UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-22019
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant's telephone number, including area code:
(630) 765-8000
Date of fiscal year end:
July 31
Date of reporting period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.
Item 1. Reports to Shareholders.
(a) Following is a copy of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Consumer Discretionary AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 8.85% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Consumer Discretionary Index, which returned 7.52% for the same Period.
During the Period, investments in the Specialty Retail industry received the greatest allocation of any industry with an average weight of 18.4% and contributed 2.7% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 1.9%, investments in the Distributors industry contributed –0.6% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXD for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Fox Corp., Class A | |
| Dillard’s, Inc., Class A | |
| Mattel, Inc. | |
| Lyft, Inc., Class A | |
| Gap (The), Inc. | |
| SharkNinja, Inc. | |
| Lithia Motors, Inc. | |
| Macy’s, Inc. | |
| Lululemon Athletica, Inc. | |
| Sirius XM Holdings, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Discretionary Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Discretionary AlphaDEX® Fund (“FXD”). Neither FTP, the Trust, nor FXD is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXD particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXD or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXD into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXD to be issued or in the determination or calculation of the equation by which FXD is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXD. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Consumer Discretionary AlphaDEX® Fund (FXD)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Consumer Staples AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 4.71% during the 12 months ended July 31, 2026. The Fund underperformed its benchmark, the S&P 500® Consumer Staples Index, which returned 10.32% for the same Period.
During the Period, investments in the Food Products industry received the greatest allocation of any industry with an average weight of 48.6% and contributed –1.3% to the Fund’s overall return, which was the most negative return contribution of any industry. With an average weight of 18.1%, investments in the Beverages industry contributed 2.4% to the Fund’s overall return, which was the greatest return contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXG for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| JBS N.V., Class A | |
| Smithfield Foods, Inc. | |
| Ingredion, Inc. | |
| General Mills, Inc. | |
| McCormick & Co., Inc. | |
| Freshpet, Inc. | |
| Seaboard Corp. | |
| Pilgrim’s Pride Corp. | |
| Casey’s General Stores, Inc. | |
| Post Holdings, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXG to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Staples Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Staples AlphaDEX® Fund (“FXG”). Neither FTP, the Trust, nor FXG is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXG particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXG or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXG into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXG to be issued or in the determination or calculation of the equation by which FXG is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXG. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Consumer Staples AlphaDEX® Fund (FXG)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Energy AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 43.00% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Energy Index, which returned 41.17% for the same Period.
During the Period, investments in the Oil, Gas & Consumable Fuels industry received the greatest allocation of any industry with an average weight of 80.4% and contributed 32.7% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 0.1%, investments in the Electrical Equipment industry contributed –0.2% to the Fund’s overall return, which was the most negative contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXN for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
| HF Sinclair Corp. | |
| APA Corp. | |
| Devon Energy Corp. | |
| Range Resources Corp. | |
| Expand Energy Corp. | |
| Antero Resources Corp. | |
| EQT Corp. | |
| Chord Energy Corp. | |
| Ovintiv, Inc. | |
| ConocoPhillips |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Energy Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Energy AlphaDEX® Fund (“FXN”). Neither FTP, the Trust, nor FXN is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXN particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXN or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXN into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXN to be issued or in the determination or calculation of the equation by which FXN is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXN. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Energy AlphaDEX® Fund (FXN)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Financials AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 17.93% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Financials Index, which returned 10.52% for the same Period.
During the Period, investments in the Insurance industry received the greatest allocation of any industry with an average weight of 34.2% and contributed 6.2% to the Fund’s overall return. With an average weight of 27.6%, investments in the Banks industry contributed 8.0% to the Fund’s overall return, which was the greatest return contribution of any industry. No industry had a negative contribution to overall Fund return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXO for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| MarketAxess Holdings, Inc. | |
| Lincoln National Corp. | |
| FactSet Research Systems, Inc. | |
| Travelers (The) Cos., Inc. | |
| Allstate (The) Corp. | |
| First American Financial Corp. | |
| Central BanCo, Inc. | |
| Hartford Insurance Group (The), Inc. | |
| MGIC Investment Corp. | |
| American International Group, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXO to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Financials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Financials AlphaDEX® Fund (“FXO”). Neither FTP, the Trust, nor FXO is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXO particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXO or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXO into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXO to be issued or in the determination or calculation of the equation by which FXO is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXO. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Financials AlphaDEX® Fund (FXO)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Health Care AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 29.63% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Health Care Index, which returned 26.92% for the same Period.
During the Period, investments in the Biotechnology industry received the greatest allocation of any industry with an average weight of 26.4% and contributed 10.1% to the Fund’s overall return. With an average weight of 25.0%, investments in the Health Care Providers & Services industry contributed 12.4% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 2.0%, investments in the Health Care Technology industry contributed –0.9% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXH for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Regeneron Pharmaceuticals, Inc. | |
| Universal Health Services, Inc., Class B | |
| Solventum Corp. | |
| Boston Scientific Corp. | |
| Zimmer Biomet Holdings, Inc. | |
| Guardant Health, Inc. | |
| DaVita, Inc. | |
| Pfizer, Inc. | |
| Tenet Healthcare Corp. | |
| Cigna Group (The) |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXH to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Health Care Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Health Care AlphaDEX® Fund (“FXH”). Neither FTP, the Trust, nor FXH is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXH particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXH or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXH into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXH to be issued or in the determination or calculation of the equation by which FXH is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXH. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Health Care AlphaDEX® Fund (FXH)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Industrials/Producer Durables AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.16% during the 12 months ended July 31, 2026. The Fund underperformed its benchmark, the S&P 500® Industrials Index, which returned 19.86% for the same Period.
During the Period, investments in the Machinery industry received the greatest allocation of any industry with an average weight of 14.6% and contributed 3.6% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 8.3%, investments in the Financial Services industry contributed –1.6% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXR for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Accenture PLC, Class A | |
| PayPal Holdings, Inc. | |
| Genpact Ltd. | |
| ADT, Inc. | |
| Fidelity National Information Services, Inc. | |
| Vontier Corp. | |
| Fiserv, Inc. | |
| ExlService Holdings, Inc. | |
| Graphic Packaging Holding Co. | |
| Mohawk Industries, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXR to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Industrials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Industrials/Producer Durables AlphaDEX® Fund (“FXR”). Neither FTP, the Trust, nor FXR is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXR particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXR or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXR into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXR to be issued or in the determination or calculation of the equation by which FXR is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXR. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Materials AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 35.49% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Materials Index, which returned 15.32% for the same Period.
During the Period, investments in the Chemicals industry received the greatest allocation of any industry, with an average weight of 40.9%, and contributed 4.7% to the Fund’s overall return. With an average weight of 37.1%, investments in the Metals & Mining industry contributed 20.8% to the Fund’s overall return, which was the greatest return contribution of any industry. No industry had a negative contribution to overall Fund return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXZ for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| CF Industries Holdings, Inc. | |
| Steel Dynamics, Inc. | |
| Newmont Corp. | |
| Anglogold Ashanti PLC | |
| Coeur Mining, Inc. | |
| Alcoa Corp. | |
| Nucor Corp. | |
| Mueller Industries, Inc. | |
| Eastman Chemical Co. | |
| Mosaic (The) Co. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Materials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Materials AlphaDEX® Fund (“FXZ”). Neither FTP, the Trust, nor FXZ is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXZ particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXZ or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXZ into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXZ to be issued or in the determination or calculation of the equation by which FXZ is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXZ. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Materials AlphaDEX® Fund (FXZ)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Technology AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 24.65% during the 12 months ended July 31, 2026. The Fund underperformed its benchmark, the S&P 500® Information Technology Index, which returned 26.22% for the same Period.
During the Period, investments in the Semiconductors & Semiconductor Equipment industry received the greatest allocation of any industry with an average weight of 29.0% and contributed 23.8% to the Fund’s overall return, which was the greatest return contribution of any industry. With an average weight of 8.3%, investments in the Professional Services industry contributed -2.4% to the Fund’s overall return, which was the most negative return contribution of any industry.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXL for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Cognizant Technology Solutions Corp., Class A | |
| EPAM Systems, Inc. | |
| PTC, Inc. | |
| Leidos Holdings, Inc. | |
| Zoom Communications, Inc. | |
| Amdocs Ltd. | |
| Adobe, Inc. | |
| Dell Technologies, Inc., Class C | |
| RingCentral, Inc., Class A | |
| Western Digital Corp. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Technology Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Technology AlphaDEX® Fund (“FXL”). Neither FTP, the Trust, nor FXL is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXL particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXL or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXL into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXL to be issued or in the determination or calculation of the equation by which FXL is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXL. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Technology AlphaDEX® Fund (FXL)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Utilities AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 11.49% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Utilities Index, which returned 6.41% for the same Period.
During the Period, investments in the Electric Utilities industry received the greatest allocation of any industry with an average weight of 50.3% and contributed 7.8% to the Fund's overall return, which was the greatest return contribution of any industry. No industry had a negative contribution to overall Fund return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FXU for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| National Fuel Gas Co. | |
| UGI Corp. | |
| PG&E Corp. | |
| AES (The) Corp. | |
| Eversource Energy | |
| Edison International | |
| Consolidated Edison, Inc. | |
| Exelon Corp. | |
| Essential Utilities, Inc. | |
| Duke Energy Corp. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Utilities Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Utilities AlphaDEX® Fund (“FXU”). Neither FTP, the Trust, nor FXU is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXU particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXU or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXU into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXU to be issued or in the determination or calculation of the equation by which FXU is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXU. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
First Trust Utilities AlphaDEX® Fund (FXU)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Large Cap Core AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 23.01% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Index, which returned 19.56% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector with an average weight of 17.1%, and contributed 4.5% to the Fund’s overall return. With an average weight of 15.1%, investments in the Information Technology sector contributed 7.9% to the Fund’s overall return, which was the greatest contribution of any sector. With an average weight of 4.4%, investments in the Communication Services sector contributed -0.5% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FEX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Cognizant Technology Solutions Corp., Class A | |
| Accenture PLC, Class A | |
| PayPal Holdings, Inc. | |
| Regeneron Pharmaceuticals, Inc. | |
| ConocoPhillips | |
| Global Payments, Inc. | |
| Fidelity National Information Services, Inc. | |
| EOG Resources, Inc. | |
| Travelers (The) Cos., Inc. | |
| AT&T, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Large Cap CoreTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Large Cap Core AlphaDEX® Fund (FEX)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Mid Cap Core AlphaDEX® Fund | $ |
|
(1) |
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 23.25% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P MidCap 400® Index, which returned 20.92% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 20.6%, which contributed 4.8% to Fund’s overall return, which was the greatest of any sector. With an average weight of 4.1%, investments in the Consumer Staples sector contributed -0.3% to the Fund’s overall return, which was the most negative return contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FNX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| EPAM Systems, Inc. | |
| Lithia Motors, Inc. | |
| HF Sinclair Corp. | |
| Genpact Ltd. | |
| SM Energy Co. | |
| Ovintiv, Inc. | |
| ADT, Inc. | |
| Permian Resources Corp., Class A | |
| CF Industries Holdings, Inc. | |
| Asbury Automotive Group, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Mid Cap CoreTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Small Cap Core AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 45.58% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P SmallCap 600® Index, which returned 33.64% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 19.5%, which contributed 6.2% to the Fund’s overall return. With an average weight of 13.7%, investments in the Health Care sector contributed 8.1% to the Fund’s overall return, which was the greatest of any sector. No sector represented a negative contribution to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FYX for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| CBIZ, Inc. | |
| Everforth, Inc. | |
| PBF Energy, Inc., Class A | |
| Par Pacific Holdings, Inc. | |
| CONMED Corp. | |
| Dorian LPG Ltd. | |
| DXC Technology Co. | |
| International Seaways, Inc. | |
| Korn Ferry | |
| Acadian Asset Management, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Small Cap CoreTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Small Cap Core AlphaDEX® Fund (FYX)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Large Cap Value AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 30.11% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P 500® Value Index, which returned 19.71% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 21.4% and contributed 4.9% to the Fund’s overall return. With an average weight of 11.4%, investments in the Health Care sector contributed 5.7% to the Fund’s overall return, which was the greatest of any sector. No sector contributed a negative return to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FTA for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Cognizant Technology Solutions Corp., Class A | |
| Accenture PLC, Class A | |
| PayPal Holdings, Inc. | |
| ConocoPhillips | |
| Global Payments, Inc. | |
| General Motors Co. | |
| Fidelity National Information Services, Inc. | |
| EOG Resources, Inc. | |
| Travelers (The) Cos., Inc. | |
| AT&T, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Large Cap ValueTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Large Cap Value AlphaDEX® Fund (FTA)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Large Cap Growth AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 12.88% during the 12 months ended July 31, 2026. The Fund underperformed its benchmark, the S&P 500® Growth Index, which returned 19.42% for the same Period.
During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 25.9%, and contributed 9.9% to the Fund’s overall return. Investments in the Communication Services, with an average weight of 4.8%, contributed -1.2% to the Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FTC for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Incyte Corp. | |
| Fortinet, Inc. | |
| Datadog, Inc., Class A | |
| eBay, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| Morgan Stanley | |
| EMCOR Group, Inc. | |
| Cincinnati Financial Corp. | |
| United Rentals, Inc. | |
| Ross Stores, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Large Cap GrowthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Multi Cap Value AlphaDEX® Fund | $ |
|
(1) |
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 30.17% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P Composite 1500® Value Index, which returned 20.19% for the same Period.
During the Period, the average allocation to the Financials sector was 22.7%, the greatest of any sector, and contributed 5.8% to the Fund’s overall return. With an average weight of 11.5%, investments in the Energy sector contributed 6.0% to the Fund’s overall return, the greatest contribution to the Fund’s overall return. No sector represented a negative contribution to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FAB for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Cognizant Technology Solutions Corp., Class A | |
| Accenture PLC, Class A | |
| PayPal Holdings, Inc. | |
| Global Payments, Inc. | |
| ConocoPhillips | |
| General Motors Co. | |
| Fidelity National Information Services, Inc. | |
| EOG Resources, Inc. | |
| Travelers (The) Cos., Inc. | |
| AT&T, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAB to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Multi Cap ValueTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Multi Cap Growth AlphaDEX® Fund | $ |
|
(1) |
|
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 22.09% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P Composite 1500® Growth Index, which returned 19.78% for the same Period.
During the Period, the Fund’s greatest allocation was to the Industrials sector. The Industrials sector received an average allocation of 25.2% and contributed 6.4% to the Fund’s overall return. With an average weight of 21.1%, investments in the Information Technology sector contributed 9.0% to the Fund’s overall return, the greatest contribution of the Fund’s overall return. With an average weight of 1.7%, investments in the Utilities sector contributed -0.3% to the Fund’s overall return, the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FAD for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Incyte Corp. | |
| Fortinet, Inc. | |
| Datadog, Inc., Class A | |
| eBay, Inc. | |
| Interactive Brokers Group, Inc., Class A | |
| Morgan Stanley | |
| EMCOR Group, Inc. | |
| Cincinnati Financial Corp. | |
| United Rentals, Inc. | |
| Ross Stores, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Multi Cap GrowthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Mid Cap Value AlphaDEX® Fund | $ |
|
(1) |
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. |
|
(2) |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 22.53% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P MidCap 400® Value Index, which returned 20.77% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 24.4%, and contributed 6.2% to the Fund’s overall return, which was the greatest of any sector. Investments in the Consumer Staples sector, with an average weight of 6.0%, contributed -0.1% to the Fund’s overall return, which was the most negative return contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FNK for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| EPAM Systems, Inc. | |
| Lithia Motors, Inc. | |
| HF Sinclair Corp. | |
| Genpact Ltd. | |
| SM Energy Co. | |
| Ovintiv, Inc. | |
| ADT, Inc. | |
| Permian Resources Corp., Class A | |
| CF Industries Holdings, Inc. | |
| Asbury Automotive Group, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNK to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Mid Cap ValueTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Mid Cap Growth AlphaDEX® Fund | $ |
|
(1) |
Excludes any Acquired Fund Fees and Expenses of the underlying investment companies in which the Fund invests. |
|
(2) |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 21.30% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P MidCap 400® Growth Index, which returned 21.18% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 26.7%, and contributed 6.3% to the Fund’s overall return, which was the greatest of any sector. Investments in the Consumer Staples sector, with an average weight of 1.7%, contributed -0.8% to Fund’s overall return, which was the most negative contribution of any sector.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FNY for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Etsy, Inc. | |
| Guardant Health, Inc. | |
| PACS Group, Inc. | |
| Victoria’s Secret & Co. | |
| Amneal Pharmaceuticals, Inc. | |
| Enova International, Inc. | |
| Corcept Therapeutics, Inc. | |
| IES Holdings, Inc. | |
| Tutor Perini Corp. | |
| Coca-Cola Consolidated, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Mid Cap GrowthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Small Cap Value AlphaDEX® Fund | $ |
|
(1) |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 42.37% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P SmallCap 600® Value Index, which returned 37.16% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector with an average weight of 23.6% and contributed 7.3% to the Fund’s overall return. With an average weight of 11.5%, investments in the Energy sector contributed 9.7% to the Fund’s overall return, which was the greatest return contribution of any sector. No sector represented a negative contribution to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FYT for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| CBIZ, Inc. | |
| Everforth, Inc. | |
| PBF Energy, Inc., Class A | |
| Par Pacific Holdings, Inc. | |
| CONMED Corp. | |
| Dorian LPG Ltd. | |
| DXC Technology Co. | |
| International Seaways, Inc. | |
| PVH Corp. | |
| Adient PLC |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Small Cap ValueTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Small Cap Value AlphaDEX® Fund (FYT)
AlphaDEX® Fund
ANNUAL SHAREHOLDER REPORT | July 31, 2026
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| First Trust Small Cap Growth AlphaDEX® Fund | $ |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 48.72% during the 12 months ended July 31, 2026. The Fund outperformed its benchmark, the S&P SmallCap 600® Growth Index, which returned 30.43% for the same Period.
During the Period, the Health Care sector received the greatest allocation of any sector, with an average weight of 24.0%, and contributed 15.1% to the Fund’s return, the largest positive contribution of any sector. No sector represented a negative contribution to the Fund’s overall return.
FUND PERFORMANCE (July 31, 2016 to July 31, 2026)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
| Average Annual Total Returns (as of July 31, 2026) | 1 Year | 5 Year | 10 Year |
Visit www.ftportfolios.com/etf/FYC for more recent performance information.
KEY FUND STATISTICS (As of July 31, 2026)
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid | $ |
| Portfolio turnover rate |
WHAT DID THE FUND INVEST IN? (As of July 31, 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
| Acadian Asset Management, Inc. | |
| Chefs’ Warehouse (The), Inc. | |
| RingCentral, Inc., Class A | |
| Precigen, Inc. | |
| First Advantage Corp. | |
| Oscar Health, Inc., Class A | |
| AtaiBeckley, Inc. | |
| National HealthCare Corp. | |
| Liquidia Corp. | |
| NeoGenomics, Inc. |
Sector Allocation
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX Small Cap GrowthTM Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Portfolios L.P. (“FTP”). AlphaDEX® is a registered trademark owned by FTP that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
