2d288725-33d6-4106-9e18-359b40215876
TSR - First Trust Fund Logo
First Trust Asia Pacific
ex-Japan AlphaDEX® Fund
FPA | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPA. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Asia Pacific ex-Japan AlphaDEX® Fund $98 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 42.31% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Pacific ex-Japan Index, which returned 20.62% for the same Period.
During the Period, investments in South Korea received the greatest allocation of any country, with an average weight of 46.7% and contributed 32.5% to overall Fund return, the greatest contribution of any country. Investments in Taiwan contributed -0.5% to overall Fund return, the most negative contribution of any country, and held an average weight of 0.7%. The Fund’s currency exposure contributed 3.6% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Asia Pacific ex-Japan AlphaDEX® Fund 42.31% 7.23% 6.57%
Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index 43.92% 8.57% 7.68%
Nasdaq Developed Markets Asia Pacific Ex-JapanTM Index 40.29% 5.76% 8.08%
MSCI Pacific ex-Japan Index 20.62% 5.74% 7.34%
Visit www.ftportfolios.com/etf/FPA for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $24,301,244
Total number of portfolio holdings 102
Total advisory fee paid $153,982
Portfolio turnover rate 104%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
SK Square Co., Ltd. 2.8%
SK hynix, Inc. 2.3%
Hyundai Motor Co. 2.1%
Hyosung Heavy Industries Corp. 2.1%
Korea Electric Power Corp. 2.0%
Hyundai Mobis Co., Ltd. 1.9%
HD Hyundai Co., Ltd. 1.9%
Kia Corp. 1.9%
Woodside Energy Group Ltd. 1.6%
Hanwha Ocean Co., Ltd. 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
TSR - First Trust Fund Logo
First Trust Europe AlphaDEX® Fund
FEP | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Europe AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEP. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Europe AlphaDEX® Fund $103 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 55.13% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Europe Index, which returned 35.41% for the same Period.
During the Period, investments in the United Kingdom received the greatest allocation of any country, with an average weight of 18.5% and contributed 8.6% to overall Fund return. With an average weight of 18.0%, investments in Germany contributed 11.7% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund’s currency exposure contributed 15.3% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Europe AlphaDEX® Fund 55.13% 10.91% 9.36%
Nasdaq AlphaDEX® EuropeTM Index 56.05% 11.68% 10.04%
Nasdaq Developed Markets EuropeTM Index 36.05% 9.90% 8.35%
MSCI Europe Index 35.41% 10.30% 8.52%
Visit www.ftportfolios.com/etf/FEP for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $408,463,397
Total number of portfolio holdings 202
Total advisory fee paid $2,256,568
Portfolio turnover rate 92%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 2.1%
HOCHTIEF AG 1.1%
Fresnillo PLC 1.1%
SSAB AB, Class B 1.0%
Standard Chartered PLC 1.0%
Endeavour Mining PLC 1.0%
ACS Actividades de Construccion y Servicios S.A. 1.0%
Rio Tinto PLC 0.9%
Banco Bilbao Vizcaya Argentaria S.A. 0.9%
UNIQA Insurance Group AG 0.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EuropeTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Europe AlphaDEX® Fund (FEP)
TSR - First Trust Fund Logo
First Trust Latin America AlphaDEX® Fund
FLN | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Latin America AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FLN. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Latin America AlphaDEX® Fund $103 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 54.67% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI EM Latin America Index, which returned 54.81% for the same Period.
During the Period, investments in Brazil received the greatest allocation of any country, with an average weight of 53.5% and contributed 27.0% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund’s currency exposure contributed 15.7% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Latin America AlphaDEX® Fund 54.67% 8.14% 10.05%
Nasdaq AlphaDEX® Latin AmericaTM Index 57.10% 9.59% 11.41%
Nasdaq Latin AmericaTM Index 54.95% 7.72% 8.59%
MSCI EM Latin America Index 54.81% 8.65% 8.79%
Visit www.ftportfolios.com/etf/FLN for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $15,910,073
Total number of portfolio holdings 51
Total advisory fee paid $110,201
Portfolio turnover rate 100%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Latam Airlines Group S.A. 3.7%
Eneva S.A. 3.7%
Industrias Penoles S.A.B. de C.V. 3.7%
Falabella S.A. 3.7%
Vibra Energia S.A. 3.4%
Banco BTG Pactual S.A. 3.3%
PRIO S.A. 3.3%
Prologis Property Mexico S.A. de C.V. 3.3%
Cemex S.A.B. de C.V., Series CPO 3.2%
Cia Energetica de Minas Gerais 3.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Latin AmericaTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Latin America AlphaDEX® Fund (FLN)
TSR - First Trust Fund Logo
First Trust China AlphaDEX® Fund
FCA | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust China AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCA. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 China AlphaDEX® Fund $98 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 42.95% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI China Index, which returned 31.17% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 23.9% and contributed 7.8% to overall Fund return. With an average weight of 11.1%, investments in the Materials sector contributed 13.1% to overall Fund return, the greatest contribution of any sector. Investments in the Utilities sector contributed -0.4% to overall Fund return, the most negative contribution of any sector, and held an average weight of 3.7%. The Fund’s currency exposure contributed -0.2% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust China AlphaDEX® Fund 42.95% 4.15% 7.28%
Nasdaq AlphaDEX® ChinaTM Index 44.36% 4.96% 8.53%
Nasdaq ChinaTM Index 32.96% -2.17% 4.73%
MSCI China Index 31.17% -3.20% 5.54%
Visit www.ftportfolios.com/etf/FCA for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $60,892,772
Total number of portfolio holdings 52
Total advisory fee paid $379,849
Portfolio turnover rate 101%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 8.1%
China Hongqiao Group Ltd. 4.7%
Goldwind Science & Technology Co., Ltd., Class H 3.7%
China Reinsurance Group Corp., Class H 3.5%
New China Life Insurance Co., Ltd., Class H 3.3%
Shandong Gold Mining Co., Ltd., Class H 3.3%
Baidu, Inc., Class A 3.2%
PetroChina Co., Ltd., Class H 3.2%
People’s Insurance Co. Group of China (The) Ltd., Class H 2.9%
China Coal Energy Co., Ltd., Class H 2.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® ChinaTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust China AlphaDEX® Fund (FCA)
TSR - First Trust Fund Logo
First Trust Japan AlphaDEX® Fund
FJP | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Japan AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FJP. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Japan AlphaDEX® Fund $94 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 32.14% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Japan Index, which returned 24.60% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 34.8% and contributed 16.5% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund’s currency exposure contributed 0.6% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Japan AlphaDEX® Fund 32.14% 8.38% 5.87%
Nasdaq AlphaDEX® JapanTM Index 32.90% 8.99% 6.42%
Nasdaq JapanTM Index 24.78% 6.47% 7.39%
MSCI Japan Index 24.60% 6.60% 7.62%
Visit www.ftportfolios.com/etf/FJP for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $207,222,947
Total number of portfolio holdings 101
Total advisory fee paid $1,445,567
Portfolio turnover rate 91%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 9.1%
Fujikura Ltd. 2.3%
Taisei Corp. 2.2%
Kajima Corp. 1.9%
Inpex Corp. 1.9%
Kandenko Co., Ltd. 1.9%
Kansai Electric Power (The) Co., Inc. 1.8%
Subaru Corp. 1.7%
Central Japan Railway Co. 1.7%
Suzuki Motor Corp. 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® JapanTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Japan AlphaDEX® Fund (FJP)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US AlphaDEX® Fund
FDT | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDT. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Developed Markets ex-US AlphaDEX® Fund $102 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 51.78% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI World ex USA Index, which returned 31.85% for the same Period.
During the Period, investments in Japan received the greatest allocation of any country, with an average weight of 25.7% and contributed 10.3% to overall Fund return, the greatest contribution of any country. Investments in Taiwan contributed -0.2% to overall Fund return, the most negative contribution of any country, and held an average weight of 0.2%. The Fund’s currency exposure contributed 8.4% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Developed Markets ex-US AlphaDEX® Fund 51.78% 10.77% 8.51%
Nasdaq AlphaDEX® Developed Markets Ex-USTM Index 53.17% 11.76% 9.37%
Nasdaq Developed Markets Ex-USTM Index 34.23% 8.86% 8.39%
MSCI World ex USA Index 31.85% 9.46% 8.55%
Visit www.ftportfolios.com/etf/FDT for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $789,234,288
Total number of portfolio holdings 301
Total advisory fee paid $4,367,706
Portfolio turnover rate 109%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co., Repurchase Agreement 4.9%
SK Square Co., Ltd. 0.9%
HOCHTIEF AG 0.7%
SK hynix, Inc. 0.7%
Taisei Corp. 0.7%
Hyundai Motor Co. 0.7%
OceanaGold Corp. 0.7%
Hyosung Heavy Industries Corp. 0.6%
Sumitomo Pharma Co., Ltd. 0.6%
IAMGOLD Corp. 0.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-USTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
TSR - First Trust Fund Logo
First Trust Emerging Markets
AlphaDEX® Fund
FEM | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEM. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Emerging Markets AlphaDEX® Fund $92 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 26.35% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index, which returned 33.57% for the same Period.
During the Period, investments in China received the greatest allocation of any country, with an average weight of 38.4% and contributed 12.9% to overall Fund return, the greatest contribution of any country. Investments in Turkey contributed -1.0% to overall Fund return, the most negative contribution of any country, and held an average weight of 6.3%. The Fund’s currency exposure contributed 2.9% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Emerging Markets AlphaDEX® Fund 26.35% 6.13% 8.12%
Nasdaq AlphaDEX® Emerging MarketsTM Index 27.73% 7.26% 9.33%
Nasdaq Emerging MarketsTM Index 27.14% 6.03% 8.89%
MSCI Emerging Markets Index 33.57% 4.20% 8.42%
Visit www.ftportfolios.com/etf/FEM for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $477,720,466
Total number of portfolio holdings 157
Total advisory fee paid $3,398,480
Portfolio turnover rate 111%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
JPMorgan Chase & Co., Repurchase Agreement 5.1%
Aluminum Corp. of China Ltd., Class H 1.5%
Jiangxi Copper Co., Ltd., Class H 1.4%
Wiwynn Corp. 1.3%
Bumi Resources Minerals Tbk PT 1.3%
China Hongqiao Group Ltd. 1.3%
Gold Circuit Electronics Ltd. 1.3%
PetroChina Co., Ltd., Class H 1.2%
Industrias Penoles S.A.B. de C.V. 1.2%
Astra International Tbk PT 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging MarketsTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets AlphaDEX® Fund (FEM)
TSR - First Trust Fund Logo
First Trust Germany AlphaDEX® Fund
FGM | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Germany AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FGM. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Germany AlphaDEX® Fund $105 0.80%
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 63.48% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Germany Index, which returned 36.28% for the same Period.
During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 37.3% and contributed 29.6% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund’s currency exposure contributed 16.5% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Germany AlphaDEX® Fund 63.48% 6.61% 7.94%
Nasdaq AlphaDEX® GermanyTM Index 64.56% 6.78% 8.20%
Nasdaq GermanyTM Index 36.25% 8.05% 7.15%
MSCI Germany Index 36.28% 8.61% 7.59%
Visit www.ftportfolios.com/etf/FGM for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $84,314,203
Total number of portfolio holdings 42
Total advisory fee paid $355,477
Portfolio turnover rate 66%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
HOCHTIEF AG 5.6%
Aurubis AG 4.9%
RWE AG 4.5%
Bank of America Corp., Repurchase Agreement 4.4%
Bayerische Motoren Werke AG 4.3%
Siemens Energy AG 4.3%
Mercedes-Benz Group AG 4.2%
Commerzbank AG 3.8%
Nordex SE 3.6%
Auto1 Group SE 3.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® GermanyTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Germany AlphaDEX® Fund (FGM)
TSR - First Trust Fund Logo
First Trust United Kingdom
AlphaDEX® Fund
FKU | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FKU. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 United Kingdom AlphaDEX® Fund $96 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 37.60% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI United Kingdom Index, which returned 35.11% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 27.6% and contributed 14.9% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund’s currency exposure contributed 8.8% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust United Kingdom AlphaDEX® Fund 37.60% 10.30% 6.10%
Nasdaq AlphaDEX® United KingdomTM Index 39.19% 11.66% 7.30%
Nasdaq United KingdomTM Index 35.13% 12.12% 7.47%
MSCI United Kingdom Index 35.11% 13.33% 7.83%
Visit www.ftportfolios.com/etf/FKU for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $86,499,266
Total number of portfolio holdings 76
Total advisory fee paid $524,815
Portfolio turnover rate 65%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Fresnillo PLC 4.6%
Rio Tinto PLC 2.8%
Endeavour Mining PLC 2.8%
Lion Finance Group PLC 2.6%
International Consolidated Airlines Group S.A. 2.4%
Standard Chartered PLC 2.4%
Anglogold Ashanti PLC 2.3%
St. James's Place PLC 2.3%
Barclays PLC 2.3%
M&G PLC 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FKU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® United KingdomTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust United Kingdom AlphaDEX® Fund (FKU)
TSR - First Trust Fund Logo
First Trust India NIFTY 50
Equal Weight ETF
NFTY | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust India NIFTY 50 Equal Weight ETF (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/NFTY. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 India NIFTY 50 Equal Weight ETF $83 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 5.73% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the NIFTY 50 Index, which returned 6.57% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 23.4% and contributed 5.1% to overall Fund return, the greatest contribution of any sector. Investments in the Information Technology sector contributed -1.6% to overall Fund return, the most negative contribution of any sector, and held an average weight of 9.6%. The Fund’s currency exposure contributed
-5.0% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust India NIFTY 50 Equal Weight ETF 5.73% 10.79% 9.41%
NIFTY 50 Equal Weight Index(1) 9.36% 14.62% N/A
NIFTY 50 Index 6.57% 10.02% 10.62%
MSCI India Index 2.62% 9.88% 9.70%
(1)
On April 17, 2018, the Fund’s underlying index changed from the Nasdaq AlphaDEX® Taiwan Index to the NIFTY 50 Equal Weight Index. Therefore, the Fund’s performance and total returns shown for the periods prior to April 17, 2018, are not necessarily indicative of the performance that the Fund, based on the current index, would have generated. Since the Fund’s new underlying index had an inception date of September 29, 2017, it was not in existence for all the periods disclosed.
Visit www.ftportfolios.com/etf/NFTY for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $175,555,041
Total number of portfolio holdings 51
Total advisory fee paid $1,724,255
Portfolio turnover rate 22%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Tata Steel Ltd. 2.1%
JSW Steel Ltd. 2.1%
Shriram Finance Ltd. 2.1%
Axis Bank Ltd. 2.1%
Bajaj Auto Ltd. 2.0%
Oil & Natural Gas Corp., Ltd. 2.0%
Tata Motors Passenger Vehicles Ltd. 2.0%
Mahindra & Mahindra Ltd. 2.0%
Kotak Mahindra Bank Ltd. 2.0%
NTPC Ltd. 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/NFTY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal WeightTM Index or particularly in the ability of the NIFTY 50 Equal WeightTM Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal WeightTM Index in the Prospectus and Statement of Additional Information.
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
TSR - First Trust Fund Logo
First Trust Switzerland AlphaDEX® Fund
FSZ | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Switzerland AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSZ. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Switzerland AlphaDEX® Fund $93 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 30.16% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Switzerland Index, which returned 33.47% for the same Period.
During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 29.3% and contributed 13.8% to overall Fund return, the greatest contribution of any sector. Investments in the Information Technology sector contributed -0.1% to overall Fund return, the most negative contribution of any sector, and held an average weight of 2.5%. The Fund’s currency exposure contributed 15.8% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Switzerland AlphaDEX® Fund 30.16% 8.18% 9.51%
Nasdaq AlphaDEX® SwitzerlandTM Index 30.86% 8.57% 9.89%
Nasdaq SwitzerlandTM Index 33.36% 8.02% 8.57%
MSCI Switzerland Index 33.47% 8.08% 8.73%
Visit www.ftportfolios.com/etf/FSZ for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $44,291,372
Total number of portfolio holdings 41
Total advisory fee paid $532,637
Portfolio turnover rate 80%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Holcim AG 5.2%
Helvetia Baloise Holding AG 4.4%
Avolta AG 4.3%
Swissquote Group Holding S.A. 4.2%
Sandoz Group AG 4.2%
Swatch Group (The) AG 4.1%
EFG International AG 4.1%
SFS Group AG 3.9%
Adecco Group AG 3.8%
BKW AG 3.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® SwitzerlandTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Switzerland AlphaDEX® Fund (FSZ)
TSR - First Trust Fund Logo
First Trust Developed Markets
ex-US Small Cap AlphaDEX® Fund
FDTS | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDTS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Developed Markets ex-US Small Cap AlphaDEX® Fund $101 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 49.71% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI World ex-USA Index, which returned 31.85% for the same Period.
During the Period, investments in Japan received the greatest allocation of any country, with an average weight of 37.1% and contributed 17.7% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund’s currency exposure contributed 6.2% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund 49.71% 10.13% 8.72%
Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index 50.88% 11.15% 9.57%
Nasdaq Developed Markets Ex-US Small CapTM Index 36.02% 6.90% 7.56%
MSCI World ex-USA Index 31.85% 9.46% 8.55%
Visit www.ftportfolios.com/etf/FDTS for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $8,781,034
Total number of portfolio holdings 404
Total advisory fee paid $59,137
Portfolio turnover rate 119%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 3.2%
Hankook Tire & Technology Co., Ltd. 0.6%
Migdal Insurance & Financial Holding Ltd. 0.5%
Wasion Holdings Ltd. 0.5%
Baytex Energy Corp. 0.5%
Aris Mining Corp. 0.5%
Hyosung Corp. 0.5%
Modec, Inc. 0.5%
Toa Corp. 0.5%
Mitsui Mining & Smelting Co., Ltd. 0.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
TSR - First Trust Fund Logo
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
FEMS | Nasdaq, Inc.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX® Fund (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEMS. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
This report describes changes to the Fund that occurred during or after the reporting period.
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 Emerging Markets Small Cap AlphaDEX® Fund $87 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.61% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index, which returned 33.57% for the same Period.
During the Period, investments in China represented the greatest allocation of any country, with an average weight of 21.6% and contributed 7.2% to overall Fund return. With an average weight of 15.0%, investments in Brazil contributed 8.0% to overall Fund return, the greatest contribution of any sector. Investments in Turkey contributed -3.0%, the most negative contribution of any sector, and held an average weight of 10.4%. The Fund’s currency exposure contributed 3.0% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Emerging Markets Small Cap AlphaDEX® Fund 15.61% 5.54% 8.98%
Nasdaq AlphaDEX® Emerging Markets Small CapTM Index 16.99% 7.16% 10.72%
Nasdaq Emerging Markets Small CapTM Index 15.24% 6.08% 8.12%
MSCI Emerging Markets Index 33.57% 4.20% 8.42%
Visit www.ftportfolios.com/etf/FEMS for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $242,553,465
Total number of portfolio holdings 205
Total advisory fee paid $2,076,440
Portfolio turnover rate 114%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 4.8%
Energi Mega Persada Tbk PT 1.6%
EZconn Corp. 1.3%
IOI Properties Group Bhd 1.1%
Petrosea Tbk PT 1.0%
Telkom S.A. SOC Ltd. 1.0%
JHSF Participacoes S.A. 1.0%
Thungela Resources Ltd. 0.9%
Bradespar S.A. 0.9%
Ral Yatirim Holding A/S 0.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FEMS or upon request at 1-800-621-1675 or [email protected].
During the fiscal year ended December 31, 2025, the Index was updated such that it may include as constituents, and the Fund may invest in, equity securities of companies domiciled in China that list and trade directly on Chinese stock exchanges (“China A Shares”).
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® Emerging Markets Small CapTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
TSR - First Trust Fund Logo
First Trust Eurozone AlphaDEX® ETF
FEUZ | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the First Trust Eurozone AlphaDEX® ETF (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEUZ. You can also request this information by contacting us at 1-800-621-1675 or [email protected].
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 Eurozone AlphaDEX® ETF $104 0.81%(1)
​(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 56.57% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI EMU Index, which returned 40.30% for the same Period.
During the Period, investments in Germany received the greatest allocation of any country, with an average weight of 27.9% and contributed 17.3% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund’s currency exposure contributed 16.0% to overall Fund return.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
Investment Performance of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Eurozone AlphaDEX® ETF 56.57% 10.86% 9.36%
Nasdaq AlphaDEX® EurozoneTM Index 57.52% 11.51% 9.94%
Nasdaq EurozoneTM Index 41.74% 10.50% 8.93%
MSCI EMU Index 40.30% 10.55% 9.00%
Visit www.ftportfolios.com/etf/FEUZ for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $92,144,629
Total number of portfolio holdings 151
Total advisory fee paid $476,312
Portfolio turnover rate 91%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Bank of America Corp., Repurchase Agreement 2.6%
HOCHTIEF AG 1.5%
Nordex SE 1.4%
ArcelorMittal S.A. 1.3%
ACS Actividades de Construccion y Servicios S.A. 1.3%
Banco Bilbao Vizcaya Argentaria S.A. 1.2%
UNIQA Insurance Group AG 1.2%
RWE AG 1.2%
Aurubis AG 1.2%
Deutsche Lufthansa AG 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Repurchase agreements are held as collateral for securities lending arrangements.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or [email protected].
OTHER INFORMATION
Nasdaq® and Nasdaq AlphaDEX® EurozoneTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 
(b) Not applicable to the Registrant.

Item 2. Code of Ethics.

(a) The First Trust Exchange-Traded AlphaDEX® Fund II (“Registrant”), as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.
(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.
(d) The Registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.
(e) Not applicable.
(f) A copy of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Thomas J. Driscoll, Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $337,500 for the fiscal year ended 2024 and $337,500 for the fiscal year ended 2025.
(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for tax return review and debt instrument tax analysis and reporting were $329,099 for the fiscal year ended 2024 and $258,135 for the fiscal year ended 2025.

Tax Fees (Investment Advisor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant’s advisor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant’s distributor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Investment Advisor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant’s investment advisor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant’s distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the “Committee”) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor’s engagements for non-audit services with the Registrant’s advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant’s advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor’s independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant’s investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

Registrant:   Advisor and Distributor:
(b) 0%    (b) 0%
(c) 0%    (c) 0%
(d) 0%    (d) 0%

(f) The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.
(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $329,099 for the Registrant, $28,080 for the Registrant’s investment advisor and $32,400 for the Registrant’s distributor; and for the fiscal year ended 2025 were $258,135 for the Registrant, $28,620 for the Registrant’s investment advisor and $32,940 for the Registrant’s distributor.
(h) The Registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit committee of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B. Nielson and Bronwyn Wright.
(b) Not applicable to the Registrant.

Item 6. Investments.

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

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

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

 
 
 
First Trust Exchange-Traded AlphaDEX® Fund II
Annual Financial Statements and Other Information
For the Year Ended December 31, 2025
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust China AlphaDEX® Fund (FCA)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust United Kingdom AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.

Table of Contents 
First Trust Exchange-Traded AlphaDEX® Fund II
Annual Financial Statements and Other Information
December 31, 2025 
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32
35
37
39
47
53
58
62
66
72
86
99
100
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.8%
Australia — 14.5%
5,948
ALS Ltd. (AUD)
$87,486
5,208
Charter Hall Group (AUD)
84,978
20,206
Eagers Automotive Ltd. (AUD)
332,258
43,762
Evolution Mining Ltd. (AUD)
370,315
19,029
Fortescue Ltd. (AUD)
279,506
32,110
Harvey Norman Holdings Ltd.
(AUD)
148,715
1,176
HUB24 Ltd. (AUD)
75,538
1,021
JB Hi-Fi Ltd. (AUD)
65,561
21,146
Lynas Rare Earths Ltd.
(AUD) (c)
175,551
384
Pro Medicus Ltd. (AUD)
56,601
10,850
Qantas Airways Ltd. (AUD)
75,159
91,613
Ramelius Resources Ltd. (AUD)
254,334
2,913
Rio Tinto Ltd. (AUD)
285,417
52,817
Santos Ltd. (AUD)
217,477
5,526
Sonic Healthcare Ltd. (AUD)
83,381
94,037
Vicinity Ltd. (AUD)
160,655
25,724
Woodside Energy Group Ltd.
(AUD)
404,968
111,779
Yancoal Australia Ltd. (AUD)
369,996
 
3,527,896
Bermuda — 5.4%
182,500
Alibaba Health Information
Technology Ltd. (HKD) (c)
118,420
160,413
China Gas Holdings Ltd. (HKD)
158,296
30,833
China Resources Gas Group Ltd.
(HKD)
89,615
60,250
Johnson Electric Holdings Ltd.
(HKD)
230,078
350,533
Kunlun Energy Co., Ltd. (HKD)
334,647
24,092
Orient Overseas International
Ltd. (HKD)
388,186
 
1,319,242
Cayman Islands — 13.7%
132,333
Bosideng International Holdings
Ltd. (HKD)
75,836
40,424
China Resources Land Ltd.
(HKD)
141,279
247,500
China State Construction
International Holdings Ltd.
(HKD)
289,710
32,364
CK Asset Holdings Ltd. (HKD)
163,510
35,996
CK Hutchison Holdings Ltd.
(HKD)
244,901
478,833
FIT Hon Teng Ltd.
(HKD) (c) (d) (e) (f)
304,550
124,917
Geely Automobile Holdings Ltd.
(HKD)
287,306
148,750
Kingboard Laminates Holdings
Ltd. (HKD)
252,099
Shares
Description
Value
 
Cayman Islands (Continued)
36,900
MGM China Holdings Ltd.
(HKD)
$62,158
91,167
Minth Group Ltd. (HKD)
371,570
299,750
Sino Biopharmaceutical Ltd.
(HKD)
238,022
60,833
SITC International Holdings Co.,
Ltd. (HKD)
217,766
115,167
Want Want China Holdings Ltd.
(HKD)
68,662
290,137
WH Group Ltd. (HKD) (d) (e)
323,215
270,983
Xinyi Glass Holdings Ltd.
(HKD) (f)
287,950
 
3,328,534
Hong Kong — 9.4%
73,333
Beijing Enterprises Holdings
Ltd. (HKD)
299,826
167,333
China Merchants Port Holdings
Co., Ltd. (HKD)
325,520
85,074
China Overseas Land &
Investment Ltd. (HKD)
133,907
378,700
China Power International
Development Ltd. (HKD)
157,169
22,250
China Resources Beer Holdings
Co., Ltd. (HKD)
74,961
137,000
China Resources Power
Holdings Co., Ltd. (HKD)
304,710
40,157
China Taiping Insurance
Holdings Co., Ltd. (HKD)
96,436
9,466
CLP Holdings Ltd. (HKD)
84,654
86,400
Guangdong Investment Ltd.
(HKD)
75,380
544,000
Guotai Junan International
Holdings Ltd. (HKD)
178,241
182,333
MMG Ltd. (HKD) (c)
205,463
69,500
MTR Corp., Ltd. (HKD)
266,116
6,446
Sun Hung Kai Properties Ltd.
(HKD)
78,435
 
2,280,818
Singapore — 6.7%
26,314
BOC Aviation Ltd.
(HKD) (d) (e)
246,143
137,700
Genting Singapore Ltd. (SGD)
77,667
70,800
Mapletree Pan Asia Commercial
Trust (SGD)
80,968
85,400
Seatrium Ltd. (SGD)
143,507
16,800
Sembcorp Industries Ltd. (SGD)
78,681
62,400
Singapore Airlines Ltd. (SGD)
310,689
38,900
UOL Group Ltd. (SGD)
264,498
106,600
Wilmar International Ltd. (SGD)
255,429
60,100
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
162,710
 
1,620,292
See Notes to Financial Statements
Page 1
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea — 49.8%
2,204
APR Corp. (KRW)
$353,423
3,356
Coway Co., Ltd. (KRW)
202,448
2,387
DB Insurance Co., Ltd. (KRW)
217,234
498
Hanwha Aerospace Co., Ltd.
(KRW)
325,305
4,994
Hanwha Ocean Co., Ltd.
(KRW) (c)
393,821
3,545
HD Hyundai Co., Ltd. (KRW)
463,873
1,340
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW)
378,592
27,476
HMM Co., Ltd. (KRW)
391,002
411
Hyosung Heavy Industries Corp.
(KRW)
508,133
2,665
Hyundai Glovis Co., Ltd.
(KRW)
334,108
1,846
Hyundai Mobis Co., Ltd. (KRW)
477,983
2,562
Hyundai Motor Co. (KRW)
527,322
1,509
Hyundai Rotem Co., Ltd.
(KRW)
196,828
5,471
Kia Corp. (KRW)
462,579
899
KIWOOM Securities Co., Ltd.
(KRW)
180,667
15,281
Korea Electric Power Corp.
(KRW)
500,686
2,280
Korea Investment Holdings Co.,
Ltd. (KRW)
255,927
239
Korea Zinc Co., Ltd. (KRW)
218,336
24,215
Korean Air Lines Co., Ltd.
(KRW)
379,055
38,229
LG Display Co., Ltd. (KRW)
313,411
4,372
LG Electronics, Inc. (KRW)
278,912
28,711
LG Uplus Corp. (KRW)
293,378
430
LIG Nex1 Co., Ltd. (KRW)
125,667
15,482
Mirae Asset Securities Co., Ltd.
(KRW)
250,949
1,469
Peptron, Inc. (KRW)
259,016
798
POSCO Holdings, Inc. (KRW)
168,956
1,708
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
302,343
3,940
Samsung Electronics Co., Ltd.
(KRW)
327,935
20,124
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
336,669
2,814
Samsung Life Insurance Co.,
Ltd. (KRW)
307,859
1,342
Samsung SDS Co., Ltd. (KRW)
159,767
144
Samyang Foods Co., Ltd.
(KRW)
123,053
3,112
Shinhan Financial Group Co.,
Ltd. (KRW)
166,126
Shares
Description
Value
 
South Korea (Continued)
1,268
SK hynix, Inc. (KRW)
$573,023
2,734
SK Square Co., Ltd. (KRW) (c)
698,422
8,116
SK Telecom Co., Ltd. (KRW)
301,417
1,049
SK, Inc. (KRW)
186,782
8,491
Woori Financial Group, Inc.
(KRW)
165,040
 
12,106,047
Switzerland — 0.3%
2,998
BeOne Medicines Ltd., Class H
(HKD) (c)
69,069
Total Common Stocks
24,251,898
(Cost $20,517,667)
MONEY MARKET FUNDS — 0.2%
37,667
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (g)
37,667
(Cost $37,667)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.5%
$369,576
Bank of America Corp.,
3.82% (g), dated 12/31/25,
due 01/02/26, with a maturity
value of $369,654.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $376,968. (h)
369,576
(Cost $369,576)
Total Investments — 101.5%
24,659,141
(Cost $20,924,910)
Net Other Assets and
Liabilities — (1.5)%
(357,897
)
Net Assets — 100.0%
$24,301,244
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
See Notes to Financial Statements
Page 2
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
December 31, 2025
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $345,401 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $369,576.
(g)
Rate shown reflects yield as of December 31, 2025.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
HKD
–  Hong Kong Dollar
KRW
–  South Korean Won
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
KRW
49.1%
HKD
29.4
AUD
14.3
SGD
5.6
USD
1.6
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$24,251,898
$24,251,898
$—
$—
Money Market Funds
37,667
37,667
—
—
Repurchase Agreements
369,576
—
369,576
—
Total Investments
$24,659,141
$24,289,565
$369,576
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$345,401
Non-cash Collateral(2)
(345,401
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$369,576
Non-cash Collateral(4)
(369,576
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 3
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 100.0%
Austria — 4.2%
19,519
Erste Group Bank AG (EUR)
$2,360,392
35,762
OMV AG (EUR)
1,997,145
18,450
Raiffeisen Bank International
AG (EUR)
830,436
214,199
UNIQA Insurance Group AG
(EUR)
3,891,690
26,249
Verbund AG (EUR)
1,912,563
46,231
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
3,651,017
53,476
voestalpine AG (EUR)
2,374,281
 
17,017,524
Belgium — 1.7%
4,973
Ackermans & Van Haaren N.V.
(EUR)
1,355,869
80,767
Colruyt Group N.V. (EUR)
2,989,894
9,223
UCB S.A. (EUR)
2,586,151
 
6,931,914
Bermuda — 0.3%
79,253
Aegon Ltd. (EUR)
618,437
34,521
Hiscox Ltd. (GBP)
662,156
 
1,280,593
Denmark — 5.3%
1,626
A.P. Moller - Maersk A/S,
Class B (DKK)
3,745,430
6,285
Genmab A/S (DKK) (c)
2,004,468
355,039
H. Lundbeck A/S (DKK)
2,411,002
100,452
ISS A/S (DKK)
3,432,878
19,649
NKT A/S (DKK) (c)
2,468,627
68,488
ROCKWOOL A/S, Class B
(DKK)
2,428,893
67,481
Vestas Wind Systems A/S
(DKK)
1,841,071
43,825
Zealand Pharma A/S (DKK) (c)
3,216,033
 
21,548,402
Finland — 0.8%
85,110
Wartsila Oyj Abp (EUR)
3,040,643
France — 8.1%
24,109
Amundi S.A. (EUR) (d) (e)
2,000,300
40,413
Arkema S.A. (EUR)
2,476,776
28,263
Bouygues S.A. (EUR)
1,473,069
4,385
Capgemini SE (EUR)
733,049
83,993
Carrefour S.A. (EUR)
1,404,621
70,930
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
2,359,832
32,386
Credit Agricole S.A. (EUR)
667,953
9,970
Eiffage S.A. (EUR)
1,434,128
66,367
Elis S.A. (EUR)
1,892,144
59,322
Engie S.A. (EUR)
1,562,316
65,324
Klepierre S.A. (EUR)
2,590,175
Shares
Description
Value
 
France (Continued)
11,554
Legrand S.A. (EUR)
$1,727,832
12,896
Nexans S.A. (EUR)
1,906,545
1,806
Safran S.A. (EUR)
631,204
34,472
Sanofi S.A. (EUR)
3,351,107
28,829
Societe Generale S.A. (EUR)
2,328,220
20,223
Sodexo S.A. (EUR)
1,038,576
52,334
TotalEnergies SE (EUR)
3,418,943
 
32,996,790
Germany — 19.3%
1,516
Allianz SE (EUR)
695,715
25,499
Aurubis AG (EUR) (f)
3,721,826
93,360
Auto1 Group SE (EUR) (c)
2,995,262
31,682
Bayerische Motoren Werke AG
(EUR)
3,467,848
84,372
Commerzbank AG (EUR)
3,579,454
19,299
Continental AG (EUR)
1,541,344
15,467
Daimler Truck Holding AG
(EUR)
678,358
54,243
Deutsche Bank AG (EUR)
2,110,640
375,624
Deutsche Lufthansa AG (EUR)
3,710,684
37,338
Deutsche Telekom AG (EUR)
1,213,709
28,548
DHL Group (EUR)
1,567,771
39,355
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (d) (e)
2,109,922
146,653
Evonik Industries AG (EUR)
2,302,548
14,727
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (c)
1,210,635
36,371
Fresenius Medical Care AG
(EUR)
1,742,211
14,227
FUCHS SE (Preference Shares)
(EUR)
637,684
15,769
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
1,289,436
19,634
Hensoldt AG (EUR)
1,693,621
11,882
HOCHTIEF AG (EUR)
4,705,770
37,702
KION Group AG (EUR)
3,023,976
8,727
Krones AG (EUR)
1,392,759
23,998
LEG Immobilien SE (EUR)
1,755,600
50,634
Mercedes-Benz Group AG
(EUR)
3,574,466
4,954
Merck KGaA (EUR)
713,769
2,767
MTU Aero Engines AG (EUR)
1,155,356
99,363
Nordex SE (EUR) (c)
3,400,379
30,900
RENK Group AG (EUR)
1,947,137
813
Rheinmetall AG (EUR)
1,491,436
57,275
RWE AG (EUR)
3,046,428
286,254
Schaeffler AG (EUR)
2,812,348
16,332
Siemens Energy AG (EUR) (c)
2,310,879
9,568
Talanx AG (EUR)
1,279,601
261,933
thyssenkrupp AG (EUR)
2,854,753
139,883
TUI AG (EUR) (c)
1,476,883
See Notes to Financial Statements
Page 4
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
80,648
United Internet AG (EUR)
$2,623,439
23,554
Volkswagen AG (Preference
Shares) (EUR)
2,866,329
 
78,699,976
Greece — 2.3%
749,179
Alpha Bank S.A. (EUR)
3,151,954
496,076
Eurobank S.A. (EUR)
1,996,733
100,776
Hellenic Telecommunications
Organization S.A. (EUR)
1,996,760
18,533
JUMBO S.A. (EUR)
607,661
75,065
Piraeus Bank S.A. (EUR)
599,342
38,622
Public Power Corp. S.A. (EUR)
826,071
 
9,178,521
Ireland — 1.0%
140,384
AIB Group PLC (EUR)
1,517,808
32,880
Ryanair Holdings PLC, ADR
2,373,607
 
3,891,415
Italy — 10.0%
1,215,764
A2A S.p.A. (EUR)
3,300,445
63,521
Banca Mediolanum S.p.A.
(EUR)
1,453,431
127,665
Banco BPM S.p.A. (EUR)
1,953,413
57,394
BPER Banca S.p.A. (EUR)
782,412
57,903
Buzzi S.p.A. (EUR)
3,538,471
39,525
Credito Emiliano S.p.A. (EUR)
709,752
109,278
Eni S.p.A. (EUR)
2,072,753
96,959
Fincantieri S.p.A. (EUR) (c)
1,902,900
424,147
Hera S.p.A. (EUR)
2,003,797
40,100
Leonardo S.p.A. (EUR)
2,316,688
23,620
Lottomatica Group S.p.A. (EUR)
621,783
214,887
Maire S.p.A. (EUR)
3,295,581
337,313
Nexi S.p.A. (EUR) (d) (e)
1,673,246
373,831
Pirelli & C S.p.A. (EUR) (d) (e)
2,572,691
26,814
Poste Italiane S.p.A.
(EUR) (d) (e)
676,873
32,169
Prysmian S.p.A. (EUR)
3,265,593
881,573
Saipem S.p.A. (EUR) (f)
2,512,357
105,803
Snam S.p.A. (EUR)
703,264
10,677
SOL S.p.A. (EUR)
614,205
1,216,040
Telecom Italia S.p.A. (EUR) (c)
734,266
16,806
UniCredit S.p.A. (EUR)
1,400,698
118,615
Unipol Assicurazioni S.p.A.
(EUR)
2,867,379
 
40,971,998
Jersey — 0.3%
257,003
WPP PLC (GBP)
1,169,187
Luxembourg — 2.0%
70,831
ArcelorMittal S.A. (EUR)
3,253,871
Shares
Description
Value
 
Luxembourg (Continued)
497,701
Aroundtown S.A. (EUR) (c)
$1,548,809
178,249
Tenaris S.A. (EUR)
3,458,481
 
8,261,161
Netherlands — 3.3%
19,876
ABN AMRO Bank N.V.
(EUR) (d) (e)
695,842
2,743
Airbus SE (EUR)
639,556
881
Argenx SE (EUR) (c)
742,139
649
ASML Holding N.V. (EUR)
702,755
18,739
ASR Nederland N.V. (EUR)
1,334,977
49,064
ING Groep N.V. (EUR)
1,384,415
15,712
Koninklijke Ahold Delhaize
N.V. (EUR)
643,865
69,349
Koninklijke Vopak N.V. (EUR)
3,087,176
27,098
Prosus N.V. (EUR)
1,683,036
67,547
Technip Energies N.V. (EUR)
2,578,300
 
13,492,061
Norway — 4.0%
16,221
Aker ASA, Class A (NOK)
1,235,886
50,166
Aker BP ASA (NOK)
1,278,536
130,414
Equinor ASA (NOK)
3,066,281
21,701
Gjensidige Forsikring ASA
(NOK)
650,169
375,648
Norsk Hydro ASA (NOK)
2,914,253
243,702
Orkla ASA (NOK)
2,719,888
37,856
Vend Marketplaces ASA (NOK)
1,051,556
87,065
Yara International ASA (NOK)
3,575,884
 
16,492,453
Portugal — 0.5%
1,437,881
Banco Comercial Portugues
S.A., Class R (EUR)
1,514,395
33,630
Galp Energia SGPS S.A. (EUR)
578,206
 
2,092,601
Spain — 8.0%
12,668
Acciona S.A. (EUR)
2,767,571
39,817
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
3,970,376
165,697
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
3,904,274
492,282
Banco de Sabadell S.A. (EUR)
1,946,750
122,044
Banco Santander S.A. (EUR)
1,444,299
40,399
Bankinter S.A. (EUR)
672,035
175,739
Grifols S.A. (EUR)
2,209,852
42,645
Indra Sistemas S.A. (EUR) (f)
2,432,647
612,052
International Consolidated
Airlines Group S.A. (GBP)
3,418,027
671,842
Mapfre S.A. (EUR)
3,380,844
126,514
Merlin Properties Socimi S.A.
(EUR)
1,848,081
See Notes to Financial Statements
Page 5
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
118,747
Puig Brands S.A., Class B
(EUR)
$2,075,128
107,827
Repsol S.A. (EUR)
2,017,986
232,405
Unicaja Banco S.A.
(EUR) (d) (e)
758,733
 
32,846,603
Sweden — 4.3%
62,540
Boliden AB (SEK) (c)
3,499,767
48,686
Essity AB, Class B (SEK)
1,402,436
7,739
Evolution AB (SEK) (d) (e)
529,411
48,147
Industrivarden AB, Class C
(SEK)
2,170,315
31,255
Saab AB, Class B (SEK)
1,825,090
42,260
Securitas AB, Class B (SEK)
675,682
49,073
Skanska AB, Class B (SEK)
1,344,823
547,997
SSAB AB, Class B (SEK)
4,146,361
619,965
Volvo Car AB, Class B
(SEK) (c) (f)
2,067,336
 
17,661,221
Switzerland — 2.4%
22,681
Accelleron Industries AG (CHF)
1,762,423
22,696
Adecco Group AG (CHF)
662,456
7,319
Galderma Group AG (CHF)
1,497,803
37,584
Holcim AG (CHF)
3,689,600
3,646
Swissquote Group Holding S.A.
(CHF)
2,241,639
 
9,853,921
United Kingdom — 21.9%
57,789
3i Group PLC (GBP)
2,541,759
717,906
Aberdeen Group PLC (GBP)
1,989,587
14,103
Admiral Group PLC (GBP)
603,760
27,144
Anglogold Ashanti PLC (ZAR)
2,349,120
68,718
Antofagasta PLC (GBP)
3,037,275
115,218
Associated British Foods PLC
(GBP)
3,303,391
177,679
Babcock International
Group PLC (GBP)
2,977,004
91,815
BAE Systems PLC (GBP)
2,121,273
498,014
Barclays PLC (GBP)
3,195,031
208,429
Beazley PLC (GBP)
2,337,511
49,280
Berkeley Group Holdings PLC
(GBP)
2,593,300
407,200
British Land (The) Co., PLC
(GBP)
2,216,391
494,499
BT Group PLC (GBP)
1,226,799
47,793
Carnival PLC (GBP) (c)
1,461,099
283,681
Centrica PLC (GBP)
648,336
407,426
easyJet PLC (GBP)
2,804,153
76,237
Endeavour Mining PLC (GBP)
3,978,995
114,619
Evraz PLC (GBP) (c) (g) (h) (i)
0
Shares
Description
Value
 
United Kingdom (Continued)
100,136
Fresnillo PLC (GBP)
$4,500,161
227,876
Harbour Energy PLC (GBP)
603,885
55,664
Hikma Pharmaceuticals PLC
(GBP)
1,162,996
90,453
HSBC Holdings PLC (GBP)
1,431,164
175,535
IG Group Holdings PLC (GBP)
3,111,442
14,959
Imperial Brands PLC (GBP)
628,912
438,670
J Sainsbury PLC (GBP)
1,921,735
1,983,727
JD Sports Fashion PLC (GBP)
2,258,422
306,195
Kingfisher PLC (GBP)
1,290,619
162,421
Land Securities Group PLC
(GBP)
1,361,773
259,820
LondonMetric Property PLC
(GBP)
664,373
373,615
M&G PLC (GBP)
1,442,346
46,160
Mondi PLC (GBP)
565,092
90,608
NatWest Group PLC (GBP)
796,073
134,205
Pearson PLC (GBP)
1,899,460
226,997
Prudential PLC (GBP)
3,501,935
48,349
Rio Tinto PLC (GBP)
3,906,398
158,862
Rolls-Royce Holdings PLC
(GBP)
2,462,578
71,434
Shell PLC (GBP)
2,638,322
37,217
St. James’s Place PLC (GBP)
694,555
164,619
Standard Chartered PLC (GBP)
4,042,970
424,355
Tesco PLC (GBP)
2,527,128
1,635,371
Tritax Big Box REIT PLC
(GBP)
3,355,082
262,936
UNITE Group (The) PLC (GBP)
1,982,998
1,097,086
Vodafone Group PLC (GBP)
1,462,249
 
89,597,452
United States — 0.3%
10,335
Autoliv, Inc., SDR (SEK)
1,251,673
Total Common Stocks
408,276,109
(Cost $331,291,361)
 
See Notes to Financial Statements
Page 6
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.1%
$8,794,172
Bank of America Corp.,
3.82% (j), dated 12/31/25, due
01/02/26, with a maturity
value of $8,796,038.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $8,970,058. (k)
$8,794,172
(Cost $8,794,172)
Total Investments — 102.1%
417,070,281
(Cost $340,085,533)
Net Other Assets and
Liabilities — (2.1)%
(8,606,884
)
Net Assets — 100.0%
$408,463,397
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $8,347,362 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $8,794,172.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of December 31, 2025.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
NOK
–  Norwegian Krone
SDR
–  Swedish Depositary Receipt
SEK
–  Swedish Krona
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
EUR
58.6%
GBP
22.2
DKK
5.2
SEK
4.5
NOK
3.9
USD
2.7
CHF
2.3
ZAR
0.6
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
United Kingdom
$89,597,452
$89,597,452
$—
$—
**
Other Country
Categories*
318,678,657
318,678,657
—
—
Repurchase
Agreements
8,794,172
—
8,794,172
—
Total Investments
$417,070,281
$408,276,109
$8,794,172
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 7
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
December 31, 2025
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$8,347,362
Non-cash Collateral(2)
(8,347,362
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$8,794,172
Non-cash Collateral(4)
(8,794,172
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 8
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 98.7%
Bermuda — 1.3%
742
Credicorp Ltd.
$212,954
Brazil — 57.9%
87,037
Ambev S.A. (BRL)
220,144
50,418
Axia Energia (BRL)
465,652
59,484
Banco Bradesco S.A. (Preference
Shares) (BRL)
197,457
54,511
Banco BTG Pactual S.A. (BRL)
523,051
47,636
Banco do Brasil S.A. (BRL)
190,553
17,896
Banco Santander Brasil S.A.
(BRL)
111,234
31,638
BB Seguridade Participacoes
S.A. (BRL)
208,716
16,395
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
399,093
235,937
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
482,229
86,585
Cia Paranaense de Energia -
Copel (BRL)
206,676
26,212
Embraer S.A. (BRL)
423,812
158,954
Eneva S.A. (BRL) (c)
585,372
14,239
Equatorial S.A. (BRL)
100,041
126,704
Gerdau S.A. (Preference Shares)
(BRL)
471,462
41,612
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
297,904
187,153
Itausa S.A. (Preference Shares)
(BRL)
398,913
13,337
Localiza Rent a Car S.A. (BRL)
106,044
513
Localiza Rent a Car S.A.
(Preference Shares) (BRL) (c)
3,885
83,620
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
470,308
10,552
Porto Seguro S.A. (BRL)
93,124
68,993
PRIO S.A. (BRL) (c)
521,500
50,013
Rede D’Or Sao Luiz S.A.
(BRL) (d) (e)
370,642
42,175
Suzano S.A. (BRL)
395,986
46,329
Telefonica Brasil S.A. (BRL)
279,847
67,167
TIM S.A. (BRL)
261,571
34,366
TOTVS S.A. (BRL)
263,903
71,844
Ultrapar Participacoes S.A.
(BRL)
274,016
27,413
Vale S.A. (BRL)
359,987
114,589
Vibra Energia S.A. (BRL)
529,684
 
9,212,806
Cayman Islands — 2.9%
18,513
NU Holdings Ltd., Class A (c)
309,907
10,449
StoneCo Ltd., Class A (c)
154,541
 
464,448
Shares
Description
Value
 
Chile — 13.5%
6,706
Banco de Credito e Inversiones
S.A. (CLP)
$434,739
1,491,778
Banco Santander Chile (CLP)
117,741
53,975
Empresas Copec S.A. (CLP)
423,009
83,330
Falabella S.A. (CLP)
581,286
21,738,307
Latam Airlines Group S.A.
(CLP)
588,559
 
2,145,334
Colombia — 2.1%
7,577
Grupo Cibest S.A. (Preference
Shares) (COP)
119,984
33,124
Interconexion Electrica S.A. ESP
(COP)
216,231
 
336,215
Mexico — 21.0%
283,437
America Movil S.A.B. de C.V.,
Series B (MXN)
293,235
441,748
Cemex S.A.B. de C.V.,
Series CPO (MXN)
507,063
67,105
Fibra Uno Administracion S.A.
de C.V. (MXN)
100,578
10,179
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
102,799
27,847
Grupo Bimbo S.A.B. de C.V.,
Series A (MXN)
91,424
12,594
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
86,247
39,271
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
364,065
107,893
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN)
261,052
22,679
Grupo Mexico S.A.B. de C.V.,
Series B (MXN)
214,139
11,064
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
581,687
123,426
Prologis Property Mexico S.A.
de C.V. (MXN)
517,077
14,499
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
215,253
 
3,334,619
Total Investments — 98.7%
15,706,376
(Cost $12,073,172)
Net Other Assets and
Liabilities — 1.3%
203,697
Net Assets — 100.0%
$15,910,073
 
See Notes to Financial Statements
Page 9
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments (Continued)
December 31, 2025
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
MXN
–  Mexican Peso
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
BRL
58.7%
MXN
21.2
CLP
13.7
USD
4.3
COP
2.1
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$15,706,376
$15,706,376
$—
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 10
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 99.8%
Air Freight & Logistics —
3.0%
404,463
JD Logistics, Inc.
(HKD) (b) (c) (d)
$593,492
2,003,481
Sinotrans Ltd., Class H (HKD)
1,248,523
 
1,842,015
Automobiles — 1.5%
145,733
Zhejiang Leapmotor Technology
Co., Ltd., Class H
(HKD) (b) (c) (d)
910,422
Banks — 1.6%
326,106
Bank of Chongqing Co., Ltd.,
Class H (HKD)
328,926
335,232
China Construction Bank Corp.,
Class H (HKD)
331,239
678,318
China Everbright Bank Co., Ltd.,
Class H (HKD)
317,252
 
977,417
Biotechnology — 8.0%
449,655
3SBio, Inc. (HKD) (b) (d)
1,397,029
101,468
Innovent Biologics, Inc.
(HKD) (b) (c) (d)
994,120
195,307
Remegen Co., Ltd., Class H
(HKD) (b) (c) (d) (e)
1,806,841
256,067
Shanghai Junshi Biosciences
Co., Ltd., Class H
(HKD) (b) (c) (d) (e)
702,130
 
4,900,120
Capital Markets — 1.4%
201,682
GF Securities Co., Ltd., Class H
(HKD) (e)
456,348
991,820
Shenwan Hongyuan Group Co.,
Ltd., Class H
(HKD) (b) (d) (e)
387,415
 
843,763
Construction & Engineering
— 4.0%
7,592,524
China Energy Engineering
Corp., Ltd., Class H
(HKD) (e)
1,034,098
2,827,367
China Railway Group Ltd.,
Class H (HKD)
1,391,396
 
2,425,494
Construction Materials —
1.2%
266,482
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
756,026
Consumer Staples Distribution
& Retail — 1.4%
123,584
JD Health International, Inc.
(HKD) (b) (c) (d)
881,302
Shares
Description
Value
 
Diversified Telecommunication
Services — 2.3%
947,599
China Tower Corp., Ltd.,
Class H (HKD) (b) (d)
$1,407,512
Electrical Equipment — 6.1%
396,583
Dongfang Electric Corp., Ltd.,
Class H (HKD) (e)
1,273,925
1,423,096
Goldwind Science &
Technology Co., Ltd., Class H
(HKD)
2,452,069
 
3,725,994
Energy Equipment & Services
— 1.2%
826,056
China Oilfield Services Ltd.,
Class H (HKD)
741,919
Health Care Providers &
Services — 1.8%
433,933
Sinopharm Group Co., Ltd.,
Class H (HKD)
1,083,899
Independent Power and
Renewable Electricity
Producers — 1.2%
1,329,000
Datang International Power
Generation Co., Ltd., Class H
(HKD)
377,387
638,394
Huadian Power International
Corp., Ltd., Class H (HKD)
333,851
 
711,238
Insurance — 10.6%
10,891,283
China Reinsurance Group Corp.,
Class H (HKD)
2,351,029
310,817
New China Life Insurance Co.,
Ltd., Class H (HKD)
2,170,571
2,225,268
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
1,929,994
 
6,451,594
Interactive Media & Services
— 5.3%
127,393
Baidu, Inc., Class A (HKD) (c)
2,152,489
1,177,080
Meitu, Inc. (HKD) (b) (d)
1,058,702
 
3,211,191
Marine Transportation —
2.8%
974,175
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD) (e)
1,721,113
Metals & Mining — 18.9%
1,007,582
Aluminum Corp. of China Ltd.,
Class H (HKD)
1,575,581
739,152
China Hongqiao Group Ltd.
(HKD)
3,098,043
See Notes to Financial Statements
Page 11
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Metals & Mining (Continued)
666,657
CMOC Group Ltd., Class H
(HKD)
$1,648,076
174,521
Jiangxi Copper Co., Ltd.,
Class H (HKD)
961,551
487,701
Shandong Gold Mining Co.,
Ltd., Class H (HKD) (b) (d)
2,168,201
1,020,951
Wanguo Gold Group Ltd.
(HKD)
1,000,919
260,455
Zhaojin Mining Industry Co.,
Ltd., Class H (HKD)
1,028,741
 
11,481,112
Oil, Gas & Consumable Fuels
— 13.7%
1,463,640
China Coal Energy Co., Ltd.,
Class H (HKD)
1,871,230
2,586,910
China Petroleum & Chemical
Corp., Class H (HKD)
1,552,272
1,225,650
COSCO SHIPPING Energy
Transportation Co., Ltd.,
Class H (HKD)
1,511,845
689,027
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
1,316,042
1,969,347
PetroChina Co., Ltd., Class H
(HKD)
2,120,489
 
8,371,878
Passenger Airlines — 3.5%
444,910
Air China Ltd., Class H
(HKD) (c) (e)
404,168
2,523,489
China Eastern Airlines Corp.,
Ltd., Class H (HKD) (c) (e)
1,728,217
 
2,132,385
Real Estate Management &
Development — 2.1%
1,147,807
Longfor Group Holdings Ltd.
(HKD) (b) (d)
1,262,445
Software — 0.5%
172,075
Kingdee International Software
Group Co., Ltd. (HKD) (c)
293,841
Specialty Retail — 2.0%
49,894
Pop Mart International Group
Ltd. (HKD) (b) (d)
1,203,323
Technology Hardware, Storage
& Peripherals — 1.1%
133,012
Xiaomi Corp., Class B
(HKD) (b) (c) (d)
671,665
Textiles, Apparel & Luxury
Goods — 1.7%
13,154
Laopu Gold Co., Ltd., Class H
(HKD)
1,044,518
Shares
Description
Value
 
Transportation Infrastructure
— 2.9%
807,393
Qingdao Port International Co.,
Ltd., Class H (HKD) (b) (d)
$722,044
1,103,556
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
1,016,678
 
1,738,722
Total Common Stocks
60,790,908
(Cost $50,737,098)
MONEY MARKET FUNDS — 0.1%
82,268
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (f)
82,268
(Cost $82,268)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 8.9%
$5,381,150
Bank of America Corp.,
3.82% (f), dated 12/31/25, due
01/02/26, with a maturity
value of $5,382,292.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $5,488,775. (g)
5,381,150
(Cost $5,381,150)
Total Investments — 108.8%
66,254,326
(Cost $56,200,516)
Net Other Assets and
Liabilities — (8.8)%
(5,361,554
)
Net Assets — 100.0%
$60,892,772
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(c)
Non-income producing security.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
See Notes to Financial Statements
Page 12
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
December 31, 2025
(e)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $5,091,610 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $5,381,150.
(f)
Rate shown reflects yield as of December 31, 2025.
(g)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
HKD
–  Hong Kong Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
HKD
89.8%
USD
10.2
Total
100.0%
 
Country Allocation†
% of Net
Assets
China
75.8%
Cayman Islands
24.0
United States
9.0
Total Investments
108.8
Net Other Assets and Liabilities
(8.8)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$60,790,908
$60,790,908
$—
$—
Money Market Funds
82,268
82,268
—
—
Repurchase Agreements
5,381,150
—
5,381,150
—
Total Investments
$66,254,326
$60,873,176
$5,381,150
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$5,091,610
Non-cash Collateral(2)
(5,091,610
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$5,381,150
Non-cash Collateral(4)
(5,381,150
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 13
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 99.9%
Air Freight & Logistics —
1.3%
121,600
NIPPON EXPRESS
HOLDINGS, Inc. (JPY) (b)
$2,601,389
Automobile Components —
5.8%
142,800
Aisin Corp. (JPY)
2,667,472
29,800
Bridgestone Corp. (JPY) (b)
668,521
45,100
Denso Corp. (JPY)
621,334
55,000
Niterra Co., Ltd. (JPY)
2,419,593
56,800
Sumitomo Electric Industries
Ltd. (JPY)
2,293,539
88,500
Yokohama Rubber (The) Co.,
Ltd. (JPY) (b)
3,399,544
 
12,070,003
Automobiles — 7.0%
252,200
Honda Motor Co., Ltd. (JPY)
2,473,054
144,100
Isuzu Motors Ltd. (JPY)
2,244,203
174,800
Subaru Corp. (JPY)
3,788,598
252,300
Suzuki Motor Corp. (JPY)
3,760,178
105,800
Toyota Motor Corp. (JPY)
2,266,757
 
14,532,790
Banks — 0.6%
26,600
Rakuten Bank Ltd. (JPY) (c)
1,173,769
Broadline Retail — 1.1%
126,900
Ryohin Keikaku Co., Ltd. (JPY)
2,253,804
Capital Markets — 1.5%
139,900
SBI Holdings, Inc. (JPY)
3,014,316
Chemicals — 4.2%
342,400
Asahi Kasei Corp. (JPY)
3,036,221
232,000
Mitsubishi Chemical Group
Corp. (JPY)
1,355,357
52,200
Mitsui Chemicals, Inc. (JPY)
667,163
63,600
NOF Corp. (JPY)
1,222,546
166,700
Tosoh Corp. (JPY)
2,503,054
 
8,784,341
Commercial Services &
Supplies — 1.6%
120,400
Dai Nippon Printing Co., Ltd.
(JPY)
2,070,720
44,800
TOPPAN Holdings, Inc. (JPY)
1,333,075
 
3,403,795
Construction & Engineering
— 10.0%
116,800
Kajima Corp. (JPY)
4,350,919
131,900
Kandenko Co., Ltd. (JPY)
4,233,869
82,900
Kinden Corp. (JPY)
3,595,121
40,200
Obayashi Corp. (JPY)
838,954
Shares
Description
Value
 
Construction & Engineering
(Continued)
163,700
Shimizu Corp. (JPY)
$2,788,773
52,300
Taisei Corp. (JPY)
4,953,208
 
20,760,844
Consumer Finance — 0.3%
22,600
Credit Saison Co., Ltd. (JPY)
607,130
Consumer Staples Distribution
& Retail — 4.3%
179,100
Aeon Co., Ltd. (JPY)
2,832,167
38,400
Cosmos Pharmaceutical Corp.
(JPY)
1,947,211
19,400
Kobe Bussan Co., Ltd. (JPY)
469,395
29,700
MatsukiyoCocokara & Co. (JPY)
514,214
133,500
Sugi Holdings Co., Ltd. (JPY)
3,140,625
 
8,903,612
Electric Utilities — 5.6%
197,500
Chubu Electric Power Co., Inc.
(JPY)
3,041,177
257,200
Kansai Electric Power (The) Co.,
Inc. (JPY)
4,031,065
204,900
Kyushu Electric Power Co., Inc.
(JPY)
2,196,292
549,500
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (c)
2,305,837
 
11,574,371
Electrical Equipment — 3.5%
26,400
Fuji Electric Co., Ltd. (JPY)
1,997,191
46,400
Fujikura Ltd. (JPY)
5,166,088
 
7,163,279
Entertainment — 1.9%
35,700
Capcom Co., Ltd. (JPY)
832,103
15,400
Konami Group Corp. (JPY)
2,097,051
20,600
Toho Co., Ltd. (JPY)
1,049,464
 
3,978,618
Financial Services — 1.0%
82,900
Mitsubishi HC Capital, Inc.
(JPY)
693,833
108,100
Tokyo Century Corp. (JPY)
1,399,903
 
2,093,736
Food Products — 0.5%
45,000
Ajinomoto Co., Inc. (JPY)
952,918
Gas Utilities — 1.6%
95,200
Osaka Gas Co., Ltd. (JPY)
3,300,153
Ground Transportation —
3.5%
136,000
Central Japan Railway Co. (JPY)
3,765,526
64,300
Keisei Electric Railway Co., Ltd.
(JPY)
529,129
See Notes to Financial Statements
Page 14
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Ground Transportation
(Continued)
85,100
Seibu Holdings, Inc. (JPY)
$2,338,294
26,600
West Japan Railway Co. (JPY)
530,845
 
7,163,794
Health Care Technology —
0.6%
88,500
M3, Inc. (JPY)
1,194,388
Hotels, Restaurants & Leisure
— 2.4%
62,700
Food & Life Cos., Ltd. (JPY)
3,167,423
266,500
Metaplanet, Inc. (JPY) (b) (c)
689,048
29,200
Skylark Holdings Co., Ltd.
(JPY) (b)
627,285
10,100
Zensho Holdings Co., Ltd. (JPY)
578,700
 
5,062,456
Household Durables — 4.1%
54,000
Open House Group Co., Ltd.
(JPY)
3,172,293
226,100
Panasonic Holdings Corp. (JPY)
2,920,795
241,200
Sumitomo Forestry Co., Ltd.
(JPY) (b)
2,470,668
 
8,563,756
Industrial Conglomerates —
0.3%
2,000
Hikari Tsushin, Inc. (JPY)
558,606
Insurance — 1.2%
80,900
Japan Post Insurance Co., Ltd.
(JPY)
2,433,611
IT Services — 0.3%
20,800
NEC Corp. (JPY)
705,107
Leisure Products — 0.4%
34,000
Bandai Namco Holdings, Inc.
(JPY)
905,567
Machinery — 6.2%
63,300
Ebara Corp. (JPY)
1,488,746
196,800
IHI Corp. (JPY)
3,460,710
10,700
Japan Steel Works (The) Ltd.
(JPY)
524,549
40,400
Kawasaki Heavy Industries Ltd.
(JPY)
2,677,170
18,600
Komatsu Ltd. (JPY)
593,718
162,600
Kubota Corp. (JPY) (b)
2,300,836
73,100
Mitsubishi Heavy Industries Ltd.
(JPY)
1,792,033
 
12,837,762
Marine Transportation —
4.1%
215,100
Kawasaki Kisen Kaisha Ltd.
(JPY) (b)
2,994,976
Shares
Description
Value
 
Marine Transportation
(Continued)
91,200
Mitsui OSK Lines Ltd. (JPY) (b)
$2,742,288
84,800
Nippon Yusen KK (JPY)
2,749,071
 
8,486,335
Media — 2.1%
213,100
CyberAgent, Inc. (JPY)
1,820,275
79,300
Fuji Media Holdings, Inc.
(JPY) (b)
1,868,086
26,300
Nippon Television Holdings,
Inc. (JPY)
638,863
 
4,327,224
Metals & Mining — 4.0%
157,300
JFE Holdings, Inc. (JPY)
2,005,916
279,300
Kobe Steel Ltd. (JPY)
3,692,737
643,500
Nippon Steel Corp. (JPY) (b)
2,636,608
 
8,335,261
Oil, Gas & Consumable Fuels
— 4.1%
368,800
ENEOS Holdings, Inc. (JPY)
2,606,369
200,900
Idemitsu Kosan Co., Ltd. (JPY)
1,517,267
217,100
Inpex Corp. (JPY) (b)
4,333,961
 
8,457,597
Paper & Forest Products —
1.3%
484,600
Oji Holdings Corp. (JPY)
2,661,216
Passenger Airlines — 1.4%
62,300
ANA Holdings, Inc. (JPY)
1,184,829
89,600
Japan Airlines Co., Ltd.
(JPY) (b)
1,661,696
 
2,846,525
Pharmaceuticals — 0.3%
12,300
Otsuka Holdings Co., Ltd. (JPY)
696,743
Professional Services — 1.8%
35,600
BayCurrent, Inc. (JPY)
1,477,273
1,249,500
Persol Holdings Co., Ltd. (JPY)
2,318,084
 
3,795,357
Real Estate Management &
Development — 0.4%
85,500
Tokyu Fudosan Holdings Corp.
(JPY)
780,002
Semiconductors &
Semiconductor Equipment
— 1.5%
24,800
Advantest Corp. (JPY)
3,108,708
Technology Hardware, Storage
& Peripherals — 2.8%
176,400
Brother Industries Ltd. (JPY)
3,515,838
128,800
Ricoh Co., Ltd. (JPY)
1,129,796
91,900
Seiko Epson Corp. (JPY)
1,163,417
 
5,809,051
See Notes to Financial Statements
Page 15
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Textiles, Apparel & Luxury
Goods — 0.5%
47,800
Asics Corp. (JPY)
$1,145,869
Trading Companies &
Distributors — 4.8%
60,400
Marubeni Corp. (JPY)
1,678,506
59,700
Mitsui & Co., Ltd. (JPY)
1,769,581
74,400
Sojitz Corp. (JPY)
2,311,701
94,300
Sumitomo Corp. (JPY)
3,258,118
26,900
Toyota Tsusho Corp. (JPY)
905,711
 
9,923,617
Total Common Stocks
206,967,420
(Cost $161,105,716)
MONEY MARKET FUNDS — 0.1%
150,025
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (d)
150,025
(Cost $150,025)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 10.0%
$20,853,330
Bank of America Corp.,
3.82% (d), dated 12/31/25,
due 01/02/26, with a maturity
value of $20,857,756.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $21,270,403. (e)
20,853,330
(Cost $20,853,330)
Total Investments — 110.0%
227,970,775
(Cost $182,109,071)
Net Other Assets and
Liabilities — (10.0)%
(20,747,828
)
Net Assets — 100.0%
$207,222,947
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $17,690,767 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $20,853,330.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of December 31, 2025.
(e)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
JPY
–  Japanese Yen
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
90.8%
USD
9.2
Total
100.0%
 
Country Allocation†
% of Net
Assets
Japan
99.9%
United States
10.1
Total Investments
110.0
Net Other Assets and Liabilities
(10.0)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$206,967,420
$206,967,420
$—
$—
Money Market Funds
150,025
150,025
—
—
Repurchase
Agreements
20,853,330
—
20,853,330
—
Total Investments
$227,970,775
$207,117,445
$20,853,330
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in
See Notes to Financial Statements
Page 16
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
December 31, 2025
accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$17,690,767
Non-cash Collateral(2)
(17,690,767
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$20,853,330
Non-cash Collateral(4)
(20,853,330
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 17
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.8%
Australia — 4.0%
209,270
Eagers Automotive Ltd. (AUD)
$3,441,142
453,244
Evolution Mining Ltd. (AUD)
3,835,360
262,775
Fortescue Ltd. (AUD)
3,859,748
166,282
Harvey Norman Holdings Ltd.
(AUD)
770,122
219,005
Lynas Rare Earths Ltd.
(AUD) (c)
1,818,148
1,265,112
Ramelius Resources Ltd. (AUD)
3,512,183
30,169
Rio Tinto Ltd. (AUD)
2,955,977
547,025
Santos Ltd. (AUD)
2,252,409
486,968
Vicinity Ltd. (AUD)
831,946
266,426
Woodside Energy Group Ltd.
(AUD)
4,194,299
1,157,697
Yancoal Australia Ltd.
(AUD) (d)
3,832,052
 
31,303,386
Austria — 0.6%
15,240
OMV AG (EUR)
851,085
164,281
UNIQA Insurance Group AG
(EUR)
2,984,751
14,774
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
1,166,752
 
5,002,588
Belgium — 0.5%
61,948
Colruyt Group N.V. (EUR)
2,293,238
5,891
UCB S.A. (EUR)
1,651,850
 
3,945,088
Bermuda — 1.3%
830,398
China Gas Holdings Ltd. (HKD)
819,440
466,667
Johnson Electric Holdings Ltd.
(HKD)
1,782,073
3,635,986
Kunlun Energy Co., Ltd. (HKD)
3,471,209
250,431
Orient Overseas International
Ltd. (HKD)
4,035,110
 
10,107,832
Canada — 12.3%
14,483
Agnico Eagle Mines Ltd. (CAD)
2,456,058
23,328
Alamos Gold, Inc., Class A
(CAD)
900,793
222,937
ARC Resources Ltd. (CAD) (d)
4,182,454
40,329
Aritzia, Inc. (CAD) (c)
3,448,041
33,800
AtkinsRealis Group, Inc. (CAD)
2,181,837
493,441
B2Gold Corp. (CAD)
2,221,752
99,027
Barrick Mining Corp. (CAD)
4,313,740
17,407
Bombardier, Inc., Class B
(CAD) (c)
2,961,302
9,688
Cameco Corp. (CAD)
887,099
76,290
Canadian Natural Resources Ltd.
(CAD)
2,584,039
Shares
Description
Value
 
Canada (Continued)
95,738
Capstone Copper Corp.
(CAD) (c)
$961,181
16,521
Celestica, Inc. (CAD) (c)
4,887,029
95,779
Cenovus Energy, Inc. (CAD)
1,620,333
110,044
DPM Metals, Inc. (CAD)
3,401,017
112,627
Eldorado Gold Corp. (CAD) (c)
4,047,860
52,511
Finning International, Inc.
(CAD)
2,845,246
3,653
Franco-Nevada Corp. (CAD)
757,215
161,047
Hudbay Minerals, Inc. (CAD)
3,197,356
314,690
IAMGOLD Corp. (CAD) (c)
5,193,056
131,051
Kinross Gold Corp. (CAD)
3,691,255
37,650
Lundin Gold, Inc. (CAD)
3,127,648
68,646
Magna International, Inc. (CAD)
3,659,486
454,012
New Gold, Inc. (CAD) (c)
3,956,128
190,445
OceanaGold Corp. (CAD)
5,397,480
40,575
OR Royalties, Inc. (CAD)
1,437,293
62,949
Pan American Silver Corp.
(CAD)
3,263,598
37,583
Power Corp. of Canada (CAD)
1,997,508
66,960
Saputo, Inc. (CAD)
2,015,313
10,947
Shopify, Inc., Class A (CAD) (c)
1,762,622
99,908
SSR Mining, Inc. (CAD) (c)
2,190,253
58,291
Suncor Energy, Inc. (CAD)
2,587,219
56,796
Tourmaline Oil Corp. (CAD)
2,547,761
14,533
Wheaton Precious Metals Corp.
(CAD)
1,708,531
532,780
Whitecap Resources, Inc. (CAD)
4,463,932
 
96,853,435
Cayman Islands — 3.8%
416,415
China Resources Land Ltd.
(HKD)
1,455,342
2,555,020
China State Construction
International Holdings Ltd.
(HKD)
2,990,766
123,479
CK Hutchison Holdings Ltd.
(HKD)
840,096
4,959,567
FIT Hon Teng Ltd.
(HKD) (c) (d) (e) (f)
3,154,414
1,294,474
Geely Automobile Holdings Ltd.
(HKD)
2,977,255
1,539,713
Kingboard Laminates Holdings
Ltd. (HKD)
2,609,482
934,669
Minth Group Ltd. (HKD)
3,809,436
3,109,553
Sino Biopharmaceutical Ltd.
(HKD)
2,469,199
422,301
SITC International Holdings Co.,
Ltd. (HKD)
1,511,726
3,753,012
WH Group Ltd. (HKD) (e) (f)
4,180,890
3,507,508
Xinyi Glass Holdings Ltd.
(HKD) (d)
3,727,124
 
29,725,730
See Notes to Financial Statements
Page 18
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Denmark — 2.0%
2,072
A.P. Moller - Maersk A/S,
Class B (DKK)
$4,772,774
226,910
H. Lundbeck A/S (DKK)
1,540,902
102,718
ISS A/S (DKK)
3,510,318
43,767
ROCKWOOL A/S, Class B
(DKK)
1,552,175
56,026
Zealand Pharma A/S (DKK) (c)
4,111,385
 
15,487,554
Finland — 0.2%
54,394
Wartsila Oyj Abp (EUR)
1,943,282
France — 2.0%
20,539
Amundi S.A. (EUR) (e) (f)
1,704,101
25,828
Arkema S.A. (EUR)
1,582,911
67,993
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
2,262,118
28,275
Elis S.A. (EUR)
806,129
62,621
Klepierre S.A. (EUR)
2,482,998
35,247
Sanofi S.A. (EUR)
3,426,447
12,281
Societe Generale S.A. (EUR)
991,809
40,141
TotalEnergies SE (EUR)
2,622,383
 
15,878,896
Germany — 6.0%
32,588
Aurubis AG (EUR) (d)
4,756,534
95,472
Auto1 Group SE (EUR) (c)
3,063,021
32,405
Bayerische Motoren Werke AG
(EUR)
3,546,986
64,709
Commerzbank AG (EUR)
2,745,258
480,140
Deutsche Lufthansa AG (EUR)
4,743,168
16,768
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (e) (f)
898,975
93,727
Evonik Industries AG (EUR)
1,471,575
15,499
Fresenius Medical Care AG
(EUR)
742,419
12,550
Hensoldt AG (EUR)
1,082,558
15,193
HOCHTIEF AG (EUR)
6,017,065
12,048
KION Group AG (EUR)
966,338
20,448
LEG Immobilien SE (EUR)
1,495,896
51,780
Mercedes-Benz Group AG
(EUR)
3,655,367
63,502
Nordex SE (EUR) (c)
2,173,152
23,702
RENK Group AG (EUR)
1,493,561
349
Rheinmetall AG (EUR)
640,235
36,604
RWE AG (EUR)
1,946,948
6,962
Siemens Energy AG (EUR) (c)
985,081
167,411
thyssenkrupp AG (EUR)
1,824,578
22,581
Volkswagen AG (Preference
Shares) (EUR)
2,747,923
 
46,996,638
Shares
Description
Value
 
Greece — 0.4%
766,098
Alpha Bank S.A. (EUR)
$3,223,136
Hong Kong — 2.1%
761,087
Beijing Enterprises Holdings
Ltd. (HKD)
3,111,746
1,736,683
China Merchants Port Holdings
Co., Ltd. (HKD)
3,378,439
1,959,335
China Power International
Development Ltd. (HKD) (d)
813,169
1,419,268
China Resources Power
Holdings Co., Ltd. (HKD) (d)
3,156,685
415,686
China Taiping Insurance
Holdings Co., Ltd. (HKD)
998,262
5,637,157
Guotai Junan International
Holdings Ltd. (HKD)
1,847,013
959,540
MTR Corp., Ltd. (HKD)
3,674,084
 
16,979,398
Israel — 1.9%
39,910
Bank Hapoalim BM (ILS)
902,958
120,373
Harel Insurance Investments &
Financial Services Ltd. (ILS)
4,698,424
41,334
Menora Mivtachim Holdings
Ltd. (ILS)
5,184,029
108,336
Phoenix Financial Ltd. (ILS)
4,483,737
 
15,269,148
Italy — 3.1%
1,243,233
A2A S.p.A. (EUR)
3,375,015
54,394
Banco BPM S.p.A. (EUR)
832,287
74,013
Buzzi S.p.A. (EUR)
4,522,959
46,561
Eni S.p.A. (EUR)
883,155
61,967
Fincantieri S.p.A. (EUR) (c)
1,216,153
25,626
Leonardo S.p.A. (EUR)
1,480,485
274,671
Maire S.p.A. (EUR)
4,212,448
287,446
Nexi S.p.A. (EUR) (e) (f)
1,425,880
358,390
Pirelli & C S.p.A. (EUR) (e) (f)
2,466,427
41,113
Prysmian S.p.A. (EUR)
4,173,531
 
24,588,340
Japan — 28.8%
32,800
Advantest Corp. (JPY)
4,111,517
200,700
Aeon Co., Ltd. (JPY)
3,173,735
24,900
AGC, Inc. (JPY) (d)
825,496
234,600
Aisin Corp. (JPY)
4,382,275
125,900
ANA Holdings, Inc. (JPY)
2,394,383
309,400
Asahi Kasei Corp. (JPY)
2,743,594
113,200
Central Japan Railway Co. (JPY)
3,134,247
233,400
Chubu Electric Power Co., Inc.
(JPY)
3,593,979
135,300
CyberAgent, Inc. (JPY)
1,155,716
47,700
Dai Nippon Printing Co., Ltd.
(JPY)
820,377
22,600
Daiwa House Industry Co., Ltd.
(JPY)
749,967
See Notes to Financial Statements
Page 19
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
56,200
Denso Corp. (JPY)
$774,257
142,000
Ebara Corp. (JPY)
3,339,683
127,800
ENEOS Holdings, Inc. (JPY)
903,183
46,600
Food & Life Cos., Ltd. (JPY)
2,354,097
41,500
Fujikura Ltd. (JPY)
4,620,531
233,100
Hachijuni Bank (The) Ltd. (JPY)
2,526,093
95,100
Haseko Corp. (JPY)
1,886,943
235,400
Honda Motor Co., Ltd. (JPY)
2,308,315
26,700
Ibiden Co., Ltd. (JPY)
1,147,330
217,600
IHI Corp. (JPY)
3,826,476
224,700
Inpex Corp. (JPY) (d)
4,485,680
257,000
Isuzu Motors Ltd. (JPY)
4,002,499
161,100
Japan Airlines Co., Ltd.
(JPY) (d)
2,987,714
28,600
Japan Post Insurance Co., Ltd.
(JPY)
860,337
198,400
JFE Holdings, Inc. (JPY)
2,530,031
111,300
Kajima Corp. (JPY)
4,146,039
148,100
Kandenko Co., Ltd. (JPY)
4,753,874
283,500
Kansai Electric Power (The) Co.,
Inc. (JPY)
4,443,262
285,200
Kawasaki Kisen Kaisha Ltd.
(JPY) (d)
3,971,024
262,700
Keisei Electric Railway Co., Ltd.
(JPY)
2,161,774
71,200
Kinden Corp. (JPY)
3,087,727
343,500
Kobe Steel Ltd. (JPY)
4,541,551
160,700
Koito Manufacturing Co., Ltd.
(JPY)
2,369,874
46,600
Komatsu Ltd. (JPY)
1,487,487
64,500
Kubota Corp. (JPY) (d)
912,693
38,200
Kyoto Financial Group, Inc.
(JPY)
835,747
243,600
Kyushu Electric Power Co., Inc.
(JPY)
2,611,111
50,300
M3, Inc. (JPY)
678,844
162,400
Marubeni Corp. (JPY)
4,513,069
111,100
Mazda Motor Corp. (JPY)
864,600
253,900
Mebuki Financial Group, Inc.
(JPY)
1,682,509
63,200
Mitsubishi Electric Corp. (JPY)
1,849,923
98,300
Mitsubishi HC Capital, Inc.
(JPY)
822,723
133,600
Mitsui OSK Lines Ltd. (JPY) (d)
4,017,211
193,800
NGK Insulators Ltd. (JPY)
4,145,964
142,900
NIPPON EXPRESS
HOLDINGS, Inc. (JPY) (d)
3,057,060
30,400
Nippon Television Holdings,
Inc. (JPY)
738,458
118,900
Nippon Yusen KK (JPY)
3,854,534
42,000
Niterra Co., Ltd. (JPY)
1,847,689
Shares
Description
Value
 
Japan (Continued)
49,400
Obayashi Corp. (JPY)
$1,030,954
593,900
Oji Holdings Corp. (JPY)
3,261,445
62,800
Open House Group Co., Ltd.
(JPY)
3,689,259
112,000
Osaka Gas Co., Ltd. (JPY)
3,882,533
61,100
Otsuka Holdings Co., Ltd. (JPY)
3,461,059
298,400
Panasonic Holdings Corp. (JPY)
3,854,778
29,100
Rakuten Bank Ltd. (JPY) (c)
1,284,086
47,800
Resonac Holdings Corp. (JPY)
1,991,463
275,800
Ricoh Co., Ltd. (JPY)
2,419,236
186,600
SBI Holdings, Inc. (JPY)
4,020,525
17,800
SCREEN Holdings Co., Ltd.
(JPY)
1,731,818
44,900
Seibu Holdings, Inc. (JPY)
1,233,718
126,600
Seiko Epson Corp. (JPY)
1,602,706
231,000
Shimizu Corp. (JPY)
3,935,288
46,300
Shionogi & Co., Ltd. (JPY)
839,749
77,100
SoftBank Group Corp. (JPY)
2,165,730
92,000
Sojitz Corp. (JPY)
2,858,555
198,200
Subaru Corp. (JPY)
4,295,767
67,400
Sugi Holdings Co., Ltd. (JPY)
1,585,604
112,000
Sumitomo Corp. (JPY)
3,869,663
113,900
Sumitomo Electric Industries
Ltd. (JPY)
4,599,192
136,400
Sumitomo Forestry Co., Ltd.
(JPY) (d)
1,397,177
25,200
Sumitomo Metal Mining Co.,
Ltd. (JPY)
1,022,704
351,000
Sumitomo Pharma Co., Ltd.
(JPY) (c)
5,194,190
26,000
Suntory Beverage & Food Ltd.
(JPY) (d)
784,614
222,400
Suzuki Motor Corp. (JPY)
3,314,561
59,100
Taisei Corp. (JPY)
5,597,220
63,700
Tokyo Century Corp. (JPY)
824,920
173,000
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (c)
725,951
68,500
Tokyo Gas Co., Ltd. (JPY)
2,713,499
98,100
Tokyu Fudosan Holdings Corp.
(JPY)
894,950
95,000
TOPPAN Holdings, Inc. (JPY)
2,826,832
109,700
Tosoh Corp. (JPY)
1,647,181
84,300
Toyota Motor Corp. (JPY)
1,806,121
117,100
Toyota Tsusho Corp. (JPY)
3,942,706
37,000
West Japan Railway Co. (JPY)
738,394
203,100
Yamato Holdings Co., Ltd.
(JPY)
2,864,198
109,500
Yokohama Rubber (The) Co.,
Ltd. (JPY) (d)
4,206,215
 
227,147,763
Luxembourg — 1.1%
67,904
ArcelorMittal S.A. (EUR)
3,119,409
See Notes to Financial Statements
Page 20
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Luxembourg (Continued)
424,124
Aroundtown S.A. (EUR) (c)
$1,319,842
227,837
Tenaris S.A. (EUR)
4,420,614
 
8,859,865
Netherlands — 0.7%
70,919
Koninklijke Vopak N.V. (EUR)
3,157,067
69,079
Technip Energies N.V. (EUR)
2,636,777
 
5,793,844
Norway — 1.2%
133,360
Equinor ASA (NOK)
3,135,548
240,087
Norsk Hydro ASA (NOK)
1,862,580
155,757
Orkla ASA (NOK)
1,738,359
66,771
Yara International ASA (NOK)
2,742,380
 
9,478,867
Singapore — 1.6%
272,753
BOC Aviation Ltd. (HKD) (e) (f)
2,551,353
884,800
Seatrium Ltd. (SGD) (d)
1,486,828
807,800
Singapore Airlines Ltd. (SGD)
4,022,032
402,800
UOL Group Ltd. (SGD)
2,738,814
735,800
Wilmar International Ltd. (SGD)
1,763,081
 
12,562,108
South Korea — 14.5%
18,258
APR Corp. (KRW)
2,927,769
23,170
Coway Co., Ltd. (KRW)
1,397,711
24,717
DB Insurance Co., Ltd. (KRW)
2,249,418
5,154
Hanwha Aerospace Co., Ltd.
(KRW)
3,366,710
51,728
Hanwha Ocean Co., Ltd.
(KRW) (c)
4,079,206
36,715
HD Hyundai Co., Ltd. (KRW)
4,804,261
13,882
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW)
3,922,095
284,565
HMM Co., Ltd. (KRW)
4,049,552
4,258
Hyosung Heavy Industries Corp.
(KRW)
5,264,307
34,496
Hyundai Glovis Co., Ltd.
(KRW)
4,324,722
19,114
Hyundai Mobis Co., Ltd. (KRW)
4,949,167
26,538
Hyundai Motor Co. (KRW)
5,462,162
15,631
Hyundai Rotem Co., Ltd.
(KRW)
2,038,850
56,659
Kia Corp. (KRW)
4,790,577
4,658
KIWOOM Securities Co., Ltd.
(KRW)
936,095
126,614
Korea Electric Power Corp.
(KRW)
4,148,541
15,740
Korea Investment Holdings Co.,
Ltd. (KRW)
1,766,796
2,478
Korea Zinc Co., Ltd. (KRW)
2,263,752
Shares
Description
Value
 
South Korea (Continued)
250,793
Korean Air Lines Co., Ltd.
(KRW)
$3,925,849
395,942
LG Display Co., Ltd. (KRW)
3,246,034
30,188
LG Electronics, Inc. (KRW)
1,925,846
297,356
LG Uplus Corp. (KRW)
3,038,479
106,895
Mirae Asset Securities Co., Ltd.
(KRW)
1,732,670
15,215
Peptron, Inc. (KRW)
2,682,732
4,134
POSCO Holdings, Inc. (KRW)
875,270
17,692
Samsung Electro-Mechanics Co.,
Ltd. (KRW)
3,131,762
40,802
Samsung Electronics Co., Ltd.
(KRW)
3,396,036
208,421
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
3,486,825
29,147
Samsung Life Insurance Co.,
Ltd. (KRW)
3,188,759
6,949
Samsung SDS Co., Ltd. (KRW)
827,291
1,492
Samyang Foods Co., Ltd.
(KRW)
1,274,966
16,117
Shinhan Financial Group Co.,
Ltd. (KRW)
860,364
12,951
SK hynix, Inc. (KRW)
5,852,696
27,724
SK Square Co., Ltd. (KRW) (c)
7,082,317
84,059
SK Telecom Co., Ltd. (KRW)
3,121,833
87,946
Woori Financial Group, Inc.
(KRW)
1,709,408
 
114,100,828
Spain — 2.4%
4,050
Acciona S.A. (EUR)
884,801
50,895
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
5,075,026
127,082
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
2,994,399
112,320
Grifols S.A. (EUR)
1,412,382
18,167
Indra Sistemas S.A. (EUR) (d)
1,036,321
625,871
International Consolidated
Airlines Group S.A. (GBP)
3,495,199
515,263
Mapfre S.A. (EUR)
2,592,907
53,907
Merlin Properties Socimi S.A.
(EUR)
787,458
45,946
Repsol S.A. (EUR)
859,881
 
19,138,374
Sweden — 1.5%
59,962
Boliden AB (SEK) (c)
3,355,501
41,025
Industrivarden AB, Class C
(SEK)
1,849,278
13,315
Saab AB, Class B (SEK)
777,510
See Notes to Financial Statements
Page 21
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Sweden (Continued)
560,378
SSAB AB, Class B (SEK)
$4,240,040
396,228
Volvo Car AB, Class B
(SEK) (c) (d)
1,321,262
 
11,543,591
Switzerland — 0.8%
9,666
Accelleron Industries AG (CHF)
751,095
48,047
Holcim AG (CHF)
4,716,746
1,165
Swissquote Group Holding S.A.
(CHF)
716,267
 
6,184,108
United Kingdom — 7.0%
73,872
3i Group PLC (GBP)
3,249,145
611,769
Aberdeen Group PLC (GBP)
1,695,441
11,562
Anglogold Ashanti PLC (ZAR)
1,000,609
43,920
Antofagasta PLC (GBP)
1,941,225
117,820
Associated British Foods PLC
(GBP)
3,377,993
181,691
Babcock International
Group PLC (GBP)
3,044,225
318,294
Barclays PLC (GBP)
2,042,029
133,213
Beazley PLC (GBP)
1,493,971
31,497
Berkeley Group Holdings PLC
(GBP)
1,657,491
173,499
British Land (The) Co., PLC
(GBP)
944,355
260,397
easyJet PLC (GBP)
1,792,210
97,439
Endeavour Mining PLC (GBP)
5,085,578
102,394
Fresnillo PLC (GBP)
4,601,636
168,279
IG Group Holdings PLC (GBP)
2,982,826
1,267,833
JD Sports Fashion PLC (GBP)
1,443,395
57,181
Pearson PLC (GBP)
809,307
174,099
Prudential PLC (GBP)
2,685,866
37,082
Rio Tinto PLC (GBP)
2,996,071
50,766
Rolls-Royce Holdings PLC
(GBP)
786,943
45,654
Shell PLC (GBP)
1,686,171
126,253
Standard Chartered PLC (GBP)
3,100,718
135,605
Tesco PLC (GBP)
807,558
2,090,388
Tritax Big Box REIT PLC
(GBP)
4,288,582
252,068
UNITE Group (The) PLC (GBP)
1,901,035
 
55,414,380
Total Common Stocks
787,528,179
(Cost $653,650,544)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 5.1%
$40,199,689
JPMorgan Chase & Co.,
3.82% (g), dated 12/31/25,
due 01/02/26, with a maturity
value of $40,208,220.
Collateralized by
U.S. Treasury Securities,
interest rates of 1.25% to
4.63%, due 08/15/31 to
11/15/49. The value of the
collateral including accrued
interest is $41,003,684. (h)
$40,199,689
(Cost $40,199,689)
Total Investments — 104.9%
827,727,868
(Cost $693,850,233)
Net Other Assets and
Liabilities — (4.9)%
(38,493,580
)
Net Assets — 100.0%
$789,234,288
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $37,457,973 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $40,199,689.
(e)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(f)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(g)
Rate shown reflects yield as of December 31, 2025.
(h)
This security serves as collateral for securities on loan.
 
See Notes to Financial Statements
Page 22
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
December 31, 2025
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
JPY
27.4%
EUR
15.9
KRW
13.8
CAD
11.7
HKD
7.2
GBP
7.0
USD
4.9
AUD
3.8
DKK
1.9
ILS
1.8
SEK
1.4
SGD
1.2
NOK
1.1
CHF
0.8
ZAR
0.1
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$787,528,179
$787,528,179
$—
$—
Repurchase
Agreements
40,199,689
—
40,199,689
—
Total Investments
$827,727,868
$787,528,179
$40,199,689
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$37,457,973
Non-cash Collateral(2)
(37,457,973
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$40,199,689
Non-cash Collateral(4)
(40,199,689
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 23
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Brazil — 10.0%
113,501
Banco BTG Pactual S.A. (BRL)
$1,089,079
85,344
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
2,077,474
2,456,305
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
5,020,414
68,222
Embraer S.A. (BRL)
1,103,056
330,970
Eneva S.A. (BRL) (c)
1,218,847
1,319,099
Gerdau S.A. (Preference Shares)
(BRL)
4,908,331
1,948,425
Itausa S.A. (Preference Shares)
(BRL)
4,153,037
870,559
Petroleo Brasileiro S.A. -
Petrobras (Preference Shares)
(BRL)
4,896,324
718,274
PRIO S.A. (BRL) (c)
5,429,246
329,312
Suzano S.A. (BRL)
3,091,948
321,547
Telefonica Brasil S.A. (BRL)
1,942,279
233,088
TIM S.A. (BRL)
907,724
747,960
Ultrapar Participacoes S.A.
(BRL)
2,852,751
285,389
Vale S.A. (BRL)
3,747,724
1,192,970
Vibra Energia S.A. (BRL)
5,514,472
 
47,952,706
Cayman Islands — 8.8%
113,308
Akeso, Inc. (HKD) (c) (d) (e)
1,645,162
45,069
Alibaba Group Holding Ltd.
(HKD)
826,944
59,977
Baidu, Inc., Class A (HKD) (c)
1,013,398
1,995,960
China Feihe Ltd. (HKD) (d) (e)
1,041,232
1,511,285
China Hongqiao Group Ltd.
(HKD)
6,334,321
124,128
ENN Energy Holdings Ltd.
(HKD)
1,103,686
1,279,716
InnoCare Pharma Ltd., Class H
(HKD) (c) (d) (e) (f)
2,022,499
165,908
Innovent Biologics, Inc.
(HKD) (c) (d) (e)
1,625,462
2,449,568
J&T Global Express Ltd.
(HKD) (c)
3,289,088
480,324
JD Health International, Inc.
(HKD) (c) (d) (e)
3,425,287
1,828,834
JD Logistics, Inc.
(HKD) (c) (d) (e)
2,683,553
94,384
Kuaishou Technology
(HKD) (d) (e)
775,548
389,690
Wuxi Biologics Cayman, Inc.
(HKD) (c) (d) (e)
1,574,242
408,004
WuXi XDC Cayman, Inc.
(HKD) (c)
3,184,787
491,452
XD, Inc. (HKD) (e)
4,095,065
Shares
Description
Value
 
Cayman Islands (Continued)
171,443
XPeng, Inc., Class A (HKD) (c)
$1,747,980
1,122,912
XtalPi Holdings Ltd. (HKD) (c)
1,364,918
942,236
Zhen Ding Technology Holding
Ltd. (TWD)
4,258,287
 
42,011,459
Chile — 1.7%
561,928
Empresas Copec S.A. (CLP)
4,403,903
347,015
Falabella S.A. (CLP)
2,420,676
45,262,859
Latam Airlines Group S.A.
(CLP)
1,225,480
 
8,050,059
China — 32.7%
4,947,043
Aluminum Corp. of China Ltd.,
Class H (HKD)
7,735,813
1,019,649
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
2,892,807
1,222,707
Bank of Communications Co.,
Ltd., Class H (HKD)
1,013,332
230,348
Beijing Fourth Paradigm
Technology Co., Ltd., Class H
(HKD) (c)
1,302,879
1,126,048
CALB Group Co., Ltd., Class H
(HKD) (c) (d) (e)
3,634,513
3,438,462
China Coal Energy Co., Ltd.,
Class H (HKD)
4,395,993
1,067,590
China Construction Bank Corp.,
Class H (HKD)
1,054,874
13,422,332
China Energy Engineering
Corp., Ltd., Class H (HKD) (f)
1,828,115
2,464,640
China Everbright Bank Co., Ltd.,
Class H (HKD) (f)
1,152,722
1,349,008
China Galaxy Securities Co.,
Ltd., Class H (HKD)
1,738,542
461,100
China Merchants Securities Co.,
Ltd., Class H (HKD) (d) (e)
825,900
5,786,544
China National Building
Material Co., Ltd., Class H
(HKD)
3,806,790
3,585,892
China Oilfield Services Ltd.,
Class H (HKD)
3,220,654
3,942,763
China Petroleum & Chemical
Corp., Class H (HKD)
2,365,850
4,063,691
China Railway Group Ltd.,
Class H (HKD)
1,999,812
15,456,233
China Reinsurance Group Corp.,
Class H (HKD)
3,336,435
2,782,561
China Tower Corp., Ltd.,
Class H (HKD) (d) (e)
4,133,065
777,944
CITIC Securities Co., Ltd.,
Class H (HKD)
2,738,852
1,526,548
CMOC Group Ltd., Class H
(HKD)
3,773,855
See Notes to Financial Statements
Page 24
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China (Continued)
3,297,159
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD) (f)
$5,825,220
1,129,488
CSC Financial Co., Ltd., Class H
(HKD) (d) (e)
1,863,444
1,442,384
Dongfang Electric Corp., Ltd.,
Class H (HKD) (f)
4,633,302
704,904
Everbright Securities Co., Ltd.,
Class H (HKD) (d) (e)
805,196
1,180,168
GF Securities Co., Ltd., Class H
(HKD) (f)
2,670,379
2,851,996
Goldwind Science &
Technology Co., Ltd., Class H
(HKD)
4,914,139
3,812,092
Huadian Power International
Corp., Ltd., Class H (HKD)
1,993,552
1,017,904
Huaxin Cement Co., Ltd.,
Class H (HKD) (f)
2,356,847
2,142,772
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
4,092,695
1,308,729
Jiangxi Copper Co., Ltd.,
Class H (HKD)
7,210,647
8,840,652
Metallurgical Corp. of China
Ltd., Class H (HKD) (f)
2,078,764
518,968
New China Life Insurance Co.,
Ltd., Class H (HKD)
3,624,181
1,981,584
Orient Securities Co., Ltd.,
Class H (HKD) (d) (e)
1,741,559
4,690,726
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD)
4,068,305
5,639,223
PetroChina Co., Ltd., Class H
(HKD)
6,072,017
561,556
Pharmaron Beijing Co., Ltd.,
Class H (HKD) (d) (e)
1,413,505
4,429,948
Qingdao Port International Co.,
Ltd., Class H (HKD) (d) (e)
3,961,663
340,920
Remegen Co., Ltd., Class H
(HKD) (c) (d) (e) (f)
3,153,949
1,080,980
Shandong Gold Mining Co.,
Ltd., Class H (HKD) (d) (e)
4,805,775
165,400
Shanghai Chicmax Cosmetic
Co., Ltd., Class H (HKD) (f)
1,547,165
7,830,036
Shanghai Electric Group Co.,
Ltd., Class H (HKD) (c)
3,893,538
524,432
Shanghai Junshi Biosciences
Co., Ltd., Class H
(HKD) (c) (d) (e) (f)
1,437,982
6,673,536
Shenwan Hongyuan Group Co.,
Ltd., Class H (HKD) (d) (e) (f)
2,606,750
870,821
Sinopharm Group Co., Ltd.,
Class H (HKD)
2,175,178
4,919,712
Sinotrans Ltd., Class H (HKD)
3,065,852
Shares
Description
Value
 
China (Continued)
1,144,507
Weichai Power Co., Ltd.,
Class H (HKD)
$2,772,040
675,264
Yangtze Optical Fibre & Cable
Joint Stock Ltd., Co., Class H
(HKD) (d) (e) (f)
4,485,737
766,472
Zhaojin Mining Industry Co.,
Ltd., Class H (HKD)
3,027,400
3,332,546
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
3,070,188
481,439
Zhejiang Leapmotor Technology
Co., Ltd., Class H
(HKD) (c) (d) (e)
3,007,641
186,592
Zhuzhou CRRC Times Electric
Co., Ltd., Class H (HKD)
901,948
734,440
Zijin Mining Group Co., Ltd.,
Class H (HKD)
3,365,173
224,988
ZTE Corp., Class H (HKD) (f)
784,583
 
156,377,117
Hong Kong — 0.5%
533,128
China Nonferrous Mining Corp.,
Ltd. (HKD) (f)
1,010,400
348,000
Sinotruk Hong Kong Ltd. (HKD)
1,235,016
 
2,245,416
Hungary — 2.9%
768,873
Magyar Telekom
Telecommunications PLC
(HUF)
4,213,139
631,941
MOL Hungarian Oil & Gas PLC
(HUF)
5,681,160
134,914
Richter Gedeon Nyrt (HUF)
4,069,745
 
13,964,044
India — 3.0%
701,103
Coal India Ltd. (INR)
3,112,394
1,550,825
GAIL India Ltd. (INR)
2,970,536
608,396
Indian Oil Corp. Ltd. (INR)
1,126,772
1,522,032
Oil & Natural Gas Corp., Ltd.
(INR)
4,070,633
244,419
REC Ltd. (INR)
970,286
502,606
Tata Motors Passenger Vehicles
Ltd. (INR)
2,054,223
 
14,304,844
Indonesia — 5.3%
14,839,422
Astra International Tbk PT
(IDR)
5,962,466
22,852,709
Barito Pacific Tbk PT (IDR) (c)
4,481,461
102,021,024
Bumi Resources Minerals Tbk
PT (IDR) (c)
6,730,023
11,202,309
Telkom Indonesia Persero Tbk
PT (IDR)
2,337,873
3,200,659
United Tractors Tbk PT (IDR)
5,662,335
 
25,174,158
See Notes to Financial Statements
Page 25
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Malaysia — 0.7%
3,223,500
Axiata Group Bhd (MYR)
$2,001,779
326,700
Tenaga Nasional Bhd (MYR)
1,104,565
 
3,106,344
Mexico — 3.7%
4,589,331
Cemex S.A.B. de C.V.,
Series CPO (MXN)
5,267,887
373,635
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN)
904,027
114,943
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
6,043,101
1,282,281
Prologis Property Mexico S.A.
de C.V. (MXN)
5,371,944
 
17,586,959
Netherlands — 0.7%
384,144
NEPI Rockcastle N.V. (ZAR)
3,383,297
Philippines — 0.8%
371,960
Ayala Corp. (PHP)
2,958,862
880,310
Metropolitan Bank & Trust Co.
(PHP)
1,024,965
 
3,983,827
Poland — 2.1%
69,964
KGHM Polska Miedz S.A.
(PLN) (c)
5,472,393
172,510
ORLEN S.A. (PLN)
4,618,367
 
10,090,760
Russia — 0.0%
76,383,797
Inter RAO UES PJSC
(RUB) (c) (g) (h) (i)
0
11,679
Magnit PJSC
(RUB) (c) (g) (h) (i)
0
4,142,443
Magnitogorsk Iron & Steel
Works PJSC
(RUB) (c) (g) (h) (i)
0
262,800,255
RusHydro PJSC
(RUB) (c) (g) (h) (i)
0
403,137
Tatneft PJSC
(RUB) (c) (g) (h) (i)
0
 
0
South Africa — 3.0%
97,150
Gold Fields Ltd. (ZAR)
4,257,411
56,240
Harmony Gold Mining Co., Ltd.
(ZAR)
1,144,769
82,940
Nedbank Group Ltd. (ZAR)
1,333,551
126,299
Northam Platinum Holdings Ltd.
(ZAR)
2,571,054
1,437,026
Sibanye Stillwater Ltd.
(ZAR) (c)
5,250,005
 
14,556,790
Shares
Description
Value
 
Taiwan — 17.7%
149,676
Accton Technology Corp.
(TWD)
$5,644,915
95,664
Asia Vital Components Co., Ltd.
(TWD)
4,597,401
54,028
Chroma ATE, Inc. (TWD)
1,332,624
146,521
Delta Electronics, Inc. (TWD)
4,490,690
102,146
Elite Material Co., Ltd. (TWD)
5,347,788
3,284,226
Eva Airways Corp. (TWD)
3,820,387
873,806
Evergreen Marine Corp. Taiwan
Ltd. (TWD)
5,283,911
2,250,521
Far Eastern New Century Corp.
(TWD)
1,991,200
287,322
Gold Circuit Electronics Ltd.
(TWD)
6,282,211
579,301
Hon Hai Precision Industry Co.,
Ltd. (TWD)
4,249,738
38,941
Jentech Precision Industrial Co.,
Ltd. (TWD)
3,402,016
38,033
King Slide Works Co., Ltd.
(TWD)
4,539,194
544,039
Lite-On Technology Corp.
(TWD)
2,830,966
107,870
Quanta Computer, Inc. (TWD)
933,806
104,101
Tripod Technology Corp.
(TWD)
1,051,927
1,373,534
United Microelectronics Corp.
(TWD)
2,152,943
2,105,131
Wan Hai Lines Ltd. (TWD)
5,279,493
1,113,247
Wistron Corp. (TWD)
5,332,304
47,183
Wiwynn Corp. (TWD)
6,734,958
890,598
WT Microelectronics Co., Ltd.
(TWD)
3,883,195
2,951,155
Yang Ming Marine Transport
Corp. (TWD)
5,231,595
 
84,413,262
Thailand — 3.2%
223,700
Bangkok Bank PCL (THB)
1,203,528
5,978,500
Charoen Pokphand Foods PCL
(THB)
4,136,845
1,442,900
PTT Exploration & Production
PCL (THB)
5,175,296
3,007,200
PTT PCL (THB)
3,054,449
289,800
Siam Cement (The) PCL (THB)
1,687,932
 
15,258,050
Turkey — 2.8%
595,503
Aselsan Elektronik Sanayi Ve
Ticaret A/S (TRY)
3,214,623
677,424
Turk Hava Yollari AO (TRY) (f)
4,237,648
See Notes to Financial Statements
Page 26
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Turkey (Continued)
1,744,618
Turkcell Iletisim Hizmetleri A/S
(TRY) (f)
$3,784,165
2,514,892
Yapi ve Kredi Bankasi A/S
(TRY) (c)
2,122,208
 
13,358,644
Total Common Stocks
475,817,736
(Cost $426,453,094)
WARRANTS (a) (b) — 0.0%
Malaysia — 0.0%
227,020
YTL Power International Bhd,
expiring 06/02/28 (MYR)
(c) (g) (h)
48,112
(Cost $0)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 5.4%
$25,670,586
JPMorgan Chase & Co.,
3.82% (j), dated 12/31/25, due
01/02/26, with a maturity
value of $25,676,034.
Collateralized by
U.S. Treasury Securities,
interest rates of 1.25% to
4.63%, due 08/15/31 to
11/15/49. The value of the
collateral including accrued
interest is $26,183,998. (k)
25,670,586
(Cost $25,670,586)
Total Investments — 105.0%
501,536,434
(Cost $452,123,680)
Net Other Assets and
Liabilities — (5.0)%
(23,815,968
)
Net Assets — 100.0%
$477,720,466
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $20,405,675 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $25,670,586.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $48,112 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of December 31, 2025.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
HKD
–  Hong Kong Dollar
HUF
–  Hungarian Forint
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
See Notes to Financial Statements
Page 27
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
December 31, 2025
Currency Exposure Diversification
% of Total
Investments
HKD
38.3%
TWD
17.7
BRL
9.6
USD
5.9
IDR
5.0
ZAR
3.6
MXN
3.5
THB
3.0
INR
2.9
HUF
2.8
TRY
2.7
PLN
2.0
CLP
1.6
PHP
0.8
MYR
0.6
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Russia
$—
**
$—
$—
$—
**
Thailand
15,258,050
—
15,258,050
—
Other Country
Categories*
460,559,686
460,559,686
—
—
Warrants*
48,112
—
48,112
—
Repurchase
Agreements
25,670,586
—
25,670,586
—
Total Investments
$501,536,434
$460,559,686
$40,976,748
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$20,405,675
Non-cash Collateral(2)
(20,405,675
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$25,670,586
Non-cash Collateral(4)
(25,670,586
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 28
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 99.9%
Aerospace & Defense — 8.0%
26,981
Hensoldt AG (EUR)
$2,327,370
4,180
MTU Aero Engines AG (EUR)
1,745,351
1,462
Rheinmetall AG (EUR)
2,682,017
 
6,754,738
Air Freight & Logistics —
2.6%
40,213
DHL Group (EUR)
2,208,378
Automobile Components —
3.5%
36,871
Continental AG (EUR)
2,944,758
Automobiles — 15.5%
34,825
Bayerische Motoren Werke AG
(EUR)
3,811,875
50,128
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (b) (c)
2,687,491
52,887
Mercedes-Benz Group AG
(EUR)
3,733,514
23,459
Volkswagen AG (Preference
Shares) (EUR)
2,854,768
 
13,087,648
Banks — 4.0%
78,505
Commerzbank AG (EUR)
3,330,549
Capital Markets — 2.9%
62,645
Deutsche Bank AG (EUR)
2,437,569
Chemicals — 1.7%
60,067
Evonik Industries AG (EUR)
943,091
11,221
FUCHS SE (Preference Shares)
(EUR)
502,949
 
1,446,040
Construction & Engineering
— 5.9%
12,566
HOCHTIEF AG (EUR)
4,976,663
Construction Materials —
1.6%
5,270
Heidelberg Materials AG (EUR)
1,381,105
Diversified Telecommunication
Services — 4.5%
50,913
Deutsche Telekom AG (EUR)
1,654,977
66,699
United Internet AG (EUR)
2,169,685
 
3,824,662
Electrical Equipment — 8.3%
93,744
Nordex SE (EUR) (d)
3,208,087
26,800
Siemens Energy AG (EUR) (d)
3,792,037
 
7,000,124
Health Care Providers &
Services — 0.6%
10,804
Fresenius Medical Care AG
(EUR)
517,523
Shares
Description
Value
 
Independent Power and
Renewable Electricity
Producers — 4.7%
74,173
RWE AG (EUR)
$3,945,224
Industrial Conglomerates —
0.8%
2,415
Siemens AG (EUR)
678,733
Insurance — 3.9%
1,528
Allianz SE (EUR)
701,222
19,129
Talanx AG (EUR)
2,558,267
 
3,259,489
Interactive Media & Services
— 1.1%
8,977
Scout24 SE (EUR) (b) (c)
905,169
IT Services — 0.8%
13,212
Bechtle AG (EUR)
678,207
Machinery — 9.2%
26,168
Daimler Truck Holding AG
(EUR)
1,147,687
39,459
Jungheinrich AG (Preference
Shares) (EUR)
1,642,502
22,252
KION Group AG (EUR)
1,784,773
7,508
Krones AG (EUR)
1,198,217
30,981
RENK Group AG (EUR)
1,952,241
 
7,725,420
Metals & Mining — 7.3%
29,761
Aurubis AG (EUR) (e)
4,343,906
162,695
thyssenkrupp AG (EUR)
1,773,179
 
6,117,085
Multi-Utilities — 1.5%
67,275
E.ON SE (EUR)
1,274,866
Passenger Airlines — 3.4%
292,806
Deutsche Lufthansa AG (EUR)
2,892,548
Pharmaceuticals — 2.4%
14,334
Merck KGaA (EUR)
2,065,233
Software — 0.6%
4,273
Nemetschek SE (EUR)
466,007
Specialty Retail — 3.7%
96,050
Auto1 Group SE (EUR) (d)
3,081,565
Trading Companies &
Distributors — 0.6%
9,352
Brenntag SE (EUR)
544,687
Transportation Infrastructure
— 0.8%
8,219
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (d)
675,644
Total Common Stocks
84,219,634
(Cost $73,424,313)
See Notes to Financial Statements
Page 29
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
55,009
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (f)
$55,009
(Cost $55,009)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 4.6%
$3,883,838
Bank of America Corp.,
3.82% (f), dated 12/31/25, due
01/02/26, with a maturity
value of $3,884,662.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $3,961,516. (g)
3,883,838
(Cost $3,883,838)
Total Investments — 104.6%
88,158,481
(Cost $77,363,160)
Net Other Assets and
Liabilities — (4.6)%
(3,844,278
)
Net Assets — 100.0%
$84,314,203
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(c)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(d)
Non-income producing security.
(e)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $3,721,972 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $3,883,838.
(f)
Rate shown reflects yield as of December 31, 2025.
(g)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
95.5%
USD
4.5
Total
100.0%
 
Country Allocation†
% of Net
Assets
Germany
99.9%
United States
4.7
Total Investments
104.6
Net Other Assets and Liabilities
(4.6)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$84,219,634
$84,219,634
$—
$—
Money Market Funds
55,009
55,009
—
—
Repurchase Agreements
3,883,838
—
3,883,838
—
Total Investments
$88,158,481
$84,274,643
$3,883,838
$—
 
*
See Portfolio of Investments for industry breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$3,721,972
Non-cash Collateral(2)
(3,721,972
)
Net Amount
$—
See Notes to Financial Statements
Page 30
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
December 31, 2025
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$3,883,838
Non-cash Collateral(4)
(3,883,838
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 31
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 99.7%
Aerospace & Defense — 5.5%
111,191
Babcock International
Group PLC (GBP)
$1,863,000
54,131
BAE Systems PLC (GBP)
1,250,631
105,537
Rolls-Royce Holdings PLC
(GBP)
1,635,968
 
4,749,599
Banks — 10.8%
302,750
Barclays PLC (GBP)
1,942,306
28,952
HSBC Holdings PLC (GBP)
458,084
18,029
Lion Finance Group PLC (GBP)
2,260,095
665,696
Lloyds Banking Group PLC
(GBP)
881,529
199,683
NatWest Group PLC (GBP)
1,754,396
84,605
Standard Chartered PLC (GBP)
2,077,862
 
9,374,272
Beverages — 1.2%
20,134
Coca-Cola HBC AG (GBP)
1,042,701
Broadline Retail — 1.3%
6,157
Next PLC (GBP)
1,135,344
Capital Markets — 8.1%
30,982
3i Group PLC (GBP)
1,362,695
409,126
Aberdeen Group PLC (GBP)
1,133,842
95,975
IG Group Holdings PLC (GBP)
1,701,203
137,848
Ninety One PLC (GBP)
401,724
70,640
Schroders PLC (GBP)
387,541
107,810
St. James’s Place PLC (GBP)
2,011,982
 
6,998,987
Consumer Staples Distribution
& Retail — 3.1%
273,095
J Sainsbury PLC (GBP)
1,196,381
254,467
Tesco PLC (GBP)
1,515,407
 
2,711,788
Containers & Packaging —
0.4%
8,125
Smurfit WestRock PLC (GBP)
314,433
Diversified Consumer Services
— 1.6%
95,304
Pearson PLC (GBP)
1,348,878
Diversified REITs — 2.5%
203,476
British Land (The) Co., PLC
(GBP)
1,107,520
121,376
Land Securities Group PLC
(GBP)
1,017,643
 
2,125,163
Diversified Telecommunication
Services — 1.1%
395,295
BT Group PLC (GBP)
980,684
Shares
Description
Value
 
Electric Utilities — 0.5%
13,943
SSE PLC (GBP)
$409,530
Electronic Equipment,
Instruments & Components
— 0.9%
15,956
Halma PLC (GBP)
760,946
Financial Services — 2.6%
496,682
M&G PLC (GBP)
1,917,448
24,548
Wise PLC, Class A (GBP) (b)
294,826
 
2,212,274
Food Products — 2.1%
62,025
Associated British Foods PLC
(GBP)
1,778,306
Health Care Equipment &
Supplies — 0.3%
88,521
Convatec Group PLC
(GBP) (c) (d)
290,190
Hotels, Restaurants & Leisure
— 3.9%
41,874
Carnival PLC (GBP) (b)
1,280,147
141,673
Entain PLC (GBP)
1,463,956
18,087
Whitbread PLC (GBP)
621,697
 
3,365,800
Household Durables — 1.6%
26,455
Berkeley Group Holdings PLC
(GBP)
1,392,162
Industrial Conglomerates —
1.6%
5,400
DCC PLC (GBP)
337,013
34,100
Smiths Group PLC (GBP)
1,081,095
 
1,418,108
Industrial REITs — 3.2%
251,522
LondonMetric Property PLC
(GBP)
643,155
37,565
Segro PLC (GBP)
364,778
864,818
Tritax Big Box REIT PLC
(GBP)
1,774,237
 
2,782,170
Insurance — 7.0%
31,489
Admiral Group PLC (GBP)
1,348,067
123,689
Aviva PLC (GBP)
1,141,073
109,217
Beazley PLC (GBP)
1,224,858
61,027
Hiscox Ltd. (GBP)
1,170,575
77,538
Phoenix Group Holdings PLC
(GBP)
770,290
27,974
Prudential PLC (GBP)
431,561
 
6,086,424
Interactive Media & Services
— 0.5%
64,746
Rightmove PLC (GBP)
453,476
See Notes to Financial Statements
Page 32
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Leisure Products — 1.4%
4,722
Games Workshop Group PLC
(GBP)
$1,204,257
Machinery — 0.5%
12,192
IMI PLC (GBP)
408,882
Media — 2.5%
1,548,177
ITV PLC (GBP)
1,718,527
99,608
WPP PLC (GBP)
453,148
 
2,171,675
Metals & Mining — 13.1%
23,288
Anglogold Ashanti PLC (ZAR)
2,015,410
45,834
Endeavour Mining PLC (GBP)
2,392,188
153,120
Evraz PLC (GBP) (b) (e) (f) (g)
0
88,644
Fresnillo PLC (GBP)
3,983,705
90,019
Glencore PLC (GBP)
493,310
30,070
Rio Tinto PLC (GBP)
2,429,531
 
11,314,144
Multi-Utilities — 2.1%
632,112
Centrica PLC (GBP)
1,444,655
24,050
National Grid PLC (GBP)
370,052
 
1,814,707
Oil, Gas & Consumable Fuels
— 3.4%
139,620
BP PLC (GBP)
814,530
260,637
Harbour Energy PLC (GBP)
690,704
39,991
Shell PLC (GBP)
1,477,015
 
2,982,249
Paper & Forest Products —
0.6%
42,925
Mondi PLC (GBP)
525,489
Passenger Airlines — 5.5%
191,879
easyJet PLC (GBP)
1,320,628
374,113
International Consolidated
Airlines Group S.A. (GBP)
2,089,248
69,185
JET2 PLC (GBP)
1,309,336
 
4,719,212
Pharmaceuticals — 0.6%
25,684
Hikma Pharmaceuticals PLC
(GBP)
536,620
Residential REITs — 1.3%
150,616
UNITE Group (The) PLC (GBP)
1,135,909
Specialty Retail — 3.2%
1,438,440
JD Sports Fashion PLC (GBP)
1,637,627
263,371
Kingfisher PLC (GBP)
1,110,115
 
2,747,742
Textiles, Apparel & Luxury
Goods — 0.8%
43,197
Burberry Group PLC (GBP) (b)
738,903
Shares
Description
Value
 
Tobacco — 0.9%
17,747
Imperial Brands PLC (GBP)
$746,127
Trading Companies &
Distributors — 2.1%
10,936
Ashtead Group PLC (GBP)
749,734
11,004
Bunzl PLC (GBP)
307,929
10,446
Diploma PLC (GBP)
745,569
 
1,803,232
Water Utilities — 0.4%
22,365
United Utilities Group PLC
(GBP)
359,953
Wireless Telecommunication
Services — 1.5%
984,679
Vodafone Group PLC (GBP)
1,312,427
Total Investments — 99.7%
86,252,763
(Cost $69,483,163)
Net Other Assets and
Liabilities — 0.3%
246,503
Net Assets — 100.0%
$86,499,266
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $0 or 0.0% of net assets.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
 
Abbreviations throughout the Portfolio of Investments:
GBP
–  British Pound Sterling
REITs
–  Real Estate Investment Trusts
ZAR
–  South African Rand
 
See Notes to Financial Statements
Page 33
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
December 31, 2025
Currency Exposure Diversification
% of Total
Investments
GBP
97.7%
ZAR
2.3
Total
100.0%
 
Country Allocation†
% of Net
Assets
United Kingdom
91.2%
Spain
2.4
Isle of Man
1.7
Bermuda
1.4
Switzerland
1.2
Jersey
1.1
Ireland
0.7
Total Investments
99.7
Net Other Assets and Liabilities
0.3
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Metals & Mining
$11,314,144
$11,314,144
$—
$—
**
Other Industry
Categories*
74,938,619
74,938,619
—
—
Total Investments
$86,252,763
$86,252,763
$—
$—
**
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 34
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 102.6%
Aerospace & Defense — 2.1%
807,801
Bharat Electronics Ltd. (INR)
$3,591,449
Automobiles — 10.4%
35,509
Bajaj Auto Ltd. (INR)
3,691,175
43,947
Eicher Motors Ltd. (INR)
3,575,485
88,838
Mahindra & Mahindra Ltd.
(INR)
3,666,223
19,394
Maruti Suzuki India Ltd. (INR)
3,602,846
897,069
Tata Motors Passenger Vehicles
Ltd. (INR)
3,666,449
 
18,202,178
Banks — 10.3%
262,065
Axis Bank Ltd. (INR)
3,701,241
324,431
HDFC Bank Ltd. (INR)
3,577,861
238,350
ICICI Bank Ltd. (INR)
3,561,219
148,724
Kotak Mahindra Bank Ltd.
(INR)
3,642,174
333,094
State Bank of India (INR)
3,640,043
 
18,122,538
Chemicals — 2.1%
117,192
Asian Paints Ltd. (INR)
3,611,097
Construction & Engineering
— 2.1%
79,527
Larsen & Toubro Ltd. (INR)
3,613,158
Construction Materials —
4.1%
114,231
Grasim Industries Ltd. (INR)
3,595,479
27,291
UltraTech Cement Ltd. (INR)
3,578,096
 
7,173,575
Consumer Finance — 4.1%
321,868
Bajaj Finance Ltd. (INR)
3,533,839
335,192
Shriram Finance Ltd. (INR)
3,715,181
 
7,249,020
Electric Utilities — 2.0%
1,212,538
Power Grid Corp. of India Ltd.
(INR)
3,569,645
Financial Services — 4.1%
159,530
Bajaj Finserv Ltd. (INR)
3,620,688
1,083,914
Jio Financial Services Ltd. (INR)
3,556,993
 
7,177,681
Food Products — 4.1%
252,922
Nestle India Ltd. (INR)
3,624,452
273,767
Tata Consumer Products Ltd.
(INR)
3,630,757
 
7,255,209
Shares
Description
Value
 
Health Care Providers &
Services — 4.0%
44,979
Apollo Hospitals Enterprise Ltd.
(INR)
$3,524,330
299,607
Max Healthcare Institute Ltd.
(INR)
3,483,771
 
7,008,101
Hotels, Restaurants & Leisure
— 2.0%
1,142,390
Eternal Ltd. (INR) (b)
3,534,086
Independent Power and
Renewable Electricity
Producers — 2.1%
993,114
NTPC Ltd. (INR)
3,641,332
Insurance — 4.1%
430,047
HDFC Life Insurance Co., Ltd.
(INR) (c) (d)
3,587,816
159,412
SBI Life Insurance Co., Ltd.
(INR) (c) (d)
3,609,142
 
7,196,958
IT Services — 10.0%
193,792
HCL Technologies Ltd. (INR)
3,500,052
194,353
Infosys Ltd. (INR)
3,493,101
98,131
Tata Consultancy Services Ltd.
(INR)
3,500,553
199,633
Tech Mahindra Ltd. (INR)
3,533,581
1,208,668
Wipro Ltd. (INR)
3,540,501
 
17,567,788
Metals & Mining — 6.4%
368,734
Hindalco Industries Ltd. (INR)
3,637,724
294,105
JSW Steel Ltd. (INR)
3,811,480
1,903,195
Tata Steel Ltd. (INR)
3,813,191
 
11,262,395
Oil, Gas & Consumable Fuels
— 6.2%
800,369
Coal India Ltd. (INR)
3,553,064
1,372,397
Oil & Natural Gas Corp., Ltd.
(INR)
3,670,438
206,432
Reliance Industries Ltd. (INR)
3,606,842
 
10,830,344
Passenger Airlines — 2.0%
63,435
InterGlobe Aviation Ltd.
(INR) (c) (d)
3,570,889
Personal Care Products —
2.1%
138,402
Hindustan Unilever Ltd. (INR)
3,566,170
128,667
Kwality Wall’s India Ltd.
(INR) (b) (e) (f)
54,628
 
3,620,798
Pharmaceuticals — 6.1%
213,724
Cipla Ltd. (INR)
3,593,716
See Notes to Financial Statements
Page 35
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Pharmaceuticals (Continued)
253,579
Dr. Reddy’s Laboratories Ltd.
(INR)
$3,587,033
187,187
Sun Pharmaceutical Industries
Ltd. (INR)
3,581,527
 
10,762,276
Specialty Retail — 2.0%
75,110
Trent Ltd. (INR)
3,575,855
Textiles, Apparel & Luxury
Goods — 2.1%
80,628
Titan Co., Ltd. (INR)
3,634,474
Tobacco — 2.0%
796,408
ITC Ltd. (INR)
3,570,923
Trading Companies &
Distributors — 2.1%
144,342
Adani Enterprises Ltd. (INR)
3,596,851
Transportation Infrastructure
— 2.0%
216,440
Adani Ports & Special Economic
Zone Ltd. (INR)
3,539,449
Wireless Telecommunication
Services — 2.0%
152,878
Bharti Airtel Ltd. (INR)
3,581,465
Total Investments — 102.6%
180,059,534
(Cost $135,998,102)
Net Other Assets and
Liabilities — (2.6)%
(4,504,493
)
Net Assets — 100.0%
$175,555,041
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $54,628 or 0.0% of net assets.
 
Abbreviations throughout the Portfolio of Investments:
INR
–  Indian Rupee
 
Currency Exposure Diversification
% of Total
Investments
INR
100.0%
Total
100.0%
 
Country Allocation†
% of Net
Assets
India
102.6%
Total Investments
102.6
Net Other Assets and Liabilities
(2.6)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Personal Care
Products
$3,620,798
$3,566,170
$54,628
$—
Other Industry
Categories*
176,438,736
176,438,736
—
—
Total Investments
$180,059,534
$180,004,906
$54,628
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 36
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) — 95.8%
Banks — 2.9%
11,028
Luzerner Kantonalbank AG
(CHF)
$1,290,614
Building Products — 3.6%
1,626
Belimo Holding AG (CHF)
1,603,214
Capital Markets — 16.7%
71,519
EFG International AG (CHF)
1,720,934
19,600
Julius Baer Group Ltd. (CHF)
1,544,048
2,924
Swissquote Group Holding S.A.
(CHF)
1,797,738
9,789
UBS Group AG (CHF)
456,762
12,301
Vontobel Holding AG (CHF)
998,554
4,542
VZ Holding AG (CHF)
856,678
 
7,374,714
Construction Materials —
4.9%
22,312
Holcim AG (CHF)
2,190,356
Containers & Packaging —
1.7%
53,786
SIG Group AG (CHF)
770,021
Diversified Telecommunication
Services — 3.1%
1,869
Swisscom AG (CHF)
1,357,921
Electric Utilities — 3.6%
7,583
BKW AG (CHF)
1,612,141
Electrical Equipment — 3.3%
18,841
Accelleron Industries AG (CHF)
1,464,037
Electronic Equipment,
Instruments & Components
— 1.2%
1,958
ALSO Holding AG (CHF)
531,461
Food Products — 6.4%
608
Barry Callebaut AG (CHF)
1,002,460
59
Chocoladefabriken Lindt &
Spruengli AG (CHF)
863,288
663
Emmi AG (CHF)
615,206
3,334
Nestle S.A. (CHF)
331,422
 
2,812,376
Health Care Equipment &
Supplies — 3.1%
3,744
Alcon AG (CHF)
299,104
1,112
Sonova Holding AG (CHF)
290,740
1,866
Ypsomed Holding AG (CHF)
772,690
 
1,362,534
Health Care Providers &
Services — 2.5%
9,079
Galenica AG (CHF) (b) (c)
1,119,831
Shares
Description
Value
 
Insurance — 7.5%
7,062
Helvetia Baloise Holding AG
(CHF)
$1,865,131
655
Swiss Life Holding AG (CHF)
758,116
1,916
Swiss Re AG (CHF)
321,349
474
Zurich Insurance Group AG
(CHF)
360,123
 
3,304,719
Life Sciences Tools & Services
— 1.3%
5,887
Siegfried Holding AG (CHF)
554,438
Machinery — 6.5%
2,668
Bucher Industries AG (CHF)
1,241,204
12,079
SFS Group AG (CHF)
1,656,078
 
2,897,282
Marine Transportation —
2.2%
4,594
Kuehne + Nagel International
AG (CHF)
993,211
Pharmaceuticals — 5.7%
5,466
Novartis AG (CHF)
756,311
24,213
Sandoz Group AG (CHF)
1,768,059
 
2,524,370
Professional Services — 3.7%
55,732
Adecco Group AG (CHF)
1,626,719
Real Estate Management &
Development — 2.3%
3,598
PSP Swiss Property AG (CHF)
651,828
2,212
Swiss Prime Site AG (CHF)
344,046
 
995,874
Specialty Retail — 4.1%
30,548
Avolta AG (CHF)
1,817,994
Technology Hardware, Storage
& Peripherals — 0.9%
3,679
Logitech International S.A.
(CHF)
378,722
Textiles, Apparel & Luxury
Goods — 3.9%
8,144
Swatch Group (The) AG (CHF)
1,729,868
Trading Companies &
Distributors — 1.4%
8,534
DKSH Holding AG (CHF)
618,421
Transportation Infrastructure
— 3.3%
4,652
Flughafen Zurich AG (CHF)
1,478,820
Total Common Stocks
42,409,658
(Cost $38,090,897)
See Notes to Financial Statements
Page 37
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
MONEY MARKET FUNDS — 0.1%
53,054
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (d)
$53,054
(Cost $53,054)
Total Investments — 95.9%
42,462,712
(Cost $38,143,951)
Net Other Assets and
Liabilities — 4.1%
1,828,660
Net Assets — 100.0%
$44,291,372
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(c)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(d)
Rate shown reflects yield as of December 31, 2025.
 
Abbreviations throughout the Portfolio of Investments:
CHF
–  Swiss Franc
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
CHF
99.9%
USD
0.1
Total
100.0%
 
Country Allocation†
% of Net
Assets
Switzerland
95.8%
United States
0.1
Total Investments
95.9
Net Other Assets and Liabilities
4.1
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$42,409,658
$42,409,658
$—
$—
Money Market Funds
53,054
53,054
—
—
Total Investments
$42,462,712
$42,462,712
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 38
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.6%
Australia — 6.1%
36,762
Alkane Resources Ltd.
(AUD) (c) (d)
$32,997
7,282
Aussie Broadband Ltd. (AUD)
24,493
1,364
Austal Ltd. (AUD) (c)
6,090
1,591
Capricorn Metals Ltd. (AUD) (c)
15,268
713
Codan Ltd. (AUD)
13,528
9,033
DroneShield Ltd. (AUD) (c) (e)
18,567
46,585
Firefinch Ltd.
(AUD) (c) (d) (f) (g) (h)
0
5,360
Genesis Minerals Ltd. (AUD) (c)
25,933
1,821
Helia Group Ltd. (AUD)
6,684
9,927
HMC Capital Ltd. (AUD) (d)
26,234
31,888
Karoon Energy Ltd. (AUD)
32,772
4,286
Kelsian Group Ltd. (AUD)
12,156
4,516
MA Financial Group Ltd. (AUD)
32,850
468
Monadelphous Group Ltd.
(AUD)
8,280
10,738
New Hope Corp., Ltd. (AUD)
28,879
9,091
NRW Holdings Ltd. (AUD)
31,245
18,724
Perenti Ltd. (AUD)
34,862
4,295
Perseus Mining Ltd. (AUD)
16,280
7,004
Regis Resources Ltd. (AUD)
35,290
51,083
Resolute Mining Ltd. (AUD) (c)
41,761
3,104
Superloop Ltd. (AUD) (c)
5,365
41,066
Tabcorp Holdings Ltd. (AUD)
27,131
9,812
Vault Minerals Ltd. (AUD) (c)
35,752
4,790
Whitehaven Coal Ltd. (AUD)
24,774
 
537,191
Austria — 0.3%
265
AT&S Austria Technologie &
Systemtechnik AG (EUR) (c)
10,028
80
DO & CO AG (EUR)
19,461
 
29,489
Belgium — 1.0%
153
Bekaert S.A. (EUR)
6,814
48
Deme Group N.V. (EUR)
7,886
522
Gimv N.V. (EUR)
27,391
3,989
Proximus SADP (EUR)
33,167
786
Umicore S.A. (EUR)
16,534
 
91,792
Bermuda — 3.9%
66,000
Brilliance China Automotive
Holdings Ltd. (HKD)
34,345
40,000
China Oriental Group Co., Ltd.
(HKD)
6,733
50,000
Damai Entertainment Holdings
Ltd. (HKD) (c) (d)
6,103
8,000
First Pacific Co., Ltd. (HKD)
6,126
38,000
Man Wah Holdings Ltd. (HKD)
22,314
Shares
Description
Value
 
Bermuda (Continued)
40,000
Nine Dragons Paper Holdings
Ltd. (HKD) (c)
$30,375
22,000
Pacific Basin Shipping Ltd.
(HKD)
6,586
28,000
PAX Global Technology Ltd.
(HKD)
18,169
14,000
Shenzhen International Holdings
Ltd. (HKD)
15,560
156,000
Sinofert Holdings Ltd. (HKD)
30,267
60,000
Skyworth Group Ltd. (HKD) (c)
36,157
1,013
Stolt-Nielsen Ltd. (NOK)
32,762
690
Teekay Tankers Ltd., Class A
36,860
308,000
United Energy Group Ltd.
(HKD)
17,413
20,750
Yue Yuen Industrial Holdings
Ltd. (HKD)
42,579
 
342,349
Canada — 6.7%
1,222
Aecon Group, Inc. (CAD)
27,849
2,846
Aris Mining Corp. (CAD) (c)
46,157
2,914
Athabasca Oil Corp. (CAD) (c)
14,925
158
Badger Infrastructure Solutions
Ltd. (CAD)
8,418
14,883
Baytex Energy Corp. (CAD)
48,144
2,067
CES Energy Solutions Corp.
(CAD)
18,478
303
Cogeco Communications, Inc.
(CAD)
14,674
5,067
Denison Mines Corp. (CAD) (c)
13,438
646
Enerflex Ltd. (CAD)
9,959
781
Fortuna Mining Corp. (CAD) (c)
7,653
7,188
GoGold Resources, Inc.
(CAD) (c)
15,240
7,227
Gold Royalty Corp. (c)
29,197
2,700
Killam Apartment Real Estate
Investment Trust (CAD) (d)
32,261
2,414
NuVista Energy Ltd. (CAD) (c)
31,869
2,159
Paramount Resources Ltd.,
Class A (CAD) (d)
38,051
2,667
Parex Resources, Inc. (CAD)
35,850
535
Peyto Exploration &
Development Corp. (CAD) (d)
8,852
495
Precision Drilling Corp.
(CAD) (c)
35,520
1,958
Secure Waste Infrastructure
Corp. (CAD) (d)
24,636
5,205
SNDL, Inc. (c)
8,640
84
Sprott, Inc. (CAD)
8,228
4,112
Surge Energy, Inc. (CAD) (d)
20,672
3,208
Tamarack Valley Energy Ltd.
(CAD)
18,651
See Notes to Financial Statements
Page 39
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Canada (Continued)
1,973
Transcontinental, Inc., Class A
(CAD)
$32,659
6,720
Valeura Energy, Inc. (CAD) (c)
40,049
 
590,070
Cayman Islands — 3.1%
7,000
Cowell e Holdings, Inc.
(HKD) (c)
24,788
15,000
FIH Mobile Ltd. (HKD) (c)
37,564
2,000
HUTCHMED China Ltd.
(HKD) (c) (d)
5,299
2,000
Kingboard Holdings Ltd. (HKD)
7,545
19,000
Lee & Man Paper Manufacturing
Ltd. (HKD)
6,836
13,000
Mobvista, Inc. (HKD) (c) (e) (i)
25,523
32,000
Nexteer Automotive Group Ltd.
(HKD)
26,356
10,000
TCL Electronics Holdings Ltd.
(HKD)
13,337
14,000
Time Interconnect Technology
Ltd. (HKD)
30,599
28,000
Towngas Smart Energy Co., Ltd.
(HKD)
13,887
9,000
Vobile Group Ltd.
(HKD) (c) (d) (e)
4,753
26,000
VSTECS Holdings Ltd. (HKD)
26,058
22,000
Wasion Holdings Ltd. (HKD)
48,564
 
271,109
Denmark — 1.0%
5,479
Cadeler A/S (NOK) (c)
26,112
960
D/S Norden A/S (DKK)
38,064
1,516
Scandinavian Tobacco Group
A/S (DKK) (e) (i)
22,779
 
86,955
France — 2.8%
1,039
Air France-KLM (EUR) (c)
14,121
4,514
Derichebourg S.A. (EUR)
36,046
6,079
Etablissements Maurel et Prom
S.A. (EUR)
39,471
520
Forvia SE (EUR) (c)
8,323
314
IPSOS S.A. (EUR)
12,642
257
LISI S.A. (EUR)
16,038
869
Opmobility (EUR)
16,309
187
Rubis S.C.A. (EUR)
7,046
3,647
SMCP S.A. (EUR) (c) (e) (i)
26,916
281
Teleperformance SE (EUR)
20,422
2,743
Television Francaise 1 S.A.
(EUR)
26,852
1,202
Valneva SE (EUR) (c) (d)
5,252
199
Vicat SACA (EUR)
17,774
 
247,212
Shares
Description
Value
 
Germany — 1.2%
190
Bilfinger SE (EUR)
$23,981
362
Friedrich Vorwerk Group SE
(EUR)
34,714
13,249
Heidelberger Druckmaschinen
AG (EUR) (c)
31,608
121
Hornbach Holding AG & Co.
KGaA (EUR)
11,916
 
102,219
Greece — 0.6%
3,447
Aktor SA Holding Company
Technical And Energy
Projects (EUR) (c)
39,699
3,231
FF Group (EUR) (c) (f) (g) (h)
0
3,892
Holding Co. ADMIE IPTO S.A.
(EUR)
13,905
 
53,604
Hong Kong — 1.0%
5,000
China Tobacco International HK
Co., Ltd. (HKD) (e)
22,820
67,000
CITIC Telecom International
Holdings Ltd. (HKD)
21,264
26,000
Melco International
Development Ltd. (HKD) (c)
14,532
8,000
Shanghai Industrial Holdings
Ltd. (HKD)
14,792
44,000
Shoucheng Holdings Ltd. (HKD)
11,985
 
85,393
Israel — 2.2%
2,074
Aryt Industries Ltd. (ILS)
29,737
679
Clal Insurance Enterprises
Holdings Ltd. (ILS)
43,859
86
Delek Group Ltd. (ILS)
22,979
226
Enlight Renewable Energy Ltd.
(ILS) (c)
10,276
2,186
Gilat Satellite Networks Ltd.
(ILS) (c)
28,391
10,026
Migdal Insurance & Financial
Holding Ltd. (ILS) (c)
48,673
154
Next Vision Stabilized Systems
Ltd. (ILS)
10,150
 
194,065
Italy — 1.1%
555
Avio S.p.A. (EUR) (e)
19,143
4,406
Ferretti S.p.A. (EUR)
15,917
2,664
Fila S.p.A. (EUR)
30,556
10,951
Safilo Group S.p.A. (EUR) (c)
24,787
399
Tinexta S.p.A. (EUR)
7,029
 
97,432
Japan — 36.6%
1,900
Aichi Steel Corp. (JPY)
35,431
4,100
Aiful Corp. (JPY)
14,632
See Notes to Financial Statements
Page 40
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
600
Ain Holdings, Inc. (JPY)
$25,607
500
Aisan Industry Co., Ltd. (JPY)
7,134
700
Artience Co., Ltd. (JPY)
15,373
800
Brother Industries Ltd. (JPY)
15,945
300
Chudenko Corp. (JPY)
8,609
3,700
Chugoku Electric Power (The)
Co., Inc. (JPY)
23,503
1,200
Chugoku Marine Paints Ltd.
(JPY)
33,823
2,100
Citizen Watch Co., Ltd. (JPY)
17,107
2,300
Daicel Corp. (JPY)
20,542
2,400
Dai-Dan Co., Ltd. (JPY)
37,937
2,400
Daido Steel Co., Ltd. (JPY)
24,507
300
Daihen Corp. (JPY)
19,133
1,200
Daiichikosho Co., Ltd. (JPY)
12,909
1,300
DeNA Co., Ltd. (JPY)
21,064
1,500
Electric Power Development
Co., Ltd. (JPY)
30,289
400
Exedy Corp. (JPY)
14,326
500
EXEO Group, Inc. (JPY)
8,296
1,000
FCC Co., Ltd. (JPY)
23,685
1,300
Ferrotec Holdings Corp. (JPY)
41,745
300
Fuji Oil Co., Ltd. (JPY)
6,992
1,800
Furukawa Co., Ltd. (JPY)
44,184
600
Furukawa Electric Co., Ltd.
(JPY)
38,343
700
Furuno Electric Co., Ltd. (JPY)
35,661
1,100
Futaba Industrial Co., Ltd. (JPY)
7,353
2,400
GA Technologies Co., Ltd.
(JPY)
27,135
600
Genky DrugStores Co., Ltd.
(JPY)
18,999
300
GS Yuasa Corp. (JPY)
7,182
2,100
G-Tekt Corp. (JPY)
26,330
500
Hanwa Co., Ltd. (JPY)
22,887
800
Happinet Corp. (JPY)
15,041
1,100
HI-LEX CORP (JPY)
21,980
500
Hochiki Corp. (JPY)
14,173
3,800
Hokkaido Electric Power Co.,
Inc. (JPY)
25,497
1,000
Hokuetsu Corp. (JPY)
5,714
1,100
Hokuhoku Financial Group, Inc.
(JPY)
32,233
6,100
Hokuriku Electric Power Co.
(JPY)
38,008
2,600
Iino Kaiun Kaisha Ltd. (JPY)
23,537
900
Ishihara Sangyo Kaisha Ltd.
(JPY)
15,755
500
Itoham Yonekyu Holdings, Inc.
(JPY)
17,875
400
J Front Retailing Co., Ltd. (JPY)
5,605
Shares
Description
Value
 
Japan (Continued)
4,000
Japan Petroleum Exploration
Co., Ltd. (JPY)
$40,092
1,400
JTEKT Corp. (JPY)
15,507
1,000
K&O Energy Group, Inc. (JPY)
24,387
1,200
Kameda Seika Co., Ltd. (JPY)
29,877
1,800
Kamei Corp. (JPY)
34,704
1,000
Kanadevia Corp. (JPY)
6,065
300
Kanamoto Co., Ltd. (JPY)
7,498
500
Kaneka Corp. (JPY)
14,029
200
Kasumigaseki Capital Co., Ltd.
(JPY)
9,385
700
Ki-Star Real Estate Co., Ltd.
(JPY)
29,405
1,200
Kitz Corp. (JPY)
13,322
300
Komeri Co., Ltd. (JPY)
6,550
1,600
Kumagai Gumi Co., Ltd. (JPY)
15,781
100
Kurabo Industries Ltd. (JPY)
5,414
500
Kureha Corp. (JPY)
13,039
1,100
Kurimoto Ltd. (JPY)
11,763
1,100
KYB Corp. (JPY)
31,355
1,400
Kyoei Steel Ltd. (JPY)
21,897
1,200
Life Corp. (JPY)
19,581
1,800
Maruha Nichiro Corp. (JPY)
14,778
1,000
Matsuda Sangyo Co., Ltd. (JPY)
33,708
700
Matsuya Co., Ltd. (JPY)
8,250
300
Meiko Electronics Co., Ltd.
(JPY)
20,512
1,400
METAWATER Co., Ltd. (JPY)
30,075
400
MIRAIT ONE Corp. (JPY)
8,950
700
Mitsui E&S Co., Ltd. (JPY)
24,847
39
Mitsui Fudosan Logistics Park,
Inc. (JPY)
30,400
400
Mitsui Mining & Smelting Co.,
Ltd. (JPY)
45,033
700
Miyazaki Bank (The) Ltd. (JPY)
29,226
2,400
Mizuho Leasing Co., Ltd. (JPY)
21,650
600
Modec, Inc. (JPY)
45,582
900
MTG Co., Ltd. (JPY)
27,177
200
Nanto Bank (The) Ltd. (JPY)
7,610
2,200
Nextage Co., Ltd. (JPY)
38,834
900
NHK Spring Co., Ltd. (JPY)
14,465
1,000
Nihon Nohyaku Co., Ltd. (JPY)
6,473
1,300
Nippn Corp. (JPY)
19,761
400
Nippon Electric Glass Co., Ltd.
(JPY)
15,718
1,500
Nippon Kayaku Co., Ltd. (JPY)
16,102
1,000
Nippon Light Metal Holdings
Co., Ltd. (JPY)
16,279
800
Nippon Paper Industries Co.,
Ltd. (JPY)
5,940
1,700
Nippon Seiki Co., Ltd. (JPY)
23,714
See Notes to Financial Statements
Page 41
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
1,200
Nippon Shinyaku Co., Ltd.
(JPY)
$43,284
1,700
Nippon Signal Co., Ltd. (JPY)
14,217
900
Nishi-Nippon Railroad Co., Ltd.
(JPY)
16,065
700
Nishio Holdings Co., Ltd. (JPY)
21,160
800
Nisshin Oillio Group (The) Ltd.
(JPY)
26,813
2,600
Nittetsu Mining Co., Ltd. (JPY)
37,131
1,300
Nojima Corp. (JPY)
9,876
900
Nomura Micro Science Co., Ltd.
(JPY)
17,116
400
Noritake Co., Ltd. (JPY)
14,581
4,100
North Pacific Bank Ltd. (JPY)
22,196
1,300
NPR-RIKEN Corp. (JPY)
30,002
1,000
NS United Kaiun Kaisha Ltd.
(JPY)
38,943
3,000
NTN Corp. (JPY)
7,040
200
Oita Bank (The) Ltd. (JPY)
8,287
300
Okinawa Financial Group, Inc.
(JPY)
9,126
3,000
Onward Holdings Co., Ltd.
(JPY)
14,077
800
PAL GROUP Holdings Co., Ltd.
(JPY)
10,398
4,400
Penta-Ocean Construction Co.,
Ltd. (JPY)
44,256
2,200
Rengo Co., Ltd. (JPY)
17,072
700
Riken Vitamin Co., Ltd. (JPY)
13,259
700
Ryobi Ltd. (JPY)
12,245
700
Sanken Electric Co., Ltd.
(JPY) (c)
25,825
600
Sanki Engineering Co., Ltd.
(JPY)
21,987
1,300
Sanyo Chemical Industries Ltd.
(JPY)
43,322
900
Sato Corp. (JPY)
13,795
500
Seiko Group Corp. (JPY)
23,238
200
Shibaura Mechatronics Corp.
(JPY)
24,183
3,100
Shikoku Electric Power Co., Inc.
(JPY)
30,685
1,400
Shin Nippon Air Technologies
Co., Ltd. (JPY)
28,109
2,600
Shizuoka Gas Co., Ltd. (JPY)
19,918
500
Sumitomo Osaka Cement Co.,
Ltd. (JPY)
12,130
1,300
Sun Frontier Fudousan Co., Ltd.
(JPY)
19,918
800
Taiheiyo Cement Corp. (JPY)
19,831
1,800
Takara Holdings, Inc. (JPY)
18,467
Shares
Description
Value
 
Japan (Continued)
600
Takasago International Corp.
(JPY)
$5,646
300
Takasago Thermal Engineering
Co., Ltd. (JPY)
8,494
600
Takashimaya Co., Ltd. (JPY)
6,288
1,600
Teijin Ltd. (JPY)
13,846
2,500
Toa Corp. (JPY)
45,183
1,500
Toenec Corp. (JPY)
18,568
6,700
Toho Bank (The) Ltd. (JPY)
23,140
600
Toho Titanium Co., Ltd. (JPY)
5,068
3,800
Tohoku Electric Power Co., Inc.
(JPY)
27,971
1,500
Tokai Rika Co., Ltd. (JPY)
29,830
2,800
Tokyo Steel Manufacturing Co.,
Ltd. (JPY)
26,384
900
Tokyu Construction Co., Ltd.
(JPY)
7,521
900
Topre Corp. (JPY)
13,600
700
Towa Pharmaceutical Co., Ltd.
(JPY)
16,267
900
Toyo Seikan Group Holdings
Ltd. (JPY)
21,983
500
Toyo Tanso Co., Ltd. (JPY)
15,386
800
Toyo Tire Corp. (JPY)
22,140
600
Toyoda Gosei Co., Ltd. (JPY)
15,103
2,500
TPR Co. Ltd. (JPY)
20,605
3,300
TRE Holdings Corp. (JPY)
33,898
1,300
Trusco Nakayama Corp. (JPY)
19,952
4,900
TSI Holdings Co., Ltd. (JPY)
32,658
1,000
Tsubakimoto Chain Co. (JPY)
14,766
1,700
Tsugami Corp. (JPY)
31,180
1,400
Tsukishima Holdings Co., Ltd.
(JPY)
25,231
300
Tsumura & Co. (JPY)
7,808
200
TV Tokyo Holdings Corp. (JPY)
5,848
2,600
UACJ Corp. (JPY)
35,239
400
Uchida Yoko Co., Ltd. (JPY)
27,400
400
World Co., Ltd. (JPY)
7,903
2,300
Yahagi Construction Co., Ltd.
(JPY)
34,256
1,200
YAMABIKO Corp. (JPY)
22,768
1,500
Yamae Group Holdings Co., Ltd.
(JPY)
24,256
700
Yokogawa Bridge Holdings
Corp. (JPY)
13,518
800
Yonex Co., Ltd. (JPY)
16,956
1,900
Yurtec Corp. (JPY)
33,393
 
3,215,421
See Notes to Financial Statements
Page 42
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Luxembourg — 0.6%
645
APERAM S.A. (EUR)
$26,712
2,112
Grand City Properties S.A.
(EUR) (c)
24,423
 
51,135
Netherlands — 1.4%
828
AMG Critical Materials N.V.
(EUR)
27,635
3,267
Fugro N.V. (EUR)
32,596
739
Koninklijke BAM Groep N.V.
(EUR)
8,077
301
Koninklijke Heijmans N.V.
(EUR)
23,912
1,873
MFE-MediaForEurope N.V.,
Class A (EUR)
6,793
9,550
Pharming Group N.V. (EUR) (c)
16,004
267
Signify N.V. (EUR) (e) (i)
6,577
 
121,594
New Zealand — 0.1%
1,125
Summerset Group Holdings Ltd.
(NZD)
7,961
Norway — 1.5%
2,836
DOF Group ASA (NOK)
26,799
690
Europris ASA (NOK) (e) (i)
6,558
2,601
Hoegh Autoliners ASA (NOK)
25,300
21,112
MPC Container Ships ASA
(NOK)
36,946
3,923
Wallenius Wilhelmsen ASA
(NOK)
39,308
 
134,911
Portugal — 0.6%
4,655
Mota-Engil SGPS S.A.
(EUR) (d)
27,068
13,308
Sonae SGPS S.A. (EUR)
25,211
 
52,279
Singapore — 1.1%
37,500
Capitaland India Trust (SGD)
35,592
16,100
First Resources Ltd. (SGD)
26,178
107,000
Singapore Post Ltd. (SGD) (d)
33,713
 
95,483
South Korea — 18.5%
318
ABLBio, Inc. (KRW) (c)
44,150
622
BHI Co., Ltd. (KRW) (c)
22,582
522
Binggrae Co., Ltd. (KRW)
26,996
42
CJ CheilJedang Corp. (KRW)
6,064
160
CJ Corp. (KRW)
19,104
349
CJ Logistics Corp. (KRW)
22,919
234
CS Wind Corp. (KRW)
6,757
1,334
Daesang Corp. (KRW)
19,493
1,333
Daou Technology, Inc. (KRW)
35,949
Shares
Description
Value
 
South Korea (Continued)
517
DB HiTek Co., Ltd. (KRW)
$24,261
1,713
DN Automotive Corp. (KRW)
29,015
338
Dong-A Socio Holdings Co.,
Ltd. (KRW)
25,716
1,030
Doosan Fuel Cell Co., Ltd.
(KRW) (c)
20,628
753
DoubleUGames Co., Ltd.
(KRW)
28,018
353
ENF Technology Co., Ltd.
(KRW)
11,517
42
Eo Technics Co., Ltd. (KRW)
7,930
560
Eugene Technology Co., Ltd.
(KRW)
29,156
624
F&F Co., Ltd. (KRW)
29,672
886
Fadu, Inc. (KRW) (c) (f) (g)
13,070
213
GS Holdings Corp. (KRW)
8,325
598
Han Kuk Carbon Co., Ltd.
(KRW)
12,391
2,209
Hana Micron, Inc. (KRW)
39,486
1,702
Hankook & Company Co., Ltd.
(KRW)
30,896
1,276
Hankook Tire & Technology
Co., Ltd. (KRW)
51,641
463
Hanwha Corp. (KRW)
26,227
1,090
Hanwha Engine (KRW) (c)
32,498
3,999
Harim Holdings Co., Ltd.
(KRW)
29,509
1,687
HDC Holdings Co., Ltd. (KRW)
21,911
482
HDC Hyundai Development
Co-Engineering &
Construction, Class E (KRW)
7,328
576
Hyosung Corp. (KRW)
45,862
46
Hyosung TNC Corp. (KRW)
7,105
332
Hyundai Department Store Co.,
Ltd. (KRW)
20,419
6,093
Hyundai GF Holdings (KRW)
35,191
348
Hyundai Marine & Fire
Insurance Co., Ltd. (KRW) (c)
7,440
539
Innocean Worldwide, Inc.
(KRW)
6,907
137
IsuPetasys Co., Ltd. (KRW)
11,336
128
KCC Corp. (KRW)
37,364
288
Kolon Industries, Inc. (KRW)
8,967
402
KoMiCo Ltd. (KRW)
24,669
751
Korea Gas Corp. (KRW)
20,488
375
Kumho Petrochemical Co., Ltd.
(KRW)
31,420
8,284
Kumho Tire Co., Inc. (KRW) (c)
33,698
270
Kyung Dong Navien Co., Ltd.
(KRW)
10,402
52
LG Innotek Co., Ltd. (KRW)
9,782
85
Lotte Wellfood Co., Ltd. (KRW)
6,762
See Notes to Financial Statements
Page 43
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
919
LX International Corp. (KRW)
$20,733
718
LX Semicon Co., Ltd. (KRW)
24,497
2,619
NHN KCP Corp. (KRW)
27,107
221
OCI Holdings Co., Ltd. (KRW)
17,673
378
Orion Corp. (KRW)
27,736
1,446
Orion Holdings Corp. (KRW)
20,728
10,140
Pan Ocean Co., Ltd. (KRW)
27,100
33
PharmaResearch Co., Ltd.
(KRW)
9,232
598
PSK, Inc. (KRW)
15,318
396
S&S Tech Corp. (KRW)
13,277
267
Sanil Electric Co., Ltd. (KRW)
24,114
4,927
SD Biosensor, Inc. (KRW)
30,440
767
Sebang Global Battery Co., Ltd.
(KRW)
33,437
912
SIMMTECH Co., Ltd. (KRW)
31,243
127
SK Gas Ltd. (KRW)
19,836
1,198
SK oceanplant Co., Ltd.
(KRW) (c)
16,840
1,443
SL Corp. (KRW)
42,923
541
SNT Dynamics Co., Ltd. (KRW)
17,501
1,133
TES Co., Ltd. (KRW)
35,039
168
Tokai Carbon Korea Co., Ltd.
(KRW)
16,584
2,431
Tongyang Life Insurance Co.,
Ltd. (KRW) (c)
11,087
368
Wemade Co., Ltd. (KRW)
6,374
833
WONIK IPS Co., Ltd. (KRW)
39,263
4,060
Woori Technology Investment
Co., Ltd. (KRW) (c)
20,743
603
Youngone Corp. (KRW)
34,241
282
Youngone Holdings Co., Ltd.
(KRW)
37,488
 
1,621,575
Spain — 1.0%
2,479
Atalaya Mining Copper S.A.
(GBP)
28,570
2,137
Colonial SFL Socimi S.A.
(EUR)
13,725
245
Elecnor S.A. (EUR)
7,040
533
Let’s GOWEX S.A.
(EUR) (c) (f) (g) (h) (j)
0
13,485
Obrascon Huarte Lain S.A.
(EUR) (c)
5,666
1,120
Tecnicas Reunidas S.A.
(EUR) (c)
36,380
 
91,381
Sweden — 1.0%
1,344
AcadeMedia AB (SEK) (e) (i)
14,438
2,329
Billerud Aktiebolag (SEK)
23,754
Shares
Description
Value
 
Sweden (Continued)
660
BioArctic AB (SEK) (c) (e) (i)
$22,281
4,347
Embracer Group AB (SEK) (c)
28,651
 
89,124
Switzerland — 0.7%
6,430
Idorsia Ltd. (CHF) (c) (d)
34,540
250
Implenia AG (CHF)
24,145
 
58,685
United Kingdom — 5.5%
4,003
Balfour Beatty PLC (GBP)
38,364
1,066
Big Yellow Group PLC (GBP)
15,030
1,049
Close Brothers Group PLC
(GBP) (c)
7,388
11,125
Currys PLC (GBP)
18,895
594
Derwent London PLC (GBP)
13,924
2,962
Drax Group PLC (GBP)
33,418
2,303
Firstgroup PLC (GBP)
5,917
3,955
Future PLC (GBP)
28,068
1,075
Georgia Capital PLC (GBP) (c)
44,920
4,373
Hochschild Mining PLC (GBP)
30,269
367
JET2 PLC (GBP)
6,946
68
Lion Finance Group PLC (GBP)
8,524
23,655
Pan African Resources PLC
(GBP)
38,582
7,589
Pets at Home Group PLC (GBP)
20,255
23,086
PRS REIT (The) PLC (GBP)
35,351
3,936
Safestore Holdings PLC (GBP)
39,049
2,188
Serco Group PLC (GBP)
8,234
7,302
Shaftesbury Capital PLC (GBP)
14,272
4,296
SigmaRoc PLC (GBP) (c)
7,389
1,696
TORM PLC, Class A (DKK)
33,863
6,356
Zigup PLC (GBP)
32,856
 
481,514
Total Common Stocks
8,749,943
(Cost $7,528,305)
MONEY MARKET FUNDS — 0.3%
22,575
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (k)
22,575
(Cost $22,575)
 
See Notes to Financial Statements
Page 44
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 3.3%
$289,477
Bank of America Corp.,
3.82% (k), dated 12/31/25,
due 01/02/26, with a maturity
value of $289,538.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $295,267. (l)
$289,477
(Cost $289,477)
Total Investments — 103.2%
9,061,995
(Cost $7,840,357)
Net Other Assets and
Liabilities — (3.2)%
(280,961
)
Net Assets — 100.0%
$8,781,034
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $264,528 and the total value of the
collateral held by the Fund, including for securities sold and
pending settlement, is $289,477.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the
Securities Act of 1933, as amended (the “1933 Act”).
(f)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(g)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $13,070 or 0.1% of net assets.
(h)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(i)
This security is exempt from registration upon resale under
Rule 144A of the 1933 Act and may be resold in transactions
exempt from registration, normally to qualified institutional
buyers. This security is not restricted on the foreign
exchange where it trades freely without any additional
registration.
(j)
This issuer has filed for protection in bankruptcy court.
(k)
Rate shown reflects yield as of December 31, 2025.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
NZD
–  New Zealand Dollar
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
35.5%
KRW
17.9
EUR
10.0
HKD
6.9
CAD
6.1
AUD
5.9
GBP
5.3
USD
4.3
ILS
2.1
NOK
2.1
SGD
1.1
DKK
1.0
SEK
1.0
CHF
0.7
NZD
0.1
Total
100.0%
See Notes to Financial Statements
Page 45
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
December 31, 2025
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Australia
$537,191
$537,191
$—
$—
**
Greece
53,604
53,604
—
—
**
South Korea
1,621,575
1,608,505
13,070
—
Spain
91,381
91,381
—
—
**
Other Country
Categories*
6,446,192
6,446,192
—
—
Money Market Funds
22,575
22,575
—
—
Repurchase Agreements
289,477
—
289,477
—
Total Investments
$9,061,995
$8,759,448
$302,547
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$264,528
Non-cash Collateral(2)
(264,528
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$289,477
Non-cash Collateral(4)
(289,477
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 46
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.4%
Bermuda — 0.4%
5,936,790
Sihuan Pharmaceutical Holdings
Group Ltd. (HKD)
$938,267
Brazil — 14.3%
289,332
Azzas 2154 S.A. (BRL)
1,328,454
644,076
Bradespar S.A. (Preference
Shares) (BRL)
2,338,996
485,171
Brava Energia (BRL) (c)
1,490,995
63,231
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
506,794
3,591,207
Cogna Educacao S.A. (BRL)
2,070,936
126,170
Cury Construtora e
Incorporadora S.A. (BRL)
742,088
213,111
Cyrela Brazil Realty S.A.
Empreendimentos e
Participacoes (BRL)
1,151,941
404,609
Direcional Engenharia S.A.
(BRL)
1,042,580
141,502
Energisa S.A. (BRL)
1,217,799
674,711
Ez Tec Empreendimentos e
Participacoes S.A. (BRL)
1,690,548
383,337
GPS Participacoes e
Empreendimentos S.A.
(BRL) (d)
1,130,476
2,092,939
Grendene S.A. (BRL)
1,756,927
167,757
Grupo SBF S.A. (BRL)
396,757
370,262
Intelbras S.A. Industria de
Telecomunicacao Eletronica
Brasileira (BRL)
784,478
89,014
IRB-Brasil Resseguros S.A.
(BRL) (c)
872,312
353,602
Isa Energia Brasil S.A.
(Preference Shares) (BRL)
1,777,125
1,685,349
JHSF Participacoes S.A. (BRL)
2,438,947
538,479
Marcopolo S.A. (Preference
Shares) (BRL)
586,654
610,864
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
1,003,290
969,263
Minerva S.A. (BRL)
1,018,834
1,216,988
Movida Participacoes S.A.
(BRL)
2,167,581
878,191
MRV Engenharia e Participacoes
S.A. (BRL) (c)
1,248,434
864,727
Petroreconcavo S.A. (BRL)
1,786,342
251,249
Sao Martinho S.A. (BRL)
693,259
311,995
Tres Tentos Agroindustrial S.A.
(BRL)
939,444
92,422
Unipar Carbocloro S.A.
(Preference Shares) (BRL)
977,053
Shares
Description
Value
 
Brazil (Continued)
1,031,131
Usinas Siderurgicas de Minas
Gerais S.A. Usiminas, Class A
(Preference Shares) (BRL) (c)
$1,119,619
117,341
Vulcabras S.A. (BRL)
429,342
 
34,708,005
Cayman Islands — 15.4%
1,527,094
361 Degrees International Ltd.
(HKD)
1,189,072
533,740
Abbisko Cayman Ltd. (HKD) (c)
892,230
930,580
Alphamab Oncology
(HKD) (c) (d) (e)
1,171,789
1,431,148
Boyaa Interactive International
Ltd. (HKD) (f)
628,898
581,105
China Conch Venture Holdings
Ltd. (HKD)
701,863
1,958,311
China Lesso Group Holdings
Ltd. (HKD)
1,167,534
11,550
China Metal Recycling Holdings
Ltd. (HKD) (c) (g) (h) (i)
0
2,723,213
China Resources Medical
Holdings Co., Ltd. (HKD) (f)
1,123,198
1,523,080
China Shineway Pharmaceutical
Group Ltd. (HKD)
1,683,026
1,930,870
China Youran Dairy Group Ltd.
(HKD) (c) (d) (e) (f)
1,260,336
3,171,951
China Zhongwang Holdings Ltd.
(HKD) (c) (g) (h) (i)
0
503,320
Chinasoft International Ltd.
(HKD)
321,418
396,840
CIMC Enric Holdings Ltd.
(HKD)
481,856
7,080,143
COFCO Joycome Foods Ltd.
(HKD) (c) (e) (f)
1,419,176
559,587
Consun Pharmaceutical Group
Ltd. (HKD)
1,124,538
1,688,255
EEKA Fashion Holdings Ltd.
(HKD)
1,642,115
5,400,370
Evergrande Property Services
Group Ltd. (HKD) (c) (d) (e)
791,039
1,454,859
Fufeng Group Ltd. (HKD)
1,473,048
796,230
General Interface Solution GIS
Holding Ltd. (TWD) (c)
1,083,332
811,980
HBM Holdings Ltd.
(HKD) (c) (d) (e)
1,268,670
3,687,648
Hua Medicine (HKD) (c) (d) (e)
1,459,385
177,467
Inter & Co., Inc., Class A
1,504,920
1,609,080
Jacobio Pharmaceuticals Group
Co., Ltd. (HKD) (c) (d) (e) (f)
1,317,003
213,586
JF SmartInvest Holdings Ltd.
(HKD)
1,347,485
128,590
Keymed Biosciences, Inc.
(HKD) (c) (d) (e)
883,130
See Notes to Financial Statements
Page 47
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Cayman Islands (Continued)
9,727,740
Kinetic Development Group Ltd.
(HKD) (f)
$1,674,891
1,863,340
Linklogis, Inc., Class B
(HKD) (d) (e) (f)
536,303
3,207,788
Lonking Holdings Ltd. (HKD)
1,220,020
1,221,486
Newborn Town, Inc.
(HKD) (c) (e)
1,756,258
949,986
Q Technology Group Co., Ltd.
(HKD) (e)
1,027,777
1,568,050
Sany Heavy Equipment
International Holdings Co.,
Ltd. (HKD)
1,744,807
876,760
Star Plus Legend Holdings Ltd.,
Class H (HKD) (c) (f)
673,677
325,847
Tianneng Power International
Ltd. (HKD)
296,845
580,890
XXF Group Holdings Ltd.
(HKD) (c) (f)
596,363
4,634,230
Yixin Group Ltd.
(HKD) (d) (e) (f)
1,524,359
583,470
YSB, Inc. (HKD) (f)
402,590
 
37,388,951
Chile — 2.3%
42,278,543
Cia Sud Americana de Vapores
S.A. (CLP)
2,195,496
555,568
Empresas CMPC S.A. (CLP)
872,045
1,133,120
Engie Energia Chile S.A. (CLP)
1,694,322
1,682,731
Ripley Corp. S.A. (CLP)
783,608
 
5,545,471
China — 5.9%
2,818,845
Angang Steel Co., Ltd., Class H
(HKD) (c) (f)
684,546
3,005,707
BAIC Motor Corp., Ltd.,
Class H (HKD) (c) (d) (e)
745,373
5,037,816
Beijing Jingneng Clean Energy
Co., Ltd., Class H (HKD)
1,469,393
128,827
CanSino Biologics, Inc., Class H
(HKD) (c) (d) (e) (f)
578,031
692,411
China Communications Services
Corp., Ltd., Class H (HKD)
398,576
209,990
Dekon Food And Agriculture
Group, Class H (HKD) (e)
1,892,762
1,391,291
Legend Holdings Corp., Class H
(HKD) (c) (d) (e)
1,587,452
1,604,740
Lepu Biopharma Co., Ltd.,
Class H (HKD) (c) (d) (e)
1,024,780
863,470
Lingbao Gold Group Co., Ltd.,
Class H (HKD)
1,987,067
2,387,113
Maanshan Iron & Steel Co., Ltd.,
Class H (HKD) (c)
769,868
Shares
Description
Value
 
China (Continued)
441,369
Shanghai MicroPort MedBot
Group Co., Ltd., Class H
(HKD) (c)
$1,378,091
942,450
Sinopec Engineering Group Co.,
Ltd., Class H (HKD)
927,592
296,710
Xinhua Winshare Publishing and
Media Co., Ltd., Class H
(HKD)
390,393
130,890
Zylox-Tonbridge Medical
Technology Co., Ltd., Class H
(HKD) (d) (e)
388,497
 
14,222,421
Hong Kong — 0.3%
1,049,663
Genertec Universal Medical
Group Co., Ltd. (HKD) (d) (e)
802,484
India — 0.5%
4,495
Amber Enterprises India Ltd.
(INR) (c)
319,423
2,458,936
Reliance Power Ltd. (INR) (c)
953,432
 
1,272,855
Indonesia — 11.5%
4,579,835
Adaro Andalan Indonesia PT
(IDR)
1,915,703
20,189,214
Alamtri Resources Indonesia
Tbk PT (IDR)
2,191,453
10,797,396
Aneka Tambang Tbk (IDR)
2,039,688
11,615,241
Bukit Asam Tbk PT (IDR)
1,609,068
20,678,649
Dharma Satya Nusantara Tbk PT
(IDR)
1,909,752
42,384,809
Energi Mega Persada Tbk PT
(IDR) (c)
4,066,908
2,785,287
Indah Kiat Pulp & Paper Tbk PT
(IDR)
1,419,787
1,491,575
Indo Tambangraya Megah Tbk
PT (IDR)
1,956,714
2,833,476
Indofood Sukses Makmur Tbk
PT (IDR)
1,151,232
3,481,609
Japfa Comfeed Indonesia Tbk
PT (IDR)
547,035
12,131,474
Mitra Adiperkasa Tbk PT (IDR)
847,566
54,446,443
Pakuwon Jati Tbk PT (IDR)
1,103,622
12,113,528
Perusahaan Gas Negara Tbk PT
(IDR)
1,387,517
4,028,903
Petrosea Tbk PT (IDR)
2,639,626
7,285,360
Solusi Sinergi Digital Tbk PT
(IDR)
1,419,935
20,309,387
Surya Citra Media Tbk PT (IDR)
411,669
11,341,752
Surya Semesta Internusa Tbk PT
(IDR)
1,142,677
 
27,759,952
See Notes to Financial Statements
Page 48
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Jersey — 0.8%
4,842,810
West China Cement Ltd.
(HKD) (f)
$1,928,985
Malaysia — 2.4%
590,200
Genting Bhd (MYR)
439,232
1,883,533
Guan Chong Bhd (MYR)
338,832
4,123,000
IOI Properties Group Bhd
(MYR)
2,682,287
3,779,400
Sime Darby Bhd (MYR)
2,002,393
284,900
Sunway Construction Group Bhd
(MYR)
397,371
 
5,860,115
Malta — 0.8%
1,329,881
MAS PLC (ZAR) (c)
1,814,131
Mexico — 2.3%
246,665
Alsea S.A.B. de C.V. (MXN)
737,906
956,948
FIBRA Macquarie Mexico
(MXN) (d) (e)
1,803,096
790,404
Gentera S.A.B. de C.V. (MXN)
2,022,591
381,596
Megacable Holdings S.A.B. de
C.V., Series CPO (MXN)
1,095,996
 
5,659,589
Netherlands — 0.6%
172,080
Pepco Group N.V. (PLN) (e)
1,437,994
Philippines — 2.6%
5,710,800
Converge Information and
Communications Technology
Solutions., Inc. (PHP)
1,487,094
207,070
GT Capital Holdings, Inc. (PHP)
2,094,194
3,108,700
JG Summit Holdings, Inc. (PHP)
1,249,662
2,269,800
Puregold Price Club, Inc. (PHP)
1,466,067
 
6,297,017
Poland — 1.9%
106,726
Cyfrowy Polsat S.A. (PLN) (c)
362,690
252,371
Enea S.A. (PLN)
1,369,411
338,874
Orange Polska S.A. (PLN)
961,874
816,636
Tauron Polska Energia S.A.
(PLN) (c)
1,965,841
 
4,659,816
Russia — 0.0%
653,736,712
Federal Grid Co. - Rosseti PJSC
(RUB) (c) (g) (h) (i)
0
580,351
Mechel PJSC
(RUB) (c) (g) (h) (i)
0
 
0
South Africa — 6.1%
587,159
DRDGOLD Ltd. (ZAR)
1,856,500
156,843
Exxaro Resources Ltd. (ZAR)
1,695,344
64,751
Foschini Group Ltd. (ZAR)
328,252
151,155
Hyprop Investments Ltd. (ZAR)
520,463
Shares
Description
Value
 
South Africa (Continued)
135,865
Motus Holdings Ltd. (ZAR)
$1,000,364
529,213
Old Mutual Ltd. (ZAR)
476,164
1,222,317
Sappi Ltd. (ZAR)
1,812,070
131,491
Sasol Ltd. (ZAR) (c)
843,258
690,345
Telkom S.A. SOC Ltd. (ZAR)
2,459,979
403,668
Thungela Resources Ltd. (ZAR)
2,340,104
258,318
Truworths International Ltd.
(ZAR)
888,046
340,646
Vukile Property Fund Ltd.
(ZAR)
514,260
 
14,734,804
Taiwan — 14.7%
78,744
Asia Optical Co., Inc. (TWD)
348,353
133,963
ASROCK, Inc. (TWD)
1,057,361
914,352
AUO Corp. (TWD)
356,481
63,248
Chenbro Micom Co., Ltd.
(TWD)
2,023,018
598,605
China Airlines Ltd. (TWD)
384,839
1,547,220
CSBC Corp. Taiwan (TWD) (c)
984,847
283,657
Depo Auto Parts Industrial Co.,
Ltd. (TWD)
1,259,374
559,389
Dynamic Holding Co., Ltd.
(TWD)
2,269,922
45,886
Elite Advanced Laser Corp.
(TWD)
394,304
307,034
Eternal Materials Co., Ltd.
(TWD)
399,665
154,085
Evergreen Aviation
Technologies Corp. (TWD)
696,363
356,597
Evergreen International Storage
& Transport Corp. (TWD)
654,848
78,694
EZconn Corp. (TWD)
3,406,179
12,531
Fositek Corp. (TWD)
648,076
177,538
Foxconn Technology Co., Ltd.
(TWD)
348,629
416,030
Global Brands Manufacture Ltd.
(TWD)
1,482,960
682,017
Hannstar Board Corp. (TWD)
2,003,474
291,270
Huang Hsiang Construction
Corp. (TWD)
362,923
2,600,189
Innolux Corp. (TWD)
1,410,965
470,978
ITEQ Corp. (TWD)
1,701,310
346,692
Kindom Development Co., Ltd.
(TWD)
372,396
116,101
Kinsus Interconnect Technology
Corp. (TWD)
587,516
51,047
Marketech International Corp.
(TWD)
446,776
711,568
Mitac Holdings Corp. (TWD)
1,956,668
138,677
Phoenix Silicon International
Corp. (TWD)
785,618
1,297,841
Pou Chen Corp. (TWD)
1,245,362
See Notes to Financial Statements
Page 49
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Taiwan (Continued)
952,741
Ruentex Industries Ltd. (TWD)
$1,670,757
197,327
Sunonwealth Electric Machine
Industry Co., Ltd. (TWD)
1,007,972
1,288,352
Tatung Co., Ltd. (TWD)
1,293,662
69,921
Test Research, Inc. (TWD)
426,151
39,748
Topco Scientific Co., Ltd.
(TWD)
368,125
22,041
WinWay Technology Co., Ltd.
(TWD)
1,992,217
56,411
Yankey Engineering Co., Ltd.
(TWD)
1,001,809
357,619
Yulon Motor Co., Ltd. (TWD)
377,304
 
35,726,224
Thailand — 6.1%
824,200
Amata Corp. PCL (THB)
434,271
5,997,800
AP Thailand PCL (THB)
1,637,235
3,586,500
Betagro PCL (THB)
2,071,871
1,546,000
Com7 PCL (THB)
961,803
231,800
Electricity Generating PCL
(THB)
838,762
5,769,600
Prima Marine PCL (THB)
1,263,617
2,503,800
Regional Container Lines PCL
(THB)
2,165,642
18,178,100
Sansiri PCL (THB)
773,168
2,106,400
Sri Trang Agro-Industry PCL
(THB)
815,683
2,916,500
Supalai PCL (THB)
1,573,734
376,500
Thai Oil PCL (THB)
430,217
13,138,600
Thaifoods Group PCL (THB)
1,859,964
 
14,825,967
Turkey — 10.5%
1,178,370
Ahlatci Dogal Gaz Dagitim
Enerji VE Yatirim A/S
(TRY) (c)
617,709
3,179,729
Anadolu Anonim Turk Sigorta
Sirketi (TRY)
1,718,692
2,462,393
Anadolu Efes Biracilik Ve Malt
Sanayii A/S (TRY) (f)
901,267
186,705
Aygaz A/S (TRY)
865,189
994,013
Dogan Sirketler Grubu Holding
A/S (TRY) (f)
392,538
290,406
Dogus Otomotiv Servis ve
Ticaret A/S (TRY) (f)
1,272,666
4,284,712
Emlak Konut Gayrimenkul
Yatirim Ortakligi A/S
(TRY) (f)
2,040,434
1,070,235
Enerjisa Enerji A/S
(TRY) (d) (e)
2,252,825
8,924,238
Enerya Enerji A/S (TRY)
1,993,930
92,090
GEN Ilac VE Saglik Urunleri
Sanayi VE Ticaret A/S (TRY)
426,958
Shares
Description
Value
 
Turkey (Continued)
138,646
Grainturk Tarim A/S (TRY) (c)
$928,678
59,693
Gubre Fabrikalari T.A.S.
(TRY) (c)
483,975
1,960,784
Is Yatirim Menkul Degerler A/S
(TRY)
1,809,940
1,591,350
NET Holding A/S (TRY) (c)
1,796,674
597,454
Pasifik Eurasia Lojistik Dis
Ticaret A/S (TRY) (c)
1,886,096
157,298
Pegasus Hava Tasimaciligi A/S
(TRY) (c) (f)
702,531
427,021
Ral Yatirim Holding A/S
(TRY) (j)
2,275,283
131,359
Tofas Turk Otomobil Fabrikasi
A/S (TRY) (f)
755,922
3,823,529
Turkiye Sinai Kalkinma Bankasi
A/S (TRY) (c)
1,100,149
488,826
Ulker Biskuvi Sanayi A/S
(TRY) (f)
1,229,980
 
25,451,436
Total Common Stocks
241,034,484
(Cost $229,163,328)
MONEY MARKET FUNDS — 0.2%
444,601
Dreyfus Government Cash
Management Fund,
Institutional Shares -
3.65% (k)
444,601
(Cost $444,601)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 5.0%
$12,159,727
Bank of America Corp.,
3.82% (k), dated 12/31/25,
due 01/02/26, with a maturity
value of $12,162,308.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $12,402,926. (l)
12,159,727
(Cost $12,159,727)
Total Investments — 104.6%
253,638,812
(Cost $241,767,656)
Net Other Assets and
Liabilities — (4.6)%
(11,085,347
)
Net Assets — 100.0%
$242,553,465
 
See Notes to Financial Statements
Page 50
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
December 31, 2025
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $10,287,532 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $12,159,727.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At December 31, 2025, securities
noted as such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Non-income producing security which makes payment-in-
kind distributions.
(k)
Rate shown reflects yield as of December 31, 2025.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
HKD
–  Hong Kong Dollar
IDR
–  Indonesian Rupiah
INR
–  Indian Rupee
MXN
–  Mexican Peso
MYR
–  Malaysian Ringgit
PHP
–  Philippine Peso
PLN
–  Polish Zloty
RUB
–  Russian Ruble
THB
–  Thai Baht
TRY
–  Turkish Lira
TWD
–  New Taiwan Dollar
USD
–  United States Dollar
ZAR
–  South African Rand
 
Currency Exposure Diversification
% of Total
Investments
HKD
20.8%
TWD
14.5
BRL
13.7
IDR
10.9
TRY
10.0
ZAR
6.5
THB
5.9
USD
5.6
PHP
2.5
PLN
2.4
MYR
2.3
MXN
2.2
CLP
2.2
INR
0.5
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
See Notes to Financial Statements
Page 51
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
December 31, 2025
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Cayman Islands
$37,388,951
$37,388,951
$—
$—
**
Russia
—
**
—
—
—
**
Thailand
14,825,967
—
14,825,967
—
Other Country
Categories*
188,819,566
188,819,566
—
—
Money Market Funds
444,601
444,601
—
—
Repurchase
Agreements
12,159,727
—
12,159,727
—
Total Investments
$253,638,812
$226,653,118
$26,985,694
$—
**
 
*
See Portfolio of Investments for country breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$10,287,532
Non-cash Collateral(2)
(10,287,532
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$12,159,727
Non-cash Collateral(4)
(12,159,727
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 52
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.9%
Austria — 5.8%
5,905
Erste Group Bank AG (EUR)
$714,080
14,423
OMV AG (EUR)
805,459
5,582
Raiffeisen Bank International
AG (EUR)
251,246
64,782
UNIQA Insurance Group AG
(EUR)
1,176,996
7,938
Verbund AG (EUR)
578,381
13,983
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(EUR)
1,104,284
16,172
voestalpine AG (EUR)
718,021
 
5,348,467
Belgium — 2.7%
1,500
Ackermans & Van Haaren N.V.
(EUR)
408,969
24,388
Colruyt Group N.V. (EUR)
902,813
2,426
KBC Ancora (EUR)
208,981
2,783
UCB S.A. (EUR)
780,360
7,683
Warehouses De Pauw C.V.A.
(EUR)
199,723
 
2,500,846
Bermuda — 0.4%
47,863
Aegon Ltd. (EUR)
373,490
Finland — 1.5%
10,508
Neste Oyj (EUR)
239,694
17,542
Stora Enso Oyj, Class R (EUR)
220,687
25,740
Wartsila Oyj Abp (EUR)
919,588
 
1,379,969
France — 15.9%
9,703
Amundi S.A. (EUR) (c) (d)
805,049
15,252
Arkema S.A. (EUR)
934,743
2,114
BNP Paribas S.A. (EUR)
200,712
17,067
Bouygues S.A. (EUR)
889,533
2,647
Capgemini SE (EUR)
442,504
38,038
Carrefour S.A. (EUR)
636,112
3,568
Cie de Saint-Gobain S.A. (EUR)
364,633
21,414
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
712,441
19,557
Credit Agricole S.A. (EUR)
403,358
4,512
Eiffage S.A. (EUR)
649,026
26,715
Elis S.A. (EUR)
761,653
26,869
Engie S.A. (EUR)
707,627
1,917
Gecina S.A. (EUR)
182,256
19,722
Klepierre S.A. (EUR)
782,001
3,489
Legrand S.A. (EUR)
521,759
3,893
Nexans S.A. (EUR)
575,541
11,839
Orange S.A. (EUR)
197,567
3,914
Pernod Ricard S.A. (EUR)
336,240
2,002
Publicis Groupe S.A. (EUR)
208,501
5,873
Rexel S.A. (EUR)
231,836
Shares
Description
Value
 
France (Continued)
545
Safran S.A. (EUR)
$190,480
10,407
Sanofi S.A. (EUR)
1,011,690
5,450
SCOR SE (EUR)
184,075
8,703
Societe Generale S.A. (EUR)
702,851
9,160
Sodexo S.A. (EUR) (e)
470,423
3,570
SPIE S.A. (EUR)
206,668
613
Thales S.A. (EUR)
165,547
15,803
TotalEnergies SE (EUR)
1,032,399
641
VusionGroup (EUR)
153,824
 
14,661,049
Germany — 31.0%
917
Allianz SE (EUR)
420,825
7,710
Aurubis AG (EUR) (e)
1,125,349
28,236
Auto1 Group SE (EUR) (f)
905,893
9,584
Bayerische Motoren Werke AG
(EUR)
1,049,045
3,217
Brenntag SE (EUR)
187,367
25,518
Commerzbank AG (EUR)
1,082,593
8,755
Continental AG (EUR)
699,231
9,353
Daimler Truck Holding AG
(EUR)
410,208
16,405
Deutsche Bank AG (EUR)
638,332
113,604
Deutsche Lufthansa AG (EUR)
1,122,262
16,936
Deutsche Telekom AG (EUR)
550,522
12,950
DHL Group (EUR)
711,176
15,869
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (c) (d)
850,778
10,226
E.ON SE (EUR)
193,783
44,352
Evonik Industries AG (EUR)
696,355
6,680
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (f)
549,130
14,668
Fresenius Medical Care AG
(EUR)
702,613
3,455
Fresenius SE & Co. KGaA
(EUR)
198,874
854
Heidelberg Materials AG (EUR)
223,807
7,151
Henkel AG & Co. KGaA
(Preference Shares) (EUR)
584,740
5,939
Hensoldt AG (EUR)
512,296
3,595
HOCHTIEF AG (EUR)
1,423,771
11,403
KION Group AG (EUR)
914,604
3,962
Krones AG (EUR)
632,303
9,677
LEG Immobilien SE (EUR)
707,932
15,314
Mercedes-Benz Group AG
(EUR)
1,081,079
2,993
Merck KGaA (EUR)
431,230
838
MTU Aero Engines AG (EUR)
349,905
37,562
Nordex SE (EUR) (f)
1,285,439
9,347
RENK Group AG (EUR)
588,993
330
Rheinmetall AG (EUR)
605,380
21,652
RWE AG (EUR)
1,151,659
See Notes to Financial Statements
Page 53
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
86,575
Schaeffler AG (EUR)
$850,570
6,589
Siemens Energy AG (EUR) (f)
932,303
4,341
Talanx AG (EUR)
580,555
99,024
thyssenkrupp AG (EUR)
1,079,242
63,460
TUI AG (EUR) (f)
670,010
24,389
United Internet AG (EUR)
793,362
8,905
Volkswagen AG (Preference
Shares) (EUR)
1,083,666
 
28,577,182
Greece — 3.5%
226,202
Alpha Bank S.A. (EUR)
951,680
149,450
Eurobank S.A. (EUR)
601,544
30,479
Hellenic Telecommunications
Organization S.A. (EUR)
603,906
5,595
JUMBO S.A. (EUR)
183,449
43,890
Piraeus Bank S.A. (EUR)
350,431
23,324
Public Power Corp. S.A. (EUR)
498,868
 
3,189,878
Ireland — 1.3%
42,385
AIB Group PLC (EUR)
458,259
9,929
Ryanair Holdings PLC, ADR
716,775
 
1,175,034
Italy — 16.6%
367,694
A2A S.p.A. (EUR)
998,182
19,210
Banca Mediolanum S.p.A.
(EUR)
439,546
51,480
Banco BPM S.p.A. (EUR)
787,700
34,712
BPER Banca S.p.A. (EUR)
473,205
17,512
Buzzi S.p.A. (EUR)
1,070,164
23,908
Credito Emiliano S.p.A. (EUR)
429,317
20,304
Enel S.p.A. (EUR)
211,816
44,066
Eni S.p.A. (EUR)
835,831
29,323
Fincantieri S.p.A. (EUR) (f)
575,488
128,280
Hera S.p.A. (EUR)
606,033
20,903
Italgas S.p.A. (EUR)
233,738
12,126
Leonardo S.p.A. (EUR)
700,553
14,290
Lottomatica Group S.p.A. (EUR)
376,176
64,988
Maire S.p.A. (EUR)
996,678
136,022
Nexi S.p.A. (EUR) (c) (d)
674,739
141,328
Pirelli & C S.p.A. (EUR) (c) (d)
972,614
16,223
Poste Italiane S.p.A.
(EUR) (c) (d)
409,521
9,727
Prysmian S.p.A. (EUR)
987,423
266,619
Saipem S.p.A. (EUR) (e)
759,826
63,998
Snam S.p.A. (EUR)
425,390
6,460
SOL S.p.A. (EUR)
371,618
1,103,332
Telecom Italia S.p.A. (EUR) (f)
666,211
Shares
Description
Value
 
Italy (Continued)
5,080
UniCredit S.p.A. (EUR)
$423,393
35,876
Unipol Assicurazioni S.p.A.
(EUR)
867,260
 
15,292,422
Luxembourg — 3.4%
26,733
ArcelorMittal S.A. (EUR)
1,228,074
200,700
Aroundtown S.A. (EUR) (f)
624,564
2,646
Eurofins Scientific SE (EUR)
194,037
53,908
Tenaris S.A. (EUR)
1,045,952
 
3,092,627
Netherlands — 5.5%
12,000
ABN AMRO Bank N.V.
(EUR) (c) (d)
420,110
828
Airbus SE (EUR)
193,056
265
Argenx SE (EUR) (f)
223,231
395
ASML Holding N.V. (EUR)
427,717
5,659
ASR Nederland N.V. (EUR)
403,150
18,228
Brembo N.V. (EUR)
201,684
2,802
Heineken Holding N.V. (EUR)
205,478
14,813
ING Groep N.V. (EUR)
417,971
9,492
Koninklijke Ahold Delhaize
N.V. (EUR)
388,974
20,940
Koninklijke Vopak N.V. (EUR)
932,176
8,183
Prosus N.V. (EUR)
508,240
20,397
Technip Energies N.V. (EUR)
778,563
 
5,100,350
Portugal — 1.1%
434,144
Banco Comercial Portugues
S.A., Class R (EUR)
457,246
40,500
EDP S.A. (EUR)
186,337
20,310
Galp Energia SGPS S.A. (EUR)
349,193
 
992,776
Spain — 11.0%
3,827
Acciona S.A. (EUR)
836,082
12,022
ACS Actividades de
Construccion y Servicios S.A.
(EUR)
1,198,781
50,030
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
1,178,843
148,635
Banco de Sabadell S.A. (EUR)
587,784
55,273
Banco Santander S.A. (EUR)
654,114
24,394
Bankinter S.A. (EUR)
405,793
18,276
CaixaBank S.A. (EUR)
224,337
53,062
Grifols S.A. (EUR)
667,235
12,874
Indra Sistemas S.A. (EUR) (e)
734,386
202,852
Mapfre S.A. (EUR)
1,020,792
50,934
Merlin Properties Socimi S.A.
(EUR)
744,030
35,855
Puig Brands S.A., Class B
(EUR)
626,573
See Notes to Financial Statements
Page 54
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
43,412
Repsol S.A. (EUR)
$812,457
140,342
Unicaja Banco S.A.
(EUR) (c) (d)
458,175
 
10,149,382
Switzerland — 0.2%
2,255
DSM-Firmenich AG (EUR)
182,219
Total Common Stocks
92,015,691
(Cost $77,918,589)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.7%
$2,478,885
Bank of America Corp.,
3.82% (g), dated 12/31/25,
due 01/02/26, with a maturity
value of $2,479,411.
Collateralized by
U.S. Treasury Securities,
interest rates of 3.63% to
4.75%, due 12/31/29 to
05/15/55. The value of the
collateral including accrued
interest is $2,528,464. (h)
2,478,885
(Cost $2,478,885)
Total Investments — 102.6%
94,494,576
(Cost $80,397,474)
Net Other Assets and
Liabilities — (2.6)%
(2,349,947
)
Net Assets — 100.0%
$92,144,629
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities is $2,358,963 and the total value of
the collateral held by the Fund, including for securities sold
and pending settlement, is $2,478,885.
(f)
Non-income producing security.
(g)
Rate shown reflects yield as of December 31, 2025.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
96.6%
USD
3.4
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$92,015,691
$92,015,691
$—
$—
Repurchase Agreements
2,478,885
—
2,478,885
—
Total Investments
$94,494,576
$92,015,691
$2,478,885
$—
 
*
See Portfolio of Investments for country breakout.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
See Notes to Financial Statements
Page 55
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
December 31, 2025
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$2,358,963
Non-cash Collateral(2)
(2,358,963
)
Net Amount
$—
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$2,478,885
Non-cash Collateral(4)
(2,478,885
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At December 31, 2025, the value of the collateral received
from each borrower exceeded the value of the related
securities loaned. This amount is disclosed on the Portfolio of
Investments.
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At December 31, 2025, the value of the collateral received
from each seller exceeded the value of the repurchase
agreements.
See Notes to Financial Statements
Page 56
This page intentionally left blank.
Page 57
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities
December 31, 2025
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
ASSETS:
Investments, at value
$24,659,141
$417,070,281
$15,706,376
Foreign currency, at value
—
108,100
11,126
Due from authorized participant
—
266,016
—
Receivables:
Dividends
27,677
297,599
259,812
Securities lending income
551
6,903
—
Investment securities sold
—
9,429
129,426
Capital shares sold
—
—
—
Reclaims
—
1,481,007
—
Prepaid expenses
—
—
—
Total Assets
24,687,369
419,239,335
16,106,740
 
LIABILITIES:
Due to custodian
—
1,458,699
81,594
Payables:
Collateral for securities on loan
369,576
8,794,172
—
Investment advisory fees
16,549
255,304
10,757
Investment securities purchased
—
266,016
104,316
Capital shares redeemed
—
1,747
—
Deferred foreign capital gains tax
—
—
—
Other liabilities
—
—
—
Total Liabilities
386,125
10,775,938
196,667
NET ASSETS
$24,301,244
$408,463,397
$15,910,073
 
NET ASSETS consist of:
Paid-in capital
$34,552,758
$550,505,781
$57,118,325
Par value
6,500
76,000
7,000
Accumulated distributable earnings (loss)
(10,258,014
)
(142,118,384
)
(41,215,252
)
NET ASSETS
$24,301,244
$408,463,397
$15,910,073
NET ASSET VALUE, per share
$37.39
$53.75
$22.73
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
650,002
7,600,002
700,002
Investments, at cost
$20,924,910
$340,085,533
$12,073,172
Foreign currency, at cost (proceeds)
$—
$105,357
$10,937
Securities on loan, at value
$345,401
$8,347,362
$—
See Notes to Financial Statements
Page 58
 
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
First Trust United
Kingdom
AlphaDEX® Fund
(FKU)
$66,254,326
$227,970,775
$827,727,868
$501,536,434
$88,158,481
$86,252,763
—
—
99,229
109,961
34
9,082
—
—
41,889
—
—
123,366
32,233
241,774
779,194
1,592,080
77
197,622
28,349
4,786
25,094
61,040
1,583
—
—
—
765,835
726,563
—
168,811
—
—
29,388
—
—
—
—
—
851,745
449,064
92,226
25,378
—
—
—
33,281
—
—
66,314,908
228,217,335
830,320,242
504,508,423
88,252,401
86,777,022
—
—
70,838
796,181
—
99,642
5,381,150
20,853,330
40,199,689
25,670,586
3,883,838
—
40,986
141,058
524,722
321,190
54,360
54,749
—
—
277,364
—
—
123,365
—
—
—
—
—
—
—
—
—
—
—
—
—
—
13,341
—
—
—
5,422,136
20,994,388
41,085,954
26,787,957
3,938,198
277,756
$60,892,772
$207,222,947
$789,234,288
$477,720,466
$84,314,203
$86,499,266
$58,768,638
$218,890,557
$897,402,628
$600,807,175
$105,102,538
$124,442,156
21,500
31,000
99,364
175,000
13,500
17,000
2,102,634
(11,698,610
)
(108,267,704
)
(123,261,709
)
(20,801,835
)
(37,959,890
)
$60,892,772
$207,222,947
$789,234,288
$477,720,466
$84,314,203
$86,499,266
$28.32
$66.85
$79.43
$27.30
$62.45
$50.88
2,150,002
3,100,002
9,936,412
17,500,002
1,350,002
1,700,002
$56,200,516
$182,109,071
$693,850,233
$452,123,680
$77,363,160
$69,483,163
$—
$—
$97,661
$109,660
$34
$9,082
$5,091,610
$17,690,767
$37,457,973
$20,405,675
$3,721,972
$—
See Notes to Financial Statements
Page 59
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities (Continued)
December 31, 2025
 
 
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
ASSETS:
Investments, at value
$180,059,534
$42,462,712
$9,061,995
Foreign currency, at value
7,371,592
19
139
Due from authorized participant
—
—
—
Receivables:
Dividends
5,208
70
13,063
Securities lending income
—
—
173
Investment securities sold
—
—
—
Capital shares sold
—
—
—
Reclaims
—
1,858,065
1,045
Prepaid expenses
—
—
—
Total Assets
187,436,334
44,320,866
9,076,415
 
LIABILITIES:
Due to custodian
7,165,256
—
—
Payables:
Collateral for securities on loan
—
—
289,477
Investment advisory fees
121,601
29,494
5,904
Investment securities purchased
—
—
—
Capital shares redeemed
—
—
—
Deferred foreign capital gains tax
4,594,436
—
—
Other liabilities
—
—
—
Total Liabilities
11,881,293
29,494
295,381
NET ASSETS
$175,555,041
$44,291,372
$8,781,034
 
NET ASSETS consist of:
Paid-in capital
$141,850,684
$62,557,202
$11,027,876
Par value
30,000
5,500
1,500
Accumulated distributable earnings (loss)
33,674,357
(18,271,330
)
(2,248,342
)
NET ASSETS
$175,555,041
$44,291,372
$8,781,034
NET ASSET VALUE, per share
$58.52
$80.53
$58.54
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
3,000,002
550,002
150,002
Investments, at cost
$135,998,102
$38,143,951
$7,840,357
Foreign currency, at cost (proceeds)
$7,371,592
$19
$139
Securities on loan, at value
$—
$—
$264,528
See Notes to Financial Statements
Page 60
 
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$253,638,812
$94,494,576
48,449
18,024
—
35,635
1,076,640
15,601
65,866
954
—
66,345
—
—
51,047
159,374
—
—
254,880,814
94,790,509
—
71,183
12,159,727
2,478,885
167,622
60,177
—
35,635
—
—
—
—
—
—
12,327,349
2,645,880
$242,553,465
$92,144,629
$267,038,161
$99,716,672
57,000
15,000
(24,541,696
)
(7,587,043
)
$242,553,465
$92,144,629
$42.55
$61.43
5,700,002
1,500,002
$241,767,656
$80,397,474
$48,328
$18,017
$10,287,532
$2,358,963
See Notes to Financial Statements
Page 61
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations
For the Year Ended December 31, 2025
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
INVESTMENT INCOME:
Dividends
$635,697
$11,322,723
$843,600
Other income
—
—
—
Securities lending income (net of fees)
27,049
75,620
—
Foreign withholding tax
(29,945
)
(410,492
)
(32,133
)
Total investment income
632,801
10,987,851
811,467
 
EXPENSES:
Investment advisory fees
153,982
 
2,256,568
 
110,201
 
Other expenses
1,266
21,161
955
Total expenses
155,248
2,277,729
111,156
NET INVESTMENT INCOME (LOSS)
477,553
8,710,122
700,311
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
2,506,908
33,809,408
749,107
In-kind redemptions
179,685
310,592
(23,551
)
Foreign currency transactions
(33,813
)
34,327
(10,013
)
Foreign capital gains tax
—
—
—
Net realized gain (loss)
2,652,780
34,154,327
715,543
Net increase from payment by the advisor
—
—
—
Net change in unrealized appreciation (depreciation) on:
Investments
3,006,140
71,814,627
4,487,304
Foreign currency translation
(74
)
166,170
17,502
Deferred foreign capital gains tax
—
—
—
Net change in unrealized appreciation (depreciation)
3,006,066
71,980,797
4,504,806
NET REALIZED AND UNREALIZED GAIN (LOSS)
5,658,846
106,135,124
5,220,349
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$6,136,399
$114,845,246
$5,920,660
See Notes to Financial Statements
Page 62
 
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
First Trust United
Kingdom
AlphaDEX® Fund
(FKU)
$1,586,157
$4,831,229
$18,433,406
$19,071,167
$888,369
$2,437,881
—
—
—
—
—
—
241,768
76,276
303,374
245,992
2,585
—
(111,395
)
(481,844
)
(1,588,590
)
(1,835,484
)
(75,103
)
(53,280
)
1,716,530
4,425,661
17,148,190
17,481,675
815,851
2,384,601
379,849
 
1,445,567
 
4,367,706
 
3,398,480
 
355,477
 
524,815
 
2,800
12,807
37,300
30,920
2,073
4,523
382,649
1,458,374
4,405,006
3,429,400
357,550
529,338
1,333,881
2,967,287
12,743,184
14,052,275
458,301
1,855,263
2,397,374
6,480,727
91,327,642
36,488,895
896,780
(25,695
)
1,710,175
6,069,049
1,127,982
1,358,181
1,218,310
4,091,828
878
(30,221
)
(286,197
)
(328,342
)
1,373
6,837
—
—
—
(47,855
)
—
—
4,108,427
12,519,555
92,169,427
37,470,879
2,116,463
4,072,970
—
—
—
—
—
—
9,997,819
34,145,065
115,630,553
47,039,261
11,061,363
14,828,455
317
(1,663
)
97,888
90,781
6,307
5,282
—
—
—
418,681
—
—
9,998,136
34,143,402
115,728,441
47,548,723
11,067,670
14,833,737
14,106,563
46,662,957
207,897,868
85,019,602
13,184,133
18,906,707
$15,440,444
$49,630,244
$220,641,052
$99,071,877
$13,642,434
$20,761,970
See Notes to Financial Statements
Page 63
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations (Continued)
For the Year Ended December 31, 2025
 
 
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
INVESTMENT INCOME:
Dividends
$5,111,719
$1,873,375
$299,213
Other income
15,492
—
—
Securities lending income (net of fees)
—
—
3,593
Foreign withholding tax
(731,128
)
(236,375
)
(31,966
)
Total investment income
4,396,083
1,637,000
270,840
 
EXPENSES:
Investment advisory fees
1,724,255
 
532,637
 
59,137
 
Other expenses
17,647
5,180
553
Total expenses
1,741,902
537,817
59,690
NET INVESTMENT INCOME (LOSS)
2,654,181
1,099,183
211,150
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
2,839,145
3,293,194
1,480,235
In-kind redemptions
—
10,747,461
—
Foreign currency transactions
(299,590
)
(2,373
)
(628
)
Foreign capital gains tax
(3,159,554
)
—
—
Net realized gain (loss)
(619,999
)
14,038,282
1,479,607
Net increase from payment by the advisor
—
2,079
—
Net change in unrealized appreciation (depreciation) on:
Investments
10,597,714
1,525,634
1,292,013
Foreign currency translation
130
210,055
187
Deferred foreign capital gains tax
(1,402,880
)
—
—
Net change in unrealized appreciation (depreciation)
9,194,964
1,735,689
1,292,200
NET REALIZED AND UNREALIZED GAIN (LOSS)
8,574,965
15,776,050
2,771,807
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$11,229,146
$16,875,233
$2,982,957
See Notes to Financial Statements
Page 64
 
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$13,181,897
$2,535,025
—
—
427,497
12,462
(1,160,553
)
(273,342
)
12,448,841
2,274,145
2,076,440
 
476,312
 
18,680
5,095
2,095,120
481,407
10,353,721
1,792,738
10,023,741
1,213,355
4,680,751
2,492,191
(215,865
)
(213
)
(9,413
)
—
14,479,214
3,705,333
—
—
9,581,552
15,508,857
32,403
14,471
62,081
—
9,676,036
15,523,328
24,155,250
19,228,661
$34,508,971
$21,021,399
See Notes to Financial Statements
Page 65
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets
 
 
First Trust Asia Pacific ex-Japan
AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX®
Fund (FEP)
 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$477,553
$422,434
$8,710,122
$7,465,542
Net realized gain (loss)
2,652,780
1,243,371
34,154,327
17,306,254
Net increase from payment by the advisor
—
—
—
—
Net change in unrealized appreciation (depreciation)
3,006,066
(1,202,754
)
71,980,797
(16,597,473
)
Net increase (decrease) in net assets resulting from
operations
6,136,399
463,051
114,845,246
8,174,323
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(1,068,374
)
(466,052
)
(11,333,069
)
(9,806,543
)
Return of capital
—
—
—
—
Total distributions to shareholders
(1,068,374
)
(466,052
)
(11,333,069
)
(9,806,543
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
8,749,628
 
—
 
121,849,968
 
—
 
Cost of shares redeemed
(3,309,884
) 
(4,046,995
) 
(1,908,285
) 
(36,669,856
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
5,439,744
(4,046,995
)
119,941,683
(36,669,856
)
Total increase (decrease) in net assets
10,507,769
(4,049,996
)
223,453,860
(38,302,076
)
 
NET ASSETS:
Beginning of period
13,793,475
17,843,471
185,009,537
223,311,613
End of period
$24,301,244
$13,793,475
$408,463,397
$185,009,537
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
500,002
650,002
5,150,002
6,150,002
Shares sold
250,000
—
2,500,000
—
Shares redeemed
(100,000
)
(150,000
)
(50,000
)
(1,000,000
)
Shares outstanding, end of period
650,002
500,002
7,600,002
5,150,002
See Notes to Financial Statements
Page 66
 
First Trust Latin America AlphaDEX®
Fund (FLN)
First Trust China AlphaDEX® Fund
(FCA)
First Trust Japan AlphaDEX® Fund
(FJP)
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
$700,311
$1,417,420
$1,333,881
$341,066
$2,967,287
$3,816,921
715,543
4,215,629
4,108,427
(513,897
)
12,519,555
10,840,439
—
—
—
—
—
—
4,504,806
(15,701,133
)
9,998,136
939,388
34,143,402
(4,191,041
)
5,920,660
(10,068,084
)
15,440,444
766,557
49,630,244
10,466,319
(524,217
)
(1,439,862
)
(1,415,517
)
(313,487
)
(5,438,253
)
(6,101,123
)
—
—
—
—
—
—
(524,217
)
(1,439,862
)
(1,415,517
)
(313,487
)
(5,438,253
)
(6,101,123
)
3,810,611
 
—
 
17,112,262
 
45,358,525
 
15,367,889
 
55,503,822
 
(6,261,378
) 
(50,268,605
) 
(18,152,408
) 
(4,402,064
) 
(44,720,794
) 
(55,023,040
) 
(2,450,767
)
(50,268,605
)
(1,040,146
)
40,956,461
(29,352,905
)
480,782
2,945,676
(61,776,551
)
12,984,781
41,409,531
14,839,086
4,845,978
12,964,397
74,740,948
47,907,991
6,498,460
192,383,861
187,537,883
$15,910,073
$12,964,397
$60,892,772
$47,907,991
$207,222,947
$192,383,861
850,002
3,600,002
2,350,002
350,002
3,700,002
3,700,002
200,000
—
650,000
2,200,000
250,000
1,050,000
(350,000
)
(2,750,000
)
(850,000
)
(200,000
)
(850,000
)
(1,050,000
)
700,002
850,002
2,150,002
2,350,002
3,100,002
3,700,002
See Notes to Financial Statements
Page 67
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Developed Markets
ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets
AlphaDEX® Fund (FEM)
 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$12,743,184
$12,287,791
$14,052,275
$18,404,938
Net realized gain (loss)
92,169,427
44,570,918
37,470,879
17,569,003
Net increase from payment by the advisor
—
—
—
—
Net change in unrealized appreciation (depreciation)
115,728,441
(28,811,214
)
47,548,723
(19,250,521
)
Net increase (decrease) in net assets resulting from
operations
220,641,052
28,047,495
99,071,877
16,723,420
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(22,560,231
)
(15,547,549
)
(14,715,812
)
(14,849,591
)
Return of capital
—
—
—
—
Total distributions to shareholders
(22,560,231
)
(15,547,549
)
(14,715,812
)
(14,849,591
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
209,728,953
 
11,289,085
 
14,397,120
 
7,086,040
 
Cost of shares redeemed
(10,849,121
) 
(41,154,062
) 
(27,379,354
) 
(19,168,195
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
198,879,832
(29,864,977
)
(12,982,234
)
(12,082,155
)
Total increase (decrease) in net assets
396,960,653
(17,365,031
)
71,373,831
(10,208,326
)
 
NET ASSETS:
Beginning of period
392,273,635
409,638,666
406,346,635
416,554,961
End of period
$789,234,288
$392,273,635
$477,720,466
$406,346,635
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
7,236,412
7,786,412
18,200,002
18,750,002
Shares sold
2,900,000
200,000
550,000
300,000
Shares redeemed
(200,000
)
(750,000
)
(1,250,000
)
(850,000
)
Shares outstanding, end of period
9,936,412
7,236,412
17,500,002
18,200,002
See Notes to Financial Statements
Page 68
 
First Trust Germany AlphaDEX® Fund
(FGM)
First Trust United Kingdom
AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal
Weight ETF (NFTY)
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
$458,301
$206,964
$1,855,263
$1,822,667
$2,654,181
$599,210
2,116,463
(497,360
)
4,072,970
2,327,910
(619,999
)
321,257
—
—
—
—
—
—
11,067,670
504,626
14,833,737
2,683,829
9,194,964
2,328,677
13,642,434
214,230
20,761,970
6,834,406
11,229,146
3,249,144
(463,461
)
(206,602
)
(2,146,493
)
(2,686,743
)
(2,235,722
)
(4,004,107
)
—
—
—
—
—
(196,609
)
(463,461
)
(206,602
)
(2,146,493
)
(2,686,743
)
(2,235,722
)
(4,200,716
)
68,419,538
 
—
 
23,547,004
 
52,210,852
 
—
 
151,028,379
 
(4,979,502
) 
(7,836,857
) 
(20,505,620
) 
(11,728,720
) 
(105,192,943
) 
—
 
63,440,036
(7,836,857
)
3,041,384
40,482,132
(105,192,943
)
151,028,379
76,619,009
(7,829,229
)
21,656,861
44,629,795
(96,199,519
)
150,076,807
7,695,194
15,524,423
64,842,405
20,212,610
271,754,560
121,677,753
$84,314,203
$7,695,194
$86,499,266
$64,842,405
$175,555,041
$271,754,560
200,002
400,002
1,700,002
550,002
4,850,002
2,250,002
1,250,000
—
500,000
1,450,000
—
2,600,000
(100,000
)
(200,000
)
(500,000
)
(300,000
)
(1,850,000
)
—
1,350,002
200,002
1,700,002
1,700,002
3,000,002
4,850,002
See Notes to Financial Statements
Page 69
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Switzerland
AlphaDEX® Fund (FSZ)
First Trust Developed Markets
ex-US Small Cap AlphaDEX®
Fund (FDTS)
 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
OPERATIONS:
Net investment income (loss)
$1,099,183
$1,421,053
$211,150
$214,599
Net realized gain (loss)
14,038,282
3,305,109
1,479,607
683,529
Net increase from payment by the advisor
2,079
—
—
—
Net change in unrealized appreciation (depreciation)
1,735,689
(5,544,260
)
1,292,200
(655,779
)
Net increase (decrease) in net assets resulting from
operations
16,875,233
(818,098
)
2,982,957
242,349
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(1,197,488
)
(1,453,362
)
(257,673
)
(278,153
)
Return of capital
—
—
—
—
Total distributions to shareholders
(1,197,488
)
(1,453,362
)
(257,673
)
(278,153
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
11,653,628
 
3,212,070
 
—
 
—
 
Cost of shares redeemed
(58,680,459
) 
(9,741,239
) 
—
 
(2,038,710
) 
Net increase (decrease) in net assets resulting from
shareholder transactions
(47,026,831
)
(6,529,169
)
—
(2,038,710
)
Total increase (decrease) in net assets
(31,349,086
)
(8,800,629
)
2,725,284
(2,074,514
)
 
NET ASSETS:
Beginning of period
75,640,458
84,441,087
6,055,750
8,130,264
End of period
$44,291,372
$75,640,458
$8,781,034
$6,055,750
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
1,200,002
1,300,002
150,002
200,002
Shares sold
150,000
50,000
—
—
Shares redeemed
(800,000
)
(150,000
)
—
(50,000
)
Shares outstanding, end of period
550,002
1,200,002
150,002
150,002
See Notes to Financial Statements
Page 70
 
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
(FEMS)
First Trust Eurozone AlphaDEX®
ETF (FEUZ)
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
Year
Ended
12/31/2025 
Year
Ended
12/31/2024 
$10,353,721
$9,981,095
$1,792,738
$1,002,138
14,479,214
14,390,438
3,705,333
3,166,644
—
—
—
—
9,676,036
(9,713,372
)
15,523,328
(2,883,402
)
34,508,971
14,658,161
21,021,399
1,285,380
(10,850,724
)
(11,953,498
)
(2,116,348
)
(919,132
)
—
—
—
—
(10,850,724
)
(11,953,498
)
(2,116,348
)
(919,132
)
12,345,804
 
2,115,682
 
69,823,441
 
43,729,596
 
(83,355,561
) 
(41,256,391
) 
(14,787,005
) 
(44,099,283
) 
(71,009,757
)
(39,140,709
)
55,036,436
(369,687
)
(47,351,510
)
(36,436,046
)
73,941,487
(3,439
)
289,904,975
326,341,021
18,203,142
18,206,581
$242,553,465
$289,904,975
$92,144,629
$18,203,142
7,550,002
8,550,002
450,002
450,002
300,000
50,000
1,350,000
1,050,000
(2,150,000
)
(1,050,000
)
(300,000
)
(1,050,000
)
5,700,002
7,550,002
1,500,002
450,002
See Notes to Financial Statements
Page 71
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights
For a share outstanding throughout each period
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$27.59
$27.45
$25.58
$31.57
$32.25
Income from investment operations:
Net investment income (loss)
0.85
 (a)
0.81
 (a)
0.82
 (a)
0.97
 
1.28
 
Net realized and unrealized gain (loss)
10.71
 
0.26
 
1.87
 
(5.88
) 
(0.37
) 
Total from investment operations
11.56
 
1.07
 
2.69
 
(4.91
) 
0.91
 
Distributions paid to shareholders from:
Net investment income
(1.76
) 
(0.93
) 
(0.79
) 
(1.08
) 
(1.59
) 
Return of capital
—
 
—
 
(0.03
) 
—
 
—
 
Total distributions
(1.76
) 
(0.93
) 
(0.82
) 
(1.08
) 
(1.59
) 
Net asset value, end of period
$37.39
 
$27.59
 
$27.45
 
$25.58
 
$31.57
 
Total return (b)
42.31
% 
3.84
% 
10.67
% 
(15.62
)% 
2.75
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$24,301
 
$13,793
 
$17,843
 
$11,511
 
$25,258
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
2.48
% 
2.89
% 
3.12
% 
3.63
% 
4.03
% 
Portfolio turnover rate (d)
104
% 
75
% 
90
% 
82
% 
102
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 72
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Europe AlphaDEX® Fund (FEP)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$35.92
$36.31
$32.38
$43.31
$38.50
Income from investment operations:
Net investment income (loss)
1.43
 (a)
1.34
 (a)
1.10
 (a)
0.93
 
1.05
 
Net realized and unrealized gain (loss)
18.19
 
0.04
 
4.02
 
(10.90
) 
5.26
 
Total from investment operations
19.62
 
1.38
 
5.12
 
(9.97
) 
6.31
 
Distributions paid to shareholders from:
Net investment income
(1.79
) 
(1.77
) 
(1.19
) 
(0.96
) 
(1.50
) 
Net asset value, end of period
$53.75
 
$35.92
 
$36.31
 
$32.38
 
$43.31
 
Total return (b)
55.13
% 
3.71
% 
16.01
% 
(22.87
)% 
16.53
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$408,463
 
$185,010
 
$223,312
 
$254,167
 
$573,909
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
3.09
% 
3.57
% 
3.20
% 
3.23
% 
2.33
% 
Portfolio turnover rate (d)
92
% 
86
% 
101
% 
88
% 
105
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 73
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Latin America AlphaDEX® Fund (FLN)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$15.25
$20.76
$16.75
$17.35
$19.43
Income from investment operations:
Net investment income (loss)
0.99
 (a)
0.67
 (a)
0.92
 (a)
0.98
 
0.89
 
Net realized and unrealized gain (loss)
7.26
 
(5.23
) 
3.96
 
(0.65
) 
(2.16
) 
Total from investment operations
8.25
 
(4.56
) 
4.88
 
0.33
 
(1.27
) 
Distributions paid to shareholders from:
Net investment income
(0.77
) 
(0.95
) 
(0.87
) 
(0.93
) 
(0.81
) 
Net asset value, end of period
$22.73
 
$15.25
 
$20.76
 
$16.75
 
$17.35
 
Total return (b)
54.67
% 
(22.67
)% 
29.64
% 
2.17
% 
(6.66
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$15,910
 
$12,964
 
$74,741
 
$70,358
 
$7,805
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
5.08
% 
3.45
% 
5.00
% 
7.82
% 
4.28
% 
Portfolio turnover rate (d)
100
% 
75
% 
99
% 
104
% 
91
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 74
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust China AlphaDEX® Fund (FCA)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$20.39
$18.57
$21.60
$27.57
$29.16
Income from investment operations:
Net investment income (loss)
0.69
 (a)
0.72
 (a)
1.10
 (a)
1.28
 
1.22
 
Net realized and unrealized gain (loss)
7.99
 
2.14
 
(3.07
) 
(5.97
) 
(1.47
) 
Total from investment operations
8.68
 
2.86
 
(1.97
) 
(4.69
) 
(0.25
) 
Distributions paid to shareholders from:
Net investment income
(0.75
) 
(1.04
) 
(1.06
) 
(1.28
) 
(1.34
) 
Net asset value, end of period
$28.32
 
$20.39
 
$18.57
 
$21.60
 
$27.57
 
Total return (b)
42.95
% 
15.43
% 
(9.32
)% 
(17.10
)% 
(1.18
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$60,893
 
$47,908
 
$6,498
 
$7,560
 
$9,649
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
2.81
% 
3.72
% 
5.32
% 
5.19
% 
3.66
% 
Portfolio turnover rate (d)
101
% 
62
% 
113
% 
117
% 
166
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 75
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Japan AlphaDEX® Fund (FJP)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$52.00
$50.69
$42.88
$49.86
$51.42
Income from investment operations:
Net investment income (loss)
0.98
 (a)
1.02
 (a)
1.06
 (a)
1.19
 
0.81
 
Net realized and unrealized gain (loss)
15.67
 
1.93
 
8.51
 
(7.23
) 
(1.16
) 
Total from investment operations
16.65
 
2.95
 
9.57
 
(6.04
) 
(0.35
) 
Distributions paid to shareholders from:
Net investment income
(1.80
) 
(1.64
) 
(1.76
) 
(0.94
) 
(1.21
) 
Net asset value, end of period
$66.85
 
$52.00
 
$50.69
 
$42.88
 
$49.86
 
Total return (b)
32.14
% 
5.84
% 
22.42
% 
(12.04
)% 
(0.69
)% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$207,223
 
$192,384
 
$187,538
 
$85,768
 
$34,901
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
1.64
% 
1.94
% 
2.21
% 
2.92
% 
1.53
% 
Portfolio turnover rate (d)
91
% 
82
% 
61
% 
79
% 
126
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 76
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$54.21
$52.61
$48.27
$60.64
$56.88
Income from investment operations:
Net investment income (loss)
1.59
 (a)
1.65
 (a)
1.56
 (a)
1.67
 
1.52
 
Net realized and unrealized gain (loss)
26.23
 
2.05
 
5.07
 
(12.95
) 
4.55
 
Total from investment operations
27.82
 
3.70
 
6.63
 
(11.28
) 
6.07
 
Distributions paid to shareholders from:
Net investment income
(2.60
) 
(2.10
) 
(2.29
) 
(1.09
) 
(2.31
) 
Net asset value, end of period
$79.43
 
$54.21
 
$52.61
 
$48.27
 
$60.64
 
Total return (b)
51.78
% 
7.02
% 
13.89
% 
(18.57
)% 
10.70
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$789,234
 
$392,274
 
$409,639
 
$419,333
 
$414,579
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
2.33
% 
2.98
% 
3.05
% 
3.09
% 
2.42
% 
Portfolio turnover rate (d)
109
% 
97
% 
109
% 
95
% 
111
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 77
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets AlphaDEX® Fund (FEM)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$22.33
$22.22
$21.10
$26.24
$25.31
Income from investment operations:
Net investment income (loss)
0.82
 (a)
1.00
 (a)
1.15
 (a)
1.34
 
1.11
 
Net realized and unrealized gain (loss)
5.01
 
(0.08
) 
1.07
 
(5.19
) 
0.90
 
Total from investment operations
5.83
 
0.92
 
2.22
 
(3.85
) 
2.01
 
Distributions paid to shareholders from:
Net investment income
(0.86
) 
(0.81
) 
(1.10
) 
(1.29
) 
(1.08
) 
Net asset value, end of period
$27.30
 
$22.33
 
$22.22
 
$21.10
 
$26.24
 
Total return (b)
26.35
% 
3.97
% 
10.87
% 
(14.33
)% 
7.90
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$477,720
 
$406,347
 
$416,555
 
$372,378
 
$436,915
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
3.31
% 
4.29
% 
5.40
% 
5.90
% 
4.03
% 
Portfolio turnover rate (d)
111
% 
94
% 
105
% 
106
% 
119
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 78
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Germany AlphaDEX® Fund (FGM)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$38.48
$38.81
$35.36
$53.78
$51.56
Income from investment operations:
Net investment income (loss)
0.58
 (a)
0.78
 (a)
0.74
 (a)
1.77
 
0.91
 
Net realized and unrealized gain (loss)
23.80
 
(0.28
) (b)
3.81
 
(18.27
) 
2.08
 
Total from investment operations
24.38
 
0.50
 
4.55
 
(16.50
) 
2.99
 
Distributions paid to shareholders from:
Net investment income
(0.41
) 
(0.83
) 
(1.10
) 
(1.92
) 
(0.77
) 
Net asset value, end of period
$62.45
 
$38.48
 
$38.81
 
$35.36
 
$53.78
 
Total return (c)
63.48
% 
1.39
% 
12.88
% 
(30.39
)% 
5.74
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$84,314
 
$7,695
 
$15,524
 
$14,144
 
$99,497
 
Ratio of total expenses to average net assets
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
1.03
% 
2.01
% 
1.95
% 
2.23
% 
1.67
% 
Portfolio turnover rate (d)
66
% 
92
% 
82
% 
152
% 
80
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 79
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust United Kingdom AlphaDEX® Fund (FKU)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$38.14
$36.75
$31.73
$43.97
$38.06
Income from investment operations:
Net investment income (loss)
1.26
 (a)
1.09
 (a)
1.05
 (a)
1.54
 
1.29
 
Net realized and unrealized gain (loss)
12.95
 
1.85
 
5.37
 
(12.02
) 
5.93
 
Total from investment operations
14.21
 
2.94
 
6.42
 
(10.48
) 
7.22
 
Distributions paid to shareholders from:
Net investment income
(1.47
) 
(1.55
) 
(1.40
) 
(1.76
) 
(1.31
) 
Net asset value, end of period
$50.88
 
$38.14
 
$36.75
 
$31.73
 
$43.97
 
Total return (b)
37.60
% 
8.01
% 
20.59
% 
(23.52
)% 
19.10
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$86,499
 
$64,842
 
$20,213
 
$31,728
 
$98,943
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
2.83
% 
2.84
% 
3.08
% 
4.29
% 
3.34
% 
Portfolio turnover rate (d)
65
% 
46
% 
77
% 
98
% 
45
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 80
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$56.03
$54.08
$43.53
$48.23
$38.83
Income from investment operations:
Net investment income (loss)
0.71
 (a)
0.15
 (a)
0.31
 (a)
0.22
 
0.48
 
Net realized and unrealized gain (loss)
2.50
 
2.70
 
10.31
 
(2.35
) 
9.65
 
Total from investment operations
3.21
 
2.85
 
10.62
 
(2.13
) 
10.13
 
Distributions paid to shareholders from:
Net investment income
(0.72
) 
—
 
—
 
(0.05
) 
(0.73
) 
Net realized gain
—
 
(0.86
) 
(0.07
) 
(2.52
) 
—
 
Return of capital
—
 
(0.04
) 
—
 
—
 
—
 
Total distributions
(0.72
) 
(0.90
) 
(0.07
) 
(2.57
) 
(0.73
) 
Net asset value, end of period
$58.52
 
$56.03
 
$54.08
 
$43.53
 
$48.23
 
Total return (b)
5.73
% 
5.27
% 
24.44
% 
(4.45
)% 
26.15
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$175,555
 
$271,755
 
$121,678
 
$73,999
 
$62,703
 
Ratio of total expenses to average net assets
0.81
% (c)
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
1.23
% 
0.26
% 
0.68
% 
0.68
% 
0.95
% 
Portfolio turnover rate (e)
22
% 
30
% 
43
% 
56
% 
57
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Includes other expenses. If these other expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 81
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Switzerland AlphaDEX® Fund (FSZ)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$63.03
$64.95
$54.42
$71.39
$60.85
Income from investment operations:
Net investment income (loss)
1.21
 (a)
1.10
 (a)
1.32
 (a)
1.98
 
0.78
 
Net realized and unrealized gain (loss)
17.73
 (b)
(1.89
) 
10.58
 
(17.03
) 
10.92
 
Total from investment operations
18.94
 
(0.79
) 
11.90
 
(15.05
) 
11.70
 
Distributions paid to shareholders from:
Net investment income
(1.44
) 
(1.13
) 
(1.37
) 
(1.92
) 
(1.16
) 
Net asset value, end of period
$80.53
 
$63.03
 
$64.95
 
$54.42
 
$71.39
 
Total return (c)
30.16
% (b)
(1.25
)% 
22.07
% 
(20.88
)% 
19.34
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$44,291
 
$75,640
 
$84,441
 
$97,959
 
$99,943
 
Ratio of total expenses to average net assets
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
1.65
% 
1.69
% 
2.20
% 
2.30
% 
1.25
% 
Portfolio turnover rate (e)
80
% 
71
% 
68
% 
64
% 
66
% 
 
(a)
Based on average shares outstanding.
(b)
The Fund received a payment from the advisor in the amount of $2,079 in connection with a trade error, which represents less than $0.01 per
share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 82
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$40.37
$40.65
$37.67
$46.06
$42.72
Income from investment operations:
Net investment income (loss)
1.41
 (a)
1.10
 (a)
1.17
 (a)
1.09
 
0.74
 
Net realized and unrealized gain (loss)
18.48
 
0.19
 
2.98
 
(8.09
) 
3.99
 
Total from investment operations
19.89
 
1.29
 
4.15
 
(7.00
) 
4.73
 
Distributions paid to shareholders from:
Net investment income
(1.72
) 
(1.57
) 
(1.17
) 
(1.39
) 
(1.39
) 
Net asset value, end of period
$58.54
 
$40.37
 
$40.65
 
$37.67
 
$46.06
 
Total return (b)
49.71
% 
3.14
% 
11.13
% 
(15.00
)% 
11.09
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$8,781
 
$6,056
 
$8,130
 
$7,535
 
$13,817
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
2.86
% 
2.66
% 
2.99
% 
2.88
% 
1.46
% 
Portfolio turnover rate (d)
119
% 
117
% 
124
% 
109
% 
116
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 83
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$38.40
$38.17
$38.78
$40.29
$41.24
Income from investment operations:
Net investment income (loss)
1.61
 (a)
1.22
 (a)
1.72
 (a)
1.86
 
1.57
 
Net realized and unrealized gain (loss)
4.34
 
0.51
 
(0.54
) 
(1.60
) 
(0.01
) 
Total from investment operations
5.95
 
1.73
 
1.18
 
0.26
 
1.56
 
Distributions paid to shareholders from:
Net investment income
(1.80
) 
(1.50
) 
(1.79
) 
(1.77
) 
(2.51
) 
Net asset value, end of period
$42.55
 
$38.40
 
$38.17
 
$38.78
 
$40.29
 
Total return (b)
15.61
% 
4.43
% 
3.21
% 
1.36
% 
3.68
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$242,553
 
$289,905
 
$326,341
 
$166,753
 
$143,030
 
Ratio of total expenses to average net assets
0.81
% (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
3.99
% 
3.09
% 
4.59
% 
4.60
% 
3.65
% 
Portfolio turnover rate (d)
114
% 
109
% 
124
% 
117
% 
127
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 84
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 
Year Ended December 31,
 
2025
2024
2023
2022
2021
Net asset value, beginning of period
$40.45
$40.46
$36.04
$46.36
$42.10
Income from investment operations:
Net investment income (loss)
1.64
 (a)
1.15
 (a)
1.10
 (a)
0.85
 
1.10
 
Net realized and unrealized gain (loss)
21.07
 
(0.36
) (b)
4.52
 
(10.05
) 
4.32
 
Total from investment operations
22.71
 
0.79
 
5.62
 
(9.20
) 
5.42
 
Distributions paid to shareholders from:
Net investment income
(1.73
) 
(0.80
) 
(1.20
) 
(1.12
) 
(1.16
) 
Net asset value, end of period
$61.43
 
$40.45
 
$40.46
 
$36.04
 
$46.36
 
Total return (c)
56.57
% 
1.88
% 
15.71
% 
(19.65
)% 
12.90
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$92,145
 
$18,203
 
$18,207
 
$16,219
 
$81,135
 
Ratio of total expenses to average net assets
0.81
% (d)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net assets
3.01
% 
2.71
% 
2.84
% 
2.09
% 
2.27
% 
Portfolio turnover rate (e)
91
% 
77
% 
90
% 
56
% 
59
% 
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying investments.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 85
Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025

1. Organization
First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on December 3, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the fourteen funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on Nasdaq, Inc. (“Nasdaq”).
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund – (ticker “FPA”)
First Trust Europe AlphaDEX® Fund – (ticker “FEP”)
First Trust Latin America AlphaDEX® Fund – (ticker “FLN”)
First Trust China AlphaDEX® Fund – (ticker “FCA”)
First Trust Japan AlphaDEX® Fund – (ticker “FJP”)
First Trust Developed Markets ex-US AlphaDEX® Fund – (ticker “FDT”)
First Trust Emerging Markets AlphaDEX® Fund – (ticker “FEM”)
First Trust Germany AlphaDEX® Fund – (ticker “FGM”)
First Trust United Kingdom AlphaDEX® Fund – (ticker “FKU”)
First Trust India NIFTY 50 Equal Weight ETF – (ticker “NFTY”)
First Trust Switzerland AlphaDEX® Fund – (ticker “FSZ”)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund – (ticker “FDTS”)
First Trust Emerging Markets Small Cap AlphaDEX® Fund – (ticker “FEMS”)
First Trust Eurozone AlphaDEX® ETF – (ticker “FEUZ”)
Each Fund operates as a diversified open-end management investment company as defined in section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
 
Fund
Index
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index
First Trust Europe AlphaDEX® Fund
Nasdaq AlphaDEX® EuropeTM Index
First Trust Latin America AlphaDEX® Fund
Nasdaq AlphaDEX® Latin AmericaTM Index
First Trust China AlphaDEX® Fund
Nasdaq AlphaDEX® ChinaTM Index
First Trust Japan AlphaDEX® Fund
Nasdaq AlphaDEX® JapanTM Index
First Trust Developed Markets ex-US AlphaDEX® Fund
Nasdaq AlphaDEX® Developed Markets Ex-USTM Index
First Trust Emerging Markets AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging MarketsTM Index
First Trust Germany AlphaDEX® Fund
Nasdaq AlphaDEX® GermanyTM Index
First Trust United Kingdom AlphaDEX® Fund
Nasdaq AlphaDEX® United KingdomTM Index
First Trust India NIFTY 50 Equal Weight ETF
NIFTY 50 Equal WeightTM Index
First Trust Switzerland AlphaDEX® Fund
Nasdaq AlphaDEX® SwitzerlandTM Index
First Trust Developed Markets ex-US Small Cap AlphaDEX®
Fund
Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM
Index
First Trust Emerging Markets Small Cap AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging Markets Small CapTM Index
First Trust Eurozone AlphaDEX® ETF
Nasdaq AlphaDEX® EurozoneTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Page 86
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Shares of open-end funds are valued based on NAV per share.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
 1)
the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
 2)
the type of security;
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
Page 87
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
 1)
the last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•  Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•  Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o  Quoted prices for similar investments in active markets.
o  Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o  Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o  Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•  Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of December 31, 2025, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Page 88
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
E. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon (“BNY”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities
Page 89
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
loaned is accounted for in the same manner as other dividend and interest income. At December 31, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the fiscal year ended December 31, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.
F. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended December 31, 2025, were received as collateral for lending securities.
G. Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$1,068,374
$—
$—
First Trust Europe AlphaDEX® Fund
11,333,069
—
—
First Trust Latin America AlphaDEX® Fund
524,217
—
—
First Trust China AlphaDEX® Fund
1,415,517
—
—
First Trust Japan AlphaDEX® Fund
5,438,253
—
—
First Trust Developed Markets ex-US AlphaDEX® Fund
22,560,231
—
—
Page 90
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Emerging Markets AlphaDEX® Fund
$14,715,812
$—
$—
First Trust Germany AlphaDEX® Fund
463,461
—
—
First Trust United Kingdom AlphaDEX® Fund
2,146,493
—
—
First Trust India NIFTY 50 Equal Weight ETF
2,235,722
—
—
First Trust Switzerland AlphaDEX® Fund
1,197,488
—
—
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
257,673
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
10,850,724
—
—
First Trust Eurozone AlphaDEX® ETF
2,116,348
—
—
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:
 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$466,052
$—
$—
First Trust Europe AlphaDEX® Fund
9,806,543
—
—
First Trust Latin America AlphaDEX® Fund
1,439,862
—
—
First Trust China AlphaDEX® Fund
313,487
—
—
First Trust Japan AlphaDEX® Fund
6,101,123
—
—
First Trust Developed Markets ex-US AlphaDEX® Fund
15,547,549
—
—
First Trust Emerging Markets AlphaDEX® Fund
14,849,591
—
—
First Trust Germany AlphaDEX® Fund
206,602
—
—
First Trust United Kingdom AlphaDEX® Fund
2,686,743
—
—
First Trust India NIFTY 50 Equal Weight ETF
2,979,680
1,024,427
196,609
First Trust Switzerland AlphaDEX® Fund
1,453,362
—
—
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
278,153
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
11,953,498
—
—
First Trust Eurozone AlphaDEX® ETF
919,132
—
—
As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:
 
 
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$240,346
$(13,485,508
)
$2,987,148
First Trust Europe AlphaDEX® Fund
429,580
(215,799,543
)
73,251,579
First Trust Latin America AlphaDEX® Fund
311,194
(44,918,803
)
3,392,357
First Trust China AlphaDEX® Fund
—
(7,888,476
)
9,991,110
First Trust Japan AlphaDEX® Fund
362,062
(53,732,193
)
41,671,521
First Trust Developed Markets ex-US AlphaDEX® Fund
3,083,777
(231,043,502
)
119,692,021
First Trust Emerging Markets AlphaDEX® Fund
625,265
(170,089,558
)
46,202,584
First Trust Germany AlphaDEX® Fund
—
(31,473,752
)
10,671,917
First Trust United Kingdom AlphaDEX® Fund
40,060
(53,790,958
)
15,791,008
First Trust India NIFTY 50 Equal Weight ETF
868,042
—
(32,806,315
)
First Trust Switzerland AlphaDEX® Fund
263,611
(22,612,504
)
4,077,563
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
16,439
(3,421,264
)
1,156,483
First Trust Emerging Markets Small Cap AlphaDEX® Fund
835,443
(35,419,171
)
10,042,032
First Trust Eurozone AlphaDEX® ETF
31,263
(21,531,249
)
13,912,943
Page 91
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
H. Income and Other Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund’s taxable income exceeds the distributions from such taxable income for the calendar year.
Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in “Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax” on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in “Net realized gain (loss) on foreign capital gains tax” on the Statements of Operations.
Capital Gains. India’s Finance Act, 2024 (“Finance Act, 2024”) was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax (“STT”) is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.
In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.
Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.
Buy back. Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).
Dividend income. The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.
Interest income. Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).
Other income. Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).
Page 92
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
Each Fund has adopted the FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The following Fund paid income taxes in foreign jurisdictions during the fiscal year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:
 
Income taxes by foreign jurisdiction:
NFTY 
India
$3,890,682
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$13,485,508
First Trust Europe AlphaDEX® Fund
215,799,543
First Trust Latin America AlphaDEX® Fund
44,918,803
First Trust China AlphaDEX® Fund
7,888,476
First Trust Japan AlphaDEX® Fund
53,732,193
First Trust Developed Markets ex-US AlphaDEX® Fund*
231,043,502
First Trust Emerging Markets AlphaDEX® Fund
170,089,558
First Trust Germany AlphaDEX® Fund
31,473,752
First Trust United Kingdom AlphaDEX® Fund
53,790,958
First Trust India NIFTY 50 Equal Weight ETF
—
First Trust Switzerland AlphaDEX® Fund
22,612,504
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
3,421,264
First Trust Emerging Markets Small Cap AlphaDEX® Fund
35,419,171
First Trust Eurozone AlphaDEX® ETF
21,531,249
 
*
$68,891,585 of First Trust Developed Markets ex-US AlphaDEX® Fund’s non-expiring net capital losses is subject to loss
limitation resulting from reorganization activity. This limitation generally reduces the utilization of these losses to a maximum of
$96,428 per year.
During the taxable year ended December 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$2,344,452
First Trust Europe AlphaDEX® Fund
33,050,132
First Trust Latin America AlphaDEX® Fund
620,932
Page 93
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
 
Capital
Loss
Utilized
First Trust China AlphaDEX® Fund
$2,610,144
First Trust Japan AlphaDEX® Fund
5,813,431
First Trust Developed Markets ex-US AlphaDEX® Fund
87,440,363
First Trust Emerging Markets AlphaDEX® Fund
36,540,160
First Trust Germany AlphaDEX® Fund
1,060,090
First Trust United Kingdom AlphaDEX® Fund
21,500
First Trust Switzerland AlphaDEX® Fund
3,333,750
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
1,446,606
First Trust Emerging Markets Small Cap AlphaDEX® Fund
7,665,090
First Trust Eurozone AlphaDEX® ETF
1,239,617
Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.
In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:
 
 
Accumulated
Net Investment
Income (Loss)
Accumulated
Net Realized
Gain (Loss)
on Investments
Paid-In
Capital
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$143,727
$(314,131
)
$170,404
First Trust Europe AlphaDEX® Fund
1,627,242
(1,896,787
)
269,545
First Trust Latin America AlphaDEX® Fund
13,257
15,170
(28,427
)
First Trust China AlphaDEX® Fund
51,865
(1,541,694
)
1,489,829
First Trust Japan AlphaDEX® Fund
917,211
(6,185,688
)
5,268,477
First Trust Developed Markets ex-US AlphaDEX® Fund
4,873,672
(5,674,501
)
800,829
First Trust Emerging Markets AlphaDEX® Fund
(207,626
)
(957,810
)
1,165,436
First Trust Germany AlphaDEX® Fund
5,160
(1,176,060
)
1,170,900
First Trust United Kingdom AlphaDEX® Fund
380,109
(4,185,687
)
3,805,578
First Trust India NIFTY 50 Equal Weight ETF
(927,230
)
(514,675
)
1,441,905
First Trust Switzerland AlphaDEX® Fund
23,637
(10,560,433
)
10,536,796
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
30,410
(30,410
)
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
2,723,263
(6,861,075
)
4,137,812
First Trust Eurozone AlphaDEX® ETF
181,763
(2,584,996
)
2,403,233
As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$21,671,869
$4,093,700
$(1,106,428
)
$2,987,272
First Trust Europe AlphaDEX® Fund
343,908,213
82,327,442
(9,165,374
)
73,162,068
First Trust Latin America AlphaDEX® Fund
12,313,807
3,541,267
(148,698
)
3,392,569
First Trust China AlphaDEX® Fund
56,263,585
12,617,418
(2,626,677
)
9,990,741
Page 94
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Japan AlphaDEX® Fund
$186,298,379
$47,680,004
$(6,007,608
)
$41,672,396
First Trust Developed Markets ex-US AlphaDEX® Fund
708,094,374
138,440,823
(18,807,329
)
119,633,494
First Trust Emerging Markets AlphaDEX® Fund
455,393,477
83,707,653
(37,564,696
)
46,142,957
First Trust Germany AlphaDEX® Fund
77,491,609
14,138,806
(3,471,934
)
10,666,872
First Trust United Kingdom AlphaDEX® Fund
70,464,971
19,578,137
(3,790,345
)
15,787,792
First Trust India NIFTY 50 Equal Weight ETF
142,664,834
45,213,360
(7,818,660
)
37,394,700
First Trust Switzerland AlphaDEX® Fund
38,608,004
6,549,800
(2,695,092
)
3,854,708
First Trust Developed Markets ex-US Small Cap
AlphaDEX® Fund
7,905,533
1,565,524
(409,062
)
1,156,462
First Trust Emerging Markets Small Cap AlphaDEX®
Fund
243,612,497
34,575,627
(24,549,312
)
10,026,315
First Trust Eurozone AlphaDEX® ETF
80,589,399
15,979,786
(2,074,609
)
13,905,177
I. Expenses
Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of the advisory fees, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund.
First Trust Portfolios L.P. (“FTP”) has entered into licensing agreements with Nasdaq (“Licensor”) for all the Funds except NFTY and with NSE Indices Limited (“NSE”) for NFTY (Nasdaq and NSE collectively, the “Licensors”). The respective license agreements allow for the use by First Trust of each Fund’s respective index and of certain trademarks and trade names of the Licensors. The Funds are sub-licensees to the applicable license agreements.
J. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund’s portfolio, managing the Funds’ business affairs and providing certain administrative services necessary for the management of the Funds.
First Trust is paid an annual unitary management fee for each Fund. First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund’s net assets (“breakpoints”) and calculated pursuant to the following schedule:
 
Page 95
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.80
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.78
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.76
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.74
%
Fund net assets greater than $10 billion
0.72
%
During the fiscal year ended December 31, 2025, FSZ received a payment from the Advisor in the amount of $2,079 in connection with a trade error.
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Purchases and Sales of Securities
For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$22,963,830
$19,924,909
First Trust Europe AlphaDEX® Fund
259,617,407
258,964,743
First Trust Latin America AlphaDEX® Fund
13,500,670
14,953,628
First Trust China AlphaDEX® Fund
64,716,565
48,114,807
First Trust Japan AlphaDEX® Fund
165,048,130
167,886,696
First Trust Developed Markets ex-US AlphaDEX® Fund
627,668,212
597,726,461
First Trust Emerging Markets AlphaDEX® Fund
469,654,888
468,684,513
First Trust Germany AlphaDEX® Fund
29,738,176
29,404,904
First Trust United Kingdom AlphaDEX® Fund
43,328,725
43,601,308
First Trust India NIFTY 50 Equal Weight ETF
47,818,949
156,169,505
First Trust Switzerland AlphaDEX® Fund
50,865,599
52,467,781
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
8,772,312
8,813,663
First Trust Emerging Markets Small Cap AlphaDEX® Fund
295,454,823
319,715,830
First Trust Eurozone AlphaDEX® ETF
52,710,545
52,700,849
For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$3,014,052
$1,250,449
First Trust Europe AlphaDEX® Fund
119,997,356
1,893,427
First Trust Latin America AlphaDEX® Fund
1,087,774
1,916,570
First Trust China AlphaDEX® Fund
—
17,511,453
Page 96
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
 
Purchases
Sales
First Trust Japan AlphaDEX® Fund
$15,132,607
$44,176,128
First Trust Developed Markets ex-US AlphaDEX® Fund
168,311,528
9,703,477
First Trust Emerging Markets AlphaDEX® Fund
4,002,958
19,058,012
First Trust Germany AlphaDEX® Fund
68,021,313
4,963,647
First Trust United Kingdom AlphaDEX® Fund
23,430,645
20,397,303
First Trust India NIFTY 50 Equal Weight ETF
—
—
First Trust Switzerland AlphaDEX® Fund
11,259,723
57,106,103
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
4,824,497
52,960,158
First Trust Eurozone AlphaDEX® ETF
69,435,971
14,720,927
5. Creations, Redemptions and Transaction Fees
Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as “Authorized Participants” have contractual arrangements with a Fund or one of the Fund’s service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the “basket” of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund’s shares. An Authorized Participant that wishes to effectuate a creation of a Fund’s shares deposits with the Fund the “basket” of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund’s shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund’s shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund’s shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund’s shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund’s shares at or close to the NAV per share of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.
6. Distribution Plan
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.
Page 97
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025
7. Indemnification
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 98
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Exchange-Traded AlphaDEX® Fund II:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust Asia Pacific ex-Japan AlphaDEX® Fund, First Trust Europe AlphaDEX® Fund, First Trust Latin America AlphaDEX® Fund, First Trust China AlphaDEX® Fund, First Trust Japan AlphaDEX® Fund, First Trust Developed Markets ex-US AlphaDEX® Fund, First Trust Emerging Markets AlphaDEX® Fund, First Trust Germany AlphaDEX® Fund, First Trust United Kingdom AlphaDEX® Fund, First Trust India NIFTY 50 Equal Weight ETF, First Trust Switzerland AlphaDEX® Fund, First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund, First Trust Emerging Markets Small Cap AlphaDEX® Fund, and First Trust Eurozone AlphaDEX® ETF (the “Funds”), each a series of First Trust Exchange-Traded AlphaDEX® Fund II, including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche, LLP
Chicago, Illinois
February 25, 2026
We have served as the auditor of one or more First Trust investment companies since 2001.
Page 99
Other Information
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025 (Unaudited)

Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the fiscal year ended December 31, 2025.
Proxy Disclosures (Item 9 of Form N-CSR)
At a special meeting of shareholders of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) that was held on August 12, 2025 (the “Special Meeting”), shareholders of record as of June 9, 2025 (the “Record Date”) approved a proposal (the “Proposal”) to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the “Board”). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a “fund”) voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.
 
James A. Bowen*
Votes For
Votes Withheld
38,976,859
237,703
Thomas J. Driscoll**
Votes For
Votes Withheld
38,985,927
228,635
Richard E. Erickson*
Votes For
Votes Withheld
38,919,842
294,720
Thomas R. Kadlec*
Votes For
Votes Withheld
38,922,790
291,772
Denise M. Keefe***
Votes For
Votes Withheld
38,970,840
243,722
Robert F. Keith*
Votes For
Votes Withheld
38,925,157
289,405
Niel B. Nielson*
Votes For
Votes Withheld
38,926,741
287,821
Bronwyn Wright***
Votes For
Votes Withheld
23,785,561
15,429,001
 
*
This nominee was re-elected to the Board at the Special Meeting.
**
This nominee was elected to the Board as a new Trustee at the Special Meeting.
***
This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
Not applicable for the most recent fiscal half year.
Remuneration Disclosure Under the Alternative Investment Fund Managers Directive
First Trust Advisors L.P. (“First Trust”) is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded AlphaDEX® Fund II funds it manages (the “Funds”) in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund
Page 100
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025 (Unaudited)
Managers Directive (the “Directive”). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust’s interpretation of currently available regulatory guidance on remuneration disclosures.
During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $1,016,919. This figure is comprised of $28,929 paid (or to be paid) in fixed compensation and $987,990 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $522,977 paid (or to be paid) to senior management of First Trust Advisors L.P. and $493,942 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, “Code Staff”).
Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:
i. 
to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;
ii. 
to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and
iii. 
to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.
First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.
The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.
No individual is involved in setting his or her own remuneration.
Federal Tax Information
For the taxable year ended December 31, 2025, none of the income dividends paid by the Funds qualify for the dividends received deduction available to corporations.
For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:
 
 
Qualified Dividend
Income
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
22.63
%
First Trust Europe AlphaDEX® Fund
75.17
%
First Trust Latin America AlphaDEX® Fund
13.76
%
First Trust China AlphaDEX® Fund
65.21
%
First Trust Japan AlphaDEX® Fund
57.48
%
First Trust Developed Markets ex-US AlphaDEX® Fund
45.21
%
First Trust Emerging Markets AlphaDEX® Fund
64.64
%
First Trust Germany AlphaDEX® Fund
86.69
%
First Trust United Kingdom AlphaDEX® Fund
100.00
%
First Trust India NIFTY 50 Equal Weight ETF
71.49
%
First Trust Switzerland AlphaDEX® Fund
100.00
%
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Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
December 31, 2025 (Unaudited)
 
Qualified Dividend
Income
First Trust Developed Markets ex-US Small Cap
AlphaDEX® Fund
75.94
%
First Trust Emerging Markets Small Cap AlphaDEX® Fund
38.60
%
First Trust Eurozone AlphaDEX® ETF
78.16
%
For the tax year ended December 31, 2025, the First Trust India NIFTY 50 Equal Weight ETF designated $1,441,905, or amounts necessary, as long-term capital gain. During the tax year, Fund shareholders redeemed amounts in excess of long-term capital gain and of these proceeds, $1,441,905, or amounts necessary, represents long-term capital gain from the Fund.
The following Funds meet the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended December 31, 2025, the total amounts of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:
 
 
Gross Foreign Income
Foreign Taxes Paid
 
Amount
Per Share
Amount
Per Share
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$621,969
$0.96
$29,436
$0.05
First Trust Europe AlphaDEX® Fund
9,271,588
1.22
34,831
0.00
*
First Trust Latin America AlphaDEX® Fund
842,152
1.20
29,494
0.04
First Trust China AlphaDEX® Fund
1,524,020
0.71
100,862
0.05
First Trust Japan AlphaDEX® Fund
3,803,622
1.23
380,141
0.12
First Trust Developed Markets ex-US AlphaDEX® Fund
15,554,641
1.57
1,099,682
0.11
First Trust Emerging Markets AlphaDEX® Fund
18,888,179
1.08
1,705,971
0.10
First Trust Germany AlphaDEX® Fund
886,467
0.66
74,645
0.06
First Trust United Kingdom AlphaDEX® Fund
2,433,659
1.43
14,159
0.01
First Trust India NIFTY 50 Equal Weight ETF
5,105,777
1.70
3,890,682
1.30
First Trust Switzerland AlphaDEX® Fund
1,870,150
3.40
235,084
0.43
First Trust Developed Markets ex-US Small Cap AlphaDEX®
Fund
290,611
1.94
30,265
0.20
First Trust Emerging Markets Small Cap AlphaDEX® Fund
13,085,358
2.30
1,057,845
0.19
First Trust Eurozone AlphaDEX® ETF
2,038,080
1.36
154,173
0.10
* Amount is less than $0.01.
Disclaimers
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index, Nasdaq AlphaDEX® EuropeTM Index, Nasdaq AlphaDEX® Latin AmericaTM Index, Nasdaq AlphaDEX® ChinaTM Index, Nasdaq AlphaDEX® JapanTM Index, Nasdaq AlphaDEX® Developed Markets Ex-USTM Index, Nasdaq AlphaDEX® Emerging MarketsTM Index, Nasdaq AlphaDEX® GermanyTM Index, Nasdaq AlphaDEX® United KingdomTM Index, Nasdaq AlphaDEX® SwitzerlandTM Index, Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index, Nasdaq AlphaDEX® Emerging Markets Small CapTM Index and Nasdaq AlphaDEX® EurozoneTM Index (“the Nasdaq Indices”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indices. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal Weight Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight Index in the Prospectus and Statement of Additional Information.
Page 102