BRL)
1,490,184
806,344
MRV Engenharia e Participacoes
S.A. (BRL) (c)
824,728
753,852
Petroreconcavo S.A. (BRL)
1,457,382
199,557
Sao Martinho S.A. (BRL)
606,909
446,268
Sendas Distribuidora S.A. (BRL)
755,551
919,700
SIMPAR S.A. (BRL)
1,389,625
113,058
SLC Agricola S.A. (BRL)
282,519
627,688
Usinas Siderurgicas de Minas
Gerais S.A. Usiminas, Class A
(Preference Shares) (BRL) (c)
1,027,442
362,211
Vulcabras S.A. (BRL)
992,128
 
31,903,283
Cayman Islands — 6.8%
1,010,996
361 Degrees International Ltd.
(HKD) (d)
518,205
834,348
China Conch Venture Holdings
Ltd. (HKD)
1,157,450
1,285,865
China Lesso Group Holdings
Ltd. (HKD)
583,676
Shares
Description
Value
 
Cayman Islands (Continued)
11,550
China Metal Recycling Holdings
Ltd. (HKD) (c) (e) (f) (g)
$0
996,000
China Risun Group Ltd.
(HKD) (d) (h)
243,830
3,171,951
China Zhongwang Holdings Ltd.
(HKD) (c) (e) (f) (g)
0
944,433
CIMC Enric Holdings Ltd.
(HKD)
864,613
881,000
Dongyue Group Ltd. (HKD)
2,143,287
2,300,643
Fufeng Group Ltd. (HKD)
1,387,511
316,000
Haitian International Holdings
Ltd. (HKD)
755,465
615,953
Jinan Acetate Chemical Co., Ltd.
(TWD)
916,490
3,186,532
Lonking Holdings Ltd. (HKD)
1,056,374
2,155,039
Q Technology Group Co., Ltd.
(HKD) (h)
1,884,974
1,068,600
Tanwan, Inc. (HKD) (c) (d) (h)
1,361,152
2,848,000
Tianli International Holdings
Ltd. (HKD) (d) (h)
403,078
1,721,273
Tianneng Power International
Ltd. (HKD) (d)
1,035,900
236,480
Weibo Corp., Class A (HKD)
1,703,605
2,131,500
Xtep International Holdings Ltd.
(HKD) (d)
1,021,879
 
17,037,489
Chile — 2.8%
36,421,698
Cia Sud Americana de Vapores
S.A. (CLP)
1,730,294
412,236
Empresa Nacional de
Telecomunicaciones S.A.
(CLP)
1,609,659
300,180
Empresas CMPC S.A. (CLP)
334,052
507,686
Engie Energia Chile S.A. (CLP)
991,182
201,111
Parque Arauco S.A. (CLP)
843,062
2,939,354
Ripley Corp. S.A. (CLP)
1,227,434
427,727
Vina Concha y Toro S.A. (CLP)
398,980
 
7,134,663
China — 2.4%
2,075,759
BAIC Motor Corp., Ltd.,
Class H (HKD) (c) (h) (i)
206,442
5,621,491
Beijing Jingneng Clean Energy
Co., Ltd., Class H (HKD)
1,290,179
1,154,000
China BlueChemical Ltd.,
Class H (HKD)
295,752
1,504,225
China Communications Services
Corp., Ltd., Class H (HKD)
751,839
4,072,000
China Datang Corp. Renewable
Power Co., Ltd., Class H
(HKD)
643,807
See Notes to Financial Statements
Page 49
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China (Continued)
146,674
Dekon Food And Agriculture
Group, Class H
(HKD) (c) (d) (h)
$768,263
395,547
Legend Holdings Corp., Class H
(HKD) (h) (i)
710,616
2,540,800
Shandong Weigao Group
Medical Polymer Co., Ltd.,
Class H (HKD)
1,026,966
328,000
TravelSky Technology Ltd.,
Class H (HKD)
337,918
 
6,031,782
Hong Kong — 0.4%
1,645,593
Genertec Universal Medical
Group Co., Ltd. (HKD) (h) (i)
931,604
India — 1.0%
12,658
Data Patterns India Ltd. (INR)
601,992
7,548,402
Reliance Power Ltd. (INR) (c)
1,980,824
 
2,582,816
Indonesia — 6.0%
19,599,823
AKR Corporindo Tbk PT (IDR)
1,326,386
10,971,216
Bank Tabungan Negara Persero
Tbk PT (IDR) (c)
674,963
247,641,646
Bukalapak.com PT Tbk
(IDR) (c)
1,343,470
6,494,753
Bukit Asam Persero Tbk PT
(IDR)
831,822
78,949,974
Darma Henwa Tbk PT (IDR) (c)
1,254,015
35,997,060
Elang Mahkota Teknologi Tbk
PT (IDR)
978,443
2,713,079
Indah Kiat Pulp & Paper Tbk PT
(IDR)
1,073,548
6,515,241
Indika Energy Tbk PT (IDR)
663,184
463,209
Indo Tambangraya Megah Tbk
PT (IDR)
570,592
4,336,654
Indofood Sukses Makmur Tbk
PT (IDR)
1,618,969
8,788,644
Japfa Comfeed Indonesia Tbk
PT (IDR)
956,035
6,727,464
Jasa Marga Persero Tbk PT
(IDR)
1,019,655
11,316,884
Medco Energi Internasional Tbk
PT (IDR)
648,759
11,426,453
Mitra Adiperkasa Tbk PT (IDR)
974,572
3,867,662
Pabrik Kertas Tjiwi Kimia Tbk
PT (IDR)
1,168,086
 
15,102,499
Luxembourg — 0.9%
191,256
Nexa Resources S.A.
2,340,973
Shares
Description
Value
 
Malaysia — 1.7%
1,726,500
Dayang Enterprise Holdings Bhd
(MYR)
$690,176
735,500
Genting Bhd (MYR)
389,621
1,451,500
Sime Darby Bhd (MYR)
761,793
526,100
Sunway Construction Group Bhd
(MYR)
958,657
4,824,000
Velesto Energy Bhd (MYR)
313,516
6,649,300
Zetrix AI Bhd (MYR)
1,239,354
 
4,353,117
Mexico — 2.7%
72,078
Betterware de Mexico S.A.P.I.
de C.V.
1,296,683
288,465
Gentera S.A.B. de C.V. (MXN)
625,179
865,703
La Comer S.A.B. de C.V.
(MXN)
1,754,426
352,092
Megacable Holdings S.A.B. de
C.V., Series CPO (MXN)
1,263,001
1,354,008
Orbia Advance Corp. S.A.B. de
C.V. (MXN) (c)
1,747,532
 
6,686,821
Philippines — 2.6%
6,751,400
Apex Mining Co., Inc. (PHP)
1,331,138
4,574,100
Ayala Land, Inc. (PHP)
1,103,091
6,159,900
DigiPlus Interactive Corp. (PHP)
1,174,366
236,620
GT Capital Holdings, Inc. (PHP)
1,869,980
2,674,900
JG Summit Holdings, Inc. (PHP)
1,155,041
 
6,633,616
Poland — 0.7%
129,073
Cyfrowy Polsat S.A.
(PLN) (c) (d)
518,961
122,777
Enea S.A. (PLN)
632,521
87,647
Jastrzebska Spolka Weglowa
S.A. (PLN) (c) (d)
581,083
 
1,732,565
Russia — 0.0%
653,736,712
Federal Grid Co. - Rosseti PJSC
(RUB) (c) (e) (f) (g)
0
580,351
Mechel PJSC
(RUB) (c) (e) (f) (g)
0
 
0
South Africa — 6.2%
30,033
African Rainbow Minerals Ltd.
(ZAR)
327,154
27,196
Astral Foods Ltd. (ZAR)
393,495
313,754
Fortress Real Estate Investments
Ltd., Class B (ZAR)
466,417
393,026
Foschini Group Ltd. (ZAR)
1,470,848
645,380
Hyprop Investments Ltd. (ZAR)
2,369,545
3,001,715
Life Healthcare Group Holdings
Ltd. (ZAR)
1,911,349
59,781
Motus Holdings Ltd. (ZAR)
405,109
See Notes to Financial Statements
Page 50
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Africa (Continued)
284,704
Raubex Group Ltd. (ZAR)
$893,220
350,244
Resilient REIT Ltd. (ZAR)
1,781,155
589,623
Telkom S.A. SOC Ltd. (ZAR)
2,021,565
124,057
Thungela Resources Ltd. (ZAR)
696,931
402,591
Truworths International Ltd.
(ZAR)
1,391,127
941,262
Vukile Property Fund Ltd.
(ZAR)
1,430,856
 
15,558,771
Taiwan — 23.8%
284,000
AcBel Polytech, Inc. (TWD)
518,852
2,072,067
AmTRAN Technology Co., Ltd.
(TWD)
2,816,395
893,132
AUO Corp. (TWD)
916,780
127,905
C Sun Manufacturing Ltd.
(TWD)
2,489,322
1,446,974
China Airlines Ltd. (TWD)
1,076,493
233,762
China Motor Corp. (TWD)
406,523
507,860
Chin-Poon Industrial Co., Ltd.
(TWD)
864,063
966,449
ChipMOS Technologies, Inc.
(TWD)
3,018,589
523,249
Chun Yuan Steel Industry Co.,
Ltd. (TWD) (c)
389,277
390,956
Depo Auto Parts Industrial Co.,
Ltd. (TWD)
1,669,048
296,010
Dynamic Holding Co., Ltd.
(TWD) (c)
1,635,389
259,008
Elite Semiconductor
Microelectronics Technology,
Inc. (TWD)
1,837,484
224,834
Eternal Materials Co., Ltd.
(TWD)
522,271
256,444
Evergreen International Storage
& Transport Corp. (TWD)
391,229
14,800
Fositek Corp. (TWD)
780,500
188,370
Holy Stone Enterprise Co., Ltd.
(TWD)
4,978,812
1,651,839
HTC Corp. (TWD)
2,351,511
97,739
I-Chiun Precision Industry Co.,
Ltd. (TWD)
731,742
436,041
ITEQ Corp. (TWD)
5,071,279
76,539
Kaori Heat Treatment Co., Ltd.
(TWD)
3,724,058
24,715
L&K Engineering Co., Ltd.
(TWD)
716,084
68,160
Machvision, Inc. (TWD)
1,514,833
92,338
Pell Bio-Med Technology Co.,
Ltd. (TWD) (c)
2,524,646
1,830,448
Pou Chen Corp. (TWD)
1,456,590
Shares
Description
Value
 
Taiwan (Continued)
1,563,431
Ruentex Development Co., Ltd.
(TWD)
$1,315,272
1,382,115
Ruentex Industries Ltd. (TWD)
2,238,700
28,557
Scientech Corp. (TWD)
810,369
173,250
Sigurd Microelectronics Corp.
(TWD)
1,288,913
243,200
Taiflex Scientific Co., Ltd.
(TWD)
1,137,501
152,060
Test Research, Inc. (TWD)
1,563,249
213,176
Topoint Technology Co., Ltd.
(TWD)
3,841,069
184,129
Transcend Information, Inc.
(TWD)
1,540,357
1,027,811
UPC Technology Corp. (TWD)
401,684
2,838,448
USI Corp. (TWD)
1,207,319
407,246
Weikeng Industrial Co., Ltd.
(TWD)
631,518
152,358
WNC Corp. (TWD)
1,241,094
476,118
Yulon Motor Co., Ltd. (TWD)
406,523
 
60,025,338
Thailand — 7.9%
703,100
Amata Corp. PCL (THB)
566,154
6,361,700
AP Thailand PCL (THB)
1,445,819
654,900
Bangkok Life Assurance PCL
(THB)
486,929
6,624,600
Banpu PCL (THB)
1,076,830
2,190,100
Betagro PCL (THB)
1,364,672
861,900
CH Karnchang PCL (THB)
508,519
33,736,200
IRPC PCL (THB)
1,858,408
776,700
MBK PCL (THB)
451,237
3,382,200
Prima Marine PCL (THB)
895,934
2,120,600
Regional Container Lines PCL
(THB)
2,026,732
29,469,600
Sansiri PCL (THB)
1,286,282
3,002,100
Sri Trang Agro-Industry PCL
(THB)
1,527,234
1,192,800
Sri Trang Gloves Thailand PCL
(THB)
362,646
3,763,300
Star Petroleum Refining PCL
(THB) (h) (i)
860,947
819,600
Supalai PCL (THB)
394,744
1,096,200
Thai Oil PCL (THB)
1,600,388
7,722,300
Thaifoods Group PCL (THB)
2,557,014
235,400
Thanachart Capital PCL (THB)
478,304
 
19,748,793
Turkiye — 19.6%
3,327,419
Aksa Akrilik Kimya Sanayii A/S
(TRY)
863,130
934,785
Aksa Enerji Uretim A/S
(TRY) (c)
1,628,240
3,304,838
Anadolu Anonim Turk Sigorta
Sirketi (TRY)
1,938,427
See Notes to Financial Statements
Page 51
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Turkiye (Continued)
369,599
Astor Transformator Enerji
Turizm Insaat Ve Petrol
Sanayi Ticaret A/S (TRY)
$2,190,833
309,056
Aygaz A/S (TRY)
1,414,550
3,028,231
Baticim Bati Anadolu Sanayi ve
Ticaret Anonim Sirketi
(TRY) (c) (j)
390,164
1,278,778
Coca-Cola Icecek A/S (TRY)
2,276,764
2,454,765
CW Enerji Muhendislik Ticaret
VE Sanayi A/S (TRY) (c)
1,999,755
2,706,756
Dogan Sirketler Grubu Holding
A/S (TRY)
1,189,560
786,811
Enerjisa Enerji A/S (TRY) (h) (i)
1,727,244
2,189,837
Europower Enerji VE
Otomasyon Teknolojileri
Sanayi Ticaret A/S (TRY) (c)
3,936,390
152,291
Gubre Fabrikalari T.A.S.
(TRY) (c)
1,445,493
403,087
Haci Omer Sabanci Holding A/S
(TRY)
842,533
1,252,408
Is Yatirim Menkul Degerler A/S
(TRY)
969,251
1,166,212
Kardemir Karabuk Demir Celik
Sanayi ve Ticaret A/S,
Class D (TRY) (c) (d)
995,048
1,152,045
Katilimevim Tasarruf Finansman
A/S (TRY)
4,309,711
149,527
Migros Ticaret A/S (TRY) (d)
2,146,117
127,036
MLP Saglik Hizmetleri A/S
(TRY) (c) (h) (i)
1,171,058
410,666
Pegasus Hava Tasimaciligi A/S
(TRY) (c) (d)
1,541,552
3,779,995
Peker Gayrimenkul Yatirim
Ortakligi A/S (TRY) (c)
1,132,064
3,396,414
Petkim Petrokimya Holding A/S
(TRY) (c) (d)
1,391,440
3,081,049
Reysas Gayrimenkul Yatirim
Ortakligi A/S (TRY) (c)
1,974,936
3,339,136
Sarkuysan Elektrolitik Bakir
Sanayi ve Ticaret A/S (TRY)
1,901,277
1,841,576
Sok Marketler Ticaret A/S
(TRY) (c)
1,827,906
117,095
TAV Havalimanlari Holding A/S
(TRY) (c)
708,526
329,096
Tofas Turk Otomobil Fabrikasi
A/S (TRY) (d)
2,172,984
454,235
TR Anadolu Metal Madencilik
Isletmeleri A/S (TRY) (c)
1,080,903
394,914
TR Dogal Enerji Kaynaklari
Arastirma Ve Uretim A/S
(TRY) (c)
731,898
Shares
Description
Value
 
Turkiye (Continued)
6,487,120
Turkiye Sinai Kalkinma Bankasi
A/S (TRY) (d)
$1,652,158
1,229,057
Turkiye Sise ve Cam Fabrikalari
A/S (TRY) (d)
1,167,237
305,908
Ulker Biskuvi Sanayi A/S (TRY)
651,214
 
49,368,363
Virgin Islands — 1.2%
45,811
BBB Foods, Inc., Class A (c)
1,908,944
10,676,000
Xinyi Energy Holdings Ltd.
(HKD) (d)
1,211,504
 
3,120,448
Total Common Stocks
250,292,941
(Cost $247,271,547)
RIGHTS (a) (b) — 0.0%
Taiwan — 0.0%
1,726
Eternal Materials Co., Ltd.,
expiry date 07/17/26 (TWD)
(c) (e) (f)
1,291
(Cost $0)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 3.3%
$8,307,068
Toronto-Dominion Bank (The),
3.64% (k), dated 06/30/26,
due 07/01/26, with a maturity
value of $8,307,908.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.25% to
3.63%, due 08/31/27 to
11/15/27. The value of the
collateral including accrued
interest is $8,473,210. (l)
8,307,068
(Cost $8,307,068)
Total Investments — 102.7%
258,601,300
(Cost $255,578,615)
Net Other Assets and
Liabilities — (2.7)%
(6,803,571
)
Net Assets — 100.0%
$251,797,729
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
See Notes to Financial Statements
Page 52
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $7,633,315 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $8,307,068.
(e)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2026, securities noted as
such are valued at $1,291 or 0.0% of net assets.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(i)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(j)
Non-income producing security which makes payment-in-
kind distributions.
(k)
Rate shown reflects yield as of June 30, 2026.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
HKD
–  Hong Kong Dollar
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
TWD
23.6%
TRY
19.1
BRL
12.3
HKD
9.4
THB
7.6
ZAR
6.0
IDR
5.8
USD
5.3
CLP
2.8
PHP
2.6
MXN
2.1
MYR
1.7
INR
1.0
PLN
0.7
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Cayman Islands
$17,037,489
$17,037,489
$—
$—
**
Russia
—
**
—
—
—
**
Thailand
19,748,793
—
19,748,793
—
Other Country
Categories*
213,506,659
213,506,659
—
—
Rights*
1,291
—
1,291
—
Repurchase
Agreements
8,307,068
—
8,307,068
—
Total Investments
$258,601,300
$230,544,148
$28,057,152
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 53
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$7,633,315
Non-cash Collateral(2)
(7,633,315
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$8,307,068
Non-cash Collateral(4)
(8,307,068
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 54
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments
June 30, 2026 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Austria — 4.2%
3,767
BAWAG Group AG
(EUR) (c) (d)
$754,519
7,875
OMV AG (EUR)
496,237
13,418
Raiffeisen Bank International
AG (EUR)
856,256
64,962
UNIQA Insurance Group AG
(EUR)
1,309,335
3,782
Verbund AG (EUR)
240,264
15,891
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
1,169,310
19,350
voestalpine AG (EUR)
902,941
 
5,728,862
Belgium — 5.0%
1,858
Ackermans & Van Haaren N.V.
(EUR)
606,737
7,738
Ageas S.A./N.V. (EUR)
618,898
33,618
Colruyt Group N.V. (EUR)
1,381,288
6,614
Deme Group N.V. (EUR)
1,322,498
1,851
Elia Group S.A./N.V. (EUR)
295,669
3,480
KBC Ancora (EUR)
326,449
1,887
UCB S.A. (EUR)
564,893
60,305
Umicore S.A. (EUR)
1,394,622
10,929
Warehouses De Pauw C.V.A.
(EUR)
275,473
 
6,786,527
Bermuda — 0.2%
39,167
Aegon Ltd. (EUR)
332,866
Finland — 4.5%
12,785
Kesko Oyj, Class B (EUR)
285,734
33,098
Metso Oyj (EUR)
574,828
34,910
Neste Oyj (EUR)
1,142,393
107,681
Nokia Oyj (EUR)
1,421,680
3,500
Orion Oyj, Class B (EUR)
287,734
121,179
Stora Enso Oyj, Class R (EUR)
1,291,265
10,009
Valmet Oyj (EUR)
241,533
23,078
Wartsila Oyj Abp (EUR)
880,192
 
6,125,359
France — 19.8%
20,110
Alstom S.A. (EUR) (e)
349,604
9,977
Amundi S.A. (EUR) (c) (d)
957,003
12,552
Arkema S.A. (EUR)
790,954
6,024
BNP Paribas S.A. (EUR)
703,029
19,748
Bouygues S.A. (EUR)
1,101,348
9,709
Capgemini SE (EUR)
975,781
30,674
Carrefour S.A. (EUR)
569,530
13,927
Cie de Saint-Gobain S.A. (EUR)
1,259,668
33,427
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
1,289,033
23,798
Covivio S.A. (EUR)
1,457,464
Shares
Description
Value
 
France (Continued)
30,626
Credit Agricole S.A. (EUR)
$615,704
7,440
Eiffage S.A. (EUR)
1,097,468
40,187
Elis S.A. (EUR)
1,244,364
35,617
Engie S.A. (EUR)
1,122,798
4,802
Gaztransport Et Technigaz S.A.
(EUR)
1,019,986
3,598
Gecina S.A. (EUR)
302,369
6,083
Ipsen S.A. (EUR)
1,173,229
37,621
Klepierre S.A. (EUR)
1,572,413
41,403
Orange S.A. (EUR)
780,800
11,395
Pernod Ricard S.A. (EUR)
831,450
10,330
Publicis Groupe S.A. (EUR)
1,020,489
21,989
Rexel S.A. (EUR)
960,009
5,898
Sanofi S.A. (EUR)
505,967
23,946
SCOR SE (EUR)
868,426
11,849
Societe Generale S.A. (EUR)
1,047,483
22,125
Sodexo S.A. (EUR)
1,280,429
12,059
TotalEnergies SE (EUR)
937,356
22,431
Vallourec SACA (EUR) (e)
525,150
7,469
Veolia Environnement S.A.
(EUR)
310,981
1,901
Vinci S.A. (EUR)
277,591
 
26,947,876
Germany — 21.7%
8,131
Aurubis AG (EUR) (f)
1,683,429
4,655
BASF SE (EUR)
248,813
18,581
Bayer AG (EUR)
1,027,772
15,637
Bayerische Motoren Werke AG
(EUR)
1,023,051
5,882
Daimler Truck Holding AG
(EUR)
283,616
9,713
Deutsche Bank AG (EUR)
328,779
169,492
Deutsche Lufthansa AG (EUR)
1,938,545
7,635
Deutsche Telekom AG (EUR)
208,061
16,353
DHL Group (EUR)
992,167
38,597
E.ON SE (EUR)
794,916
43,689
Evonik Industries AG (EUR)
792,712
6,575
Fraport AG Frankfurt Airport
Services Worldwide (EUR)
547,291
31,622
Fresenius Medical Care AG
(EUR)
1,430,794
13,477
FUCHS SE (Preference Shares)
(EUR)
588,849
1,368
Heidelberg Materials AG (EUR)
260,877
11,038
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
927,485
3,186
HOCHTIEF AG (EUR)
1,845,637
21,946
KION Group AG (EUR)
972,174
21,741
LEG Immobilien SE (EUR)
1,372,475
23,280
Mercedes-Benz Group AG
(EUR)
1,168,256
4,534
Merck KGaA (EUR)
760,761
See Notes to Financial Statements
Page 55
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
26,782
Nordex SE (EUR) (e)
$1,413,766
12,687
RWE AG (EUR)
820,770
172,879
Schaeffler AG (EUR)
1,675,062
5,144
Siemens Energy AG (EUR)
974,492
131,749
thyssenkrupp AG (EUR)
1,566,326
35,455
United Internet AG (EUR)
931,747
11,293
Volkswagen AG (Preference
Shares) (EUR)
904,524
56,571
Vonovia SE (EUR)
1,395,530
5,801
Wacker Chemie AG (EUR) (e)
602,503
 
29,481,180
Greece — 4.1%
153,901
Alpha Bank S.A. (EUR)
694,770
59,787
Hellenic Telecommunications
Organization S.A. (EUR)
1,327,310
32,012
Motor Oil Hellas Corinth
Refineries S.A. (EUR)
1,403,817
69,835
Piraeus Bank S.A. (EUR)
725,160
54,328
Public Power Corp. S.A. (EUR)
1,427,724
 
5,578,781
Ireland — 2.4%
71,956
Glanbia PLC (EUR)
2,011,019
20,438
Ryanair Holdings PLC, ADR
1,323,360
 
3,334,379
Italy — 14.0%
502,332
A2A S.p.A. (EUR)
1,297,155
7,540
Azimut Holding S.p.A. (EUR)
305,666
65,688
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
815,396
20,568
Banco BPM S.p.A. (EUR)
355,099
28,312
Buzzi S.p.A. (EUR)
1,448,920
16,800
Credito Emiliano S.p.A. (EUR)
326,517
20,778
Danieli & C Officine
Meccaniche S.p.A. (EUR)
1,598,947
16,273
De’ Longhi S.p.A (EUR)
690,561
26,020
Enel S.p.A. (EUR)
298,909
49,081
Eni S.p.A. (EUR)
1,156,364
184,239
Hera S.p.A. (EUR)
768,785
35,585
Infrastrutture Wireless Italiane
S.p.A. (EUR) (c) (d) (f)
250,461
12,608
Leonardo S.p.A. (EUR)
675,994
19,704
Lottomatica Group S.p.A. (EUR)
547,083
73,363
Maire S.p.A. (EUR)
1,200,364
206,582
Pirelli & C S.p.A. (EUR) (c) (d)
1,561,403
12,347
Prysmian S.p.A. (EUR)
2,060,420
311,615
Saipem S.p.A. (EUR) (f)
1,569,825
16,566
SOL S.p.A. (EUR)
1,101,624
Shares
Description
Value
 
Italy (Continued)
24,730
Terna-Rete Elettrica Nazionale
(EUR)
$289,346
24,584
Unipol Assicurazioni S.p.A.
(EUR)
685,667
 
19,004,506
Luxembourg — 2.9%
27,821
ArcelorMittal S.A. (EUR)
1,675,236
3,893
Eurofins Scientific SE (EUR)
304,964
64,704
InPost S.A. (EUR) (e)
1,139,269
28,698
Tenaris S.A. (EUR)
793,851
 
3,913,320
Multi-National — 0.2%
2,570
Unibail-Rodamco-Westfield
(EUR)
300,842
Netherlands — 10.2%
9,916
Akzo Nobel N.V. (EUR)
672,321
1,149
ASM International N.V. (EUR)
1,313,499
872
ASML Holding N.V. (EUR)
1,715,106
8,244
ASR Nederland N.V. (EUR)
622,068
2,726
BE Semiconductor Industries
N.V. (EUR)
894,235
60,119
Brembo N.V. (EUR)
703,403
24,218
Koninklijke Ahold Delhaize
N.V. (EUR)
974,586
101,575
Koninklijke KPN N.V. (EUR)
500,911
26,006
Koninklijke Vopak N.V. (EUR)
1,356,163
7,275
NN Group N.V. (EUR)
637,228
25,032
Prosus N.V. (EUR)
1,086,570
43,735
Randstad N.V. (EUR)
1,259,780
35,230
SBM Offshore N.V. (EUR)
1,221,296
8,528
STMicroelectronics N.V. (EUR)
628,394
6,668
Technip Energies N.V. (EUR)
252,336
 
13,837,896
Portugal — 1.3%
161,723
EDP S.A. (EUR)
846,496
34,831
Galp Energia SGPS S.A. (EUR)
742,029
11,864
Jeronimo Martins SGPS S.A.
(EUR)
227,194
 
1,815,719
Spain — 9.1%
5,474
Acciona S.A. (EUR) (f)
1,733,767
11,638
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
1,711,392
53,455
EDP Renewables S.A. (EUR)
865,468
42,695
Enagas S.A. (EUR) (f)
827,362
20,283
Endesa S.A. (EUR) (f)
924,230
81,710
Grifols S.A. (EUR) (f)
836,519
20,655
Indra Sistemas S.A. (EUR)
1,130,927
6,042
Laboratorios Farmaceuticos Rovi
S.A. (EUR)
399,371
See Notes to Financial Statements
Page 56
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
22,684
Logista Integral S.A. (EUR)
$874,495
63,957
Mapfre S.A. (EUR)
316,424
52,572
Merlin Properties Socimi S.A.
(EUR)
921,452
14,442
Puig Brands S.A., Class B
(EUR)
266,167
16,754
Redeia Corp. S.A. (EUR) (f)
285,040
49,479
Repsol S.A. (EUR) (f)
1,244,325
 
12,336,939
Total Common Stocks
135,525,052
(Cost $122,347,847)
RIGHTS (a) (b) — 0.0%
Spain — 0.0%
11,638
ACS Actividades de
Construccion y Servicios S.A.,
expiring 07/23/26 (EUR)
(e) (g)
24,428
(Cost $24,811)
MONEY MARKET FUNDS — 0.1%
77,318
BNY Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.54% (h)
77,318
(Cost $77,318)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 6.1%
$8,272,596
Toronto-Dominion Bank (The),
3.64% (h), dated 06/30/26,
due 07/01/26, with a maturity
value of $8,273,432.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.25% to
3.63%, due 08/31/27 to
11/15/27. The value of the
collateral including accrued
interest is $8,438,049. (i)
8,272,596
(Cost $8,272,596)
Total Investments — 105.8%
143,899,394
(Cost $130,722,572)
Net Other Assets and
Liabilities — (5.8)%
(7,835,747
)
Net Assets — 100.0%
$136,063,647
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $7,934,029 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $8,272,596.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
Rate shown reflects yield as of June 30, 2026.
(i)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
93.3%
USD
6.7
Total
100.0%
See Notes to Financial Statements
Page 57
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2026 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$135,525,052
$135,525,052
$—
$—
Rights*
24,428
24,428
—
—
Money Market Funds
77,318
77,318
—
—
Repurchase
Agreements
8,272,596
—
8,272,596
—
Total Investments
$143,899,394
$135,626,798
$8,272,596
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$7,934,029
Non-cash Collateral(2)
(7,934,029
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$8,272,596
Non-cash Collateral(4)
(8,272,596
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2026, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2026, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 58
This page intentionally left blank.
Page 59
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
ASSETS:
Investments, at value
$124,816,491
$527,879,466
$34,287,847
Cash
—
—
—
Foreign currency, at value
56,632
5,001
23
Due from broker
—
58,240
—
Due from authorized participant
—
—
—
Receivables:
Dividends
532,432
1,516,634
308,617
Securities lending income
9,953
22,548
—
Investment securities sold
—
30,740
—
Capital shares sold
—
—
—
Reclaims
—
1,657,944
—
Prepaid expenses
—
—
—
Total Assets
125,415,508
531,170,573
34,596,487
 
LIABILITIES:
Due to custodian
33,836
—
—
Payables:
Collateral for securities on loan
1,466,138
25,531,292
—
Investment advisory fees
91,143
338,389
23,010
Deferred foreign capital gains tax
—
—
—
Investment securities purchased
—
—
—
Other liabilities
—
—
—
Total Liabilities
1,591,117
25,869,681
23,010
NET ASSETS
$123,824,391
$505,300,892
$34,573,477
 
NET ASSETS consist of:
Paid-in capital
$108,657,302
$624,155,247
$74,676,774
Par value
23,500
89,000
14,000
Accumulated distributable earnings (loss)
15,143,589
(118,943,355
)
(40,117,297
)
NET ASSETS
$123,824,391
$505,300,892
$34,573,477
NET ASSET VALUE, per share
$52.69
$56.78
$24.70
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
2,350,002
8,900,002
1,400,002
Investments, at cost
$99,058,978
$468,056,471
$30,891,288
Foreign currency, at cost (proceeds)
$56,635
$4,767
$23
Securities on loan, at value
$1,292,919
$24,352,063
$—
See Notes to Financial Statements
Page 60
 
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
First Trust United
Kingdom
AlphaDEX® Fund
(FKU)
$35,293,013
$271,729,193
$1,365,659,169
$776,833,536
$105,398,788
$36,518,473
—
—
—
—
—
—
330,982
64,816
286,921
701,312
45
10,372
—
—
3,784
—
—
—
—
—
—
—
—
2,060
990,535
264,229
3,829,578
4,823,687
374,294
188,213
5,083
4,747
47,585
63,768
5,957
—
388,763
—
6,058
—
—
2,441
—
3,760,883
14,106,824
—
—
—
—
—
724,066
457,447
359,315
26,700
—
—
—
43,312
—
—
37,008,376
275,823,868
1,384,663,985
782,923,062
106,138,399
36,748,259
905,130
—
—
—
27,125
—
1,580,446
18,070,382
54,586,589
35,395,517
7,831,091
—
61,340
165,349
867,810
496,462
65,474
24,574
—
—
—
—
—
—
—
3,760,883
14,051,585
—
—
—
—
—
—
—
—
—
2,546,916
21,996,614
69,505,984
35,891,979
7,923,690
24,574
$34,461,460
$253,827,254
$1,315,158,001
$747,031,083
$98,214,709
$36,723,685
$36,849,468
$237,457,850
$1,273,915,885
$791,256,199
$119,891,838
$75,044,067
12,500
33,500
139,864
236,500
15,500
7,000
(2,400,508
)
16,335,904
41,102,252
(44,461,616
)
(21,692,629
)
(38,327,382
)
$34,461,460
$253,827,254
$1,315,158,001
$747,031,083
$98,214,709
$36,723,685
$27.57
$75.77
$94.03
$31.59
$63.36
$52.46
1,250,002
3,350,002
13,986,412
23,650,002
1,550,002
700,002
$42,800,406
$218,237,400
$1,180,629,653
$719,355,859
$104,586,055
$38,080,715
$330,982
$64,571
$286,920
$701,393
$45
$10,372
$1,481,573
$16,964,297
$51,816,241
$28,289,753
$7,406,824
$—
See Notes to Financial Statements
Page 61
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities (Continued)
June 30, 2026 (Unaudited)
 
 
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
ASSETS:
Investments, at value
$134,227,938
$34,926,457
$13,365,336
Cash
—
—
—
Foreign currency, at value
6,264,346
—
246
Due from broker
—
—
—
Due from authorized participant
—
—
—
Receivables:
Dividends
276,371
354
24,422
Securities lending income
—
—
481
Investment securities sold
—
—
—
Capital shares sold
—
—
—
Reclaims
—
1,972,783
3,301
Prepaid expenses
—
—
—
Total Assets
140,768,655
36,899,594
13,393,786
 
LIABILITIES:
Due to custodian
6,129,911
—
—
Payables:
Collateral for securities on loan
—
—
337,110
Investment advisory fees
87,665
26,291
8,891
Deferred foreign capital gains tax
2,450,806
—
—
Investment securities purchased
—
—
—
Other liabilities
1,555
—
—
Total Liabilities
8,669,937
26,291
346,001
NET ASSETS
$132,098,718
$36,873,303
$13,047,785
 
NET ASSETS consist of:
Paid-in capital
$112,018,454
$54,179,907
$14,556,298
Par value
24,500
4,500
2,000
Accumulated distributable earnings (loss)
20,055,764
(17,311,104
)
(1,510,513
)
NET ASSETS
$132,098,718
$36,873,303
$13,047,785
NET ASSET VALUE, per share
$53.92
$81.94
$65.24
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
2,450,002
450,002
200,002
Investments, at cost
$105,742,426
$32,112,002
$12,725,549
Foreign currency, at cost (proceeds)
$6,264,346
$—
$246
Securities on loan, at value
$—
$—
$307,791
See Notes to Financial Statements
Page 62
 
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$258,601,300
$143,899,394
—
8,103
205,786
17,727
—
—
—
—
1,518,691
202,323
24,317
5,430
91,360
—
—
—
50,911
301,834
—
—
260,492,365
144,434,811
138,433
—
8,307,068
8,272,596
169,266
91,610
48
—
53,954
—
25,867
6,958
8,694,636
8,371,164
$251,797,729
$136,063,647
$260,315,887
$134,526,181
55,500
20,500
(8,573,658
)
1,516,966
$251,797,729
$136,063,647
$45.37
$66.37
5,550,002
2,050,002
$255,578,615
$130,722,572
$205,461
$17,745
$7,633,315
$7,934,029
See Notes to Financial Statements
Page 63
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
INVESTMENT INCOME:
Dividends
$1,263,211
$11,139,129
$637,693
Securities lending income (net of fees)
31,514
93,472
—
Foreign withholding tax
(46,588
)
(961,177
)
(63,090
)
Total investment income
1,248,137
10,271,424
574,603
 
EXPENSES:
Investment advisory fees
309,202
 
1,931,579
 
124,543
 
Indian Tax
—
—
—
Other expenses
—
5
—
Total expenses
309,202
1,931,584
124,543
NET INVESTMENT INCOME (LOSS)
938,935
8,339,840
450,060
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
2,444,476
37,884,846
1,579,410
In-kind redemptions
1,102,339
2,059,779
—
Foreign currency transactions
(386,484
)
(81,718
)
(13,926
)
Foreign capital gains tax
—
—
—
Net realized gain (loss)
3,160,331
39,862,907
1,565,484
Net increase from payment by the advisor
—
—
—
Net change in unrealized appreciation (depreciation) on:
Investments
22,023,282
(17,161,753
)
(236,645
)
Foreign currency translation
(169
)
(76,434
)
1,417
Deferred foreign capital gains tax
—
—
—
Net change in unrealized appreciation (depreciation)
22,023,113
(17,238,187
)
(235,228
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
25,183,444
22,624,720
1,330,256
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$26,122,379
$30,964,560
$1,780,316
See Notes to Financial Statements
Page 64
 
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
First Trust United
Kingdom
AlphaDEX® Fund
(FKU)
$2,326,131
$3,001,365
$18,453,890
$12,008,019
$3,002,971
$1,430,166
110,445
40,484
241,991
296,494
9,708
—
(206,818
)
(299,615
)
(1,542,280
)
(1,501,078
)
(363,626
)
(29,440
)
2,229,758
2,742,234
17,153,601
10,803,435
2,649,053
1,400,726
392,629
 
953,611
 
4,449,006
 
2,594,426
 
413,630
 
290,539
 
—
—
—
—
—
—
1
3
10
8
1
1
392,630
953,614
4,449,016
2,594,434
413,631
290,540
1,837,128
1,788,620
12,704,585
8,209,001
2,235,422
1,110,186
(610,980
)
(3,831,248
)
95,753,456
68,481,769
3,284,765
3,908,017
12,804,919
24,440,593
5,220,214
—
4,893,513
14,060,420
(7,985
)
(29,626
)
(486,913
)
(668,691
)
(3,362
)
2,734
—
—
—
(97,748
)
—
—
12,185,954
20,579,719
100,486,757
67,715,330
8,174,916
17,971,171
—
—
4,582
—
—
—
(17,561,203
)
7,630,089
51,151,881
8,064,923
(9,982,588
)
(18,331,842
)
(460
)
77
(55,104
)
(13,337
)
(13,132
)
(4,274
)
—
—
—
10,031
—
—
(17,561,663
)
7,630,166
51,096,777
8,061,617
(9,995,720
)
(18,336,116
)
(5,375,709
)
28,209,885
151,588,116
75,776,947
(1,820,804
)
(364,945
)
$(3,538,581
)
$29,998,505
$164,292,701
$83,985,948
$414,618
$745,241
See Notes to Financial Statements
Page 65
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations (Continued)
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
INVESTMENT INCOME:
Dividends
$1,081,832
$954,020
$262,533
Securities lending income (net of fees)
—
—
3,041
Foreign withholding tax
(245,716
)
(115,982
)
(28,113
)
Total investment income
836,116
838,038
237,461
 
EXPENSES:
Investment advisory fees
594,316
 
165,345
 
49,462
 
Indian Tax
—
—
—
Other expenses
5
1
—
Total expenses
594,321
165,346
49,462
NET INVESTMENT INCOME (LOSS)
241,795
672,692
187,999
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
1,240,383
1,081,905
1,323,042
In-kind redemptions
—
1,387,400
—
Foreign currency transactions
(60,318
)
(1,549
)
(11,032
)
Foreign capital gains tax
(739,123
)
—
—
Net realized gain (loss)
440,942
2,467,756
1,312,010
Net increase from payment by the advisor
—
—
—
Net change in unrealized appreciation (depreciation) on:
Investments
(15,575,920
)
(1,504,306
)
(581,851
)
Foreign currency translation
1,065
(39,883
)
(187
)
Deferred foreign capital gains tax
2,143,630
—
—
Net change in unrealized appreciation (depreciation)
(13,431,225
)
(1,544,189
)
(582,038
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
(12,990,283
)
923,567
729,972
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$(12,748,488
)
$1,596,259
$917,971
See Notes to Financial Statements
Page 66
 
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$5,560,603
$3,357,821
243,734
21,996
(642,718
)
(330,448
)
5,161,619
3,049,369
1,029,368
 
540,570
 
48
—
5
1
1,029,421
540,571
4,132,198
2,508,798
24,474,752
5,485,012
533,002
4,305,735
(148,081
)
(9,393
)
—
—
24,859,673
9,781,354
—
—
(8,848,471
)
(920,280
)
8,035
(9,211
)
—
—
(8,840,436
)
(929,491
)
16,019,237
8,851,863
$20,151,435
$11,360,661
See Notes to Financial Statements
Page 67
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets
 
 
First Trust Asia Pacific ex-Japan
AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX®
Fund (FEP)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$938,935
$477,553
$8,339,840
$8,710,122
Net realized gain (loss)
3,160,331
2,652,780
39,862,907
34,154,327
Net increase from payment by the advisor
—
—
—
—
Net change in unrealized appreciation (depreciation)
22,023,113
3,006,066
(17,238,187
)
71,980,797
Net increase (decrease) in net assets resulting from
operations
26,122,379
6,136,399
30,964,560
114,845,246
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(720,776
)
(1,068,374
)
(7,789,531
)
(11,333,069
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
84,659,746
 
8,749,628
 
82,407,828
 
121,849,968
 
Cost of shares redeemed
(10,538,202
) 
(3,309,884
) 
(8,745,362
) 
(1,908,285
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
74,121,544
5,439,744
73,662,466
119,941,683
Total increase (decrease) in net assets
99,523,147
10,507,769
96,837,495
223,453,860
 
NET ASSETS:
Beginning of period
24,301,244
13,793,475
408,463,397
185,009,537
End of period
$123,824,391
$24,301,244
$505,300,892
$408,463,397
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
650,002
500,002
7,600,002
5,150,002
Shares sold
1,900,000
250,000
1,450,000
2,500,000
Shares redeemed
(200,000
)
(100,000
)
(150,000
)
(50,000
)
Shares outstanding, end of period
2,350,002
650,002
8,900,002
7,600,002
See Notes to Financial Statements
Page 68
 
First Trust Latin America AlphaDEX®
Fund (FLN)
First Trust China AlphaDEX® Fund
(FCA)
First Trust Japan AlphaDEX® Fund
(FJP)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$450,060
$700,311
$1,837,128
$1,333,881
$1,788,620
$2,967,287
1,565,484
715,543
12,185,954
4,108,427
20,579,719
12,519,555
—
—
—
—
—
—
(235,228
)
4,504,806
(17,561,663
)
9,998,136
7,630,166
34,143,402
1,780,316
5,920,660
(3,538,581
)
15,440,444
29,998,505
49,630,244
(682,361
)
(524,217
)
(964,561
)
(1,415,517
)
(1,963,991
)
(5,438,253
)
17,565,449
 
3,810,611
 
71,915,248
 
17,112,262
 
87,827,918
 
15,367,889
 
—
 
(6,261,378
) 
(93,843,418
) 
(18,152,408
) 
(69,258,125
) 
(44,720,794
) 
17,565,449
(2,450,767
)
(21,928,170
)
(1,040,146
)
18,569,793
(29,352,905
)
18,663,404
2,945,676
(26,431,312
)
12,984,781
46,604,307
14,839,086
15,910,073
12,964,397
60,892,772
47,907,991
207,222,947
192,383,861
$34,573,477
$15,910,073
$34,461,460
$60,892,772
$253,827,254
$207,222,947
700,002
850,002
2,150,002
2,350,002
3,100,002
3,700,002
700,000
200,000
2,250,000
650,000
1,250,000
250,000
—
(350,000
)
(3,150,000
)
(850,000
)
(1,000,000
)
(850,000
)
1,400,002
700,002
1,250,002
2,150,002
3,350,002
3,100,002
See Notes to Financial Statements
Page 69
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Developed Markets
ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets
AlphaDEX® Fund (FEM)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$12,704,585
$12,743,184
$8,209,001
$14,052,275
Net realized gain (loss)
100,486,757
92,169,427
67,715,330
37,470,879
Net increase from payment by the advisor
4,582
—
—
—
Net change in unrealized appreciation (depreciation)
51,096,777
115,728,441
8,061,617
47,548,723
Net increase (decrease) in net assets resulting from
operations
164,292,701
220,641,052
83,985,948
99,071,877
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(14,922,745
)
(22,560,231
)
(5,185,855
)
(14,715,812
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
395,016,108
 
209,728,953
 
190,510,524
 
14,397,120
 
Cost of shares redeemed
(18,462,351
) 
(10,849,121
) 
—
 
(27,379,354
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
376,553,757
198,879,832
190,510,524
(12,982,234
)
Total increase (decrease) in net assets
525,923,713
396,960,653
269,310,617
71,373,831
 
NET ASSETS:
Beginning of period
789,234,288
392,273,635
477,720,466
406,346,635
End of period
$1,315,158,001
$789,234,288
$747,031,083
$477,720,466
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
9,936,412
7,236,412
17,500,002
18,200,002
Shares sold
4,250,000
2,900,000
6,150,000
550,000
Shares redeemed
(200,000
)
(200,000
)
—
(1,250,000
)
Shares outstanding, end of period
13,986,412
9,936,412
23,650,002
17,500,002
See Notes to Financial Statements
Page 70
 
First Trust Germany AlphaDEX® Fund
(FGM)
First Trust United Kingdom
AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal
Weight ETF (NFTY)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$2,235,422
$458,301
$1,110,186
$1,855,263
$241,795
$2,654,181
8,174,916
2,116,463
17,971,171
4,072,970
440,942
(619,999
)
—
—
—
—
—
—
(9,995,720
)
11,067,670
(18,336,116
)
14,833,737
(13,431,225
)
9,194,964
414,618
13,642,434
745,241
20,761,970
(12,748,488
)
11,229,146
(1,305,412
)
(463,461
)
(1,112,733
)
(2,146,493
)
(870,105
)
(2,235,722
)
40,403,388
 
68,419,538
 
27,018,140
 
23,547,004
 
—
 
—
 
(25,612,088
) 
(4,979,502
) 
(76,426,229
) 
(20,505,620
) 
(29,837,730
) 
(105,192,943
) 
14,791,300
63,440,036
(49,408,089
)
3,041,384
(29,837,730
)
(105,192,943
)
13,900,506
76,619,009
(49,775,581
)
21,656,861
(43,456,323
)
(96,199,519
)
84,314,203
7,695,194
86,499,266
64,842,405
175,555,041
271,754,560
$98,214,709
$84,314,203
$36,723,685
$86,499,266
$132,098,718
$175,555,041
1,350,002
200,002
1,700,002
1,700,002
3,000,002
4,850,002
600,000
1,250,000
500,000
500,000
—
—
(400,000
)
(100,000
)
(1,500,000
)
(500,000
)
(550,000
)
(1,850,000
)
1,550,002
1,350,002
700,002
1,700,002
2,450,002
3,000,002
See Notes to Financial Statements
Page 71
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Switzerland
AlphaDEX® Fund (FSZ)
First Trust Developed Markets
ex-US Small Cap AlphaDEX®
Fund (FDTS)
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
OPERATIONS:
Net investment income (loss)
$672,692
$1,099,183
$187,999
$211,150
Net realized gain (loss)
2,467,756
14,038,282
1,312,010
1,479,607
Net increase from payment by the advisor
—
2,079
—
—
Net change in unrealized appreciation (depreciation)
(1,544,189
)
1,735,689
(582,038
)
1,292,200
Net increase (decrease) in net assets resulting from
operations
1,596,259
16,875,233
917,971
2,982,957
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(636,033
)
(1,197,488
)
(180,142
)
(257,673
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
—
 
11,653,628
 
3,528,922
 
—
 
Cost of shares redeemed
(8,378,295
) 
(58,680,459
) 
—
 
—
 
Net increase (decrease) in net assets resulting from
shareholder transactions
(8,378,295
)
(47,026,831
)
3,528,922
—
Total increase (decrease) in net assets
(7,418,069
)
(31,349,086
)
4,266,751
2,725,284
 
NET ASSETS:
Beginning of period
44,291,372
75,640,458
8,781,034
6,055,750
End of period
$36,873,303
$44,291,372
$13,047,785
$8,781,034
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
550,002
1,200,002
150,002
150,002
Shares sold
—
150,000
50,000
—
Shares redeemed
(100,000
)
(800,000
)
—
—
Shares outstanding, end of period
450,002
550,002
200,002
150,002
See Notes to Financial Statements
Page 72
 
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
(FEMS)
First Trust Eurozone AlphaDEX®
ETF (FEUZ)
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
Six Months
Ended
6/30/2026 
(Unaudited)
Year
Ended
12/31/2025 
$4,132,198
$10,353,721
$2,508,798
$1,792,738
24,859,673
14,479,214
9,781,354
3,705,333
—
—
—
—
(8,840,436
)
9,676,036
(929,491
)
15,523,328
20,151,435
34,508,971
11,360,661
21,021,399
(4,183,397
)
(10,850,724
)
(2,256,652
)
(2,116,348
)
—
 
12,345,804
 
54,676,073
 
69,823,441
 
(6,723,774
) 
(83,355,561
) 
(19,861,064
) 
(14,787,005
) 
(6,723,774
)
(71,009,757
)
34,815,009
55,036,436
9,244,264
(47,351,510
)
43,919,018
73,941,487
242,553,465
289,904,975
92,144,629
18,203,142
$251,797,729
$242,553,465
$136,063,647
$92,144,629
5,700,002
7,550,002
1,500,002
450,002
—
300,000
850,000
1,350,000
(150,000
)
(2,150,000
)
(300,000
)
(300,000
)
5,550,002
5,700,002
2,050,002
1,500,002
See Notes to Financial Statements
Page 73
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights
For a share outstanding throughout each period
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$37.39
$27.59
$27.45
$25.58
$31.57
$32.25
Income from investment operations:
Net investment income (loss)
0.60
 (a)
0.85
 (a)
0.81
 (a)
0.82
 (a)
0.97
 
1.28
 
Net realized and unrealized gain (loss)
15.27
 
10.71
 
0.26
 
1.87
 
(5.88
) 
(0.37
) 
Total from investment operations
15.87
 
11.56
 
1.07
 
2.69
 
(4.91
) 
0.91
 
Distributions paid to shareholders from:
Net investment income
(0.57
) 
(1.76
) 
(0.93
) 
(0.79
) 
(1.08
) 
(1.59
) 
Return of capital
—
 
—
 
—
 
(0.03
) 
—
 
—
 
Total distributions
(0.57
) 
(1.76
) 
(0.93
) 
(0.82
) 
(1.08
) 
(1.59
) 
Net asset value, end of period
$52.69
 
$37.39
 
$27.59
 
$27.45
 
$25.58
 
$31.57
 
Total return (b)
42.71
% 
42.31
% 
3.84
% 
10.67
% 
(15.62
)% 
2.75
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$123,824
 
$24,301
 
$13,793
 
$17,843
 
$11,511
 
$25,258
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
2.43
% (c)
2.48
% 
2.89
% 
3.12
% 
3.63
% 
4.03
% 
Portfolio turnover rate (e)
71
% 
104
% 
75
% 
90
% 
82
% 
102
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 74
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Europe AlphaDEX® Fund (FEP)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$53.75
$35.92
$36.31
$32.38
$43.31
$38.50
Income from investment operations:
Net investment income (loss)
0.97
 (a)
1.43
 (a)
1.34
 (a)
1.10
 (a)
0.93
 
1.05
 
Net realized and unrealized gain (loss)
2.93
 
18.19
 
0.04
 
4.02
 
(10.90
) 
5.26
 
Total from investment operations
3.90
 
19.62
 
1.38
 
5.12
 
(9.97
) 
6.31
 
Distributions paid to shareholders from:
Net investment income
(0.87
) 
(1.79
) 
(1.77
) 
(1.19
) 
(0.96
) 
(1.50
) 
Net asset value, end of period
$56.78
 
$53.75
 
$35.92
 
$36.31
 
$32.38
 
$43.31
 
Total return (b)
7.29
% 
55.13
% 
3.71
% 
16.01
% 
(22.87
)% 
16.53
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$505,301
 
$408,463
 
$185,010
 
$223,312
 
$254,167
 
$573,909
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
3.45
% (c)
3.09
% 
3.57
% 
3.20
% 
3.23
% 
2.33
% 
Portfolio turnover rate (e)
51
% 
92
% 
86
% 
101
% 
88
% 
105
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 75
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Latin America AlphaDEX® Fund (FLN)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$22.73
$15.25
$20.76
$16.75
$17.35
$19.43
Income from investment operations:
Net investment income (loss)
0.37
 (a)
0.99
 (a)
0.67
 (a)
0.92
 (a)
0.98
 
0.89
 
Net realized and unrealized gain (loss)
2.09
 
7.26
 
(5.23
) 
3.96
 
(0.65
) 
(2.16
) 
Total from investment operations
2.46
 
8.25
 
(4.56
) 
4.88
 
0.33
 
(1.27
) 
Distributions paid to shareholders from:
Net investment income
(0.49
) 
(0.77
) 
(0.95
) 
(0.87
) 
(0.93
) 
(0.81
) 
Net asset value, end of period
$24.70
 
$22.73
 
$15.25
 
$20.76
 
$16.75
 
$17.35
 
Total return (b)
10.79
% 
54.67
% 
(22.67
)% 
29.64
% 
2.17
% 
(6.66
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$34,573
 
$15,910
 
$12,964
 
$74,741
 
$70,358
 
$7,805
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
2.89
% (c)
5.08
% 
3.45
% 
5.00
% 
7.82
% 
4.28
% 
Portfolio turnover rate (e)
42
% 
100
% 
75
% 
99
% 
104
% 
91
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 76
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust China AlphaDEX® Fund (FCA)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$28.32
$20.39
$18.57
$21.60
$27.57
$29.16
Income from investment operations:
Net investment income (loss)
0.59
 (a)
0.69
 (a)
0.72
 (a)
1.10
 (a)
1.28
 
1.22
 
Net realized and unrealized gain (loss)
(0.94
) 
7.99
 
2.14
 
(3.07
) 
(5.97
) 
(1.47
) 
Total from investment operations
(0.35
) 
8.68
 
2.86
 
(1.97
) 
(4.69
) 
(0.25
) 
Distributions paid to shareholders from:
Net investment income
(0.40
) 
(0.75
) 
(1.04
) 
(1.06
) 
(1.28
) 
(1.34
) 
Net asset value, end of period
$27.57
 
$28.32
 
$20.39
 
$18.57
 
$21.60
 
$27.57
 
Total return (b)
(1.23
)% 
42.95
% 
15.43
% 
(9.32
)% 
(17.10
)% 
(1.18
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$34,461
 
$60,893
 
$47,908
 
$6,498
 
$7,560
 
$9,649
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.74
% (c)
2.81
% 
3.72
% 
5.32
% 
5.19
% 
3.66
% 
Portfolio turnover rate (e)
34
% 
101
% 
62
% 
113
% 
117
% 
166
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 77
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Japan AlphaDEX® Fund (FJP)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$66.85
$52.00
$50.69
$42.88
$49.86
$51.42
Income from investment operations:
Net investment income (loss)
0.55
 (a)
0.98
 (a)
1.02
 (a)
1.06
 (a)
1.19
 
0.81
 
Net realized and unrealized gain (loss)
8.97
 
15.67
 
1.93
 
8.51
 
(7.23
) 
(1.16
) 
Total from investment operations
9.52
 
16.65
 
2.95
 
9.57
 
(6.04
) 
(0.35
) 
Distributions paid to shareholders from:
Net investment income
(0.60
) 
(1.80
) 
(1.64
) 
(1.76
) 
(0.94
) 
(1.21
) 
Net asset value, end of period
$75.77
 
$66.85
 
$52.00
 
$50.69
 
$42.88
 
$49.86
 
Total return (b)
14.26
% 
32.14
% 
5.84
% 
22.42
% 
(12.04
)% 
(0.69
)% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$253,827
 
$207,223
 
$192,384
 
$187,538
 
$85,768
 
$34,901
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
1.50
% (c)
1.64
% 
1.94
% 
2.21
% 
2.92
% 
1.53
% 
Portfolio turnover rate (e)
34
% 
91
% 
82
% 
61
% 
79
% 
126
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 78
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$79.43
$54.21
$52.61
$48.27
$60.64
$56.88
Income from investment operations:
Net investment income (loss)
1.04
 (a)
1.59
 (a)
1.65
 (a)
1.56
 (a)
1.67
 
1.52
 
Net realized and unrealized gain (loss)
14.67
 (b)
26.23
 
2.05
 
5.07
 
(12.95
) 
4.55
 
Total from investment operations
15.71
 
27.82
 
3.70
 
6.63
 
(11.28
) 
6.07
 
Distributions paid to shareholders from:
Net investment income
(1.11
) 
(2.60
) 
(2.10
) 
(2.29
) 
(1.09
) 
(2.31
) 
Net asset value, end of period
$94.03
 
$79.43
 
$54.21
 
$52.61
 
$48.27
 
$60.64
 
Total return (c)
19.82
% (b)
51.78
% 
7.02
% 
13.89
% 
(18.57
)% 
10.70
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$1,315,158
 
$789,234
 
$392,274
 
$409,639
 
$419,333
 
$414,579
 
Ratio of total expenses to average net assets
0.80
% (d)
0.81
% (e)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
2.28
% (d)
2.33
% 
2.98
% 
3.05
% 
3.09
% 
2.42
% 
Portfolio turnover rate (f)
52
% 
109
% 
97
% 
109
% 
95
% 
111
% 
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $4,582, which represents less than $0.01 per share. Since the advisor reimbursed
the Fund, there was no effect on the Fund’s total return.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(f)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 79
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets AlphaDEX® Fund (FEM)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$27.30
$22.33
$22.22
$21.10
$26.24
$25.31
Income from investment operations:
Net investment income (loss)
0.39
 (a)
0.82
 (a)
1.00
 (a)
1.15
 (a)
1.34
 
1.11
 
Net realized and unrealized gain (loss)
4.12
 
5.01
 
(0.08
) 
1.07
 
(5.19
) 
0.90
 
Total from investment operations
4.51
 
5.83
 
0.92
 
2.22
 
(3.85
) 
2.01
 
Distributions paid to shareholders from:
Net investment income
(0.22
) 
(0.86
) 
(0.81
) 
(1.10
) 
(1.29
) 
(1.08
) 
Net asset value, end of period
$31.59
 
$27.30
 
$22.33
 
$22.22
 
$21.10
 
$26.24
 
Total return (b)
16.54
% 
26.35
% 
3.97
% 
10.87
% 
(14.33
)% 
7.90
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$747,031
 
$477,720
 
$406,347
 
$416,555
 
$372,378
 
$436,915
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
2.53
% (c)
3.31
% 
4.29
% 
5.40
% 
5.90
% 
4.03
% 
Portfolio turnover rate (e)
61
% 
111
% 
94
% 
105
% 
106
% 
119
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 80
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Germany AlphaDEX® Fund (FGM)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$62.45
$38.48
$38.81
$35.36
$53.78
$51.56
Income from investment operations:
Net investment income (loss)
1.38
 (a)
0.58
 (a)
0.78
 (a)
0.74
 (a)
1.77
 
0.91
 
Net realized and unrealized gain (loss)
0.37
 (b)
23.80
 
(0.28
) (b)
3.81
 
(18.27
) 
2.08
 
Total from investment operations
1.75
 
24.38
 
0.50
 
4.55
 
(16.50
) 
2.99
 
Distributions paid to shareholders from:
Net investment income
(0.84
) 
(0.41
) 
(0.83
) 
(1.10
) 
(1.92
) 
(0.77
) 
Net asset value, end of period
$63.36
 
$62.45
 
$38.48
 
$38.81
 
$35.36
 
$53.78
 
Total return (c)
2.81
% 
63.48
% 
1.39
% 
12.88
% 
(30.39
)% 
5.74
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$98,215
 
$84,314
 
$7,695
 
$15,524
 
$14,144
 
$99,497
 
Ratio of total expenses to average net assets
0.80
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.32
% (d)
1.03
% 
2.01
% 
1.95
% 
2.23
% 
1.67
% 
Portfolio turnover rate (e)
37
% 
66
% 
92
% 
82
% 
152
% 
80
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 81
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust United Kingdom AlphaDEX® Fund (FKU)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$50.88
$38.14
$36.75
$31.73
$43.97
$38.06
Income from investment operations:
Net investment income (loss)
0.80
 (a)
1.26
 (a)
1.09
 (a)
1.05
 (a)
1.54
 
1.29
 
Net realized and unrealized gain (loss)
2.03
 (b)
12.95
 
1.85
 
5.37
 
(12.02
) 
5.93
 
Total from investment operations
2.83
 
14.21
 
2.94
 
6.42
 
(10.48
) 
7.22
 
Distributions paid to shareholders from:
Net investment income
(1.25
) 
(1.47
) 
(1.55
) 
(1.40
) 
(1.76
) 
(1.31
) 
Net asset value, end of period
$52.46
 
$50.88
 
$38.14
 
$36.75
 
$31.73
 
$43.97
 
Total return (c)
5.59
% 
37.60
% 
8.01
% 
20.59
% 
(23.52
)% 
19.10
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$36,724
 
$86,499
 
$64,842
 
$20,213
 
$31,728
 
$98,943
 
Ratio of total expenses to average net assets
0.80
% (d)
0.81
% (e)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.06
% (d)
2.83
% 
2.84
% 
3.08
% 
4.29
% 
3.34
% 
Portfolio turnover rate (f)
40
% 
65
% 
46
% 
77
% 
98
% 
45
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(f)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 82
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$58.52
$56.03
$54.08
$43.53
$48.23
$38.83
Income from investment operations:
Net investment income (loss)
0.09
 (a)
0.71
 (a)
0.15
 (a)
0.31
 (a)
0.22
 
0.48
 
Net realized and unrealized gain (loss)
(4.38
) 
2.50
 
2.70
 
10.31
 
(2.35
) 
9.65
 
Total from investment operations
(4.29
) 
3.21
 
2.85
 
10.62
 
(2.13
) 
10.13
 
Distributions paid to shareholders from:
Net investment income
(0.31
) 
(0.72
) 
—
 
—
 
(0.05
) 
(0.73
) 
Net realized gain
—
 
—
 
(0.86
) 
(0.07
) 
(2.52
) 
—
 
Return of capital
—
 
—
 
(0.04
) 
—
 
—
 
—
 
Total distributions
(0.31
) 
(0.72
) 
(0.90
) 
(0.07
) 
(2.57
) 
(0.73
) 
Net asset value, end of period
$53.92
 
$58.52
 
$56.03
 
$54.08
 
$43.53
 
$48.23
 
Total return (b)
(7.30
)% 
5.73
% 
5.27
% 
24.44
% 
(4.45
)% 
26.15
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$132,099
 
$175,555
 
$271,755
 
$121,678
 
$73,999
 
$62,703
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.81
% (e)
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
0.33
% (c)
1.23
% 
0.26
% 
0.68
% 
0.68
% 
0.95
% 
Portfolio turnover rate (f)
9
% 
22
% 
30
% 
43
% 
56
% 
57
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Includes other expenses. If these other expenses were not included, the expense ratio would have been 0.80%.
(f)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 83
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Switzerland AlphaDEX® Fund (FSZ)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$80.53
$63.03
$64.95
$54.42
$71.39
$60.85
Income from investment operations:
Net investment income (loss)
1.32
 (a)
1.21
 (a)
1.10
 (a)
1.32
 (a)
1.98
 
0.78
 
Net realized and unrealized gain (loss)
1.44
 
17.73
 (b)
(1.89
) 
10.58
 
(17.03
) 
10.92
 
Total from investment operations
2.76
 
18.94
 
(0.79
) 
11.90
 
(15.05
) 
11.70
 
Distributions paid to shareholders from:
Net investment income
(1.35
) 
(1.44
) 
(1.13
) 
(1.37
) 
(1.92
) 
(1.16
) 
Net asset value, end of period
$81.94
 
$80.53
 
$63.03
 
$64.95
 
$54.42
 
$71.39
 
Total return (c)
3.46
% 
30.16
% (b)
(1.25
)% 
22.07
% 
(20.88
)% 
19.34
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$36,873
 
$44,291
 
$75,640
 
$84,441
 
$97,959
 
$99,943
 
Ratio of total expenses to average net assets
0.80
% (d)
0.81
% (e)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.25
% (d)
1.65
% 
1.69
% 
2.20
% 
2.30
% 
1.25
% 
Portfolio turnover rate (f)
37
% 
80
% 
71
% 
68
% 
64
% 
66
% 
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $2,079 in connection with a trade error, which represents less than $0.01 per
share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(f)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 84
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$58.54
$40.37
$40.65
$37.67
$46.06
$42.72
Income from investment operations:
Net investment income (loss)
1.01
 (a)
1.41
 (a)
1.10
 (a)
1.17
 (a)
1.09
 
0.74
 
Net realized and unrealized gain (loss)
6.59
 
18.48
 
0.19
 
2.98
 
(8.09
) 
3.99
 
Total from investment operations
7.60
 
19.89
 
1.29
 
4.15
 
(7.00
) 
4.73
 
Distributions paid to shareholders from:
Net investment income
(0.90
) 
(1.72
) 
(1.57
) 
(1.17
) 
(1.39
) 
(1.39
) 
Net asset value, end of period
$65.24
 
$58.54
 
$40.37
 
$40.65
 
$37.67
 
$46.06
 
Total return (b)
12.99
% 
49.71
% 
3.14
% 
11.13
% 
(15.00
)% 
11.09
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$13,048
 
$8,781
 
$6,056
 
$8,130
 
$7,535
 
$13,817
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.04
% (c)
2.86
% 
2.66
% 
2.99
% 
2.88
% 
1.46
% 
Portfolio turnover rate (e)
70
% 
119
% 
117
% 
124
% 
109
% 
116
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 85
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$42.55
$38.40
$38.17
$38.78
$40.29
$41.24
Income from investment operations:
Net investment income (loss)
0.74
 (a)
1.61
 (a)
1.22
 (a)
1.72
 (a)
1.86
 
1.57
 
Net realized and unrealized gain (loss)
2.83
 
4.34
 
0.51
 
(0.54
) 
(1.60
) 
(0.01
) 
Total from investment operations
3.57
 
5.95
 
1.73
 
1.18
 
0.26
 
1.56
 
Distributions paid to shareholders from:
Net investment income
(0.75
) 
(1.80
) 
(1.50
) 
(1.79
) 
(1.77
) 
(2.51
) 
Net asset value, end of period
$45.37
 
$42.55
 
$38.40
 
$38.17
 
$38.78
 
$40.29
 
Total return (b)
8.39
% 
15.61
% 
4.43
% 
3.21
% 
1.36
% 
3.68
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$251,798
 
$242,553
 
$289,905
 
$326,341
 
$166,753
 
$143,030
 
Ratio of total expenses to average net assets
0.80
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
3.21
% (c)
3.99
% 
3.09
% 
4.59
% 
4.60
% 
3.65
% 
Portfolio turnover rate (e)
69
% 
114
% 
109
% 
124
% 
117
% 
127
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 86
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 
Six Months
Ended
6/30/2026 
(Unaudited)
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$61.43
$40.45
$40.46
$36.04
$46.36
$42.10
Income from investment operations:
Net investment income (loss)
1.20
 (a)
1.64
 (a)
1.15
 (a)
1.10
 (a)
0.85
 
1.10
 
Net realized and unrealized gain (loss)
4.84
 
21.07
 
(0.36
) (b)
4.52
 
(10.05
) 
4.32
 
Total from investment operations
6.04
 
22.71
 
0.79
 
5.62
 
(9.20
) 
5.42
 
Distributions paid to shareholders from:
Net investment income
(1.10
) 
(1.73
) 
(0.80
) 
(1.20
) 
(1.12
) 
(1.16
) 
Net asset value, end of period
$66.37
 
$61.43
 
$40.45
 
$40.46
 
$36.04
 
$46.36
 
Total return (c)
9.83
% 
56.57
% 
1.88
% 
15.71
% 
(19.65
)% 
12.90
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$136,064
 
$92,145
 
$18,203
 
$18,207
 
$16,219
 
$81,135
 
Ratio of total expenses to average net assets
0.80
% (d)
0.81
% (e)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.71
% (d)
3.01
% 
2.71
% 
2.84
% 
2.09
% 
2.27
% 
Portfolio turnover rate (f)
46
% 
91
% 
77
% 
90
% 
56
% 
59
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(f)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 87
Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)

1. Organization
First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on December 3, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the fourteen funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on Nasdaq, Inc. (“Nasdaq”).
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund – (ticker “FPA”)
First Trust Europe AlphaDEX® Fund – (ticker “FEP”)
First Trust Latin America AlphaDEX® Fund – (ticker “FLN”)
First Trust China AlphaDEX® Fund – (ticker “FCA”)
First Trust Japan AlphaDEX® Fund – (ticker “FJP”)
First Trust Developed Markets ex-US AlphaDEX® Fund – (ticker “FDT”)
First Trust Emerging Markets AlphaDEX® Fund – (ticker “FEM”)
First Trust Germany AlphaDEX® Fund – (ticker “FGM”)
First Trust United Kingdom AlphaDEX® Fund – (ticker “FKU”)
First Trust India NIFTY 50 Equal Weight ETF – (ticker “NFTY”)
First Trust Switzerland AlphaDEX® Fund – (ticker “FSZ”)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund – (ticker “FDTS”)
First Trust Emerging Markets Small Cap AlphaDEX® Fund – (ticker “FEMS”)
First Trust Eurozone AlphaDEX® ETF – (ticker “FEUZ”)
Each Fund operates as a diversified open-end management investment company as defined in section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
 
Fund
Index
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index
First Trust Europe AlphaDEX® Fund
Nasdaq AlphaDEX® EuropeTM Index
First Trust Latin America AlphaDEX® Fund
Nasdaq AlphaDEX® Latin AmericaTM Index
First Trust China AlphaDEX® Fund
Nasdaq AlphaDEX® ChinaTM Index
First Trust Japan AlphaDEX® Fund
Nasdaq AlphaDEX® JapanTM Index
First Trust Developed Markets ex-US AlphaDEX® Fund
Nasdaq AlphaDEX® Developed Markets Ex-USTM Index
First Trust Emerging Markets AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging MarketsTM Index
First Trust Germany AlphaDEX® Fund
Nasdaq AlphaDEX® GermanyTM Index
First Trust United Kingdom AlphaDEX® Fund
Nasdaq AlphaDEX® United KingdomTM Index
First Trust India NIFTY 50 Equal Weight ETF
NIFTY 50 Equal Weight Index
First Trust Switzerland AlphaDEX® Fund
Nasdaq AlphaDEX® SwitzerlandTM Index
First Trust Developed Markets ex-US Small Cap AlphaDEX®
Fund
Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM
Index
First Trust Emerging Markets Small Cap AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging Markets Small CapTM Index
First Trust Eurozone AlphaDEX® ETF
Nasdaq AlphaDEX® EurozoneTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Page 88
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Shares of open-end funds are valued based on NAV per share.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
 1)
the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
 2)
the type of security;
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
a review of the issuer’s financial statements;
Page 89
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
 1)
the last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•  Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•  Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o  Quoted prices for similar investments in active markets.
o  Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o  Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o  Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•  Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of June 30, 2026, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Page 90
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
E. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon (“BNY”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities
Page 91
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2026, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the six months ended June 30, 2026, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.
F. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2026, were received as collateral for lending securities.
G. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$1,068,374
$—
$—
First Trust Europe AlphaDEX® Fund
11,333,069
—
—
First Trust Latin America AlphaDEX® Fund
524,217
—
—
First Trust China AlphaDEX® Fund
1,415,517
—
—
First Trust Japan AlphaDEX® Fund
5,438,253
—
—
First Trust Developed Markets ex-US AlphaDEX® Fund
22,560,231
—
—
Page 92
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Emerging Markets AlphaDEX® Fund
$14,715,812
$—
$—
First Trust Germany AlphaDEX® Fund
463,461
—
—
First Trust United Kingdom AlphaDEX® Fund
2,146,493
—
—
First Trust India NIFTY 50 Equal Weight ETF
2,235,722
—
—
First Trust Switzerland AlphaDEX® Fund
1,197,488
—
—
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
257,673
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
10,850,724
—
—
First Trust Eurozone AlphaDEX® ETF
2,116,348
—
—
As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:
 
 
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$240,346
$(13,485,508
)
$2,987,148
First Trust Europe AlphaDEX® Fund
429,580
(215,799,543
)
73,251,579
First Trust Latin America AlphaDEX® Fund
311,194
(44,918,803
)
3,392,357
First Trust China AlphaDEX® Fund
—
(7,888,476
)
9,991,110
First Trust Japan AlphaDEX® Fund
362,062
(53,732,193
)
41,671,521
First Trust Developed Markets ex-US AlphaDEX® Fund
3,083,777
(231,043,502
)
119,692,021
First Trust Emerging Markets AlphaDEX® Fund
625,265
(170,089,558
)
46,202,584
First Trust Germany AlphaDEX® Fund
—
(31,473,752
)
10,671,917
First Trust United Kingdom AlphaDEX® Fund
40,060
(53,790,958
)
15,791,008
First Trust India NIFTY 50 Equal Weight ETF
868,042
—
(32,806,315
)
First Trust Switzerland AlphaDEX® Fund
263,611
(22,612,504
)
4,077,563
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
16,439
(3,421,264
)
1,156,483
First Trust Emerging Markets Small Cap AlphaDEX® Fund
835,443
(35,419,171
)
10,042,032
First Trust Eurozone AlphaDEX® ETF
31,263
(21,531,249
)
13,912,943
H. Income and Other Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
Capital Gains. India’s Finance Act, 2024 (“Finance Act, 2024”) was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax (“STT”) is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on
Page 93
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.
In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.
Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.
Buy back. Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).
Dividend income. The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Interest income. Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).
Other income. Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of June 30, 2026, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
Page 94
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$13,485,508
First Trust Europe AlphaDEX® Fund
215,799,543
First Trust Latin America AlphaDEX® Fund
44,918,803
First Trust China AlphaDEX® Fund
7,888,476
First Trust Japan AlphaDEX® Fund
53,732,193
First Trust Developed Markets ex-US AlphaDEX® Fund*
231,043,502
First Trust Emerging Markets AlphaDEX® Fund
170,089,558
First Trust Germany AlphaDEX® Fund
31,473,752
First Trust United Kingdom AlphaDEX® Fund
53,790,958
First Trust India NIFTY 50 Equal Weight ETF
—
First Trust Switzerland AlphaDEX® Fund
22,612,504
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
3,421,264
First Trust Emerging Markets Small Cap AlphaDEX® Fund
35,419,171
First Trust Eurozone AlphaDEX® ETF
21,531,249
 
*
$68,891,585 of First Trust Developed Markets ex-US AlphaDEX® Fund’s non-expiring net capital losses is subject to loss
limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of
$96,428 per year.
During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$2,344,452
First Trust Europe AlphaDEX® Fund
33,050,132
First Trust Latin America AlphaDEX® Fund
620,932
First Trust China AlphaDEX® Fund
2,610,144
First Trust Japan AlphaDEX® Fund
5,813,431
First Trust Developed Markets ex-US AlphaDEX® Fund
87,440,363
First Trust Emerging Markets AlphaDEX® Fund
36,540,160
First Trust Germany AlphaDEX® Fund
1,060,090
First Trust United Kingdom AlphaDEX® Fund
21,500
First Trust Switzerland AlphaDEX® Fund
3,333,750
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
1,446,606
First Trust Emerging Markets Small Cap AlphaDEX® Fund
7,665,090
First Trust Eurozone AlphaDEX® ETF
1,239,617
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.
As of June 30, 2026, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$99,058,978
$34,909,913
$(9,152,400
)
$25,757,513
First Trust Europe AlphaDEX® Fund
468,056,471
79,792,203
(19,969,208
)
59,822,995
First Trust Latin America AlphaDEX® Fund
30,891,288
4,598,047
(1,201,488
)
3,396,559
Page 95
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust China AlphaDEX® Fund
$42,800,406
$2,941,276
$(10,448,669
)
$(7,507,393
)
First Trust Japan AlphaDEX® Fund
218,237,400
63,102,335
(9,610,542
)
53,491,793
First Trust Developed Markets ex-US AlphaDEX® Fund
1,180,629,653
256,731,930
(71,702,414
)
185,029,516
First Trust Emerging Markets AlphaDEX® Fund
719,355,859
138,164,824
(80,687,147
)
57,477,677
First Trust Germany AlphaDEX® Fund
104,586,055
12,034,739
(11,222,006
)
812,733
First Trust United Kingdom AlphaDEX® Fund
38,080,715
2,549,681
(4,111,923
)
(1,562,242
)
First Trust India NIFTY 50 Equal Weight ETF
105,742,426
34,182,091
(5,696,579
)
28,485,512
First Trust Switzerland AlphaDEX® Fund
32,112,002
4,839,857
(2,025,402
)
2,814,455
First Trust Developed Markets ex-US Small Cap
AlphaDEX® Fund
12,725,549
1,857,226
(1,217,439
)
639,787
First Trust Emerging Markets Small Cap AlphaDEX®
Fund
255,578,615
35,262,218
(32,239,533
)
3,022,685
First Trust Eurozone AlphaDEX® ETF
130,722,572
19,210,947
(6,034,125
)
13,176,822
I. Expenses
Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of the advisory fees, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund.
First Trust Portfolios L.P. (“FTP”) has entered into licensing agreements with Nasdaq (“Licensor”) for all the Funds except NFTY and with NSE Indices Limited (“NSE”) for NFTY (Nasdaq and NSE collectively, the “Licensors”). The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensors. The Funds are sub-licensees to the applicable license agreements.
J. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
First Trust is paid an annual unitary management fee for each Fund. First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Page 96
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.80
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.78
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.76
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.74
%
Fund net assets greater than $10 billion
0.72
%
During the six months ended June 30, 2026, FDT received a payment from the Advisor in the amount of $4,582 in connection with a trade error.
During the fiscal year ended December 31, 2025, FSZ received a payment from the Advisor in the amount of $2,079 in connection with a trade error.
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$114,049,218
$52,368,542
First Trust Europe AlphaDEX® Fund
245,576,528
247,361,677
First Trust Latin America AlphaDEX® Fund
25,568,210
12,586,493
First Trust China AlphaDEX® Fund
77,241,187
29,409,402
First Trust Japan AlphaDEX® Fund
81,705,350
81,206,396
First Trust Developed Markets ex-US AlphaDEX® Fund
672,724,202
576,177,075
First Trust Emerging Markets AlphaDEX® Fund
533,653,565
391,134,815
First Trust Germany AlphaDEX® Fund
38,177,195
37,844,758
First Trust United Kingdom AlphaDEX® Fund
29,880,152
30,359,437
First Trust India NIFTY 50 Equal Weight ETF
13,695,918
45,191,963
First Trust Switzerland AlphaDEX® Fund
14,750,072
15,382,831
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
9,635,154
8,610,914
First Trust Emerging Markets Small Cap AlphaDEX® Fund
175,999,888
178,715,603
First Trust Eurozone AlphaDEX® ETF
61,816,667
61,724,528
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$16,340,105
$4,486,010
First Trust Europe AlphaDEX® Fund
81,309,675
8,676,994
Page 97
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
 
Purchases
Sales
First Trust Latin America AlphaDEX® Fund
$4,251,719
$—
First Trust China AlphaDEX® Fund
21,106,470
90,649,332
First Trust Japan AlphaDEX® Fund
86,957,370
69,719,491
First Trust Developed Markets ex-US AlphaDEX® Fund
289,545,783
15,119,454
First Trust Emerging Markets AlphaDEX® Fund
46,043,459
—
First Trust Germany AlphaDEX® Fund
40,329,622
25,509,686
First Trust United Kingdom AlphaDEX® Fund
26,866,532
75,769,023
First Trust India NIFTY 50 Equal Weight ETF
—
—
First Trust Switzerland AlphaDEX® Fund
—
7,996,292
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
2,539,753
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
—
4,166,157
First Trust Eurozone AlphaDEX® ETF
54,321,391
19,774,887
5. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
6. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
Page 98
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.
7. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 99
Other Information
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2026.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2026.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) with First Trust Advisors L.P. (the “Advisor”) on behalf of each of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust China AlphaDEX® Fund (FCA)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust United Kingdom AlphaDEX® Fund (FKU)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2027 at a meeting held on June 7–8, 2026. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 13, 2026 and June 7–8, 2026, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 13, 2026, prior to which the Independent Trustees and their counsel met
Page 100
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 7–8, 2026 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 13, 2026 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio of NFTY was equal to the median total (net) expense ratio of the peer funds in its Expense Group and that the total (net) expense ratio for each other Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board also received and reviewed information for periods ended December 31, 2025 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. With respect to NFTY, the Board noted that during 2018, shareholders of the Fund approved changes to the Fund’s investment objective and, effective April 17, 2018, the Fund changed its name and ticker symbol and began tracking the NIFTY 50 Equal Weight Index, and that the performance information included a blend of the old and new indexes. The Board considered the Advisor’s explanations of how the AlphaDEX® stock selection methodology impacts Fund performance in various market environments, and the Advisor’s statement that AlphaDEX® is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a benchmark
Page 101
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2026 (Unaudited)
index and noted the Advisor’s discussion of FDTS’s, FEM’s, FEMS’s and FGM’s performance at the April 13, 2026 meeting. However, given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreement.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure, including technology, and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2025 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP the exposure of their products to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Disclaimers
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index, Nasdaq AlphaDEX® EuropeTM Index, Nasdaq AlphaDEX® Latin AmericaTM Index, Nasdaq AlphaDEX® ChinaTM Index, Nasdaq AlphaDEX® JapanTM Index, Nasdaq AlphaDEX® Developed Markets Ex-USTM Index, Nasdaq AlphaDEX® Emerging MarketsTM Index, Nasdaq AlphaDEX® GermanyTM Index, Nasdaq AlphaDEX® United KingdomTM Index, Nasdaq AlphaDEX® SwitzerlandTM Index, Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index, Nasdaq AlphaDEX® Emerging Markets Small CapTM Index and Nasdaq AlphaDEX® EurozoneTM Index (“the Nasdaq Indices”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indices. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal Weight Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight Index in the Prospectus and Statement of Additional Information.
Page 102
 
 

 

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

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

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

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

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

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

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

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

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

 

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

Not applicable to the Registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

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

(a) Not applicable to the Registrant.

 

(b) Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable to the Registrant.

 

(b) Not applicable to the Registrant.

Item 19. Exhibits.

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

 

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3) Not applicable to the Registrant.

 

(a)(4) Not applicable to the Registrant.

 

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

SIGNATURES

 



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)   First Trust Exchange-Traded AlphaDEX® Fund II
By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   September 3, 2026  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   September 3, 2026  
By (Signature and Title)*   /s/ Derek D. Maltbie
    Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
Date:   September 3, 2026  

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

 

 

 

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